Western Copper & Gold (WRN) is up about 50% so far this year. But if Ottawa puts one particular project on its priority list to develop, the stock may go a lot higher sooner than later. WRN’s Casino Project in the Yukon just as easily could have been called Western Gold & Copper (instead of […]
Some may recall the raucous Question Periods during Paul Martin’s brief, 2-year minority parliament—the first since 1980—when he served as Canada’s 20th prime minister. Or his tenure as finance minister in the 1990s, when Ottawa’s deficits came under control. The spending had grown so out of control that Standard & Poor’s downgraded Canadian debt in […]
Last month, at a Rotary Club meeting, I found myself sitting next to someone I hadn’t met before. After asking about my profession, he leaned in a few minutes later and said, “Is it true that to get rich, you should only buy Canadian banks?” Well, I know of at least one person who rode […]
To my surprise, Maple Leaf Foods (“MFI”) has been our strongest performer this year, up nearly 80%. On February 26, 2024, we started buying MFI for clients at $22.82. At the time, the stock was about as unpopular with investors as I was with the ladies in high school. Just two trading days earlier, a […]
September has historically been a weak month for stocks, and this year’s sentiment will hinge on Jay Powell’s speech tomorrow at Jackson Hole Students aren’t the only ones uneasy about September—stocks often dread it too. Historically, it’s the worst month for the market. Since 1930, the S&P 500 has fallen about 55% of the time […]
Canada is entering a historic infrastructure boom. Electricity demand is expected to surge 25% by 2030, driven by artificial intelligence, electrification, and manufacturing. Aecon Group is perfectly positioned to build the critical infrastructure required to meet this exploding need. CEO Jean-Louis Servranckx recently said he’s “not worried about [revenue]”—and with good reason. Aecon’s backlog—the work […]
Mutual funds are marketed as safe and simple. But in reality, they often accompany hidden costs and conflicts of interest. We recently reviewed a portfolio managed by another institution. The Management Expense Ratio (“MER”), which is the total cost of owning a mutual fund and is embedded in its price, was much higher than its […]
As global fast food chains struggle, Pizza Pizza is quietly gaining ground—thanks in part to the growing “Buy Canada” sentiment. Back in February 2024, we published a blog titled “We Expect Pizza Pizza to Deliver”. Given the rising food inflation, higher interest rates, and shrinking household budgets, our thesis was that cheaper food would be […]
Anyone who lived through 2008 (or studied the 1930s) knows how frightening banking crises can be. The financial system runs on confidence, and once that’s shaken, restoring trust can take significant time. In 2023, the U.S. regional banking sector faced its own crisis. It started in March with the abrupt collapse of Silicon Valley Bank […]
JPMorgan CEO Jamie Dimon recently criticized remote work, using colourful language to make his point (as played on our webcast). Now Canada’s biggest banks (RBC, BMO, and Scotia) are doing the same, telling employees it’s time to show up in the office four days a week starting this fall. Mentorship and collaboration are two good […]
Someone once said that if Al Capone had turned his talents toward legitimate enterprise, he could have been the CEO of General Motors. Today’s fraudsters are no different—highly organized, intelligent, and using sophisticated tools. Unfortunately, they’re applying those skills to deception, not innovation. My Close Call Recently, I received a phone call that appeared to […]
As markets watch for interest rate cuts, political pressure on the Fed’s independence could shape inflation and U.S. dollar credibility in the years ahead. By Jeff Pollock Though lower interest rates are generally good news for stocks, what will happen if it comes at the expense of U.S. central bank independence? The Federal Reserve was […]
Earlier this week, the National Club at Bay and King in downtown Toronto unveiled their “Legacy Wall.” It honours many people, including my late grandfather. His name was William R. Allen, Q.C. Sunni Schneider, my mother, and I attended the lunch to honour Bill and the many other important people being recognized, including our Honorary […]
Canadian real estate prices took off during the last two decades alongside ultra low interest rates. Many people sought to buy a second property in a real estate market that once seemed invincible. Lately, however, many regret that decision as prices have come back down to earth amid higher borrowing costs. As a portfolio manager […]
Anyone with a furry companion doesn’t need convincing about investing in a company that sells pet food and toys. Pets aren’t just animals; they’re cherished members of the family. The resilient pet industry even grew during the 2008 financial crisis and the recent global pandemic. Our clients are shareholders of Pet Valu, which is up […]
The financial crisis of 2008 was a defining moment for me as an investor. Watching the panic unfold on Wall Street, with banks teetering and markets swinging wildly, solidified my philosophy to buy when others are selling. One of my purchases during that period was Apple. In December 2008, I bought shares around $3.36 (adjusted […]
Our investment in Canadian Utilities (“CU”), which delivers gas and electricity, in November 2023 was based on a straightforward premise: its attractive 5.7% dividend yield positioned it as a prime beneficiary of anticipated interest rate cuts. We believed falling rates would naturally enhance the appeal of high-yielding dividend stocks like CU for income investors seeking […]
Did you know that a staggering 90% of inherited wealth is gone by the third generation? A friend recently shared that he had inherited $500,000 just before the pandemic. His mother never spoke to him about money and he was surprised there was an estate to divide. Unfortunately, because he was so unprepared, the money […]
Rumblings of Western Canadian sovereignty are once again being heard. Recent polling from Angus Reid suggests that 36% of Albertans and 34% of Saskatchewanians support the idea of leaving Canada. Thankfully, 60% and 58%, respectively, still prefer to remain within the federation. Even so, this tension could easily escalate depending on Ottawa’s next move. Of […]
Google’s parent, Alphabet, is delivering strong results—yet shares are down almost 19% year-to-date. Last quarter, Alphabet reported: Despite these strong fundamentals, the stock trades at just 16x earnings, a meaningful discount both to the broader market and to Alphabet’s own historical average. So, why the disconnect? For years, digital giants like Google and Facebook have […]
