Martin Cobb, ASIP

They own Empire Life plus investments including United Corp., which conservative, quality and long-term. Their long-term annual return is around 9%, good. You can buy this now at a discount to NAV, but still trails its historic discount. Are erratic dividend payers.

We need better ag machines to feed the world, ever-demanding more food, and Deere is front and center of that. They use big data to reduce crop nutrients, so they are on the leading edge of farming. Is a little concerned about their financing. But this is good the next 5-10 years.

It's the best Canadian bank performing so far this year, but the worst in 2024. Their US problems are not yet behind them (they have to work through the asset cap, part of the penalty for money laundering). They have limited growth in the US, but also won't need capital to grow. So they could buy back shares. TD trades at a discount, so he likes this for the long term.

They operate in Asia where there is serious growth, but also it's very competitive. Better to buy a Canadian bank which enjoys an oligopoly.

The largest miner today, in iron ore and copper. Mining is risky; it takes a long time to see if whatever you dig out of the ground will sell. He likes BHP's diversification. Iron ore is in safer countries, copper not, so BHP is attractive in this way. There remains good demand for copper. Trades at 12-13x PE and nice balance sheet. but a little risky.

This German defense contractor is benefiting from an upsurge in German government defence spending, but the valuation is getting excessive. But this is good long term given European defense spending.

Look at cybersecurity because quantum will be able to crack encrypted data that is everywhere now. Can't choose a single company (Palantir's PE is 200x), but consider an ETF.

It holds a variety of grocers, including lower-end, plus Shoppers Drug Mart which performs well. Has owned this for 5-6 years. But it trades at 23x forward PE vs. historically 15-20x, so that's a caveat. Would still buy it.

The US is their biggest market where there's overcapacity in milk-cheese, so SAP has to work through that. They used to earn 10% operating margins there, but now it's a loss. But if they recover there and continue to grow in Canada and internationally, this will look cheap. The Canadian market is more about retail, not food service in the US, so more stable with more pricing power. 

Hip and knee medical equipment is what they make. Trades at a big discount to Stryker. Benefits from an aging population as well as sports injuries. Has long-term growth. The US is half their market.

They have a lot of sports titles. They lost FIFA, but have their own soccer franchise, plus baseball and basketball. Sports are steady as opposed to companies depending on a few hit games. Ultimately, someone will buy them out, like Netflix  or Amazon or Apple, who could pay twice the multiple.

The former SNC Lavalin which had a checkered history. He likes professional services companies, because there will always be a demand for them. The problem is that occasionally a CEO will take a fixed-price contract that could make a nice margin or lose 5-years' profits. ATRL has been through that. He likes where ATRL is heading. The market isn't afraid of its near-30x PE. Strong growth with 9% margins, which lag its peers like Stantec, but there's little margin of safety here.

Both great, both enjoying growth ahead with much of the world still to adopt cashless payment. MA has seen a little higher growth, but both have good growth and both enjoy 97% gross margins and 67% operating margins. They got knocked about occasionally over fears of regulation. Prefers Visa slightly over its valuation discount. Good to buy either.

Both great, both enjoying growth ahead with much of the world still to adopt cashless payment. MA has seen a little higher growth, but both have good growth and both enjoy 97% gross margins and 67% operating margins. They got knocked about occasionally over fears of regulation. Prefers Visa slightly over its valuation discount. Good to buy either.