Christine Poole

In Canada, inflation is expected to continue to decline, which is important. If it does continue on that trend, we should see another rate cut at the end of July. The unemployment number in Canada was 6.4% in June, up from a low of 4.9%. So a bit higher than in the US, where the employment situation is much healthier, unemployment is at 4.1% up from 3.4%.

Important for Canadians to see inflation continue to trend down, and the market expects a few more rate cuts this year. Important for the Canadian economy, as the employment number is softer. Lower interest rates will be beneficial for general households, and for debt-servicing costs.

Political events always impact markets near-term. What she's heard and what we've all read is that it increases the likelihood of a Trump victory in November. He favours tariffs. Also tax cuts, which would have implications for the deficit.

The Wall Street Journal did a survey on the weekend, which stated that most economists think that Trump in office would result in perhaps higher inflation or less decline over time. We're seeing some of that being reflected in the market right now.

Banks started reporting last week. For now, consensus is saying that earnings will be up about 10% YOY, and that's very important for profit growth to continue. We've seen the price gains in the S&P 500, so we need those earnings to come through. In fact, we need companies to surprise on the upside and have a relatively positive outlook going forward.

For 2025, most analysts covering the S&P 500 think profits will be up 15%. So we're on the right trajectory. But it has to stay in place for this market to keep going up.

Probably a solid long-term hold, attractive dividend yield. Overhang has been poor performance of its asset management group in the US. Operations in Asia, growth area. Stable. Dominance in NA, growing internationally.

Invests in hard assets, with cashflows either regulated or under long-term contracts. Likes it. Owns it indirectly through the parent, BN. Stable, defensible cashflow stream. Yield in excess of 5%, very safe, track record of increasing annually.

Probably the leader in streaming. Content continues to attract subscribers. First to launch ad-supported version, going well. Good run. Difficult to anticipate price movement on quarterly earnings. Valuation too high for her. To add, wait for a general market pullback.

She owns both. RY has far outperformed TD. RY remains her top Canadian bank. Likes the HSBC acquisition and its wealthy client base, integration has gone well. Though it's outperformed, still her preference.

We don't yet know what ultimate penalties in US will be for TD, its capital base can handle it. There may be a cap imposed on growth. Trading below 9x forward PE, lagged YOY. Stock price already reflecting the bad news. She'll continue to own. Substantial operations in Canada and outside US. Targeting immigration to Canada.

She owns both. RY has far outperformed TD. RY remains her top Canadian bank. Likes the HSBC acquisition and its wealthy client base, integration has gone well. Though it's outperformed, still her preference.

We don't yet know what ultimate penalties in US will be for TD, its capital base can handle it. There may be a cap imposed on growth. Trading below 9x forward PE, lagged YOY. Stock price already reflecting the bad news. She'll continue to own. Substantial operations in Canada and outside US. Targeting immigration to Canada.

Likes it long term. Nice rally, but really just getting back to where it was previously before interest rate hikes. Some  issues with real estate, including defaults, but most office buildings are very high quality. Very global, successful fundraising. Likes its subsidiaries. She'd still be buying.

Refining operation has been an overhang. Somewhat cyclical. Better opportunities elsewhere in the energy space to generate income. See her Top Picks.

Had lagged the Magnificent 7, but recent huge spike up since announcement of Apple Intelligence on investor day. Spike based on expectations of a nice refresh cycle, as Intelligence only available on iPhone 15 or later. China sales slowed last year, but picking up. Targeting India as a growth area, despite lower price points.

Don't chase. Wait for market pullback. Likes it long term.

Likes the industry in general. A leader. Vets like its products. Not a lot of generic competition. Diversified in types of care. Studies show that pet spending is resilient even during slowdowns. Attractive entry point.

Still likes it. Concern now is that with higher interest rates and rising unemployment, consumers are being more price-conscious. Company has acknowledged this in its biscuit category. 

Reassessing pricing and packaging. EMs are about 40% of sales, she sees higher growth there. Selling assets, redeploying proceeds in higher-growth adjacent categories.

Still likes it. Leader. Excellent track record, led by really good management. Rising interest rates have been really good for their reinvestment rates. Popped in May, when BRK revealed its position. Will continue to do well long term.

Subdued returns. A leader, critical player in its sector. Stock's lagged due to inventory destocking, higher interest rates, and softer Chinese economy. These issues are largely resolved.