Latest Stock Buy or Sell?

Markets. First half of the year was choppy for both bonds and stocks, both in Canada and US. He's positioning defensively. Markets have come off their peaks, and he expects a recession to start later this year and continue into next. Taking less risk in portfolios than a year ago. Emphasizing companies with strong balance sheets, self-funding, selling products that meet consumer needs instead of wants. Going for opportunities in staples, utilities, telcos, healthcare. Leaving the more cyclical areas like financials, tech, consumer discretionary, and industrials.

Overweight cash and gold? Yes. Cash has fared better than bonds this year. Steep rise in interest rates is the cause of the bear market that's unfolding and hurting bonds. Cash is a reasonable place to be. Gold has been disappointing, but still thinks the trend is intact. Higher highs are still in store. Relentless buying of the USD and other traditional, risk-off, safe haven assets has put pressure on gold. Essentially, those assets are competing for capital, and the USD is winning at the moment.

On the surface, trades cheaply. Compelling dividend. Problem is sun-setting business in printing, and that cash cow is shrinking faster than growth of other divisions. Earnings peaked in 2018. Era of steady dividend grower is over. Dividend at risk if can't restore profitability. Value trap. Better places to invest.

Great grower and compounder. Behind 7-Eleven, second-largest convenience store owner in the world. Great operators and acquirers in a fragmented industry. Juicy margins on store items. Scale lets them sell fuel for less. Under-leveraged. Grows organically and inorganically. Petro-Can purchase would be great. He's buying.

Own through the cycle, regardless of oil price, as they make money at $30 oil. Increasing dividend, special dividend. Buying back shares. Production is up 9-10% YOY. Growth plus income. If oil stays where it is (his view), will outperform TSX; if it goes way higher, it won't.

(A Top Pick Jul 07/21, Down 1%) Banks are a cornerstone of portfolios. Cater to needs, not wants. Canadian banks are dominant oligopolies. Could be vulnerable to profit losses this year. Net interest margins are compressing. Dividends are safe, likely to grow. Well capitalized. Usually market outperformers.