Alimentation Couche-Tard (ATD.TO)

Both are timely, great secular growers. If he really had to choose, he'd pick ATD because of the more attractive valuation of 15-16x. DOL is at a mid-high 20s multiple, but it's justifiable because it has a faster organic growth rate. ATD has a more under-levered balance sheet, a capable serial acquirer. ATD announced significant transaction last week, increases presence in Europe. Good deal, high single-digit accretion, manageable financially, more to come.

One of his larger holdings. Very astute purchasers. Recent purchase of 2400 stores and car washes will really add to retail capability down the road. In a good position to roll out EV charging in their network. Not sure if he'd add today, but any price rollback would be an opportunity.

Excellent question. It's a ways in the future. Canada will stop selling internal combustion by 2035, but the vehicles will be around well into the 2040s. EVs are not going to put ATD out of business anytime in the investible future. Lots of runway left, same as for energy companies.

(A Top Pick Feb 01/22, Up 18%) It is turning into a global company and is using Hong Kong as a base for expanding into Asia. Has a $62 billion market cap, with a small yield. It is able to deploy $15 billion dollars to make acquisitions without adding much more debt.