Amy Raskin, CIO, Chevy Chase Trust

Is underweight megatech . Apple's valuation now is crazy at 30x. They bought back 40% of its shares in the past 10 years. Revenues are down year or year, though cash flow is strong. Will keep buying back shares. Growth is limited.

Added more recently. Boasts high barriers to entry, and long term it can gain retail market share.

The gains have been so incredible that she has taken some profits. It's a tremendous data play and just in AI.

Shares are down in the past 24 hours due to a delay in a drug approval. But another drug remains strong in sales, and they have double-digit in oncology drugs in trials. A great science company.

They report tomorrow night. No idea what the results will be, but there's been a lot of bad news in this space from Foot Locker. Nike is a long-term core holding and the PE is cheap historically. Direct selling will improve margins.

80% of the world's genomic sequencing equipment runs on their machines. Strong cash flows, but earnings are a mess because they are spending on a big acquisition. But they have increased the board, which is good, and the company is well-positioned. The CEO resigned a few weeks ago and there's infighting about that acquisition.

A huge customer, Amazon, pulled back spending which has impacted Cognex, but they are well-positioned in automation.

A Japanese bank that trades at 9x PE and pays a 4% dividend. Well-positioned.

She expects a recession in 2024, and higher unemployment. She sees a lot of opportunity in healthcare.

She's trimmed it. Disney is not just a streaming company. Their parks business is doing well. In streaming, Disney and Netflix will be the winners.