Martin Cobb, ASIP

It's no secret that a certain individual wanted to get rid of J. Powell. Warsh is just 1 vote in 12, so it's not that big a difference. Any jeopardy on the independence of central banks would be a bad thing.

Likes the business of pipelines -- local monopoly, contracted cashflows. Problem today is that their value is not lost on investors. Trades at 22x forward PE, yield is 4-ish%. A HALO stock, which AI can't replace. He'd trim, look for a better valuation to enter.

He owns TRP.

Likes the business of pipelines -- local monopoly, contracted cashflows. Problem today is that their value is not lost on investors. A HALO stock, which AI can't replace. He'd trim, look for a better valuation to enter.

Likes management's focus. Not constrained geographically. Valuations in the sector are pricey. Be mindful of your position size, and remember that banking is a cyclical industry.

Short term, what happens to the oil price and in the Middle East is going to kick these stocks around. So it's hard to pick an entry point. Take your time and leg in over several months.

He owns CNQ instead.

Short term, what happens to the oil price and in the Middle East is going to kick these stocks around. Likes its low breakeven point. 

Likes the industry on long-term demographics, and they're a leader. Great brand. Good place to have $$ over the next 5-10 years.

Ask yourself this:  If he gave you the same amount of $$ you already have invested, would you buy the stock again? The world has changed. Premium pricing has come to an end. Valuation compression might be over. 

Owns it, but it's on a very short leash (ultimately to be recycled into something else). Yield is 5%.

Likes it the best in the group because it's crystallized its sports assets.

Today he's taking money off the table in the sector. Why? Valuation. Trading today at 2.6-2.7x forward book value, yet the business hasn't really changed all that much. In on the SpaceX IPO, which is like money from heaven.

Delinquencies on mortgages are rising slowly. Insolvencies are picking up. PCLs could pick up somewhat. We forget that capital markets are cyclical because we've had boom times for several years. Potential softness in the economy.

It's not that the businesses aren't worthy, just that they might not be afforded the same multiple as today.

Not going away anytime soon. Quantum is interesting, as it can upend everything. All players will have to absorb large language models into their offerings.

Though the industry is moving fast, cybersecurity is not going away anytime soon. AI fears are overdone. All players will have to evolve by absorbing large language models into their offerings. Need to have some exposure, and this name is one of the top choices.

Market fear that AI will dispense with these businesses just doesn't make sense. Instead, they'll be able to utilize the tools of AI. The AI narrative's just gone too far. Well-positioned. Own it with a 3,5,10-year view.