Pier Donnini Power Corp POW-T BUY Mar 27, 2001

Holding company; not strictly speaking a lifeco, though a lot of its NAV is tied up in GWO. Major investor in Wealthsimple. Multiple lines of business make it less volatile than an insurance company. Meanders along. Yield is north of 5%, growing at single digits.

Own and sleep well at night. No qualms. Capital appreciation plus dividend should throw off high single-digit or low-double returns.

Both companies have done quite well and both are cheap with secure dividends. It has been a good year for the sector but they may not get the same returns going forward.

He's a real chicken, and looking for stocks that won't hurt too much if tariffs go the wrong way. Life insurance is fairly insulated. Won out as his pick compared to MFC. Cheap at 8.6x 2025, growing 6-7%. Market thinks growth will be 12% next year. A win-by-not-losing choice. Yield is 5.5%.

Owns Mackenzie Investors Group, GWO. Investments in names like Wealthsimple and asset management. Alternative lending business. Many different ways to surface value.

Terrific FMV. Stock's at a point where it has to break out technically, but it's a story unfolding on the back of more engaged management. Big discount to book value, lots of upside. Could probably survive a Trump walloping. Nice dividend of 4.5%.

He's been buying. Great valuation, holding-company discount, decent growth rate of 6-8%. Nice dividend with a good payout ratio. Technically over its skis, but likes the name long term. Better entry at $44-45.

Only problem is that when bull markets start to give way to bear markets, people look for areas immune from tariffs. If the economy rights itself, and you see $$ going into names like tech again, this type of name will fall off. If we go into a real downturn, money will leave the market and this name will go lower along with everything else.

Great as a diversified financial. Great dividend payer and grower. Technically hanging in really well. Great long-term hold. Trading now at the 50-day MA. Yield is 5.1%.

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.