Investment Q&A

• ECN Capital Corp. (ECN)
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Q: Good Morning

Noticed a trading halt to ECN yesterday. Any developments?

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Read Answer Asked by Marty on April 19, 2023

• iShares U.S. Regional Banks ETF (IAT)
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• SPDR S&P Regional Banking ETF (KRE)
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Q: Hi 5i
A month ago you suggested waiting a few weeks for the turmoil in regional banks to settle down. Are we there yet? I am tempted to buy IAT (35.28) or KRE (42.65), both about 35% off their highs. thoughts?
Greg

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Read Answer Asked by Greg on April 18, 2023

• Brookfield Corporation Class A Limited Voting Shares (BN)
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Q: Hi 5i team! Brookfield defaulted again yesterday on a dozen office buildings in Washington DC. In February it was on 2 buildings in Los Angeles. Should we be concerned or is this not material? Thanks

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Read Answer Asked by Benoit on April 18, 2023

• Blackstone Inc. (BX)
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• Brookfield Corporation Class A Limited Voting Shares (BN)
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• Brookfield Asset Management Ltd. Class A Limited Voting Shares (BAM)
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Q: What percentage of Brookfield and Blackstone are in office real estate ? Retail real estate?

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Read Answer Asked by Mark on April 18, 2023

Q: Hello. With regard to banking regulations in Canada versus regulations in the US, what would be the greatest concerns regarding stability?

Thank You.

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Read Answer Asked by Mary Jean on April 18, 2023

• Apple Inc. (AAPL)
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• Goldman Sachs Group Inc. (The) (GS)
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• Royal Bank of Canada (RY)
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Q: With AAPL offering a 4.5% savings account, do you see an affect on banks?

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Read Answer Asked by George on April 17, 2023

• Royal Bank of Canada (RY)
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• Toronto-Dominion Bank (The) (TD)
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• Bank of Montreal (BMO)
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Q: I am an income investor and hold equal weighting in all 5 big banks. I’m looking at the quite larger than normal yield spread between RY and BMO and TD and am thinking of either halving or even fully selling my RY position to add to BMO and TD. Someday when the spreads go back to being much closer, I would likely repurchase RY. Do you see anything wrong with this logic? Would you prefer one of TD or BMO for such a move? Half or full position? I’ve held RY for a long time, thus my little bit of doubt!

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Read Answer Asked by Mark on April 17, 2023

• Fiera Capital Corporation Class A Subordinate Voting Shares (FSZ)
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Q: How or why do you recommend FSZ.TO Fiera Capital when the payout ratio is 358%

Thats a big number.

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Read Answer Asked by Daniel on April 17, 2023

• Progressive Corporation (The) (PGR)
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Q: Hello Peter,

Does 5i have an analysis of Progressive"s latest result? I am not looking for a long term hold but considering a trade. Would that be wise and if so, what would be an entry point?
Regards
Rajiv

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Read Answer Asked by Rajiv on April 13, 2023

• Hamilton Enhanced Canadian Bank ETF (HCAL)
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Q: On April 23 HCAL will switch from a mean revision model to an equal weight model.
Will this reset the price and how significant would it be ? Thanks. Derek.

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Read Answer Asked by Derek on April 13, 2023

• Lazard Inc. (LAZ)
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Q: your thoughts on LAZ right now.
Is it in the same boat as the other banks?
Outlook?

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Read Answer Asked by Josh on April 13, 2023

• Brookfield Select Opportunities Income Fund (BSO.UN)
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• Brookfield Business Partners L.P. Limited Partnership Units (BBU)
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• Brookfield Renewable Partners L.P. (BEP)
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• BIP Bermuda Holdings I Limited 5.125% Perpetual Subordinated Notes (BIPI)
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• Brookfield Corporation Class A Limited Voting Shares (BN)
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• Brookfield Asset Management Ltd. Class A Limited Voting Shares (BAM)
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Q: You recently mentioned that BN owns 75% of BAM. Do you have the numbers for BSO, BIP, BEP, BBU.

Greatly appreciate.

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Read Answer Asked by Valter on April 13, 2023

• Toronto-Dominion Bank (The) (TD)
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• Bank of Nova Scotia (The) (BNS)
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• Bank of Montreal (BMO)
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• Canadian Imperial Bank Of Commerce (CM)
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• First Horizon Corporation (FHN)
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Q: I was wondering if you would indicate which US banks have been acquired by the above mentioned banks and how risky these acquisitions might be considering the differences in the banking regulations between the two countries.
Thank you very much. Any information you provide will be greatly appreciated.

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Read Answer Asked by Mary Jean on April 13, 2023

• Aon plc Class A (Ireland) (AON)
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• Arthur J. Gallagher & Co. (AJG)
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Q: What is your opinion of AJG compared to AON. Both have performed well but AJG has a much higher PE. Would recommend either or is there another company in the sector that you would prefer. Thanks so much for your expertise.

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Read Answer Asked by Ian on April 12, 2023

• Bank of America Corporation (BAC)
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• JPMorgan Chase & Co. (JPM)
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• CIT Group Inc (DEL) (CIT)
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Q: Big bank earnings approaching. What do we anticipate and how will the sector respond. Some regional banks look attractive. Do you agree? If so, which names look nicely on sale.

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Read Answer Asked by Chris on April 12, 2023

• Thomson Reuters Corporation (TRI)
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Q: May I have your thoughts on $TRI

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Read Answer Asked by Valter on April 12, 2023

• Element Fleet Management Corp. (EFN)
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Q: I have been disappointed by the performance of this name this year.Your current thoughts on its outlook?

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Read Answer Asked by Kim on April 12, 2023

• Brookfield Asset Management Inc Class A Limited (BAM)
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• Brookfield Corporation Class A Limited (BN)
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Q: Hi Peter/Ryan, In a TFSA if you could hold only one of theses BAM or BN which one would it be and why. Thanks

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Read Answer Asked by Nick on April 12, 2023

• Charles Schwab Corporation (The) (SCHW)
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• Toronto Dominion Bank (The) (TD)
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Q: Wealth simple mentions that investors are betting U.S. $3.7 billion that TD is heading south. 12 billion in unrealized losses on bonds, big stake in reeling Charles Schwab, massive exposure to teetering Canadian housing market, and terrible timing on purchase of U.S. regional bank. Any thoughts you could share on this?

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Read Answer Asked by Anthony on April 10, 2023

• goeasy Ltd. (GSY)
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Q: I am down 26% on goeasy this quarter.Should I dump or add at these price levels?

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Read Answer Asked by Kim on April 10, 2023