Andrew Pyle

Absolutely. Coming into 2025, his team figured that Trump 2.0 would be a different playbook. They really wanted to look outside the US, and even outside North America. They started putting money to work in Europe, developed Asia, and also emerging markets. All this is an effort to mitigate some of the US-centred risk coming into this year.

We don't want to get caught in a head fake. All the tariff drama really doesn't inject a lot of confidence amongst businesses or investors. He's going to maintain the course to look for opportunities outside the States. 

Doesn't mean he's getting out of the US wholesale. Just look at the number of analysts today who are on the same ship in terms of the USD heading lower, but who weren't on that ship 6 months ago. That tells you the story, that we're going to be in for some troubling times for US-domiciled securities. Need to be careful in the US, and look for opportunities outside it.

Still likes tech. Now we're looking at the monetization phase of AI in terms of companies and users. We're getting NVDA earnings later today. It's not that NVDA won't be a driving force in this market, but the breadth is spreading out and that's where the opportunities will be. E-commerce and other areas will benefit from the implementation of AI for the end user.

Still likes energy. Canadian energy patch has a shot in the arm from pipeline development and diversifying energy export markets. He's sticking with the larger-cap names that have the balance sheet and the ability to weather any type of storm.

Outperformed peers, much of it due to acquisitions as well as to the AI and data centre buildout. That appetite for energy is only going to grow. Despite some concerns that we won't actually need all this power, this name should see fantastic cashflow generation going forward. So many acquisitions does bring the challenge of integrating them all.

Clearly isn't going to topple NVDA from the throne on which it finds itself. Every time someone thinks they can do that, NVDA comes out with a new version of the chip that's even better. This name isn't a bad alternative play to NVDA.

Clearly isn't going to topple NVDA from the throne on which it finds itself. Every time someone thinks they can do that, NVDA comes out with a new version of the chip that's even better.

Looking for niche areas where they can develop or meet demand without going head-to-head with NVDA on its mainstream chips. Not sure how successful it will be. Probably better plays out there, such as AVGO.

Won't easily be toppled from the throne on which it finds itself. Every time someone thinks they can do that, it comes out with a new version of the chip that's even better. Definitely the bellwether on demand going forward. Any sign of negativity in the comments tonight won't play well for any name in this arena.

He has a coin to flip on what the results are going to be. The interesting thing about today's report is that he feels the bar's being set a bit lower than in previous quarters. We're now in the thick of uncertainty about where the economy is going over the next 6 months after the impact of Trump's policies. We've heard cautionary whispers coming out, so analysts may be looking for some negativity in the comments tonight.

If results aren't as bad as we think, stock could see a nice little pop. Stock's consolidated after a nice rebound from April. It comes down to where's the market, where's the bar been truly set, and what does the CEO say?

Personally, he thinks the street's prepared for some bad news tonight. If it gets that, but nothing worse, it doesn't mean the market will crater on this stock. There will be nagging concerns:  that we've priced too much into the stock, we've priced in too much demand, what's the competition going forward, are there viable and cheaper options coming out of other countries like China? If so, investors will be prepared to pull back. But it's not over yet for the stock; it's still the market leader and a solid company going forward.

Good stock, but frustrating. Has climbed back from downdraft last fall because investors have supported it on valuation. Growth plans are realistic, and will probably execute on them. Some upside momentum. Difficult space to be in right now -- tariff and trade uncertainty, plus affected by the economic outlook in NA. If dividend can grow over next 5 years, stock's in a good position.

Does have international exposure, so it's not immune to geopolitical risk. A country can look stable at the outset of an investment, but then look different 10 years later. More volatile relative to some peers, so you need a strong stomach. Long-term view still positive.

Still in metals, gold and copper, that will deliver growth going forward. Sees demand for gold getting stronger as we move through the year. Copper is still needed for the electrical and infrastructure grid buildouts. 

One of the larger banks in Europe, with an international footprint. In 6 months, there's been a sea change in sentiment on investing in Europe. Banks will reap the rewards of increased spending when we come out of this tumultuous time.

It's not that the gains aren't valid, but it's come a long way in a very short time. Will probably see a bit of a pullback, a bit rich now.

Likes energy right now. Stock's come off sharply, energy prices have not been friendly. Decent long-term prospects. Energy prices should rebound, doesn't see them plummeting. With a long time horizon, pullback is a buying opportunity.

Thought it was well positioned to monetize AI and deliver to end user. Didn't execute to the extent that analysts thought it would. Increased competition in the space. Struggling to maintain market share. Still owns, disappointing.

Came out of it last December after the election on concerns of a global economy challenged by tariff policies. Riding coattails of general market recovery over last few weeks. Still well positioned down the road for global clean energy, but not right now.

Pick predicated on Chinese economy improving. Also a way to diversify. India has done remarkably well, Brazil is benefiting from US-China trade tensions. EMs are back in vogue.