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She wishes she had just a fraction of the optimism that the market has. She'd almost say that it's blind optimism. We're back into this "good news is good news, and bad news is also good news". 

Yesterday there was the ADP payrolls report, which was pretty bad. What did the market do? It rallied, because "hurray, we're going to get a rate cut next week". Today jobless claims fell, and that was good because the market said "hurray, the economy's actually doing OK -- we're not losing jobs, we're just not adding them".

She's been saying this for over a year, but at this point the market's disconnected to the economic fundamentals. That gap keeps widening, yet the market's just looking for any opportunity to grasp that optimism and keep it going as long as possible.

After the government shutdown, we started to see some economic data roll out. The first jobs report that came out was actually positive. The market got jittery because it worried that there wouldn't be a rate cut in December. Right now the market is so dependent on a rate cut, that's what's driving the market rather than the fundamentals. A cut next week is priced in. Her question is, what happens after that?
 
In Canada we've been consistently cutting rates for the past year, but it hasn't necessarily helped our economy. Just because the Fed Reserve is cutting rates, that's not the saving grace that will save the economy from a recession. It will be a part of it as rate cuts try to stimulate the economy, but it's not the be all and end all.

Stock's down on Attachie issues and low price of natural gas. She'd take a position today. Short-term blip, but long-term thesis still intact. Nat gas price is higher in US, as they have more LNG facilities -- we're working on this in Canada.

High-quality assets, strong balance sheet, drilling inventory of over 15 years. She's been adding around $24. Probably her favourite nat gas holding.

So unfortunate. It was one of her Top Picks for a long time. She doesn't have all the answers, and was blindsided just as the rest of the investment community was. 

A few weeks ago, they announced earnings a few days before their investment day. Taiwan project taking longer than expected, needing an additional injection of capital over 1-2 quarters. Cut dividend 40%. At investor day, you'd have heard her questions on the dividend. Answers weren't the most straightforward, so her team met with management one-on-one. Personally, Rebecca didn't think dividend needed to be cut. It really breaches trust with shareholders. She'd rather have seen asset sales or equity issued.

She and her firm are long-term investors. Could accept the Taiwan delay, as these things happen. But abrupt dividend cut showed lack of transparency. They haven't sold their shares yet. Assets are worth more than what it's trading at right now. She's not buying more. Her team is currently analyzing what to do.

Market really likes the news of it buying PC Financial. This is a trend in the alternative lending space. Within the credit cycle, we're not in a recovery phase right now. Instead we're in a cautious phase, so she prefers larger banks with more diversification. Actual earnings were not great and PCLs were higher than expected.

Likes both for the longer term. Owns both. Hesitant to add to either right now, given the move each has had. TD has moved up the most this year. Interestingly, RY has moved up the least. So it's traditional premium versus the other banks has narrowed.

Both released really good earnings. Both beat in capital markets, with focus on wealth management. Instead, she'd look at traditional banking metrics such as PCLs and loan growth.

Better places to deploy capital right now with higher and growing dividends. See her Top Picks.

Likes both for the longer term. Owns both. Hesitant to add to either right now, given the move each has had. TD has moved up the most this year. Interestingly, RY has moved up the least. So it's traditional premium versus the other banks has narrowed.

Both released really good earnings. Both beat in capital markets, with focus on wealth management. Instead, she'd look at traditional banking metrics such as PCLs and loan growth.

Better places to deploy capital right now with higher and growing dividends. See her Top Picks.

Likes the underlying fundamentals, demographics, and long-term trend of the business. Not impressed with management a year ago, as their plan was to sell old assets and buy new. But there weren't any new buildings to buy.

Now more interesting because the stock's come off. Now at ~4% yield. As well, private rental space is struggling, so there's an opportunity to purchase distressed assets. Don't add more to a 5% position. If you don't own, worth a look for a long-term play. She's going to look at it more seriously.

No secret that we're in one of the longest freight recessions in history. Plus, an additional hit from tariffs. Just look at that chart. Attractive on valuation. Too cyclical and risky for her firm. But if you have a strong risk appetite, this could be your opportunity.

Instead, there might be an opportunity in the rails. Higher barriers to entry than for trucking.

No secret that we're in one of the longest freight recessions in history. Plus, an additional hit from tariffs. Things are as bad as they've ever been, so there might be an opportunity in the rails though recovery might be slow. Rail assets are irreplaceable.

The first stock she ever bought, but doesn't own it for clients. Valuation has been so high there's risk of multiple compression if growth comes down. Didn't think it could continue growth trajectory as strongly as it has. Dividend yield not high, which makes sense when the company is redeploying $$ back into growing its business.

Expanding internationally. Trade-down economics at work in this weakening economy.

If it's 10% of your portfolio, trim. Don't add more at these valuations.

An impressive return when oil prices are down. One you can own forever. If it goes under $45, she's buying more.