In this episode, Simon and I explore the nuanced debate between growth, value, and quality investing. I share my perspective on how these styles overlap and differ, emphasizing the importance of understanding your own "order of operations" when analyzing investment opportunities. Whether you're starting with business quality or valuation first, this discussion will help you refine your approach.
We also dive into a fascinating research piece by Lyn Alden and Sam Callahan, examining Bitcoin's strong correlation with global liquidity. The piece also looks at how global M2 influences equities, and other assets, and why liquidity matters more than you might think for long-term investors.
Finally, I walk through recent moves in my portfolio, including trimming winners like TFI International and reallocating capital to Canadian growth stories like Terravest (TSX:TVK) and WSP Global. Simon explains recent adjustments he has made to his strategy, including increasing cash allocation with US treasury bills to balance risk and take advantage of future opportunities.