Andrew Pink

Markets have done well in Canada and the US. The Canadian 10-year bond yield vs. TSX over the past year: when the Bank of Canada pivoted last October into a QE-easing stance, bond yields immediately began declining, but lifted to start the year when it looked like we'd have to push rates out further. Interesting that the stock market continued to rally. There's more of focus on the economy staying strong and less on when rates will be cut. He expects a cut in June and maybe end of July, and Canada to cut before the US given our huge exposure to housing (our mortgages roll over after 5 years).

They have 1.5 million cars on the road, 5,500 clients and 700 different industries. Are market leaders in North America, Australia and New Zealand. Good organic growth and a lean capital structure, driven by recurring earnings. It's done well and he's happy with it.

Unfortunately, these stocks aren't working yet; they're later-stage stocks in terms of AI and EVs, which will demand a lot more power that clean energy can supply. It's a little early for names like FTS, but they will benefit. Interest rates remain high which hurts these stocks. So, be patient and collect the 4.5% dividend which they have grown the past 5 years.

It's a 315-basis point reset preferred, meaning a 315 point spread over whatever the Bank of Canada 5-year yield is then. Is a long-duration reset, resetting every 5 years. Pays a nice yield and like this company, but is a utility, a sector currently out of favour until interest rates decline. Good for the dividend, but a shorter reset period would be better.

Likes it a lot can be volatile due to interest rates. ENB and TRP are the pipeline names in Canada. ENB has a major one that flows in the US. Pipelines will never go away, Pays nearly an 8% dividend that is safe and that they annually increase. Are well-capitalized.

It used to be 60/40 stocks/bond split in a portfolio, but bonds aren't as stable as they used to be, given more volatility. The ratio depends on your age and risk tolerance. Younger people own only stocks. He owns some bonds, but you don't always need to hold bond.

It trades at 28X PE, always expensive. Their US peers like Dollar Tree, have not done well. Long-term, he's not sure. To make money, you may need to trade it. But he's unsure about DOL which continues to defy gravity. Maybe buy a dip, which seems overdue.

One type is a rate-reset: every 5 years will reset to a percentage above the Bank of Canada 5-year bond. The other type is a perpetual preferred, which pays the same rate forever. They act almost like bonds, paying a straight yield. The issuing company can call back these preferreds, which explains why the market for these has shrunk a lot.

Not good long term when interest rates will decline. Better to extend duration to capture the yield for a longer term. The reinvest risk is real and not an in-perpetuity investment.

Declined because US comps are down, and rental rates are pressuring them. But in Canada, there's less density and a better dynamic. Company is run well, and he likes their M&A a lot. This dip is good to buy.

It's chugging along. Likes management a lot. This can do well in any economy, strong or weak.

Is up despite a short report recently. Disagreed with that short report, full of unwarranted claims such as a weak board. Shares are down, so it's buying opportunity.

Interest rates will decline, so you future GIC rate will also decline. So will bond yields, but bond prices will rise. But bonds are more flexible--you can sell them anytime while GICs are a waiting game. He prefers short-term bonds, so buy those. Could yield 4-6%.

Likes it. Well-managed and will benefit from lower interest rates. Has owned it in the past. Stable. They lock in profit and control risk. Are now under pressure because of the higher-for-longer sentiment about rates, but he expects cuts to start in June. Pays a safe dividend of 6.4% that keeps growing. Execs own many shares.

A 3.14% spread over the government of Canada. Unlikely to cut their high dividend which you can collect safely.