Bruce Murray's Top Picks: March 8, 2022
BNN Bloomberg
Top picks from Bruce Murray, CEO and CIO, The Murray Wealth Group
Bruce Murray, CEO and CIO, The Murray Wealth Group
FOCUS: North American growth stocks
MARKET OUTLOOK:
As 2022 arrived, with new COVID shutdowns exacerbating an economy suffering from shortages of many commodities as well as consumer and industrial products, fears of inflation moved beyond “transitory” to something more when the Russian invasion of the Ukraine upped the level of concern significantly. Sanctions on Russia will up global energy and many other commodity prices to painful levels for consumers and perhaps politicians.
The markets will rapidly adjust to this event as we have seen the stocks of energy and other commodity stocks appreciate markedly in the past week. While Canadian consumers face higher prices, Canadian GDP will benefit as our commodity producers will have the opportunity to replace Russian and Belorussian volumes.
Our belief is that markets are entering a range where solid long-term opportunities for purchases have arisen. Industrial stocks look very attractive with opportunities to fill unmet demand at high margins. European defense budgets are going to rise, and we therefore see opportunities for stocks in this sector.
