Bruce Murray

Steel's been hurt badly because we're not a global leader. But for aluminum, we're a low-cost producer providing a large share of the world's supply. So for that we can export to other markets, though not make as much $$ as we do when products criss-cross the US border.

The plan is OK. Lots of moving parts. The turnaround from overpaying the dividend is there. Looking forward, dividend's probably safe; can probably start growing it again 3-4 years from now when the fibre play starts to pay off. Fibre is a big move to the future; if it works, it'll be spectacular. 

CRTC decision today to allow competitors to use BCE's fibre footprint will reduce profits, as the access price will be regulated. Hopefully the regulated price will at least cover the costs. Also takes away the oligopoly aspect.

Luxury space has been suffering. Consumer sentiment worldwide has been crushed by Trump and by Ukraine war, but it will come back. Louis Vuitton is going to be here for the long term. Thinks it's at the bottom, he's been accumulating.

It's a sentiment stock. So once sentiment turns, the stock will pop.

He trimmed a bit. He'd beef up the position again if it dropped 10-15%. One of the companies that will dominate  the world for the next 1-2 decades. 

Growth is there, 3 big contracts (1 Canadian, 2 US). Bright future, but it's priced in. If it's 5% of your portfolio, hold on and enjoy the ride. If you're way overweight, definitely trim some.

The world of business is just fine. Great company, will do well longer term. Fears of stablecoin. Short-term issues will get sorted out. 

He owns MA.

The world of business is just fine. Fears of stablecoin, but company has gone ahead and allowed those payments on its credit cards.

Likes it for a project in Chile that will combine several properties. Also a property in Arizona that could come on, and should be very economic. The tariffs won't matter, because AI will consume every piece of copper that we can find.

TD's been the best over his career. US issue hit hard. Canadian business is solid and extremely well run. Can't expand the US business, but can upgrade it, so he's not too concerned. Still a large holding, but he's been selling it down and putting profits into BNS.

Using profits from TD to buy this one. Pretty confident in its turnaround potential. New CEO created doubt because he wasn't a banker, but he's great and doing a wonderful job. Highest yield at 6%, increased recently.

One of the most interesting stocks out there. One of the world's leading pharma companies. Still has a very strong research platform. Earnings have been improving due to cost-cutting. Will probably hit another homerun drug in the next few years. Yield is almost 7%, not in trouble. 

Has done extremely well. If you own it, hold. He's just never had the time to fully research it. People he respects and who own it say to buy, buy, buy. 

Still a big part of his portfolio, but he's trimmed because it became too big a weighting. Increases dividend by 7% annually, and this will continue. Dividend of 4.5% plus growth of 7% equals return of 11-12% for a low-risk company.

Dividend bounces around, but between 5-9% over last few years. World-class name. Auto industry has been depressed for a decade, but now coming back. Politicians are hammering less on EVs. Elon's burned his bridges with the luxury consumer; Teslas will disappear, and BMW and Mercedes will come back. He sold to buy a bit more NVDA.