What Are Your Thoughts About Tech Stocks?

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I looked at Oxbow's filings and I noticed that you did add some shares to Microsoft, Google and Amazon, but then sold some from reduced positions in Apple. And so I was hoping just to get some color around this and your thoughts about these other big tech stocks. Sure. Some of those fluctuations in our shares held have to do with just new clients joining and we'll buy positions and the names that we think are undervalued. For us at this point where we sit now, we think Alphabet is undervalued. We've been trimming that position and really all of the tech businesses in the first half of last year, we were trimming those positions.

Rebecca Hotsko chats with Chance Finucane, who is a partner, and Chief Investment Officer at Oxbow Advisors. They discuss Chance’s current outlook for the market and economy for 2023, why he expects a recession sometime in 2023, what’s driving investors’ complacency in the market, and much more!

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

02:41 - Why Chance expects a recession sometime in 2023 and the stock market to decline by about 20%.

03:55 - What’s driving investors’ complacency in the market, despite being so pessimistic.

07:43 - What a Fed Pivot means for the stock market and the economy.

10:54 - Which leading indicators Chance is relying on to help inform his investment decisions.

11:51 - What would be the catalyst to cause investors to start selling.

12:52 - Why Chance thinks the defensive sectors are the most overvalued parts of the market still.

24:34 - The sectors that typically outperform coming out of a recession.

24:34 - How much the stock market would drop if earnings downgrade as expected.

26:21 - What Oxbow’s investment process looks like for their high growth equity strategy.

27:58 - Why he thinks earnings estimates are still too high for 2023.

30:20 - Why Google is one of their biggest holdings for their equity strategy and looks attractive at today’s price.

31:32 - Which tech stocks he thinks are undervalued and overvalued at today’s prices.

42:10 - Why Chance is still bullish on energy long term despite recently reducing some exposure to positions.

48:27 - Why he thinks this next decade could be more like the 1970s with waves of inflation.

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

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Related Episode: Listen to MI231: History's Biggest Financial Bubble w/ David Hay, or watch the video.

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