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Stock Opinions by Jamie Murray

COMMENT
BOC rate increase. A bit of a surprise on the pausing after this, and the CAD sold off right after the announcement. This is the first of global central banks coming to the end of rate increases, and this will put a bit of pressure on the Fed, especially if bigger markets like Japan or England start to slow increases. Definitely, inflation's coming down, and the BOC is responding to that.
Unknown
COMMENT
Effect of rate increases still to be seen? For sure. And it was raised again today, so any borrowers who've been squeezed are going to feel it that much more. They're still at a restrictive level, even if inflation does settle back to that 2-3% range, we still have that real rate healthily positive. Stock market's down 10-12% YOY, and that's the response to the slowing in the economy that we're feeling today.
Unknown
COMMENT
TSX vs. S&P 500 Toronto's been benefitting from the stronger resource market. Companies like CNR and CP were strong performers until today, and now they're starting to feel that slowdown.
Unknown
COMMENT
Morgan Stanley
If we're going into a recession, not typically a company that's going to see 52-week highs. It has hit a 6-month high. Once we cycle through January/February, it will be at a 52-week high if it holds at this price.
investment companies / funds
COMMENT
The case for equities. Still seeing strength in the real economy. That's why he's still bullish on equities. Sure, the economy's slowing. But we're not seeing a recession or large layoffs outside of particular industries. If inflation goes away, central banks can start to ease and that will help everyone out.
Unknown
SELL
An early adopter of fintech. But now the sector's gotten competitive. So many ways to pay with your phone. Traditional banks have almost caught up in certain aspects. Cheap at 16x earnings, but moat's been eroded.
0
COMMENT
Canadian banks. Canadian banks are in a tough space right now, with slowing economy and housing. That will affect CM and BNS more. RY and TD are the gold standards of banks in Canada, and they trade at a valuation premium for that. It's always that tradeoff, valuation vs. growth & quality. He owns BMO, a nice happy medium. If you're a long-term investor, can't go wrong with TD either. New BNS CEO starts in February, and questions remain on this.
Unknown
HOLD
Canadian banks are in a tough space right now, with slowing economy and housing. Along with RY, gold standard of banks in Canada, and it trades at a valuation premium for that. It's always that tradeoff, valuation vs. growth & quality. If you're a long-term investor, can't go wrong.
banks
HOLD
Royal Bank
Canadian banks are in a tough space right now, with slowing economy and housing. RY and TD are the gold standards of banks in Canada, and they trade at a valuation premium for that. It's always that tradeoff, valuation vs. growth & quality.
banks
DON'T BUY
Canadian banks are in a tough space right now, with slowing economy and housing. That will affect CM more.
banks
DON'T BUY
Bank of Nova Scotia
Canadian banks are in a tough space right now, with slowing economy and housing. That will affect BNS more. New CEO starts in February, and questions remain on this.
banks
HOLD
Bank of Montreal
Canadian banks are in a tough space right now, with slowing economy and housing. RY and TD are the gold standards of banks in Canada, and they trade at a valuation premium for that. It's always that tradeoff, valuation vs. growth & quality. He owns BMO, a nice happy medium.
banks
WAIT
With inflation, prices of all output commodities increased, but also input costs. Commodity prices have rolled back. Pressure next 3-6 months on these agriculture companies. Wait. Any company in the space needs a strong moat or franchise.
food processing
HOLD
Depreciation is real. The more you pump, the faster the equipment wears down. Well service activity is much higher than 2-3 years ago. Rig counts are moving up, pricing is higher, and TCW will benefit. Sweet spot in the cycle right now, but he has concerns about length of cycle. Any near-term softening in nat gas price could negatively impact next year's activity.
oil / gas field services
HOLD
Schneider Electric
In the face of energy issues and global recession? Sees further strain on the European energy sector. Industrial stocks like SU wouldn't be immune to any softening in the economy. Longer term, lots of growth, especially as everything goes more electric. Fairly valued at 19 PE. Can own for a long time.
0
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