COMMENT
Why don't you invest in energy stocks? He likes companies that have pricing power and aren't beholden to the costs of input. He has no idea whether oil or gold will go up and how to trade that. Not interested in the boom/bust of commodity names.
COMMENT
Hard to find great companies at low prices these days? Have to put it into context. Bond yields going lower, interest rates low. Bonds are even more expensive, and cash is earning nothing. The best businesses in the world should trade at high valuations. You're paying up for strong cash flows and stability. If they continue to compound capital, you should do very well with less stress. He and his clients want to sleep at night.
COMMENT
Are the tech giants core positions for you? Absolutely. Happy to continue to own the Apples and Microsofts. Though they've pulled back, it's healthy to have this broadening out of the rally. Highest returns and biggest profit growth lie in the FANGs.
BUY

Tremendous franchise. Taking a divergent path from Bell and Rogers, as they're taking on various pet projects. Trusts management, great acquirers. Should continue to increase dividends 5-7% per year. Good for balanced portfolios that need income. His preferred name in the space.

WATCH
Best TSX performer over the last 10 years. A rollup story, ongoing acquisitions. Plans to double over the next 5 years. Great management. Headwinds of EV cars, autonomous driving. On his radar, but hasn't pulled the trigger.
COMMENT
A good time to buy REITs? It's all about interest rates and Covid. Light at end of tunnel, so there's been a rebound. His favourite is CAR. Stay with companies that have tailwinds, such as apartments, American Tower, and data centres like Equinix. Stay away from offices and malls.
BUY

Amazing success story. Auctions heavy equipment. Takes fees, not much credit risk. The world's recovering, and industrials are booming. Multiple is expensive, but deserved. His preferred way to play is through CPRT. Sees only tailwinds, no headwinds, going forward.

BUY

The world's recovering, and industrials are booming. His preferred way to play the space is through CPRT, online salvage auction for cars. Sees only tailwinds, no headwinds, going forward. For Canadian investors, RBA looks interesting for the long term.

STRONG BUY
Buying it every day for new clients. Trimmed at $135 for clients who were overweight. Core position. Sees revenues improving and greater returns from China. Not too high a price for one of the best businesses in the world. Great balance sheet. Its business is only going to get better.
WEAK BUY

Tough year for the banks. Q4 will be released in a few weeks, and you never know what you're going to get. Brighter days are ahead, and the market's already figured that out. BMO is not his favourite. Prefers National, TD, Royal. You'll do fine with the Canadian banks. Some concerns around fintech. Low interest rates will be a problem, but offset by recovering economy. Good time to add for dividend seekers.

BUY

Tough year for the banks. Q4 will be released in a few weeks, and you never know what you're going to get. Brighter days are ahead, and the market's already figured that out. BMO is not his favourite. Prefers National, TD, Royal. You'll do fine with the Canadian banks. Some concerns around fintech. Low interest rates will be a problem, but offset by recovering economy. Good time to add for dividend seekers.

BUY

Tough year for the banks. Q4 will be released in a few weeks, and you never know what you're going to get. Brighter days are ahead, and the market's already figured that out. BMO is not his favourite. Prefers National, TD, Royal. You'll do fine with the Canadian banks. Some concerns around fintech. Low interest rates will be a problem, but offset by recovering economy. Good time to add for dividend seekers.

BUY

Tough year for the banks. Q4 will be released in a few weeks, and you never know what you're going to get. Brighter days are ahead, and the market's already figured that out. BMO is not his favourite. Prefers National, TD, Royal. You'll do fine with the Canadian banks. Some concerns around fintech. Low interest rates will be a problem, but offset by recovering economy. Good time to add for dividend seekers.

COMMENT

Canadian banks. Tough year for the banks. Q4 will be released in a few weeks, and you never know what you're going to get. Brighter days are ahead, and the market's already figured that out. BMO is not his favourite. Prefers National, TD, Royal. You'll do fine with the Canadian banks. Some concerns around fintech. Low interest rates will be a problem, but offset by recovering economy. Good time to add for dividend seekers.

DON'T BUY
Used to own, but bad things happened and he got out. Economy is lousy, but not as lousy as people thought. Terrific recovery. Still concerns about small businesses. More comfortable investing in the Canadian banks.