Monica Yeung – 06/24/2022

(music) >> Hello, I'm Greg Bonnell and welcome to MoneyTalk live brought you by DirecTV investing. It is a new program front to daily by web broker and every day will be joined by Gus across TV and many of whom you only see here. You're going to take you through what is moving the markets and answer questions about investing. Coming up on today's show, tech terms like Netflix and Facebook were winners in the pandemic, it is now the traditional telecom stocks that are back in vogue. We will talk about this reversal of Monica Yeung public medication services analysis at TD management and Kalon gourmets going to shows how you can use a platform to find information on specific sectors and industries. Here's I can get in touch with us, IMO MoneyTalk live@td.com we can fill out the viewer response box on the web broker. Before we get to our guest today, let's get you an update on the markets. This is a good site and we have green on the screen on both sides of the border to take us to the last trading day of the week. Right now the TX up a comfortable 318 points 1.7% or the big movers on pastry right now which is Beustch, from hedge fund billionaire Paul Paulson. . . Right now up 11 stocks and share, 17 1/2%. In South of the border less check on the SNB 500 on the American market and a very healthy gain of 2 1/3%. And it seems that the market is starting to shift its best to certain degree as to how aggressive the US Federal Reserve and perhaps other federal banks will be or need to be going further into the year. Some say that perhaps the economy is coming back in some areas are perhaps the Fed wanted to be as aggressive. That seems to me that that right now in the bond market and we know on this program that things can change pretty quick, and less check out NASDAQ up to the 3rd% right now on NASDAQ 100. And Zendsk desk being acquired by a group of private equity firms in a $10.2 billion deal and you can see right now up 28% on that news. And that is your market update. In the big tech names Facebook and that looks among others during the pandemic and telecom coming back and evoked, investors searching a more defensive plays. Joining now to discuss this change of fortunes Monica Yeung global asset management at TD, and this is an interesting one Monica, walk me through this in terms of the traditional telecom and perhaps getting a second look. >> It is an interesting year so far in 2022 and it is interesting to zoom out a little bit of that medication sector which I analyse in his action interesting amount of stocks on the one hand of mature business model selects with the traditional media companies and the television companies, cable costs, tele-costs and these are business models that grow in the low single digits and in some cases even declining. On the other side of the spectrum, you've arguably where tech companies, these highflying secular growers and the likes of the online media streamers like Netflix and the big Internet names like Facebook and Google. And you can call it a tale of two cities or reversal of fortunes if you will because the last decade if you just bought that second basket of stocks would've made a lot of money next to the index. The reality is that that trade has just not worked 2022. We have names like Netflix down 70% during the day, and names like Facebook down 50% day-to-day. And on the other side of the spectrum in contrast we have the sleepy kind of boring telecoms that people of them paid attention to for a long time the likes of AT&T and Verizon in the US, Telus and Rogers and NBC in Canada. These names are relative winners this year and their flat or even slightly up in the bear market. >> And of piercing dispersion of returns, tell me we are seeing. >> I think it is important see some of the drivers some down up to 70% in some going up. There are two reasons that stand up to me and the most notable is a shift in the way people are spending their time post COVID. In March 2020, all of us were locked on at home and there weren't a lot of things to your polices to see and so's you would expect you'd see a huge massive surge in demand for online services and lots of people signing up for new Netflix accounts or spending more time on their social media apps like Facebook or tick-tock or Instagram. Here is later we are now shifting from this digital verse into the real verse if you will. People are interested in experiences, they want to go in and see a movie or have dinner with friends or travel. That is really been at the detriment of the higher growth or secular growth. People just aren't watching Netflix the same amount that they used to and they're spending less time scrolling for Instagram. There are less eyeballs on the screen and that is really driven some of the weakness of the stocks. The factor that explains some of this diversion I think is the macro environment. It is change much quicker than anyone would've anticipated this year. That is had two effects and one is that it is brought them valuations on growth stocks with rates higher and also however, people are now searching for defects. There is a huge appetite for defence in potential recession fears and telecom