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The big themes that led into the tariffs were all economically sensitive. Rare that one piece of news, even a big piece of news, completely changes the picture. Biggest structural change we've seen in years is the generational low in interest rates we saw in 2020. If so, as in the late 1940s, we'll get 20 years of rising long-term interest rates. Defensive stocks and bonds have a hard time in that environment.

What's working are things that benefit from inflation. Even though near-term data's a bit weaker, the stocks that benefit from inflation are leading, and so his team is leaning towards those things that give them an inflation hedge.

Great company. Has raised dividend forever, but dividend growth is slow at only 3-4% a year. Fine for the dividend. But for dividend and growth he'd lean toward a large-cap resource producer generating tons of cash, which would give much better inflation protection. Or go with a bank (such as JPM or a Canadian bank).

High in 2022, series of lower highs and lower lows since then. Only positive is that on the most recent pullback it pulled back to a higher low. If you own it as one position among many, you probably won't lose a bunch of $$. Doesn't see it being a leading stock in the near term. 

Lean into companies that are economically sensitive with pricing power; if their costs go up tomorrow, they can raise prices the next day.

He's sort of like an inventory manager with the 20-30 stocks in client portfolios. His job is to own inventory that people care about today. He focuses on themes that he thinks are in the process of being revalued favourably, and perhaps in sectors that are less owned but showing something changing for the better. He's looking for the best company he can find, with no fundamental risks if it doesn't happen immediately, but where the multiple will start to expand if people look more closely at the group.

Leading Montney operator and low-price producer for natural gas. Great balance sheet, especially important because he thinks financing costs are going to keep rising. Great 3-year dividend growth of over 35%. Catalyst is the opening up of the LNG markets globally. Another positive change is the ramping up of Attachie over the next 4 years. Demand for power will fuel demand for nat gas. Rising price for nat gas + increased multiple could = significantly higher share price. Yield is 2.58%.

Believes we're in very early stages of a gold bull market. Best operator. 5 of their major projects have exploration growth opportunities. Great dividend growth. Last year's acquisition of O3 Mining is a positive. 

Multiple will go up once people realize how much cash the company will generate. If gold just stays where it is at $3400, generates a ton of cash. He guesses that gold prices will go higher, which means the whole group will be revalued. Yield is 1.36%.

Probably a 10-year bull market in financial services in front of us. Global stocks underperformed for a long time, depending on where you're looking. When a market goes sideways for 10-15 years, and then makes a new high, that's the beginning of a new long-term bull market. Virtually every major global market is doing that right now. Global stocks are much cheaper than US stocks. USD is now falling against every major currency. 

Great bank and digital banking platform, geographically diversified. Between 13-15% return on tangible equity. Great balance sheet. Trades at only 9x. Dividend grows nicely, buying back shares. Very good operators and allocators of capital. Global banks can be revalued compared to the rest of the world. Yield is 3.11%.

One of the things his team's looking at right now is that it seems some of the regulations surrounding the semiconductor industry will be reduced (specifically China, but other countries as well). That could mean an expanded market for the semi manufacturing equipment companies, such as KLAC. AVGO has also been a strong performer, and he owns some NVDA. Those two names have strong relative price performance, are economically sensitive, cyclical, and have pricing power.

One of the things his team's looking at right now is that it seems some of the regulations surrounding the semiconductor industry will be reduced (specifically China, but other countries as well). That could mean an expanded market for the semi manufacturing equipment companies, such as KLAC. AVGO has also been a strong performer, and he owns some NVDA. Those two names have strong relative price performance, are economically sensitive, cyclical, and have pricing power.

One of the things his team's looking at right now is that it seems some of the regulations surrounding the semiconductor industry will be reduced (specifically China, but other countries as well). That could mean an expanded market for the semi manufacturing equipment companies, such as KLAC. AVGO has also been a strong performer, and he owns some NVDA. Those two names have strong relative price performance, are economically sensitive, cyclical, and have pricing power.

NWC reported earnings, and sales missed estimates. EPS was 53c vs 53c last year and estimates of 57c; revenue of $641.4M rose 3.9% year over year but missed estimates of $650.7M. Comparable sales were +3.5% vs 3.8%. EBITDA rose 10% to $78M and beat estimates of $74.6M. Selling, general and admin expenses rose 8.7%, higher than sales growth, as NWC increased spending for its Next 100 initiative and add IT costs. The stock is up (still) 17% over one year. The fires are not helping, and NWC has had to close stores, but some of the impact may be felt in the next quarter. 
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HLF hit a multi-year high as the Mrs. Pauls and Van de Kamp acquisition looks solid. It continues HLF's plan to diversify its global supply chain, and it already co-manufactures for the brands. There will be a small 1c negative impact to earnings initially, but the strategic rationale makes sense for the long term. HLF is buying $75M in sales on a base of about $950 currently. The stock is up 18% YTD yet is still only 8X earnings. Debt continues to be high, however. We like the deal and the momentum. We would be OK buying this in a TFSA but for more aggressive investors only.
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REMX has a 5-year annualized return of +3.59%. But its three-year is -23.57%. This shows the high volatility of the sector. The sector largely trades on sentiment towards EVs, electronics and China. Fees are 0.58%. Its weak performance has largely stemmed from its high exposure to China, when there was an 'avoid China' mentality in the market, and of course the country did experience an economic slowdown. It still has 31% exposure to China. A shift in sentiment would help here, but that is hard to time, of course. We might prefer a more-generalized metals ETF such as PICK (5-year +12.85%). It would not have the same upside in a rare earth rally, but doesn't have the same degree of performance pain, either.
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A.I. Themes To Watch: Advanced data analysis and pattern recognition

AI systems can analyze vast amounts of financial and alternative data at speeds and scales far beyond human capability. These systems identify market patterns, trends, and investment opportunities that traditional analysis might miss, leading to more informed and timely investment decisions. This data-driven approach is especially valuable in sourcing deals, uncovering hidden market trends, and flagging emerging industries or undervalued assets before competitors notice. That being said, this trend is more likely to favour traders than long-term investors. Longer term investors still have time, if a company or trend really is going to be the next greatest thing. If you buy a stock that is going to compound 10,000 per cent over a decade, you do not need to be there for the first 200 per cent.
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A spec name. It's losing money, but today it proposed a public offering of $400 million of common stock in a smart move to give them plenty of breathing room. Shares soared nearly 30%. They just won the contract to power an Alaskan Air Force base.

It IPO'd today, with shares soaring 82% above its initial price. They are in space defence technology, a hot sector. It is losing gobs of money, but you can argue they are raising a lot of money now that they've gone public.