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Stock Opinions by Bruce Murray

COMMENT

Compared to the 1999 tech boom, the current rally is more sustainable. 1999 was a series of small speculative companies, some of which didn't survive (AOL). Current leaders like Google and Facebook emerged from that period. We're more like 1997-8 as AI companies are now emerging, but only big companies can play this expensive game. The market will eventually broaden out; tech has sucked money out of other sectors, but this will change. He see value in healthcare, like Pfizer and Eli Lilly. Also, two export pipelines are coming and this will raise the value of Canadian energy and narrow the gap with US oil.

Unknown
BUY ON WEAKNESS
Tractor Supply

It's been a long-term hold, doing amazing over 25 years. Don't buy it here, because the farm economy is slowing and TSCO is selling around 25x PE and the forecast growth rate is 3-4% which is a little high for a stock like this. Don't panic and sell this, but hold if you own. Buy if this falls 10-15%.

merchandising / lodging
STRONG BUY
Gibson Energy

Loves it. Pays a fat dividend and they just bought one of two export oil terminals off the Gulf of Texas. North American oil should be exported worldwide to reduce Russian exports. And it's cleaner oil. The dividend will slowly grow over time.

pipelines
HOLD
BCE Inc.

Shares have been under pressure because its debt ratio looks too high. The dividend is safe for the short term, but pressure from the big institutions may force a cut. Also, he firmly believes that interest rates will fall later this year which will reduce the pain of their debt, so these stocks will rise. Don't sell BCE here, but it won't go up in the next few weeks.

telephone utilities
BUY ON WEAKNESS
W. W. Grainger Inc

It dominates its business, but is expensive. Buy on dips partially and average in.

INDUSTRIAL PRODUCTS
RISKY
Propel Holdings

Done well and will continue to. Strong management, but he doesn't invest in small companies. A great company from a speculative standpoint.

Financial Services
BUY

His fault for not owning this great growth company. They could a number of things like raise their dividend, split the stock or spin off a business. This will continue to do well.

computer software / processing
COMMENT
NVIDIA Corporation

The top of the Magnificent 7. They announced last night new chips and will move into software. The issue with NVDA is that it's priced for perfection, like doubling earnings this and next year. If something happens (though he doubts it), the stock will tumble. If they deliver, they will have to exceed expectations. Also, it is facing competition as peers work to catch up.

computer software / processing
COMMENT

He sold it recently to buy Meg Energy, which holds more opportunity given its new pipeline. No reason to sell CPG unless you switch to something else. His outlook for Canadian energy is bullish (when new pipelines are completed).

oil / gas
BUY
Uber

Likes it. They dominate EVs worldwide and became profitable this year. It continues to gain markets around the world. It's still early so stick with it.

Technology
PAST TOP PICK
Qualcomm
(A Top Pick Feb 10/23, Up 32%)

They dominate chips for phones, but phone sales were declining post-pandemic and everyone's got 5G. Also, Apple was talking about building its own chip, but eventually didn't. Shares have run up, but he targets $180. Trades at 16x PE and pays a 2.5% dividend. QCOM is also specializes in assisted driving systems. 

Telecommunications
PAST TOP PICK
Air Canada
(A Top Pick Feb 10/23, Down 17%)

It has the same metrics as pre-pandemic, selling at 3x earnings, yet air traffic has surpassed pre-pandemic. Airlines have a bad name which will take time to fade. He saw an interview from Delta's CEO that their business and first classes are full and are raising prices. AC will do very well.

Transportation
PAST TOP PICK
Bank of Nova Scotia
(A Top Pick Feb 10/23, Down 2%)

He bought it for the 6% dividend which BNS will increase. He knows the new CEO very well and is fully confident in him.

banks
WEAK BUY
Cardinal Energy Ltd

Pays a fat dividend, doesn't chase exploration and is rewarding shareholders. Trades to $8 when oil prices rise. They produce light, sweet crude, so it won't benefit as much as the heavier oil that's exported to Asian markets. He's bullish Canadian oil. CJ is well-managed, though.

oil / gas
BUY ON WEAKNESS
Recently dropped

The drop is a result of the sharp rally of recent months, but Meta remains a core holding of his. Meta benefit from the AI boom and Whatsapp which the whole world uses and they haven't even monetized it. Trades at 25x PE and earnings will grow nicely. Buy on dips and average in over time. Zuckerberg knows what he's doing; has done a wonderful job.

Technology
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