Greg Newman
Director & Portfolio Manager at Scotia Wealth Management
Member since: Sep '11 · 2831 Opinions
Rating Card
| All | 
Rating
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Big Win
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Win
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Neutral
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Loss
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Big Loss
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|---|---|---|---|---|---|---|---|
| 4.79 | 229 23.83% | 256 26.64% | 167 17.38% | 206 21.44% | 103 10.72% | ||
| 1 Month | 4.71 | 3 1.29% | 81 34.76% | 91 39.06% | 56 24.03% | 2 0.86% | |
| 6 Months | 4.9 | 38 17.12% | 74 33.33% | 36 16.22% | 50 22.52% | 24 10.81% | |
| 12 Months | 5 | 71 33.81% | 44 20.95% | 20 9.52% | 46 21.90% | 29 13.81% | |
| 2 Years | 4.95 | 71 38.80% | 36 19.67% | 14 7.65% | 40 21.86% | 22 12.02% | |
| 5 Years | 4.39 | 46 40.71% | 21 18.58% | 6 5.31% | 14 12.39% | 26 23.01% |
Stock Opinions by Greg Newman
After that phone call, the Dow did rally a bit. The call may be enough to arrest the development of a steeper dive in the stock market. Stock market participants are getting tired. There are protest votes going on against US equities; there's so much opaqueness, people are scared of Trump, and we're seeing them pull back.
Today we saw US data for PCE and consumer sentiment. Inflation is sticky, and consumer sentiment is weakening. Most of this has to do with the tariff uncertainty. If the market starts to see better behaviour towards Canada, that is a positive.
Notice the words and language of President Trump, who said that he and Mark Carney would talk more after the Canadian election. That's implying a lot right there.
A lot is going to happen April 2. He suspects that, at the end of the day, we're going to see very big carveouts for Canada. When all is said and done, most of this too shall pass, because that's in the United States' best interests. Look at their overarching plan of 3-3-3. They're never going to hit 3% GDP growth with tariff wars.
Tariffs appropriately and in targeted places, yes. But across the board, with 25% applied to Canada, is something we're probably not going to be dealing with in a month or two.
Deliberate that he's being toughest on us. He's showing the world what he can do with family and friends, so imagine what he can do with countries that don't have as close a relationship. There's some sort of method to the madness.
Maybe it's being too optimistic to think that 3 months from now we won't be dealing with big, hard, sustained tariffs. But he doesn't think so. If all that happens, we're probably going to have a recession. Then stock markets will come down more, and Trump's base is not going to be happy. Recessions take a while, and the US mid-term elections are 1.5 years away. So it doesn't add up, but then again lots of people are questioning whether it's been adding up thus far. There's just a lot of confusion.
Likes the stock and the whole energy infrastructure space. It's a place you can hang out along with gold and yield plays. Doesn't get a lot of respect from the market. Q4 saw a market loss, but that's only 11% of NAV.
Raised dividend by 5%. Baytex deal is accretive by ~1% to stable, long-term cashflows. Likes the infrastructure growth shown in Q4. Strong balance sheet, decent payout ratio, very high dividend. Cheap at 11.7x PE for 2027, and modelling ~14% EPS growth.
At these levels, this whole area is a buy. There are now 4 telcos instead of 3. CRTC has imposed headwinds. They've all been plagued by balance sheet issues. Divestiture of assets is going to happen. Catalysts will happen, and most of the bad news is in.
One of the good things about having negative positions in your portfolio is that they tend to not be the ones that get sold when things get worse. They're already washed out.
He's been buying. Great valuation, holding-company discount, decent growth rate of 6-8%. Nice dividend with a good payout ratio. Technically over its skis, but likes the name long term. Better entry at $44-45.
Only problem is that when bull markets start to give way to bear markets, people look for areas immune from tariffs. If the economy rights itself, and you see $$ going into names like tech again, this type of name will fall off. If we go into a real downturn, money will leave the market and this name will go lower along with everything else.
Revenue miss of 9% last quarter. Market's worried about big capex in AI. Earnings up 28% YOY. Very high demand for AI products. Great company. Not expensive at 14x 2027 PE, a lot cheaper than the market. Growing ~14%. Could get cheaper, but still great value looking out 5 years. Don't go in full-scale, but buy in increments.
Normally, this is a time to buy a name like this. But people are concerned about growth, especially of advertising, if we're going into a growth scare. People are also protesting against the US and the Mag 7.
Markets always overdo everything, both to the upside and to the downside. The Mag 7 trade has been very crowded. We're in a time now, all around the world, where people are not happy with the United States and may be picking on this sector. If the administration doesn't pivot, this will get overdone.
A good name. High-quality way to play de-carbonization space. Very bullish last quarter on future growth and electricity demand. Company says scale lets it mitigate tariff risk, because they can source a lot in the US. Doing really well with data centres. Now 10.5x 2027 price to AFFO, and growing ~10.4%. Nice dividend.
Own in a registered account and get tax-free distributions, or in a non-registered account. Long-term value. Buy a bit now, and buy more lower which will happen with the wild swings and choppy markets.
Business is 80% aviation, 20% manufacturing. Recent acquisition looks accretive. Trades ~12x, growing ~16%. Money's flowing into safer areas like this one. Good balance sheet. Payout ratio is 68%, will probably boost dividend in the next year or two. Real growth engine is from being in the north and having really good pricing power.
Only thing is, if we're in for rocky markets, you'll probably get a chance to buy cheaper.
Frustrating, as stock's down mainly due to macro, not to the company itself. Beat on recent quarter. AWS is really growing from AI tailwinds. People may be concerned about level of AI spend at 35% of capex. Growing at 20% a year, trading at 20x 2027 PE.
This is where you'd want to buy if there wasn't all this macro noise. Things could get worse if the administration doesn't pull back. Good, long-term name at these levels. Buy here, forget about it for 10 years.
