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Canadian banks under-performing the past year due to interest rate hikes.
Concerns of a recession/hard landing also slowing growth.
Loan losses not materializing in banks.
Good time to buy shares.
2nd best bank behind RBC.

Unsure on future of business.
Not good if business is sold to Glencore.

Recent share price weakness due to less discretionary spending.
Lower priced retail outlets performing better (Costco, Walmart, Dollarama).
Would not buy at this time.
Waiting for economy to recover.

Does not own shares in company.
Share price weak the past year.
Stable business with legacy assets.
Strong dividend yield that is safe.
Pricing power with oligopoly.

Demand for lumber will continue to increase.
Short term weakness in housing (recession) not a concern for long term investors.
Expecting performance for long term investors. 

Legacy assets with utilities hard to replace.
New hedge fund activist pushing for disposal of renewables.
Owns shares in business.
Good for long term investors. 

Waiting for market response in the next earning season.
If massive selloff, will be a bad sign for markets going forward.
Expecting tech sector to contain some surprises. 
China will be very interesting to watch.
Upcoming re-balancing of NASDAQ will hit Microsoft & NVIDIA harder than other companies.

Very sophisticated product.
Only good for educated investors.
Difficult to predict long term viability of strategy.
5-10 standard deviation event possible with this product.
Would advise caution when buying product.

Treasury bill/money market funds will not have as much price volatility.
If interest rates go down, value of bonds will rise.
Yield also directly correlated to interest rates.

Expecting a hard landing/recession which will induce loan losses.
Not a good time to buy shares.
Wait for economic slowdown before buying.
Difficult to predict.

Telecom business models under pressure due to toxic lead ingredients used in business.
Large debt loads will also be tough on business with rising interest rates.
Is a good time to buy given negative headlines.

Technical indicators pointing towards a cautious strategy in the markets.
Expecting a correction in the markets.
An ~11% fall in the markets not out of the question.
Given recent interest rate hikes - economic hard landing almost guaranteed.
Wait to invest once the markets have corrected.
Sentiment amongst investors pointing towards negative outlook.

Canada does not have nearly the same tech landscape that the US does, and SHOP has been one of Canada's largest tech successes. This provides support at a high level for the company to continue to succeed. Understanding its technology, it is more than just a flash in the pan and has a long tail to it. Ecommerce and Shopify's presence have a 'lindy effect' and this is essentially its staying power. Digital spending is here to stay, and brands need PoS, logistics, inventory management and other systems to manage online sails. 

We like Shopify's strong presence across North America, its resiliency across business cycles, and vision from the management team. It is at a high valuation relative to most other companies, but we feel this is justified given its growing market share and technology supporting the company. 

There are risks from certain competitors (AMZN, LSPD), but most of these risks fade away over time as investors and businesses realize the impressive technology stack that SHOP has in comparison. We believe it has created a competitive advantage for itself, and there are certain businesses that AMZN has avoided due to SHOP's significant presence in those businesses. 

We continue to like the name as part of a Canadian tech success story.
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WEX offers fleet payments/fuel solutions as well as B2B payment services. It looks cheap at 13X forward earnings and typically grows in the double-digit range on the top and bottom lines. Fundamentally it is a strong company with good and consistent margins. Debt is largely covered by cash and investments. We don't see a whole lot to pick on here. 
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HSY is a mature consumer staple name and is now trading at 23x times' Forward P/E (historical averages range from 19x to 27x). HSY’s volume growth is largely mature, however, the company has decent pricing power, which helped drive revenue growth by double-digits in the last two years. The balance sheet is okay, with net debt of $4.5B and the net debt/EBITDA is now at 1.7x. Going forward revenue growth would be around 5% on average over the next few years. HSY also has consistently raised dividends and done share buybacks which we like.

Overall, stable, resilient businesses but not cheap, we think it is ok but have a hard time getting excited about a sub-5% grower (in a normal environment) trading at 23X forward earnings.
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