Chris Blumas

Volatility has increased lately, but long term value will be created. Know what you own and be confident in those stocks long term. Take Berkshire Hathaway for example, which has compounded over time and more than doubled index returns, however, it in 3 years of its 60-year history when it fell over 50%. The market will always test your conviction. Don't miss out on superb opportunites, such as over fears of AI.

Is a huge fan of CNQ, but be cautious in energy now. If you own energy, sit tight and hold your gains. Valuations have risen a lot, though may not persist for long. He prefers CNQ. Is a strong compounder and return cash flow to shareholders while they reduce debt. He doesn't know where the price of oil is going.

Is a huge fan of CNQ, but be cautious in energy now. If you own energy, sit tight and hold your gains. Valuations have risen a lot, though may not persist for long. He prefers CNQ. Is a strong compounder and return cash flow to shareholders while they reduce debt. He doesn't know where the price of oil is going.

Growth has sold off and the market is running to income names. In Canada, income names he likes are Rogers and Brookfield Infrastructure.

Growth has sold off and the market is running to income names. In Canada, income names he likes are Rogers and Brookfield Infrastructure.

SRU is very well-run, and Walmart is their anchor tenant, which is attractive. Tenant quality is high. But the problem with REITs is that in rocky economic times, REITs either have to cut their dividend or issue shares. He prefers stocks with low payout ratios. Sienna is not structured like a REIT, but the valuations in retirement home stocks like Sienna are much higher. He prefers Sienna, but owns neither.

SRU is very well-run, and Walmart is their anchor tenant, which is attractive. Tenant quality is high. But the problem with REITs is that in rocky economic times, REITs either have to cut their dividend or issue shares. He prefers stocks with low payout ratios. Sienna is not structured like a REIT, but the valuations in retirement home stocks like Sienna are much higher. He prefers Sienna, but owns neither.

He bought it earlier this year as shares declined. He owned it before. It always had a high valuation until recently when it came down. Likes it long term. The street misses the extent of their data moat; they have proprietary content, plus many lawyers curated that content. Also, TRI will benefit from AI to enhance their products. Good data means good products, and they have good product run by good people. It now trades around 20x PE and a free cash flow yield of 5%. A pristine balance sheet.

Waste services is defensive and so attractive, but valuations have jumped. For this acquisition with SES, GFL issued shares and paid a full valuation, which is why shares sold off. But his problem has always been GFL's weak balance sheet. But the deal is strategic.

The valuation is too high, but he owns and likes it. Long term, the hyperscalers will make their own chips. If the market keeps expanding, it may not impact Nvidia as much as people think. But there are only so many companies who make chips, and TSM is the number one. At 26x PE and 2% free cash flow doesn't provide enough margin of safety.

He apologizes for this return. He has added to it. The overhang is the fear of AI taking over software. DSG's revenues and profits are doing well, though, and they have a durable moat. They also incorporate AI. They have actually gained market share and gained revenues. He still recommends it.

Has long been a core holding. Until recently, GOOG was always trading at a discount to larger peers because of an antitrust overhang. Likes this a lot, but so does the market. The PE is above 26x (too high) and the free cash flow is just 2%. Is a hold now.

For income. Is undervalued at 10x cash earnings, and a dividend around 4.5% and paying out only half their funds from operation. There's ample growth ahead and trading at discount valuation. Likes it a lot.

Can do either. In Canada, he choose CNQ, and EOG in the U.S. CNQ acts like an annuity, requiring massive upfront investment, but cash flows for a long time. EOG has unique assets. But he wouldn't buy energy now. The supply chain problems now won't last forever. You can buy either stock on a pullback.

Can do either. In Canada, he choose CNQ, and EOG in the U.S. CNQ acts like an annuity, requiring massive upfront investment, but cash flows for a long time. EOG has unique assets. But he wouldn't buy energy now. The supply chain problems now won't last forever. You can buy either stock on a pullback.