Today, Chris Blumas commented about whether TD-T, ATD-T, HON-N, ALC-N, ABT-N, LLY-N, DOL-T, L-T, PLTR-Q, JPM-N, C-N, CNR-T, CP-T, FSV-T, RTX-N, YUMC-N, BIP.UN-T, BN-T, FNV-T, AEM-T, TSM-N, NVDA-Q, GWO-T, MDLZ-Q, CNQ-T, GOOG-Q, BCE-T, ENB-T are stocks to buy or sell.
Really well run, very good compounder. Likes the business, always on his watchlist, but it always trades as such a rich valuation. Strong growth profile, but valuation exceeds it. If you can get it at the right price, hold for a long time because huge runway ahead.
Largely insulated from tariffs, as services take place locally whether Canada or US. Only hiccup would be if housing materials were hit by tariffs; still, labour costs (not subject to tariffs) are the bulk of renovation expenses. Would be sensitive, however, to a broader economic turndown.
First-class management. Most unique footprint of any rail in NA. Tariff uncertainty impacts it the most, as it facilitates trade among US, Canada, and Mexico. It's held in really well. Attractive 20x PE, but tariffs will impact growth.
He did think about exiting, as he looked out over 4 years and saw potential economic weakness on the horizon. But it's a trophy asset, one to own long term. He decided to hold on, and to buy a bit more if it does get hit.
One of his go-to names in the sector. Trades at a premium because it has perhaps the lowest geopolitical risk of any producer. Valuation is too rich.