Ryan Bushell

Don't expect much from PM Carney meeting Trump today, but it's interesting Trump's change in tone after the Canadian election with the 51st state talk dying down. Will the tone between the two leaders be more cordial? Meanwhile, the US is losing its dominance--the US has had decades of trade deficits building that has been putting dollars into the hands of foreign entities which have bough US assets hand over fist. This has culminated in the greatest run in the S&P, from 2010-present. But this is starting to fray and unwind. Canada has poor energy prices, under tariff threats and high housing prices (though gold is hitting highs), but still, Canadian stocks are more in demand that US ones. The US stance on tariffs will lead to stagflation, which is a tough time to make money in markets. He likes utilities and infrastructure, which are export opportunities for Canada, and backed by federal leadership. LNG should be Ottawa's focus; the first phase of LNG Canada should happen later this year that he hopes leads to a decision on phase 2. He likes the nat gas space.

Now is a good time to take some money off the table. Financials have outperformed the fundamentals in the next few years. Wait for a better entry point, when the market dips as it did in early April, which he expects in the near future. Good company, track record and dividend. No problem with SLF fundamentally.

Still believes in it as a long-term investment. Tailwinds include decommissioning their copper infrastructure, selling some of their real estate and they are past the fiber-inflexible point in their investment. Cash flow growth looks good for years to come and should support the dividend. 

Has been hurt by continued negativity towards renewables, not helped by Trump's election. They continue to sign major supply renewal deals with tech companies. There still needs to be a lot of renewable power to be built, and BEP is one of the best at it. Collect the 6.75% dividend as you wait, and average in.

It was much better last October before US tariffs happened. He doesn't expect SIS will suffer much or any tariff impact, because they are covered under USMCA and are considered medical products for the elderly. He likes the demographic trend of aging at home, especially post-pandemic. They are streamlining operations and growing margins.

They're the best Canadian operator in this space, but there are many sophisticated private ones as well. The competition is fierce. Also, it will get harder to staff these places. Thirdly, there's the uncertainty over interest rates. He looked at during the pandemic and knew it would do well after the pandemic, but passed for these reasons. CSH has done well since then and will continue to do well, but isn't sure what will drive it much higher. It's a steady eddy, a good company, but unfortunately one he passed on.

Has a global footprint. If you have a TFSA or RRSP, you can buy the partnership units and receive the same dividend as on the corporate units but at a 25% discount--a good value in those accounts. Good dividend growth ahead, paying 5.59% now.

Is a long-term hold. It's focused on gas and natural gas, which boasts great fundamentals. Arc is the top nat gas developer in Canada and owns a lot of its infrastructure, so are vertically integrated. The 2.93% dividend and cash flow are growing. Buy below $25, if you can.

Competition has withered away. Pays no dividend. He's held this through some tough periods. The problem with a seat suppliers seems to be resolved. Huge backlog. They can withstand tariffs. If they deliver some buses in Q2, 3 and 4, the stock will look good in 12 months.

The Trump tariffs are a wake-up call. The next government needs to consider how to protect ourselves from this situation without getting rid of the US, but having other options for our natural resources amid all sectors. Mexico and Europe (will) have the same problem.

He prefers the senior gold names. Now is similar to 2010-2012 when gold producers paid more dividends. Is watching which of the smaller companies will pay dividends, which he welcomes. However, AEM has stopped increasing its dividend and has been taken off the dividend aristocrat list.

Watch this because shares have fallen far and Brookfield is involved with them in a serious way. Watch their next two quarterly reports.

During the Trump tariff sell-off yesterday, TD may have been the best performer among the Big Five banks, partly because shares are down far already, but also because they are diversified outside Canada. The more Canadian-exposed banks got hit worse. Nobody knows the impact of tariffs, but TD is in a better position than peers.

Likes it short and long term. They touch 30% of all LNG and 25% natural gas in North America. There was data centre hype in this stock, but faded after DeepSeek last week. Pays a 5% dividend yield. Likes it more after spinning off South Bow, a pure play natural gas company.

REITs are very correlated to interest rate expectations. Last year, he took a close look at this and was not enthused. Immigration is gone, no longer a tailwind, and its dividend is merely okay. Long-term, office REITs have the best outlook in REITs.