COMMENT
What lessons have we learned since last time the market peaked? 2020 has taught investors that it's time in the market, not timing the market, that makes for investor success. Micromanaging your investments runs the risk of seeing the trees instead of the forest. Patience and a steady even hand are important to ensuring investor success over the long term.
COMMENT
How long would it take Shopify to earn profits to match its market cap of $180B? It flashes a red light. He owned from 2016-18, and very profitably. It's gotten manic since then. Trades at 300x earnings, so it would take 300 years to earn its market cap. On the cusp of a new year, he's constructive on value and cyclical stocks, after a decade of being outshone by the growth stocks. Things are falling into place, and we should see a rotation this year.
DON'T BUY
Wouldn't buy. On the surface, yield of 4.6% appears competitive. Cut the dividend by 50% in 2018. Strategically making the right moves by making acquisitions into high net worth asset management, which has better demographics and margins. But what's the return going to be? Earnings have flatlined. Value trap.
DON'T BUY

Great company. Overvalued. Pandemic and e-commerce have been a boon. Growth both organic and by its acquisition spree. Trades at 71x earnings. His preference is for Open Text, which has a larger market and has grown more quickly. OTEX trades at 14x earnings.

BUY

Great company. Likes it, but prefers Couche-Tard. Has grown nicely. Dividend higher than ATD.B. Both hinge on increasing electrification. Can buy it pretty comfortably here.

BUY
US Democratic sweep. This matters because of the green deal and electrification. A third of profitability is derived from fuel, and this rattles some investors. These fears are overblown. It's a consolidator, profitable, upsells items on a higher margin. Buy it here, sleep well at night.
BUY
Restructuring was a successful bid to attract more US investors. Long-term prospects are good. Infrastructure has a huge deficit in the developed world. Governments fund that gap with public-private deals. Brookfield is a leading player in that asset class. Great company. Comfortable buying here.
PAST TOP PICK
(A Top Pick Jan 09/20, Down 1%) Wouldn't buy again. Remains a good company, but Tim's is exposed to the breakfast trade, which has fallen off. Popeye's and Burger King have done well. There are better ideas out there.
PAST TOP PICK
(A Top Pick Jan 09/20, Up 23%) A recovery play, very cyclical. Has moved dramatically since March lows, but there's still upside. Largest producer of methanol in the world. Continues to buy.
PAST TOP PICK
(A Top Pick Jan 09/20, Up 21%) Cyclical, but also a grower. Very profitable, high 20% ROE. Part of critical freight infrastructure and backbone of the country. Efficient operator. Good shot at record earnings in 2021.
COMMENT

Shares were undervalued. Skepticism because they have significant real estate exposure. The offer to go private will probably be supported by a majority of shareholders who want the cash. The smarter choice would be to accept the share exchange for BAM shares. Sit tight, as the offer might be sweetened.

COMMENT
Definition of "taking a position" in a portfolio. A lot of the glory goes to stock-picking, but position size is really important. Full position means the intended ultimate target weighting in the portfolio. He manages about 20 stocks, of equal weighting, and so the default position size is about 5%. If you hear about a half position or legging into a trade, this means they might be waiting to develop more conviction or for something to happen. They might start out with 2.5%, and then buy the rest of the position. He tends to do his homework up front, and buy a full position all at once There's more than way to skin a cat, and there's nothing wrong with taking a half position first.
DON'T BUY

Polarizing stock. If you like Tesla, you've got to like Ballard. He doesn't like either. It's not so much a stock as it is a science project. It's been around since 1994, and it's lost money in every one of those years, with losses mounting since 2018. Even with electrification, not projected to make money anytime soon.

HOLD
Owns it mainly for the dividend, close to 5%, which grows slowly but steadily. Very safe. Financially strong. Core line of business, telecom, has seen more spending with work from home. Pretty stable. If you're looking for total return, there are better choices out there. Long-term buy and hold.
BUY
Competitive yield. Alberta's phasing out coal-fired plants was a huge blow. It's been diversifying outside Alberta, and growing nicely. Dividend has increased. Broad re-rating of power producers with a growing renewable energy footprint. Halo will continue on these names. Continue to buy here.