Bobray

@PythiaR @310Value What’d he say?

@310Value Hilarious given his comments at that conference years ago

$gfl. $ses.to

@PythiaR @Lazarus_Capital $acp.wa too

@Lazarus_Capital Sygnity

Babe wake up the Constellation pod at Citadel just blew up.

@PythiaR Close to 15% irrs here?

$WCN quarters are usually super boring so the only thing really notable is they bought back 1% of the company this quarter. Core price deceleration well telegraphed and volume shedding running ahead of normal because of the torrid pace of m&a.

@PythiaR Today would be a good day to turn these on!

$WCN turning on buybacks

@PythiaR Sold out of secure?

Current port is 40% $CLPT 35% $ASML + $TSM 8% RPID 5% TDG Rest is an assortment of options trades on random things like $AEO $WMT $IGIC $GTLB $QURE etc

Added a 5% position in $TDG today. Would make it 20%+ at the right price.

@plasticnewt3 @TidefallCapital @cadbanksonly Consensus on the WS subreddit (and my own experience) would be to switch to IBKR if wanting to trade US equities. WS really is amazing for just CAD equity trading

I agree that they will capture deposit share and this competition is unquestionably good for Canadian depositors who have been screwed for a decade plus on deposit rates. All of the Canadian banks might have to remove their stable, low-cost funding slides in their quarterly presentations. As an FYI, CAD/USD appears to be crossed at WSII Corporate Exchange Rate, so despite them saying you're getting a 0% fee cross above $100K, you're not crossing at spot. I think this is disingenuous but I believe CCs have similar terminology when they say no exchange fees. IBKR will still remain king, but for normies WS is offering a service infinitely better than that of the Canadian banking cartel.

@plasticnewt3 @cadbanksonly Also the reason why people are buying CDRs (0.6% MER) which is crazy for holding an individual stock imo, when you can just use ibkr

@Bobray71864689 @cadbanksonly 1.5% is phat

@plasticnewt3 @cadbanksonly Yup 1.5% on every buy/sell. Some friends don’t even know / care about that fx fee.

Floor system meant more deposits; oligopolistic competition allowed the banks to pay 0% on deposits for so long because deposits are captive here. With higher rates, something like this was inevitable. I’m interested in who they’re using to “circumvent” the CDIC insurance limit and whether that will continue to be allowed as WS captures deposit share. I still think the best solution is to use a zero fee chequing account to route/sweep deposits and invest using a combination of IBKR and one of the Canadian no-fee direct investing platforms (eg NBDB) + LOC with no fee on undrawn balances. WS is raking on FX conversions in investment accounts I believe, which is why I never used the platform.

@NestBetter Why propel over goeasy?

Current names I own which fit this: $MATR.TO, $MCB.TO, $IWG.L, $HAI.TO, $SHVA.TA, $PRL.TO

Looks for some new names which fit ALL (must be all) these criteria: 1) Robust growth high single digit or better 2) Margins which should expand 3) A multiple on current earnings which should expand Bonus points for a near term catalyst, please include brief pitch 🙏

@CJ0pp3l @TheWiseInvestCA Wealthsimple coming for their lunch

@TheWiseInvestCA continues to chug along, can maintain growth around 12-13% likely

@Waste_Expo Recording available?

A big thank you to Patrick Dovigi, Founder and CEO of GFL Environmental Inc., for joining us at #WasteExpo! It was a pleasure to hear him share the story behind building GFL Environmental Inc. during today’s CEO Spotlight Session.

@BarrySchwartzBW No Cathie Wood!?

End of an era with the GOAT of capital allocation, Buffett, retiring this year. But don’t worry! Here’s some other GOAT allocators still working for you: Mark Leonard, Bruce Flatt, Prem Watsa, Henry Fernandez, Ronald Mittelstaedt and Jay Hennick,

@310Value @cdnvaluestocks @Refinedman2 Hey! Any chance you have an update of this?

@cdnvaluestocks @Refinedman2 Here's an updated chart. I'd add that we are likely to see a precedent transaction at ~15x w/ $gfl. The buyer could make $ses.to step number 2. Also, can see them lever up to do a tender offer. Lastly, thought growth capex was light. Maybe that goes up as the year progresses.

There is much bigger news in Canada, but Secure Energy/Waste $SES.TO is guiding to a 12% increase in EBITDA, ~$1.15-$1.30 per share in free cash flow, spent $175 million on M&A to expand its scrap metal business, & shortly can start buybacks again newswire.ca/news-releases/…

@Sportellosprea1 @cjquaschnick I thought Wcn paid 7.5x on the distressed sale?

@Bobray71864689 @cjquaschnick Oh I agree. But to $WCN who is closer to that the facilities were day 1 accretive. No multiple was disclosed but at $300MM rev & say 25-30% ebitda margin = $75MM, at $1.075B did they pay 12-14x? My point is a strategic buyer sees value at +10x, so keep NCIBing away $ses.to float

Anyone got industry exp/PE expertise in metal scrap recycling? Assume unlevere op margins pretty decent -> control direct costs via cash for cust scrap (subject to spot scrap). Need good industrial base for supply (YEG) $ses.to

@Sportellosprea1 @cjquaschnick 15x seems too aspirational imo

@cjquaschnick Thx CJ, thats exactly the kind of stuff I mean. They serious about the shares outstanding reduction, dunno if it ever gets 15-19x EV/ebitda waste but A LOT of room to rerate. Insti investor group & board 👍🏻 (Mick D, Sue R, Mannix co ceo)

@marc_slans same story with $gfl

May have to buy more $WCN if it hits the $170s. They’re probably gonna keep picking the trash up no matter what.

@310Value Any other highlights from the meet? Cheers!

@Bobray71864689 Met with them today. They say minimal on oil and they’re a beneficiary on the metals side.

$ses.to Given the below, I can think of three catalysts, two are fairly short term.

@PythiaR Gfl thesis all over again w the valuation gap to peers?

$SES.TO thesis in a nutshell.

@StephenFrampto9 @bizalmanac @MichaelGielkens And it pays a dividend :(

@bizalmanac @MichaelGielkens Been looking at this one. Buying UK stocks is a little bit annoying for me tho

Any news from Judges? $JDG.LN