is traditionally offer that. >> And suddenly sleepy gets more attractive? >> Exactly and revenue holds up well and that explains why there is been support under some of these names so far. >> Session fears have been. . . Let's talk about these names like Facebook and Snapchat and Twitter and their land traditional advertising what happens to them if we fall into recession? >> That's a great question. I think the advertising whether traditional advertising or online advertising, it is sensitive to this. And GDP is down 2%, the advertising pie is then down by that too. And we look back to history as a guide and if we look at 2008, Google at that time pre-recession was growing at a clip of 40% peer and in 2008 that found fell to 5% and there was a slowdown in their growth. And today Google is growing into the mid teens and not too inconceivable that if we hit a moderate recession the back go flat or even negative. These are great long-term secular business models deftly not resistant to the recession. >> Let's talk about the Canadian telecom winners so far this year, what is your thoughts on the space of current valuations? And I know you have something we can speak on this one. >> I've a few things, we talked earlier about the search for defence and that is helps. It is also been a fundamental backdrop. And what I mean by that? Canadian telecom's have a bit of a place in this comedy scene uptake and roaming revenue and that is good for topline growth and also as boarders reopen their more students coming to Canada, more immigration and good for population growth and good for subscriber growth. The last thing that I would note is that the competitive environment has been quite favourable. In the past we've seen very aggressive promotional periods were Rogers, Telus, BC have gone head-to-head with heavy subset, evidencing that for the past year. Search for defence and a good fundamental story and I guess the only give really is evaluation. >> Let's show that chart to the audience and show her audience what it is telling us. Canadian Tellico valuations, walk us through this. >> Yes, this shows the valuables for the past decade and we can see is that we are trading one standard deviation above the long-term average, so deafening at the top end of the range. That gives you a bit of caution, but at the same time if we continue to have sessions within the market, there is likely support under the stocks for a while. >> Rate started the program will get your questions for Monica in just a moment and you can get in touch with any time to see Mel MoneyTalk live@td.com and you can fill out the, response box. And just indicate some of the stories were falling in the world of business and the look at how these markets are trading. Sales at BlackBerry and the company's latest quarter coming up stronger than the analyst suspected. It is pointed to growth in auto products and cybersecurity units revenue from things division which includes those auto products from that 19% and cybersecurity sales rose 6%. With those gains, the company still posted a loss at five cents per share. FedEx is providing. . . $0. 50 a share this man that's complete above Wall Street estimates. FedEx is dealing with lower customer demand trends and expects continued pressure on shipping volumes. That said, the company's forecasting improve margins on what it calls efficiency improvements. FedEx also as that is closely watching inflation and fuel prices. It appears that is returned to travel benefiting the cruise industry, Carnival says that CASHRA's operations term positive in the second quarter and revenue jumped almost 15% compared to the same amount last year and the company says it is seen the best quarterly booking will and since the start of the pandemic. Despite the turnaround in demand, the credible stills anticipates a loss for the year and does anticipate that those bookings will return to pre-pandemic levels until next year. Let's check on the benchmark index year and will start in Canada on Bay Street and this is a good look for the TSX if your loan on the market and we have been a long for the past several weeks and months. And the gains are several good ones up there had 20 points and their broad-based gains for a jump of 1. 76% and south of the border, checking on the S&P 500, and as percent of the top of the show it seems that investors in the bond markets and particular might be repressing. . . Needs to be throughout this entire year and some signs that perhaps the economy might already be slowing. But we've mourned on this program the course of those conditions can change on a daily basis. We will take it for today, 91 points on SMB 500. And let's get him some questions of their starting to come in. Let's start with Facebook. The stock is you are saying, 50% year to date and on the downside, what is the case for this company right now? >> I think we need to take a step back and understand what happened. Everything came to a head in 2022 when they reported results in a missed on earnings and they brought down guidance when they reported their first sequential design and active users. The reason why that happened, two reasons really, one is increase