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The U.S. banks report tomorrow. He expects earnings to be the same as Q1's. Unless something bad happened in the economy in Q1, then the earnings follow trend. Overall, the US economy is strong with AI spending while poorer Americans have seen wage gains. Expectations are high though. If the oil price spikes again, it won't effect US companies that much, because the US market is largely tech driven. US small caps have seen a huge rally as money flows out of semis. We might be in an extended cycle for semis.

Shares fell from $35 to $30, largely because Starlink and Spacex. Normally, telcos were a local market (like broadcast and cable) but Starlink's fast upload and download speeds across the world breaks the local telcos model. But BCE is a buy because they cut the dividend, so their payout ratio is now manageable. He didn't like the Ziply deal, but now BCE is capital-light. BCE is a tactical buy. Also, BCE's AI build-out is a good thing.

This and Visa have been weak because cash-to-card conversion has historically been the easiest thing for them to do but is now over. Value-added services are instead driving more growth. Agentic AI traffic is about to go parabolic, so can the cards play the role of authentication layer? He thinks so, and they should.  Stablecoins and peer-to-peer transactions are not big deals, not major threats.

Mastercard and Visa have been weak because cash-to-card conversion has historically been the easiest thing for them to do but is now over. Value-added services are instead driving more growth. Agentic AI traffic is about to go parabolic, so can the cards play the role of authentication layer? He thinks so, and they should.  Stablecoins and peer-to-peer transactions are not big deals, not major threats. 

There was a luxury boom during Covid when people had a lot of savings and people couldn't spend in places like restaurants. Then there came a hangover post-Covid. Meanwhile, China shifted spending from luxury to gold and precious metals. Now, the US-Iran war is having an impact. Luxury is a buy now and LVMH is a mature company, so is growing at a slower rate. The valuation is interesting.

Potentially, fears of AI taking over their business are justified. Accenture is down even more than WSP. Some of the bottom, lower-level work will be taken over by AI. WSP could go to $120 as likely as $200. WSP is a wait-and-see with caution.

AI will take over their lower-level jobs, but what happens if/when the white-collar office staff goes into decline over time?

Are a disciplined acquirer from cement to aggregates, and recently bought a large company. He's been adding shares.

LSEG is okay now, but there are better opportunities elsewhere. The exchange isn't weak, but the analytics that they've spent years building suddenly can be replicated by AI

Is a buy today. Retail private credit is under pressure now, but Apollo is a diverse company and still boasts mid/high-teens earnings growth. Gating some retail private credits flows is inconsequential to their overall business.

The AI chips are an increasingly competitive space. Earnings went from 40x PE to around 13% with high growth. It's a value play in AI with high growth, though don't expect the recent move to be repeated.

Are more aggressive than Enbridge in their backlog, a good thing. The Basin is well-positioned.

It took a while for the TransMountain pipeline to get full. How long does it take to build a pipeline. CNQ is the first he'd buy and the last he'd sell. Very well managed, has little debt and returns capital to shareholders. Don't own it for the hopes that a new pipeline will be built this decade.

It took a while for the TransMountain pipeline to get full. How long does it take to build a pipeline. CNQ is the first he'd buy and the last he'd sell. Very well managed, has little debt and returns capital to shareholders. Don't own it for the hopes that a new pipeline will be built this decade.

Used to be growth stock and is now a value stock. There's a quiet quitting of subscriptions, losing users to user-generated content in TikTok and YouTube while long-form content is dropping. Yes, there are turning to sports and live TV. NFLX is now a contrarian buy. They have levers to pull.