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Silver lining in a rather tumultuous day of trading in the US on our August civic holiday. Started to unfold from about July 10-11, with a pretty benign inflation print in the US. Market was speculating about more aggressive US rate cuts, prompting a rotation out of large, secular growth leadership of the Magnificent 7 and into value, cyclical, and interest sensitives.

Mag 7 have reasserted some leadership since the lows, but still being outperformed by the rest of the market. A healthy development. A rally where only the generals are advancing is not sustainable; you need the foot soldiers to advance as well to be able to hold ground.

Shows that sentiment changes quickly. Less liquidity in that market, and people are slow to put a lot of $$ and conviction behind a nascent theme. Tug-of-war between what's a demonstrably established 1.5+ years of entrenched leadership and the broadening rally. Tentative signs after a month and a bit.

It's part and parcel of investing. A summer analogy is that the potential of unexpected storms doesn't deter us from enjoying summer activities or time at the cottage. Likewise, don't let prospect of sharp and dramatic bouts of market volatility, domestically or overseas, undermine a well-constructed and well-diversified investment portfolio. Keep calm and carry on.

Both of the primary upstream manufacturing units are incurring operating losses. Technical issues are troubling. Labour issues. Fixed-price contracts at a time of rising inflation. Covid really hurt. Order backlog starting to rebuild. Still no dividend. Lots of debt. New CEO will take a while to settle in.

Storage solutions in the tech space. A smaller company compared to the biggies in the semiconductor space. No dividend. Wildly cyclical and volatile. A trade, not something his firm typically does.

Highly regards management, company, and disciplined return of capital to shareholders. If he were looking to add Canadian oil sands, this would certainly be #1, 2 or 3. Great assets. Own it, sleep well. He added XOM recently.

Nice valuation. Likes LNG exposure.

Everyone's watching with bated breath for next week's earnings. Habit of issuing guidance they can easily surpass. Focus on capex, use that to make inferences about other companies in the ecosystem. Big thing will be guidance for the next quarter.

Momentum is great now, but what it does after will hinge closely on guidance.

Excellent retailer in a notoriously difficult sector. Doing really well. A good name to consider adding for consumer discretionary exposure. Be mindful of headwinds such as Canadian consumer retrenching; some retailers navigate those macro headwinds easily.

Great growth stalwart and compounder. Leader in what's essentially an oligopoly. Earnings miss last quarter, margin pressure. Sales headwinds, partly due to plateauing demand for GLP-1 obesity drugs. Revenue pressure in pharmacy technology solutions.

None of that derails long-run growth thesis. Healthcare addresses a need, not a want. Demographic play. Compelling entry point. Will be higher 1 and 5 years from now, secular backdrop is just that good.

Largest undeveloped uranium deposit in the world. The bet is that the deposit is as good as test results say, and he thinks it is. Bullish on uranium. Real question is does the world need that much new uranium, or will we get a resolution for other global producers? Nuclear renaissance, contributing to increasing demand. Higher risk, since it doesn't produce either commodity or revenue yet.

Mine will probably get built. If you have the risk appetite, good entry point with the pullback. He owns CCO, bigger and actually producing.