INVESTMENT. I'm long and overweight on MCD. Unlike most of its competitors MCD is clearly focused on restaurant operations, new products and marketing. This is driving sales and earnings quality. I believe that MCD will continue to grow its share and the stock will outperform the market even in the face of an economic downturn. This global brand (approx 45% US based) has continued monthly top line growth for 3+ years. While growth in the US is starting to slow (at some point gravity applies), now seeing significant results from Europe and Asia allowing MCD to benefit from the weak dollar. MCD is relatively recession proof. People have to eat and where do consumers go to move down market from MCD? MCD has divested in less profitable markets by moving from fully owned asset positions to dealer / licensee agreements and will see better returns in those markets. They also have a strong pipeline of new products (premium coffees, etc) and continue to reinvest in their core business. Did I mention the dividend and stock buy backs? I'm lovin it!

INVESTMENT. I'm long on BA. While the Dreamliner delay has depressed the stock, commercial aviation is only 45% of the business. Defense and Space continue to be very strong. That said, I believe the demand for its aircraft will continue to grow. This will come from: airlines wishing to refurbish their fleets to get longer range and more fuel efficent aircraft; more prosperous China and India; and continued / acclerated economic globalization. As much as this is a bet on BA it is also a bet against Airbus, who continues to stumble and whose new superjumbo is ill-timed relative to current market needs (Even if Airbus delivers it, how many airports with lengthen runways and change gate configurations? Bottom line, there is much less demand for it than BA's products)

INVESTMENT. I'm long on SLB. Improving yeilds of this scarce resource will only become more important and more profitable in the future. Great international footprint!

INVESTMENT. I'm long on COP. On P/E basis, it's the cheapest of the big integrated oil producers. In relatative terms, it also has very little exposure to repricing / repatriation by foreign governments. Lastly, if it's good enough for Buffett...

INVESTMENT. I'm long on HPQ. They are the only full-line computer hardware manufacturer left standing. Making everything from printers to PCs to Midrange to big iron, they have also successfully established their integration and consulting services. HPQ is global and will continue to benefit from a weak dollar. In addition, many of their competitors are showing signs of weakness (e.g., Dell)

INVESTMENT. I'm long on CVS. Good long term prospects for consumer drugs, escpecially with aging boomers. Recently I divested my holding in WAG and picked up CVS. Caremark gives CVS additional reach and access to lower cost distribution channels (e.g., mail)

INVESTMENT. I'm long on STT. In it's custodian role, very little exposure to sub-prime slim. They consistently deliver quality results.

INVESTMENT. I'm long on GLW. Believe demand for GLW products will continue to increase in support of high speed networks (bendable fiber optic) and flat screen TVs. Also like their global footprint.