Bruce Murray

We've seen these events in the past where, out of nowhere, the ceiling falls in. The worst one was the crash of 1987. For this one, everyone's made a lot of money, hedge funds are loaded with debt, Japan raising interest rates scared the carry trade. All that set off a quick, short-term panic. Market traders always love a little bit of fear and they can scare people into selling them stocks at a good price.

Underlying economy is slowing, but he doesn't think we'll have a recession. Especially in the US. Canadian situation could be different because of our 5-year mortgages, coming up for renewal at higher rates.

Interest rate cuts should stimulate the economy. Starting to see demand slowing for industrials. As inflation comes down goods will be priced lower, so marginal cost per unit will be lower for producers.

We need them. We could have a repeat of the Roaring Twenties, a century later, just as everything comes together. Especially with the productivity that AI's going to introduce across the entire system. By the end of the decade, you could be getting an Uber without a driver, that's deflationary.

He remains bullish. Parts of the market reflect bullishness, parts don't. His Top Picks today reflect plays on interest rates coming down, which should help PE's rise.

A sexy renewable over the last decade. Big into offshore wind with delays, turbine issues, and higher interest rates. Reported a loss. Trades at 20x future earnings for a utility. He prefers CPX, with its 6% yield that grows consistently.

If you're going to buy a utility, own something like this that's going to increase the dividend reliably. Has a 6% yield that grows consistently.

One of the largest holdings in his income growth fund. Nice fat yield of about 7.5%, its policy should allow increases of 2-3% a year. Safe. If interest rates come down, yield will go down but stock price will increase. Stock's down today, likely due to being ex-dividend.

Story's substantially better than it was. He's not prepared to recommend selling or buying. Global, leading business. 

MU focuses mainly on memory chips, massive demand. Stock's sold off. Dell has actually started to build AI right into the computer, creating a bit of excitement.

Instead, he'd recommend AVGO. Or, if you really want to take some risk, QCOM.

MU focuses mainly on memory chips, massive demand. Stock's sold off. Dell has actually started to build AI right into the computer, creating a bit of excitement.

Instead, he'd recommend AVGO. Or, if you really want to take some risk, QCOM.

His recommendation in the semiconductor space.

A play in the semiconductor space, if you really want to take some risk.

Interest rates going down is, theoretically, bad for the insurance business but good for dividends. Yield's around 4%, with about 10% stock appreciation. Counting on nice dividend increases. Normally regarded as one of the best-run; overshadowed by turnaround in MFC. 

Likes the turnaround. Asian exposure working out. This name is higher risk, higher reward.

Seems to be on a roll. He owns just a bit of it, and would advise investors do the same. Earnings forecast of $2 by 2029. Great business, but trades at 50x earnings 5 years out, very expensive. 

He owns a lot of this. Global leader. Retail business margin is 3%. Margin of its new businesses is 70-80%. Rising profitability over time.