Brian Madden

Regime change in US formalized on Monday with US markets closed. 

Election in Canada in 2025, with increasing expectations that it will be sooner rather than later. By all accounts, polls favour a change in government. Only plausible change in direction policy-wise is pro-growth, more productivity, and favourable to innovation and investment. That could, and should, prompt a rerating in Canadian equities which are very discounted versus US counterparts.

He's expecting the presidential pen will be busy signing executive orders on Monday or shortly thereafter. Trump proudly calls himself the tariff man, so implausible that he'd make all this noise without actually doing something. This is a real and legitimate threat to Canadian businesses and economy and, more broadly, to Canadian sovereignty.

Our leaders would do well to take this seriously, and to work night and day to mitigate any economic harm done by tariffs enacted on both sides. A tariff war isn't in anyone's interest, it's a mutually assured destruction. Both countries have centuries of history of being friends, allies, and each other's largest trading partners. Too much at stake to let this brinksmanship take hold. 

He's concerned, but confident over the medium term that there's a win-win solution to be had.

Would be vulnerable because it's a manufacturer that exports to the US. Global sales footprint, with 15% being sold into the US. Factories in US are ~10-15%, with others in Canada and around the world.

Don't sell in a knee-jerk reaction on the basis of one variable that may or may not come into force. Stock prices already discount everything that's fundamental to the outlook of a company. Instead, think about valuation, whether it's easy to substitute the product, customer loyalty, effect of tariffs on USD, and how long the tariffs will last.

Vulnerable because it's a manufacturer that exports to the US. Especially at risk because 60% of product is sold to US, but only 10% of factories are there. 60% of factories are in Mexico, and he feels that country could feel the brunt of tariffs more than Canada.

Don't sell in a knee-jerk reaction on the basis of one variable that may or may not come into force. Stock prices already discount everything that's fundamental to the outlook of a company. Instead, think about valuation, whether it's easy to substitute the product, customer loyalty, effect of tariffs on USD, and how long the tariffs will last.

Yes. Stock's rallied nicely, but backstopped by tremendous growth in sales and earnings. Most is due to its far-and-away leadership position on AI chips, which is still in early innings. Not inexpensive, but the sector has a huge runway for the next 3-5 years.

Doesn't own either one. Likes the business, and would favour it over PPL. ENB is bigger and attracts a wider audience, plus a broader and better portfolio. Oil, nat gas, and growing renewables. Sector not subject to technological disruption or product obsolescence. Stable, can grow dividends. He owns TRP.

Would favour ENB over PPL. Sector not subject to technological disruption or product obsolescence; stable, can grow dividends. He owns TRP.

In his dividend growers mandate, bought late last year. Best telecom in Canada, greatest financial strength and flexibility. Best dividend growth prospects among peers. Yield's about 8%. Price competition has leveled off. Earnings should improve. Good portfolio of non-telecom businesses. Catalyst-rich.

When thinking about whether to add more (such as to decrease cost base), consider current weighting in your portfolio. As a rough guide, his firm doesn't like over a mid-single-digit weighting for any one position.

Used to have a habit of running into sharp objects, but CEO has turned this around. Warrants consideration. Great domestic personal and commercial business, capital markets, and wealth management. Modest presence in US, and has stayed out of trouble there.

If you already own NA and RY, consider TD or BMO before this one. But if you're going to add 2 more banks to your portfolio, no quarrels with adding this one.

Owns and likes.

Doesn't own, but has no problems with this name in a portfolio.

Good business. Alberta oil sands are low cost, long life, low decline. Refineries. Integrated, with benefit being that it takes the raw edge off commodity price sensitivity. Owns this indirectly through the back door, with an investment in XOM (major shareholder of IMO).

Modestly bullish on oil. Not his first choice, but no quarrels with it either.

Sold last year to invest in an energy producer with more upside. Might be largest nat gas producer in Canada. Gushes cashflow. If you're bullish on nat gas, no reason not to own this name.

Still buying here. Purchase of SRS broadens its addressable market further. Getting better at e-commerce. Pursuing repair and maintenance segment.