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Hard to tell on a quarterly basis. As a general rule, they're in very good shape. Even though loan losses have continued to rise, that's a good thing because they can take them back into earnings when things aren't as bad as forecast. Lots of capital to increase dividends or buy back shares, not trading at extreme levels on book value. In his dividend portfolio, he owns TD, RY, CM, and BNS. These are great businesses over the long term. A lot of the quarters had one-off costs. Great things to buy and hold long term. They continue to make money.

Weird economic background. Coming out of Covid, we had lots of fiscal stimulus, and now part of that's falling off. Then we had massive monetary policy decreasing rates, and there's a long lag in that effect, which we haven't felt yet. Consumers have had lots of savings, and unemployment is not very high. They're not in as bad a shape as people think. Remember, we came out of a very difficult 2 years, and now people are making up for that. You're seeing inflation numbers really high on the services side, as people just want to live their lives again, and this number is what the Fed's trying to bring down. US consumers with mostly fixed mortgages aren't as sensitive to higher mortgage rates as they were in 2008 when most had adjustable-rate mortgages.

Canadian consumers appear to be in a much more difficult situation.

At 30x earnings, has never been cheap. Lockdown in China hurts it, but as it enters a post-Covid world, numbers should be better. US same-store sales up 10%, product is habitual, loyal customers. Rationalized store base. Money spent on technology. Can't duplicate their products at home. Great brand that people love.

Great yield of 5.2%. Trading at 25x earnings. Great job on wireless, but also on growing other businesses like TIXT and Telus Health. Management's undervalued, executes very well. Great story. No media division, just telecom-based. 

Hasn't really come to fruition yet, and that will be important for a lot of the telecom companies. If you're in an elevator or underground parking, you still can't get your phone to work. Once 5G gets to a critical level, all these companies will do much better. 

Better off owning suppliers rather than OEM auto companies. Difficult to transition from combustion to electric. Tough to keep both sides going. Massive buildup on the EV side will help, but combustion provides the cash. Cheap for a reason. A trade at best, not for the long term.

He's not saying you should own this but, compared to the traditional car companies, EV is all it does. It's not split between combustion and electric. You can buy what you want, no bargaining with someone, and the cars are beautiful. Like buying an iPhone.

Great yield of 5.6%, increased by 11%. Buying back stock. Tough when rates were low, better now with higher rates. Fees from asset management have gone down with markets going down. Inexpensive at 8x earnings, 1.2x book. Great Asian franchise with lots of opportunity to upsell.

Cut dividend to a yield of 6%, and he wishes they'd cut more. Stopped the DRIP, which will help finances. Selling $1B of assets. All these things will keep credit rating where it is, which is very important for a utility. Two important questions. What assets are they selling and how much do they get? Secondly on Kentucky Power, April 26 is when they can walk away and pay a small breakup fee of $65M. Acquisition was overwhelming, would force them to take on more debt, and really hurt the stock. Thinks the market would prefer them not to do the deal.

Massive growth, as they've been in key sectors. Not cheap. Will continue to do well, in high-end areas. A design house, not a manufacturer. Semis are very important globally. A lot of onshoring going on, so it can become political. Very cyclical, sector pulled back on recession fears.