Colin Stewart

The bond market's really telling us it's concerned about inflation, the US deficit, and tariffs potentially being inflationary. With today's additional tariff rhetoric we've seen bond yields moving up. That's a clear sign that the bond market has one view, and people often find that the bond market is a better gauge than the equity market of what's going on from a macro standpoint. 

Equity market's being driven by momentum, retail investors, a lot of hype around AI. AI will definitely be important, but we don't know how profitable companies are going to be from this massive capex investment. A lot of positive news is already built in, and the market's focusing on that and pushing all the negatives aside.

He doesn't typically tend to have a ton of commodities exposure. He owns a bit of gold and a bit of energy, but overall his firm is not a heavy commodity investor. It is the time for defensive businesses with good cashflow generation, and value investing should have a bit of a comeback. He favours Canada over the US right now for equities.

Remarkable company in many ways on innovation. Trades at 165x forward PE, with people banking a lot on robotaxis. Interesting technology, but you can buy GOOG and get Waymo for free. Waymo is actually ahead of where TSLA is on robotaxis.

When you buy GOOG, you get Waymo for free. Waymo is actually ahead of where TSLA is on robotaxis. 17-18x forward PE. The only Mag 7 he owns. By far the cheapest. Concerns about AI engines taking away its core Search business, but no evidence of that yet. Investing heavily in R&D to protect its assets. One of the world's great business models.

Great Canadian success story. Positioned themselves well to benefit from the AI trend and data centre buildout. Benefiting from semiconductor companies spending huge amounts. Not cheap, but not egregiously overpriced. Huge run, but earnings momentum is there. Take a bit off the table.

Great franchise around commodities and precious metals. Diversified products with asset management fees. Good way to get broad participation in a diversified bucket of commodities. Big run speaks to its success. 

Good business. Packaged food and juice. Success in US growing through acquisition. Pressure from input commodity costs. Things seem to have stabilized from Covid margin pressures. Strong balance sheet. Not overly liquid. Fairly reasonable valuation. On his radar; if it pulled back, might take a position.

Very strong franchise in Asia. Life insurance benefits from aging demographics, as well as people in developing and emerging markets purchasing life insurance for the first time. Undemanding PE. Nice dividend. 

Very successful. P&C is a bit easier to understand than life insurance, which tends to be rate-sensitive and has investment risk.

Well managed, high-quality franchise. Struggled a bit relative to competitors like WMT. Valuation multiple is lower than other retailers, but not downright cheap. Headwinds to US consumer from tariffs on goods, which will impact demand. Be cautious near-term.

Sold recently on the great run. New CEO has done a good job cleaning up past scandals. Good price on recent sale of stake in Hwy 407. Benefits from nuclear buildout. Not super-expensive, but not cheap.

Steady business. Purely domestic in Canada. Well run. Growing steadily organically and through acquisition. Biggest in Canada, but only 4-5% market share so lots of room to grow. Scale gives them synergies in tech and in purchasing equipment and supplies. Undemanding multiple at 9x EBITDA, big discount to US names. Could be acquisition target at some point.

Unique company in Canada that gives investors a way to own an uncorrelated infrastructure-type asset. No sawmills, just a pure play on timber land. Many institutions and pension funds would have a small part of their portfolio in it. Pays a dividend.

(Note the short timeframe.)  Still likes it. No strong reason for it to be off as much as it is. Steady business, as governments always need $$. Outlook is fantastic, long runway for growth in the iLottery space. Cheap. One of the dominant players globally.