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We're in a really healthy market. The market was heavily concentrated in a few large-cap growth names, which are great companies. Given the economic backdrop, and persistent inflation, money's been moving to hedge against inflation in sectors really well-suited to that environment.

So there are opportunities to make $$ in a bunch of sectors, some of which aren't well-owned. Provides a multi-year runway for investors to build some diversification.

We had 40 years of declining interest rates to 2020, and there are industries and assets that do well when money gets cheaper. So the power was in the hands of the borrower.

Today, power's in the hands of the lender. Long-term interest rates are going higher. If you're a company that generates tons of excess cash, it doesn't matter -- you can take that capital and return it to shareholders or make investments. 

There's a different genre of business you want to own now. Energy producers, base metals miners, some agricultural companies, and the financials.

Between 2012 and 2021-22, the US was the only game in town. At the same time, the USD was appreciating. A lot of international investors bought US dollars to get that appreciation as well as US growth stocks.

For international markets outside the US, financials make up the biggest sector and materials are significant. Energy and industrials are important sectors. These sectors are all benefiting in this world.

Now that the USD has been backing off against virtually major currency, and international markets are outperforming, it's only natural that some of those countries say maybe we take some back to our local market. The flows favour international stocks, which are a lot less expensive than US equities. 

Most people are long the US to begin with. So perhaps the opportunity is to focus on those less expensive markets.

At his firm, they have about 28% in financial services (by far, the biggest weight). Generating a lot of free cashflow. Capital reserves are very strong. Continue to beat estimates in different ways.

Great run over last 2 years. Around the world, banks have been strong everywhere. Long-term rates moving higher, and short-term rates relatively low, the spread they can make on their loans is pretty darn good. When markets continue to be decent, then capital markets are strong and so is wealth management. He doesn't see any major change to that.

Can companies pull back 10% at any given time? Absolutely. And they have pulled back over the last 6 weeks or so, but that's fairly typical in a longer-term bull market. He'd be a buyer at these levels. Structural backdrop is supportive.

Pharma and biotech are seeing better leadership in the market. Partly because these sectors are going to be big implementers of AI, and the sector was out of favour for quite some time. They tend to be pretty big cash generators.

Problem is very low growth. Estimates have not been going higher. Stock's rallying on the back of the sector getting better. But he's a big fan of focusing on the leaders in a sector. You won't get hurt with PFE, but he'd definitely lean toward LLY, which he owns. Yield is 6%.

Pharma and biotech are seeing better leadership in the market. Partly because these sectors are going to be big implementers of AI, and the sector was out of favour for quite some time. They tend to be pretty big cash generators.

He's a big fan of focusing on the leaders in a sector -- easier time hiring best employees and raising capital. He'd much prefer this over PFE. Lots of revenue upside. GLP-1 market will continue to grow, as these drugs help with all kinds of issues.

His team is more focused on oil than natural gas. Nat gas is more of a show-me story. This name is a serial disappointment. Lots of opportunity, with ~2400 drilling locations in the Montney. Technical picture is languishing. 

A strong performer in the group. His team is more focused on oil than natural gas. Nat gas is more of a show-me story.

Copper is one of the most powerful themes in this market. Copper producers broke out, with consolidation over last several months.

Massive mine in Indonesia has been prolific. He'd be a buyer right here. Generates enormous cashflow. Estimates are going higher. Just broke out technically.

Proven pricing power. ROE has been solid. Earnings should be up this year ~40%. Now above 200-day MA; the rising 200-day should provide good support. RSI starting to improve. Use the 200-day as your stop. Investor made a good buy.

His nemesis. Many see it as a potential beneficiary of the AI boom and quantum computing. For a company with a $200B market cap, he doesn't have the stomach for it's being so volatile. Attempts at making a new high have all failed, made 3 lower lows.