Andrew Pyle

Exactly. We're leaving 2024 the same way it's been for most of the year. Canadian economic environment still tepid. The US has a pretty robust economic scenario for 2025 at least.

Canada underperforming the States explains our more aggressive monetary shifting than the Fed. That story will remain in place for at least the first part of 2025. And we're now layering in uncertainty surrounding tariffs and other policies coming out of Washington.

May be a little rich, but he wouldn't go so far as to say that everything is uber-expensive right now. There are pockets of value within the US market. 

Even in the tech sector with stocks like NVDA, most people would say it's extremely expensive given its run in 2024. If you think we're going to have continued growth in 2025, tax cuts and easier regulations, those stocks probably aren't as expensive as people think.

They can. Looking at the performance for 2024, a lot of large-cap names have not done well yet we still see continued strength. If the outlook for energy next year remains solid, the TSX can continue to move higher. If you still think gold has some room to go, that's going to be favourable. If financials can get more coordinated in terms of continued growth, that'll be good.

We can do better, but we're still facing down this uncertainty on tariffs. That could derail a lot of the momentum we have right now.

He's been favouring US stocks all through the year, and he's continuing to move that way heading into 2025. At least for the first year. Beyond 2025, if we see tariffs or US policies that are potentially destabilizing to the US outlook, then he'll rethink that strategy.

But right now, makes sense to tilt your portfolio more to the US and less in Canada.

Weakness in potash prices, but demand starting to improve, especially in Brazil. Don't focus just on potash, remember its retail segment is the largest in the US with about 22% market share. Decent opportunity to add exposure.

His thoughts were a lot better before this morning. Still likes it. Ancillary AI play that will eventually bring AI into product line. Will do well over time. Reaction today is overdone.

Not the first company to have disappointing share performance. 

Solid fundamentals. Healthcare solutions will pay dividends going forward. Not a bad valuation for a long-term play over the next 5 years. 

If the fundamentals look solid going forward, don't worry too much about trying to time the entry.

Even if that were to happen, you'd want to put your exposure to energy in the pipelines. We are going to see increased volumes, barring a recession in the States or NA. Fantastic news for pipelines. Not worried so much about what the price actually is, the way a driller or downstream producer would be. Relatively decent dividend.

Believes fundamentals will remain sound for 2025, so makes sense to add. Not looking at an imminent recession, at least not one that will impact this name. Reasonable value here.

He's using CDRs more extensively in his portfolio, as he likes the hedged nature of the investment. This aligns with his view that we're trading close to the lows on the CAD, and going forward he wants to protect that currency exposure. They're also liquid, and you can buy them in Toronto.

Remember that you're going to be paid dividends and there will be withholding tax, as they aren't Canadian-company dividends. From an estate perspective, these are counted as US-side assets.

Spinoffs come in all varieties. They can be to private equity companies or public. Or the parent company can still retain ownership. In each situation, you have to reach out to the investor relations department to find out what's going to happen as a shareholder vis-a-vis the spun-off company. Tax treatment is a question to ask about. If you're a shareholder, that department is required to reply to your questions. Also consider consulting with your financial adviser.

All this is over and above whether you think the spinoff is actually going to work to extract value. Are the fundamentals or valuation better than the parent? 

VRT hasn't been around that long, track record not as extensive as others in the AI infrastructure space.

He'd lean toward ARM. Likes the company, following it. Well positioned to extract value out of the AI wave. Now looking for value within the AI space for companies not as expensive as NVDA.

Hasn't been around that long, track record not as extensive as others in the AI infrastructure space.

He'd lean toward ARM. Likes the company, following it. Well positioned to extract value out of the AI wave. Now looking for value within the AI space for companies not as expensive as NVDA.