COMMENT
REITs in this environment. Doesn't like office or retail. Likes apartments and industrial. Played this theme through the pandemic, and though that idea's a bit tired, it still has legs. As markets get more uneasy, you want to grab the most defensive assets you can. Apartments and industrial are defensive, but have the dynamics of expansion, so there are tailwinds.
Unknown
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.
0
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.
E.T.F.'s
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.
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.
banks
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.
banks
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.
banks