The Canadian Investor - Berkshire Bets on AI and Housing as Canadian Banks Keep Delivering

Episode Date: June 4, 2026

In this episode, we cover several major stories across AI, tech, Berkshire Hathaway, housing, and Canadian banks. We start with Anthropic reportedly moving closer to a potential IPO and what that could mean for the broader AI IPO race. We also break down the latest SpaceX IPO update, including its massive expected valuation and why investors appear to be valuing the company as much more than just a rocket launch business. We then look at Alphabet’s major equity raise and what it says about the rising cost of the AI infrastructure race. From there, we discuss Berkshire Hathaway’s planned acquisition of homebuilder Taylor Morrison and why the deal is notable under Greg Abel’s leadership. Finally, we wrap up with Canadian bank earnings, where results were better than feared, dividends were raised, capital markets helped, and credit remains the key risk to watch over the next few quarters. Tickers of stocks discussed: GOOG, GOOGL, BRK.B, TMHC, LEN, RY.TO, TD.TO, BMO.TO, BNS.TO, CM.TO, NA.TO, TSLA, SPCX Subscribe to Our New Youtube Channel! Check out our portfolio by going to Jointci.com Our Website Canadian Investor Podcast Network Twitter: @cdn_investing Simon’s twitter: @Fiat_Iceberg Braden’s twitter: @BradoCapital Dan’s Twitter: @stocktrades_ca Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast! Apple Podcast - The Canadian Real Estate Investor  Spotify - The Canadian Real Estate Investor  Web player - The Canadian Real Estate Investor Asset Allocation ETFs | BMO Global Asset Management Sign up for Fiscal.ai for free to get easy access to global stock coverage and powerful AI investing tools. Register for EQ Bank, the seamless digital banking experience with better rates and no nonsense.See omnystudio.com/listener for privacy information.

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there's going to be some great opportunities for investors this has to be one of the biggest quarters I've seen from this company in quite some time Welcome back to the Canadian Investor podcast. I'm Simon Belanger and I'll be doing a solo episode today because unfortunately Dan is under the weather. He's not feeling well, has been dealing with a fever, barely has a voice. Of course, he was in no condition to record this episode along with me. But it should still be a fun one. I'll try to keep this around 30, 35 minutes a maximum just because it's more draining,

recording that on your own talking for 30, 35, 40 minutes straight. but I'll power through. Hopefully you like the format. It'll be a bit different because it's harder to debate with myself or have a conversation than it is for when I have a co-host here. And just a quick note here, for those who'd like more content from us, you can always go to our YouTube channel so we do post some content regularly there. And we also have joined TCI where we post our monthly update.

We also have our podcast ad free. And I also post my parents' retirement portfolio update once. a month as well. So give another overview of me management portfolio, not just my own, but my parents as well. Now for today's episode, it's going to cover quite a few major stories across the AI space, tech, Berkshire as well, making some investments in Canadian banks. I'll start with the latest development in the AI IPO race, including Anthropic, moving closer to potential public listing and what that could mean for other private companies like an open AI. Then I'll touch on the latest SpaceX IPO update and why investors appear to be valuing the company as much more

than that rocket launch business, which is fair. It does include XAI, for example, and it also includes Starlink. So definitely a bit of a different business there. I'll also break down Alphabet's major equity raise and why it highlights just how expensive that AI infrastructure race is becoming. From there, I'll look at Berkshire's acquisition of Home Builder, Taylor Morrison and what it says about their view of the housing sector in the U.S. Finally, we'll wrap up with Canadian bank earnings where the big picture was definitely better than feared. Now, let's start off, like I mentioned, Anthropic filing confidentially for an IPO. So they submitted that draft paperwork for an IPO.

And what that means is that they are sending a draft S1. That S1 document is the one that needs to be submitted for an IPO. companies do that when they are seriously considering an IPO. And by submitting a draft, they also get feedback from the SEC. So the securities and exchange commission, which allows them to then be able to submit the actual S1 and move quickly for an IPO when they are ready to do so. This is just a draft, though, so they can still decide to not go ahead with the IPO if they decide not to do so. And my understanding is a company can basically not go ahead with the IPO. Pretty much until the IPO, of course, they'll have incurred a whole lot of different costs,

but it's never a done deal until it actually happens. And based on reporting from Bloomberg, it seems like Anthroping is looking to IPO sometimes this fall. It's noteworthy because Anthropic is announcing this before Open AI, because let's be honest, whoever IPOs first will likely attract capital from larger pools of investors. Bloomberg also reported that Anthropic will surpass 50 billion run rate, in revenues by the end of the month. That's up from $4 billion run rate last July. So just in a span of a little less than a year,

that would be a 12.5x increase in revenue, which is actually massive. Obviously, the run rate is just projecting on a full year basis. So what valuation could the IPO at? Well, to put this in context, Entropic announced that it had raised $65 billion last week at a $965 billion value. So unless the market cools significantly, it would really be a surprise if they did not have a valuation of at least one trillion dollars.

