How To Spend Tax Windfalls

(1) Industrial sector was mighty strong even before tax cut. (2) Next boosters for sector could be infrastructure and defense spending. (3) Looking even better ex-GE. (4) Notes from three conference calls: Honeywell, Lockheed Martin, and Illinois Tool Works. (5) Repatriated earnings will be used for share buybacks, dividends, M&A, capital spending, and to increase matches for 401(k)s. (6) Simpler global tax structures will reduce accounting and legal costs. (7) The best offense is more defense spending. (8) Paying pension plans forward. (9) More R&D. (10) Hint of inflation. (11) Quacks disrupting healthcare.