In short: "Incredibly well-run, high-quality franchise" that hasn't kept up with the banks. Added on the early-2026 swoon ("in hindsight, probably not enough"); still off its highs and "very solid in terms of the return potential." A core financial-sector position.
Intact is Canada's largest home, car and business insurer (property & casualty, or "P&C" — insurance against damage and liability rather than life insurance). The stock has been unusually choppy: it slumped early in 2026 and has since recovered much of it.
He calls it "an incredibly well-run, high-quality franchise" and hasn't changed his long-term view. He does expect insurance pricing conditions to soften a bit — meaning the last few years of exceptional profitability probably won't repeat — but that doesn't faze him.
The appeal is relative: while everyone piled into the banks, Intact lagged and still sits below its highs, so he added on the weakness ("in hindsight, probably not enough"). It remains a core financial-sector holding for investors with a long horizon.
17:17— Yeah, it's been choppy more recently. There was, even if we look at just calendar 2026, we had a swoon earlier in the year and then it's recovered quite a bit. But I think we want to step back on this. This is an incredibly well-run, high-quality franchise. I think what they've done is really exceptional and we haven't deviated from our longer term view.
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