And depending how much excitement there is, honestly, I think it's hard to not think there's going to be a whole lot of excitement here because this is a pure, the first kind of pure play AI LLN company that will be IPOing. Of course, SpaceX will be coming before that and you have XAI that's included in that, but it's still not the pure play. You get Starlink, you get the rocket business too. And I would not be surprised, especially if things continue to trend up for anything AI related right now. I would not be surprised at seeing 1.2, 1.5 trillion, or even more than that, if there's really a whole lot of hype. So I also would not be surprised if we've seen the next couple weeks open AI doing the exact

same thing than entropic, so filing confidentially for that S-1 to the SEC gearing up, because at the end of the day, the amount of money is not infinite. So I just don't know how much money there will be when you have a SpaceX IPO, when you have an Entropic IPO, an Open AI IPO, like, how much money will there be left for these type of IPOs in the future? Who knows? So speaking of SpaceX here, there was an update that came out just a couple hours ago before I started recording. So I had to adjust my notes a little bit. So SpaceX is reportedly planning to price its IPO at $135 per share. It's definitely unusual pricing. Usually it'll be something in a price range. And then they'll just adjust on demand as it gets closer as they get more information prior to the

IPO. But SpaceX appears to be setting a fixed price after testing the water with meetings with investors. The offering would be quite massive here, just to put that in perspective. So 556 a million shares, if we round up, that implies an IPO size of roughly 75 billion. So kind of in line with what we were talking about on the podcast and the information we had seen. The implied valuation would be about $1.75 trillion. And that assumes that everything goes as plan right now. Of course, this can definitely change. At that, level, Tesla would like that SpaceX would be worth more than Tesla. It would be the largest IPO ever, so it would be more than triple Alibaba's US IPO, which is currently the largest

US IPO on record. And the expected listing is supposed the ticker would be SPCX, and the IPO date seems to be set at June 12. Again, you have to keep in mind and you have to remember that things could always change here until the actual IPO day. But even though we're so close, I think it would be unlikely for that to happen. And the last thing I would say is clearly investors, there clearly seems to be a lot of appetite for the SpaceX IPO. I don't know if that appetite is really reflecting any specific part of the business. Is that more people wanting more exposure to Starlink,

to the rocket launch services, to X-A-I. I'm not sure, but those are the three big components that you're getting. Like I had mentioned when we covered that, I think it was last week. Just kind of time passes by pretty quickly, I find, and there's just so much news that sometimes I kind of forget when we talked about what. So next on the slate here, alphabet, or if you prefer Google, announced that it was doing an 80 billion equity raise.

It might sound like a lot, but you have to remember that alphabet is, is worth more than $4 trillion. So $80 billion is not that large of an equity raise, even though it does sound like a lot. And it's funny how these large numbers, they just feel like they don't mean that much anymore, but maybe that's just me. So they announced that 80 billion equity capital raise to fund

its massive AI infrastructure build out. There's really three main components to the raise here. So I'll go over them, each of the components. The first one is a $30 billion underwritten public offering. So this is more immediate part of the raise. So it's split into kind of two subcategories here. 15 billion of new Class A and Class C shares and 15 billion of mandatory convertable preferred shares. So the common shares are issued right away.

While the preferred shares would convert to stock later, I believe the full conversion would be expected around 2029. That raises cash for alphabet right now. some dial dilution will happen over time. Then there's the second component, so you had the $30 billion first and now the $40 billion at the market offering program. This is not all being issued immediately. It allows Alphabet to sell shares gradually into the market over time. The program is expected to begin in Q3 of 2026 of this year.

