Teal Linde

It sold off because it is being punished by short term investors for long term thinking. It is increasing its capex for the next five years which will result in accelerating cash flow in 2030 and 2031. Investors want companies to return capital to shareholders now but not much has been happening with many of them. Tourmaline has strong management so you could step in for the long term. It has been able to grow and return capital to shareholders but it will be less now with the increased capex.

There is a lot of downside risk in a stock if growth slows down. Trades at 12X earnings and if it can stabilize those earnings then the price could rebound.

if there is a resolution of the strike it could bounce back, but when. It has bought back 18% of its shares so it could be a $25 stock with fewer shares. Over the last five years it has been range bound but with wide oscillations. He sees it as a trading opportunity.

It is up 30 to 35% this year which is a phenomenal move for a Canadian bank. It is due for a breather.

It is at an attractive price now and should be a core holding in any portfolio, perhaps 4 to 6%. It has a great track record of growth and is anticipated to grow by a 17% compound rate over the next 5 years. With carried interest that could be 25%. An investor meeting is coming up this week so we'll see what they say. It has grown by double digits for 25 years.

Canadian bank stocks have been trading at their highest valuations that he can recall in 30 years. The Canadian/Mexican/U.S. trade agreement is coming up for renewal next year. Will the Trump administration extend the terms or not. This is an important question. Could be time to take profits.

Its reaping the rewards over the years is paying off. Bank of America hasn't had a big windfall or payday and is trying to emulate JP Morgan. He advised the caller to stick with Bank of America relative to JP Morgan and Wells Fargo.

It has been allowed to keep Chrome so that decision is good for the company. The legal system in the U.S. can't keep up with the fast pace in the market place, especially tech. The anti-trust laws were created over 100 years ago. Google hasn't raised or lowered prices and lots of it is free.

The average valuation is 9X earnings before the pandemic and it is now trading at 9X next year's expected earnings. Other stocks and the S&P are getting more expensive so Delta's valuation should be higher.

It had a market cap of $400 million before the pandemic and the market cap is still $400 million. Yet it has paid down 1/2 billion in debt and is still trading at its valuation pre-pandemic. As it continues to pay down debt the market will realize its value. He doesn't have insolvency issues with this stock.

Returns were better than expected but it lowered its outlook. He suggested the caller could pick away and add to their holdings but if they owned a full position, just hold. The over supply of trucks during the pandemic has to work its way through the markets. The tariff situation won't help.

He wouldn't buy now because it has shot up so much. It was their largest holding but they have taken some profits recently. It is not priced in to their growth margin. It has a history of volatility so if it drops by 1/4 to 1/3 you could consider taking a position. You should be aware of the effects of tariffs. The products they have in their U.S. stores basically come from overseas. The long term picture is very attractive with lots of runway for growth internationally and the opening of new stores in the U.S.

It has light and heavy oil as well as natural gas and LNG so it can switch around to what's going well and follow the increase in price of the particular commodity. It is the most diversified in Canada so is the one to buy. One of the cheaper at 12X earnings. It is a solid long term performer and has raised its dividend each year for 25 years. On oil in general OPEC has been putting more barrels on the market.

He owns Mastercard but they both offer low risk and attractive returns. Visa and MC are a duopoly. Long term, Visa has done better than lately but it shows growing its top line by 10 to 12%.