Just reported: beat earnings and revenues and free cash flow. Also, they guided a little higher. The CEO is focused on growing organic growth, free cash flow and operating margins, which is what happened and will do. She would still buy it.

Was upgraded today. It will continue to be a great stock and expects it to surpass $200. It trades at 2025 15x PE. It solved the problem and how to do after their big drug, Humira, comes off patent. They've replaced it with two other hit drugs that will top $20 billion in annual sales in 2025. Good valuation and pays a 3.3% dividend. They've made key pick-ups in neurology.

Mid-caps will continue to benefit from the current rotation.

They just reported a Q2 beat. It hasn't performed well, but is finally rebounding a little. Their product pipeline will be good for the next few years.

Believes small & mid cap stocks are outperforming due to lag the past few years (sector rotation). Lots of opportunity in energy, industrial and other sectors of the market as well. Screening for opportunities will generate returns during small caps in both slow and strong markets (just need to know where to look). Small cap M&A trends will continue as valuations remain low (although they are getting better). Would not recommend buying stock based on takeout speculation, would rather ~20% growth that will re-rate the stock price eventually. 

If you need the money in 2 years then, frankly, the stock market is not where you should be. Remember, risk is not having what you need when you expect it. You don't need the surprise.

Buy a 2-year GIC, earn your 5%. You'll have, with 100% certainty, the money you need in 2 years.

Not a lot of Canadian REIT takeovers yet. Maybe that's coming. As we get more interest rate certainty, we should see a lift in the valuation. A lot of them are quite undervalued. These names will appreciate in value as interest rates come down and people get more comfortable owning that sector.

Best way to think about it is that the geography in which a stock is listed is not important. It's about where it's positioned in its overall value chain. Whether it's a can of Coke, semiconductors, or a pair of yoga pants, you have to start from the very beginning and the product's inception. Go from what companies serve that category all the way down to the end retailers.

For example for yoga pants, start with the cotton and end with the retail store. Learn where the ROIC is the highest, where the defensibility of that ROIC is the highest, and where the growth and reinvestment runway is the greatest. 

For heavy machinery, TIH is in a great position, but so is CAT. Find out where the consistent returns are, and wherever it's located in the world, that's where you go. The answer here to go with is CAT.

Order Types:

• Market Order- The most well-known and easiest type of trade to execute. Investors can buy or sell stock immediately at the next available price.
• Limit Order- Allows investors to pick their buy or sell price. The order is not filled immediately as it is typically set above/below the market price. If the limit order price never reaches the desired level, then it will not be filled.
• Stop-Loss Order- Similar to a limit order but with more of a risk management focus. If one purchased shares for $100 and they wanted to limit their downside to $90, they could place a stop-loss sell order. If the market price drops to $90, the stop-loss will automatically be executed as a market order. A stop-buy order is a tool used by short-sellers, so we will not discuss it.
• Stop-Limit Order- The one downside to a stop-loss order is that it turns into a market order, so if there is significant sell action on a stock, the order could be executed below the initial downside point of $90. A stop-limit order adds even more protection and requires two prices to be entered; a stop price and a limit sell price. In the previous scenario the stop price could be $92, and the limit-sell price could be $90 to fully protect against the desired loss. 
• Cancelling Order- These include fill-or-kill (FOK), good-till-canceled (GTC), and day orders. These are all pretty similar and have a feature where the conditions are met and the order is filled, or it is cancelled. The difference is mainly the time frame - FOK’s are typically a very short time, maybe just a few seconds; GTC’s are active until the investor cancels it, but brokerages normally only keep these open for 90 days; Day orders are only kept open for the day.

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The market is fed up with the megacap Magnificent 7, which it sees as overvalued, and is rotating into small-caps and other sectors that are catching up. This trend has been happening for a few weeks but was pronounced in today's sweeping sell-off. 

That's right, don't buy a full position today. For the kind of events like today, it takes people time to digest information. The people bailing out today are the "weak longs". There are other people out there who, instead of looking to sell, are trying to put hedges around their portfolios. 

Problem right now is that volatility is up, with the VIX around 16.5-17. A week ago it was 13.5-14. It's expensive to do the hedges.