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Likes the US healthcare industry, as all the aging baby boomers are entering high medical cost years. Covid delayed a lot of elective surgeries, creating a backlog. The yield on this ETF is extraordinary. He's trying this for his yield-oriented investors to make up for abysmal fixed income returns.
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Core holding, especially for more conservative investors who want yield. Banks have been beaten up because of concern about recession, but this is premature. Canadian banks are in pretty good shape from a credit point of view. Yield around 6%.
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Down 25%, so it's on sale. Warren Buffett says this is the only business where you put up a sign that says "On Sale", and all the customers run for the exits. Can it go down from here? Of course it can. But he buys with only a small proportion of a client's available cash.