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Last time he was on the show his team was very constructive on Canada. They predicted we were going to get to a phase in the market called the "boring middle" -- where you see expansion of breadth, money flowing into small caps, and money flowing broadly into other areas of the market. We're seeing rotation away from Mag 7 names in the US and into other areas of the market.

This phase should last sometime into 2027. So they're quite constructive on equity markets broadly, and very bullish on Canada.

We're seeing small caps in the US, such as the Russell 2000, break out to new all-time price highs. Dow Jones Industrials and Transports are confirming that at well. 

What's noteworthy is that the NASDAQ, until now, has not broken above its November highs. That's telling us that we're seeing those stocks as a source of funds as portfolio managers are selling some of those names. Compare that with a chart of the TSX, which is breaking out to new highs. The S&P 500 has done the same thing. 

All of this is, broadly, positive. What we could potentially see this year is a pretty decent year for the US of low-double digits. But the second year of the presidential cycle is typically the worst year. Due to uncertainty surrounding the midterms in October/November, there's usually uncertainty in the S&P 500 going into October. Once that uncertainty is gone on what the president can or cannot accomplish, stocks in November/December usually start running. 

The market overall could post a 8-10% return. He wants to highlight that the mega-cap names could be up 5-10%, but because they're such a large proportion of the index, you could see a lot of other names up 15-20% because a lot of $$ is going to other areas of the market. The setup is quite bullish for other areas of the market.

Phases 1, 2, and 3 of the business cycle are the expansion phases and they typically last a year. His team believes that last year was phase 1, so now we're in phase 2. This matters because industrials typically do well in phase 2.

Likes it, chart looks great. He'd continue to hold. If it goes up another 1%, you could trim that 1%. If it takes out somewhere in the $240 range (which is a pretty good level of support), that's when he'd trim a bigger portion. A move below $240 indicates that something significant is happening.

The market cycle model is essentially the business cycle with its 5 different phases. Phases 4 and 5 are the contraction phases, when you typically see the stock market coming under pressure. Phases 1, 2, and 3 are the expansion phases and they typically last a year. 

His team believes that last year was phase 1, so now we're in phase 2. Industrials typically do well in phase 2.

The market cycle model is essentially the business cycle with its 5 different phases. Phases 4 and 5 are the contraction phases, when you typically see the stock market coming under pressure. Phases 1, 2, and 3 are the expansion phases and they typically last a year. 

His team believes that last year was phase 1, so now we're in phase 2. This matters because industrials typically do well in phase 2. They're bullish on industrials generally.

The market cycle model is essentially the business cycle with its 5 different phases. Phases 4 and 5 are the contraction phases, when you typically see the stock market coming under pressure. Phases 1, 2, and 3 are the expansion phases and they typically last a year. 

His team believes that last year was phase 1, so now we're in phase 2. This matters because industrials typically do well in phase 2. They're bullish on industrials generally.

Thinks rates are going to be in a choppy, sideways trading range. This should remove a headwind for REITs, which have been big underperformers. His firm's REIT analyst is bullish on the space. Javed likes the space too. No one's interested in REITs or talking about them.

Ultimately, thinks we're heading into an era where inflation is going to be more persistent. REITs actually do pretty well in terms of protecting your portfolio in terms of inflation. He's cautious on bonds longer term, so REITs are an area to put $$ to work for dividend income.

Likes the setup here. Seeing a lot of US and Canadian REITs turn up. Timely, and should continue to work into 2027.

Thinks rates are going to be in a choppy, sideways trading range. This should remove a headwind for REITs, which have been big underperformers. His firm's REIT analyst is bullish on the space. Javed likes the space too. No one's interested in REITs or talking about them.

Ultimately, thinks we're heading into an era where inflation is going to be more persistent. REITs actually do pretty well in terms of protecting your portfolio in terms of inflation. He's cautious on bonds longer term, so REITs are an area to put $$ to work for dividend income.

Likes the setup here. Seeing a lot of US and Canadian REITs turn up. Timely, and should continue to work into 2027.