Waste Connections: The backbone of an infrastructure economy

Waste Connections: The backbone of an infrastructure economy

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 [...]

Alimentation Couche-Tard: My core Consumer Defensive + Carrefour assessment

Alimentation Couche-Tard: My core Consumer Defensive + Carrefour assessment

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 [...]

Austerity in a post-COVID world

Austerity in a post-COVID world

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 [...]

Stocks, Output, Employment, Debt: A look at 08/09 and current data

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 [...]

Latecycle Portfolio: November 2019 Purchases

Latecycle Portfolio: November 2019 Purchases

I added five stocks to my portfolio the past month: Canwel Building Materials, Pembina Pipeline, Emera, Fortis, and Brookfield Property Partners. Spotlight:Canwel Building Materials (CWX) CanWel is a national distributor of construction materials, building products and a supplier of pressure-treating lumber in Canada.It serves an intermediary role in the construction materials supply chain. It made [...]