competitions. the key factors really Apple privacy changes. In 2021 Apple rolled her privacy changes which gave use control over their data and also made it more difficult for online advertisers like Facebook to track and measure the efficacy of your ad platform. Your question, what is the bull and bear case, the case here is that Facebook is facing an existential threat and the fact that they had seen a sequential decline in active users might indicate that we reached maturity and they've captured the vast majority of the total adjustable market. In terms of competition, they were caught on the back foot with regards to tech talk and then having to play catch up. It is been the third time in a decade that they had to retool their technology platform really. And lastly around the Apple privacy changes, then like Apple and Google do not own an operating system or network. They're not a platform so there bit at the whim of changes that Apple or Google puts through or Fios on android and so it is a less defensible business model so to speak. So to talk with the bull case or the bear case. . . >> So what is working in Facebook's favour? >> One can argue that Facebook is been through many congresses in the past and when the weather can come out stronger. They launched a competitor to take Dr. reels and that is get a lot of traction and only a matter of time before they start monetizing it. In terms of privacy changes, they retool their technology platform by using more AI and productive capabilities to measure and track your ad capabilities and to measure and track. . . and to its closest competitor, Google. Lots of valuation support at this level. It could go both ways. It is a stock to watch. >> As we talk about Facebook, we have in username they change themselves to and the push to the meta-verse. How should investors wrap their head around this, and how they can wrap your head around what it is? >> Yes, great fanfare as they change their name to meta-in this new focus into the meta-verse beyond social media, and what is the meta-verse, as you asked? It is a digital world where you and I Greg, as are present by avatars can do anything that we do in the physical world but more. We can go to a mutual restaurant and have a meal and meet with friends or we could buy real estate and build a virtual house and furnish it with items from our favourite retailers. We can collaborate with our colleagues in a virtual boardroom and interact and work more efficiently than perhaps we would even do in person. Facebook has made a big push behind this and they said themselves they tend to spend $10 million behind this initiative. And investing in virtual reality, augmented reality, software, hardware and content. In terms of whether or not this is a good bet, I think the market is sceptical and I am sceptical. It is very hard to estimate the adjustable market here. >> Is want to monetize, right? I'm of the store's Facebook when it was still called Facebook and everyone shifting to mobile devices, and can they monetize it? And then they did and it seems like the same question again. If you want us to come to the meta-verse, you said the things we can do the meta-verse, maybe jam with Jimi Hendrix! But having work meeting will be fun too. But how to monetize these things? >> Exactly, doesn't seem like an immediate upside if anything over the next decade. Let's give credit where credit is is due, Mark Zuckerberg is an incredible technologist and is seen things and trends that the market doesn't see. So we will just have to see. >> Have another question coming in and this is about Google and we asked was in his name to run advertising. The question is specifically, is Google better positioned than other online advertising groups? >> Earlier talked with the transition from the digital verse and more eyes on the screen and Google is not immune to that but I think a better position in some of their peers and there's a few reasons for that. One is we talked about earlier that their platform company meeting of the unknown operating system and the android system. They can control their own Destiny to some extent and Facebook at the whim of Apple privacy changes, Google can control the timing of that and the rollout of that and also in the backend great technology that can better respond to the changing regulatory environments. The other thing to keep in mind that in many ways Google is utility, so where is Facebook is reliant on users time, users eyeballs, and the more time you spend the more advertisers will put up ads on Facebook, Google is very much to give an idea in your mind and your searching something you want to get it. >> And it becomes a verb, to do it, to Google it, to just say just Google it. >> Exactly in us I think it might be more immune to the stock prices. >> What are the things other than the ad business? Google has a few things going on. >> Yeah, I guess they've been investing a lot in AI. >> Yeah, and a lot of stuff and we ask what Google can have. >> Yes, like a time is driving, but not the main driver for business, and I think it's an interesting way to attract talent and to search for the next big hit. But really the vast majority of