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Stock Opinions by Brett Girard, CPA, CA, CFA

COMMENT

This year 40% of the world's population is voting in an election. 70% of the population is down the middle and just trying to get by. The macro economic situation has a lot of potential to get markets going but inflation has been a challenge. Governments all over have borrowed a lot of money (as have individuals) so the share of their tax revenue going to service debt is increasing, which means less for social programs, services, etc. This in turn affects politics. The Fed doesn't want to cut rates prematurely and then have to raise them again so they will wait longer. Getting rates down to a 2 to 3% level will be stretched out and we shouldn't expect a return to ultra low rates.

Unknown
Unspecified
Firstservice Corp

It has done well growing and expanding across the country. Most of their clients have enough personal real estate so he prefers not to have it in their portfolios as a way of diversification. There is some volatility as it vulnerable to a major downturn in real estate prices.

other services
BUY ON WEAKNESS
CAE Inc

It is oversold but there is more and more demand for their products with many new pilots needing training.

transportation equip & components
DON'T BUY

It is a global blue chip but has low growth. There may be an opportunity in the future but not now, There is a great wave of electrification but better opportunities are elsewhere in this area.
As a general guideline try to buy global stocks on their actual exchange with more liquidity. ADR's are more complicated.

Financial Services
DON'T BUY

Although it is one of the stars on the broad Chinese market, that market is down. The Chinese government exercises a lot of control so don't buy.

0
COMMENT
Bank of Montreal

The question was on his preference for the two banks. Both have international operations with BMO focused more in the U.S. and BNS more in Latin America. He prefers BMO. Now is not the time to buy BNS but watch it over the next four quarters,

banks
COMMENT
Bank of Nova Scotia

The question was on his preference for the two banks. Both have international operations with BMO focused more in the U.S. and BNS more in Latin America. He prefers BMO. Now is not the time to buy BNS but watch it over the next four quarters,

banks
DON'T BUY

It is a big plastics maker but sales haven't grown much in the past few years.

INDUSTRIAL PRODUCTS
COMMENT

The question was on his choice between BN and BAM. BN is Brookfield Corporation which is the old Brookfield Asset Management. BAM is the new Brookfield Asset Management. This is a result of re-structuring done in 2022. BAM has a better dividend, almost 4%, but not as much growth. BN has a small yield but more growth. It is leveraged to the economy and makes money when they sell something, so their income is lumpier than BAM. Since 2022 the total return on BAM is 28% and BN is 10%.

0
COMMENT
Brookfield Corp

The question was on his choice between BN and BAM. BN is Brookfield Corporation which is the old Brookfield Asset Management. BAM is the new Brookfield Asset Management. This is a result of re-structuring done in 2022. BAM has a better dividend, almost 4%, but not as much growth. BN has a small yield but more growth. It is leveraged to the economy and makes money when they sell something, so their income is lumpier than BAM. Since 2022 the total return on BAM is 28% and BN is 10%.

investment companies / funds
COMMENT

It gives away a lot of company stock options to attract quality employees but this dilutes the stock for non-employees. Some of the Magnificent 7 have been falling off. META may not fall off but others may catch up to it.

Technology
PAST TOP PICK
Fairfax Financial
(A Top Pick Jun 20/23, Up 37%)

There was some discussion about the Muddy Waters claims, including accounting irregularities, and shorting of the stock. This is not a real worry to him and in fact he may buy more. We'll hear from management this week.

insurance
PAST TOP PICK
Danaher Corp.
(A Top Pick Jun 20/23, Up 17%)

In 2020 to 2022 there was an inventory shortage. 2023 was slow with research dollars starting to dry up. 2024 should be better with re-stocking gone, and as a picks and shovels player it will benefit from an aging population.

machinery
PAST TOP PICK
Teleperformance
(A Top Pick Jun 20/23, Down 12%)

As a call centre it is an outsourcer of IT services. It has been coming back from October onwards. Regarding AI concerns it has the balance sheet and income to train machine algorithms.

Technology
BUY

It is cheap at 7X forward earnings and pays a dividend over 5%. It reports in U.S. dollars and has some China exposure. It has been down over the past year so it is a good time to accumulate. Buy it on the Singapore exchange if you can.

0
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