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Markets are looking forward to the outcome. But we're seeing tensions elevating with US, China, and now Russia, and that will increase the volatility. Historically, the gold bugs like to see a little bit of chaos and global instability. That's what's partially driven the gold price to a record high earlier this week. Anytime you see moves like this in the market, it's normal to see a reversal later on.

If you're in the gold trade, nothing has fundamentally changed to derail that upward trend.

Does expect the year to end strongly. Political instability aside, we're seeing a lot of positives. There's a very strong monetary backdrop with interest rates coming down and inflation seemingly moderating. Also seeing fiscal expansion across many Western governments such as tax cuts in the US. In Canada, a record deficit is expected -- not always great over the long term, but in the short term that liquidity flows into the economy. 

Historically, when we see a strong first 3 quarters of the year it portends well for the fourth quarter (which is easily the strongest in any average year).

Those are the companies that are leading this market higher, and his team still sees it moving up. From the data centre side, we're hearing that leasing activity is accelerating. Some of the new models coming out continue to use more computes, which requires more chips and more data centres. Doesn't see anything derailing that over the next 3-6 months.

It's all about seeing the AI benefits eventually flow through to the corporate sector. We're hearing more and more positive data points on that every day. As adoption becomes a little more widespread, that's a whole new leg up for this trade.

It is always a concern. If there was going to be a repeat of the 2000 bubble, the data centre part is where you'd see that and then in semiconductors and right through the economy. 

But he's most focused on the use-case return on investment, and we're seeing that right across the spectrum. For example, BP credits its large oil discovery off the coast of Brazil to AI's helping them better target exploration. Shows how AI can have positive consequences for companies, and we're going to continue to see adoption increase over the next few years.

Natural gas prices in Western Canada have not been great. Huge position in the Montney in BC, and it's only about 5% drilled out. What he's hoping for is flattening or decline in US production, plus huge demand from LNG. This would tip the supply/demand imbalance toward the supply side and move prices higher.

At that time, TOU will be printing money. Till then, it's just a waiting game for the price to turn as you collect a nice dividend.

He's been selling down his stake. Price has come up, so yield's gone down. You can hold it for the dividend, which increases 3-4% a year. Good exposure to pipelines, but also power and utilities in the US. Diversified, well run.

If you want more than 8-10% return, better opportunities out there.

Core debate of autonomous driving is how does this play out between Waymo, TSLA, and all the other companies. Likes this name. Uber won't have to actually own the cars, but will enter into technology licensing with fleet management groups. Uber's platform essentially matches supply with demand. 

The bigger risk is that Waymo and TSLA won't need Uber's network, but Uber has more demand than both combined.

Has done really well, mostly on the expectation of relaxing of capital requirements for global banks in general. Well run. Spain is doing well relative to other European countries. At 10x PE, probably upside. Should do quite well over the long term, barring a recession.

Still likes it for the long term. Well into recovery mode. Has stabilized its cost recovery issue. CEO from a decade ago is back and fixing internal issues. Bar on the future outlook has been set low, which gives it room for earnings revisions higher -- should see this in 2026 and 2027.

Not a management team you want to bet against in finding a way to grow. Trades ~17x PE, right in the middle of its historical average. Needs to get back to its long-term growth outlook -- based on same-store sales growth, acquisitions, and cost control. Not a screaming buy today, but you can keep holding for the long term.

Not in either of his funds, but is in some client accounts. Strong operator. Bigger player in the US market than in Canada, and stock's really come off in last 6 weeks due to target market being under stress. Tightening up on successful loan applications -- may see short-term slowdown, but it's the right thing to do. 

Long-term growth algorithm still intact.