the earning profitability is advertising. >> Alright, have another question now. Let's focus on some of the smaller social media players like Snap and Twitter and Pinterest, the viewer is asking can they compete effectively? >>Snapchat has had incredible tracts of younger demographics as I think it's more of a niche, like Pinterest if you're interested in home to core, maybe that's where you gravitate. And Twitter is more of a newsfeed. What's interesting about these platforms versus the big guys is that there more focus on brand advertising. So, Google, Facebook, more direct response. Meeting else in ad or click on it and go by and purchase a product. The smaller guys really brand advertising, so maybe it a watch that gets you to learn about a brand. That is sensitive to the economic environment. We do see recession or recessionary fears, that is the first thing the advertisers cut back on. it got to my surprise, I think there is a few factors are, like the Russia Ukraine war, and inflation, but that happened in an instance. Can they compete effectively? They can complete in some nations, but their business models a bit more at risk if we do need a bumpy road. >> I can see why, have twitter and the group of smaller players, maybe it's because of my journals and background, I did was much my time and energy what people are saying on Twitter, but it is only stack up against the behemoth in terms of the reach that it is getting. >> You're completely right come up talk with these names, Twitter's when I get them as utility from the one I spend most time scrolling through to get my news information. I guess right now to at a funny spot with the bid out there from Elon musk. It is a situation with bought or doesn't. >>yes, that stays in the game coming from a bid it, he says I have concerns. >> Yes, maybe the bid price, we'll have to see, but terms of your question, why saccade this middle? They struggled with their culture and their technology. Maybe evenget or that you get when I'm scrolling to Twitter, I don't really find them relevant. I don't think they figured out that technology and cultural issues as well that have exacerbated things. >> And of course always do your own research before investing decisions. It will be back in a minute and as her mind of how to get in touch with us with those questions, email MoneyTalk live@td.com. Let's get to today's educational segment. If you're looking to find information on how specific sectors or industries have performed, or broker has tools that can help you. Running us now Caitlin Cormier, always good to have you! Let's jump in. If you want to drill down on how sector industries are performing today, where do we go? >> Hey Greg, great to be back! We can actually find different information on different sectors we can see with the feel is and what we want to do is going to web broker and go on a research tab. Underneath the research tab, we have a specific under markets sectors and industries. That is we're going to click and that will take us into a homepage is going to give us information. My apologies, just give me one second here. >> It happens! >> Just jump out and jump back in. Let's try that again! Will click on research sectors and industries and hopefully the time it will take us there. It will shows an overview of different sectors and industries. Here we have at the beginning a bit of a comparison of some of the difference sectors and we can go down and see sector performance. We have information 11 overview here which is showing us some of those key metrics like price to earnings or the earnings-per-share growth, dividend yield. We can also click on performance and see a couple of different time frames here as far as performance from all of these different sectors. And we have different strategies we can see which sectors have more of a higher dividend yield and which have more earnings-per-share growth. And that sort of thing. And we can see our top and bottom sectors in different industry movers. There's a lot of information just within this page on all of the different industries as a whole. The other thing I want to draw your attention to is that we can do this search either for Canadian or for the US stocks. Appear at the top see this Canadian flag and all you have to do is click the US flag to switch this whole page over to the US aside. You'll see a flag on each individual section and you can switch it for individual section where you can switch the whole thing we will see the different information and this will be in the US market as opposed to the Canadian markets. >> That is interesting, to toggle between the two countries. What I want to learn more about a specific section? >> Yes, you want to dial down and learn more about a specific area, communications, let's take a peak in there today. I was just simply click on that particular sector and what's going to happen somewhat to be brought to a page which will show us the performance within that sector. Over you're on the right again we are seeing the specific companies that are the top and bottom companies within that sector and again, this is on the US side that we have here. and this is showing us overview and