Christine Poole

Definitely overhanging the market and causing a lot of uncertainty. Indicates that he may be flexible to negotiating with other countries. We need to see some progress and definitive news on his trade deals.

Business confidence and consumer confidence have plummeted because no one knows what's going to happen. When confidence is low, businesses wait to do anything. They're sitting on their hands, which usually leads to less growth and less hiring, becoming headwinds to the economy.

Concerns there are also causing the pullback today. The Fed is supposed to be an independent organization. We don't know if legally Trump can fire the Fed Reserve chair; there's debate about what is "cause". 

Fed Chair Powell knows that these tariffs are creating uncertainty. They also typically increase costs. Imports become more expensive, companies try to pass those increases along to the consumer, higher prices are the result, and demand may actually slow. Monetary policy is not actually that effective in a stagflation-type of environment of a slowing economy but with higher prices. Powell wants to wait and see.

Eventually if prices do go up because of tariffs, then the economic data will show slowing and the central banks will have to cut. In Canada, we saw a pause last week as well, after cutting 7 consecutive times, as the BOC also wants to wait and see. Canada's economy is on a weaker footing than that of the US; here, unemployment is much higher.

Consensus is that all central banks will continue to cut rates later on in the year.

Our unemployment rate has gone up quite a bit, now at 6.7%, and that's why the BOC has cut aggressively since June 2024. That's why our rates are much lower than in the US. In the US the economy has been quite resilient, with unemployment at 4.2%.

Canadian infrastructure name. She owns for income in client portfolios. Robust business model. Often has long-term, take-or-pay contracts; visible cashflow stream. Guided that it can grow EBITDA (cashflows) by single digits over next few years. She'd expect dividend increases to reflect that. 

Stock's pulled back with underlying commodity prices. Should have lower volatility than energy producers. Yield is ~6%.

Canadian infrastructure name. She owns for income in client portfolios. Robust business model. Often has long-term, take-or-pay contracts; visible cashflow stream. Guided that it can grow EBITDA (cashflows) by single digits over next few years. She'd expect dividend increases to reflect that. 

Stock's pulled back with underlying commodity prices. Should have lower volatility than energy producers. Yield is 5.3%.

Primarily US-based. Main customers are hospitals, so there can be funding concerns. Long-term, very good secular growth in robotic surgery. Tends to trade at very high multiple. When rates are high, as they have been, hospitals pause on the more costly budget items.

In the healthcare sector, but not really a defensive the way pharma is.

Gold's done well. She typically doesn't invest in commodity sectors. If you want gold exposure, her preference has always been AEM or FNV.

Gold's done well. She typically doesn't invest in commodity sectors. If you want gold exposure, one preference has always been AEM for its low-political-risk regions, growing mining operations, and good execution by very good management. Performed very well long-term over the cycle.

Gold's done well. She typically doesn't invest in commodity sectors. If you want gold exposure, one preference has always been FNV because of its royalty structure. This means you don't have to worry too much about operating costs of the underlying mine. Performed very well long-term over the cycle.

Asset cap in US will be in place for a number of years; once it's eventually lifted, that will be an avenue for growth. US accounts for about 25-30% of earnings. Bank feels it can still grow in Canada. Valuation still quite attractive at 10x PE. Path back to growth will take a while. Yield is quite attractive too.

Has held in remarkably well; considered a defensive name when markets turn volatile with risk of economic slowdown. Traffic gravitated to its discount banners. Pharmacists' roles have expanded at SDM, which also helps drive traffic. Plans to open more pharmacy-based clinics across Canada. Executing very well. Not inexpensive at 22x forward PE, wait for a pullback.

Large-cap tech names have seen big pullbacks. This name is off by close to 30%, valuation now more attractive. She owns it in a US-equity, growth-focused fund. AWS is the leader in cloud, helps offset lower retail margins. 

Capex increasing to build out data centres; worries that overspending will not earn great returns in the near term. Concern that tariffs and a slower economy may impact retail spending. Have to wait and see the tariff story over the next 90 days.

Drilling services to energy (oil & gas) producers. This name weakens when energy companies decide to pull back on drilling; they do that when the commodity's weak and there's less $$ to spend. Very volatile, and that's why she stays away.

Gets swayed by underlying commodity prices and the energy sector, in general, has come off. OPEC has indicated its cutbacks won't continue; a bizarre move in the face of weaker demand, which suggests they need revenue from energy volumes to drive their economies.

Crude oil pipeline. Pipelines are generally more defensive in the energy patch. In future, if pipeline development is more welcome in Canada, that would benefit existing companies. Nothing wrong with this name, but she already owns ENB and PPL.