Jamie Murray

Election of Donald Trump has turned the market on its head with a new paradigm. It'll be interesting to navigate over the next few months until the inauguration. Threats of tariffs -- what exactly will be enacted and what won't? Cabinet picks have been diverse from many different fields, sometimes from left field. Questions about what changes are going to be brought in and how they will impact different sectors.

At the end of the day, still sees a Fed that's easing, central banks globally reducing interest rates, money supply is still increasing. Inflation will come down further in 2025, employment picture still looks rosy. Still thinks it will be a good year in the equity markets.

Definitely. He's looking for earnings to accelerate in 2025. Even for 2026, some Wall Street strategists are expecting double-digit earnings increases of 12-13%. A lot of it will come down to how much easing we get from the Fed, and how the new administration changes regulations and such. Expects the 2016 tax cuts to continue. But what additional tax cuts will be implemented?

All that has to be balanced against the risk of widespread tariffs that will upend the global economy. Tariffs are a concern, but who knows which ones get implemented. He's not avoiding companies with tariff risk, as he doesn't think tariffs will be as bad as feared.

Yes. In his global fund, about 20% is allocated to European companies. In general, European markets trade at a lower PE multiple, but that's mostly explained by the makeup of the companies. They don't have the Mag 7 type of technology companies; they have a lot more construction, materials, and heavy industry.

What he's seeing is a European consumer that has a very high savings rate, much elevated over historical levels. The inflation picture is improving, and the rate picture should improve. This will lead to a more robust economy and consumer. There should be some nice opportunities for companies in Europe as the economy picks up in 2025.

Pretty balanced between oil and natural gas. Really well run, paid down debt. Good opportunities to do tuck-in acquisitions in Western Canada. Because of new pipeline that's come on, benefited from narrowing of WTI-WCS spread. Production grows ~5% a year. More torque than the bigger players. Very nice 7% yield.

Alternative lender. Headwind in Canada because of interest rate it's allowed to charge on loans, but those issues are mostly in the past. Instead, he's recently been buying PRL.

More of an online lender to sub-prime borrowers. Higher growth rate than GSY. Very high ROE. Integrating a UK acquisition, more upside to come from that because AI algorithms can be used to grow it faster.

Despite fantastic quarter, very expensive on any financial metric. PE of over 100, for 25-30% revenue growth. Free cashflow yield is very low at 1-2%. So you're really banking on earnings growth momentum continuing for the next 5-10 years. Risk from larger competing cloud players.

Benefits from the aging population that has financial flexibility. Very strong market position. Professionalizing a mom & pop industry. Really good job acquiring and integrating products. Not expensive. Well run. Has a place in a growth portfolio.

He's not avoiding companies with tariff risk, as he doesn't think tariffs will be as bad as feared.

Great compounder over the last decade, when they benefited from growth in the Ontario economy. Seeing softness in the space. Park in your portfolio and hold it for the long term. Does trade at a higher multiple. 

Because it's more focused on resources in Western Canada, has had a tougher time. Especially with the decline in mining, and oil & gas being very cyclical.

Added recently. Might have more upside than, say, TOR in the next year. It will have a bigger recovery when the market does turn.

Rent increases are fairly low, which Loblaw negotiated to help keep prices low. On the flipside, you get the stability of having Loblaw as the major tenant. Residential development opportunities on those sites, but that takes a while. Not exciting, but collect the dividend and sleep at night. Conservatively managed, very stable. Yield is ~5-5.5%.

He sees better opportunities in smaller-cap names. 

Compounding machine. Prices keep going up for iPhones, and they keep finding ways to extract more $$ from customers each month. A bit worried about anti-trust and tariffs. China is an additional risk, though Chinese business has been performing well despite the weakness there.

For the price you're paying for earnings growth of about 10%, there are more exciting names in the internet-focused area such as GOOG, AMZN, META and MSFT.

One of his 4 (AMZN, META, GOOG, and MSFT) main holdings in the technology space.

One of his 4 (AMZN, META, GOOG, and MSFT) main holdings in the technology space.