Ryan Bushell

he and the market isn't so sure that the Fed will cut their interest rate increases. A big theme now is power generation; see California's energy crisis as well as Europe's based on Russia's invasion. Canada though punches above its weight. Hopefully the LNG pipeline will increase natural gas flows when it comes online.

Parkland vs. Chartwell He's been looking at both. PKI just finished buying their Caribbean business; their fuel distribution chain continues to grow. PKI and ATD could see PE expansion. CSH is completely different, but this is stable and boasts demand. Same with PKI. CSH's shares have been struggling post-Covid, but this could be a long-term secular opportunity. CSH faces labour and inflation challenges. Both are interesting.

Parkland vs. Chartwell He's been looking at both. PKI just finished buying their Caribbean business; their fuel distribution chain continues to grow. PKI and ATD could see PE expansion. CSH is completely different, but this is stable and boasts demand. Same with PKI. CSH's shares have been struggling post-Covid, but this could be a long-term secular opportunity. CSH faces labour and inflation challenges. Both are interesting.

They have a lot more discretionary goods in their mix due to an acquisition, and discretionary spending will weaken as we enter an economic slowdown. Also, consumers have bought a lot of durable goods during Covid. Their e-commerce was terrible before, but is now good. Watch the consumer next year.

Their quarterly report was among the best of the banks in late-August. It has a larger US retail business as opposed to the capital business focus of its peers. TD should benefit from higher net interest margins more than those peers, so rising interest rates will benefit TD, though they will be bad for consumer credits--more consumers may default on loans. Also, we need to see the surge in rates filter down to mortgages and business loans--wait and see on TD. He is holding his shares for now and not adding, though banks are cheaper now historically.

Before, it was richly valued. The pandemic saw money flow out of office and retail REITs into apartments. Now, that's come off, post-Covid. He sees a tougher time ahead for all real estate, though apartments should be stable and will benefit from a softer economy. Their 3% dividend isn't enough to convince him to buy in this inflationary period. Not sure where the share appreciation will come from. He continues to watch it.

Has a big capital markets operation, as well as strong Canadian wealth management business. Owns and likes this and TD. But he is pausing a few months to see how the consumer does in Q4.

Is Alberta-centric and expanding beyond. See how they enter renewables, which is an opportunity. Utilities have had a great run, but CPX isn't cheap now. He owns other companies in this sector. But CPX is growing faster than its peers. Wait for a better entry point and their strategy.

Short-term he worries about the low-end consumer, Goeasy's consumer base, who struggle with inflation. So, this could be a buying opportunity. Long-term, see how the economy and the consumer fare.

During Covid, money shifted out of office and retail and into apartments and industrials which saw big gains last year, but have come off this year. They remain pricey in valuation though. It's tough to grow by acquisition or finance new properties, so growth is limited. You get the yield, but not enough to trigger a buy.

(A Top Pick Aug 26/21, Up 12%) His return would have been higher had TRP not come to the market for equity recently, but that was done to finance pipelines in Mexico and BC. Opportunities for this company are strong. Natural gas in Canada is becoming more export-oriented, and TC is the only company in North American that can ship it given their pipeline system. He's been buying it.

(A Top Pick Aug 26/21, Up 66%) A good way to play strong oil prices. Pays an 8% dividend yield and they keep increasing it. FRU is growing in the U.S.

(A Top Pick Aug 26/21, Down 5%) Last year, he considered this safe with some upside, but that hasn't happened. The Rogers deal has gone slower than expected, but it should close. He sold half his position at $38.50 last March, at a $22 ACB. The deal should close at end-2023.

Fast food faces rising supply and labour costs and maybe a weakening consumer, but that consumer may be trading to into fast food. Fast food tends to offer stable demand. This stock has come off a lot (QSR too). A&W pays a 5% dividend yield. An interesting company. He's patient and watching this.

A leader in Canadian light oil, and a big consolidator recently. But it's not his favourite; he's less positive about the future of the price of crude oil (though more so with natural gas). Many assets WCP purchased are older and require even more acquisitions to keep production going. Shorter-term, crude oil prices will be decent, but not sure long term.