The first quarter came to an end last week, with all three major indexes posting their worst three-month returns since early 2020. Recently, hawkish comments from the Federal Reserve regarding even more aggressive rate hikes and quantitative tightening have pressured equity markets even more. We haven't been actively writing because we have been occupied with personal business, but we are now slowly moving back towards daily postings. In today's post, we are providing a quick update on all the stocks in the portfolio.

Consider this commentary as complementary to our portfolio ratings. As much as we like certain stocks for the long term, we need to be tactical and sensitive to price changes.

1. Apple (AAPL) — After the incredible run Apple went on over the past few weeks, it is very near all time high. In this tightening monetary condition, we would want to see a pullback to $160 or the 200-day MA before buying more shares.

2. Advanced Micro Devices (AMD) — We are buyers right here for multiple reasons, despite understanding that tightening monetary conditions would hurt high growth stocks like AMD and fears of a peak in semiconductors. First, we believe in CEO Lisa Su's ability to keep delivering incredible growth for the company. AMD grows 30%, yet forward P/E is currently below 30, making it very attractive. Second, company is buying back lots of shares; when we buy shares right here, we have the confidence that we're buying with the CEO. 

3. Boeing (BA) — Back below $180 on a broad-industry move due to general uncertainty about economy. We have been disappointed in Boeing, but not quite ready to leave the stock just yet, so it's a wait and see for now. 

4. Costco (COST) — A defensive stock that has done very well, sitting at all-time high. We don't want to buy more because it is at an elevated price and it has an expensive P/E multiple, but we also don't want to sell because then we'd be out of winners. It's a wait and see for now.

5. Salesforce (CRM) — A high-multiple stock that would definitely get hurt in tightening rate environment. We don't want to chase the stock higher, only buy when we can meaningfully lower our cost basis (15-20% down). 

6. Cisco Systems (CSCO) — We think this is a stock that has been under-appreciated by the market so it has been moving sideways, but will move up very quickly once sentiment change. Therefore it's a wait and see at current levels. Be careful of the potential bear flag that's being formed (below $52.5 is problematic). We'd buy more if we can meaningfully improve our cost basis (~10% down).

7. Chevron (CVX) — Below $160 is when the dividend yield is back above 3.5%, and we'd look to buy near $150. 

8. Danaher (DHR) — We like the stock right here at $290 and have been adding. Should be viewed as a defensive play that will be appreciated during fears of economic recession.

9. Disney (DIS) — Another stock we like here at $138 and we’ll add to our position if it falls below our recent buys. 

10. Devon Energy (DVN) — At $60 you get a great dividend yield of about 6.6%. We’ll buy more in the low $50s. 

11. Ford (F) — We are trying to be tactical with Ford because we think estimate numbers may be too high due to higher costs, and we don’t want to be buyers ahead of an earnings cuts. That said, we remain positive on the long-term fundamentals. 

12. Meta Platforms (FB) — It is ok to buy some at this level.

13. Alphabet (GOOGL) — We are buyers at this level.

14. Eli Lilly (LLY) — Another incredibly strong stock as a defensive play. We sold in the $290, so would not buy anything meaningfully below that. We will have to sell more at $330 if and when it gets there.

15. Morgan Stanley — $84 for the 3.33% yield, but understand the stock will continue to be crushed during fears of recession.

16. Microsoft (MSFT) — We are buyers right here.

17. Wells Fargo (WFC) — We like it right here around $48 thanks to its 2%-plus dividend yield, but similar to Morgan Stanley, the stock will continue to be crushed in fears of recession. 

See information on individual stocks here