Keith Richards Power Corp POW-T BUY ON WEAKNESS Oct 20, 2025

In his dividend portfolio. NAV is around $64, so it's trading at a discount as usual. He likes that they continue to increase dividend. In current environment, asset management is more volatile but life insurance is less. Yield is ~5%.

The theme for today is "What wins Stanley Cups is defense." Very defensive name. Rare combination of dividend that grows every year by ~7%, value, resilience. Trades at discount of 23% to NAV; he expects this to narrow to 10-15% as the company scales more into alternative assets. 

Tepid sentiment on GWO has provided an opportunity to buy; now has upwards earnings momentum. Trades at 9x PE, growing at 14.6%. May be able to get it slightly cheaper. Yield is 4.80%. 

Good way to get exposure to GWO lifeco. Essentially an asset manager that has positions in public and private companies. Trades at 25% discount to NAV, and GWO is about 70% of its NAV. Defensive way to play the space. Yielding slightly higher than GWO.

With rates going down, you could consider a fixed-rate preferred. He's been buying POW.PR.D, yielding about 6.1%. Beauty of it is that it doesn't reset, it's perpetual. So if the BOC moves rates lower, these preferred shares won't reset to a lower level. Gets more valuable as the BOC lowers interest rates.

Sleep easy at night, tends to move up over time. Safe and steady rather than the kind of growth you'd get from a BN or one of the banks. Used to be dead money, but that's changed. Attractive dividend. A good name to fund your retirement.

Insurance space is cheaper than the banks, better growth, lower payout ratios. Fairly exempt from tariffs. Cradle-to-grave financial services. Beautiful dividend. Nice discount to NAV. Upside from private capital and nice little investments like Wealthsimple. Another quiet place to put $$ to work.

Still a big part of his portfolio, but he's trimmed because it became too big a weighting. Increases dividend by 7% annually, and this will continue. Dividend of 4.5% plus growth of 7% equals return of 11-12% for a low-risk company.

Very solid blue-chip Canadian asset manager. If you're a long-term holder, continue to hold. If you have gains to harvest, you could trim. Really good job managing assets and increasing dividend. For new $$, wait for a pullback.

One of Canada's great success stories. But on risk/return, analysts think it's worth less a year from now than what it's trading at today. Fundamental analysts aren't always right, but if they are then it's overvalued. Markets are going up and everything's at an all-time high, so it's hard to find assets priced cheaply right now.