COMMENT

It's election day. Investors want a change. The last 10 years have not seen the most investor-friendly government. Given tariffs, people realize we need to invest in our economy, companies spending ahead on capex and sourcing resource development and industry expansion. It's nice to talk about interprovincial trade barriers, but each province is its own jurisdiction (i.e. doctors). However, they could remove the red tape in resource development.

PARTIAL BUY

Is watching it after falling to current levels. The rails track GDP levels. CN boasts a slightly lower PE and higher ROE than CP, but are paying much more in price-to book than CP, but you get more. Overall, it evens out slightly in CP's favour. You can buy some shares now and more if it falls further.

BUY

A top pick last November, because it's one of the leaders in industrial chemicals in North America. There's a lot going on behind the scenes here. He didn't see the downturn in this sector as well as intense competition. Likely, shares won't recover until the economy picks up, but an opportunity now.

WEAK BUY

The immigration slowdown has weighed on all telcos, but there will be growing demand for bandwidth, services and data. Also, Rogers and Telus will monetize their towers by selling interest in them and giving cash flow to investors. Will this money reduce debt? This is a positive idea. Rogers has a low PE vs. peers, but also carries a lot of debt. Long term, fundamentals for the telcos are good, but you have to wait. Meanwhile, collect the dividend.

WEAK BUY

Everybody has baked in a 50% dividend cut, but you will still receive a pretty good yield. Long term, the fundamentals work for the telcos, but this could take a yield. Meanwhile, collect the dividends.

HOLD

They operate in the US and Canada, but don't ship a lot across the border. But it's projected that there will be 60% fewer Chinese goods reaching the LA port in a few weeks, so this will be a real lull in shipping. If you can wait for a possible long period of slower shipping, this is not a bad place to invest. But this could be a bit of a wait. He is holding his shares.

BUY

All oil has been hit recently, but long run energy is key to future growth. So, WCP is buy, can expand their reserves and a good low-cost producer.

BUY

It's been a top pick of his over the years. He likes the way they structure their business, investing in diverse, established companies, mostly in the US. They pay a compelling yield, but is a volatile stock, Is less exposed than before to the vagaries of the economy, though the economy will still effect them.

PAST TOP PICK
(A Top Pick Mar 15/24, Up 27%)

RY is the least-exposed bank exposed to tariffs. Good. Volatilty in capital markets benefits RY's cap markets division. The dividend is reasonable and now trades at a premium valuation in this sector, but this is deserved.

PAST TOP PICK
(A Top Pick Mar 15/24, Down 37%)

Lately they've had success in exploration in Germany, but near-term capex to exploit that is questionable. Are hard hit, now trading at half their book value. Are paying a near-6% dividend. He's held on. He may use VET as a source of funds, but otherwise won't sell it.

PAST TOP PICK
(A Top Pick Mar 15/24, Up 0.1%)

It remains his favourite telco. Very well-managed. Have increased their dividend 27 times. Selling some of their infrastructure will be good to reduce debt. Still likes it.

WEAK BUY

It won't pull back much from here. Given tariffs, this space is uncertain, but eventually we will settle this tariff war. Auto manufacturing is so emeshed between both countries that it would take a very long time to rejig it. This or Linamar are fine, but Magna pays a higher PE, though trades at a higher price-to-book. Your horizon must be long to own this, like 3-4 years.

BUY

Likes it. Their exposure in Latin America offers exposure to copper and other minerals. Management is shifting focus from Latin America to outside that area. He sees success here, and the stock is priced well now. The yield is generous and safe. This could be a core holding.

BUY ON WEAKNESS

They dropped their coal business to become a pure metals play. The company has changed. They're pulled down along with industrials, given tariffs. Now is a buying opportunity. He might add to his holding.

WEAK BUY

The steep fines they paid for money laundering are all in the rear-view mirror. TD is more exposed in the US vs. its peers. Is trading at a high valuation in this space. The worst is behind them. Pays nearly a 5% dividend. Other banks are his favourite, but you can own this.