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Bank indices around the world have very nice long-term price patterns. They're in a secular, multi-year bull market (unless you think we're going to face a major credit event). Banks have been pretty good at managing credit risk. During that run, stocks pull back to the long-term MA from time to time. All the banks have done this.
Likes financials as a group -- one of the 3 core groups he's focused on. With long-term rising rates, power is in the hands of the lender rather than the borrower. As long as banks can hold those long-term MAs, rising NIMs should be a pretty strong driver.
Wealth management in pretty good shape. Risk currently to capital markets revenue if some of the big IPOs don't happen.
US EQUITIES
He will trade his excess position, but hold his core one. They prove they can use AI to their benefit.
US EQUITIES
A great utility that will benefit if the Democrats regain control of the House at the Midterms.
US EQUITIES
Trades at 18x PE and an almost 5% free cash flow yield. Is -5% this year, but earnings growth is around 9%. They have a $110 billion pipeline. Earnings ahead are reliable.
They report tomorrow. It's all about refining margins. He's held onto this stock and won't sell--they are major supply problems for diesel and gas ahead. Cash flow is historic. He targets $500.
Earnings lift stocks
Market sentiment was positive on Wednesday after big names like SpaceX reported a healthy beat and surged 7.79% Other tech names also rallied, including Super Micro Computer by 9.55% and Nvidia by 2.54%. However, not everything was rosy. Netflix‘s guidance disappointed the street which sold NFLX shares by 5.31%. The Nasdaq still gained 1.05%, the S&P 0.58% and the Dow 0.69%. The U.S. 10-year yield held steady at 5.123%.
Likewise, commodities were flat: gold at US$4,134, WTI at US$97.75 and silver US$57.75, down a few pennies. Despite that, the TSX gained over 200 points or 0.6% on the strength of financials and tech, while discretionary was the weakest sector. Major movers on Bay Street: Mullen Group 5.7%, BlackBerry 6.18%, Royal Bank 1.23%, Magna -4.5% and Ivanhoe Mines -6.2%.
📡 SpaceX (SPCX) +7.79%
💾 Super Micro Computer (SMCI) +9.55%
💾 NVIDIA Corporation (NVDA) +2.54%
📺 Netflix Inc. (NFLX) -5.31%
🚚 Mullen Group Ltd (MTL.TO) +5.7%
📱 BlackBerry (BB.TO) +6.18%
🏛 Royal Bank (RY.TO) +1.23%
🚗 Magna Int’l. (A) (MG.TO) -4.5%
⛏ Ivanhoe Mines Ltd (IVN.TO) -6.2%
It's whether these data centres are actually going to be built. Will there be a political windstorm that puts up roadblocks?
His ongoing thesis is that opportunity will follow money. If there's a lot of money available with the returns that these data centres offer, there will be solutions. Some of these concerns are environmental, and some involve the cost of electricity. Some are disruption to communities.
Over the long run, these things tend to be resolved if there's monetary opportunity.
Stocks rise, oil eases
After a recent run-up, crude oil prices relaxed on Tuesday as the WTI declined 1.8% to US$101.80. Energy was the only negative sector on the TSX while healthcare, real estate and tech rallied the most. Major movers included BlackBerry up 7.89%, Bombardier 4.45%, CGI 3.87%, Chartwell Retirement Residences 3.82% and Hammond Power Solutions -6.05%. Gold edged down 0.4% to US$4,125, but silver climbed 1.25% higher to US$57.70.
In New York, the Nasdaq was flat, the S&P gained 0.28% and the Dow rose over 1%. Strong earnings helped lift the indices, including Equifax up 11.33% and Hasbro 11.2%. Moderna rallied 6.69%, GM slid 6.84% and 3M jumped 5.78%. The U.S. 10-year yield slipped to 5.113% while Bitcoin climbed US$660 to US$82,575.
📱 BlackBerry (BB.TO) +7.89%
🧬 Bombardier Inc (B) (BBD.B.TO) +4.45%
💾 CGI Group (A) (GIB.A.TO) +3.87%
🏛 Chartwell Retirement Residences (CSH.UN.TO) +3.82%
🧬 Hammond Power Solutions Inc. (HPS.A.TO) -6.05%
🏛 Equifax Inc. (EFX) +11.33%
🧩 Hasbro Inc (HAS) +11.2%
💉 Moderna (MRNA) +6.69%
🚘 General Motors Corporation (GM) -6.84%
💾 3M Co. (MMM) +5.78%
He's seen his share of bubbles, and we're now seeing that with the AI tech stocks. Eventually, tech will flatten or fall, and the rest of the market will catch up. Yes, AI is here to stay, but AI stocks are overvalued.
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