Top picks from Brian Madden, chief investment officer, First Avenue Investment Counsel
With U.S. election risk resolved in the most market friendly way imaginable – quickly, uncontested and with a Republican sweep of the House, Senate and White House the table is set for a fiscally undisciplined and inflationary, but decidedly pro-growth economic policy agenda in 2025.
Meanwhile, favourable December seasonality is underway, with December among the most consistently positive months of the year on both sides of the border. The S&P 500 Index and the S&P/TSX Composite have advanced in 18 of the last 25 Decembers, and we expect 2024 to be no exception in light of very strong year to date returns for stocks - tax loss selling candidates are few and far between.
Brian Madden, CIO of First Avenue Investment Counsel, discusses his top picks: Telus, Microsoft and Allied Properties Real Estate Investment Trust.Telus is the highest quality telecom business in Canada and currently offers a yield of 7.3 per cent - very elevated relative to the ten year average yield of five per cent it has typically traded at.
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