Brian Belski: The bull market is still very much alive

Market Outlook & Strategy - The firm believes the bull market is very much alive, but cautions that market targets are academic and strategies should be based on process and discipline [4][6] - Discretion is advised, and the firm moved its target from 6760 to 6100, then back to 6700 based on changing signposts [2][3] - The firm emphasizes sticking with great stocks, even when they are down, as this strategy has paid off [6] - Broadening out is expected, with decent performance in Europe and emerging markets, potentially followed by value and small cap [14] Portfolio Management & Stock Selection - The firm maintained its sector and stock allocations, resulting in strong quarterly performance [5] - The firm doubled down on Google and added it to the value portfolio, viewing it as a broken growth story [9] - Apple is considered a cash machine, and betting against the US consumer and Apple is not advisable [10] - The firm was underweight healthcare due to pipeline, cash flow, and vaccine rhetoric concerns, focusing more on Gilead and United Health Care [15][16] Sector Analysis - Financials are considered the cheapest sector with fundamentals, while healthcare could be a value trap [16] - For healthcare, the firm is looking for earnings revisions to be completely negative before feeling more confident [17] - Concentration in the market is partially due to the new world, similar to the Nifty 50 stocks in the 1990s, driven by liquidity [12]