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The Compound and Friends

Live in Naples with Brian Belski

Feb 21, 2025
Brian Belski, Chief Investment Strategist at BMO, shares his insights from Naples. He discusses the art of portfolio construction, balancing high-value and stable investments. Belski contrasts high dividend stocks with those focused on growth, highlighting their importance during economic shifts. He makes a compelling case for Canadian stocks, citing their resilience and management quality. Additionally, he offers cautious optimism about S&P earnings forecasts while exploring risk management strategies, especially post-election, and reflects on personal milestones with gratitude.
01:06:15

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Brian Belsky highlights the necessity of market pullbacks, indicating they are common in bull markets and essential for sustained growth.
  • Belsky's unique portfolio management strategy focuses on approximately 50 concentrated stocks, allowing for thoughtful decision-making and lower turnover.

Deep dives

Market Outlook with Brian Belsky

The episode features a discussion with Brian Belsky, a chief investment strategist, who shares insights on the current state of the stock market, specifically focusing on the S&P 500. He indicates that after a 17% rise since the last engagement with the hosts, it is essential for markets to experience some form of pullback to maintain their upward trajectory. Belsky emphasizes that historically, within a bull market, any pullback exceeding 5% has been a common occurrence, making it an anticipated part of the market cycle. He expresses his thoughts on the balance between optimism and caution, citing his personal experience of feeling anxious when market performance exceeds expectations.

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