Kinross Gold (K-T)

He doesn't own any gold stocks. If you want to enter, focus on large-cap, senior gold stocks. They offer more conservative growth, there's a lot behind them (more than just 1 mine or project), and they're in friendlier jurisdictions. Kinross just had great results. 

Bit of a correction last week. Investors have been going to gold for much of this year. #1 ranked in his Canadian universe of the TSX 60. Yield is 1.4%.

We think K is an OK solid miner and recent quarterly results were strong. The company does have decently high debt with a net debt balance of $1.8B, but debt/equity ratio is only 0.36x which makes us less concerned. Free cash flows have been rising over the last few years and revenues have been growing quite nicely as well. We think it is still worth it to hold onto K given the company's progress in its drilling campaign and the recent strength of gold. It has had some issues in the past with mines but these have been largely cleared up. It also had some Russian exposure but these assets were sold in 2022. 
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Share price trend heading up and to the right. Very good for long term investors. Expecting further gains. Share price around $10 is reasonable. Good for long term investors. Gold prices very strong. 

Not his area of expertise. His firm has liked FNV for a while. Royalty business model makes a lot of sense. Very interesting space right now. Also likes Kinross.

Doesn't own either. Kinross has historical issues trying to right the ship, doing better recently. 

For ELD, a very high 60% of NAV is exposed to development risk. Recent mine is financed and built, but there's still execution risk. Trades at a discount on geopolitical risk too.

His preference is AEM, with one of the best teams and one of the best executions he's seen over the last decade.

Pulled back recently.
Has sold shares, but looking with current share price.
Wait a little before buying.
Expects gold to go up the next few years. 

Has initiated a position in the company. Company focusing on core business model. Strength in US Dollar putting pressure on gold (expect this won't last). Larger institutions recently buying shares in the company.

Barrick Gold? He prefers Kirkland Lake and Agnico Eagle among the big producers, because they have better leverage and are streamlined. He always puts Barrick and Kinross in the same category. Kinross buys assets at low prices, but he'd rather buy the companies they buy than Kinross itself. (The one positive with Barrick is Warren Buffet coming on board; big-value investors will buy Barrick and won't bother researching the mid-tiered players.) That said, he expects a better-levered move from KL and AE.