TopPicks from Gordon Reid, president and chief executive officer, Goodreid Investment Counsel
Gordon Reid, president of Goodreid Investment Counsel, discusses his top picks: Amazon, Dycom Industries, and Morgan Stanley.Amazon, as expected, is beginning to square its revenue growth with its expense profile. Coming off the pandemic, AMZN had over-invested, believing that sales trends would continue. They did not, leading to a dormant period. AWS continues to be a strong engine of growth and the buzz around AI will bolster the stock.
At its current level of over $6 billion, it represents more than 18 months of revenue. Although financial progress tends to be lumpy because of weather disruptions and uneven capital allocations from large telecom companies, we believe the rate of growth of revenue and earnings will accelerate over the next few years. As a financial institution reliant on capital markets business and steady equity and fixed income returns, 2022 was a difficult year.
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