While both the S&P 500 and S&P/TSX Composite Index are flat so far this month, December is historically a great month for stocks. In fact, over the last hundred years, the only decade to post a negative median return during December was in the 1930s. All decades since — from the 1940s until the 2020s […]
When our clients first became shareholders of South Bow (SOBO) on September 25, 2024, it wasn’t by choice. The new company was a spinoff from TC Energy. To be frank, we weren’t expecting much. Expanding SOBO’s Keystone pipeline had been a political football for years. The Bush administration started the process. When the application was […]
Over the past few months, we’ve met with many prospective clients who often share similar questions. We’ve collected the most common ones to provide a clear view of how we operate. When did you start the company? We were first registered on February 1, 2022. Currently, we are registered to do business in Ontario, Alberta, […]
We anticipate the U.S. Supreme Court will invalidate President Trump’s tariffs early next year, sending markets higher. The legality of widespread tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) is now before the United States Supreme Court. The question is whether the law intended for specific emergencies allows the President to levy unbounded […]
On September 17, we wrote a blog highlighting Western Copper and Gold (“WRN”), a Canada-based company we’re bullish on. Since then, WRN’s stock has gained approximately 33%. With a market capitalization of about US$435 million, the company counts several major players among its shareholders — Rio Tinto, valued at over US$110 billion, holds nearly 10% […]
Last week, both the Bank of Canada and the U.S. Federal Reserve cut their benchmark interest rates by a quarter percentage point. Though we’re two separate countries, both central banks are contending with challenges that monetary policy alone cannot fix. In Canada, Bank of Canada Governor Tiff Macklem emphasized that the 25-basis-point cut, which brings […]
I have trouble keeping up with the reasons why Bitcoin moves in either direction. It seemed correlated with the Nasdaq coming out of the pandemic; then was compared to “digital gold”; and recently it was a hedge against government mismanagement. Its bull case seems to change each day and I’m not embarrassed to say that […]
It’s not often that a stock jumps almost 7% in a single day because of an analyst upgrade. Nevertheless, that’s what happened on October 1 when Desjardins published a note about Algonquin Power & Utilities (“AQN”). “We are upgrading AQN to ‘Buy’ from ‘Hold,’ largely due to compelling valuation following recent weakness, strong management, and […]
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 […]
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 […]
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 […]
