David Burrows

Technical situation has been positive from a trading perspective, marching higher since March. People don't understand the importance of its software in applications that can't afford to fail. Massive run in a short time.

Generating cash and some growth. A more speculative play in an important, growing area.

Clean energy space having a nice run this year, even outperforming carbon-based energy. Wind and solar are doing particularly well.

Lack of transparency in how transactions take place. Recently disappointed on revenue, yet growing nicely. Well capitalized. No shortage of demand for power.

Instead he owns the ICLN, which gives him a basket, but he wouldn't say no to BEPC.

Clean energy space having a nice run this year, even outperforming carbon-based energy. Wind and solar are doing particularly well. No shortage of demand for power.

Owns, as he likes the diversified basket.

His firm has about 17% in energy, likes the space. There's some safety in the arbitrage waiting for Shell, but he'd move on -- not much more upside.

See his Top Picks for where to redeploy the profits.

Likes it, great business. Performing really well. Incredibly strong management. Only negative is that, in general, securities with higher dividends and lower growth are not leading this market. 

Risk/reward is good. Energy sector is relatively early on in a longer-term bull phase. Some inflation protection. Yield is 5%.

Space industry is in early days. Prone to some disappointments. Likes it. Risk is giant IPO from SpaceX and euphoria around the group. About 20 space ETFs have launched, and they'll all need to fill positions, so demand is probably pretty strong. No problem owning as a proxy on the group.

He came out of it a few months ago.

About 70-80% of a return on an equity comes from being in the right neighbourhood. Great business, but P&C has been under pressure (especially on policy pricing). Not the right time.

Tremendous run, and now some engineering firms are under pressure. A laggard. You want to own things people really care about, and he's been very selective and carving out underperformers.

Midterm election years tend to have weakness in June, July, August. We'll see. Market breadth is not ideal right now. Look for better opportunities. 

Sector's performing well. Defense stocks have come off a bit over the last couple of months, now consolidating.

Parabolic increase in January, things got extended. He reduced then. Gold bull markets advance in stages, with corrections lasting ~3-5 months. We're now 3-4 months into that. He's been rebuilding. Next leg should be a strong leg higher.

Long-term investors should just buy and hold.

Canadian discount is starting to come out, as international interest picks up. Not reality to think that once Strait issues get solved energy goes back to where it was. Countries that reduced their reserves will have to replace them.

He'd be a buyer. Inflation can be offset by companies that generate lots of cash, not a lot of debt, and willing to return capital to shareholders.

An unassailable fortress for a long time. Fintech and card companies have been weak, with concerns about disruptive digital payment systems. Near-term uncertainty about long-term profitability.

Pretty dominant position. Still trading above long-term moving average. Lagging in this market. Not well inflation-protected. Put your focus elsewhere.

Oil sands companies are in the process of being revalued, and all are growing revenues. An aggressive way to play the space. Committed to returning 100% of FCF to shareholders. Reducing share count, increasing production. Stock's behaving well.

He has no software exposure (13% tech across the firm, a significant underweight). Have to pick your spots. Agentic AI puts software companies in a tricky position. Investing heavily in AI infrastructure, so less $$ to return to shareholders. Trading better than only 30% of S&P stocks in last 52 weeks.

On the other hand, sees semiconductors in a similar vein to copper and a call on the economy, and where pricing power gives inflation protection.