Below is a summary of my thoughts on Q2 performance and holdings, peppered with sector and macro musings. YTD returns are on the Portfolio page. Waste Connections: Currently my largest holding, for good reason: the waste industry is the place to be right now. I wrote a piece on it a few months ago highlighting [...]
Founded in 1997, Waste Connections (WCN) is the 3rd largest solid waste service company in North America. It provides waste collection, transfer, recycling, and disposal services. Additionally, WCN provides oilfield waste treatment (recovery and disposal services) as well as intermodal services for the rail haul movement of cargo and solid waste containers. The firm currently [...]
The market does not like the idea of Couche Tard buying Carrefour. A common reason is that Couche Tard is stepping away from it's roots to tackle the grocery business. Second, and the only reason that matters in my view, is that Couche Tard's target of 15% EBITDA growth moving forward might be challenged in [...]
In 2012 The IMF studied the correlation between credit-default-swap spreads and various economic indicators. Long term indicators—for deficits, economic growth and spending on pensions and health care—had little impact on spreads. But larger short term primary deficits (which exclude interest) were associated with notably wider spreads. So, too, was weaker current-year growth. Solvency should be [...]
Home burnout setting in? Back in an April poll, most Americans indicated they were hesitant to return to pre-COVID-19 activities once the curve was flattened. However, mobility data is showing that most regions of America have started to back away from sheltering-at-home. In late April, the number of US counties that had over 50% of [...]
Damn, I missed the 20% upswing. Shame. Did you also participate in the 30-50% drop down?(scroll down for stock examples: Apple, Google, Waste Connections, Royal Bank, CIBC, Enbridge, Fortis, CN Rail)A bear market is known for one thing: volatility. It’s great for trades — if you can time it right.We WILL see a lot more [...]
LC Investing 