Brett Girard, CPA, CA, CFA

That's the problem. There's not just one thing. Data is coming at us like a firehose. It's not clear what's positive and what's negative, there are mixed signals from everywhere. 

With interest rates, it's like going for a stress test. You hop on the treadmill, and at first it's not that bad. But then it picks up again. And again and again. By the time you get to the last stage the speed is higher, you're on an incline, and the doctors just keep it there. 

That's a lot like what's going on with interest rates. We don't know for certain, but it's looking as though interest rates aren't going any, or much, higher. We're in that higher for longer phase. The question is how long are we going to be going at this speed and up this hill, and how long can the economy withstand that?

Rates could go a bit higher. But if you're building a balanced portfolio and you can lock in 6% for the next 3-7 years, it's a good component to have in your portfolio.

We're seeing now from Q3 earnings that organic revenue growth is not there. It's only 1-3%. But companies are trying to maintain earnings and grow them over time. 

If you can't grow revenue, you have to cut costs. So we're hearing talk of layoffs. For example, CTC.A just laid off a chunk of its workforce. If people are losing their jobs, that filters into consumers' psyche and they're more reluctant to spend, or they defer big-ticket items, and that starts a potentially bad cycle. ZZZ has also run into a bit of trouble. 

Yes. In a balanced portfolio, having some component of GICs does make sense. But you lose liquidity, there's reinvestment risk at lower rates upon maturity, and there's an opportunity cost by not being in the market.

Something with smart flexibility, like a money market fund, lets you get your money out whenever you want. Because we don't know what the world's going to look like in 1 month, 6 months, or a year from now.

Good move to spin off medical simulation division. Room to run. Pilot shortage. Baby boom is still in revenge travel mode. Air Emirates just ordered Boeing planes. All tailwinds from a secular point of view.

Good job marketing Ozempic, taking the US and other countries by storm. Could be a $100B drug class for all participants. Significant weight loss, kidney and heart benefits. Always going to be side effects. Because of its runup, start with a 1/2 position, and then add on any weakness.

You have the Magnificent 7 south of the border. This is Canada's Magnificent 1. Slow and steady. Acquires at good prices and then grows internally. In clients' TFSAs. Great company. Sold SHOP and deployed to this. Makes sense to hold, if it's not too big a weight in your portfolio.

If you're determined to get in now, buy half a position and then look for weakness down the road.

After its run, he sold and used proceeds to buy CSU.

It's in his "too hard" pile. Seems to be shifting from transportation to delivery/logistics. Came to market at a time when money was free. It'll be a test to see how the company does over 5 years with higher interest rates.

Strategic review right now. Don't get in right now. See how the review goes.

He owns the rate reset, preferred shares. Flat this year, but resetting at over 6%. Difficult, contractually, to cut the preferred dividend. If these shares were redeemed, you could make a significant capital gain.

India's largest bank. Investing in India right now makes all the sense in the world. It's the largest population now, surpassing China. India has significant growth, population is relatively young and moving to cities, with more banking needs required. 

His exposure is through HDFC instead.

Investing in India right now makes all the sense in the world. It's the largest population now, surpassing China. India has significant growth, population is relatively young and moving to cities, with more banking needs required. 

Second-largest bank in India. Just completed a merger with a mortgage business.

Right space, but not the right horse. Better opportunities elsewhere. NVDA is quite expensive, so look at ASML. 

A Dutch company, making very small mirrors for semiconductor manufacturing. Has done well over the long term. He added this year as a way to play AI.