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Yes. A lot of eyes were watching this. Yesterday's PPI wasn't terrific. Last few months of data points have been rather sloppy, pushing back expectations of rate reductions. Today went a long way to alleviate some discomfort that perhaps we're not going to get a rate cut in September, but the Fed will probably do one by December. 

The other really important thing is that Chairman Powell dismissed any sort of talk about rate hikes. We're going to be here for a bit longer, but we're going in the right direction.

Very positive. Seeing yields come down, earnings expectations from analysts are going up, market breadth is returning in a big way. Everything's suggesting that we're really in a bull market.

Always a possibility, and one of the reasons why you're not in 100% equities. But the market doesn't seem to think that's happening. Market breadth is really increasing beyond the Magnificent 7. Usually you sell in May and go away, but the opposite is happening.

Market's saying soft landing, and less likely for stagflation.

Great name to look at, hasn't participated that much in the rally. Offence + defense. Really good organic growth of 7%. Good play on decarbonization. Lots of dry powder, probably used for M&A in second half of year. Trading at 9-10x, growing at 11%. Nice yield of 5.3%, growing.

Problems not done, but mostly built in at these levels. Don't know amount of pecuniary damages. Spending $600M to enhance systems. Outlook for banks in 2024 not great, picks up in 2025. Trades at discount, nice dividend. More of a buy than a sell.

If you have USD, save it for things you can't get in Canada. You can get many names with CAD, and you don't have to tie up US dollars. He believes CAD has more upside than downside over next 5 years, so CDRs take out the currency risk. CDRs let you get a piece of the action on expensive stocks more cheaply. 

They are hedged, which is part of the charm -- you get the movement as though you're agnostic to the currency. There is an MER, but if you own for 5-10 years, that cost is diminished.

Weighed down by 8 legacy contracts, which management is trying to exit. That would help with margins. Turnaround will probably take a few quarters. If successful, growth around 19%. Not cheap at 22x. Better risk/reward elsewhere.

ALA trades at 12x earnings, growing at 12%. On PEG ratio, it's cheaper. Yield is 4%, growing comfortably at 5-8%.

BCE is paying a wonderful dividend. PE is more expensive. No growth right now, perhaps will see 3% in a couple of years. At $47, still a bit of upside from today's levels. Regulatory announcements have to go well for BCE, still pricing issues, still a bit of wood to chop.

For fresh money, ideally split it between both. If he had to choose one, it would be ALA. 

ALA trades at 12x earnings, growing at 12%. On PEG ratio, it's cheaper. Yield is 4%, growing comfortably at 5-8%.

BCE is paying a wonderful dividend. PE is more expensive. No growth right now, perhaps will see 3% in a couple of years. At $47, still a bit of upside from today's levels. Regulatory announcements have to go well for BCE, still pricing issues, still a bit of wood to chop.

For fresh money, ideally split it between both. If he had to choose one, it would be ALA. 

Icon of the market right now. People are scared to own because it's up 4-fold in the past year. Earnings are coming out soon. Others will enter this space and will encroach on its moat, but right now it's #1. A name to own, try to buy when it backs off.

Will probably double from here, over the next 2-3 years, before people start taking market share from them.

Unloaded it, as growth rate is negative. Power prices have come down, costs have gone up. Going to get paid your dividend, with 6% growth. Not bad PE at 13.1x. Trying to get into data centres. He prefers ALA or GEI. EMA is a comparable utility with better growth and price to growth.

A comparable utility to CPX, but with better growth and price to growth. Cheap. Asset sales by June would be a catalyst to multiple expansion.

Probably the latter. What moves markets is things that aren't known, and this is really known. The Canadian yield curve is inverted, instead of up and to the right. This is because the Canadian economy is not robust, and we are so indebted. Lots of people were caught the wrong way on the direction of interest rates on renewals.

It will hurt the Canadian economy. But not the stock market in general, because it's tethered to global growth and what's happening in the US. A lot of Canadian companies can do very well under that framework.

Growth rates have really come down. It's taking longer to convert customers to cloud and AI. Good, long-term name that will be there. Better areas in AI elsewhere. Good at lower levels, but not here.

Spinout should happen in the fall. South Bow is the more interesting one, could be takeover target. Last quarter was a beat. Too cheap at 12x 2025 earnings, nice dividend, good job executing. Not a lot of EPS growth right now. Sector's done well this month, might need to rest. Likes it, but you don't have to buy it at $53.