WEAK BUY

Growth estimates of pipelines have really gone up in past few months with nat gas prices going higher. More throughput looking likely on Trans Mountain. More incentive in Canada to talk about moving oil East-West and North-South.

Perhaps #4 or 5 on his list of which pipes to buy first. Solid company, valuation more attractive than previously. You won't get hurt with this one.

BUY

An opportunity, as it just sold off on marketing segment.

Growth estimates of pipelines have really gone up in past few months with nat gas prices going higher. More throughput looking likely on Trans Mountain. More incentive in Canada to talk about moving oil East-West and North-South.

COMMENT
Oil, natural gas, and tariffs.

So much at play. Donald wants more barrels per day, but are companies going to respond? He's not sure. They well remember their near-death experiences from "production at all costs" years ago. There's also Russia -- is there going to be a potential thaw down the road? Same with Iran. The IEA thinks global demand will be 2-3% higher in 2026 and 2027, peaking at 2029-2030.

Canadian oil companies are pretty cheap, pretty attractive, returning a lot of cash to shareholders. Would he invest in oil with all this noise? No. He'd go more for the natural gas side -- it's an export that needs to happen. Both Germany and Italy came to us a while ago, and now we're finally responding. Price of nat gas in Asia is higher than here. Out nat gas price is about double what it was a year ago. That's where you want to be.

Doesn't think the 10% tariff will be put on. With Canadian energy trading at a discount, the price already swings, so 10% is not really that big a deal. These companies can survive if a 10% tariff is imposed.

TRADE

Deferred capex, a positive. Flexibility with its fleet. Strong balance sheet. Under 6x PE, way cheaper than US peers. Softness this year due to tariff uncertainty, sees growth returning in next couple of years. If tariffs don't go on, a nice buy. Put it in a non-registered account as more of a trading stock.

SELL
Underwater -- hold or sell?

He models 22% growth at 23x PE. Normally he'd like it, but it's had too big of a move from the fall. Not convinced it'll hit target numbers. Less exposed to tariffs.

WATCH

Would be less exposed to any tariffs imposed.

BUY ON WEAKNESS
Interview with CEO at bnnbloomberg.ca.

Really solid earnings the other day. Targets are way higher than what the street expected. Great numbers in growth and free cashflow. Sector is immune from tariffs. 24x PE for 2026, growing at 15%. Don't be a hero, wait to get it at a lower level.

PAST TOP PICK
(A Top Pick Feb 08/24, Down 43%)

Terrible result. One out of every 20 stocks is going to hit you in the head. You want a stock like this in a non-registered account, so you can sell it for the capital loss. Market still believes in 78% EPS growth from here. He's holding.

PAST TOP PICK
(A Top Pick Feb 08/24, Up 3%)

Bought, in part, on prospects of a greener world. Came down on weaker China and on the (much less green) Trump victory. Didn't execute as well in Q4, softer sales, higher capex. Copper's a good long-term bet. Trades at 15x with 19% growth.

Still likes it. USA really needs to grow its way out of this deficit.

PAST TOP PICK
(A Top Pick Feb 08/24, Up 7%)

Hit all its numbers. Q4 was a modest beat. 21x PE for 2026, growing at 28%. One of the best techy names out there, and the aggregator of all the autonomous vehicles in the system. He'd look to buy more.

HOLD

Hurt by pricing, competition, and CRTC rulings. Tailwinds from immigration have changed. Intensive capex with higher interest rates. Needs to sell assets and towers (and lease them back). Dividend is too high. Compelling down here. 

In registered accounts, he's held on. In non-registered, he sold in November for the loss, and then got back in after the 30 days passed. You'll be fine longer term.

COMMENT

Beat today, strong capital markets, strong trading especially in the US. Shrinking balance sheet to comply with US regulators. Earnings estimates for all banks have come up a lot. All banks will go higher if no tariffs and our economy stays good, though TD will probably participate least. In the penalty box.

If tariffs go on and stay on, credit loss provisions will go up quite a bit. Only buy if you feel tariffs aren't going to happen.

HOLD

Beat yesterday, margins guided lower. Significant ramp in Blackwell chips. Before yesterday, reasonably priced PEG ratio; that will change as they up their numbers. Not a slam dunk, but still reasonable valuation for growth.

Selling off today because of Trump's extra 10% threatened for China. He had trimmed at highs, he's holding the rest, stock still works from here.

COMMENT
Buying puts or selling calls?

He doesn't like buying put protection, as it's really expensive and then Trump changes his mind and it expires worthless. Do that a few times, and you get tired of it. It's tough. Leave it to the institutions that specialize in that strategy. 

Always loves selling calls. Take a stock that's had a big move, with markets still dancing near highs. When markets erode, find names that you like and sell puts. You get a premium both ways. Selloff today, but markets are still near market highs, still room to sell calls.

HOLD
Why stuck around $44?

Markets are tough and can be counter-intuitive. Great beat, and the sector is sheltered from tariffs. Free of negative surprises, unlike SLF. Street models 12.5% EPS growth, trading at 9.34x -- cheaper and more compelling than banks.

The answer could be that the good news was already baked into the stock. He'd take it as a really good sign that it's actually up in the past week of a really tough market. More to go, but doesn't go in a straight line. He's long this one.