Andrey Omelchak

If you're in the value camp, you want to make sure there's a catalyst to unlock value. He likes companies that grow organically, as that's a huge tailwind for your investment.

The outcome of the US election has been a true catalyst, by providing clarity on how to allocate capital. The incoming administration has been very clear as to which sectors it will support. It's a very good market for fundamental stock-pickers.

The US administration wants to maintain US superiority on a global scale. So they'll have to invest domestically in critical industries such as manufacturing, defense, infrastructure, and cybersecurity.

Really have to make sure you pick the right spots. Companies that are exposed to the US economy, but not as much on the tariff front, stand to benefit tremendously. So you really have to understand a business's fundamentals, US exposure, and whether it qualifies for the Buy American Act.

There's been a broadening of market participation over the last several months. Overall, if you look at small- and mid-cap equities (his specialty) in North America, for example, there are a lot of mispriced securities. Especially on a risk-adjusted basis, there's more clarity with the Republicans controlling the White House, Senate, and House -- a trifecta effect.

Amazing business, extremely well run. The case can be made that they can continue growing book value per share by 15% annualized for years to come. Combined ratio has been good. Sitting on excess capital to deploy. Trades at only 1.2x price to book.

Restructuring to focus on higher-profitability segments. Yesterday's announcement on job cuts, though painful, was the right business decision. Strategic review is ongoing. Pretty good assets, need to focus operations.

A win for BBD.B, half a win for HON. 

BBD.B as a standalone is a very good business, improving margins, focusing on the more predictable and sustainable after-market business. Also growing defense business. Backlog is good. Executed really well, and this can continue. Some concern about how they might be affected by tariffs, but that's overstated. 

Good chance to accumulate, but you need a 2-5 year horizon because the stock's done so well and much of the good news has been priced in.

Canadian banks have had a good run. At this point, you have to be a bit more careful investing in them as a group. As well, going back to the US election, we'll have to see how some of the US operations are impacted. We saw the big fine imposed on TD.

As a group, he'd be more cautious.

As a group, he'd be more cautious. But this one has done a good job over the years and that will probably continue. Somewhat isolated from some of the concerns surrounding the new US administration. Not the cheapest, but will have a higher ROE than peers. You can hold or even accumulate.

Over time, expects it to be acquired by a big US player. Has been quite diligent not overpaying for acquisitions. Difficult to buy as many practices as they'd like. Pretty well run. Margins can increase step by step over time. Doesn't expect any big transformational news. Leverage is too elevated for his liking. Stable, predictable business.

Holding company, without much integration between assets. Not much value creation from acquiring and running assets. Wouldn't expect it to outperform the market by a lot. Fair value right now, a hold.

Great small-cap. Management is diligent, disciplined, ethical. Returns capital to shareholders. Earlier this year, paid shareholders a big special dividend. Underlying results have been very good. Core business. Not going anywhere.

One of the best retailers. Recent correction was a major buying opportunity. Payback on new store openings is phenomenal, very high ROIC. Just scratching the surface on digital offerings. Innovation must offset volatility of consumer demand, and they've done a good job on this.

Great management team. Recent spinoff is interesting, as it's about optimizing value for shareholders, not about empire-building. Capital discipline is there.

One of the best compounders in Canada. Tremendous management team, confident they'll find a capable CEO. Very strong operations. Organic growth rate has been good. Undemanding valuation. Well-developed risk management. Good hold for years to come.