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It doesn't change his expectations for a second rate hike there. There are a number of things contributing to it. Defence spending is quite high, as is AI infrastructure spending. Plus the dislocation in energy markets. It's been hard to get inflation under control.  

The problem the Fed's facing right now is that inflation's been above their core target for more than 5 years. So the new Fed chairman is taking a harder line.

If you look at the futures curves, it looks as though we could have a second rate hike later this year. But it's a dynamic environment, and things can change quickly.

Yes. Fear seems to keep growing daily because of uncertainty. For example, how will the midterm elections play out? 

One thing that gets glossed over is the fixed income market in the US. Foreign countries own US treasuries. If US trade with those countries goes down, their ability to hold those securities goes down as well. Japan's bond market is internally sources, while the US has a bigger reliance on foreign investors. 

The uncertainty negatively impacts the rate outlook.

What you're looking for on valuation doesn't change. But your return expectations do. In Canada and the US you get very concentrated markets, and with those come pockets of overvaluation.

Important to have a disciplined process and rebalance. In Canada, the only things flying high right now are financials and energy. In the US, it's the tech names. A lot of sectors are still really down on their luck, and you can find some good opportunities.

Durable business, but fairly mature. Listed in Canada, but 75% of revenue comes from US. Valuation multiples have compressed, due to long-term outlook for growth (not super-strong). Many companies in that situation offer a healthy dividend to compensate, but not this one. Look elsewhere. Yield is just over 2%.

For infrastructure, look at BIP.UN.

Global. Some diversification. Strong growth profile and dividend profile. Trades at roughly 10x FFO. Dividend well-covered, ~50% payout ratio. Good for infrastructure. Growth + income. Prefers it to SJ.

(Jokes about pickleball aside), demographic profile alone is very supportive of healthcare. Products are in demand. Very well run, very good balance sheet, tons of cashflow. Management's quarterly commentary hasn't been that strong looking forward. Valuation's compressed a lot, very attractive. Likes, on his watchlist.

See his Top Picks for a healthcare name.

Very well run. Big banks can't win in every segment every quarter. Rising rates create a problem for banks, both in loan books and securities portfolios. Earnings were a bit sloppy, but no cause for alarm. Reasonable PE of ~10x. Very strong dividend yield. Strong balance sheet.

Makes sense to add on a pullback.

With ETF fund flows, a lot of the market looks just at larger-cap names. So this name will always get missed. In this sector, it always comes back to the growth profile.

Only reason to be in this space is for the dividend. Right now, his favourite in the group is RCI.B. If you want growth, go elsewhere.

In this sector, it always comes back to the growth profile. Only reason to be in this space is for the dividend (for growth, go elsewhere). Right now, his favourite in the group. Hidden value in the sports assets, could be a catalyst to increase total return. Very inexpensive at 10x PE. Yield is 4%.

GE's split into 3 was designed to create a lot of value for shareholders. All 3 are different sizes and have different growth profiles. Doesn't own any, and none appeal to him.

GEHC is low-multiple, but low growth. Weak growth profile. Likely to be an acquisition target down the road. 

The other 2 are in really hot sectors right now, in light of geopolitical tensions. Backlogs and estimates of future growth have gone up dramatically. Valuations are rich.

GE's split into 3 was designed to create a lot of value for shareholders. All 3 are different sizes and have different growth profiles. Doesn't own any, and none appeal to him.

GEHC is low-multiple, but low growth. Weak growth profile. Likely to be an acquisition target down the road. 

The other 2 are in really hot sectors right now, in light of geopolitical tensions. Backlogs and estimates of future growth have gone up dramatically. Valuations are rich.

GE's split into 3 was designed to create a lot of value for shareholders. All 3 are different sizes and have different growth profiles. Doesn't own any, and none appeal to him.

GEHC is low-multiple, but low growth. Weak growth profile. Likely to be an acquisition target down the road. 

The other 2 are in really hot sectors right now, in light of geopolitical tensions. Backlogs and estimates of future growth have gone up dramatically. Valuations are rich.

His go-to has always been GOOG, but he likes META quite a lot. Valuation is very inexpensive. Lots of free cashflow. Investing big in AI; it and GOOG have an easier path to monetization. Can deploy AI tools easily across user base.

Tough business model. Subscriber numbers drive a name like this. Generates FCF, and not many in the space are. Once you compare FCF yields in the space, this one comes out too rich. Steer clear right now.

Still likes. Sentiment in the space is still quite weak due to AI concerns. Unique offering is its focus on small-enterprise software, which is typically customized. Competitive advantage and moat stronger than people think. Growth still quite robust.