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A pipeline from the Permian to the Gulf of Mexico will come online, the Matterhorn, which will increase the flow of oil as well as natural gas, which has been trading at a negative price this year. So, the producers will be much more profitable. Two more pipelines are coming and will support the oil price and their companies. She likes Devon, paying a 5% yield and will benefit from the Matterhorn.

They are blowing away former projections in free cash flow, $2 billion this year, but is $7.5 billion actually and $9.5 billion in 2025. The fundamentals are amazing. Definitely hold or own this. She doesn't like their 39x PE, but growth is so strong. She's trimmed it twice because it's such a huge holding for her.

Making an intra-day high today. Momentum now is driven by it being an AI play. But look at the fundamentals: a 3% free cash flow yield, not 5% anymore, and trading at 23x PE. Is this sustainable? How much will they spend on AI? Will their efficiency result in huge spending? Consider trading some of this. She holds a huge position.

With a 5.7% yield, certainly many investors will like what they see as far as income goes from PFE. The company also has a fairly decent history of raising dividends. In 2014 it was 26 cents, it is 42 cents now. As interest rates decline, its dividend may become more attractive to investors. The stock is cheap at 11X earnings, and now up 2% YTD. Our value trap comment mostly refers to lack of growth. EPS this year is expected to be $2.61, not much above the levels of nine years ago and well below the Covid peak (2021). That would not be so bad, if not for the fact that debt has nearly doubled as well in the past 10 years. So there has been no growth but still, financial risks have increased here. 
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DOL is well-capitalized, has strong profit margins. For a long-term holding, we would prefer DOL today.
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PLZ.UN is an open-ended Canadian REIT whose portfolio largely consists of open-air centres and stand-alone small box retail outlets. It pays a distribution yield of 7.1%, sales growth has been improving recently, margins have stabilized, and its free cash flow is sufficient for its distribution payments. It trades at an OK valuation of 12X forward earnings, and it is trading below its book value. We think it is a slightly risky REIT due to its small size and minimal growth rates. We would consider it 'OK' as part of a basket of higher risk income names, but not overly attractive as a single holding.
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Sunlife vs. Manulife

Manulife (MFC)

Manulife Financial (MFC) is a Canadian multinational financial services company that operates under ‘Manulife’ in Canada and Asia, and through its John Hancock division in the US. It offers services include life insurance, wealth management, and investment services to individuals and businesses. 

Sun Life (SLF)

Sun Life Financial (SLF) is a financial services company that offers savings, retireent, and pension products globally. Its operations include five business segments: Asset Management, Canada, US, Asia, and Corporate. Its services include life insurance, health insurance, and investment management. 

Looking at valuation, we can see that both names are trading at similar levels (SLF at 11X forward earnings and MFC at 10X forward earnings). Although, SLF has been trading at a premium valuation relative to MFC over the past few years, and we think that MFC’s recent strong execution has caused it to re-rate. Both names have similar dividend yields (around the low 4% level). We can see how since early 2024, MFCs returns have begun to take off, and this is largely attributable to a combination of a previously cheap valuation and execution in cost management. 

Both names have performed well over the years and have sustainable dividend policies, but recent performance has begun to shift from prior years. We think with declining rates, that both of these names have certain tailwinds, particularly in the asset management space, but MFC has shown strong execution in its recent earnings results. We think that investors looking for a strong momentum play and a larger name might prefer MFC today, however, for a more conservative play, we give SLF the edge due to its longer track record of success in margin expansion, causing it to trade at a premium to MFC, and its generally lower levels of volatility. 
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He is a trader first and investor second.The stock market is at a different all time high than the highs in June and July. The market is rotating with money kind of re-allocating itself from the Great Eight into more boring names in the overall market. There is an opportunity with the big dips and some names are not as exciting as others. He questions the 50 basis point cut in the U.S. which can cause investors to wonder what's going on. The Fed will continue to keep banks updated as to anticipated actions. If you don't think inflation is under wraps, gold is an interesting investment. There is a place for it in everyone's portfolio, but not a huge position. It provides an opportunity if the market is fully valued.

He likes banks as a group and Citigroup is probably the worst performer of them. It will play catch up with JP Morgan, etc. and could be a rotation play. When rates fall the spread widens so this is good for banks.

Wait for it to settle down a bit but he is looking for it to be a $100 billion company in the longer term. There is potential for it to get back to $35. One of his rules is that companies that have high multiples have to be making money and produce an actual product.

The question was on option trades. Options are volatile. As a floor trader he didn't have preferences on buying or selling options. It depends on the market. There are times when options are incredibly expensive. There are general trends, example S&P, that can work to our advantage. A huge trend now is in options that expire today which is depressing options that expire in 7 to 10 days, so they are consistently underpriced

The question was on shorting. Generally when going short he likes to play directly in the VIX, or ETP's, etc. As a rule he likes long strangles, 7 to 10 days out, cheaper than the S&P, and then shorten. The best way to express short volatility options is though the Volatility Index itself.

He thinks it is fully valued with the growth priced in. The chip record can be cyclical and there could be a glut of GPU's, probably not next year but in 3 to 5 years.

It is OK for a long term play and pays a dividend. Everyone uses it so it is a safe investment but not very exciting. What happens if the U.S. economy slows down.

At depressed prices you could sell put options at a $60 price if looking to buy the stock below $60. In general the option market is now bigger than the stock market in the U.S. Banks go out and start buying medium and long term call options in depressed names and build their positions.