Mike Vinokur

This is the realization by investors that markets don't always go one way. There's generally a correction at some point, and we're probably living through one. With all the tariff talk and the uncertainty that's created, business leaders really don't know if they should spend money or not, should they hire or not. What's their cashflow going to be based on trade barriers and volatility in currency markets?

This will potentially accelerate a slowdown, if not recession, in the economy. Market participants are reacting to that.

All this is a normal reaction. People say that markets go up like escalators, but down like elevators. The fear of losing is usually more acute than the euphoria from winning. It always looks bad, but we have to remember that the sun will rise tomorrow.

Right now, markets will level off. You're seeing more of a selloff in the sectors that were overvalued. You might say that markets are a bit oversold, and we might be due for a bounce potentially. He can't say for sure if this is the end of the correction. Starting to see a bit of nibbling in sectors that haven't gotten a lot of love from investors for quite a while.

If you have a long-term view, you want to pick your spots. Don't just buy in, because you need to know what you're buying into. Secondly, what's your objective? Is is to maximize growth, earn a decent income, protect capital, stay ahead of inflation? Once you have that figured out, then you can begin on portfolio architecture and design a portfolio that makes sense for you.

Yesterday, he was at 30% cash. He's bought a little bit, but still has ~28-30% cash across equity accounts. As a value manager, he doesn't feel as though he always has to be invested. He makes tactical moves. If he doesn't see a margin of safety, he's not going to just buy in for the sake of buying. For him, preservation of capital comes first.

With the correction, he's starting to see some bargains. He'll probably continue buying his favourite names into next week, as long as they hit his targets.

Great execution, but always on the expensive side. Nothing wrong with the company, but doesn't tick all the boxes for a value manager like himself.

Great operator over time, nice dividend yield. All pipelines have had a rough patch -- markets correcting plus cloud over tariffs. Tariffs don't really impact it, as it's just a toll road. With Canada's interest rates going lower, and demand generally going up over time, this name should be OK.

Looking at how the chart's acting, you may want to wait for more of a correction to buy. If you're a long-term investor, sit tight, collect the dividend, and you'll be OK.

Very good performer, but always attracts a very high premium multiple. Seen as part of an oligopoly in the payments space. If there's a downtick in the economy, price and/or volume of goods would come down; there would be less "traffic" on the Visa toll road. In a recession, rather than people putting all purchases on plastic, they tend to be more cautious and spend less overall. So, potentially lower earnings.

Brand is fantastic, with very high ROIC. If it ever got cheap enough, he'd consider it. 

Wonderful company. Fantastic operator, very good risk manager. Delinquencies on credit cards, rising bankruptcies, and overall economy suggest more credit defaults. This will hit the non-prime customers of GSY more. But that could be your opportunity to enter the stock, as it'll benefit on the other side when the economy starts to expand.

As part of the CP/CNR oligopoly, it will always make money. Not even AI can make rails obsolete anytime soon. Very capital intensive -- operating costs, unionized workers, equipment. So FCF as percentage of revenue is not that amazing. Even with pullback today, still trades ~18-20x PE. Not overly expensive, but not cheap either.

Probably OK if you have a long-term view and want reasonable stability, grow as fast as the economy, get some efficiencies along the way, and collect the dividend. But it's not for him.

What a ride since last summer, but look at the fall. Lost 50% in a couple of months. Management is great, wonderful execution. Caught up in euphoria of AI and chips -- now it's the deflation of that craze, similar to 1999-2000.

The market's starting to realize that we are able to do more with less, as demonstrated by DeepSeek (whether you believe the narrative or not). How much do companies really need to invest to get the output they want?

He's always fascinated by the fact that two guys in a garage disrupted the whole industry via Google. Similarly, DeepSeek has potentially disrupted the nascent AI industry. Who's to say that the next DeepSeek doesn't come out and do even more with less? What does that say about the investment from all the hyperscalers? 

People need to reduce their euphoria a bit and think pragmatically and calmly about the future and valuations.

He owned, but sold a bit early. He had a nice profit, got off the train, but the train kept going. Got rid of all chip exposure on worry that valuations were really getting out of whack on lofty sentiment. First-rate management and product. Growth is slowing, future earnings are muted, yet still over 20x PE.

If you believe in the story, you could buy a bit, tuck it away, and the potential return could be great 3-5 years from now. Problem is that technology changes so quickly, so today's winner can become tomorrow's loser. Think of INTC.

Recent huge acquisition in Japan. Huge economies of scale. Steady grower. Fees come down or rebound along with markets. Still very cheap. Very well-capitalized balance sheet.

Splunk acquisition in cybersecurity segment has secured a lot more recurring revenue for the company. Steady eddy. Keeps making good acquisitions and integrating. Good management, balance sheet, and dividend yield.

Not cheap anymore, so he sold on the valuation call. Nothing wrong with the business per se if you have a very long horizon.

Most of the drop has to do with the tariff situation. Recent numbers were really good, great balance sheet, amazing footprint, global manufacturing powerhouse. Nice dividend.

Wonderful bank and CEO. Conservatively run. Premium bank, and you're paying a premium for it. Wouldn't buy at this valuation, but definitely a go-to name he'd like to own if it corrected a lot more.