performance and typically we can also pull up reports specifically within an industry. If I click on technology for example, that will bring us over and show us, I guess this report is going on the Canadian side. There is a report that shows a bit of information about insider trading and the sentiment of traders on that sector as well. >> Thank you for joining us, that was Caitlin Cormier, be sure to look into this for more educational videos and webinars. Before the vector questions, a way you can get in touch with us. Give a question about investing or what is driving the markets? We're excited to hear what's on your mind, so send us your questions. There are two ways you can get in touch with us, you can send us an email anytime at MoneyTalk live@td.com or you can use the screen right behind here on one broker and just writing question and hit send. Let's see if one of our guest can give you an answer right here on MoneyTalk live! And we are back here with Monica Yeung on metallic medications or viruses and Netflix, a question on this one, clearly doing well during the pandemic, used to joke that I was had invested in the coach! >> Stock down. . . When investors look at with Netflix is investor growth and live and they have disappointed on subscriber growth. COVID their growing at a clip of 25 million a year. In 2020 rolled around and Greg was on his couch! >> Every night! >> And it surged to 28 million. And it is tailed off ever since with the economy reopening and people spending more time out. No one in their wildest dreams would have ever expected for it to go negative. In Q1 they reported losing 200,000 subscribers and they go on to lose possibly 2 million in Q2. This kind of a simple reason why we are seeing what we are seeing today. And where did they go from here? I think the tough part is that they blame the kitchen sink of reasons as to why they're starting to lose subscribers. One is deep penetration and 70% of US broadband households have been flick subscription stay in there saying increase subscription competition with others launching their own subscription services. They put through some price increases recently and they noted rampant password sharing and 100 million households taking onto one of their friends or families, inappropriately logging into Netflix accounts. And also the macroenvironment of people being more discerning around their spending in the face of inflation. So where does the company go from here? It's in a tough spot but doesn't have that kitchen sink of reasons ahead of you, there is no silver bullet or no quick fix. There's a few things that they could do, they could crack down on password sharing and are talking about launching an ad supporting subscription service later this year. They can play around with their pricing strategy, may verify in their content. It is going to take some time for them to work through this. I think this may be a bull case here, if this pans out. >> Apparently this was a big hit, but that's what draws trip to the platform, you don't of the hit what draws people in? >> You contact with this in two ways, this content like stranger things or squid game and this brings new uses and and what keeps you in is the filler. The reality shows or the home shows or the cooking shows. Having both is really helpful, but content is also very expensive. An aggregate I think is that big streamer spending over hundred billion annually on content spent. And for Netflix, they're kind of always on this treadmill of producing new content and always having that next new hit. I think they have the filler down pat, but it is tough to figure what is the next big thing. >> Next question coming in from the platform and this one is about Disney. Obviously Disney plus putting up the competition against Netflix and the others. Personally I finished off the Obi-Wan Kenobi Limited serious that my eyeballs for the last while! What you think of them? >> Disney is an interesting one for sure. They've gained a ton of traction. . . . A lot of gains in the last three years. But also possibly a long way to go and that is an addressable market that they could potentially capture. They had been immune to this transition back into the real world, we are expecting them to grow 40 or 45 million subscribers annually, but now they're closer to a clip of 30 million for this year. And that explains a bit of the weakness of the stock price. Those of some offsets, again, they have more of a growth way ahead of them because there early in the journey and those of a more diversified business. Disney parks has been going gangbusters, and you want to look average spend for customer Disney parks this year, up 40% compared to 2019. People are spending on food-- >> Of course, during the pandemic, people were to theme parks during the pandemic, but even compared to before-- >> Yes, even compared to before, people are buying food or that the Mickey Mouse toy or staying in hotels are getting the quick ride pass. That is been a nice buffer to what we've been seeing in the streaming business. >> Are there other players in the space? This is a situation where you end up with a clear winner or you end up with just a whole bundle