Investment Q&A

Q: One would think that CLS, HPS.A and VRT would be screaming buys if Trump said "just kidding" and ended his tariff war tomorrow. But I wonder if this is true. What are the chances that AI/data centre stocks were in a bubble and all it needed to burst was a new low energy search engine like DeepSeek? Is it possible that the wider market chaos is just masking an inevitable re-pricing of AI and data centre stocks? If so, the current lower price for these stocks may not be the screaming buy they might appear to be.

Q: With the April 8th deadline for China, will that be damaging for the market?

Q: Only within the last two months we were at record highs, now we’re in a bear marker for the Nasdaq and S&P nearing one. Futures are selling off again here Sunday night. US administration is digging the heels in on these tariffs.

What are your thoughts on the Trump and Fed put? If they don’t change course soon, the economy is going into a recession and midterms next year will be ugly for the GOP. Looking back at all previous crises, what do you think will happen in the next 6-12 months and what’s the game plan? VIX at these levels and large consecutive down days have resulted in nice future returns 1,3,5 years out. Let’s say you had 100k to invest now, how would you deploy over the upcoming weekly or monthly interval? Which 5 CDN and 5 US stocks would you continue to buy on any weakness, assuming only market related? Thank you!

Q: Don’t you think Trump is forcing investors to move from stocks to bonds in order to reduce interest costs on the federal debt as a result that would leave room for tax cuts.

Q: Hi Peter, Ryan, and Team,

David Rosenberg wrote a very insightful opinion piece in the Globe & Mail on Friday, April 4, entitled “Trump’s ‘reciprocal tariffs’ are a con – and investors are now waking up to his bigger ambitions”.

The title may cause readers to assume it’s ‘political’, but it is not. Rather, it’s a careful analysis of what the White House is up to, and this short excerpt from the article explains what it really is:

“These are not really “tariffs” that are being imposed. These are actions aimed at completely eliminating the U.S. bilateral trade deficit with every country. That is why the “tariff” is really not that at all but rather a “ratio” of every country’s trade surplus with the U.S. divided by the exports of that country – it is that number that the White House expects to rid the United States of its trade deficits; not just at an aggregate level, but for every country that runs a trade surplus with America. This is why these numbers, 10 per cent, 17 per cent, 20 per cent, or 25 per cent, are so huge. They are ratios.”

I can’t resist, however, to be a little bit ‘political’. It’s unfortunate that Trump, Lutnick, Vance, et al will probably never see the article!
Rosenberg certainly stripped away the clothes of these would-be emperors.

The article is behind a paywall, but I urge 5i members to try to get a copy of Friday’s Globe. This will enable them to determine the real reason why many of their stocks and ETFs have recently ‘tanked’. 5i have our backs and they hopefully will continue to alert us about volatility and the potential for further losses to our portfolios caused by this insane ‘policy’.

Q: The VIX is now 35. Is it time to back up the truck?

Q: How exposed are SHOP and CLS to US tariffs? In the case of SHOP, what proportion of transactions are cross-border? For CLS, where are its manufacturing plants located. Overall, how do you view their perspectives today versus what they were pre-liberation day? Thanks.

Q: Stocks are being pummelled. But as always, hopefully they will come back but it may take a while longer than normal. Trump is not normal. If one understands the risk, would you suggest buying some names that are being particularly hit today (eg SHOP -15%)? If so, can you suggest a few names?

Q: Today Emera moved their CFO to Florida, seemingly to better manage their $20 billion dollar Florida project runway.
Sounds good in theory, but I am curious if you see any possible Trump or DeSantis headwinds from a Canadian company expanding in this state in particular, given the "America first" sentiment.

Q: Hello
Teck resources seems to have been headed down for quite a while

Did it get too expensive and sold off?
Is there something else weighing on this company more than tariff and recession fears?

