DON'T BUY
Coming out of the pandemic, this was a big theme. Inflation roared and is still staying high. Complicated asset class. Due to the long duration, you're getting hit by the long bond selloff. Down 12-13%. Last year and this year, the short-term TIPS would've done well. You're better off owning XRB -- it's liquid, should do well as inflation remains sticky even though it's come off, and he owns it.
BUY
You're better off owning XRB than XSTP. It's liquid. Even though inflation's come off a bit, it remains sticky, and this one should do well.
DON'T BUY
Got stung by low forecasts. Margin spreads are suffering. Not one of his favourites. Sector is cheap, but he's still not being aggressive. Inverted yield curve is not good for banks.
HOLD
TD has expanded its NIM in the US, so last quarter they benefited the most out of all the banks. Best in class. He's lightened up on financials. Valuations are compelling, but margin and loan growth will be stagnant. Banks don't do well in recessions. No tailwinds right now.
HOLD
Best in class. He's lightened up on financials. Valuations are compelling, but margin and loan growth will be stagnant. Banks don't do well in recessions. No tailwinds right now.
DON'T BUY
Missed numbers. NIM decreased, which was surprising. Volatility always present from Latin and South American assets. Not a fan of their geographic strategy. USD vs. EM will always put a discount on the stock. Prefers TD or RY.
DON'T BUY
Discount to NAV, rare. Whole sector is on sale. Beautiful properties, great managers. Still dealing with hybrid work model. Won't be a lot of office space expansion. Favours apartments and industrial.
HOLD
A defensive chapter within the retail story. Pristine balance sheet. 1/3 of space anchored by WMT, a strong leasing partner. Selling on-site condos, and immigration keeps demand high. Yield is 6%.
DON'T BUY
Timing is everything. Liquidity issues, US housing prices and sentiment dropping. No place in his portfolio right now. With rising rates, acquisition strategy will probably slow.
TOP PICK
Benefits in a recession as people have to downsize. Supply is tight, as it takes 1-2 years to zone a new storage facility. Great job consolidating. 1/3 management stock ownership. Focused in Canada. Cheap. Yield is 0.20%. (Analysts’ price target is $7.75)
TOP PICK
Bellwether for apartment REITs. Always so expensive, but now trades at discount to NAV. Biggest concern is energy costs, but these have come down, which will help margins. Rents can be raised about 6-7% on churn. Dynamics are good. Gets funding through CMHC, so loan spreads are not an issue. More apartments needed. Yield is 3.43%. (Analysts’ price target is $57.87)
TOP PICK
Smaller cap, growing. Geographically diversified in Canada. High demand for industrial. Even in a recession, e-commerce creates warehouse and logistics demand that you always want to be part of. The "Amazon effect". Yield is 7.26%. (Analysts’ price target is $13.31)
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Curated by Michael O'Reilly since 2020.
1550+ opinions with 4.81 rating (one of the best performing expert).

TOP PICK
Stockchase Research Editor: Michael O'Reilly We reiterate CMC, a $4 billion market cap manufacturer, recycler and fabricator of steel and metal products, as a TOP PICK . It trades at 5x earnings and supports a 30% ROE. It has averaged earnings growth over 150% over the past three quarters. We continue to recommend setting a stop loss at $30, looking to achieve $45 -- upside over 20%. Yield 1.49% (Analysts’ price target is $43.78)
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Curated by Michael O'Reilly since 2020.
1550+ opinions with 4.81 rating (one of the best performing expert).

TOP PICK
Stockchase Research Editor: Michael O'Reilly We reiterate this 720,000 boepd producer as a TOP PICK. Consider this as an inflation hedge that pays you to hold it. It currently trades at 7x earnings and 1.5x book value and supports a ROE of 24%. It pays a good dividend, backed by a payout ratio under 30% of earnings. We continue to recommend a stop-loss at $32, looking to achieve $50 -- upside potential over 21%. Yield 4.6% (Analysts’ price target is $49.95)
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Curated by Michael O'Reilly since 2020.
1550+ opinions with 4.81 rating (one of the best performing expert).

TOP PICK
Stockchase Research Editor: Michael O'Reilly We reiterate this iconic brand as a TOP PICK. Growth in next year's earnings are expected to value the company at 15x earnings compared to peers at 19x. Management continues to exploit its low cost advantage and operational efficiencies. It trades at just 1.2x book value. We like that it has grown cash reserves while aggressively retiring debt. We continue to recommend at stop loss at $46, looking to achieve $65 - upside potential of 32%. Yield 0.81% (Analysts’ price target is $65.28)