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That's exactly what happened in September. Her firm has a higher weighting to these sectors, so the underperformance actually made her happy because they could add to positions at better valuations.

Some came off more than others. TRP and ENB were down 18-20%. But PPL, which is a growthier pipeline, came off less (only 12-13%); same with ALA. FTS barely came off, while EMA came down 16%.

Higher interest rates usually aren't a long-term hit to earnings, as they can quickly apply for a rate reset from the regulator.

Oil is high right now simply because of what's going on in Iran. Supply is starting to become available. If oil starts to come down, shorting the major oil companies would be an idea. If oil gets back to $160, the shorts will pay off; if it doesn't, then they won't. They don't do shorts at his firm; long positioning only.

Longer term, it's a long way down to $60 a barrel. In the near term, there will still be M&A going on in the sector (especially in Canada).

Today just said they will buy Kenvue. Kenvue's brands can be integrated by KMB and help grow the e-commerce channel. KMB got a bargain. Pays a 4.7% dividend that will be safe. They can pay down the debt from this takeover.

US Spending
When you look at the projections from the US Congressional Budget Office, the picture keeps getting worse and worse. So it almost doesn't matter who wins in Congress. They all do a really bad job at balancing the books.

Which part of the deficit is really causing the biggest stress right now? With interest rates rising, it's the cost of financing the debt.

As of now, the US debt sits at $40T. The US Treasury just put out a report detailing how it will pay for that debt, by issuing a certain number of T-bills and bonds. The cost for each new issuance of debt just keeps increasing. It needs to be controlled and it's not up to Treasury, it's up to Congress.

His last graph shows charts for ZTL.F (hedged) and TLT. They have the same volatility as the S&P 500, so it's not risk-free. But if the US economy and equities are going to falter, long bonds are still the best pick out there.

Stock buyer at present. Natural resources has been falling but it has a great future. The primary driver for the drop is higher interest rates. Precious metals in particular reflects the level of real interest rates. In the US questions about credit quality affected the availability capital to the natural resources industry making growth concern appear. Operating results in the sector has been impacted by higher energy costs. Gold is very attractive at this level. The purchasing power of the USD and CAD is deteriorating at a higher pace than CPI suggest and that is going to be accentuated in the next 5 years. He likes uranium and think that the uranium companies don't reflect the underlying strength in the uranium price. Market is mispricing uranium equities in a big way.