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Was upgraded today. It's the highest-quality healthcare stock. They have more than just the GLP-1 drug; are diverse with their entire drug catalogue. Exceptional execution. Good PE. 

She just bought it now for its cheap valuation at 18x. It's cheaper than Colgate or Hershey which has 3% organic growth, while Nvidia has posted 85% total revenue growth. Look at their backlog and customer base. Gross margins are around 75%. Free cash flow will double next year.

She owns the preferreds. Their industrials business was +24%, data centre +97%, aerospace/defence +45%. It trades at 20x PE and pays a 5.3% dividend. There's growth ahead. You don't have to own the big tech stocks.

It will drift higher to the mid-80s by year end.

Interestingly, the Magnificent 7 are no longer so magnificent. The group is up ~2% from 2 months ago, which trails the S&P 500 (which itself trails the equally weighted S&P 500). Seeing a broadening out of investor interest.

After 4 years of this capital spending arms race, we're starting to see trickle-down benefits flowing broadly into the mainstream economy. The most rabid enthusiasm is still in semiconductors, hyperscalers and memory, but we're starting to see some of the benefits of AI usage trickle down to garden-variety businesses.

Hard to look at any of the banks trading at 20-year-high valuations when we have a weakening economy. Something has to give, and she thinks it'll come off the bank stocks. Capital markets and wealth management have been the real drivers. People look at banks as bellwethers for the economy; if the banks are doing well, the economy must be doing well. She doesn't feel that way.

At the end of the day, they'll do well because of their oligopoly position. Underlying businesses are OK. She's just not comfortable buying at these valuations. If we get a correction to our economy, the banks will be the first ones hit.

Was hit yesterday after their forecast disappointed and hit today after Musk said he would buy his GPUs from Nvidia, not AMD. AMD remains a solid business with shares up 125% year to date (Nvidia only 17.5%). AMD is run by an amazing CEO.

The banks aren't big players in the oil patch either. Average size of a Big 6 bank energy fund is $139M, average exposure to Canadian energy is only 27%. The bulk of them are invested in gold super majors and the big 6 Canadian energy names. 

No one's looking at the tier below the $10B mark, and that's what his new ETF (COIL) is trying to take advantage of.