John Zechner

He's underweight gold after the recent run, but still has a pretty decent position. Gold has about a 15% weight in the index, and he certainly wouldn't be that high (more in the high single digits). 

On energy, he has about a market weight. He did a bit of selling yesterday. These events don't seem to last for long. It's been a good trade over the last 2 months.

Still underweight, but looking to get back in. We had the AI scare, capex worries, and then the SaaS apocalypse. Those might be legitimate long-term worries, but investors tend to take a narrative and expand it to the end, which creates a lot of selling. 

Bigger problem for the sector right now is that it was a very crowded trade. Lots of new $$ kept flowing in, without paying that much attention to the fundamentals. Valuations exceed on the upside, and now that trade is unwinding.

The good long-term story hasn't gone away. These companies contribute to economic growth and corporate profits. He's looking to add.

Now, history teaches you things. One of the biggest mistakes he made in 2021 was buying into the pullback too early. When things were down 30-35%, his team started buying back into the names they'd sold. Then they continued to go down by 70-80%. Doesn't think that'll happen this time, as fundamentals and cashflow are better.

Owns no Brookfield names -- its holding-company ownership structure is rather opaque and old-fashioned. Not enthralled by the pieces.

If he were to own any of the names, it would be BIP.UN.

Owns no Brookfield names, not enthralled by the pieces. If he were to own any of the names, it would be this one -- better potential growth long-term, and is more of a traditional operating company.

Very tough couple of years. Looking better technically. But other names have better growth stories and valuations.

Look at CPX.

Recent earnings were in line. Great acquisition in Pennsylvania last year, which is getting increased prices. Front-and-centre for Alberta data centres. Trades at 8.5x forward operating cashflow. Good, safe utility play in growing areas.

Renewables have a good, long-term growth story. Got hit pretty hard.

He's looking for GARP. Even with the pullback, this name's trading at a high 20s PE for single-digit growth. Hasn't brought AI into the structure very well. 

Fantastic job on restructuring. Cheapest valuation of the group. ROE is picking up.

Trades at a premium to everything else, which it's earned. He's not a fan of paying up for past performance, need to see if it can continue to deliver.

He's out of US financials, but this would be his second choice behind Citi.

Pulled out of financials generally. Lots of optimism around them, but he's concerned about incursions into growth from fintech and valuations are at the high end. Earnings growth not as robust going forward, plus economic sensitivity.

Wouldn't chase copper, global inventories are quite extended. Bullish story with long-term story of electrification. China not as aggressive a buyer as it's been.

Take a look at TECK.B.

With Anglo merger, will be a major global copper play. This name might make sense. Better valuation than others. Less geopolitical risk.

Tough slog since 2014, fantastic turnaround. Oil sands projects are difficult. Generally, reserve life in oil sands is pretty long. Consolidation in sector is continuing.