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He'd do that trade, especially because in your RRIF there won't be tax consequences. Gives your portfolio more diversification. CP has more growth potential now with its wide network. Debt for KSU takeover is manageable, and they'll get cost savings. CP is at a cheaper multiple.

Great company, great operators. It's checked back, and he'd be buying. Thinks it will continue to pay out the special dividend because they're generating excess free cashflow. Great balance sheet. In nat gas names, TOU and ARX are the top 2.

In nat gas names, TOU and ARX are the top 2.

He's inclined to start looking at banks, and TD is at the top of the list. They have to deal with the First Horizon issue, as that stock has collapsed with the US regionals. Taken a hit on SCHW, too, and it impacts their capital ratios. Valuation has come down, good US footprint, short-term risk with the acquisition. Might be calmer in a couple of weeks, and that might be a bottom.

He's more inclined to be a buyer of the big money banks, both Canadian and US. TD and BMO would be at the top of the list, as acquisition pains have given both better valuations. 

Canadian banks have proven themselves. Crisis after crisis, they come through. They haven't had a really negative time since the real estate debacle of the 1980s. Very good at managing risk, not being overly aggressive, stability, secure oligopoly. Balance sheets are in great shape. Came through as heroes after 2008-9.

Market likes its new focus on cost cuts. Closed valuation gap with UPS pretty dramatically. At risk in a slowing economy, which they have bridged with a low valuation and a lot of cost-cutting.

Good job concentrating their portfolio. Acquisition looks to the future. More profitable to do acquisitions than to drill.

Diversified away from core mutual fund base, which has no growth. Started piling on debt to buy Registered Investment Advisors in the US, which they haven't been able to roll out. Timing was bad. Insiders continue to buy aggressively. Cheap valuation. 

Insider trading reports are a great indicator. People sell for a variety of reasons, but there's only one reason an insider buys a stock. It's cheap, and it's going higher. He prefers insider buying reports to corporate buying, as individuals are putting their own money on the line.

BAM, but he'd be wary of both right now because of the office side. BAM was spun out and it's largely private equity. Concerns him because it doesn't get revalued as frequently as publicly traded stocks. With interest rates having risen as much as they have, and potential economic weakness, there might be a risk to valuation. Public equity is a black box, so he's wary.

BAM, but he'd be wary of both right now because of the office side. BAM was spun out and it's largely private equity. Concerns him because it doesn't get revalued as frequently as publicly traded stocks. With interest rates having risen as much as they have, and potential economic weakness, there might be a risk to valuation. Public equity is a black box, so he's wary.

Great run over a couple of years. Problem is economic slowdown to a recession. Industrial spending and capex will slow, and this will affect CAT. Don't run out to buy. It's a later-cycle stock. Look at DE, similar valuation but agriculture probably has better growth.

Problem is economic slowdown to a recession. Industrial spending and capex will slow. Among the industrials, agriculture probably has better growth.

Recently took profits. With all the acquisitions, growth may be more limited. Valuation is still relatively high. Likes gold, but prefers the mid-size and juniors for more upside, better valuations, more opportunities. 

Likes gold, but prefers the mid-size and juniors for more upside, better valuations, more opportunities. Starting to bounce, but still more potential in some of those names. Doesn't want the big players.