Bruce Campbell (2)

Those are the outperformers this quarter. Even with the big day today in the NASDAQ, the utility sector has actually outperformed technology in this quarter.

It's still early. Interesting last couple of years. Any small caps that required capital or didn't have really strong earnings went straight down. Some in the group have performed well. In July, started to see some small caps outperforming and started to see more breadth. We've seen that continue to follow through in the last couple of weeks, now that markets have settled down.

Will be interesting to see if it's a short-term trend that leads to a longer-term one, but too early right now to know for sure.

These ones have been in a really challenging environment the last couple of years. The capital just hasn't been there. Market was pushing those stock prices down, and probably still continues today. But now we're seeing more and bigger financing. A year ago, average financing deals were sub-$10M; now they're in the $18-20M range.

Banks like to stay in deep water, which doesn't include any small caps. But there's a huge opportunity in small caps, and bank-owned firms can use that as a managed-money solution.

Volatile year with energy stocks. If we continue to see lower rates and pickup in economic activity, this name will do well. More heavy-oil focused. Cost of production is higher than others, so they need higher price for oil. Historically cheap, small dividend.

Management team has solid record of success. Continues to make acquisitions and grow company. Caught on during Covid, valuation probably got stretched; now backfilling the valuation. Fairly attractive right now. He's watching for them to move margins up.

Pipeline in place right now, waiting for facilities. Big thing right now is a pending sales agreement. Management confirms this week that helium price has a chance to move up, and focus is on getting the sales agreement done. Once the agreement is in place, you can step in with a bigger position, because company can then secure debt, build out facilities, and start producing.

Weak, while NA markets are at highs. Tremendous success in the past making acquisitions, integrating, and increasing margins. That hasn't changed. Once a market darling, people got carried away. Speed of acquisition has slowed. 

Going forward, has technology to calibrate the increasing number of sensors on cars, which smaller shops don't. Needs to accelerate earnings growth.

Amazing chart over 2 years, not as attractive over last 2 quarters. High expectations, disappointment in numbers, investors started to exit. Ranks well in his longer-term screens, but not short term. He's watching, as there will be huge demand for infrastructure and infrastructure steel. 

If you hold it now, continue to hold. If not, watch for the inflection point between earnings and higher margins, as stock price should start to follow. This way, you might pay a bit more, but you'll potentially save yourself some downside.

Continues to execute on market share and growth. More challenging recently, might be due to market rotation over to small caps. Longer-term great hold, just hold on. If you're a short-term trader, consider taking gains and rolling into something else.

Needed to raise money, and market didn't like that. Florida contract was delayed. Still really likes it. AI technology. 

Targets the gig economy. Great adoption in Canada and US.

Continues to be a super-strong company. In the face of uncertainty and adversity, continues to move higher. Earnings and dividend continue to grow. One concern is what happens if there's a significant slowdown, (as lots of their loans are unsecured)? Loan loss numbers just get better and better.

Using AI to make things more efficient. Medical language model, using a finite universe of only medical data. Helps doctors to diagnose issues. Can be used by medical office receptionists, doctors, 911 dispatchers, nursing centres. Debt free. Deal signed with University of Edinburgh. A few more deals should make them cashflow positive.

Phenomenally good performance. Now at inflection point. Seeing more and bigger contracts both on surveillance and on batteries. Hopefully this is just getting started and it doesn't get bought out before the long runway of earnings growth and share price appreciation materializes.