Alphabet says about $30 billion of this at the market program is expected to help cover tax obligation tied to employee equity award. So it's not just all AI infrastructure span, but still, I think, the takeaway here and they do announce it. They did announce it on the release that a lot of it will be AI infrastructure span. And the last one, but not least here, so you have 30, 40 billion, and then the last 10 billion. The one that probably made the most headlines, the smallest amount made the biggest headline, is that there's going to be that 10 billion private placement with Berkshire Hathaway. Berkshire is buying $10 billion in alphabet stock directly from the company. The deal is split evenly, so they're buying $5 billion of Class A shares at about 352 per share,

and Class C shares at 348 per share, so equally divided $5 billion each. This is also a new stock issuance, so it will be dilutive to shareholders. But again, like I mentioned when I started this, when you have a market cap of $4 trillion and you're issuing 80 billion in new shares, it's not like it's a massive dilution in the grand scheme of things for most companies that would be extraordinarily dilutive, but not for Google. And the big picture here is that alphabet is raising equity

to help fund its AI infrastructure and compute expansion. So like I said, this is how they actually announced it. They said the demand for AI products and services is exceeding an available supply. The company already expects to spend 180 billion to 190 billion in 2026 alone, with 2027 CAPEX expected to rise significantly from there. And I think it was, if you miss the live that I did with Dan Foch and Braden last Friday, it's also available as a podcast that was released last Saturday.

I crunch some numbers about the AI cap span. and I'm just going on memory here and not on notes. So if you include Google, Microsoft, you also include meta, Amazon, and Oracle, these five names. I think now it's almost like a slam dung that they'll be spending combined three quarters of a trillion dollars. Because you have also, if I remember correctly, Microsoft that is going to spend around the same kind of amount as Google this year. And it's crazy to think, but 2027 is expected to rise significantly as well. And what we're seeing now with this from Google is these hyperscalers, no matter how profitable they are, and of course, I think the exception to the rule there is Oracle, no matter how profitable

they are, the sheer number of this, like, they just can't cover this with cash flow anymore. They're covering a big chunk of it, but now you're starting to see a combination of cashful spend, so they're taking some of that cashful money to spend into AI infrastructure. You're also seeing some debt issuance and now you're also seeing some equity raised. So I would not be surprised that if you start seeing some more equity being raised by some of these hyperscale, especially those that have super strong balance sheet, I think a company like Oracle would be something a bit more difficult for them to do right now because they've been more under pressure than the other name. So we'll have to see. Now next,

on the slate is more news about Berkshire. So Berkshire Hathaway will buy Home Builder Taylor Morrison. Berkshire also made news earlier this week with the announcement that they are buying home builder Taylor Morrison in an all-cash deal worth $6.8 billion. The offer was $7250 per share, which represents a 24% premium to the stock price on Friday. This adds to their existing home building business, which includes Clayton Homes, which is the largest builder of manufactured housing and modular homes in the U.S. Taylor Morrison, on the other hand, is an on-site or side builder where they build homes like on land.

So the more traditional kind of builder, that's the way I like to think about it. They also have a stake in Lennar, another home builder, but this is just a stake they don't fully own Lennar. The acquisition of Taylor Morrison is definitely noteworthy as well because it is the first acquisition of Berkshire that Berkshire has made under the leadership of Greg Abel, and the deal is expected to close in the second half of this year. And for context, total housing starts were up year over a year in the U.S. in April, but single family home starts war down. So it has been a tougher environment for home builders

when you factor in higher mortgage costs for home buyers and higher material costs. But to me, it is not surprising that they are making this acquisition because the pressure has been, the sector has been under pressure. And of course, I know he's not running the business, but he's still involved. Buffett has said time and time again that he'll always bet on the U.S. economy. And I think this is probably a way of doing so. Having cash on hand is essential for any business. Traditional business accounts hit you with high fees while paying little to no interest

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Sign up for your $1 per month trial today at Shopify.ca. Go to Shopify.ca. That's Shopify.ca. Chech-ching. Now we'll move on with the outlook of Canadian banks earnings. So like I mentioned in the intro, I want to do a bit more of just an overview here of what I saw with the Canadian banks earnings.

