Shannon Saccocia, CIO, Boston Private

Healthcare has been weak this year, but next year it can play offence and defence.

It's good news that they just reinstated the dividend. It re-establishes credibility among shareholders. They will remain disciplined in growing Disney+ and won't cannabilize all their cash flow to do it.

It's in a league of its own, but there was a big concern where the semis would have excess inventories. It comes down to execution in the face of lower demand and a slower economy. Going into 2024, look at what Nvidia will align with, such as data centres, the number of which will likely decline. The semis space won't see a rising tide lifting all boats, despite a secular tailwind.

Given all the economic uncertain, the agriculture sector isn't willing to invest in capital equipment (i.e. Deere), so this sector lacks investor excitement.

Healthcare has had a rough year, but economic softening could lead to a rotation back into this sector.

It reported a strong beat, and it reflects the middle-income consumer. High-income consumers haven't changed their spending, and low-income spenders are facing a lot of pressure, as seen in Dollar General's performance. This reflects the trade down and like has more momentum ahead

Pays great tax-equivalent yields. There's much more stability in municipalities than in other potential slowdowns.

They need to quiet the noise. The narrative is all over the place, which is why they're taking out Hulu. They need to quiet the noise on ESPN. The theme park capex is meant to quiet the noise.

Utilities bottomed around Oct. 2. Withe change in the yield curve, she's buying more utilities and REITs to get yield.

There's a chance at margin re-capture in 2024 as inflation declines.

The Yen will remain suppressed while valuations won't be as demanding in Japan as in parts of the US market.

The street talks about a slowing consumer, but Lululemon is a higher-end clothing retailer and is not seeing high-income households traded down yet. These rich consumers are in a better place.

Their direct-to-consumer business is increasingly important so that it recaptures margins. The consumer will be cautious heading into the holiday season. Inventories will be important when Nike reports Thursday.

It reports tomorrow. Everyone is questioning the consumer so she will be watching for ongoing subscriber growth. COST could benefit from richer households trading down in their shopping.

We'll continue to see the consumer transition away from discretionary to staples. And there will be brand power in staples.