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It's a day-by-day thing: one day, tech rotates in, another day it rotates out. We haven't seen a full rotation though, because AI remains a dominant theme, but investors are asking when and what the returns will be, and when the capex spending will end. Who knows? Capex is massive, not since the railroads of the 1800s. He solds some Meta, Alphabet and Microsoft which he entered last spring. A lot of businesses are sitting on their hands, uncertain, like the car and steel sectors. We will feel this impact in the next few quarters.

It's come a long way, tripling since April, and trades at a high 50x PE. This game has played out before.

It's suppose to be an inflation hedge, but the price has been going down. It's at a peak valuation. Can't say where the price is going. But gold doesn't pay interest, like a T-bill. From 2015-2023, gold moved sideways. He prefers buying stocks.

He owns Mastercard. They enjoy an oligopoly and print cash. Visa is up 75% over 3 years. Just watch the valuation. AI will help companies do their business. It will be a game-changer, but Visa and MC remain very good companies to own.

A major holding of his. It's firing on all engines, earning $100 billion profit. It grew into then surpassed its market cap. It will continue to make cash profits from its search engine, etc, but what will be their rate of return from AI? Is perhaps cheap. 

Is attractive at this level. He owned this for a while, but sold it 2 years ago at $60. Telcos are getting interesting. Collecting the dividend is fine, but will you get decent returns too? He doesn't know yet. You won't get hurt buying this now, because it's cheap, but like anything it can go lower.

He targets $110-120. It's cheap now. A great business model.

Remember they reinvented itself for the cloud. It's a machine now. It fell earlier this year due to AI fears, but MSFT will benefit from AI.

SCR is proposing to Ottawa to transport oil by train from Prince Rupert, BC. Interesting. There's a huge demand for energy. Great managers.

They're taking market share from the incumbents fairly well. Is up 46% year over year, the complete opposite to its peers.

The chart is ticking up now after good earnings. It's a long-term play. The retail market is moving into private equity space. Alternative assets management is a solid business, but is high-beta. He expects BX to double in  3 years.

It should be firing on all cylinders: AC has no competition in Canada. But the whole industry is capital intensive and cyclical. Warren Buffett lost a lot of money in airlines. Avoid.

Now, he's holding under 10% cash vs. his usual 4-5%. There's still value in some pockets of stocks. This year, the market has defied the bears and has risen, not fallen. However, rising interest rates could hit the market.

It holds a near-monopoly. TMX has been buying great, little companies overseas in the data area. Likes it a lot. He expects over 15% returns in the next 3 years. Buy the dip? You can, but sometimes, the price doesn't come down.

Has owned this a long time. Is a great long-term value creator. That should return to $240 in 3 years. The sector, like CBRE, has been hit. The CEO has a done great job rolling up these structural engineering businesses. If the CEO does to CIGI what he did at First Service, CIGI should be a home run in 3-4 years. Now, they're in a bad point in the cycle, and the market is pessimistic about real estate.