Teal Linde

The Nasdaq was down 30% last year with no capitulation. It is now back to its 2021 levels on the strength of the Magnificent 7 and the rush of big techs to get into AI. It is up 4 times in eight years. Retail investors have done well buying what is popular and the Magnificent 7 are now at lofty valuations and more volatile. If you look at the full slate of stocks (not including the Magnificent 7) that represent 30 % of the index now, you will find better opportunities going forward.

It is close to where it was at the beginning of the pandemic but has issued substantial shares since then. Continue to hold but you could lighten up when the holiday season is over. People are spending more on basics like clothes and shoes this Christmas season and other spending is down.

It grows organically and by acquisition but when buying another company it leaves 25% of the shares in the hands of existing management which motivates them to make it work. It is the fastest growing global commercial real estate services company.

It is adding more stores and raising prices by 10% which people are paying. More middle and higher income people are coming into their restaurants along with lower income customers eating there less often. It has spent 7 years improving the burgers and is now increasing the size of them. It reinvests profits more than the other chains.

It is not growing too much but pays a dividend of 7%. It is a good company to own in a declining economy. Telecoms have sold off due to rising interest rates.

It is a unique company and is expecting annualized growth in the 15 to 20% range. It can be somewhat volatile so buy on the dips. Its biggest asset is BAM which has $420 billion under management and is aiming for $1 trillion over the next five years and in fact is ahead of schedule in this effort. It is a good long term hold and still has room to run.

Governments could take action on being a duopoly along with Visa but this would have to be a unified effort all over the world. It just got permission to operate in China which has 800 million credit cards. American Express was the first to do this and Visa is not there yet.

The momentum and revenue growth still looks strong. However after next year look at the environment for semi-conductors. AMD and Intel may get into the AI market and three of Nvidia's customers could start making their own AI chips. There is also a semi-conductor boom going on in China. Lots of possible competition could lead to a glut of semi-conductors in 2 or 3 years. It also specializes in making software. Nvidia has lost 50% of its value twice in the past 6 years and this could happen again.

It doesn't get as much attention as the big five Canadian banks yet has out-performed them based on the share price 5, 10 and 15 years ago. This should continue. It has doubled in the last 5 years and that is twice the total return of the Canadian bank index. It doesn't do much business in the U.S. which is a good thing. He is overweight.

Business is booming but the stock is up only 1% from its 2020 levels with the worst conditions in the airline industry. There are several airlines trading at good values.

It has been a very volatile stock. The price is lower than a few years ago even though the debt situation is better now along with higher natural gas and oil prices. Analysts are targeting a price increase of 125% over the next 12 months.

Editor's Note - The question was more related to the oil and gas sector in general. The sector is down and not growing much so wait for a pullback before buying stock in these companies. There has been less capital spending in the industry than before so there could be supply chain constraints going forward. Companies have been paying cash flow back to shareholders through dividends and share buybacks. He doesn't own Tourmaline but it is a great company.

It has had a great run-up with revenue growing 24% this year and 20% next year. The business has three parts: point of sale, enterprise and international. Enterprise is a harder sell and the international component has only 4% of global e-commerce volume. It is trading at 14X sales and 140X this year's expected earnings so you could consider lightening your position.

There was a trading opportunity in November but now you should wait before buying. It has announced a $10 billion share buyback which amounts to about a quarter of its shares. It's interesting to note that over the past 30 years the number of autos sold in the U.S. has remained steady at about 15 million per year so basically the overall market is stagnant.

The question was on his preference between Dollar General and Dollar Tree in the U.S. Dollar General has cratered so it looks like a buying opportunity but actually isn't since it benefited from the pandemic and may just be returning to normal levels. This also causes him to be cautious on Dollar Tree.