Paul Harris, CFA

People think it's October, but September is the bad month, the more difficult one. Chaos always holds opportunity to pick a stock you've been following at a cheaper valuation. It's even more volatile in a US election year.

Trades at only 12-13x PE and pays a 2.4% dividend. They just bought Jacob Construction, which will boost their infrastructure business from 13% to 21% and a bigger foothold in western Canada which sees more infrastructure growth. There's more spending and demand to come in this sector. Shares are reasonable.

The extended low interest rate from 2008-2020 hurt insurance companies when they used the bond market to fund their very long-tail liabilities can can push up the risk curve on their investments. The lifecos are in good shape, though, and will benefit from lower rates. They continue to pay dividends, grow well and trade at decent multiples. SLF outperforms MFC.

The extended low interest rate from 2008-2020 hurt insurance companies when they used the bond market to fund their very long-tail liabilities can can push up the risk curve on their investments. The lifecos are in good shape, though, and will benefit from lower rates. They continue to pay dividends, grow well and trade at decent multiples. SLF outperforms MFC.

Chips are a secular growth story, but AMD's problem is that Nvidia is so dominant. The CEO is doing a great job and their products will do very well in the CPU business. AMD had turned around, no longer terribly run nor cyclical. But there will be more than one player in the AI space and AMD will do better than, say, Intel.

Was originally a pharmacy then expanded into insurance and healthcare centres. Long run, it makes sense, but it had faced bumps. Their model will take a lot longer to play out, but they are the best at it. They are more than just a drug store. At current levels, you're fine to hold this.

He prefers oil stocks with a larger cap, instead of this mid-cap. Oil is trading at a low end of the range due to fears of an economic slowdown, but predicts it will be higher in a few years. CVE has sorted out their past problems, though is not as good as CNQ or Suncor.

It's been in the sweet spot for a long time due to videogames, cloud and now AI, for which they have a great product. They blew away their numbers last quarter, and raised expectations for the future. Other companies will develop products to compete, but not for a while. NVDA's growth in the past 2 years is incredible. But now, it's not cheap. Everybody needs AI infrastructure and NVDA is the only place to sell it. But the problem is the volatility and the massive expectations.

Likes this space, because there's a shortage of beds for the elderly. Costs have already been spent to avoid the major problems companies like this faced during Covid. CSH can continue to increase beds, but also offer living spaces and companionship to the elderly when they move out of their homes into CSH facilities. There remains a shortage of beds, so there's good growth ahead. Also, regulatory changes won't be rapid like they were during Covid, should they occur.

He owns it to his chagrin. BCE's problem is their cost structure, spending a lot on 5G, and they face competitor pressure, and BCE needs to rationalize some of their media businesses (how will they grow them?). They pay a high dividend, though it's sustainable, but they need to right-size their debt and sell non-core assets.

Will hold onto it. They're in the penalty box for a while, but it's a chance for them to focus on finding the best people and technology, which will improve their multiple. Also, not buying any businesses will force them to improve their U.S. business, and integrate Cowen. TD is fine to hold now. Their core business is doing well.

73% of their business comes from the U.S. with the rest from Europe and emerging markets. They make great surgical products (i.e. hip replacements). Also, surgeons are loyal to SYK products and rarely change brand. Aging demographics and foreign markets offer growth.

They spun off personal products, so JNJ is more a medical device company. They have huge cash from that spin-off, which could allow buying a medical device or biotech company. The talcum powder lawsuit is settling, too. They've raised their dividend for 54 years. 

Has fallen alot because of the sense that the economy is weakening, but rails have pricing power. Are higher operational expenses due to issues in Vancouver and are labour negotations. He sees these as short-term headwinds. Rails are a great, environmentally friendly business. There are only 5 major rail companies in North America, which is another plus.

Their problem is their loan-loss provision which increase a lot more than their peers. But there are no capital issues. You can buy on this pullback. Remember that banks understand their loan book much better than 20-30 years ago; if these provisions are not used, they go back into earnings. Buy it now; it's at book value.