This week, we dive into North America’s auto industry with University of Toronto Professor Dimitry Anastakis, an industry expert and author of Dream Car. As Professor Anastakis explains, it took decades to build an integrated North American automotive supply chain. Today, automakers rely on a just-in-time inventory system, meaning parts arrive precisely when needed. Before […]

Each month, we select a handful of questions that were asked by clients or soon-to-be clients. We like to post our answers online because others may have that same question as well. Here are a few of the things we were asked about most recently. Question from Toronto: Does tax get triggered if there are […]

On January 7, 2025, the Eaton Fire ignited in California’s Eaton Canyon, rapidly escalating into one of the state’s most catastrophic wildfires. Fueled by hurricane-force Santa Ana winds, the blaze ravaged over 14,000 acres, claimed 17 lives, and obliterated approximately 10,000 structures, including homes, businesses, and schools.  In anticipation of these disasters, California established a […]

Canada seems clearly under attack by our southern “neighbours”. While the best-performing stocks over the past decade have mostly been U.S.-based, we’ve bucked the trend and are overweight in Canadian equities. Lately, we’re beginning to observe a home country bias. Maple Leaf Foods, which our clients own, reported a strong quarter earlier this week. Its […]

Exactly one year ago, we published a blog titled “Dial Back on Canadian Telco Exposure.” Between the corporate soap opera at Rogers Communications and BCE’s bloated debt amid sluggish growth, we were bearish on the sector. Telus was the sole exception. Fast-forward 52 weeks, and the numbers speak for themselves. Including dividends, BCE has nosedived […]

Each month, we select a handful of questions that were asked by clients or soon-to-be clients. We like to post our answers online because others may have that same question as well. Here are a few of the things we were asked about most recently. Question from Ontario: Do you invest in gold and silver? […]

Many claim to be contrarian investors who “buy low” and “sell high.” But how many actually follow through? Here’s what we did last Monday as prices tumbled after Saturday’s tariff announcement. First, we didn’t sell a single security in our client accounts. Second, we put to work the cash we had raised throughout January. To […]

At $0.69 USD, we believe the Canadian dollar is unlikely to fall much further from its current level. This is a contrarian stance, as many expect the loonie to continue its decline due to more aggressive rate cuts by the Bank of Canada compared to the Federal Reserve. We actively seek contrarian opportunities—investments in ideas […]

In December 2022, sentiment around Suncor could not have been worse. The stock had plummeted by 14% over the previous month. On top of that, the company had suffered five tragic fatalities since 2019, more than all of its oil and gas peers combined. As a result, CEO Mark Little stepped down. To make matters […]

Dissention between Canada and the U.S. is nothing new. We even went to war in 1812 and set fire to the White House. In recent memory, John F. Kennedy publicly mocked Mr. Diefenbaker’s French; Lyndon Johnson grabbed Lester Pearson by his lapel for opposing the Vietnam war; and Richard Nixon was infamously recorded calling our […]

In October, U.S. regulators acted against TD Bank after uncovering that Chinese drug traffickers had bribed employees to launder at least US$653 million. Until TD addresses its anti-money laundering deficiencies to the regulators’ satisfaction, the bank is prohibited from growing its U.S. retail assets beyond US$434 billion, approximately their current level. TD is now the […]

This week was the 86th birthday of our late Honorary Founder, Nuge Schneider. I’m sure that if he were here with us, there would be a big swanky party at some place downtown in Sarasota where he spent his winters. Each Monday, Mr. Schneider would call me right around 9:45am. Sometimes he would ask, “what […]

Inflation may return next year, depending on the geography. After experiencing nearly a 9% inflation surge in both the U.S. and Canada throughout 2022, the last two years have brought much-needed relief. Both countries saw a similar pattern of inflationary spikes and subsequent declines. However, we expect to see a divergence in 2025. Looking ahead, […]

Each month, we select a handful of questions that were asked by clients or soon-to-be clients. We like to post our answers online because others may have that same question as well. Here are a few of the things we were asked about most recently. Question from Ontario: Warren Buffett has been raising cash by […]

We wrote a blog in February called “Dial Back on Canadian Telco Exposure”. At the time, BCE’s stock was trading at $50.83. It’s since dropped to $37.90. Because of the collapse in the stock price, the dividend yield has climbed from 7.9% to almost 10.5%, meaning that $10,000 invested in BCE today would return $1,050 […]

Several months ago, Robert Kennedy Jr. believed his independent bid for the U.S. presidency had a shot. He explained that FDR won votes through radio in 1932, his uncle JFK benefitted from television in 1960, and long-form podcasts would help propel him into the White House in 2024. Though things evolved otherwise, hours of conversation […]

Investor Warren Buffett once said that he tries to “invest in a business so wonderful that an idiot could run it. Because sooner or later, one of them will.” This week, we discussed with Julie McLaren from Focus the red flags to watch out for when investing in founder-run businesses. Julie works with founders and […]

Our definition of “contrarian investing” is to purchase stocks that are temporarily out of favour. The reasons for any stock’s unpopularity can vary from a disappointing quarter, an operational misstep, or a poor allocation of capital. However, investing in companies facing an accounting impropriety is a fine line we won’t cross. We view any kind […]

Each month, we select a handful of questions that were asked by clients or soon-to-be clients. We like to post our answers online because others may have that same question as well. Here are a few of the things we were asked about most recently. QUESTION FROM TORONTO: With Donald Trump in office, I was […]

Mullen Group, which provides trucking and logistics solutions largely here at home in Canada, was well out of favour last spring. In fact, the stock price was down almost 20% compared to a year earlier.  Not long ago, we wrote a blog on insider trading, arguing that there’s many reasons for an insider to sell […]