Teck Resources Ltd. (B) (TECK.B.TO)

Can't have a view on this name without having a view on copper. Emerging view that historical cyclicality of copper may be dampened going forward by secular demand of greening the grid and EVs. But the cyclicality is still there. Global GDP growth is slowing, China's economy remains anemic underlying all the "stimulus".

There will be a time to get behind this name, but not right now. FCX would be his #1 choice, TECK.B #2.

(Note short timeframe.) Always M&A potential, but he kind of hopes not because it would take away some opportunity. Will be way higher in 5 years. Look at the last resource cycle from 2000-2011, this was up 1000%. Great cashflow generator, big dividend payer.

We're in a world of stickier inflation, cuts will be less than we think, economy is pretty robust. If so, these companies have pricing power. AI data centres and EVs need copper.

Good run earlier this year, but he sold on rapidly deteriorating RSI into the summer. Copper is the barometer of the global economies. Price of copper has come off really hard; mainly due to China weakness, but more recently across the globe and, in particular, the US. 

Goes back to the grid story. The grid is deteriorating. Copper is the biggest input into the wires necessary to feed our EVs and the like. The mine in Chile is now one of the fastest-growing large-cap copper plays out there. Likes it.

Not necessarily. All copper stocks have been under pressure, due to copper getting ahead of itself to over $5/pound. Shanghai inventories going higher, sector had a lot of speculative plays. Copper is still a good story. TECK story looks fantastic, now purely positioned as a copper/zinc player, which puts it more in the global arena. Generating cash. 

Leading Canadian resource company, focused on responsible operations. Sees upside. 9/10 on fundamentals, but only 4/10 on value. Diversified business model. Wait for more of a pullback, great long-term play.

Great company for copper exposure. Strong management team. Cycle indicating to higher demand for copper and other commodities. 

Inflation will continue to effect prices in commodities, which puts TECK in the right place at the right time.

Has enjoyed a good run to ride the boom in copper. A super company, but the price has risen far in the last 3 months.

They got rid of their coal assets and are now a premium pure copper play. It should get a premium valuation like other copper producers since there is a shortage of copper and new copper projects. Copper is needed for the electrical grid.

This is volatile, because it's tied to the price of copper which is very choppy

(A Top Pick Jan 29/24, Up 18%)

Participates in a commodity bull market. Last time, in early 2000, went up by several 100 percent. We've been over a decade in a commodity bear market, and companies are now just waking up. Very early stages. A portfolio centrepiece that can generate real returns over the next 5 years.

They're exiting coal to focus on copper (South American). He loves the future of copper, but the risk is their expansion in Peru. See what happened in Panama. Buy only a small portion. He prefers Capstone because it operates in safer Chile.

Would've liked a better return. They're about to sell an asset which will reduce all debt and give them a few billion cash which will drive future growth. Their QB2 copper project continues to ramp up and will drive copper production up 50% by 2025. They're the copper champion of Canada.

Commodity play, has always been wildly volatile, and he avoids this type. Stock goes up and down with the commodity price. He prefers a more stable cashflow. Getting rid of coal is a net positive.