Bruce Campbell (2)

There's history that always rhymes, and there's human behaviour that always repeats. That's what's happening here.

Investors were concerned about the conflict and what that meant. They then shrugged that off and started to look at what individual companies were doing. So far, earnings that have been released have been very strong. As a result, confidence just comes right back into the market.

That's where a lot of the strength has been in this recovery. Looking at advance/declines over a 10-day period, we've seen it go from a low to a high. When that happens, it speaks to very strong returns over the next year for that sector.

Fairly broadly. Technology is one of his largest exposures. He has industrials and some energy, as well as some special picks to round out the portfolio.

Brought metals down a fair bit. January was dominated by metals names. As earnings have increased in other areas, metals fell back in his rankings. For example, January had 17-18% precious metals exposure; he's now down to ~7%.

His firm runs a top-down process, which leads to picks in offense, neutral, or defense. Certain indicators are applied to the choices. They went to neutral back in March, and then moved to offense in April.

He watches the indicators closely. When they change, he adjusts the asset allocation by reducing equity exposure and increasing his cash position.

Excited about its prospects. New management has really turned things around. Gaining massive traction in contracts and backlog. Tailwind for many years from green energy.

Executing well. Building out its brands. Aiming for 100 new restaurants this year, 600 in the pipeline will take a few years. Stock's pulled back. Has to grow into its valuation. Good time to buy as it consolidates before the next uptrend.

Can chop around on news. Rare earths continue to be in focus due to geopolitical tensions in countries that have them. Not many facilities globally can process rare earths the way NEO can. Will continue to gain market share due to its safer jurisdiction.

Hitting new highs. Great dividend. Very focused on returning capital to shareholders via dividends and share buybacks. Very strong cashflows. Higher energy prices go straight to the bottom line, so next few quarters should be even stronger.

Ranks highly in his rankings.

Mortgage renewals are happening, but not a huge increase in defaults. Canada's being resource-dominant helps bank earnings, and this attracts foreign investors. Cloud of money laundering behind it. Could move higher if commodity trend continues.

That said, the move has been huge. Don't be surprised if stock stays flat a bit after next report, until next uptrend in earnings.

A major asset is in Nicaragua and, rightly or wrongly, it's perceived to have some political risk. Not a lot of trading volume, so institutions getting in or out tends to push the price around. 

As it starts to build assets in other geographic regions, that diversification should take the stock higher. But who knows when that will be. You have to be comfortable holding it for the dividend. He used to own for the dividend, but sold. Yield is ~6.4%.

Challenge has been US regulatory environment, but looks as though we'll see changes there. All cannabis stocks ran up on recent headlines, but digging deeper revealed a lesser impact.

Excellent operator. Expects an eventual takeout.

Its technology helps power companies become efficient without replacing the entire grid. Sixty utilities are giving its product a trial run before signing contracts. Lots of prospects over 4-5 years. Takeout candidate.

New contracts from both defense and civil side. One knock on it is valuation, but it's really grown into it.

Aggressive with US builds. Compiling inventory. Working to enhance technology with AI, which lets it charge higher rates.

Twists and turns in news. AMZN buying out Globalstar should help them. Lumpy, but tailwinds for next 5-10 years.