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Market. The announcement on Brexit that it is kicked out to the end of the year and then there are constructive comments on the US / China trade relations, which are the two biggest clouds over markets. The big test now is what the earnings will look like. Next week we will know if the market was overextended when it went down in December. We have to see decent earnings for markets to continue going up. Guidance is key and the markets might be somewhat forgiving. JPM-N is not performing as well as the US market. He has fully exited the US banks. He sees the earnings environment tougher because of flattening yield curve. Interest rates have collapsed over the last three months that that is not good for banks. Canadian banks such as CM-T could be down 10% because of slowing credit growth in Canada. You have to time it right in getting out of this trade.
Bryden TeichUnknown
BUY
It is an amazing company. He cycled out of BAM.A-T to focus on BBU.UN-T. He was blown away in September about how they have built out their infrastructure.
Bryden TeichOwned
0
DON'T BUY
The payment industry in the US has been a strong performer for some time. The issue is the multiple, being way too high. You have to be strategic about buying it when it is low. The credit card companies are well positioned to grow. He is worried about APPL-Q and their card disrupting the market. He would prefer AMEX, which he does not own at this point.
other services
BUY ON WEAKNESS
They made a really big shift after the financial crisis, at growing their US franchise which they have been very successful at. Those that have established US businesses leave you more diversified. TD has a yield of just under 4% and he would like to continue to own it.
Bryden TeichOwned
banks
COMMENT
Utilities. Pure plays like FTS-T have performed very well because interest rates have come down so much. You get a pretty stable yield but he has focused on energy utility pipelines because there is better value. ALA-T is on his list to consider and he would look at it.
Bryden TeichUnknown
PAST TOP PICK
(A Top Pick Mar 01/18, Up 31%) He still really likes it. They did a good job of acquiring stores and have redone the stores in the US and Canada. They are realizing the benefit of having a larger footprint. They have always reinvested in their business. They have the scale now to expand internationally. Don’t fight a trend like this.
Bryden TeichOwned
food stores
PAST TOP PICK
(A Top Pick Mar 01/18, Up 21%) He still likes it. They have done a great job of turning over investments over the last two years. They are in all kinds of businesses all over the place. Hold for the long term.
Bryden TeichOwned
0
PAST TOP PICK
(A Top Pick Mar 01/18, Up 30%) It was thrown out because of debt and rising interest rates. But everything was priced into it. They have long term assets. It is an incredible company. If line 3 gets through it will be incredibly. If it ran up he would trim profits.
Bryden TeichOwned
oilgas pipelines
WATCH
Both Canadian rails have benefited from a growth in oil by rail. With an economy moderately expanding you have more volume though BC and Chicago. CNR-T is at a historical high vs. CP-T that is trading at a bit of a discount. He sold a bit of CNR-T earlier. Watch CNR-T to see if they are able to ramp down their capital expenditures to a more reasonable level. He likes it as a long term hold.
Bryden TeichOwned
Transportation
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