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Really strong, especially in the small- to mid-cap space. When you look at gold, silver, and commodities in general, you've seen a huge rotation of capital into those areas.

A few factors are driving all this. Deregulation by the Trump administration has been fuelling a lot of companies in the small-cap space. There's also been a rotation in the markets potentially away from high-flying, highly valued tech stocks (especially software) and going into things more domestically related. With huge GDP growth in the US, perhaps the consumer is a lot stronger than people thought -- that should also benefit smaller-cap companies.

On gold and silver, it's probably a continuation of the debasement trade of the US dollar. Foreign central banks are choosing hard assets like gold over treasuries and fiat currency reserves.

His team believes 2026 will be even more volatile than 2025. 

Partially because of geopolitics, partially because not much has been solved within the US government (perhaps yet another shutdown), and partially because valuations have come up (may not be extremely overvalued, but they're still not cheap). And partially because after 3 years of a good bull run, you may see some giveback and it may happen more violently than we'd like.

This is going to be a pick-your-spots year. You don't necessarily want to just throw your money into an index and have it passively managed. Maybe stock-picking will be back in vogue. Seeing a big rotation to value from growth. Those themes are definitely going to continue.

His team also thinks that the previous generals may not be the generals for this year or this cycle. May see a lot of capital flows into previously unloved areas.

You have to appreciate its brand power. Does something that no one else in the world can or does, and they do it very well. Lots of avid fans.

That said, not sure its valuation is merited. Cost of running theme parks is very high, and probably getting higher. In an economic slowdown, people may not pay those prices. Media assets are in constant competition. He's a value investor. Wait for a pullback.

Not as cheap as it was. Management is first-rate, completed a wonderful turnaround. Expects more buybacks, which will increase EPS. Credit book is very good. Loves its FICC business. Very big international footprint. Very well capitalized. Definitely hold. Sees upside.

Amazing job in its operations. Worst-case scenario is that if CUSMA is not renegotiated in its current form, there will most likely be a level of tariff. A well-run operator such as this will be able to overcome it through efficiencies in production. So he's not that concerned about the geopolitics.

Valuation not that inexpensive anymore. He'd wait for a pullback.

Geopolitics are very hard to discount. Canada and the US are very linked in terms of the auto trade. Would take years for the US to no longer depend on Canadian auto parts manufacturing and trade. Could that happen in the future? Yes. Do we know how CUSMA negotiations are going to go? No.

Worst-case scenario is that if CUSMA is not renegotiated in its current form, there will most likely be a level of tariff. Well-run operators such as LNR and MG will be able to overcome it through efficiencies in production. So he's not that concerned about the geopolitics.

First-rate operation. As a value investor, not attracted to it simply because of the multiple (always high). Not surprised by recent flat performance -- it could just be stock price catching up to the multiple. As earnings grow, you may eventually get a margin of safety.

As global economy and GDP increase, and as inflation keeps at its clip, the nominal value of sales will go up. That will benefit a company like Visa. People will be spending more $$, and Visa takes a percentage of every dollar.

Concerns on earnings and its moat. Wondering if some erosion in the moat to fintech competitors (slowly now, but accelerating). So high PE may no longer be justified.

His firm has a small position. Likes its growth trajectory and evolution of business model. Growth in earnings and revenue. Great signal that it again upped dividend, which high-growth companies typically don't do unless quite certain of the future. 

Reasonably inexpensive here. May have been hit by tax-loss selling. Very well run, well capitalized. Possible worries about credit cycle.

Has many facets to it -- pharma, biotech, equipment makers, HMOs. He owns two healthcare names right now, MRK and BMY, as well as positions in some HMOs.

Likes healthcare in general. Balance sheets are great. Has been unloved in last little while. Seeing $$ rotate back into the sector after the big scare with Trump coming in and reducing pricing. That rhetoric's died down a bit, especially with deals being made.

Huge opportunities with AI, especially with pharma. Can use it to reduce R&D, accelerate development pipelines, and streamline businesses. A lot of costs can be reduced and head straight to the bottom line.

Pays a really nice dividend. Really nice drug pipeline. Inexpensive. Reasonably wide moat.

Pays a really nice dividend. Really nice drug pipeline. Inexpensive. Reasonably wide moat.

Huge moat in terms of backbone -- back-end processing platform for billions of transactions per year. The business isn't going away, but what's the valuation? Definitely worth more than current trading price (though not sure about Morningstar's prediction of double). So he's held on, though down substantially.

He's generally bullish on the price of copper, and TECK is a big producer. If copper price stays or increases, then cashflow should also increase. Anglo American has complementary assets, so combined entity should be better off.

If you own, hold. If not, don't chase due to recent runup.

Great business, always expensive, so he doesn't own. Oligopoly along with CP, and those businesses aren't going away. With population growth, every year there are more rail shipments. Huge moat.

Bigger margin of safety and more upside elsewhere for the risk you're taking. But nothing bad to say about CNR in particular.