PAST TOP PICK
(A Top Pick Feb 05/25, Up 15%)

(Note the short timeframe.)  In Canada, it's retail. But south of the border it's more food services and is #3, and the US is dragging down its profitability. If it can return to half of former levels in US, it will be a very cheap stock at this point.

PAST TOP PICK
(A Top Pick Feb 05/25, Up 17%)

(Note the short timeframe.)  There's almost a domicile discount because it's a UK company. Big discount to SYK despite being almost as good a business. Chart drops explained by management changes and increased R&D spend, but seems to have recovered from those bumps.

PAST TOP PICK
(A Top Pick Feb 05/25, Up 21%)

(Note the short timeframe.)  Chose it as a Top Pick because the price was depressed. The most utility-like of the video game companies. Weak on the mobile side. At some point, will probably be taken over, and at a premium.

SELL

Didn't care for its bid to acquire Seven & I, so they sold. This could be one deal too many; could indeed be game-changing, but not in the way investors hope. They'd have to issue massive equity, take on massive debt, with integration risks.

If it walked away from the deal, he might be interested again.

WATCH

Ability to source domestically is quite high, so impact of tariffs would be neutral. Extremely well run. Very good at pivoting to whatever the customer wants. Keeps a close eye on it. Likes the business; valuation a bit high for pedestrian, yet predictable, growth.

DON'T BUY

The beer market is tough. Not great growth. At the vagaries of competition. He looks for brands with economic moats, and the beer market doesn't provide that.

DON'T BUY

Has both upstream and downstream. So you could do quite well on the oil price, but then lose $$ on the refining side. Refining is a tough industry, pretty cyclical. Well run, but instead look to OXY, XOM, or CNQ.

BUY

A name to consider instead of CVX.

BUY

A name to consider instead of CVX.

BUY

Impossible to try to predict the price of oil, so he looks for low-cost, high-quality producers. When WTI was trading at $39 back in 2022, this name was still free-cashflow positive. 

BUY

Will have to work through the pessimism of US blunder. The discount on that was excessive. Will continue to make good ROE and drive the business forward, regardless of whether the Canadian economy slows down in the next year or two.

DON'T BUY

At today's valuation, you'd have to believe it will hit it out of the park in all areas and be super-profitable. He believes that the best EVs in the world today are Chinese, and at spectacular prices. Car manufacturing is not an easy gig. Buying this needs a major health warning attached.

HOLD

Yield of 3.5% is not as high as it once was, given the move in the stock price. About 15-16% ROE, and it retains half of that. If that can continue, should be able to grow the bottom line in mid-high single digits. Valuation is above historic averages. Better opportunities in the sector, such as TD.

HOLD

Will be affected by tariffs. Cyclical business, with 5-6% operating margins over time. Eventually, the multiple will rerate. Owns now, but not sure he will 5 years from now once the cycle plays out.

TOP PICK

Still stands out, but the fear is that it won't in the world of AI. And that's why it looks particularly interesting. Good earnings, upped guidance, yet stock fell. Valuation has collapsed to 17x PE. Still likely to grow double-digit EPS this year, and consensus is still 14-15% EPS growth over the next 3 years. 

There is more competition, but it's spending 18% of sales on R&D, so something compelling will turn up. No dividend.

(Analysts’ price target is $503.16)