Paul Harris, CFA

When there's chaos like this, there are always opportunities. If you like a certain company, these are opportunities to buy cheaply (on price or valuation). You may, for example, think that its earnings won't be impacted negatively by what's going on.

It's hard to do when stocks are falling precipitously. But if you've done your homework, here's your chance to buy at prices you may not see again for a while. That said, you may have to suffer them going down even more from where they are now.

One reason is that the TSX was up a lot last year and this. A lot of the valuations were very high, so that creates some volatility. Gold and resource stocks are slowly getting beaten down.

It's a weird time. Usually with these events the USD strengthens, which is not really happening. And interest rates go down a lot, but that's not happening either.

We also need to look at the VIX, which is only at 25. Needs to be much higher for people to say "I'm out of the stock market". 

No. Once things start to settle down, you'll see oil start to fall back very quickly. Oil may be stuck here, as the conflict looks as though it may go on for longer. But it's dangerous to buy oil stocks now.

In reality there's lots of oil around, and that's what's been keeping the price lower. Recent spike is simply due to what's going on in the Middle East.

Even in 2025 they were bad. Job growth has been negative, which people have been dismissing. They (Fed included) have been saying the job market is stabilizing, but it's not. It's gotten worse. Bond market's doing a bit better today, as people feel that rates may come down because of that. 

Losses were broad-based -- banks, construction, manufacturing, leisure/hospitality. Productivity numbers, though, are better. This may be the nascent beginning of what AI is doing to the job market.

Don't sell (just trim if your position is large). One of the best oil companies in this country. Great management, good acquirers. Good cost control.

Lots of issues over the years. Still in a big restructuring phase. Better companies to own for dividends. Yield is 4.3%.

Did the right thing by making a bid without destroying their balance sheet, and then pulled away. They get a $2.8B breakup fee. Still the largest streamer in the world. Great business, continues to grow.

Given what it paid, Paramount's going to have to do a lot of work to make the acquisition accretive.

Still more upside. Deregulation in the US means they need to hold less capital so they can buy back shares or increase dividends. Foresees more M&A in the sector. Capital markets business thrives in this volatility.

With US deregulation, he sees consolidation in the industry over the next couple of years. So, if you're so inclined, you could buy a regional bank or its index.

Incredibly well run. Thrives in this type of volatility, as they can pick up cheap assets. Lots of capital to put to work. Unique, global. Be aware that it trades at a discount to NAV.

Great business, can reprice very easily (unlike lifecos). Hard to move the needle, as it's so big. Premier company, executes very well. Worth owning here.

Over the long run, the MEG acquisition will work out OK if they can execute and merge the companies well. There's a bit of risk to that. Better company now than years ago.

He prefers CNQ as a better company and better run.

Revenues went up last quarter, but so did costs. Needs better loan growth to hit ROE targets. Shines in asset management and capital markets. As market stabilizes, lots of opportunity in IPOs and M&A.

Hasn't trimmed. Search did not go away because of ChatGPT. Nor is it way behind in AI. Cloud business continues to grow, still third-largest player. Waymo is everywhere, an undervalued asset. Ads still doing well.

LLY is dominant in weight-loss, in large part due to aggressive marketing in the US. One positive is that its pill has been approved, rather than injections. LLY doesn't have a pill yet. Needs to right-size the company.