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Investors are climbing a wall of worry: the US-Iran war, and trade tensions with the US. Markets are hitting all-time highs though as earnings growth is delivering. Q2 earnings growth on the S&P rose 50% in a year, primarily driven by AI. The semis did very well in Q2, though a July pullback was healthy to broaden the rally. Consensus thinks EPS will grow over 30% this year and 15% next. Nobody is calling for a recession, which would cause a sharp pullback. Most importantly, if the economy  continues to grow, so will share prices. Canada has 2 quarters of negative GDP, but doesn't see a recession; things have rebounded since Q1. Many policies are spurring trade with other countries and Canada is building infrastructure, which all benefits the Canadian economy.

An ex-CEO from CIBC now leads Telus. The market expected the dividend cut, but was cut more than expected. They kept revenue and EBITDA guidance. They want to sell non-core assets, but an announcement has yet to come, and will focus on core telecom business. All this led to a share decline, and telcos have been weak. Immigration no longer drives growth. She doesn't like the telcos. Still waiting on the sidelines.

Has been underperforming. They exist in an oligopoly. The business model is good: you buy their elevator and sign a service contract, which is high-margin and often recurs. Elevators, especially in Europe, are aging, and need replacing and service. China is a weak market and a headwind, but Otis wants to capture this market. Still like this fundamentally.

They changed their business model the past year, from software to a hyperscaler by investing a lot in that area, but taking on debt. Prefers other stocks among the hyperscalers.

Is benefiting from the huge demand in the data centre buildout. Trades at a high PE, so expectations are high. 

Last week, they reported a good quarter. They have a big presence in Hong Kong, but the Chinese government has announced a tax on MFC's products for mainland Chinese residents. MFC has done quiet well and the insurer space too. Expectations are higher. 

Last week, they said they resolved their dispute with Newmont, a joint venture. The price that Newmont was giving for these assets was lower than the street expected. That caused shares to fall. ABX wants to spin off their gold business. She prefers AEM.

Good production growth and track record. Their major assets are in safe countries.

They want to be headquartered in the US where 80% of their business is. They cut their dividend twice and is now manageable. She sees little dividend growth. They sold their renewable business. Cut your losses and look for dividend growth elsewhere.

Is the top Canadian bank and the largest. They benefit from capital markets and wealth management activity. THey bought HSBC, so they can grow by cross-selling products. The past year the Canadian banks have done very well, but PEs are historically high. RY's dividend is below 3%, but historically rises. Banks are provisionoing less. The regulators just lowered the amount of capital banks must keep on their balance sheets, so this benefits future growth.

Pays a 4.5% dividend that will grow. They have the largest crude oil pipeline network in North America. They own nat gas operations in the U.S. They have a backlog that can grow their cash flow by 5%. Will benefit from Ottawa's infrastructure growth in western Canada.

Before recommending it, CNR reduced guidance a few times, there strikes and they had fire/weather issues that reduced their volumes. The stock pulled back, so did valuations. They had expanded their network, so they took on more volume and reduced capex this year, which increased free cash flow and bought back shares. Still likes it.

A core income stock for her, paying a 3.3% dividend yield which they've increase the past 52 years. FTS thinks it can grow its free cash flow 4-6% through 2030. Utilities benefit from the data centre build. Good to buy now after a pullback.

70% of the world is water, but only 2-3% is drinkable. Water is scarce. Water infrastructure globally needs to be maintained, expanded or upgraded. Is still a buy.

The stock has done very well and it pays a 3.4% dividend. Benefits from the higher oil price. Is her top choice in Canadian oil.