John Zechner

Believes markets are almost too bullish right now. Appears US Fed is pivoting towards dovish economic policy. Stocks are not cheap, but performance has been great for investors. Importance of investing in tech becoming more prevalent with A.I. growth. Generating growth in profits will be important for tech to demonstrate. Geopolitical risk always something to be aware of, but not investing based on speculation of further conflict. 

Too risky for investors. Panama has lots of geopolitical risk. Better options for copper investors. Unsure whether company will survive without operations in Panama. 

Earnings expectations coming down, has recently sold shares. Better options for investors in semi-conductor sector. 

Has recently bought shares. Stock weakness due to payment space difficulty. Technology changing which makes it hard to judge cash flow. Overall, is a good company. 

Has been buying share recently. Demand for commodities not going away. Excellent capital allocation in management team. Current price is a good buying opportunity for long term investors. 

Currently undervalued. Believes dividend is safe. Sector poised for growth. Would recommend buying. 

Very cheap valuation. Recent M&A will start to pay off in 2024. Energy outlook looks favorable. Would recommend buying. 

Excellent business model with pause in interest rate hikes. Defensive business model with high dividend yield. Recent M&A very good for business. Valuable assets that are hard to replicate. 

The rally last week was a big move, but we were pretty oversold. September and October were miserable, but we've seen this before where everybody is down, then we get a surprise bounce. A lot of last week was probably short covering. The tailwind we needed was a break in rates and that's what we got last week. The markets expects a traditional Q4 rally. The US is seeing the rally continue, but Canada is a different story where the cyclicals are struggling, which is logical given the economic outlook. The economy is heading to a recession and Canada will happen before the US. Some of the bad news is already built into stocks like CargoJet. Also, he feels that rates have peaked and rates have been overdone. SPending has lasted longer than expected given the savings from Covid, but that savings is being depleted. There are headwinds out there and a time for caution. He's cautious, neutral.

It was a good play on the semis sector, but now it's volatile. He prefers holding individual names, like Broadcom, AMD and Nvidia.

He's sold a lot of energy lately, but hung onto BTE. The valuation remains cheap. The market doesn't want to see energy companies buying other ones (CPG is getting punished for that today).  BTE boasts over 20% free cash flow yield, trading over 3x operating cash flow, so cheap.

Has been a great story by acquisition. His only worry short term is that it's hugely tied to consumer demand, which will slow down, highly cyclical. You can own a partial position here, but that's it.

Is sensitive to the economy which he sees weakening. Cyclical. The consumer is stretched and the savings rate is declining. Yes, PEs are cheap, and MG supplied gas-engine as well as E-cars. He likes the auto companies, but now is not a great time for them.

Likes it. Valuation is really cheap, around 7x operating cash flow, buying back stock and balance sheet is fine. Are vertically integrated well. Are the go-to name in this sector. Would add shares.

The travel business enjoyed the revenge travel bounce, which is wearing off a bit. The managed Covid well by shifting to cargo shipping. But business travel will never return to pre-Covid levels. That said, this remains a good business, judging by their last report. A good long-term story. Buy on further weakness, not now. Economic slowdowns are a caveat, though.