Brendan Caldwell

The new year could start off slowly after such a strong two year market in the U.S. but there is a mood of optimism in the U.S. Bitcoin is over 100 000 after the Trump election. Interest rates are the determining factor with the Fed having started cutting rates, but now likely to keep rates higher for longer with the possibility of inflation returning. He likes the picks and shovels stocks that make all of technology flow. The learning curve with AI should be faster than the one with the Internet as we figure out how to monetize it.

It is one of original private equity companies and is still in that space. There are fewer and fewer public companies, 400 to 500 fewer in Canada than in the year 2000. There is less debt funding to the tech sector. There should be growth in the short to medium term.

The question was about the energy sector. He doesn't think tariffs will be brought in at 25% and quoted the saying that we should take Trump seriously but not necessarily literally. There is way more energy up here and the U.S. will still need Canadian energy. With plans to increase energy production in the U.S. they will become more self reliant.

The question was on Iamgold and Teck Resources. IMG has declared some good news from its Quebec mine and Teck has more copper production with gold as an add-on. However both operate in some places that are less politically agreeable. He likes the gold sector but prefers bigger and more diversified companies in more stable countries including the U.S., Canada, Mexico and Chile. Following along this theme he owns both Kinross and Agnico Eagle.

The question was on Iamgold and Teck Resources. IMG has declared some good news from its Quebec mine and Teck has more copper production with gold as an add-on. However both operate in some places that are less politically agreeable. He likes the gold sector but prefers bigger and more diversified companies in more stable countries including the U.S., Canada, Mexico and Chile. Following along this theme he owns both Kinross and Agnico Eagle.

Trump 2.0 should be good for pipelines. The situation for Canada remains to be seen. There is need for more and better pipelines and to access more blue water.

It is one of the big companies which he owns along with CNQ. It has done a lot with costs and will do well if energy does well.

He did own it but not now. He likes the picks and shovels companies that provide semi conductor companies. It should do well over the long term. He has owned CSU for a long time.

The question was on the outlook for Bitcoin over the next four years. Crypto currencies are likely to stay and he has invested in crypto exchanges. There is excitement in this area because of the Trump administration. If you want to get into this field you should by buying just a little bit and then easing into it.

He sold it in the summer. He likes the aero-space part and is interested in other companies in this field.

It makes AC units which are needed for AI systems. He still owns and feels there is still lots of room to run.

He sold it in April and now owns Costco in this space. It is trying to turn things around and get efficiencies up. It plunged after an announcement in late August.

He doesn't know where the self-driving car technology is going but there is an expectation that driver-less cars will not be in common use for 5 years or more. However the service is here to stay so a pullback is a buying opportunity.

He hasn't owned it in its recent journey. He has witnessed the burning of so many great Canadian tech companies and this has been an issue with him. He prefers U.S. counterparts in technology. SHOP could be the exception though. He likes the retail and online shopping space.

The question was on the telcos. Bell has some challenges but has the best commercials. The protectionism for telcos may make the big three vulnerable. All big three Canadian telcos are down by at least 18%. He owns no Canadian telecommunications companies.