Tim Regan

It's really been to look through the noise. What he means by that is you can't get caught up in the day-to-day rollercoaster. 

When we look at the price of oil, the real price is the price at the pumps in both the US and Canada. Thinks that will dictate a lot of the geopolitical strategy. Mr. Trump cannot afford to have a bad economy going into a midterm election. A lot of his reactions to events in the Strait are based more on what can happen to the US economy.

Market likes certainty (and there's never certainty), but it's much less certain now. On renegotiations, they've come out and said that some things are "pillars". He doesn't think everything will just be scrapped. 

It would be nice to see more clarity, so businesses can actually plan for the next 2 years. If we get that clarity, it'll be good for our economy.

Look at Kentucky. He didn't realize that we drank that much bourbon in Ontario, but they lost a distillery over it. So Americans are hurting a bit with tariffs.

Path of rates depends on what's going to happen with inflation. If inflation's caused just by higher gas prices (we saw today that gas prices are up 20% in a month), is this temporary? Does it really mandate a rate raise? He doesn't think so.

On the other hand, does this affect our economy? If the spill-through to the economy continues, and we go into a recession, rates will have to be adjusted lower.

The last of the 5-year mortgages at very low interest rates are coming off this year. So mortgage inflation won't be as big. If you really want to see housing and real estate get back on their feet, you do need rates to stay here or lower.

Still fairly expensive. Made a massive bet on AI, started laying people off last week. Fraught with risk right now. If things pan out and we see AI-related cashflow, could go up. If not, probably lots more downside.

He owns both. With the takeover, GFL stock dropped ~$10 initially. A number of investors thought GFL was off strategy, going from solid to liquid waste. SES won't be a large component, picked it up at fairly decent price.

One of the SES investors has said they won't tender shares and would like a bit more $$. You might see a sweeter offer -- no guarantee, of course. Doesn't hurt to hold on.

Best-owned oligopoly you can get. No one else makes 20-40% ROE. Though the valuation changes, he never considers them overvalued. Perpetual cash machines. 

If you sell, where are you going to put the money? If you've made a lot in capital gains, you'll pay a lot in tax. They could go up another 30% before they correct 20%, we just don't know. Good long-term hold. Actually doing pretty well right now.

Last week, First Capital REIT was purchased for over NAV (somewhat surprising). Allied trades at huge gap to NAV. Worth a lot more than it's trading at today. Number of missteps. Assets are very, very good. Takeover is well within the realm of possibility.

Bought very recently. Users can use its AI to help their businesses -- a big boost for MSFT. Should do very well in the new AI world.

Good long-term business. Geographic footprint makes it a great railway. He's still actively buying.

He owns this and JPM. Bought Citi because it was so undervalued. It's come a long way, more left in the tank. Banks will do less well in a softer economy, but they're safer than ever.

US banking sector had a downdraft on worries of credit problems. But private credit issues aren't with the banks -- since 2008-2009, banks can't lend to those types of businesses.

Bought a long time ago as best-in-breed. US banking sector had a downdraft on worries of credit problems. But private credit issues aren't with the banks -- since 2008-2009, banks can't lend to those types of businesses.

(Note the short timeframe.)  The big dip in the chart is because it paid out a $10 dividend. Really likes it, still holding.

(Note the short timeframe.)  Of all the telcos, actually gaining market share with Freedom Mobile. The chart tells the story. Will eventually run out of steam, but not quite yet. The best in the space.

(Note the short timeframe.)  Down, but great long-term stock. Dropped on turmoil in private credit. Big names like this are still raising a lot of $$. There will be some issues from credit, but not the apocalyptic view that some have. A juggernaut.

Another great long-term hold. Trades relatively cheaply. Earns a lot of cash. Good job acquiring and rolling up. Autonomous cars will be a game-changer. Dominates all markets it's in.