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It's been more a story of equal weight. Metals had a stunning January, and then this incredible fall -- now trying to base. The S&P is testing its 50-day moving average right now and so is the NASDAQ. Lots of things going on.

We've seen a few reasonable things in the last week or so. Inflation is coming down relatively in check, US employment numbers have been pretty good. All eyes are on earnings season -- everyone expected them to be up 11% for the quarter, but they were actually up 14-15% and that's really great.

What drives markets? It's earnings and interest rates -- both these things are cooperating fairly well. For the most part, tariffs seem to be passing through and not causing big inflation. 

The concern was, and remains, the new Fed chair. Is he a hawk, or is he going to try to lower rates? There's uncertainty there. 

And we have this overall theme about software bleeding out. But remember, software stocks are now trading ~20x PE, which is their normal level. They were so very inflated at the start of the year.

All this behaviour is to be expected in an unfolding bull market.

This is the question -- are they overspending? We really have this dispersion among the Mag 7 into winners and losers. Lately, GOOG's been winning. 

The market seems to be thinking that there are very few winners, at least in tech land. The truth is that these are the smartest companies in the world. They're not spending $180B for nothing; they see the return there. Valuations of most of these companies are very reasonable. 

Take GOOG, for example. It's trading ~21x PE for an 18% growth rate. MSFT is the same. So they've all come into very reasonable territory. There will be a time when this is not the trade anymore (he promises). But for now, it remains a really good investment to buy on dips.

These companies were enormous free cashflow monsters, and they're not so much anymore because they're doing all this spending. But he thinks it's really going to pay off.

Macro fears of AI overspending, diminishing returns, circular financing, and bubble worries. Stock-specific fears of a highly competitive market, top 5 customers account for 40% of revenues, high debt levels from past acquisitions may impact future M&A.

Stunning rise since 2022. Unprecedented thirst for products. Acquisitions continue to be a growth driver. Big cashflow, very sustainable dividend. Seven analyst upgrades over last 30 days.

Trades at 23x PE 2027 earnings, growing at 34%.

Nice beat last quarter. Energy infrastructure is a good theme. Management has righted the ship. Recent upgrade is justified. He's been buying since $6-7. Trades at 13x 2027 earnings (cheaper than peers), modelling ~14% EPS growth. Six analyst upgrades over last 30 days. Nice dividend. 

Q3 was intact. Very big infrastructure fundraising for 2026. Steady as she goes at 24x PE for 16% growth, not bad. Asset managers had a rough time recently. Not first place he'd put new $$ for risk/reward, but a very reasonable hold. Yield just over 4%.

Both are really good choices, but BN is probably the better way to go.

Both are really good choices, but BN is probably the better way to go.

As for BAM, Q3 was intact. Very big infrastructure fundraising for 2026. 24x PE for 16% growth, not bad. Asset managers had a rough time recently. Not first place he'd put new $$ for risk/reward, but a very reasonable hold. Yield just over 4%.

Comparing BAM to BN in general, the parent BN is probably the better way to go. But the dividend is important as part of the total return.

When you look at the Brookfield universe, BEP.UN gives you about a 5% yield. The yield from BIP.UN is a bit more than that. There are times you do want to own the satellites.

He'd choose this one for upside torque, if you think that nat gas prices are going straight up from here. But doesn't pay a dividend. Not as safe as TOU.

In the penalty box, having some issues developing some of its resources.

A lot in the pipeline, and a lot of spending for 2027. Market's a bit shy of that. But he likes it. After that's all done, this one is the sleeper. Reasonable balance sheet. Dividend is relatively safe. Key beneficiary of getting nat gas out of Canada.

His choice for new $$, and definitely if you're talking about a registered account.