Larry Berman CFA, CMT, CTA

He trades this. The last time (June), he sold too early after a big rally and was expecting a correction next. Even tactical trading isn't a perfect science.

It's a defensive high yielder in consumer staples, but faces serious cost pressure. At some point, it will return to $50-60 in coming years when money comes out of the AI trade and back into this sector. Need to be patient with this as a value investor.

They're similar. ZMI is for income portfolios vs. ZBAL is for balanced ones. ZMI focuses on high dividends vs. ZBAL which carries international stocks which is more of broad, MSCI-type index. He prefers ZMI because it generates income if you need current income vs ZBAL where you have to sell shares to generate cash.

They're similar. ZMI is for income portfolios vs. ZBAL is for balanced ones. ZMI focuses on high dividends vs. ZBAL which carries international stocks which is more of broad, MSCI-type index. He prefers ZMI because it generates income if you need current income vs ZBAL where you have to sell shares to generate cash.

He will buy it and is watching it, now that the PE has fallen from 30x to 17x. He binge-watches Netflix and considers it far superior to other streamers. NFLX faces more competition. A great company now in a correction. It could fall a little further, but he will buy it.

There would need to be a huge collapse in economic growth for TLT to top $100. So, mid-$90s is likely the upside (and the time to sell) and $75 is the level to buy. It pays over a 5% dividend.

It's the Canadian version of TLT, and the best version of this is XTLT-F, which is hedged back to Canadian dollars. Best to hold 2-3 years. He thinks the CAD will rise to 76 cents vs. the current 71. If you want to invest in US treasuries, do it in Canadian dollars.

CCOM gives an active approach to commodities vs. ZCOM buys the index futures. Active vs. index. It's hard to beat an index in a year like this. NEVER own commodities for years, given cyclicality and volatility. Go with the active fund.

CCOM gives an active approach to commodities vs. ZCOM buys the index futures. Active vs. index. It's hard to beat an index in a year like this. NEVER own commodities for years, given cyclicality and volatility. Go with the active fund.

Anthropic will IPO next month. Revenue growth per employee is far higher in the Mag 7 then the rest of the S&P 500, which has flatlined for the last 7 years. A chart of profit margins over that span is the same, with Mag 7 far outperforming the S&P 493. Anthropic touts AI is the most important tech to ever hit the planet given better productivity. Among the AI ETFs, AIQ is the passive way which outperforms when things are bad, but BAI outperforms when things are good. Both ETFs are the same now, and they both include SpaceX. Like SpaceX, he expects huge volatility from Anthropic, but buy the dips for a long-term hold.

Trump's efforts to tame gas prices is in vain. There's no short-term fix before the U.S. Midterms in 2 weeks. Siding with Putin in the Russia-Ukraine war could be the knife in the back for Trump. Given where the US economy is in the first two years, and the Republicans will lose the House to the Democrats, there's no saving grace for Trump anymore. His political capital can be measured on one hand. This week, he's waiting for what the big tech companies say when they report, namely how much capex they will spend next year. Even if companies beat and the guidance looks fantastic, investors remain concerned, because valuations are so rich. The question is: When will these companies become profitable? It's coming, but don't know when. The data centre pushback is already effecting the market, but AI is real an will have a big impact on eeryone.

He's been writing puts to buy it these days. Likes the valuation now. It's a growth story, so he buys on pullbacks, but it's also cyclical consumer.

It peaked earlier this year. Each time it's tried to rally this year, it has sold off to a lower high, and whenever it's tried to rally, it reaches a lower high. Over 5 years, the trend remains up. If you believe there's a long-term trend for nuclear power, stick with it. But he doesn't see the world returning to nuclear in a big way. This correction period could see more downside.

It depends on what you need. ZBAL-T is more tax-efficient; when you ultimately sell it, you get a higher capital gains. It doesn't earn that much, so it pays out more than it earns. ZPAY does pay that much, and is tax efficient, if you don't mind current taxes as opposed to deferred taxes.