Agnico-Eagle Mines (AEM.TO)

Gold continues to remain in play, and gold stocks as a group continue to broadly lead. At the margin, we're seeing a race for resources. Globally, we're seeing a bit of anarchy and a movement away from law and order -- this is typically when gold does pretty well. 

He read online that gold is like the VIX for US-international relationships. As those relationships continue to deteriorate, people pile into gold. 

Likes it a lot. The top producer in Canada. Has political stability. They produce at $900/oz, for below the price of gold.

Still a buy today for those who don't own it. Finest goldmine operating company in the world. Track record as capital allocators over the last 15 years speaks for itself. Production growth is absolutely baked in the cake for the next 5 years, so there's no risk on that side. Importantly, growth will be from existing assets they already control. Top-quality holding.

Disclosure: A featured presenter at his conference, so he has lots of conflicts of interest ;)

Has owned this for year. Was up 105% last year. When oil is cheap and labour not expensive, AEM can improve margins. Free cash flow is at all-time highs. Pays a dividend over 1%, but have been increasing it a 25% annually for the past 3 years. The gold play is not over.

Likes it. Many of its mines are here in Canada. Cautiously optimistic that current political environment is better for developing the resource industry. With pressure on currencies, sees pricing for all commodities in USD continue fairly strong.

A bit disappointed on its relative performance within the sector, but "90% of success is just showing up", and his portfolios have benefited by just being in the gold sector.

Is up 130% this year. Is a momentum play off of gold. When oil is cheap and labour not overly expensive, their profits margins and free cash flow rise ($3.5 billion now vs. $500 million three years ago). The gold trade will continue into early 2026.

Is a growth name. He's owned this for a long time. A super run-up this year. You get safe jurisdictions to mine, low costs, disciplined manages, make smart acquisitions, they buy some juniors, not big, splashy ones. 

It's had a great run, but too many people are now in gold, and the gold price will pull back. AEM is one of the better names. Wouldn't own much gold in 2026 and even reduce your gold position now.

At that time, the gold price was breaking out and the gold stocks had top relative strength numbers. He still owns this and other gold stocks. It's pulled back but now stabilized.

Owns this in his firm's Canadian portfolio, with about a 4.5% position, which is about 40% of the weighting of gold in the TSX. His firm doesn't feel comfortable owning a full weighting in a commodity like gold. It's certainly kept up over the last 1-2 years but, over the very long term, it underperforms the market.

Took off with gold. Gold producers are overbought. Still in the trade, but he has peeled a bit off. Things do not go up forever and investors need to remember that. A pullback is healthy for a stock, and he expects this one to do that.

A more conservative name among the precious metals. When a bull market starts, it can go on for a decade in multiple stages. With gold, we're probably in the first one. Mining is a really hard business, so you want to own the leader. 

For years and years, management has done a great job doing what they say they're going to do. Multiple properties in geographically safe jurisdictions. Long-reserve-life assets. 

Balance sheet in great shape. Expect share buybacks. Great cashflow, nice growing dividend. Yield is 0.87%.