They can sell to anyone in the world do not sure why tariffs are a big issue

Thanks

Q: Hi Peter and Team,

In the event that the US decides to get its potash from Russia (Trump and Putin are now and always have been close buddies), what effect will that have on Nutrien? It's been a volatile holding for us, but we've held on to it, I'm concerned that if it loses a lot of its export market to the US, it's going to tank. Your thoughts?

Q: The three year chart on this is not pretty. Why, given the lack of potash on the market from the Ukraine and Russia, has NTR not thrived? I've done well on NTR in the past but have a hard time understanding the cyclicality. This looks like a good time to invest once again, but is it? How can tariffs hurt NTR? Where else is the US going to get their large need?

BTW, thanks for the suggestion that 475 was a good entry point for ISRG.

Now, NTR? Your thoughts, please

al

Q: Just few more covered call gold ETF questions and I promise to stop flogging this horse and make a decision ..... Of the five ETF's 5i recommended { AMAX, CGXF,BASE,GLCC,GDXY } Could 5i give me the return, unit price gain/loss plus dividends for each ETF as a percentage ? .... As both AMAX and GDXY have only been around a year just go back for that period of time for each one. This will be long enough for me to assess as I am looking for gold volatility pre and post Trump's election.....

I notice all have an upward trend except GDXY. Could 5i speculate on the reason why ? Of course the question is does that 32.5% dividend more than make up for it ? I should be able to see that by your evaluations of returns for the other ETF's in comparison ......

And finally, hypothetically, if 5i were forced to choose one or two of these to " hide " in while assessing just exactly how bad Trump is going to make things for Canada . Which would be your two favorites, first and second, and why ? ...... Thanks for your terrific service ..... Garth .....

Q: Hi 5i!

Recognizing OKLO is quite new and somewhat speculative how do you feel about thier earnings report yesterday?

Did you find the fundamentals are going in the right direction and would you be a buyer to round out a portfolio that is light on energy?
Thanks so incredibly much for your advice!

Q: I am sure you have a lot of members like myself who would like to invest outside of North Americano due to Trump and our tiny Canadian market.
On top of our annual membership fees I would be willing to pay more for example a monthly letter ion investment ideas in U.K. and Europe.
What do you think of the idea?

Q: NDM (Northern Dynasty Minerals) has recently seen price increases. After reviewing previous Q/A, I notice NDM has a lot of controversy. Have those problems of the past been resolved enough to justify the market's current price? Do you think it's buyable, or still too speculative?

Q: I am working on increasing my sector representation in Healthcare. I will shortly have filled a full position in ISRG, adding in this downturn. I have traded around UNH, and am planning to take it from a 1/2 to full position. I have 1/4 position in ILMN and do not think I should be topping it up; I perceive it to be risky. I need 2 more companies, or may need to take one or both of IRSG/UNH to more than a full position.

This provides me a surgical/instrumentation company and a service/product supplier. For diversity in the Healthcare space can you rank your preferred buys (with entry points) I'd appreciate 2 recommendations on the pharmaseuticals side and 2 on the biotech side, or as you may see that fits better.

While I am open US companies I do have a concern that the Trump administration will bring the DOGE and Executive Order train wrecks to health care. I would appreciate your views on this potential action and howe it may impact investment choice in the field.

Thanks as always,

Dave

Q: Could Trump force the Canadian banks & insurance companies close their operations in the U.s. and sell the proceeds to their U.S. competitors?

Q: Without getting political can you please comment on the following scenario. Donald Trump is successful in weakening the independence of the judiciary in the U.S. and it becomes clear to people and businesses that the U.S. is moving towards a sort of Russia style 'sham' democracy. Would this produce a rerating of U.S. stocks? And if so what kind of guess can be made as to the percentage drop as the reality sets in over a few years? Thank-you.

Q: In today's Bloomerg an article said that Brookfield and others are finding bargains in Trump's Big oil era. Its a buyers market. It seems for those with pateince, buying BEPC or BEP.un is a good move and you get decent dividend while you wait.