Investment Q&A

Q: TFII reported earnings that beat estimates but were down from the previous period. What lies ahead for TFII? Will the recent momentum be maintained? Was there anything in the call that surprised you, either positive or negative? Is this a time to increase a position?

Q: Can you please comment on reclassification news and what these means to the sector. Would you step in, do you see a bright future, what would your top 3 choices be ranked in order.

Q: I have had a good run with NVDA, TER and NBIS. I would like to rebalance with some of those gains to bring my percentage position more in line. What other non tech US names would you recommend for a TFSA?
Thank you

Q: This is a follow up to Dennis‘s question on the number of stocks to hold in a portfolio. You have suggested that about 20 (15-25) is all that you need. This may be correct for a conservative investor, but I feel your client base is a little bit more aggressive. Hence 20 conservative stocks, and a dozen more aggressive ones. I have used your advice to help me invest in a dozen smaller or unknown companies of which some have done great, some have done well, some are treading water and some have done poorly. I have started all these at a quarter position, which has worked well over the years. My biggest problem is knowing when to trim the great stocks as a fourfold increase only brings them to a full position. A great problem to have. Thanks for your advice over the years.

Q: Hi 5i Team,
Pls comment on Celestica 1st qtr earning result.
Thanks.

Q: Hello 5i Team
What are your thoughts on Stack Capital valuation?

Thanks
Brent

Q: Hi 5i team,

I’m reading about a thesis and would love your view on it.

The idea is that today’s AI compute scarcity is temporary, kind of like the telecom/bandwidth bubble in the late 1990s. As inference costs keep falling over the next few years, I think the real value will shift from the infrastructure layer (GPUs, hyperscalers, data centers) to the application layer.

However, not every application-layer company will benefit. The ones whose moat is the AI itself could actually get hurt as models become cheap and everywhere. The real winners should be companies with moats that don’t depend on model quality — things like regulated workflows, payment rails, proprietary data, deep system integrations, or network effects. For these companies, cheaper compute should expand margins instead of creating new competition.

Two questions:
1. Does this thesis make sense to you, or do you see any flaws in the logic?
2. In your coverage universe, which names best fit the idea of “moat is the workflow / data / distribution, not the AI itself” and which names’ AI itself ‘might get hurt?

Thanks,
Matt

Q: Sorry for the " subquestions" but all are related to the same stock + the same % of energy investments..What is the best option in my RRSP ? 1) sell now 2) wait for the Shell acquisition and then : a) keep the cash + Shell stocks or b) Sell Shell stocks in order to buy an equivalent US large oil Cie for nontaxable dividends ( XOM ? etc..).

Q: What is the difference between an income security and a dividend payer? I'm asking because that's the "general suggestion" you have for putting securities in certain accounts. Thanks in advance!

Q: Would selling LMN at a loss and buying CSU right away be ok to avoid triggering superficial loss?

Q: As a follow up to my last question, would you think even buying CSU, is a good idea for a retiree at this point?

thanks

Q: BKNG has dropped quite a bit and I’ve been waiting and wanting to buy forever!! However, the Iran war and headlines about European fuel shortages (airplane specifically) are giving me pause as I imagine travel volumes could be down substantially.

How much of a threat is this to Booking or will people redirect their vacation dollars to more domestic travel, limiting the risk to BKNG?

Maybe BKNG is such a great company I should buy regardless of the short term risks and toe in to a position over 6 months? Wait 6 months?

Your advice is much appreciated!

Q: I have read your answers to the many questions on arx. Can you expand on your thesis that no one would want to get into a bidding war with Shell for arc resources? Why would CNQ or CVE not throw in a higher bid for ARC if they thought there was value in getting arc for let's say, less than $40 Can per share. Certainly CNQ has the financial abiltiy to do a large acquistion!? Is it because Shell is part owner of the LNG Canada export facility? This take overall will be good for me but I do think that ARC shares are worth more the $32 and change, since condensates are sky high which is good for ARC and nat gas is not that bad. Why is management wanting to turn over the reigns to Shell? Are they old and tired? Or is this Kakwa issue bigger than we think and they need Shell's expertise to dig them out of hole?

Q: Can you update your comments on ValOre Metals. Is the amount of metal they believe they have enough to support a mine? Thanks

Q: Pls comment on a fairly new ETF which invests in the Space Sector including Space X exposure.

Does 5I see this Sector as an opportunity for high growth?

Q: What is your opinion on preferred share ETFs for income? Are there any that you would recommend? Cdn., U.S. or International.

Q: Based on Shell's offer, is $31 "the right price" if one were to sell ARX ? It seems to be trading in a range of $30.90 - $31.99 at time of writing. Is it actually possible to narrow down that range to what shares should be worth at this point ?

Q: Do you see FLY as more opportunistic at these price points than the following AI exposed companies? NBIS, TER, CLS, MU

For the sake of diversifying, which of the 4 companies would you sell for FLY? If any..

Conviction rating for each please ? 3-5 year hold.

Thanks

Q: Hello Team 5i & Everyone,

What I’m wondering about is, in your assessment when does the oil shortage theoretically hit the fan?

(I've heard the market described as being very resilient or very complacent, depending on the commentator. The stock market people are saying that the market's going up. Then on the other side there are the commodity and geopolitical experts saying that this isn't going to end well.)

Thank you!

Sandra

PS. Please feel free to info dump as much as you want.

Q: A number of Health Care names have lagged the current market. I have bought half positions in LLY and ISRG recently and they have pulled back. I know you like both these companies, would you be adding to these names at these prices or do you have other health care names you prefer?

Why do you think the Healthcare Sector has lagged the recent market uptick?

Thanks
Tim