Brian Madden

Yes, he's expecting that. The US election was resolved in the most market-friendly way possible, with a Republican sweep. Both candidates were running pro-growth and fiscally undisciplined agendas, though probably more so on the Republican side. Once the inauguration is done, that should bode well for growth in the short- and medium-term for 2025. Tax cuts and deregulation are on the runway.

In the meantime, we have the historically strong December seasonality in full swing. 

You have to think about what you like and what you want to avoid. 

On the Canadian side, he's adding new names and adding incrementally to existing positions in interest-rate sensitive sectors. Expecting the cadence of interest rate cuts to be faster and deeper in Canada than in the US, given the ongoing differential in economic growth. Notable headwinds with immigration reform in Canada. This should advantage rate-sensitives in Canada, particularly as yield-hungry Canadians wake up to find their GICs rolling over to a lower 3-3.5% rate.

In the US, Trump team is likely going to run with a fiscally stimulative agenda. That means the Fed would cut more slowly and less significantly than the BOC. 

He's also adding to structural growth champions in both Canada and the US. Sees those names enjoying ongoing global economic growth that's being bolstered by the US election results.

Going into the election, he was fortunate not to own any manufacturing companies in Canada, Mexico, or China that ship to the US. It's not that he's taking the tariff bluster at full-face value, because Trump 1.0 showed there's a wide gap between say and do. But the team Trump's appointed is squarely in the pro-tariff camp, and aggressive tariffs are likely. So he's not looking at any names that might be a target.

No particular quarrels with it, but moved on due to troubles they were having. Largest utility in the US, much of the Florida segment is regulated (low risk). Investors excited by the segment that's geographically more diversified with wind and solar; earnings in that segment more erratic. 

Decent grower. Plans to grow dividend 10% annually, supported by 8% EPS growth. Reasonably good balance sheet, BBB credit. 21x PE. Stock's already bounced, not calling to him. Yield is 3.7%.

The fine of $3B (over $4B CAD) was mostly provisioned for in stages. Focus will be on adjusted EPS. Likes the business, though displeased with breakdown in governance and integrity. Tarnished, but not beyond redemption. Discounted valuation is compelling -- margin of safety, attractive entry point. Cautiously optimistic that the worst of the bad news is behind it.

Reported today. Met expectations on sales, EPS, and operating profit. Sales and earnings both grew ~6%, which puts it near the top of the pack given slowing economic growth. 

Market's not taking results in stride. Two new tidbits of information from the results. Extended longer-term outlook for store count in Canada, which acknowledges the maturity of the concept. Plans to open 1.6M square foot distribution centre in Calgary, which complicates the business model a bit. We've seen this before, he's comfortable owning.

He's not totally up to speed on Perplexity. Mainstay of GOOG's business is Search and advertising, rounded out by other things. Like's its incumbency advantage. It all comes down to user experience. Not necessarily a "winner takes all" market. 

Undemanding valuation. Thesis is strong and very investible. DOJ breakup likely to go nowhere.

Handily outperformed most of the other Big 6 for more than a decade. Boost in trading multiple well deserved. No quarrels investing with a 2-year timeframe. Yield's between 3-4%. 

Hard-pressed to go wrong owning any of the Canadian banks over the long term. Very profitable oligopoly, well-managed most of the time. A "needs" business, not "wants".

Total return algorithm is to take the dividend yield plus the dividend growth target (usually in high single digits), which lands you easily in double-digit returns. It's been that way for decades, and that will continue.

Q4 earnings results tomorrow at 6 am, he's expecting good things. Worst of the credit provisioning is likely behind them. Almost a national player in the US as well. Great capital markets and wealth management. Diversified geographically and by earnings mix. Integration of BOTW is going nicely.

Optionality for copper mine in Panama to be restarted; if it does, could see a sharp snapback in shares. Gold rally has helped all their gold royalty streams.

US healthcare has been a minefield. Management lowered guidance, stock drew down sharply. But then it had a great quarter and shares rallied. #1 market share. Demographic and morbidity tailwinds. Still likes.

Defined the category, expanded its footprint. Operating leverage is kicking in, margins are growing. Has turned itself into an earnings and free cashflow story. Dynamic grower. Miles (or kilometres ;) ahead of its competitor LYFT.

Telecoms are debt laden, so skyrocketing yields hurt. Wicked price war amongst Canadian telcos. He's warming up to the space. Pressure from interest rates is easing, with more to come. Pace of deep discounts is starting to abate.

Not intrigued. Still distracted and busy with integration of Shaw. CEO still under Parliamentary scrutiny. Purchase of sports franchise just adds to their leverage, without explaining how they're going to finance that. Could impact pace of dividend growth. See his Top Picks.