of streamers? When I grew up as a teenager in the 80s, a whole bundle of TV stations? >> Is such a competitive space. We come to a Netflix and Disney and there's Hulu and traditional media companies to like HBO Max and discovery plus. In the US, on average, the average household has five streaming services. It is pretty well penetrated. I think about who comes out on top and it is about who will fill those five slots. We talked about content and how content is king, and there's a bit of a scale game to content. The bigger you are and the more users you are the more dollars you can spend to find that next big hit show. I think about who will fill that five and Netflix is going to be in there for sure. And probably prime, Disney plus, recently we have the merger of Warner and discovery in their right to be a formidable additional player in this space and who will be the fifth lot? Maybe for your niche interests whether it is news or other types of things. That is how I see it shaking up. It is a very competitive space. >> When I think of these names are listing here, Lex of the border like Warner, and here we have our own telecoms that want to be in the space and is the Canadian market large enough even by sheer population to put them in the same categories as US players? >> I think one of the challenges. . . Canadian content rules. It puts him on a different footing in terms of content spend. I guess one of the ones that is publicly listed is course, there are traditional media player that started to gravitate into streaming with crave TV which can access here at home and then gain some traction here but it's tough to compete when you're not on the same footing as these important players. >> Crave is where I got Star Trek as well! You can see the pattern here, I'm a bit of a nerd! Just make sure to make your own research before investing decisions and a reminder they can get in touch with us at any time. You have a question about investing what is driving the markets? Our guests are eager to hear what is on your mind, send us your questions. There are two ways you can get in touch with us. You can send us an email at any time at MoneyTalk life@td.com or you can use a question box right below the screen at web broker and just writing your question and hit send. We'll see if one of our guests can get you the answer right here on MoneyTalkLive. Joining us with more on this is now MoneyTalk Anthony Colli. >> Yes, force market products are increasingly. . . An increasingly macroeconomic outlook. The average price has actually dropped 27% from near record levels in the first quarter of this year. The reasons that they've gone to the drop in wood product market is of course high inflation we've also seen a rapid rise and interest rate and that is also impacting mortgage rates as well. That is an impact on housing affordability. Losing less housing affordability in North America. Increasingly, investors are assuming the rise in possibility that North America will fall into recession. . . . they're expecting GDP growth rise when 7% this year and is going to fall to 1.7% in 2023, but they're not expecting a contraction at this point. The TD securities does say that hard landing for lumber prices was pretty much anticipated. For that reason, they're making some modest changes to their commodity deck. For one, they are loyal and there FPS or spruce pine price by 3% this year as well as 3% for 2023. And they're also changing their OSB price forecast that the oriented strategy board which is an energy neared wood. And they're lowering the price a bit more significantly because they expect costs to manage inventories and accept prices to rise. As a result, the scene average drop of 4% this year in this forecast an average of 3% drop in the 2023 estimates. >> Obviously thinks of change, Anthony and the game is changing to a certain degree. What is TD securities ultimately think about one having holdings in the space? >> TD securities still weighs on this sector is still very optimistic about the sector. But the reason is that they think that the balance sheets for this company are still very strong and a better shape than it ever was in previous recessions. In addition to that, they think that the current valuations right now are just assuming an overly negative outlook which they're more optimistic of going forward. >> So, Anthony, following to repair my deck and time soon, cost me what he did during the pandemic? >> Yes, exactly because prices are coming down it is more affordable than it was previously. >> Thank you Anthony. Let's check out the market action and were about halfway through the lunchtime trade and will start with TSX and a pretty good look if you are along the markets, 282 points to the upside right now at 18,999 up and this is a broad-based rally to the upside right now and some of the mining stocks a bit. Let's check out the action the first quantum right now and it is up to $25.21 a share for a gain of more than 8 1/2%. In South of the border, also nice rally on our hands to edit the trading week and who can hold to the close of about three and half hours from now, we have the S&P with 500 without a gain of 86 points of