Partner & Portfolio Manager at Harris Douglas Asset Management (Toronto) — a value/quality investor who hunts underperforming-but-not-broken turnarounds and durable compounders, distinguishing a cheap value trap from a genuine recovery. Recurring guest on In the Money with Amber Kanwar. Running synthesis of his appearances, with per-transcript breakdowns and a stock index.
Bell — based after halving the dividend to pay down debt; the ~5.5% yield now reliable and not going lower. Constructive, but he prefers Telus (doesn't own BCE).
Flight-sim maker; 'one of the more interesting stories on Bay Street' — cyclical civil side is the drag, but the defense arm grows on rising Canadian/allied defense budgets. Worth buying here.
EssilorLuxottica — cheap eyewear compounder in the dumps on overblown Meta-wearable fears; dominates lenses, grows GDP+ (~3-5%) with an annuity-like franchise. 'Not a tech company.'
His best past pick (doubled); still owns. Bought at 18x amid AI-kills-search fear — AI/Cloud/YouTube/Waymo all compounding; only worry is the heavy AI capex/equity issue.
Toronto-listed satellite play he'd own over SpaceX to ride the space/defense boom — beat numbers, raised guidance, ~$4.3B backlog, strong balance sheet.
AI-disruption fear ('software gets ripped out') is overdone — huge Office/Azure switching costs; Azure +37%, now ~22-25x vs 35-40x. Copilot clunky but enterprises won't leave.
TELUS — owns it over BCE; new ex-CIBC CEO likely to cut the ~11% dividend and find cost savings, with the stock at its lowest since 2013. Would add here.
A logistics company mainly for itself — not yet expanding into FedEx/UPS's third-party business as feared; also cited as a place where AI is clearly working in the numbers.
Canadian Natural Resources — loves the business (counter-cyclical acquirers, always on-time/on-budget) but trimmed and won't buy here; wants oil to reset lower first, then add.
FedEx — doesn't own it but respects the turnaround (LTL spin-off, narrowed focus, ROIC discipline); a better-run global logistics name than UPS, though delivery stays cyclical.
BlackBerry — best TSX stock of 2026 (+200%) but highly speculative off a low base; crowded cyber/IoT, unproven turnaround. Not a Bombardier-style comeback (no Quebec Inc. backing).
Campbell's — the classic value trap at a ~30-year low; horrific numbers, terrible snack business, heavy debt, lost shelf-space power to healthier brands. Won't buy.
Nike — 'another lemon'; great global brand undone by missteps he can't fully explain, competitors taking share. Owns it only via his never-sell rule; wouldn't add.
Private rocket/satellite company he 'wouldn't touch with a 10-ft pole' — wildly overvalued, absurd triple-B rating on $25B debt before cash-flow positive, weak AI, Mars rocket unproven.
Tesla — 'not done as well as people think'; BYD a better/cheaper car, Musk distracted (Doge, X) and wasting money on the Cybertruck, nowhere in robotaxi vs Waymo.
In one line: buy underperforming stocks without getting burned — separate a beaten-down quality business from a broken one, demand a real catalyst and balance-sheet durability before stepping in, and avoid story stocks priced far ahead of fundamentals.
Underperformance ≠ opportunity. The discipline is telling a value trap from a turnaround — quality of the business, durability of the balance sheet, and a concrete catalyst, not just a low multiple or a strong brand.
Not a "10x-and-hope" value player. A low P/E may just be a lousy business; he buys good businesses (high free cash flow, high margins) that are temporarily feared, and avoids cyclicals and structurally-eroding franchises (packaged food — Campbell/Conagra/Kraft Heinz — as the value-trap archetype).
Buy the feared, below-market compounder. His "Google-esque" screen: a durable, cash-generative business trading below the market multiple while the narrative is maximally negative ("AI kills search," "software gets ripped out") — then stress-test the bear case against the actual numbers. The new ideas Meta, Microsoft and EssilorLuxottica all fit it.
Turnarounds need a systematic operator. Back management that loves and understands the business and fixes it segment by segment — not strip-and-flip activists optimizing for a quick stock pop (why Nike "another lemon" hasn't worked, while CAE's candid new CEO and FedEx's ROIC discipline earn his respect).
Switching costs & annuities over disruption hype. Discount "rip-and-replace" fears where the customer's switching cost is huge (Microsoft/medtech), and favor recurring-demand businesses with a demographic tailwind (EssilorLuxottica eyewear, Stryker implants).
Expect more volatility — and use it. A churning, headline-less market at heavy multiples means more volatility; if you know the businesses, that volatility is your friend. Avoids story stocks priced far ahead of fundamentals (SpaceX, Tesla).
Transcripts
One dated page per appearance — each has its full stock table, talking points, and the saved transcript. Newest first.
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