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N/A
There is a disconnect between the equity market and the broader economy that is cause for concern. The big contributing factors for equity market returns are low interest rates and the wave of money supplied by central banks. The stimulus has worked to buoy the market. Financially strong companies have been accessing the capital market through inexpensive debt. It has allowed strategic maneuvers. Don't chase the returns and pick good quality companies.
Chris BlumasUnknown
N/A
Banks. He is not worried about a big surprise from banks next week. They have taken a very cautious approach. Whether the loan loss provisions will come back is still to be seen. Canadian banks tend to be very conservative and the provisions shouldn't be a worry as long as the losses don't even the capital. He thinks they will have reasonable return on equity at around 8%.
Chris BlumasUnknown
BUY
A financial holding company that is the major holder of Power Financial. Power Financial has Great West Life and IGM Financial under them. The double stacked holding company offers a discount. In terms of the underlying assets, they are very positive. Great West Life pays a good dividend. He is less enthused by IGM Financial.
mngmntdiversified
HOLD
They own it in their client portfolio. They have streamlined operations in their international offerings. In doing so, their earnings were a little choppy which caused the underperformance. Going forward it should see earnings growth. They are well positioned and the dividend is safe.
Chris BlumasOwned
banks
COMMENT
Best retailer to invest in. He would hold off in investing in any of them right now. Large cap retailers are capturing market share and growing revenues. However, it's not going to last forever and the valuation has climbed up very quickly. Longer-term they are great retail franchises but expensive right now.
department stores
COMMENT
Best retailer to invest in. He would hold off in investing in any of them right now. Large cap retailers are capturing market share and growing revenues. However, it's not going to last forever and the valuation has climbed up very quickly. Longer-term they are great retail franchises but expensive right now.
clothing
COMMENT
Best retailer to invest in. He would hold off in investing in any of them right now. Large cap retailers are capturing market share and growing revenues. However, it's not going to last forever and the valuation has climbed up very quickly. Longer-term they are great retail franchises but expensive right now.
department stores
BUY
The business is great and the management team is strong. A fantastic compounder of capital. A company that does well in low interest rate environment. They take real estate and create synthetic bonds for institutions. Recent fundraising has been prolific.
Chris BlumasOwned
managementdiversified
BUY
The valuation is low with low price to book. The dividend is quite good. There is just negative sentiment around lifecos in general. The market has just not responded to what they are doing. Interest rates are likely to be low for a long time which is punitive to them.
Chris BlumasOwned
insurance
HOLD
There is a lot of negativity around real estate in general. However, he would stick with this. They will be doing a massive buy-back. There are people who are inpatient from whom the company is looking to buy back shares from. Their office assets are top quality.
Chris BlumasOwned
REAL ESTATE
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