almost 2 1/4% and it seems that the market is perhaps repressing his expectations of how the Fed is going had to be and how aggressive they are going have to be going forward. Still anticipating rate hikes in the near term perhaps further out, the market is starting to think that the economy will cool and maybe inflation will peak in the next couple of months. A lot of maybes in their course this is been a very bouncy ride presses investors this year for the seems what is driving sentiment in the markets lately. And if we check out the tech heavy NASDAQ up to new quarters percent and NASDAQ 100 up 2 1/2. And this one is a talk about the top of the show, talk to Carnival. . . Up to the tune of 13%. And back now with Monica Yeung at TD asset management and this dominated headlines in Canada. The Shaw Rogers merger. . . And selling to Québec. That this comes closer to the finish line on this one? >> If this were baseball game, would be close to the final stretch and we are closer to the end of the beginning. And is been a long and winding road to get here. First the board room to hustle the following 2021 with members of the Rogers family pitted against each other in the former CEO ousted. And more recently last month, we got wind of the competition Bureau had filed an application to outright block the merger on competition concerns in the wireless space. The deal I think it's is closer to the finish line because it really solves that issue around wireless concentration. I think it is a structure that will appease the regulators for a few different reasons. One is that the party that they've chosen is a very credible player and a publicly listed and if a balance sheet and a spectrum. I think they will prove to be a very strong fourth national wireless player and to compete aggressively. The other reason why think this gets us over the finish line with the regulators that Rogers has agreed to a long-term agreement to provide , network access and wholesale Internet access. And that is really important and a key sticking point was regulators exhibits Québec on even footing with the other incumbents in terms of network quality, reliability, network access and also bundling. answer question that we are closer to the end and I think. . . Worst case to go to appeal the tribunal and then at six months. >> What is our forward outlook on this? >> I think is good news for all three players, Shaw and Rogers ... there was fear that they might've been backed into a wall and have to sell this at a big discount and that is not been at all the case. And I think more importantly gives them scope to start thinking about really the eye on the prize which is always been synergies in combining the two wireline businesses. This is just been a distraction from the deal and having noun agreement with the strong fourth player allows them to focus on more thing. As for Shaw, I think this is good for them as well that this deal closes and it is good for the stock. And I think the transaction so long as we get to that finish line. And for QuébecOrg, good news for them as well because it been the player and Québec and this unlocks the next leg of growth for them and gives them runaway for 3 to 5 or 10 years of growth in terms of expanding and getting marketshare on the national level. >>so optimism for the competition Bureau as you don't know exactly this could happen, I guess we don't effectively happen by them in the competition Bureau. >> Yes, talked with a range of timelines, it is possible that this structure get some over the timeline and they can negotiate an agreement within 1 to 2 months but it is also possible that the competition Bureau says no, we don't agree I'm going to go all the way to the appeal which is a whole other process, mediation involved and hearings and filings and that his next step if things don't go through. They're going to have to go through a full appeal process which can take that six month timeframe. >> I appreciate you sending in all his questions, we can't take anymore, but any thoughts on the space and the path going forward? Yes comes the next on the markets today and I feel good about it. But it is been a rocky ride. >> Yes it has been, and I think we start the show, winners and losers and I think the thing with the telecommunication sector, is that is not a homogenous space. We are different types of business models and how they can apply abroad stroke the stocks. It's about the risks want to take your portfolio and the type of style you have offensive and worried about her session, then telecom stocks are a bit more recession resistant. if you're feeling good but economic growth, there is value in the high names as well. >> Thank you for being here, Monica Yeung global asset management at TD, and reminder from the great guest that we have lined up for you, we're going to take the weekend off and we come back on Monday, we have Priti Shokeen, Hafiz Noordin, and others. That is all the time we have today and thank you for watching us today and thank you for watching all week here at MoneyTalk Live! You have a question about investing or what is driving the markets? Our guests are eager to hear what is on your mind! [music]