Ryan Bushell

Inflation risk. Up for debate right now, the way it hasn't been for quite some time. He's always focused on protecting capital against inflation, as that's how you increase your standard of living. He didn't abandon positions in commodity producers last year, as many did. Diversification is key.

Sectors. Avoid technology. Valuations are extended compared to where interest rates are. The sector most inversely correlated to rising rates. A lack of dividends in that sector also makes it unattractive for his clients. This market is incredibly policy dependent from both the Fed and governments, and we don't know what the future path will be. Own infrastructure and hard assets to protect yourself. He's trimmed weighting to insurance broadly and moved into utilities, renewables, and infrastructure.

Fossil fuel producers. He maintained positions and continued to add on weakness since 2014. Tried to migrate to best in class as they all got punished, so highest quality at discount prices. He has about a 7.5% position in oil and gas. More positive on gas than oil, and so his position in gas has grown quite a bit in the last 6 weeks or so.

He's evaluating for purchase. Expect refinery asset in BC to be challenged, with uptick in commodity prices. May see decline in fuel volumes as prices rise and people reduce demand. Offset by reopening initiatives. Long term, solid business and trades at a discount to convenience store peers. Expects stock to migrate up from here.

Great long-term land position, tilted toward natural gas which should benefit them in coming quarters. Performance was especially poor in the downdraft, as it had been a darling. Cut dividend. He owns FRU instead, a bit smaller and has returned their dividend, and they have catalysts with acquisitions south of the border. Both names will do well, but he prefers FRU.

PSK has a great long-term land position, tilted toward natural gas which should benefit them in coming quarters. Performance was especially poor in the downdraft, as it had been a darling. Cut dividend. He owns FRU instead, a bit smaller and has returned their dividend, and they have catalysts with acquisitions south of the border. Both names will do well, but he prefers FRU.

He's evaluating it. Down 25-30% from pre-pandemic levels. Need for its services. Concerned about its cost inflation. Labour shortages, putting upward pressure on prices. But the company can flow through these increases. Stock should at least take out its old high, and provide income along the way.

Operational gains have seen diminishing returns. Multiple expansion has kept the stock going. Does the multiple expansion continue, are there more operational efficiencies? Both are ambiguous. That's why they tried to acquire KCU. Slowdown in durable goods, fuel cost inflation, labour price inflation. Economy may slow in the next 12-18 months. Great long-term company. If you own don't sell, but he wouldn't buy here.

One of the best in the sector in Canada. On a medium- to long-term basis, really likes nat gas. Much more sustainable, as they produce the greenest nat gas than peers. All kinds of free cashflow at these prices. Might see a pullback in the next 6 months, providing a buying opportunity. If you don't own any, start a partial position.

Cross-currents this winter with increases in prices. Likes the company broadly. He'd prefer a pipeline, especially in a RRIF, with more potential for capital appreciation and dividend growth.

Add on pullback? Stock is are pulling back for good reason. Covid turned out positive for them, as government relief helped lower income folks. The stockpiling of savings is starting to reverse. Interest rates could have an impact. Don't get greedy despite the dip. Wait another couple of quarters.

(A Top Pick Sep 25/20, Up 3%) Disappointing performance, coming off with the rest of the renewables. A lot of negativity in the sector, but it won't last. Renewables still lead the pack in terms of growth in the sector. See his Top Picks.

(A Top Pick Sep 25/20, Up 54%) Really well positioned for what's happening right now and for the next decade. LNG Canada development project is so important, with a significant increase in volumes. One of the largest nat gas infrastructure networks in western Canada. Continues to buy. We're short of energy and will need more going forward.

(A Top Pick Sep 25/20, Up 15%)Preferred Shares K (ALA-PR-K). Played defense while still getting some return. An alternative to cash. Can be a source of cash for future buys.

Includes great technology pieces. Not sure what the ceiling or floor is, as a lot is policy and interest rate driven. Dividend not growing at an attractive enough rate. If you've done well, perhaps reduce your position or just hold if you have a big capital gain. Not a buyer at these levels. Better value in other sectors.