Investment Q&A

Q: What is your opinion of J post their earnings release? Quite a negative reaction to what looks like a decent future? Thanks.

Q: Do you recommend moving on at this point given the buyout by Abbott? Would you consider waiting it out until 2026 to defer taxes?

Q: Hi 5i Team,

I have been researching the financing models of neocloud operators. It appears that these companies are financing their GPU infrastructure investments at capital costs that significantly exceed their return on invested capital (ROIC). In other words, their cost of capital is materially higher than their ROIC, resulting in a value destruction dynamic where each dollar of new capital deployed actually destroys economic value rather than creating it.

This situation raises questions about sustainability:

1. How are CoreWeave, Nebius, and similar operators financing these substantial infrastructure buildouts, given the mismatch between capital costs and ROIC? Is this model sustainable in the long term, or does it rely on continuous refinancing and favourable market sentiment?

2. Considering Galaxy Digital's recent announcements regarding data center partnerships and infrastructure initiatives, how exposed is Galaxy Digital to these neocloud operators? What percentage of GLXY's revenue or growth expectations is tied to these relationships?

3. If the neocloud financing model proves unsustainable, meaning operators like CoreWeave or Nebius encounter difficulties with refinancing or solvency, what impact would that have on Galaxy Digital's business and financial projections?

I would appreciate your perspective on whether this concern regarding capital structure is reflected in GLXY's valuation, or if it poses an underappreciated risk for investors.

Thank you for your continued insights and research.

Best regards,

Matt

Q: Goodmorning
What are your thoughts on veev results they looked good but the market does not seem to like them?
Thks
Marcel

Q: Good morning 5i
I am looking for a tax loss selling candidate. Each of the three mentioned above, I would like to buy back after thirty days. Which one do you think is the least likely to run away on me?
Thanks for the great service and I put an upvote for the question regarding how the young man might be able to buy a Harley Davidson, mostly to emphasis that the first and best thing to to would be to get a membership in 5i

Q: Could I please get your thoughts on Harrow's latest quarter?
Thank you

Q: CRM has a new 52 week low in the last few days. In your opinion why has it not been involved with the growth the market has seen this calendar year. CRM is a double for me, but why has it not been loved this year.
Thanks
Matthew

Q: Thoughts on Walmart at the moment? Would you consider it a buy?

Q: BKNG has been falling for three months, which has accelerated in the past few weeks after GOOG announced a new platform for searching vacation travel. It has dropped about 25% in the past 3 months. I am wondering if Google's platform is a major threat or not. Is BKNG earnings still going to grow going forward?

Q: I'm looking for a growth stock for the long term without too much volatility in either Canada or the US. Can you give me 2 picks and why? If you think there are better alternatives than the ones I've suggested, please provide them.

Q: At what price would you consider Costco a good buy?

Q: Would you recommend taking a small position in AI at this point, and if so what would be your first choice in a stock and/or ETF?

Q: What do you think of LMND as a long term buy and hold business... they seem to be more effectively using their AI software to generate improved financials...

Q: While Nvidia results look good, a Globe and Mail article about the results quoted two commentators who suggest that current AI spending is "unsustainable". Can you comment on the sustainability of AI spending? Thanks.

Q: Could you please share your thoughts about the recent NVDA earnings? What is your sentiment towards the AI/Chip sector after the release of their earnings?

Thanks!

Q: Hello team,
Based on a bit of research I have done, I would like to buy these companies in the following order: ASML, SMCI, ANET, AMD, AVGO, SITM, ARM, PWR, PLTR

I am buying them to further focus my portfolio on AI for the next 5-10 years. I already have the hyeprscalers and the usual AI suspects but, somehow, I missed on the companies listed above.

Please deduct as many credits as needed for the following questions:
What do you think of this list?
Would change the order based on their resent declines/Valuation?
Would you drop any of the above based on their excessive valuation which may not meet the expected growth in next 5-10 years?
Would you wait a bit more before you buy or just proceed today?
Is there a better company that can substitute any of the above based on moat in AI? Any other company that you think I should also consider?

Thank you as always for your invaluable help and insight. (Without you I would have quit investing a long time ago!)

Q: Does your long to medium term outlook for united rentals remain unchanged? I’m down 15% to-date, but wondering if I should be concerned about anything. Can you describe further their recent earning results.

Q: Could you please give your thoughts on Klarna's recent quarter. How doers it stack up against Affirm and would either of these be attractive at current prices? Thanks.

Q: Which of these Nat gas cos would you prefer and why?

Q: I read your August comment on Affirm trading at 42x PE.
I am looking to see the accuracy of Yahoo Finance consensus EPS $2.98 (2026) and $3.95 (2027).
Can you please share what EPS you see for each respective years.
Thank you