Investment Q&A

Q: I am thinking of selling BIP.UN; held in a TFSA where growth is something of a goal. It has not done much for some time and I have good sized positions in other Brookfield entities. What is your current outlook for BIP.UN…worth holding or time to move on? Possible replacements could be GSY or PRL; if there is a move, which of those 2 would you favour? Many thanks for your excellent service.

Q: These stocks are all losing ground lately in my portfolio. Please reply in what order and at what price you would add to them I want to ensure I add valve at this point;

Also should i add to my holding in GDXJ? or start a position a silver stock (please recommend several in order of preference ) same recommendation for US bank ETF....Thanks

Q: Hi Guys Since you will get a lot of questions on the short report on Goeasy I thought this article/comment from National Bank would help members and save you some valuable time ( only make public if you think it is useful):

National Bank Financial analyst Jaeme Gloyn thinks the allegations and evidence brought by Jehoshaphat Research in a short report released Monday claiming Goeasy Ltd. (GSY-T) is manipulating their reporting to delay and avoid reporting rising delinquencies and charge-offs are “without merit.”

Accordingly, in reaction to the 9.9-per-cent drop in the Mississauga-based company’s share price on Monday as well as a post-close analyst call in which management firmly refuted the allegations, Mr. Gloyn now sees “a buying opportunity.”

“The report includes former employer interviews and former competitor executive interviews to explain how frequently and easily GSY uses tactics to delay reporting charge-offs and delinquencies,” he said. “JR argues GSY will have to start reporting higher charge-offs as these loans will inevitably need to default and be charged-off and expects this catch-up in losses to ‘devastate earnings’. The report argues its thesis on the following points: i) GSY’s change in their definition of net charge-offs, ii) rising interest receivable as a percentage of interest income, iii) lower allowance rates on stage 3 loans, iv) large shift of loans into GSY’s “low-risk” category, v) the surprise departures of former CEO, Jason Mullins and CFO, Hal Khouri."

“JR’s evidence of manipulation (Rising interest receivables, lower allowance rates on stage 3 loans and the shift in loans to the ‘low risk’ category) is explained by GSY’s rapid increase in auto loans. GSY has grown its portfolio of auto loans from $40-million in 2021 to over $1-billion today,” he said. “The key is these loans are larger and typically benefit from a lower loss given default because they are secured by the vehicles. Unlike unsecured loans that charge-off after 90 days, secured auto loans will charge-off after 180 days. As these larger auto loans become delinquent, it is reasonable to see an increase in interest receivable. Further, because these loans are secured by vehicles where confidence in recovery is higher, it is also reasonable to report a decrease in stage 3 allowances as a percentage of loans outstanding. Additionally, the risk categorization of loans is determined based on probability of default, which can change based on collections abilities. GSY enhanced their collections capabilities in 2024 which could explain the change in classification.”

The analyst concluded the evidence presented by the Florida-based firm is explained by recent growth of GSY’s secured lending platform.

“We are aware of the potential volatility that can come with rapid growth of a lending vertical as we have seen with auto lending at GSY,” he noted. “We believe management is also aware of this and is actively making investments to improve collections and underwriting. That said, this does not imply that GSY is involved in any accounting games or excessive ‘kick the can’ activity.”

Mr. Gloyn reiterated his “outperform” rating and $265 target for Goeasy shares. The average is $239.22.

Elsewhere, Scotia Capital’s Phil Hardie cut his target to $225 from $235 with a “sector perform” rating.

“The release of a short report alleging that goeasy has improperly delayed credit losses and materially unreported loan delinquencies has put near-term pressure on the stock,” he said. “We believe the central theme of the report follows a relatively well-worn path for short-sellers that target lenders during transitioning economies. The author alleges that company uses “pretend and extend” practices to avoid reporting delinquencies and uses accounting approaches that delay reporting of loan losses and other expenses.

“We don’t buy into the report’s bearish view that delayed net-charge-offs are likely to drive a significant earnings miss for 2026, or that GSY is engaged in questionable practices. Following a 10-per-cent one-day decline in the stock after the release of the report, we would not be surprised to see a near-term bounce to recover some lost ground, however we think the report will sharpen investor focus on underlying delinquency and portfolio credit performance trends and constrain near term multiple expansion. Ultimately we think the key to sustainably removing any overhang will be delivering solid results with the charge-off rate remaining in line with the targeted range with late stage delinquencies also trending down.”

