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COMMENT
Markets. Nice change to see a positive day or two, especially after last week and Monday. We're in for volatility for some time. War in Ukraine has exacerbated problems that were already becoming evident coming out of the pandemic. Real pressures on inflation, shortages in commodities whether energy or materials or agriculture. Global supply chain issues are not fixed. It really questions globalization of businesses, because it means we don't have strategic assets available when they're needed. We're in for a period of adjustment for a while. Investors are focusing on areas that are perhaps more receptive to inflation. Renewed focus on security of energy supply. All these things are good for those in the Canadian market.
COMMENT
Where to invest? He's tried to focus on the longer game. As a value investor, he buys stocks that aren't quite as exciting in growth markets, but can withstand the forces of volatility that descend. Canadian market is a good place to be looking right now, given our exposure to resources with energy and materials. Financial sector is fairly strong, so not a bad place to look. Globally, you want to find companies that can pass through inflationary trends. A lot of companies will have trouble doing that, especially as they have to restructure their business lines to access supply. We're really coming into a stock picker's market.
BUY
Interest rates going up is generally good for insurance companies. Extremely well managed. One of his favourites in the industry. He'd recommend it today. Priced at the right level now. Yield of just over 4%.
Michael SprungOwned
insurance
COMMENT
Metrics to evaluate P&C insurance companies? Evaluate P&C companies much differently than lifecos, which have longer-term liabilities. P&Cs operate on a yearly renewable term, benefits can get repriced annually. on't get caught up in the year-to-year combined ratio. That ratio will fluctuate. Look at how good they are over time at investing the float, which is where they make their money. Look at the payment-to-claims ratio. Inexpensive premiums often mean it's hard to collect when you have a claim.
PAST TOP PICK
(A Top Pick Apr 21/21, Down 1%) At close to book value, better priced today than SLF, which also has a lower yield. Large exposure to Asia's continuing Covid situation may explain lagging performance. Extremely well structured and financed. No hesitation in recommending it long term. Yield slightly over 5%.
Michael SprungOwned
insurance
PAST TOP PICK
(A Top Pick Apr 21/21, Up 65%) Still likes it. With CNQ, a benchmark energy stock in Canada. We're in a very good market for Canadian energy producers. Potential for greater dividends or share buybacks. Core holding. Yield is over 4%.
Michael SprungOwned
integrated oils
PAST TOP PICK
(A Top Pick Apr 21/21, Up 26%) Still likes it within the sector. Canada's predominant player, though Telus is not far off. Core holding. Doing well with fibre, among the top in Canada. Yield approaching 5%.
Michael SprungOwned
telephone utilities
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