Paul Harris, CFA

Lots of issues that can happen, as there are every year. Generally, we should see a reasonable up year next year, especially in Canada. Interest rates are at peak, or will remain stable, and may go down in the second half of the year. 

Canada has a far more interest-sensitive market, and banks and utilities should do better because of that. That's what's held back the TSX for the last little while.

A lot of things that pushed markets up over the last year will still be there. US interest rates are in that period of peaking. Inflation will come down. Rates won't be cut in March or April. Chance that Fed will move cutting of rates into the second half of the year, and that's a smart move. Don't need to push rates down until inflation is at the level they want. If they cut rates too quickly, risk that they may have to push rates up again if inflation takes off. Wise to wait until inflation gets to the 2% they want and then lower rates.

Lower rates on the short end will be good for the stock market, funding, and IPOs.

Yes, that's why banks and utilities in Canada will do well. Those kinds of stocks will do well around the world. If you own these types of companies, not only will you get the dividend that you've been getting all along, but you'll get some capital gain that you haven't been getting in the last little while.

Europe tends to have more dividend-paying companies, whereas the US tends to be more about growth. It's more about the stability of rates, rather than rates coming down, and they should all do better.

One of the better banks in Canada. Difficulties with First Horizon deal collapsing. Legal issues. Integrating Cowen. Reduced expectations, so possibility they'll beat those. Not expensive at these levels, great dividend, flush with capital. Interest rate environment will work in its favour. 

Numbers improving on revenue, gross merchandising volumes, profits. Becoming more profitable. Total expenses as percentage of revenue has gone from 65% to 45%. E-commerce will continue to do well. Great company. Valuation an issue.

Unique franchise. Executes incredibly well. Benefits in an environment where people are looking to save money. When stock falls a bit, like now, you have to take that chance and buy. You'll do well over the long term.

If you're a long-term investor, you have to keep your money in the stock market. Very hard to get out and then get back in again. If you have the long-term view that stocks grow your wealth, then you have to put your money to work on an ongoing basis.

Makeup of the S&P 500 is dramatically different than 20 years ago. More tech companies now, no longer dominated by lower-PE industrial companies as before. So you can't sit back and wait for that 20x PE.

You look for really good companies that you like, put them in your portfolio, and hold for the long term. Stick to this strategy, and you'll always do well. Could also dollar-cost-average into an ETF on an ongoing basis.

Medical devices, not pharma. Important area that keeps people out of expensive hospitals, improves quality of life, and reduces reliance on drugs. Great advances, which will grow over the years. You want to be in this area. He owns SYK and JNJ in the space.

Medical devices are an important area that keeps people out of expensive hospitals, improves quality of life, and reduces reliance on drugs. Great advances, which will grow over the years. You want to be in this area. He owns SYK and JNJ in the space.

Medical devices are an important area that keeps people out of expensive hospitals, improves quality of life, and reduces reliance on drugs. Great advances, which will grow over the years. You want to be in this area. He owns SYK and JNJ in the space.

Owns a lot of products that don't make money, no return on capital, so needs to rationalize its products. Own these companies now, because you'll reap from the fruition of these efforts. May be some volatility.

Banks will do better next year, with rates coming down or remaining stable at the very least. Issue with RY is integrating its approved takeover of HSBC. Low expectations going into Q1. Will be higher than it is today.

Stock exchange plus sells data. Good businesses. Fewer IPOs contributed to a slump, but next year will be better. Will grow its data offerings through AI. Good investment over the long term. Not a bad place to buy here.

Some tenants have pulled out of its big Toronto project, The Well. Its smaller spaces have hurt them, as people can work from home just as easily. Interest rates hurt real estate. Good company, lots of really interesting, character-rich properties. Owning something like this should do well for you in a better interest rate environment.

Issue is not a lot of growth in last few quarters. Wonderful balance sheet, buying back shares. High-margin services are growing, as are the wearables. Where does the next product that's going to change the world come from? That's what people are waiting for. A lot of the business are driven off the iPhone, and the computer side has done poorly. Still likes it, it will come through.

Nobody has its scale or logistics in e-commerce. Still the leader in cloud, and AI will enhance that. Strong growth ahead for digital advertising, which is #3 behind GOOG and META. Advantage is that AMZN can easily direct ads plus see impact of ads on sales.