Jordan Zinberg

It's been a strange year. Canada-small- and large-cap--has outperformed the U.S. Within Canada, small caps have done very well, but the breadth is narrow--80% from mining stocks. Small-tech Canadian tech hasn't done as well. He won't call an end to the mining rally either way; these rallies happen every 5-7 years. Though, fundamental buyers are looking profitable growth stock with low valuations outside mining. The set-up for 2026 in small-cap growth is excellent.

They got into natural gas a few years ago, a high-business margin. They beat in their last quarter. They are moving towards a pure-power company, not energy services. They could succeed on the back of buying Flex Energy, which could raise their multiple.

He bought this 6-7 years ago. They make incredible products. Growth is good. Are in a hot sector--underwater defence. But business will be lumpy due to large contracts with governments and navies. Doesn't own it now because of the high valuation.

Are a bunch of fast-food restaurants. Are growing like crazy in Canada as they sign some deals in the U.S. Usually, they buy a smaller brand, then grow that brand using marketing, real estate and branding. Loves the company, but the valuation is ahead of itself.

Similar to CGI Group, but operate in and around Saudi Arabia. Have grown a lot in recent years, but sold off in recent quarters because they are investing a lot in their business, which pressure profits. When they win a contract, they first hire the staff, but sometimes the start date is pushed so they have to keep paying staff. NCI is winning larger contracts. High inside ownership. Likely, another company will buy this, so that's good. Trades at a low PE.

Deals in vertical market software, focusing on media and communications. They don't do small deals, but larger buys of companies, carve-outs of a large company. But they haven't bought a company in a while, and this stock moves up on deals. Trades around 20x PE, lower than just 6 months ago.

The drillers haven't participated as much during this mining boom. FAR is diversifying out of high-risk areas and junior miners. Shares have been cheap a long time. Is a take-out candidate. 

They bought CRH Medical which has physical locations. This augmented WELL's original online health services. Some investors feel that some companies they've bought don't fit together. It's too early to see how this plays out. Good CEO and digital health is good. The PE has always been too high for him. If they can integrate and show a clear strategy, shares should rise down the road.

Just transitioned the CEO and CFO. And there was a US short report. He didn't expect that to happen this year; he's followed this for 15 years. GSY is highly volatile, in non-prime lending. In a tough economy, this stocks gets hurt. Strong leadership and offers 20% return on capital. Fast-growing and trades at 6x earnings. Will rebound in a quarter or two.

Rentals need immigration, which Canada is not seeing. However, they are not building more apartment buildings. So, rents continue to go higher. Can't explain why shares are down. Their numbers are good and continue to buy companies. The CEO still owns half the company. This is the lowest PE in many years, a 25% discount to NAV.

They have long-term contracts with big energy companies. Their quarter was a little weak. They supply much-needed frack sand to oil companies. The new LNG project is increasing sand demand. Trades at a cheap 2x EBITDA. Will get bought out eventually. 

Are opening stores now, though you can order glasses online. He's bought some. The business is an excellent concept. Warby Parker is their main competitor. The stock had trouble out of the gate, but rebounded nicely. The company is investing a lot, so profits aren't as high as he expected, but it is a younger company. Has a lot of runway. Well run.

Will benefit from PM Carney's new infrastructure projects. They have a massive backlog. The stock did well for a while till it missed a quarter and sold off. Growth will resume and margins will expand next year. Well run.

They make oil wells safer and reduce labour there. Well run and no debt. Not well known. Will continue to win contracts.

Has owned it in the past. The space is no longer hot aafter Covid. Investors haven't bought much of this in recent years. QIPT is considering about offer, and expects it to get bought by someone.