Some big picture takeaways. and I got that into big buckets here. And I think it's pretty, pretty interesting. So first, earnings were pretty strong across the board. So overall, Canadian banks' earnings were really better than feared. All six major banks beat profit expectation, helped by a combination of solid Canadian personal and commercial banking, stronger capital markets activity,

decent wealth management results and credit losses that were generally manageable, and it's not surprising that capital markets and wealth management have done pretty well just seeing how the markets have done overall in that period of time. Typically, those segments tend to go along with how the markets are doing. And the main takeaway is that even if Canada is entering a technical recession during the first quarter, the banks still deliver pretty resilient earnings. And I'm honestly a bit surprised how well they're doing.

doing, but good for a whole lot of you because I know Canadian bank earnings is Canadian banks stocks are still some of the most widely held stocks in Canadians' investment portfolio. So very happy to see that. I know overall they've been performing very well over the past year, if not more. I wish I had some, but again, I'm always reluctant with banks just because they are extremely complex. and it's just very hard to me sometimes to see how well they'll do in the future. But again, I've been proven wrong time and time again.

So what do I know here? So the second point here, domestic banking held up surprisingly well. So this was probably the most important part of the quarter. In a weaker economy, you would expect Canadian banking to be under more pressure, but several banks still posted solid growth in personal and commercial banking. obviously on the domestic side, so in Canada, then that's especially impressive when you factor in that we are, well, we enter the technical recession, so two quarters in a row of declining GDP from Q4 last year to Q1 of this year.

And despite all of that, the Big Six perform extremely well. So RBC's personal banking profit was up 17%. This is all year over year. TD's Canadian personal and commercial banking. net income was up 15%. CIBC's Canadian personal and business banking profits wars up 15% as well. Scotia Bank, Canadian bank earnings were of 53%. National banks saw its personal and commercial banking up 18%.

And BMO personal and commercial banking was of 15%. So across the board, some really strong growth. Now, moving on to capital markets, capital markets definitely helped a whole lot. So there were major tailwinds for the banks, with the exception of National Bank that was the outlier here. They saw a 3% decline in net income. So for RBC, that was up 23%. BMO was up in terms of profits, 47%. When I'm talking, I'm always talking about net income or profits here.

TD's wholesale banking, which does include capital markets, saw net income up 46%. CIBC was up 40% in Scotia's global banking and markets earnings, which includes that was up 11% as well. Next, credit is still the main thing to watch for Canadian banks, at least from a risk perspective. So provisions for credit losses or the money that banks set aside every quarter for potentially bad loans were significantly lower than a year ago. but sequentially, so compared to Q4, the picture is definitely more mixed. When you start comparing that to last year, provisions were roughly stable overall. Scotian CIBC actually saw high single-digit increases in provisions in PCLs, while the other major banks were mostly in line with the prior quarter.

Allowance for credit losses or ACL as a percentage of gross loans also remain elevated versus historical known. So essentially, you just take the percentage of the amount of money that's set aside for bad loans on the balance sheet and you compare it for the total gross loans and you get a percentage because the provisions for credit losses. So what makes the headline every quarter is just the additional money that the banks puts on a balance sheet. And then on the balance sheet, there is sometimes going to be, you know, some of that money will be written off and sometimes.

They're not writing off as much as they thought. So it kind of hebs and flows. And again, if you look at this specifically, it's below the COVID peak in the past 10 years. But if you remove the COVID peak, it's essentially the highest it's been in the last decade. And obviously, 2020 was a bit of an aberration in terms of that because we saw the banks adding significantly massive amounts to their provisions for credit losses. every single quarter. So the allowance for credit costs is really, really ballooned. And because they just didn't know what would happen, we saw all these shutdowns.

We had no idea. The banks had no idea. And then the governments really started just pumping out stimulus into the economy. And then they reversed a lot of those PCLs. So it actually boosted their profits for several quarters, if not years after that, because they were able to release a whole lot of that money they had set aside because they were no longer in need of it. And the good news is that the credit reserves appear to have plateaued, at least for now.

I am going to share something with our joint TCI subscribers here. Essentially, it's a graphic of those ACLs allowance for credit losses as a percentage of gross loans like I was talking. It shows here Royal Bank, National Bank, TD, Bank of Nova Scotia and Bank of Montreal, for whatever reason, CIBC doesn't seem to work because this is a custom metric that I had to make in fiscal.aI. But still, it shows a good picture. You see that big peak that I talked about during COVID. And then you just see a big slope down and then a steady slope up for all the banks to right now.

It will have to see whether it's peaked or not. I think the glass half full view is that credit metrics appear to have plateaued, Despite two week quarters in a row for the Canadian economy, again, like I said, we entered a technical recession. The glass half empty view is that credit losses can definitely lag the economy. Because if people start losing their job, because the economy is slowing, I mean, oftentimes it will take some time until it starts trickling into delinquencies, until banks may start seeing that and start provisioning higher. So I would say, I mean, when you add that, along with higher gas prices, along with inflation starting to be packed up, you could also see the provisions for credit losses start ramping back up in the upcoming quarters.

