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The narrative to explain all that points to the potential appointee (Kevin Warsh) to The Fed, and we'll have to see if he gets confirmed. People are trying to figure out what his regime would look like. Is he going to focus on inflation, or is he going to cut interest rates like crazy to satisfy the US administration?

If he focuses on inflation, that might be good for the USD but bad for gold and bitcoin. Things change so quickly, you can't draw a blanket conclusion and apply it to a Fed appointee over the next number of years.

For sure. Of course, macro's always on our minds. Macro stuff will come and go. In the short term he doesn't care what anyone's predictions for gold or interest rates or inflation are. Most people are wrong anyway.

He always tells clients that you have to figure out what type of investor you are. At his firm they're long-term, Warren Buffett, Peter Lynch-style investors. Focus on owning great-quality companies that offer some reasonable certainty that they'll be selling more of a product or service in the next 3-5 years.

There have been huge reactions to lots of stocks where there's been no impact on earnings, but the narrative is driving the story. The market's forgetting the most important thing when it comes to investing -- it's the mathematics of future cashflows. For example, MSFT reported last week with no indication of software being disrupted, yet the stock sank. 

When stocks report earnings, you never know what the reaction is going to be. He's going to keep focusing on company results. Not conjecture, not what someone says on X.

Fact is, we should feel pretty good about markets heading into 2026. Corporate earnings are extremely strong, with another year of probably double-digit earnings growth. Interest rates have come down a lot. Inflation seems to be pretty tame. What more do you want?

Nice run 2023-24, and then perhaps the market decided to focus elsewhere. Not every company works every single year. 

Has caught his eye with the pullback. Everyone uses it, but there's concern about the next 10-20 years with autonomous vehicles. Market is nitpicking, while missing some terrific earnings. Printing cash, ~20x PE. On his watchlist.

Entire space under pressure. Worries about inflation and high prices of fast food for low-income earners. Bad January weather won't help these companies.

In midst of final transformation of improving Burger King operations, so $$ spent on that should slow down in next year or so. After that expects it to gush cash, with significant dividend increases and share buybacks. Very attractive valuation. Tim's is doing fantastically. International segments are sizzling. A non-AI, sleep-at-night name for the long term.

CEO is one of the best in banking the world has ever seen. Valuation at the high end, as all banks have done well. Have to see how financials react with new Fed chair. He's bullish on US and Canadian economy, so you have to own financials.

See his Top Picks.

Pulled back with lots of other software names. Proprietary database for law, accounting, and healthcare. Topline growing high single digits, bottom line double digits. Enormous amount of free cashflow. Market's worried about AI. A neatly bundled one-stop solution for its subscribers.

Fantastic business model, trading ~20x PE. He's attracted to it, but likes what he owns already so wouldn't know what to sell to buy this one. Take a hard look at it.

This space is the place to be. But you have to remember that at some point in time, it's going to cool off. That's what makes him nervous about investing in short-term themes. 

He can't say for certain if it's going to sell more over the next 3-5 years. He'd rather stick with more recurring revenues, but nothing wrong with this name. If you believe in the data centre buildout extending, this is one to own. Take some profits off the table, and rebalance into cheaper names.

Its business is doing fantastic. So many companies are reporting good results, yet market is concerned (perhaps about AI or about valuation). NASDAQ's having a good day today, but that can turn on a dime on any macro news. 

His firm stayed away on valuation; they go for 30-40x PE maximum. High-premium companies bring a lot of risk, and you should expect a lot of volatility even if they meet earnings expectations.

Results were excellent, double-digit growth, yet pulled back along with others in 2025. You have to look at the chart -- stock's tripled since the pandemic. Could be the pause that refreshes. 

Very excited about it as long as it keeps on growing, and he sees no reason for it not to. Trades at a high valuation, but one of the most durable business models he's ever seen. It can add 30-35 stores a year for 20-30+ years. Membership can grow because it offers such good value. He adds on material pullbacks, such as drop to mid-$800 level.

That's not how he plays the game. Many times it's reported and has either gone up 10-20% or gone down 10-20%. It's all about whether it meets expectations and what's said on the conference call. 

One of the best businesses in the world. Continues to add value. Launching more in groceries this year. Attractively priced for new investors.

Still one of the best ways to play AI, seeing the evidence in its revenues. Guiding to 30+% revenue growth next quarter. Curated ads via AI are working. Core business is doing so well. Reasonable valuation.

A real punch in the face. Temporary. In the US, people can't afford the high price of car insurance so they're not insuring their vehicles. It just has the wrong customers right now compared to competitors. Hopeful this turns as insurance prices come down. 15% of market cap is in cash. Getting into auctions for heavy equipment.

DOJ lawsuit could impose breakup or penalties, have to wait and see. Last quarter not as robust. Guiding for double-digit revenue growth for 2026. (He's going to try do his part and go to more concerts, but the bands he likes are getting old and retiring ;)

Kudos to management. Financials did very well last year, and TD recovered along with them. Trading at high end of valuation range. Canadian economy did better than expected, defaults on personal mortgages not as bad. Interest rates have come down, US economy doing fine. 

He doesn't like owning companies with "handcuffs" on them, such as no growth in the US. But he's bullish on the Canadian economy, so you have to own financials.