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Has done significantly better than HSY. Unfortunately, it's $20k a participation share, with a common share being over $200k CAD. Also has the benefit of the currency exchange. This is the stock to own for widows and orphans.

Decent company. Has done pretty well since being spun out of Kraft.

Structure of it doesn't make sense to him; they effectively create their own demand for the stock. He buys for Canadians who want to preserve their capital. The volatility on this name would cause heart attacks. A trading name.

So tied into ETF buying and selling that when it sells off, it's very aggressive. If you believe in the stock longer term, then buy when there's a big selloff. Current leader in AI, but it won't be the only game in town. CEO is dumping stock like a wild man, so be careful.

Gorilla in their space. Does a lot of acquisitions. Either no dividend, or it's very small. White House actions have provided an opportunity to buy healthcare names at a discount. Likes it long term; would add to portfolio if got cheap enough. Still quite expensive.

Best years of growth are probably behind it. Buybacks and dividend increases. Really tied to consumption, whether institutional or consumer. Good brand, good story. Transition from cash to digital will continue -- premier opportunity in that space. He's overweight, and probably won't trim just yet. 

A name you buy whenever you get the opportunity; long term, you'll make money. He's not a huge fan of the market at these levels.

Interesting company. Big issue on semi demand is really the Chip Act, how it applies to China, and what it does to demand for everyone else. China will be looking to increase market share. You want bigger and better, so he'd probably rather own AVGO.

Likes the pipeline. A number of candidates to seek approval in the next couple of years, which will be a catalyst for earnings going forward. Fairly productive R&D engine. Also growth through tuck-in acquisitions. Relatively attractively priced given current growth outlook. Going to be second-fastest growing drug stock in Europe behind NVO. Yield is 3.06%.

Tariffs were an opportunity to buy at a discount. No alternative for Canadian commodities to get to the US. Next US House elections are in 18 months; if we start to see significant US pain from tariffs, they'll hit pause. Longer term, having a network to serve Canada/US/Mexico makes a ton of sense. Share buybacks and dividend increases. Buy and hold for a long time. Yield is 0.80%.

In last decade, has grown 19% annually on average, and that's without the dividend. Industrial gases from oxygen in hospitals to acetylene for welding. Biggest. Share buybacks and dividend increases. Strong returns for a long time. Tariff noise gave new money a chance to get in. Global scope and good execution. Yield is 1.32%.

We think the recent bid is a highly opportunistic bid, at a too-low price and with not enough cash as part of the renumeration (it is mostly stock). We cannot blame Strathcona for the attempt, and it has already bought 9.2% of the company, but there is a reason that MEG did not want to discuss this. At 9X earnings, and barely 5X cash flow, the stock is worth more than the current bid. MEG stock has reacted strongly today. We expect either a higher bid from Strathcona or a new bidder to enter the fray. We would HOLD.
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ARX has been showing nice momentum recently, and it trades at a decent valuation of 11X forward earnings. Its recent acquisition of Montney assets in Kakwa from Strathcona Resources is a significant strategic move, and it is expected to enhance ARX's production capacity and extend its inventory duration. To finance this acquisition, it plans to use a combination of a new $1.0B two-year term loan and existing credit facilities. After the acquisition, it is expected to have a net debt around $2.8B or more. We like the acquisition and for a long-term position, we would be comfortable buying here.
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Revenue was up 3% to $16.3 mln for the quarter. SaaS ARR was up 15% and total ARR was up 6%. Net revenue retention was 108%. Bookings looks positive as well. Overall it looked like a solid quarter as the company begins to execute on their software strategy.
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April Market Recap

The TSX Index was down -0.30% in the month of April, up 0.46% YTD and 14.40% over the past year. Canadian GDP was up 0.6% in the fourth quarter of 2025 and 2.40% for the full year; in the USA the GDP was up 2.4% for the fourth quarter and 2.50% for the full year. Canadian inflation rate was 2.30% annually in April 2025 and the US annual rate was 2.40% in April 2025. 

The best performer of April was Galaxy Digital Holdings Ltd (GLXY) whose stock price was up 44.5% on the month, down -12.3% year-to-date, and up 81.2% over the past year.

The second best performer of April was Andlauer Healthcare Group Inc (AND) whose stock price was up 37.2% on the month, up 26.8% year-to-date, and up 28.3% over the past year.

The third best performer of April was Kinaxis Inc (KXS) whose stock price was up 17.3% on the month, up 7.5% year-to-date, and up 27.0% over the past year.
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Watch Jensen Huang's keynote at Computex Sunday 11 pm EST. He could be announcing new products. NVDA shares have jumped 16% this week and back to $3 trillion in market cap, thanks to new Middle East orders. He wouldn't be surprised if NVDA had more room to run.