But again, there's two views here. Some people might say, you know what, it looks like it has plateaued. And some other people might say, you know what, it's lagging indicators. we'll probably see those provisions for credit losses ran back up in the months to come, in the months and quarters to come. I'm not sure. I mean, I thought the banks would have to be provisioning more than they have and keep having those

going up, especially with the trade uncertainties that we're seeing for the U.S. So I've been a bit wrong myself. So there is definitely two sides to the argument, and I wanted to mention that here. The next thing here from the banks and the last thing, So if you own bank stocks and you like dividends, you probably like this quarter a whole lot, especially if you own most of the big banks. So several banks raise their dividends, which is definitely meaningful because the Canadian banks,

they do have a reputation of being pretty conservative with dividend increases and just capital allocation in general. Obviously, we can go back to the GFC and how well the Canadian banks actually weathered the storm compared to their U.S. counterparts, whether there's still that conservative. right now is that's up for a debate, especially with some of the loans that they did in housing. But nonetheless, they definitely feel confident if you start looking at the dividend and the dividend raises its quarterly dividend by 7%. TD raised it by 3.7%. BMO raised it by 2%.

Scotia raised its dividend by 4%. And National Bank raised its dividend by 6%. CIBC on the other end was the only bang to keep it on change, but I would not read anything into that because CIBC typically increases its dividend in Q4. And they did last Q4. And I would suspect that this will likely be the same thing. This upcoming Q4 bearing any kind of unforeseeing pullback or spiking credit losses or anything like that. I'd expect that to be the case as well. Having cash on hand is essential for any business.

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work harder while keeping operations simple. Check it out today at eCubank.ca slash business. There is an old saying in investing. it's not about timing the market, but time in the market. The most successful investors aren't usually the ones trying to catch every top and bottom. They're the ones who spend the most time in the market. I've been a quest trade user for over five years, and the reason I stick with them is that they remove the friction of regular investing.

With no commissions on stock and ETF trades, you don't have to wait until you have thousands of dollars saved up to make a move. You can contribute small amounts regularly and keep your portfolio growing consistently, removing the stress of trying to time the market. And they keep making it easier to build a well-rounded portfolio. Soon, you'll be able to trade precious metals through Questrade, giving you even more ways to diversify. Questrade makes the whole process seamless,

allow you to focus on what really matters your investment strategy, not trying to avoid fees. Ready to invest, head over to questray.com, open and fund your account with code TCI and receive $50. Conditions apply. You know that moment when you're on the couch, shopping online, ready to checkout, and then you realize you don't have your credit card nearby, and you have no idea where it is. And then you see that purple button. That's shop pay from Shopify. It completely changes the experience.

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Go to shopify.com. That's shopify.com. Cheching. Okay, so that's the end of the news and earnings portion. Hopefully you enjoyed it. And since it was probably around the 25 minute mark, I decided to just have a quick look at how the markets overall are doing right now. So today it's one of the first days, I'll be honest,

that the SMP 500 and NASDAQ is down a decent amount. And quite some times, I'm just looking at this here. So the SMP 500 is down 0.7% as I'm recording this on June. And the NASDAQ is down around 1.11%. And the SNPTSX, I believe, is also down a little bit. I don't have it in front of me. But that's all right. I wanted to have a look at the return so far a year to date.

So I want to look at the SNP 500, the XIC, which is the TSX, and then QQQQQ, which would represent the NASDAQ. And it's been really phenomenal because, of course, the markets have been just on fire right now. And I'll share this with our joint TCI subscribers. So over the last year, just to put this in context here, the NASDAQ is up 41%. The SNP 500 is up 33%, or sorry, the SMP 500 is up 27%. And then you have the SNPTSX or XIC is up 33%. That's a percentage change.

If you look at total market returns, it's obviously even a bit better than that. But let's keep it just a percentage for just this overview here. And then if you look at year to date, it's 21% for the NASDAG, 11 for the SNP 500 and 11, I guess, as well, when you round up for XIC. so the SNP-TSX. And then if you look at the last three months, that's where it gets really crazy. And I'm actually going to just place that here with the end of April, so March 31st until today.

