Teal Linde

We've been in a freight recession, but at the first signs of this recession ending, this stock has catapulted back to previous levels. However, the fundamentals haven't recovered, just the excitement that things are getting better. Momentum kicks in, driven by algorithms and retail investors.

This will be the biggest IPO of the year. The stock will probably pop maybe 25, 50, 100%. Who knows? Longer term, it's expected to have a market cap of $1.75 trillion. Last year's revenues were $16-17 billion, maybe $26 billion this year. It will trade at 80x annual revenues, very rich. Starlink generates most revenues and profits, but the big upside is putting data centres in space. On land, the data centres need a lot of power and water. Water offers unlimited solar energy, so operating centres will be half.

They're freeing capital from their legacy businesses and doing well now. They have healthy growth in Asia and wealth management is doing well. Relative to the banks, MFC looks attractive.

Valuation has fallen to 10x, so is now cheap. They could be suffering like Nike, which is losing market share to peers. Competitors have intentional opened stores near LULU locations to steal their customers. The hard question is how successful the competitors will be.

Owns this for a while and wants to exit it. Telcos suffer from lack of population growth and intense competition. The telcos have little growth, but the dividend is attractive. 

It's rallied hard since the money laundering penalty and has recovered, but the PE of all the Canadian banks have never been this high. TD trades at over 16x PE; the ceiling was 13x. Really rich. He's been trimming his bank stocks, but are good long term.

The catalyst for their recent rally is their break up from openAI, a company that wasn't doing as well as peers. Also, MSFT is developing its own AI models.

Shares popped last fall after striking an AI partnership, then fell, then popped again after earnings, then has fallen back. He sold at the peak, $19. Would not buy it today.

Pipelines and utilities have soared, because of energy demand from data centres. PPL is quality with a healthy balance sheet and growth outlook. Most of their projects are already sanctioned. 

The fundamentals are not good given fuel costs soaring because of the war. Earnings have gone from +20% to -6%, but shares are up because DAL has its own oil refinery. DAL hit all-time highs last week.

Will likely move higher given LNG terminal expansions, renewable projects and more defence spending. They just scored a deal to build Bell Canada's data centres.

It relies on US federal and state funding through Medicare for a lot of its revenue. Too risky. The glory days of growing through this kind of funding are done.

Gold prices are hard to predict. EQX just merged and will become the #2 gold producer in Canada to $1.9 million in production in the future. The challenge will be their execution. The gold price will likely take a breather or even pull back.

Is one of his largest holdings. Have expanded into only half the US, so it's early innings for them. There's plenty of room to grow. Zara has 2,000 stores worldwide compared to ATZ's 140.