A Comment -- General Comments From an Expert (A Commentary)

Outlook for rails as coal is phased out. CP rail still moves a fair bit of thermal coal, which is decreasing. CNR gets more of its revenue from metallurgical coal, which is increasing. Both provide only a small portion of revenues. They also move chemicals, lumber, autos. If you're betting on worldwide economic recovery for many years, as he is, you have to own the railroads. He's a bit nervous about the acquisition of KCS, but if that goes through, could be terrific. Incredible performers over the long term, and no reason this will stop. He owns CNR, but would have no problem holding CP. Keep holding.

Canadian or US banks, lifecos, car makers, or FANGs? Thinks of best business first, and then country second. His clients own National Bank, TD, RY, and JPM. Best banks with the best management teams. Jaime Dimon at JPM is the very best. In Canada, his favourite is always National, with smart acquisitions and growing in wealth management. All Canadian banks are under-levered. You have to be there.

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Valuations are contributing to the correction in tech stocks. Tech stocks can do well in a higher rate environment but it must be accompanied by good economic growth. The market rotation could last for another 3-6 months. It is recommended to include some income stocks and to not have all tech stocks. Unlock Premium - Try 5i Free