So I'm recording, like I said, on June 3rd. So that would be essentially two full months since then. You have the NASDAQ is up 29%. The SNP 500 up 17%. and the TSX is lagging at 7.8%. But these are all amazing records. And if you're in index funds, especially the SNP 500 or something that would track like a total market US index, you've been doing extremely well.

Congratulations. If you're picking stocks or doing a hybrid strategy, you're probably doing pretty well as well, especially if you're in some of the large tech names, so semiconductor. or AI plays. And I just want to talk about this quickly just to remind people that it's really important, especially when things are running up so quickly, borderline parabolic at this point, to just make sure you don't overexpose yourself. I'm not saying selling everything.

I'm just saying, you know, if you've tripled your money on Intel stock or name the hot stock right now or micron, there's no harm in taking a little bit of money off of the the table and selling into strength. And actually, it's probably a pretty prudent thing, especially if you start having a quite large position. And I think it's just a reminder of allocation and how important it is for just risk management in your portfolio. And I know it's really sometimes hard to not get into the FOMO and even though the stock you own or whatever, you know, the index or whatever it is, you kind of start thinking, oh, well, if it's a clean double from here, I'll be able to retire, whatever the thoughts are, but nothing goes up in a straight line.

This could go on for a few more weeks, a few more months, a few more years, but at some point there is a correction. And just take, for example, gold and precious metal earlier this year, the run-up was massive for gold and silver especially. And you saw a pretty pill pull bag that happened in January. You're still way much higher than the levels you were at over a year ago. But, you know, it was still a pretty big pullback and it's been trading sideways since. Again, I'm not saying that this will happen for the QQQ or any of the hypers, nothing like that.

But if you have a stock that's run up a lot or the index and you're becoming extremely concentrated, just keep in mind that there's no harm in just trimming a little bit because, again, if you get over it, concentrated, you can keep crushing it. You could definitely keep crushing it, keep having some massive returns, but it also cuts both ways. The more concentrated you are, the more, yes, upside you have, but the more downside you have as well. So I just wanted to mention that because obviously it's like groundhog, with the exception of today, I guess, with the markets being down a little bit, but it seems like the markets are just going up every day and it's just being pulled by kind of those familiar names.

So semiconductor stock, some of the hyperscalers, you think about some of the energy companies that are benefiting from the ice span, some of the infrastructure behind it. All these names are kind of pulling the market up, but I do get worried that some people are overly concentrated in that. I'm not saying not to invest in these names. Of course, you know, it's your money. You can do whatever you want. This is not investment advice, but when things get very frothy, I think risk management and proper allocation definitely becomes even more important.

And take it from someone who got pretty wrecked by being overly exposed to Bitcoin in 2022. And I've learned from my lesson. I definitely trimmed down that overall allocation. I actually took some profits recently as well when it had run up over 80,000 because it was just becoming a bit too much of a big position for me and I was more comfortable with reducing that a little bit. It's not fun when you have a big position and it gets a massive pulldown. So I've learned, I would say I learned my lesson, even though I may, I should have probably trimmed it a bit more.

Hindsight is 2020, but it's not a fun feeling even though I don't panic when you start seeing your portfolio hemorrhaging because you were too concentrated in name, no matter how much conviction you have. So I think those are just, that's a good point to end this podcast. Hopefully you enjoyed this, this format. It was just me solo, of course. I think we'll probably have about 32, 33 minutes in total time. It takes a lot more energy to do that solo.

But let me know if you enjoyed this format. Of course, there was not any back and forth. That was just me giving my thoughts in terms of what happened, but also more of my thoughts, but what actually happened in terms of the news and earnings. but I'd love to hear your feedback on it and I'll be back on Saturday if you're listening to this podcast only for the live stream that will be posted.

If you'd like to listen to the live stream, again, it's going to be available on YouTube live on Friday. Usually we start around noon on X as well. Dan is setting it up for a bunch of different platforms so you should be able to catch it a bunch different places. And then we'll be back next Monday for a regular episode. He'll either be a regular episode on REITS with Dan Foch

or potentially another episode that we recorded a little bit in advance, but we're just kind of waiting for the right time to post it. So stay tuned for that, but we're back with fresh content Saturday and then Monday again. Thanks a lot for listening and see you soon. The Canadian Investor Podcast should not be construed as investment or financial advice. The host and guests featured may own securities or as. assets discussed on this podcast. Always do your own due diligence or consult with a financial professional before making any financial or investment decisions.