DON'T BUY

Very complicated business model.
Difficult to determine long term prospects of business.
Higher interest rates usually good for insurance, but not panning out.
Better names within sector to invest in.

BUY

Likes prospects of energy business right now.
Expansion into Texas a good addition to inventory.
Current share price undervalued.
TMX pipeline expansion will be good for business. 

BUY ON WEAKNESS

Historically a good business to invest in.
Size of company making it difficult to earn large returns.
Higher debt load a concern.
If share price falls, would invest.
Current share price too high.
Legacy assets are valuable.


HOLD

Assets valuable - not building any more railroads.
Prefers CP Rail.
Buy on weakness.
Good for long term investors if willing to hold for long period of time. 

HOLD

Excellent job in diversifying business.
Capital expansion program worrisome for investors.
Higher interest rates hard on business.
Building new assets difficult in Canada.
Oil pipeline spin-out would be a good investment.

BUY

Very good company with excellent management team.
Expecting strength in energy industry.
Historically a very good capital allocation process.
Permian production peaking sooner than thought (good for oil prices).
Waiting for shares to rise further before selling.
Very safe dividend yield. 

BUY ON WEAKNESS

Great Canadian company.
Hard assets, but current share price too high.
Waiting for share price to fall ~$10.
Very safe dividend. 

DON'T BUY

Very large business makes it tough to earn  high rate of return.
Gold prices difficult to predict.
Prefers Franco-Nevada & royalties.
Valuation not very good.

DON'T BUY

China demand will affect business.
Current share price does not justify investment.
Hard to predict outcome of business. 
Cyclical commodity that is hard to earn profits in. 

HOLD
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research

With the ROC component, the after-tax yield compares very well to alternatives, but it is hard to say whether it fully compensates, as investors have different tax brackets. If we look shorter term, its five year return is better, at 3.1%. But over ten years, it is down 26%, but with distributions 10-year net is 4.08%. Considering the very weak performance of the last year as interest rates spiked, we would still consider this 'OK' all things considered. 
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DON'T BUY
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research

The guidance was weak, and BB faces numerous challenges. But the company is still undergoing a strategic review, following overtures for a takeover. This remains a possibility, but it is hard to endorse on that alone. Fundamentals remain weak and much worse than expected. The balance sheet is OK but its large cash cushion is gone. Cash flow has been negative the past two years. Speculative as a possible takeover, but not really endorseable as a long term holding right now. 
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BUY
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research

LW produces and distributes frozen potato products globally and is now trading at 18.4x times' Forward P/E. In the last few years, LW’s revenue grew at a healthy double-digit rate. The balance sheet is leveraged, with a net debt of $3.3B, net debt/EBITDA is around 2.9x. The company has been reinvesting quite heavily to grow organically over the last few years. The debt adds risk, but considering the business it is probably at a manageable level. We would not like to see it increase, though. LW also pays consistently increasing dividends, which we like. Overall, a solid consumer staple name, debt is high, but the business is quite stable to support the leverage, ROE (113%!) is a bit inaccurate metric to use here, we prefer to use Return on total capital (26.7%) (debt + equity), we think that metrics reflect the return of the underlying business more accurately.
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COMMENT
Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research

Tax-Free Savings Account (TFSA): 

The TFSA is a versatile account designed to help Canadians save for any financial goal. Contributions to a TFSA are not tax-deductible, but the real advantage lies in tax-free growth and withdrawals. Any investment gains within the account, as well as withdrawals, are entirely tax-free. TFSA contribution room accumulates over time, allowing individuals to carry forward unused contribution room indefinitely. This makes the TFSA a flexible option for both short-term and long-term savings goals.
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