As traders prepare for a slowing economy, they're dumping cyclicals and reaching for old stalwarts.
Ritholtz Wealth Management CEO Josh Brown said that he bought gold mining stock Newmont to play the surge in gold prices as investors turned to bullion in the wake of the recent banking crisis. Brown called Newmont the "highest quality name" trading on the New York Stock Exchange.
Meanwhile, Hightower's Stephanie Link said she sold Deere , saying that it's "prudent to take gains" following weakness in recent manufacturing economic data. The investor said she held the industrial stock for about a year and a half. "I still like ag by the way, and I like this company, and I love precision ag farming, and what that's going to do to their margins," Link said.
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