Paul Harris, CFA

Trades at 1.2x book and 12x PE. Pays a 2% dividend. Their acquisition should raise the quality of their loans. The PC retail franchise is a cheap way of funding them. Not expensive now.

They had a great run from the charges they added. Airlines are difficult businesses to own, too many variables. Take profits, if you've done well. He doesn't own airlines. A trade, not an investment.

Are different: CSU buys companies vs. Shopify which is a pure tech company. What PE do you want to pay for CSU? 25x? 20x? SHOP is great and continues to grow. The market perception of AI hurting these companies is wrong. Both are worth buying. He prefers CSU but buy it at a lower PE.

Are different: CSU buys companies vs. Shopify which is a pure tech company. What PE do you want to pay for CSU? 25x? 20x? SHOP is great and continues to grow. The market perception of AI hurting these companies is wrong. Both are worth buying. He prefers CSU but buy it at a lower PE.

Like many consulting companies, ACN has had a rough time because the market thinks AI will wipe them out. AI will effect their business, but ACN will use AI to be more effective. They could perform the same amount of work with fewer people, but ACN is still needed to help bigger corporations. ACN and similar businesses may be stuck--lay off employees or not? These companies continue to do well--their top lines are still growing.

He doesn't buy specialty retail, though ATZ is a great company with fantastic stores. The stock is too expensive now after going up a lot. ATZ executes very well. Variables like inventory can cause problems in this industry.

Is expensive. Problem is they depend on government contracts, and they're opaque, lacking clarity in their reports. Great technology. Maybe buy it cheaper.

It plays second fiddle to JPM. Trades at 1.3x book and 14 PE, so not expensive. The US is loosening banking regulations, so banks can buyback more shares or raise dividends or expand into other businesses. Credit cards and retail banking continue to do well.

They've been in the sweet spot of semis. They will continue to benefit from the capex spend by the hyperscalers. But others can compete better like AMD. NVDA's lead protects them, though. Smart CEO. NVDA will be volatile.

They have good gross margins and enjoy an oligopoly. They moved into real estate and alternative assets, too. They continue to do well. People have to use their indexes. It continues to grow. 

Painful. Last quarter's numbers were not as bad as expected, and they continue to grow. Their pet business since Covid has flattened. They have potential blockbuster pet drugs coming out in the next 6-12 months. He likes the business for being in an oligopoly, and people spend money on their pets. The market expected ZTS to grow too quickly. Would buy it here rather than sell it.

They appeal to a range of consumers who stick with the brand. But car companies are stuck between being a combustible-engine carmaker and EVs. What to do? You can't be one or the other. He wouldn't own any car companies who face a difficult future.

It's a manufacturing company. Can they continue to grow at this level and justify a high multiple? The market overestimates their earnings and margins. So when AI emerges, you see a strong pullback. Be cautious with stocks like this which aren't consistent over time. View their PE as a manufacturing and not a tech company.

Are many positives with the Canadian banks: strong cash flows, buying back shares, raise dividends and expanding into other businesses and territories like the U.S. Also, M&A, retail, mortgages and asset management are doing well. But the PEs are much higher than before (higher than American banks). Don't sell them here, but don't expect this momentum to last. Banks are in the sweet spot.