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Pfizer, Apollo Group and Cintas: Rising, yet still not fully valued
Meanwhile, Sprint could be mortally wounded - so we have it on a short leash.
Manager Commentary Jean-Luc Nouzille on 16 Jan 2012
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How exposed are U.S. banks to European debt? Impossible to know.
Why did we sell Morgan Stanley? Because public disclosures about banks’ sovereign debt exposures are useless in order to ascertain the level of risk with a reasonable degree of confidence.
Manager Commentary Jean-Luc Nouzille on 14 Dec 2011
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What's the source of this renewed optimism?
Expectations for 3rd quarter corporate earnings and economic growth were probably too pessimistic going into October.
Manager Commentary Jean-Luc Nouzille on 17 Nov 2011
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Why we're bullish on Hewlett-Packard
The well-documented missteps at Hewlett Packard provided us with what we feel is an opportunity to buy shares in a company that remains competitive in most of its business lines, generates a lot of free cash flow, and has a sterling balance sheet.
Manager Commentary Jean-Luc Nouzille on 12 Oct 2011
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We bought more of these three stocks in August
We can’t help but think that the current negative mood greatly exaggerates the deterioration in economic and business fundamentals, but pessimism can become a self-fulfilling prophecy.
Manager Commentary Jean-Luc Nouzille on 20 Sep 2011
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