Lorne Steinberg

Anytime there's a massive selloff in 1 or 2 sectors (and we're seeing it in everything from bitcoin to software), all of a sudden those foreign consumer stocks start looking like shiny stars. 

Message for investors:  Diversification should always be part of everyone's portfolio. There's no way investors can react fast enough to reposition themselves when things fall off a cliff the way we've seen happen.

For sure there's value. Anytime the pendulum swings too far in any one direction, opportunities are created. For him, the opportunities are in the best of the best such as MSFT and ADBE. He's looking at other names as well.

The concerns about AI encroaching are overblown, but a lot of these companies are already incorporating AI and are among the leaders in AI. Reality is that the business customers of these companies are going to need an integrated solution; they're not going to do it on their own.

His client portfolios always remain well diversified. 

Right now, financial stocks remain a core component of portfolios. Still sees lots of value there, in both Canada and the US. Lots of value in the consumer sector, which has been beaten up for such a long time -- trading at very low multiples, with healthy and rising dividends. This should drive value over time.

No question they'll survive the AI threat. Question is how much will it dig into their revenues? Stock's never been cheap. Dividend of 3% is fully covered. Better places to look. Management's lost a bit of credibility with the street. He'd sell.

Still has a lot of debt, and that's one of his biggest issues. New management has done a pretty good job turning the ship around. Not a bad bet in the sector, but he's not crazy about the sector.

Private credit, which isn't in favour right now. An opaque business and sector, very hard to understand what's going on under the hood. Could get way worse with an economic slowdown. Better places to be.

Warren Buffett is one of his all-time heroes. The first acquisition made by the "new" guy, Greg Abel, will be very much scrutinized. Reminds him of when Steve Jobs had to leave Apple -- there would never be another Steve Jobs. Tim Cook came in, not a visionary, but now people are worried about when Tim retires.

Phenomenal selection of assets. Abel's been there for many years. A company you can hold for a long time.

Tool makes everyone in an office so much more efficient. Stock's always been fully valued, but now trading at 16-17x PE. Massive free cashflow. On his radar, his team is meeting about it next week.

Likes it at this level. Dividend absolutely secure. Throwing off additional free cashflow, which will probably be used to reduce debt somewhat. Room to invest in some growth. Defensive, not growth. Possibly delivers double-digit returns over next number of years.

Underperformer for a long time. He'd move on, better places to be. It'll take a long time for natural gas to expand in Canada and allow companies to sell at higher prices. Too early for this space. Focus on upper-tier companies such as CNQ. 

Top-tier company. Dividend increases every year since it started paying one over 20 years ago. Stable income stream. Low-cost producer, profitable at $40 oil. Not overly bullish on long-term oil prices, so this is a good play against that backdrop.

Great dividend. At these levels, doesn't need a lot to go well to deliver a pretty good result. Cut costs, positioning for better earnings growth despite muted revenue growth. Increased prices are way overdue -- not great for consumers, but should boost stocks.

At beaten-down price, a 10% annualized return (including dividend) for the next few years is very achievable.

Value here. Market's looking for better consistency on earnings so it can keep on with its business model of buying "orphaned" drugs. On his radar because it's cheap.

Likes banking, and Europe is starting to get its act together and there's some growth there. Owns no European banks at present, he's focused on NA. This one has gotten itself on a better strategic path. Solid dividend.

Likes the rails as they're the cheapest way to ship many goods like commodities, and they're not building any more. Management's done a pretty good job operationally. Volumes are flatlining at present. CUSMA negotiations are weighing on investors' minds and on the stock. A lot of pessimistic news is baked in, so any bit of positive news on that front would be a net positive.

At 17x not-great earnings, pretty attractive price. Yield is 2.7%.