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He hopes the new Sarnia-to-Alberta pipeline gets done; we needed it 10 years and need it now. The Trudeau government was anti-oil as it moved to a green agenda (not saying that was necessarily a bad idea), but it neglected one of Canada's major assets and was a mistake. Can that be changed? We'll see. US unemployment last week came in lower than expected. Wants to read the latest minutes from the US Fed under its new chief and how it communicates to the public and press. Tariffs: The US Surpreme Court ruling against Trump is forcing him to try other measures. Tariffs will remain on the table, though, but will be less potent, which is a good thing.

He expected gold at $5,000 to correct back to $4,000 before it made new highs. It has been resting $4,000, but could test $4,500-4,600 in the next 6 months. He's nibbling at gold and gold stocks, starting with Kinross. Note there could be one leg lower here, but now the risk/return is getting better.

He's looking at Africa, where stocks are not diverse, with a lot of mining, banks and telcos. More and more growth is coming outside the US in the next coming years. Historically, if the US dollar is weak, emerging markets outperform and vice versa.

 He's looking at Africa, where stocks are not diverse, with a lot of mining, banks and telcos. More and more growth is coming outside the US in the next coming years. Historically, if the US dollar is weak, emerging markets outperform and vice versa. 

We have lower interest rates here than in the U.S. and falling oil prices, which are dragging the USD down. Also, the Canada-US trade deal looks uncertain.

It's one of the most speculative assets of our time and putting a value on it is a mug's game. It's a massive ponzi scheme. More people are investing in it, though, and it's in some ETFs. Frankly, is one better than another. Look for the most liquid one with the lowest MER. The money Trump has made on Bitcoin should be reviewed by the SEC. He's frontrunning his own tweets and making billions at the expense of the average investor. It's deplorable.

No idea why Rogers bought the rest of MLSE today, but wouldn't be surprised if they sold a piece to private equity.

Crude oil levels returned to pre-war levels below $70, but other assets have not fallen back. However, oil futures past 2032, prices going forward are more negative than they were pre-war. This means that the long-run supply/demand story is getting more and more bearish for the price of crude oil. Maybe because we have more friendly supply of oil coming on market. Looking at the futures contract: Last February, there were 2-2.5 rate cuts priced into the December futures contract. When war broke out and oil prices spike, the expectation changed from rate cuts to hikes. Last week, 1.25 rate hikes were priced in by the end of the year. He predicts the US Fed to pause, but wants to read the Fed minutes and the impact of oil prices on interest rates. Also, the bond market is saying it's worried about inflation, in contrast to the message from the stock market. Finally, as we start Q2 earnings season, earnings growth has accelerated a lot this year, which is supporting the stock market; geopolitics and inflation have almost nothing to do with the strong market this year.

We are looking at a lot of volatility in the summer and the market is range bound because of this volatility. It should break out to the upside rather than downside at some point but we just have to get through the summer first. The next phase of AI, now that the infrastructure is in place, is all about the end users bringing AI to the edge. A good example is EV's computing to devices outside of the cloud. This can facilitate bringing in new products. There is a desire to have the decisions made on the factory floors, not the cloud, and the enablers do this. AI was a technology story but now it's more of an earnings story. It's for the consumers but is also spreading to the enterprise side.

They owned it when it was called Yandex, something like the Google of Russia. The company moved to Israel and the Netherlands. Nebius specializes in building out a full AI stack. It has legs with a $19 billion deal with Microsoft which gives them cash flow. The recent META announcement has created competition which caused the drop. It's starting to come back now.

They own it in a separately manged account, not their main portfolios. It is somewhat expensive along with some volatility so he is selling some calls. There is competition with website security and other software companies have built pipes eg. Datadog. Their price target is $275 which is its recent peak.

It was expected to be a major competitor to Nvidia. It is still a designer and doing well in the field. He has a price target of $509 which has decent upside. You could take an initial position at $375 and buy more as it drops.

Announcements have given it a boost. It has blown through its price targets. For example one analyst's price target was $525 and it trades at $565. You could sell some calls.

It dropped a lot in May and has been going through the usual IPO euphoria. He has a 12 month target of $45, well above its recent lows. It is a great Canadian story in quantum computing on the photon technology side, light emitting to build qubits, and needing only room temperature and not freezing temperatures. He considers it a pretty cool company and its software stack is well used. He would buy up to the 2 to 3% level but not over 4%.

It is similar to Arista with Internet and Ethernet connectivity. It is part of the expanding role of optical fiber due to the limitations of copper. It is difficult to break into optical. Bell buys their optical stuff from Corning. He has a 12 month price target of $265 and you could buy in thirds, adding it as it goes down.