Ryan Bushell

We might get interest cuts, but not without pain in the economy and market. Leaving rates so low in 2020-1 was a mistake, made worse by central banks announcing they would leave rates low, which encouraged consumers, businesses and banks to plan interest rate risk on that basis. Central banks won't pivot sharply, because that would lead to questioning of their credibility, already damaged when the central banks wrongly called inflation transitory. Rate cuts will happen in a dire situation or emergency only.

They don't have enough focus in their strategy. EQ or GoEasy are better in this challenger-bank space or even the bigger banks. He wouldn't buy any bank now, though. Credit is the issue--if we enter a recession, consumers and businesses will spend less, be less activity. Banks need to take more credit-loss provisions before you buy them. We're getting there; big bank shares have declined 20% YOY.

All lenders can be regulated more. GSY boils down to how well they can vet a lender so they get their loans paid back. These companies have their place and can be worth buying, BUT he is not buying any banks or lenders. Better to sit on cash and collect a guaranteed yield.

EIF is a grab-bag of companies and it grows by buying companies. he just met with them. They have a great, long track record of buying companies, cash-flowing them, paying rising dividends, and he likes this. Problem is risk lies with a few top managers to buy good companies--how long can this last? Great managers. Good for you if you bought it, but too risky for him, at least for now.

He's very positive about LNG Canada, not because gas prices will shoot to the moon, but due to gas volumes, if they ever or when they finish the Coastal Gaslink. After a decade or more, Canada is finally selling nat gas abroad. Finally. Really likes Keyera. Infrastructure in western Canada is underpriced considering opportunities in the coming years.

A tough one. When AQN announced it was buying KP, the macro was very different. Now, interest rates are much higher. That said, finding a good fit like KP into AQN is rare and will ultimately benefit AQN, Yes, AQN carries too much debt, but so do other companies like Altagas. However, AQN can sell some assets above value given strong power demand in order to rectify that debt over time. For the whole space, electricity demand across North America has increased given stagnation for a long time. Such stocks are a long-term opportunity. AQN will muddle through this, though maybe longer than short-term investors want. He's sticking with it.

Their big thing is their convenience stores, though they've maxxed out their value. The innovate and reposition well and will continue to do so. Selling gas won't go away overnight. Shares are too high now, though.

Paid 23 years of dividend increases. It's Canada's top gas producer with exposure to LNG. really likes it. Dipped below $70 briefly and rarely does to that level, but can still buy around $80 and collect the 4.5% dividend. A core holding for him.

Has more Canadian housing exposure, so in an economic downturn, they could get hit more than their peers. But that would be a buying opportunity. Likes managers. More upside than Royal Bank, but more downside in the short-term. Volatile in the short term.

Tricky for their exposure to European gas and its issues.

Prefers this to VET. Likes natural gas in Canada, but don't hold a lot of these stocks, because things can change suddenly with these commodities. Remember 2014 when things change dramatically? Pays a good dividend that grows. He owns 10% in raw oil and gas producers, while 20-25% is too high. TOU is good, but he own Arc Resources.

Careful. Some companies base the ratio on earnings, others on free cash flow because their earnings are depleted by non-cash expenses for tax purposes. AP.UN is down by two-thirds and he's watching it carefully. Their downtown core assets are depleted, because office and commercial RE are radioactive, but this is the time to start looking at this. Has been best in class historically. Is watching this very carefully.

A unique group of assets. Still likes it for its global reach and diverse holdings like cell towers in India, toll roads in South America, and Enercare that he once owned. A smart acquirer and offers long-term value. If they keep raising their dividend 5% annually, the share price will follow. Confident.

Not interested in P&C insurance, and IFC shares are close to all-time highs. Not now.

He likes natural gas producers now, with commodity prices depressed by temporary factors, but won't effect the western Canadian producers which will benefit to export pricing. Likes FRU long term with less risk than an outright producer. Pays a 7% dividend yield.