Lorne Steinberg

Really important to remind investors that investing is a long game. You wouldn't buy stocks, or a house, with the idea that if you don't like it you'll sell it in 12 months. You need to buy companies that are going to be around for a long time, and that will deliver growth and increase profitability for a long time.

Thinking about that, in the next 12 years there will be 3 presidential elections. In the next 5 years, we'll be talking about other things that might concern us. The companies that he invests in have stood the test of time. Most adults have lived through 9/11, the financial crisis, and the like, and here we are today. Though the financial crisis was only 15 years ago, it feels like 50, yet somehow we managed to get through it and come out even better afterwards.

Track record counts. Look back to how companies performed during down times, recessions and such. Companies that have been able to stay profitable through those times and, for example, pay their dividends, have been able to survive.

If you look at some of the world's great businesses, those large companies also have the capacity to hire the best. SBUX is an example, spending a lot of $$ to hire the guy who previously ran CMG. These companies have the capacity and wherewithal to be agile and make their way through. When Covid happened, SBUX and MCD morphed almost immediately to more takeout and didn't skip a beat.

We're going to have to rely more on the private sector, as government debt levels are close to all-time highs. Probably corporate tax cuts in the US. 

May get some corporate tax cuts in Canada, because there's basically a realization (no matter your political stripe), that Canada needs to be competitive. We're losing investment to the US. He heard a recent statistic that the US invests roughly twice as much per worker as Canada does -- that's one of the main reasons that our productivity is lagging so badly compared to our major competitor and trading partner. We need to fix that.

Mainly copper and zinc. Incredibly cyclical. In 2011, share price was higher than today. Easier to look for companies that are delivering consistent profit growth over time. Pass on this type of business.

Doesn't make sense to play the hedging game. After 35 years in the investment business, he has yet to meet anyone who's correctly called the direction for any length of time. 

Plus, misunderstanding that just because something trades on a US exchange that it's purely USD. Companies like MSFT and MCD have revenues in currencies from all over the world. If you try to hedge, you may actually over-hedge USD exposure, and just guessing doesn't make any sense.

When you own equities, accept the fact that you have currency diversification and you're going to have some ups and downs due to currency moves.

So many companies now with competing weight-loss products. Riding the hype on this one drug, and he'd much prefer more diversification.

Has major operations in Europe, yet it's a Canadian company trading on the TSX. There are issues dealing with dairy and the commodity side of the business.

Lots of pressure within Canada on protected costs around dairy products. Might be an easier place for our government to give in on something, so wouldn't surprise him if our dairy protection weakens or softens a bit.

Trades on the TSX, and has major global operations. But impacted so much by what happens with trade.

Best option is to look for an international name that trades in the States as an ADR. You could get exposure to Europe this way.

Consumer staples are outperforming in the last few days, and that speaks to the advantage of having a balanced portfolio. Companies like KHC, UL, KVUE, and Nestle. It's not that they won't be affected (their costs would go up), but they're far less cyclical than other businesses. Earnings will be much more stable. Earnings could fall 10%, but not 50%. Dividends will be sustained.

Companies like Unilever and Nestle are huge in NA, but huge globally as well.

Consumer staples are outperforming in the last few days, and that speaks to the advantage of having a balanced portfolio. Companies like KHC, UL, KVUE, and Nestle. It's not that they won't be affected (their costs would go up), but they're far less cyclical than other businesses. Earnings will be much more stable. Earnings could fall 10%, but not 50%. Dividends will be sustained.

Companies like Unilever and Nestle are huge in NA, but huge globally as well.

Consumer staples are outperforming in the last few days, and that speaks to the advantage of having a balanced portfolio. Companies like KHC, UL, KVUE, and Nestle. It's not that they won't be affected (their costs would go up), but they're far less cyclical than other businesses. Earnings will be much more stable. Earnings could fall 10%, but not 50%. Dividends will be sustained.

Companies like Unilever and Nestle are huge in NA, but huge globally as well.

Consumer staples are outperforming in the last few days, and that speaks to the advantage of having a balanced portfolio. Companies like KHC, UL, KVUE, and Nestle. It's not that they won't be affected (their costs would go up), but they're far less cyclical than other businesses. Earnings will be much more stable. Earnings could fall 10%, but not 50%. Dividends will be sustained.

Companies like Unilever and Nestle are huge in NA, but huge globally as well.

Consumer staples are outperforming in the last few days, and that speaks to the advantage of having a balanced portfolio. Companies like KHC, UL, KVUE, and Nestle. It's not that they won't be affected (their costs would go up), but they're far less cyclical than other businesses. Earnings will be much more stable. Earnings could fall 10%, but not 50%. Dividends will be sustained.

Companies like Unilever and Nestle are huge in NA, but huge globally as well.

Whatever happens in the US affects the rest of the world. He wouldn't recommend emerging markets, as they tend to underperform if/when there's a recession. 

Investors would be better off buying the best companies in the German market, rather than the whole German market. Germany's the 4th-largest economy in the world, but it's had a bunch of issues with its own deficit and economic slowdown. He owns specific stocks in Europe.