Investment Q&A

Q: Looking at some of the construction/engineering stocks. Since early summer of 2023, the larger companies STN and WSP are up about 50% and 30% respectively, but the smaller companies ARE and BDT have been massive winners, as ARE is roughly 4 times what it was then, and BDT is roughly 6 times what it was, gains of about 300% and 500%. Is the vast outperformance from ARE and BDT just a case of smaller companies being able to grow faster, or is there something fundamentally different in their businesses? Dol you think that ARE and BDT will continue to outperform STN and WSP?

Q: Ref : Patrick question on Monday:
“Do you have any thoughts on CUBE? I don’t have a lot of REIT exposure in my portfolio (just a small position in DIR.UN and some ARE at a large loss).”

Since ARE:CA has been a great performer in the last 5 years, I believe he is referring to ARE:US for real estate.

Q: Do you have any thoughts on CUBE? I don’t have a lot of REIT exposure in my portfolio (just a small position in DIR.UN and some ARE at a large loss).

Thinking of maybe either taking a tax-loss on ARE and redeploying into CUBE or else just buying CUBE with cash available in my portfolio (my sells are usually wrong, so I tend not to sell often).

Q: Which of these look best to you, long and short term? Or would you wait for a better entry?

Q: Hi - Would you please give a one-line bull and bear case for each. Of this list would you initiate new positions in any at their current prices (ignoring other factors like diversification etc etc).

Q: What are your thoughts and/or insights regarding the monster Alberta AI data centre complex being promoted Kevin O'Leary? Are there any investable companies involved that aren't on the public radar yet that you would consider investing in? Thanks, and Happy New Year!

Q: WSP has been flat this year while Aecon has had a nice advance.Also, Transforce is recovering.I am thinking of replacing WSP with Aecon or Transforce.Your thoughts please.
Merry Christmas.

Q: Hi, I don’t think I worded my recent question about the energy/mining sector very well. I was looking for some ancillary type company suggestions, like the company that supplies the sand for fracking or provides well services or repairs or leases the mining equipment or is going to build the roads to remote mines…that kind of thing. I guess anything that might be on your radar or comes to mind as an opportunity in that space broadly.

Q: How would you compare BDT and ARE going forward

Q: I bought Aecon (ARE) back in 2023 with income in mind, entering at $11 and locking in a dividend yield close to 7%. In November 2024, when the stock climbed to $28, I asked whether it might be time to realize the gain. You encouraged me to hold and see how things unfolded. Shortly after that conversation, the stock dipped sharply to $15.

Just to be clear—I’m not blaming you at all for that. I appreciated your perspective then, and I still do now. I’m simply revisiting the decision with fresh eyes, given how things have evolved. Aecon has always been a bit of a yo-yo—volatile by nature. And I know myself: once I sell a stock like this, I won’t buy it back. That’s why I’m approaching this decision with care. The recent contract Aecon signed to expand into the U.S., especially in nuclear infrastructure, feels like more than just a bounce—it suggests real strategic potential.

Fast forward to today, and Aecon has rallied to a new high of $32. My position is held in a margin account, and I’m sitting on a capital gain of $22,900. Of course, selling now means paying tax—but so would selling later. The dividend yield gives me about $834.48 annually, which is modest compared to the capital gain.

You once told me to hold Aritzia and not to fear a likely weak quarter. That advice turned out well. And when Aecon announced its U.S. expansion, the stock responded strongly. I appreciated your insight then, and I trust your judgment. Now, I’d love to hear your thoughts on this one.

So here’s where I’m at: should I sell now and lock in the gain, or continue holding for long-term income and potential upside? I’m not looking for reassurance—I’m looking for your clear-eyed analysis.

Thanks in advance—I really value your perspective.

Q: Any news on MDA big drop? Thinking of moving out into Are which is gaining momentum,

Q: There appears to be a growing trend toward the building of small nuclear reactors for energy. It seems ARE and ATRL are best positioned in the segment. ARE just announced a project in the US and both are involved in the building of the reactors PM Carney announced. I know you like STN and WSP. I have a good position in WSP and have done well with the stock but I am noy sure if it is involved in this sector. Your thoughts please.

Q: Aecon Group up over 12% on Friday. Is this a company that you like? Would you stay invested or take profit and move on. If so, is there a company in the space that you like better for the long term.

Thanks

Dave.

Q: Deferent businesses but which would have a safer dividend and growth going forward ? Thank You.

Q: 1) For these listed firms, which ones have the strongest link to the nuclear energy field?
2) I have a fair sized holding in WSP but am eager to branch out for diversification purposes to either STN or ATRL. I see from other questions, 5i's seems to favour STN as a compliment to WSP. How strong is STN in the nuclear field (their website suggests some capability)?
With thanks.

Q: The Alberta Premier is talking about getting a private company(s)
to build a pipeline to link the resources of Alberta to BC Province
I have all the pipelines in my portfolio
in terms of construction, would WSP, Stn and any other companies benefit from
this Big Project? just like linking the West to the East pipeline which could happen
to benefit all Canadians
good luck to the projects
thanks
Michael

Q: With the passage of bill C-5, many expect projects regarding roads, electric grids, pipelines and railways, will be expedited. Could you pls comment on the following companies, if they stand to benefit and would you recommend investing in each

Q: What is your view of ARE? Legacy projects are crushing earnings but otherwise things seem positive. Would this be a good time to step in or have there been too many disappointments?

Q: With Aecon being down roughly 50% in the last 3 months do you it’s a buy here and do you see any further downside,your thoughts on the company…Thanks

Q: Assuming Canada invests on infrastructure projects in order to support its natural resource sector to reach other than US markets, which cos do you recommend (plse refrain from suggesting BN and affiliates as I am not a fan) - thx