Jamie Murray

Yes. Magnificent 7 stocks are leading the market. About only 28% of companies are outperforming this year, so 3/4 of companies are underperforming the benchmark. It's been a very difficult market for active managers.

He likes the big tech companies, but the time to really load up was last year when they were down 40-50%. They're core holdings for a lot of investors, so they're not going anywhere. He's finding lots of opportunities in some smaller-cap names, outside technology, that provide very good upside from here.

Trimming energy holdings on strength, and now seeing weakness start to play out. Over 2-3 years, you'll get nice returns, but if we do get a recession, we'll see some weakness in demand.

Interest-rate sensitives have all been hit, but he thinks interest rates are probably close to peak, and those will be opportunities from here.

TMO is a leader in life sciences and diagnostics. He recently added. The entire sector has some over-supply. This is the bottom of the cycle. Lower risk, less upside, more diversified. Historically, good at acquisitions. Good long-term hold, but right now it's all about waiting for funding to come back to the sector.

When the cycle turns, both will do well and will probably outperform.

TMO is a leader in life sciences and diagnostics. He recently added. The entire sector has some over-supply. This is the bottom of the cycle. Lower risk, less upside, more diversified. Historically, good at acquisitions. Good long-term hold, but right now it's all about waiting for funding to come back to the sector.

When the cycle turns, both will do well and will probably outperform.

Phenomenal company. Seems to be ahead of every trend. It's all about the sales for the back half of 2024. When sales dry up, it can have a lot of earnings volatility. Probably has a bright future.

Instead, he owns AVGO, which is also benefitting from the AI buildout. Lower price, less growth, more diversified. 

In this rapidly changing rate environment, debt can really eat up any excess cashflow. Big debt load. Interest rates have been rising faster than earnings, so you're seeing earnings compression. Large deal to purchase gas distribution assets, and now focus should turn back to de-levering. Interest rates should fall over next couple of years.

Look at level of debt to asset value, as companies can sell assets and use that to repay debt. Also look at the level of EBITDA and capital expenditures. 

A leader. He doesn't play too much in the gold space. It's more speculative than what he typically buys. Not on his radar. 

He'd prefer RIO, a low-cost leader in the iron ore space, with copper assets and a nice distribution. You could also look at MDI to play the miners, as it gives exposure to the whole sector. 

Low-cost leader in the iron ore space, with copper assets and a nice distribution. 

A way to play the miners, as it does drilling for companies while being agnostic to what it's drilling for, giving exposure to the whole sector. True, commodity prices have backed off, and equity markets for raising capital haven't been the most favourable. When the sector turns, in very good shape to take advantage of demand for 5-10 years. Reduced debt to nothing, buying back stock.

Underperformer. New deal with ALA is great for shareholders; de-levers and unlocks some value. Renewables arm, of which it owns 70%, is coming online to drive cashflow. Better days ahead. Earnings report in next week or so.

Huge winner so far. Very well run. Not much competition in the space. Not a ton of growth ahead. Price being driven by infrastructure spend in the US. Look elsewhere for better valuations. Could look at on a major pullback.

He prefers BNS or TD. A good time, generally, to start looking at the banking sector to get back in.

A favourite of his. A good time, generally, to start looking at the banking sector to get back in.

One he likes, with the turnaround. A good time, generally, to start looking at the banking sector to get back in.