Q: Hi there. As always, we really appreciate your insight into the markets and your thoughts on the evolving landscape. We have held Royal Bank for many years in a portfolio for our grandchildren and it has done well on an annualized return basis. It is a core holding but would you suggest going into a basket possibly being the better move going forward as market uncertainty seems to be growing? Do you have any names we can explore that might better capture future growth and allow a bit more diversification? Do you see Canada as an index finally outperforming the US this year with the sky-high valuations of the Mag 7? Thank-you!
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Q: Merry Christmas 5i folks.

Thanks for everything this year. Overall very solid returns achieved.

I was holding ZWT and then added QMAX (to compare for a bit and then consolidate) for Sector exposure, but when I looked at my whole portfolio, AMZN, MSFT, NVDA, GOOG and SHOP, through 40-600% gains (many thanks), have become about a third of my portfolio, but also represent 40 and about 22% of ZWT and QMAX. With their fortunes tied so heavily to my individual holdings, is it worth holding a sector ETF?

Conversely, I kept teeter-tottering on which Canadian bank was going to be "The best" over the next few years +, and not pulling the trigger. Based on some of your other answers recently, I settled on going with a 6% position in ZEB, and am ultimately pretty happy with the lower management fee and equal weighting approach, and having a holding in the financials. Do you think the outlook for the financial space over the next few years would justify a higher weighting? Would adding a small position in PRL or something make it more complete?

On the small caps side of things, I have positions in PNG, TCS, CLBT, TMDX, ASPN, HPS and CALF. CALF has been sort of... uninteresting, and I'm considering selling it and initiating a couple more small caps for more torque. Front runners currently are VHI, ZDC, WELL, MDA. Thoughts? Any others you would put in there? Would you dump ASPN for UFPT?

Given how weak the Canadian dollar is right now, would you prioritize US or dual listed companies? Or will Canadian ones get a 'Double boost' if we can get some strength back in the loonie?

Thanks for everything, and Have a great new year!

James

Q: Hell 5i I am considering selling BMO shares holdings and RY holdings as they in their higher price range. Sell high buy low! My plan is to reap the profit to buy ZEB. I would appreciate your thoughts on this. Thank you