The Canadian Investor Ranking Canada’s 30 Largest Stocks (Part 2)
Jan 8, 2026
The hosts dive into a ranking of Canada's largest stocks, discussing banks, pipelines, and precious metals. They raise growth concerns for Alimentation Couche-Tard while praising Franco-Nevada's impressive royalty model. TC Energy's transformation towards natural gas and Suncor's turnaround under a new CEO are also highlighted. Meanwhile, Waste Connections boasts strong margins and Dollarama shines as a resilient retailer. The episode concludes with tier rankings, reflecting on market shifts and key insights.
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Size Limits Future Growth
- Alimentation Couche-Tard faces slower organic growth despite acquisition runway because its size limits easy same-store sales expansion.
- Its future depends more on smart acquisitions and merchandise improvement than past rapid growth.
Moat Can't Mask Poor Capital Allocation
- Canadian National has a massive moat but recent capital allocation and heavy debt have hurt returns and increased interest expense.
- Management choices pushed buybacks with added leverage while tangible growth remained limited.
Prefer Outsourced Insurance Expertise
- Braden admits he prefers Berkshire Hathaway to manage insurance exposure because insurance is complex and not his expertise.
- He owns Manulife but leans on proven management teams for complicated insurance businesses.