Brianne Gardner

Much like last August, the market seemed to get a bit ahead of itself. The S&P 500 started this upward trend a month ago and hasn't broken that. Seasonally, August and September are two of the weakest months. We haven't seen a double-digit correction, but we have had mild volatility this year. We're just 4% off the peak, and no drop more than 8%, since the rally began last October.

The key question is whether this is just a temporary pullback and a rotation, or this is the beginning of a change in trend and a leading indicator of an upcoming recession? 

Inflation is trending lower, economy is still re-strengthening, interest rates and yields seem maxed out. A lot of moving parts right now.

We're at, or near, peak interest rates. Heading into the end of the year the economy's still stronger than expected, but with cooling inflation and resilient labour markets. For her, additional hikes from the Fed and BOC would be causing more inflation, rather than cooling it, at this point.

Most recessions don't come gradually, and things can change very quickly. Seeing those 2 consecutive quarters of GDP contraction, she still expects a mild recession heading into the end of 2023 and early 2024.

Time for investors to be cautious heading into the fall. Focus on defensive sectors, de-risking your portfolio. Look for quality, stable businesses that can weather a storm, even if it's just a mild one.

Fundamentally, 6/10. Weaker cashflow, without enough history on earnings growth. Choppy chart, lots of volatility. Might have lots of potential, but definitely a higher-risk play. Any headwinds to growth can hugely affect price.

Discount makeup brand. Moving well, #3 in the US. Market share hovering around 10%. Makeup sales tend to hold up in a recession. Usually beats on earnings. Target price of $145, so potentially 20% upside. Growth in earnings and sales. Raised guidance. A meaningful opportunity. Likes the business model.

Still a global digital payments giant. Serves both individuals and businesses. Will benefit from ramp up of people leveraging up and borrowing. Fundamentally, 10/10. Nice run up. Long term, great business.

Still likes with the pullback. Positioned well defensively. Great dividends aren't going anywhere, even as the stock price fluctuates. Value of 10/10. Could be squeezed in short term, a great pickup. If you own it, hold and collect the dividend. She prefers RY and TD.

Still likes Canadian banks, even with the pullback. Positioned well defensively. Great dividends that aren't going anywhere, even as the stock price fluctuates. A preference for her in the space, based on valuation and potential upside. Over the long run, more consistent and less volatile. 

Still likes Canadian banks, even with the pullback. Positioned well defensively. Great dividends that aren't going anywhere, even as the stock price fluctuates. A preference for her in the space, based on valuation and potential upside. Over the long run, more consistent and less volatile. 

A good company and business model, fundamentally 8/10. Be cautious on valuation, wait for a healthier pullback. Risk/reward isn't there right now. Likes it in the long run. 

She's been taking profits in the tech space. Sees rotation from growth to value for the second half of the year. Be patient in adding tech. Still holding bigger names as able to weather a recession. Tech usually leads the recovery after a recession. Tech doesn't do as well when interest rates are rising. Will continue to see a bit of a cool off in that sector. Wait to add a position.

YTD has done fairly well. From a technical point, not a bad time to take some profits. Could pull back a bit more. Revenue slipped 11% YOY.

Slumping sales in China impacting results, whereas she expected a faster recovery in China. Plus continued write-down of excess inventory. Long-term returns have been good. Volatility presents opportunity.

All telecoms under pressure with rising rates. Still a good, defensive stock. Good cashflow. Largest wireless carrier in the US. Predictable, recurring revenue. Beat Q2 expectations. Dividend sustainable. Yield almost 8%.

Impressive Q1 results. Sales grew only a bit in Q2, but beat expectations and earnings. Higher rates impacted consumer spending. Really strong balance sheet. Light yield of 1.7%, but has increased dividend over 5 years by 110%. Fundamentally 9/10 for her.