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https://x.com/i/lists/1669153613199835138?t=R0mCicxs7zfJE_yOAek4gQ&s=09
The Kobeissi Letter
US executives are rushing to buy stocks:
The ratio of companies where insiders purchased their own stock versus sold rose to 0.5 in March, the highest since June 2024.
This puts the ratio back to near its historical average, according to Washington Service data.
This is a sharp reversal from 0.2 recorded in January, which was the lowest since 1988, when data began.
Recent insider buying may be a sign of confidence in the economy and their businesses.
However, the level of buying is still well below the peaks seen at the end of 2018, near the 2020 pandemic low, and the 2022 bear market.
Are corporate insiders signaling the sell-off is overdone?
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The Kobeissi Letter
Some exciting news:
We have been nominated for the "Market Newsletter of the Year" award at the @StockTwits Cashtag Awards.
If you enjoy our work, please consider voting for us at the link in the post below! https://t.co/le26MF8htN
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Finding Compounders
“When stocks get cheaper; How can that not be good news”
Wall Street’s Wisest Man : Charles D Ellis
By Jason Zweig https://t.co/zDCH8BtSbr
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Quiver Quantitative
Triata Capital, run by Sean Ho, has made an estimated 45% return on its stock portfolio so far this year.
Here’s what they’re doing 🧵 https://t.co/xjdGaMvmwH
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Dimitry Nakhla | Babylon Capital®
MercadoLibre $MELI stock is up +28.91% YTD & yet the company trades for a valuation ~7% CHEAPER than it was at the start of the year 💸
Strong stock price, stronger fundamentals 👌🏽 https://t.co/Prjeh9bW3i
A quality valuation analysis on $MELI 🧘🏽♂️
•NTM P/E Ratio: 44.66x
•1-Year Mean: 47.97x
As you can see, $MELI appears to be trading near fair value
Going forward, investors can receive ~7% MORE in earnings per share 🧠***
Before we get into valuation, let’s take a look at why $MELI is a great business
BALANCE SHEET✅
•Cash & Short-Term Inv: $3.70B
•Long-Term Debt: $2.82B
$MELI has a strong balance sheet, an ok BB+ S&P Credit Rating & 48x FFO Interest Coverage
RETURN ON CAPITAL🆗➡️✅
•2019: (4.8%)
•2020: 3.7%
•2021: 8.1%
•2022: 14.7%
•2023: 25.7%
•2024: 23.0%
RETURN ON EQUITY🆗➡️✅
•2019: (14.2%)
•2020: (0.1%)
•2021: 5.2%
•2022: 28.7%
•2023: 40.3%
•2024: 51.5%
$MELI has strong and improved return metrics, highlighting the financial efficiency of the business
REVENUES✅
•2019: $2.30B
•2024: $20.78B
•CAGR: 55.30%
FREE CASH FLOW✅
•2019: $314.29M
•2024: $7.05B
•CAGR: 86.32%
NORMALIZED EPS✅
•2019: ($3.71)
•2024: $37.69
SHARE BUYBACKS❌
•2019 Shares Outstanding: 48.69M
•LTM Shares Outstanding: 50.70M
MARGINS🆗➡️✅
•LTM Gross Margins: 52.7%
•LTM Operating Margins: 12.7%
•LTM Net Income Margins: 9.2%
***NOW TO VALUATION 🧠
As stated above, investors can expect to receive ~7% MORE in EPS
Using Benjamin Graham’s 2G rule of thumb, $MELI has to grow earnings at a 22.33% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2025 - 2027 EPS growth over the next few years to be more than the (22.33%) required growth rate:
2025E: $46.91 (24.5% YoY)
2026E: $64.98 (38.5% YoY)
2027E: $84.98 (30.8% YoY)
$MELI has an ok track record of meeting analyst estimates ~2 years out, but let’s assume $MELI ends 2027 with $84.98 in EPS & see its CAGR potential assuming different multiples
40x P/E: $3400💵 … ~17.6% CAGR
38x P/E: $3230💵 … ~15.4% CAGR
36x P/E: $3060💵 … ~13.2% CAGR
34x P/E: $2890💵 … ~10.9% CAGR
As you can see, $MELI appears to have attractive return potential IF we assume >36x earnings (a multiple justified by its growth rate & moat)
$MELI boasts an expansive growth trajectory, fueled by powerful network effects that should drive sustained momentum
Key factors contributing to its promising outlook include 🔑
1. Margin expansion
2. Unparalleled access to Latin America's burgeoning economy
3. Network effects that produce self-reinforcing dynamics ensuring long-term competitiveness, among other things
Those buying $MELI today at $2165💵 are buying it for a fair price, with little margin of safety — however, these growth rates have to be revised down substantially for $MELI to miss the mark, even if the company grows earnings at 25% CAGR over the next 5 years, shareholders will likely end up with a decent return
I consider $MELI a strong buy closer to $1945💵 (~10% below today’s price) where I can reasonably expect ~12% CAGR while assuming a conservative 32x end multiple, ensuring some margin of safety
#stocks #investing
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𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️: 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐍𝐎𝐓 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐀𝐝𝐯𝐢𝐜𝐞. 𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐚𝐯𝐞 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭.
