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Zooming out to the 10,000-foot view of portfolio construction, they have very well-diversified portfolios that are built to be resilient in all weather conditions (including wars). This gives them room to not react in a knee-jerk fashion to headline risk.

All year long they've been, more or less, fully invested in equity portfolios. Business as usual has involved "culling weeds from the garden", where things haven't worked or the original thesis has been negated. Also partially trimming winners. Selectively introducing new ideas, including some dip-buying.

His team gets that the world has its hair on fire, and understandably. But their practice is not to let it rattle them, while still being nimble and open to opportunities. When it comes to investing, you should always do it from a place that's calm, cool, and collected, with ice in your veins.

No qualms about buying. General contractor that builds industrial buildings and infrastructure. Energy, defense, trade/transport, healthcare, nuclear. Good grower and compounder, growing dividend at a 10% compound pace over last 8 years. Trades at 15x PE, all-time highs. Strong chart with higher highs/lows. Market cap is fairly small at $2.3B. Yield is ~2%.

Some pretty high-profile contracts in its backlog or underway. Examples include Peel Memorial Hospital in the GTA, BHP Jansen potash mine, Bruce Power nuclear. 

He has a better idea, though it's not a perfect substitute for this name. See his Top Picks.

Likes it even more since acquisition of CWB, now a national presence. Good wealth management. Capital markets business good, getting better. CWB brings excellent commercial banking. All banks are buy-and-hold compounders.

His firm's preferences in resources have been oil, gas, gold. Some of the cyclicality might be coming out of copper. There's lots of it, but does take a long time to get new mines into production. It's in everything, and we'll probably see a time when demand outstrips supply.

One of the biggest mines, owned by First Quantum, has been shut for almost 3 years. This may change. Makes this name interesting, but he wouldn't go so far as to say it would be his horse in the copper space.

His firm's preferences in resources have been oil, gas, gold. Some of the cyclicality might be coming out of copper. There's lots of it, but does take a long time to get new mines into production. It's in everything, and we'll probably see a time when demand outstrips supply.

Not recommended yet, but a name to keep an eye on.

His firm's preferences in resources have been oil, gas, gold. Some of the cyclicality might be coming out of copper. There's lots of it, but does take a long time to get new mines into production. It's in everything, and we'll probably see a time when demand outstrips supply.

Not recommended yet, but a name to keep an eye on.

He'd strenuously argue that these are not buy-and-hold investments due to structural underbuilding in the US. Housing is extremely cyclical. These are, at best, a trade.

Even for a trade, look at it through the macro lens:  Is the economy accelerating? Is employment? Are interest rates going down? No clear picture right now. As well, structural headwind on housing demand because US is not as welcoming to migrants as it used to be.

Diversified portfolio masquerading as a single stock. Insurance has been a long-standing pillar of the organization, potential cyclical headwinds brewing for P&C insurance. More competition on policy pricing. Lower interest rates will pressure its income from bond portfolios.

Great portfolio of iconic, buy-and-hold-forever businesses. On that basis, he could get behind buying this dip.

Still likes it. Has a double-digit weight in both of his firm's equity mandates (Momentum and Dividend). Diversified basket between the miners and royalty companies. In a strong, multi-year, secular uptrend. It's really the only non-fiat currency.

The younger generation would call him a dinosaur and say that bitcoin is digital gold. Yeah, not so much the last 4-5 months ;) Gold is doing what it's always done -- serving as a store of value, an inflation and geopolitical hedge. Lots of the move underpinned by central banks buying it hand over fist. The bloom has come off US treasuries.

They've been buying on dips in the last month.

Doing a better job with in-store food service. Above-industry-average fuel margins amidst tepid demand. Undemanding valuation. Unprecedented back-to-back EPS misses, so sets up for easy comparisons. Ample financial firepower to make interesting moves.

Striking deals with hyperscalers. Data centre buildout is inflationary for electricity prices, so this is a second-derivative play on AI. Good secular growth runway ahead.

Baby thrown out with the bathwater on concerns about exposure to private credit. Good secular growth opportunity in front of them as more dollars move out of conventional public markets and into private market alternatives. Lots of conviction in management.

In his firm's Dividend Growers mandate. Biggest P&C in Canada, also specialty insurance internationally. Likes the valuation on this pullback. Meets or exceeds its goal to grow operating EPS by 10%, trading at 15-16x PE. Good combination of value and growth. Vertical M&A strategy in a fragmented space.

Very heavy on human capital numbers, probably largest IT employer in the country. A US comparable would be ACN. All have been under pressure from threat of AI. He doesn't accept that argument as a death knell, but it probably has some merit. No strong organic growth.

As for large institutional ownership, it's a Quebec darling. La Caisse has a mandate to support Quebec-based companies, so it's probably the biggest owner.

They thought it was a contrarian turnaround play on a return to office. Dividend cut, shares diluted. Lost confidence in leadership. They sold a month ago.