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Cashflow does not cover dividend, and that's why there's talk of cutting it. Personally, he feels they'll never cut it, since most people who own it are looking for dividends. Better opportunities elsewhere.

Strong balance sheet, buying smaller businesses. Has an opportunity in front of them that the likes of MFC do not. 

Real estate business has been horrible for the last couple of years. Only area that's been good has been industrial mostly pushed by BX, which has been buying everything in sight. Condo business in Toronto is dead. People are moving back into offices, thinks it will catch up in Toronto (which has been slow up till now).

Most REITs in Canada exist because they pay a dividend, their businesses aren't really growing or developing. He'd stay away from most.

Really likes. Only part of the office space that's any good is luxury. For example, high end in New York is booming. Allied owns buildings that are top level and edgy. Huge conglomerate, giving tenants lots of choice. Unique position. Wonderful development opportunities.

Good business, solid financials, great properties, stock's cheap. Dividend's not hugely well covered, but it is covered; doesn't think it will be cut.

Growing at 20% a year. Earnings next week, and he expects they'll be up another 5%. Expects the good run to continue for quite a while. He's owned it for over 10 years.

Wonderful business run by really good people. Recurring cashflows. Trades at lower multiple than major competitors and growing faster. Lots of chances to improve operations.

Taken out at $32.

Tariffs will hurt the US consumer. Canada has decided not to let the US consumer suffer alone, so has put tariffs on too. His training is in economics, trained by very smart people who believe in free trade. This is all ridiculous. Peter Navarro sounds like the dumbest person he's ever heard; everything he says is crazy. Trump's making a big mistake.

Everybody says that these are negotiating ploys. The stock market and individuals have shown that it's not been a positive response to Trump's tariffs. Richard feels that Trump will start announcing deals, and it's all going to go away.

For the last 75 years, since WW2, manufacturing in every industrial nation in the world has declined as a percentage of GDP, while services have increased. The US economy has been the envy of the world for the last 5 years, and Trump just turned a great economy into one with lower GDP for the first time in 7 years.

It's all backwards. Manufacturing isn't coming back to the US, because US workers get $25/hour while Chinese workers get $2-4. You don't need to be a genius to decide where to buy stuff from.

Airlines are a a very tough business to invest in. Highly volatile, highly levered. Not for him. He likes recurring revenue, visibility on revenue, and easy to play. You're flipping a coin.

Everyone who wants a cellphone already has one. The market is not increasing. Not expensive. Trying to sell towers in the States, which makes sense. Core business is not growing the way it used to.

Not really affected by tariffs. In the private equity area. Probably the fastest-growing part of the business. Will continue to be quite a hot area. He prefers BN.

The market will come back. He likes Canada, though we have some things to do. He likes the US too. It was a manufactured slowdown, and they can manufacture an upswing. Stock markets will follow.

Prefers owning this to any of the subsidiaries. It's more diversified and very cheap. That's where management is and where they have their money; he always likes to invest next to the guy who's running the show. Trophy offices. About 85% of the value of the subsidiaries is baked into BN stock. Insurance segment. Probably 40% undervalued today. Lots of opportunity. Growing ~15% a year. Yield is 0.69%.

Largest ride-sharing and delivery company in the world. Great business model. His son at university uses it all the time (and Richard's paying for it). New CEO has done a spectacular job. Profits are on the rise. Ride-sharing is slightly less than 1% of all driving, massive opportunity ahead. Expanding to smaller cities. Robotaxis are in their future. No dividend.

87% of business is in waste management -- metal and water recycling. As a well matures, it generates more water but less oil. Recurring revenue. Gradually being covered more by industrial analysts than by energy analysts (due to legacy pipeline segment becoming a smaller percentage). 

If it swings to being considered a waste business, rather than an energy business, the multiple increases by 60%. Currently growing ~15% a year via economic growth, dividends, and acquisitions. Very cheap. Yield is 3.03%.