Stephen Takacsy, B. Eng, MBA

Owns lots of ships on the Great Lakes and trans-ocean. Very capital intensive, renewing its fleet, spending 100s of millions of dollars. Economically cyclical. In Q1, usually loses money; this year, lost less. Cautious 2024 outlook. Illiquid, trades almost by appointment.

Note that there are some convertible shares coming on the market at the end of this month, and as a result this might depress the stock price.

Sector got overvalued, plus interest rates didn't help. Supply shocks caused costs to rise significantly. Leader in offshore wind. Financial commitments seem to be in place. CEO and CFO are out, not sure what's going on. Cash was tight for a while, sold assets to help and to maintain dividend.

Three big projects will significantly increase results, once complete. Probably in holding pattern for a couple of years.

Wine industry hit extremely hard in Canada -- BC wildfires, lower demand during pandemic, rising costs, less demand for alcohol in general. Good news that Ontario providing tax breaks and adding retail locations. Better days ahead. Still expects majority shareholder to do a buyout, so hold onto shares, as he's hoping for several multiples of what it's trading at now.

He sold. Stuck in the mud. High debt, high payout ratio. Still in capital expenditure cycle. Divestitures, not sure if it's enough to move the needle. Should be able to maintain dividend and muddle through, but needs to cut costs significantly. Negative growth guidance last quarter. Jury's out.

Much prefers Telus and QBR.B. 

Sector's out of favour, but good business, oligopoly, very profitable. Much prefers Telus and QBR.B to BCE. Telus has lots of free cashflow coming, will be able to raise dividend significantly over next few years. QBR.B is the fastest-growing telco.

Sector's out of favour, but good business, oligopoly, very profitable. Much prefers Telus and QBR.B to BCE. Telus has lots of free cashflow coming, will be able to raise dividend significantly over next few years. QBR.B is the fastest-growing telco.

Stores may or may not be impacted by Ontario government rolling out more retail locations. The Pellers stepped down from the board, possibly planning a bid to privatize the company but he's not really sure.

Really likes the company and management, one of his biggest positions. Valuable technology franchise. De facto leaders in US for hospital supply chain management. All small- to mid-caps have been struggling for years. Lots of M&A, more to come.

Record results, this will continue with the backlog it has. Excellent, aggressive buying opportunity. No doubt in his mind that TCS will be snapped up down the road for significantly higher than trading today.

Not really the CEO driving the process. It would be the board's decision whether to sell a company or to replace management. You can read the circular that came out. 

One of his biggest positions. Huge backlog, growing addressable market. Divested one segment, so now a pure play in technology, and valuation should increase. Experienced management and strong board. Starting to attract institutional interest. Significant, hidden value through its massive amounts of data. Insider buying, very telling.

Oligopoly, high barriers to entry. Fixed-price contracts have been renegotiated at significantly higher prices. Shares are in recovery mode. Starting to see much improved margins. Q1 was a record, and should generate record profits this year and next. Low end of valuation range, great time to buy.

Last year was a record year, this year's top line not as impressive and stock pulled back. Guiding toward another record year. Record backlog in international markets. Paying down debt quickly. Unsolicited takeover offer, good chance of a higher bid.

His favourite. He's overweight BMO versus the other banks. Likes expansion in the US, well positioned for growth. Results a bit disappointing on integration side, but confident in management to realize synergies. Stock's come down way too much, good time to start picking away.

Banking industry, in general, seeing a slowdown in growth. Good time to increase weighting in the sector. Lots of dividend-type stocks are lagging, such as banks, utilities, energy infrastructure, telecoms. Don't go full force into the banking sector, just nibble.

Sold TD in a heartbeat the minute he caught a whiff of the money-laundering issues, as this might bar further acquisitions which would really stunt growth. He invested in BMO and RY instead.