Investment Q&A

Q: Good morning,

Thoughts on TD from here? I had read earlier reports prior to this week’s drop that there was essentially no value being ascribed to the US retail bank. With the asset cap, what is forward PE and revised target price? I would like to think that even with no growth in the US retail bank, there clearly is some value there, and management will ultimately determine other, more strategic, ways to deploy capital that hopefully will be accretive to the stock price.

Thanks

Q: Hi 5i, I'd like to bring my position in TD to a full weight, and was wondering what your crystal ball shows as a floor. I'm thinking the weak hands will wash themselves of their holdings soon.

Looking at their 10 year CAGR [divi+growth] of approx 10%, a stock yielding 5% with a
5yr DGR of approx 8%, what could go wrong?

Thx

Q: Is TD oversold? Is it buyable here, or do you forecast more downside?

Q: I am not so sanguine to think all is priced in. The Americans are going to slaughter td and wait for the lawsuits. I have a AUS account. what solid US bank stocks or other decent dividend stocks would you recommend?

Q: Sunlife Financial has had a nice increase (+20% since I last purchased). IS Sunlife generally a hold, ell or buy? The other financial I hold is Royal bank. Given decreasing in interest rates and potential impact on banks is it a good time to switch to a bank hold? Which may be the second choice if that is the case?

Q: Hello, on August 15th you answered a question by Derek about this company. Feel free to abridge this quote within your response, pasted below. I don't fully understand your response, as it seems to indicate that TSU will grow faster, but why would you say that IFC is more balanced? Does this mean that IFC should actually grow more over time, or that it will grow less but is more stable? Thank you very much.
Original answer about growth:

IFC (property and casualty insurance and auto insurance) - consensus growth estimate over the next few years 6%

TSU (specialty insurance) - consensus growth estimate over the next few years 10%-12%
TSU has the best growth, as the company reinvested the majority of its earnings back, and volume growth in TSU’s recent quarters is quite healthy. TSU has the strongest growth, but we think IFC could be the most balanced name between capital returns and growth.

Q: I own both KKR and BN. KKR stock price is appreciating significantly more than BN and all other stocks in the private equity realm, that I am aware of. Can a case be made to concentrate on KKR if one is not concerned about including BN to have Canadian exposure? Further, do you see any other financial stock with more pure growth potential relative to KKR?

Q: Comments on the TD penalty news today? To me it seemed expected their growth would be somewhat limited in the US, but in the surface it seems it could have been worse. Market seems to be overreacting a bit I think. Thoughts?

Q: Since the Canadian banks eventually trade in line with each other,would it make sense to sell Royal and buy BNS,TD,etc.?

Q: I would appreciate an updated view of Firm Capital Mortgage Investment Corp. Thanks!

Q: What do you think of MET? The stock has been performing well recently. Is there any reason to sell the stock now? I’ve been holding it for 10+ years.

Thanks,

Q: Good day, Your humble opinion on this CDN. bank etf. Thanks again

Q: Has anything changed fundamentally at FSZ. The stockis up 120% (with divvys) from the Oct. lows of last year?

Thx

Q: Following these recent QA regarding BN.

Sep30 “ As per the latest annual financials, BN holds a 25.0% interest in Brookfield Asset Management (BAM), a 54.6% interest in Brookfield Renewable Partners (BEP.UN), a 73.9% interest in Brookfield Infrastructure Partners (BIP), and a 34.5% interest in Brookfield Business Partners (BBU)”

Oct01: “Owning the three noted will provide higher income and somewhat similar exposure. But BN will prove the 'private equity' component of its businesses that the others have less of.”

I own BN since BAM-reorg and it did very well this year. If we look at it’s underlying assets : in the last year BAM/BBU did OK but not as much, but both BEP and BIP did poorly. May be a stupid question, why did BN do so well? Market speaking? “private equity” or other assets heavier than we think? Thanks ++

Q: Which one of Bn,MFC do you think would provide the best return over the next 3 to 5 years?

Q: My focus is on financial alternative investments. We have positions in BN KKR IBKR [thanks], and are considering adding stocks from indexes/ratings [MSCI/SPGI], other exchanges, asset managers. Please list and rank your highest conviction names. What percentages would you allocate to each [including BN IBKR and KKR]. And, lastly, which ones would you advise, if any, for a full position now.

Q: Hi 5i Team - I am trying to develop a plan of action over the next couple of weeks regarding Payfare: Sell outright, Hold, or Add at around the 2 dollar mark. Your answers to the following questions will help.
Is there some way of finding out how much of their revenue comes from Doordash.
Do they have significant relationships with Uber and Lyft.
What other companies do they do business with.
How strong is their management team to guide them through this downturn.
What are insider holdings and has there been much activity in the past six months.
Are their cash and cash equivalents holdings approximately $100 million.
Could you comment on their recently announced strategic review process. Is this a positive sign.
Thank you.

Q: Other tan by owning Fairfax to benefit from their increasing ownership in Bauer Hockey is there a way to invest in Bauer hockey directly? Is Fairfax a good investment on its own merits?
Thanks guys …

Q: SPDR SER TR S&P CAP MKTS ETF
KCE
What do you think about this etf?

Q: Hello,

Congratulations Chris!!

Can I please get your opinion of Ares (ARCC). Thank you!

Dave