Michael Sprung

Damage has been done to the global economy. If the war ended today, the repercussions aren't going to just disappear. If anything, it'll take a long time to reorient not only the oil and gas industry, but industry in general.

The inflationary pressures that the war has created will continue for some time. There won't be an easy fix. We're going to be in a choppy market for a while.

US is spending an exorbitant amount on defense amidst the war in Iran. If you look at what's been attractive in the market for the last few years now, it's been defense. All the NATO countries are beginning to spend more and more in that area. That industry will continue to generate greater revenues.

The questions are how profitable are those companies going to be and who's going to finance them?

In the near term, it's hard to tell what the impact will be from all the defense spending. Tax cuts from the "one big, beautiful bill" are starting to come in. If anything, deficit pressures are going to get larger.

If that occurs, then the attractiveness of US treasuries might become a bit less, which will put pressure on interest rates. That will feed right through the economy.

Trading at 3x book value, around 21x PE. Not bad, given earnings acceleration that's expected, but not inexpensive either. Overall, seems to be doing very well. Some worry over chips available to meet delivery, now resolved.

OK if you're a long-term investor. Satellite business is growing.

Ideally suited for expansion of the electrical grid in NA. They make transformers; no matter how the electricity is generated, it has to be transmitted. 

Hard to time an entry price, around current levels not too bad (as long as you're willing to give it a few years). Stock's short-term price swings reflect timing of the buildout and deliveries. Its future deliveries look very good.

A yield play. He hasn't looked closely enough to give an opinion on its valuation. Yield is ~6.1%.

Disclosure:  His firm holds it only in the sense that a few clients came in already owning it, and those clients are happy with the dividends.

Some competition, but its specialty is highly caustic acids really needed for chip manufacturing. Recent runup due to Iran war, as a lot of sources have been cut off. His long-term outlook is favourable. 

Attractive valuation, fairly good discount to peers.

Good long-term hold. Over the short term, vulnerable to ups and downs in gold price. It's become the "gold star" gold company to own. Management shines, good acquisitions.

In general, keep your position in gold under 5%.

Yield is 1.5%, quite low, so it means the dividend is relatively secure. Demand for more power, especially in Alberta, means it has a number of projects on the go and footprint will expand. 

Not a bad quasi-utility to have a stake in, but current price may not be best entry point.

A number of analysts whom he respects recommend it for its ability to grow. Doesn't think Iran war settlement will necessarily cause gas price to fall. Great properties. Valuation not fantastic.

He owns SU.

One of his picks in the oil sands. Nicely diversified.

It'll be extremely volatile. A lot will depend on what's happening in Europe -- demand for energy is going up, and sources of energy are in question. His guess is that the pressures will keep oil above $80 (he could be wrong ;).

Overall, companies will continue to be fairly profitable. He's still very bullish on energy, even though there's some prospect of the Iran war ending (which may or may not happen).

Wouldn't normally jump into a company that's in flux like this. Loan losses seemed to catch the market offside. Loan portfolio up, revenues flat. Has worked out an agreement with creditors. Litigation risk.

Not a long-term buy-and-hold. One for aggressive investors, who will probably do well if it survives.

SLF and MFC remain two of his core holdings in financials. The restructuring announcement from a couple of days ago should prove quite profitable. Last quarter's ROE was just over 18%, aiming for 20%. 

Still a Buy at current levels.

Still a core holding within the materials sector. Company hopes to expand production 24% over next few years. Extending mine life. Copper World is a potentially big addition.

Management's really grabbed the reins and turned it around. He'd still recommend as a Buy today.