Zachary Curry

The rest of the year will look exactly like what we've seen so far. Up and down, a lot more volatility. A tale of 2 economies. On one hand, inflation rates are up, with interest rates rising accordingly. On the other hand, a very strong consumer with employment rates at record highs, and wages going up with inflation. 

Though inflation rates have trended down a bit, the consumer is still healthy and spending will remain strong overall. Short term, we'll have to see which one weighs out over the other.

No, if we do get one, it will be short-lived. Consumer spending, more jobs, and more wage increases will offset any decline. Data in the short term will be up and down: interest rates, inflation, jobs, and spending. The numbers will weigh in favour of the consumer.

High-quality company, good management, great balance sheet. Manageable debt levels, great assets. Price of natural gas has been pushed down over the winter, and we'll have to see what happens in the summer. His view on nat gas and oil is fairly constructive. Nat gas is cleaner, and will be used more in future. 

Unfortunately, a good dynamic in defense with a war going on. Defense spending is increasing, and the benefit from this type of spending is not going away. This name would be a good way to play that.

Focus on office properties has put pressure on. We won't be working from home forever, but looks that way in the short term. Asset sales should help. Interest rates going up makes borrowing more expensive. Be cautious. Residentials and industrials offer more positive news in the short term.

Likes it. Too bad it had to give up on First Horizon. Good footprint in the US. Will have to grow organically, which will take longer than by acquisition. Banks with US exposure will have a tougher slog. But over the longer term, that's how they'll grow because it's such a larger market than Canada. 

Whole sector has been pushed down extensively, based on interest rates. This is unfair, as everything gets lumped into the same boat. This one is faring better. Longer term, will be OK. Generates income, good portfolio of assets. Yield is 1.9%.

Volatile name. He doesn't favour these commodities. Decisions are made years in advance, and supply/demand is cartel-like. Instead, he'd choose the oil and gas space now.

Once consumer division gets spun out, will look more like MRK as a pure pharma play. He owns MRK, and it's performed defensively well, with a strong portfolio. JNJ is more diversified, but MRK is a better company.

Once consumer division gets spun out, JNJ will look more like MRK as a pure pharma play. He owns MRK, and it's performed defensively well, with a strong portfolio. JNJ is more diversified, but MRK is a better company.

Really good portfolio of long-term assets and income generation. Contracts tend to be take or pay. Going forward, it will be harder, not easier, to build pipelines and infrastructure. Transition to renewables won't happen overnight. His preference is KEY, with its new KAPS program. See his Top Picks.

His preference in the space, with its new KAPS program. See his Top Picks.

Balance sheet and management are still exceptional. Over 2022, returned a lot to shareholders in terms of dividends, about a 10% yield including the special dividends. Great assets and discipline. He's positive on oil and nat gas. Best pick in the nat gas space.

Streaming continues to lose money. Very good content that can be applied to movies, travel, and products. Covid has created a lag, but momentum will come back. Spinout of ESPN should bode well. He'd add if it dropped lower.

His Canadian software pick. Incredible allocators of capital. Customer loyalty is strong. He can see more spinouts going forward, with CSU retaining a super-vote but giving the spinout room to run. Capital spending on track to a great level for 2023. He'd want to make sure such a large company continues to deliver ROIC.