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Berman's call was replaced with special coverage today.

Feels like the late 90s. Hard to argue there's not a lot of speculation going on. See it in crypto and other areas. Tech sector has more fundamentals behind it now. But he has to chuckle at Rivian and Lucid. They make TSLA look like a blue chip, deep value stock in terms of valuation. People get caught up in the momentum, but there's a day of reckoning. Look at Zoom, Peleton, and the pot sector. Be wary of speculation. Still early in the economic cycle, with monetary and fiscal tailwinds. Corporate profits have been much stronger this year, but you can't be unaware of valuation risk and potential potholes.

Equities vs. fixed income. You want to stay in the market, but have to be wary of the risks. What makes the market go higher? Earnings growth or a higher multiple. We've stretched the rubber band on the multiple as far as we can, with low interest rates. So it has to be earnings growth. Cyclical areas will do well for the next year or two like energy, industrials, recovery stocks, airlines and autos. You have to give yourself downside protection. What's the potential upside vs. downside risk? If he has to stay in stocks, he wants a dividend yield, relatively stable earnings, and relatively low valuation. Financials, pipelines, telecoms, rather than chasing runs. Bonds are a money losing proposition for the next number of years. Look for safe stocks, maybe a little downside, earnings stability, big dividend yield. Pipelines tick all those boxes. Some of them are putting excess cash into renewables.

Debt is still massive. Need to pay that down before they can reward shareholders. Not at the top of his list. Has already had a significant move.

Huge growth in this area. Data's needed for government, urban planning, defence. Data quality much better than from a drone. One of the best ways to play it.

The payment companies have all been hit. Global footprint, will participate in the recovery. He'd slightly prefer Visa over MA, but they're close. Not cheap, but better growth ahead. Stick with it.

Mistake to buy value in technology. If you're going to buy tech, buy growth. Revenues declining. Lots of stumbles. Just look at the long-term chart.

Tech growth good, tech value bad. If you're going to buy tech, buy growth not value. Sometimes with value names, you're chasing a downward trend and you could chase it forever. Buy growth and just pay up the multiple. Make sure the growth is still there. When growth ends, that's when the risks occur. With the Nortels and the RIMs, we've seen the volatility, the best and the worst. When the growth slows down, you don't want to be there.

Impressed with the last couple of quarters. Global footprint, positive cashflows. Questions the move into low-margin food delivery. On the verge of growth acceleration. First move advantage. Made it through the pandemic. Insider buying. Yet stock's done nothing. It's worth a shot if you're a risk-taker.

Last quarter shook a lot of people out. A lot of acquisitions. Damning short report. It was priced to perfection, so a lot of risk to the downside. A lot of damage for a pretty good company.

(A Top Pick Dec 29/20, Up 71%) He bought if for the fundamentals. He sold, and shifted the money into Rogers. He's not a risk taker.

(A Top Pick Dec 29/20, Up 39%) Banks have massive excess capital from reserves. Very little downside from here, decent dividend yield. Not massive upside, but you can do worse than owning the Canadian banks. Beats the bond market by a mile.

(A Top Pick Dec 29/20, Up 168%) Pristine balance sheet. Great operators. Valuation is 4x operating cashflow. The Cadillac play of the sector.

Good position for light oil. One of the stronger players in the sector. Don't go short, that's for sure. Balance sheet's in good shape. Acquisitions well timed and accretive. Stock's come a long way, but still only halfway there given where oil is.

Banks vs. lifecos with rising rates. He'd take both at this point. It's not either/or. You should own both in your portfolio. Lifecos benefit a bit more from rising rates. They're trying to reduce their sensitivity to rates by diversifying into wealth management.