Teal Linde

On his outlook for growth he feels that part of the problem is that so many things are up in the air. The stock market as well as business and consumer sentiment are being swayed by one individual and this a pretty unusual situation. Trump has co-authored ten books and from this we know that he likes to anchor high and therefore starts with the maximum amount of demand. Then if he has to compromise he can consider himself having a win. The take-away from another book is that he likes to keep people guessing - knowledge is power so keep as much of that to yourself as possible. This is all part of his playbook. The guest thinks he is pretty serious about trade issues since he has been critical of international trade for 40 years.

It has had a big fumble and he doesn't know if they can recover. They took products off the shelf and competitors are in there and gaining market share.

The question was on Aritzia or Dollarama taking some of the space left by the bankruptcy of HBC and could Aritzia move back up to $70. The answer was inconclusive.

He likes snakes and ladders but there are no ladders here. There is uncertainty with tariffs but this is oversold with the general market. It claims to have paid down $400 million of debt and is ahead of the plan.

It had always traded at a discount to the big 5 banks but has started to trade in line. However he feels that it will go back to its historic range. He will continue to hold but not add.

It was a top pick last month and he still likes the valuation. There is lots of growth ahead for natural gas since the demand for natural gas is expected to increase in North America in the next 10 years. This is due to the switch from coal to gas, LNG, on-shoring, and the needs of data centres. PPL is well diversified, has good supplies, a healthy balance sheet and good growth. There was a draw-down early in 2025 but he is not sure why.

The caller was hoping for a 10% per year return and Amazon is growing earnings faster than 10% and revenue at least 10%. Tech stocks across the board have sold off and the P/E is now 31. Its valuation today is the same as Walmart which is over-priced. A couple of years ago it decide to relax its constant investment.

Don't buy it today but it has been a great stock to trade. It is the most volatile of the big 5 banks due to the commercial banking component. The stock (not the bank) is more vulnerable to recession.

The question was on dollar cost averaging for BNS. It is a bank in transition and has had a lot of trouble in recent years. Pays a good dividend of 6%. In general Canadian banks always come back and can be traded.

At Investor day last September it targeted expected distributed earnings at 17% compounded annually over the next 5 years. There's another possible target of 25%. It does not have much exposure to tariffs.

It is an alternative investor manager like Brookfield except it focuses on private credit and commercial real estate. It provides alternative investments to retail investors. In February it targeted a 20% annualized growth rate of accumulated earnings. It is down because of the general market decline and mixed quarterly results in their sector.

It oversold for a while and is not a fast growing company but data centres need gas to provide their demands for electricity. Pipelines are good for recession and TRP is up 4% since Feb.19.

He had owned it for 10 years at a time when it had a blockbuster drug that cured hepatitis. Gilead took profits and invested them into HIV drugs. As with other drug companies holding patents on blockbuster drugs with expiry dates, don't buy this one.

It has had a good jump from last fall and the upside now is pretty gradual with the earnings upside in the last quarter being pretty flat. It is upgrading what they have and re-investing into higher yield products for better portfolios. Upside could start next October close to the fiscal year end.

Over time it should get back to $88. Life insurance companies have less exposure to tariffs and recession than banks. Banks are more vulnerable to rising unemployment. Near term, life insurance companies are better buys than banks but longer term banks are better.