Q: Hello Peter and team, Looks like another day and another important fall in price for GSY on unusual large volume. I thought the CFO news was now old and the share price had stabilized. Was there another piece of really bad news that triggered the large decline I missed? Thanks again for your valuable insights.

Q: Hello, please tell me of the comparable at current price which one that you would choose for total return for a 1-3 year hold and a 3-5 year hold. Also if you could provide a brief reason why would be appreciated.

1 IFC or SLF
2 PRL or GSY
3 CNR or TFII
4 LMN or SHOP
5 CSU or BN or TRI
6 PNG or ZDC
7 KSI or VHI

Thank you

Q: On Sep 12, 2025 you commented:

GIB.A can benefit from AI, and it is heavily investing in AI, but some consultant roles can be replaced by AI, and overall we think there are more interesting names in the market right now for the growth model portfolio.

Who are the more interesting names? Canadians, American and Why do think they will do better?

Q: I own the above listed Canadian Stocks. Please rate each one as a BUY, HOLD or SELL and the reasons for your rating. Thank You.

Q: Hello Peter and 5i colleagues,
GSY tumbled this morning on news of the departure of their CFO. Can one person make such a difference or are there deeper concerns as well?
Thanks as always for your valuable insighys,
Adel

Q: 5I team: Have owned this name for several years in a TFSAwith a current yield of 3.5%.Would you double down or more to get a better yield or swap for something with more yield and growth potential.Any suggestions please and thanks Larry

Q: My son (23) has 9000$ to invest in his first TFSA (he already has a FHSA account that is maxed out). He wants to open a TFSA investing account. Do you have a recommendation for how he breaks up the 9000.00 (ie. 3 stocks)? Are there any sectors that he should focus on at first? Do any particular stocks jump out at you as suitable for this kind or foray into the market?

Thanks in advance
Sue

Q: If I were to sell EQB which stock would you buy to replace this one ? Currently own TD and X.

Thanks

Q: hi folks, thoughts on Q results for Versabank, Vbnk/t & q....stock took big hit on last Q results but recent news/developments seem encouraging??....Chris mentioned stock/liked previously in a podcast....have held for awhile....things look better going forward, or time to cut loose & move on....thx as always, jb

Q: For a 5-10 year hold within a TFSA could you please provide your top 10 Canadian stocks or CDR’s ranked by total return/compounding potential? For a non-registered account with a 3-5 year timeframe could you also do a top 10 list including both Canadian or US equities (no CDR’s), again ranked by total return/compounding potential? Thanks.

Q: I noticed you prefer KSX over DSG recently, and I’m wondering why. Or is GSY the better choice of the three? I have held all three for a few years and due to timing issues I have a much higher gain on DSG and GSY. I know past performance does not guarantee future results, but can’t get over my negative bias towards KSX. Also I have too many different stocks and know I should concentrate more. (I.e. 20 vs 30+)

Q: for a 5 year hold what are your favorite 5 stocks to purchase at the current price level

Q: Just noticed analysts predict 2026 earnings for GSY to increase by 26% over 2025. Increase over previous year was 4.25%. Any thoughts on drivers of the 2026 large increase?

Thanks

Q: Hi Team,
I hold a heavy position in Gsy and Prl both. I do not own any Hood yet. I was debating trimming some Prl to take a position in Hood. Do you think this is a good idea? Do you see the Hood share price outperforming Prl in the next while and long term? Or…is Hood and the whole crypto sector a little over heated right now and might I be better waiting for a pullback before buying Hood?

Thanks,
Shane

Q: In the past few weeks you have answered questions and reviewed results on a number of stocks that generate a considerable amount of attention and endorsement by 5i
such as - HOOD,VRT,COIN,PLTR,KSI,APP,IONQ,PRL,GSY,KTOS,SOUN,RKLB,VHI,NBIS and CLS - having digested those recent results and conference calls are there any that have impressed beyond your expectations or, conversely, raised any red flag?

Thanks,

Terry

Q: Hi, all of these stocks look quite over-valued. Please rank them in order of which ones you might start nibbling on, along with general entry prices. I know you don't like to time the market, but there may very well be dips coming up! Thank you.

Q: Hi, both of these have done well and I need to trim a bit. Which would you trim first, and why? Thank you.