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At his firm, they have about 28% in financial services (by far, the biggest weight). Generating a lot of free cashflow. Capital reserves are very strong. Continue to beat estimates in different ways.

Great run over last 2 years. Around the world, banks have been strong everywhere. Long-term rates moving higher, and short-term rates relatively low, the spread they can make on their loans is pretty darn good. When markets continue to be decent, then capital markets are strong and so is wealth management. He doesn't see any major change to that.

Can companies pull back 10% at any given time? Absolutely. And they have pulled back over the last 6 weeks or so, but that's fairly typical in a longer-term bull market. He'd be a buyer at these levels. Structural backdrop is supportive.

All the banks are doing well in capital markets. If he's correct on the long-term cycle work, seeing a rotation into hard assets -- gold, copper, silver, lithium, oil. That will attract foreign investor interest, who can't invest easily in hard assets but can invest in their proxies (the banks).

He's very bullish on Canada. The banks should continue to work. They're extended here, doesn't mind trimming a bit (especially if an outsized portion of your portfolio). For the most part, technicals are positive.

Micron has momentum. Nvidia's report a blow-out today and will lift Micron higher. 

It's all about scarce resources, and this company has resources (power).

Over 8 quarters, it's fallen 6 times on earnings. So, they need a blow-out quarter. Q3 guidance is critical. NVDA has telegraphed they will raise prices 15% to meet expectations.

He was early in utilities and they're now up a lot. This is an opportunity. The bottleneck is energy within the data centre build-out. There's still a lot of room to grow.

The US-Canada trade war doesn't change his positioning. He's long term, 5-20 years, so he accepts all manner of macro events. So, he finds businesses that withstand all macro backdrops. The investing greats generally hold a concentrated portfolio and hold them through ups and down. The average holding period for a stock was 5 years in the 1970s, and today it's 10 months. So, it's a competitive edge to hold long. His two main criteria for a stock: the executives and board must be strongly aligned with minority shareholders (meaning they own a big stake in the business); and boast over 20% return on invested capital, which often have moats or other competitive edges.