Jerome Hass

Last Friday's US Supreme Court decision cancelling Trump's tariffs reiterates that Trump will continue playing the tariff game. So, he's leery of any sectors that can be hit, like manufacturing. We had a great 2025, but not February-early April which was terrible and could come back. Leery of oil and gas, because Trump wants to get the gas price down ahead of midterm elections. The market is looking beyond that as oil stocks rise, which he thinks will continue. Inflation seems to be cooling, so the chances of a US rate cut are increasing, but he doesn't focus that much on the macro. He trades only midcaps which have been left behind by the markets and trade at lower valuations than large caps.

Not a fan of the telcos; doesn't like the oligopoly.  All the telcos have declined from lower immigration to Canada. Valuation trades in line with peers. He's not excited by the space, but it's a decent place to hide your capital, paying a reasonable yield though there is a chance it could be reduced.

He met management twice last month. A few years ago they bought a US company that the market did not like. Since then, Baytex has sold all its US assets. It remains a show-me story, though they are buying shares and is relatively cheap.

While the banks are trading at highs, Propel and Goeasy are substantially down over credit risk concerns, but their valuations are very attractive now. Be leery about it. 

Has never owned the parent company, Constellation Software, or these. All software stocks face negative sentiment from AI fears. These keep going lower. It all comes down to sentiment, but valuations have fallen and are ridiculously cheap. He agrees with other investors that these have been oversold. The fundamentals are still there. AI will not replace software, but when we hit a bottom, you're guess is as good as mine.

Has never owned the parent company, Constellation Software, or these. All software stocks face negative sentiment from AI fears. These keep going lower. It all comes down to sentiment, but valuations have fallen and are ridiculously cheap. He agrees with other investors that these have been oversold. The fundamentals are still there. AI will not replace software, but when we hit a bottom, you're guess is as good as mine.

A high yield can be positive or negative. They've been changing their portfolio for the past 5 or so years more to industrials, which is a space he likes. Nexus is interesting and he hasn't look like it closely lately.

A past top pick. They released fantastic results last week. Canada needs more energy infrastructure, and RGSI provides this. Has stable earnings. Will benefit from more gas pipelines. RGSI is close to its target price, but RSGI is stable.

Last year it was hit by tariffs and has recovered quite nicely. They are focused more on Europe than the US now. They have positive growth. It's interesting and he will study it more.

A great play on higher defence spending. Canadian defence stocks are rare. But the chart is rocky. Likes it. An obvious choice in defence.

It fell 11% last week after releasing Q4 numbers while peers had good earnings. IAG had a mild miss, but market reaction was severe. He prefers MFC and SLF for valuation.

Remains a large holding. Low immigration has hurt the apartment REITs, but MEQ hadn't seen a decrease in rents. They're focused on affordable rentals; they're average Toronto rents are nearly half the norm. Rents have risen 2.5%. They have $800 million cash to invest in rundown apartments, which they fix it, then rent again which is far cheaper than building entirely new apartments (which is what the government is doing). Growth looks good.

A conservative way to invest in biotechs. Pays a good 3.5% yield and has a diverse portfolio of 28 royalties. Trades at 6x EV to EBITDA.

They released good Q4 results last week. It's been lumped in as an energy service name, but it really a waste management one. Trades at 8x EV to EBITDA vs. 17x by its peers. More upside to come. Has 80% recurring revenues and is a stable business.

Wishes he owned more. They make batteries for autonomous weapons. There will be explosive growth in drones. Sometimes he struggles with the valuation, but is a great name.