Shopify Inc. (SHOP.TO)

In his momentum mandate. Increasingly catering to large-enterprise customers, not just small and medium players. Lots of admiration for the business model.

Very volatile. Options are very expensive. Sell puts $165 April for around $5. 

Never owned it. After it went public, it was growing revenue at 80%, but was unprofitable. He can't value a company losing money. But SHOP Is shifting: revenue growth is falling as margins rise. It trades at 103X PE, which is not good considering their growth rate.

One of only Canadian holdings. Very strong eCommerce company. Founder led which is a great sign. Unsure on how A.I. will impact business. Will continue to own shares. 

In his momentum mandate. E-commerce turnkey solution for small- and medium-sized businesses. Biggest market share in e-commerce enablement. E-commerce will continue to take market share from bricks and mortar. As it expands capabilities, "take rate" will grow faster. Timely time to own.

Nothing has changed from our view.  As mentioned in a prior question, yesterdat nearly every growth stock got hit. Bond yields moved higher which put investors in a 'risk off' mood. We would still consider SHOP a premier CanadIan growth stock. 
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Wonderfully run, a Canadian success story, but its forward PE is too high (80x or 90x). SHOP can continue growing at a 20-30% clip and eventually earnings will catch up. But this doesn't provide enough of a margin of safety for a value investor like him.

It is a little expensive but profitability is coming up fast along with rising margins. It is now focusing on making money and has millions of customers on its platform. If you own it keep holding since the trend of the past 18 months should continue.

Does not own shares in business. Would prefer Amazon. Company does not have diversified earnings stream. Move into social media commerce will provide growth - but hard to determine outlook of this sales channel. Strong company, but not good enough to buy shares in.

He hasn't owned it in its recent journey. He has witnessed the burning of so many great Canadian tech companies and this has been an issue with him. He prefers U.S. counterparts in technology. SHOP could be the exception though. He likes the retail and online shopping space.

Q3 nice beat across the board. So many different ways to grow this company. So pricey. Need to use the chart to figure out when to buy. Dangerous to be out of it, but you don't want to buy close to its highs.

On down days, write puts to get it at a lower price. In the new year, you'll probably get a better chance to buy. At that time, money will probably flow from the high flyers into the more beaten-up names like the telcos, so the pricier names will come down a bit.

Became really focused on fundamentals. As a cashflow investor, that's what you like to see. Cashflows and margins have been improving. Valuation is the sticking point. Well run, but too rich for cashflows it's generating. He watches it and its free cashflow yield.

E-commerce remains strong, so the stock has had a good recent few months. But the valuation is too high. Take profits, if you own.

It has almost doubled since the summer and this doesn't justify the improvement in guidance. It is trading at over 100X next year's earnings with 22% revenue growth for the next year. A number of stocks have run ahead of their fundamentals including Shopify. It is time to take some money off the table.

From late 2022, you can see the breakout of the positive band. Technically, you can't deny that it's a good setup. From a seasonal perspective, tends to perform well this time of year. Can also do well into April.