𝐓𝐡𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐢𝐬 𝐢𝐧𝐭𝐞𝐧𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐬𝐡𝐨𝐮𝐥𝐝 𝐧𝐨𝐭 𝐛𝐞 𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐞𝐝 𝐚𝐬 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞 𝐭𝐨 𝐦𝐞𝐞𝐭 𝐭𝐡𝐞 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐧𝐞𝐞𝐝𝐬 𝐨[...]
Quiver Quantitative
Representative Greg Steube has introduced a resolution to authorize the use of military force against certain Mexican cartels: https://t.co/MvWIX20GQi
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Finding Compounders
How to analyze a businesses profits https://t.co/QuYZXuKSJF
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The All-In Podcast
David Friedberg: Democrats Have a "Two Party Problem"
On E220, @friedberg theorized why the Democratic Party's popularity has hit an all-time low:
"I think the Democratic Party has split into two parties."
"There's the Democratic Party with beliefs and there's the Democratic Party without beliefs."
"The Democratic Party with beliefs is the one that's very far left, and their beliefs are fundamentally rooted in concepts of socialism, Marxism."
"And they're very clear about those beliefs that traditional power structures need to be dismantled and assets and influence need to be commonly redistributed."
"The rest of the Democratic Party, which people call the moderate part of the party, actually don't really know what their beliefs are."
Friedberg goes on to contrast this with the state of the Republican Party, which he observed during a trip to DC:
"When you talk to anyone in the Republican Party in a leadership position, you hear very clearly what their beliefs are."
"We saw it this week in DC."
"Every member of the cabinet that we met with, and there were quite a number of them, had the exact same message and the exact same set of beliefs of what this administration stands for and what they're trying to do."
"The problem is that, because the moderates in the Democratic Party have not stated a set of beliefs, the party is effectively being represented by this part of the party that does have beliefs, the deeply socialist Marxist beliefs."
"And they have basically subsumed the message."
"And as a result, this is why people have lost interest in the Democratic Party."
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𝐭 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞, 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚𝐬 𝐭𝐨 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐧𝐞𝐬𝐬 𝐨𝐫 𝐚𝐜𝐜𝐮𝐫𝐚𝐜𝐲.
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The Kobeissi Letter
Americans have rarely been this pessimistic about the job market:
The share of employees with a positive view of their employer’s business outlook fell to 44% in February, the lowest since 2016 when data began.
The Glassdoor employee confidence index has declined 12 percentage points over the last two years.
Government and administration employee confidence dropped ~5 percentage points, the most among all groups.
Workers’ confidence in the aerospace and defense sector fell by 3.5 percentage points.
Furthermore, pessimism has increased in 14 of the 24 sectors tracked by Glassdoor.
Sentiment has fallen off a cliff.
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App Economy Insights
$STUB StubHub just filed for a US IPO.
Aiming to raise $1B at a $16B+ valuation.
I spent hours reading the S-1 so you don’t have to.
Here’s what I learned.👇
https://t.co/FH18pXfz7j
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Finding Compounders
Look for customer heterogeneity
Source : All Revenue Is Not Created Equal by Bill Gurley (@bgurley ) https://t.co/Y7ZR8TMW27
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Finding Compounders
Control your costs !!
Bear Sterns Memo https://t.co/SgB6ZmchIA
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Alvin
Me when I test bad flagship phones: https://t.co/9u1Ap3X7Uo
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AkhenOsiris
Toronto Star:
Canada could be on the lower end of U.S. President Donald Trump’s threatened global tariffs next week, the Star has learned.
Nothing, however, is guaranteed until Trump decides ahead of his April 2 deadline — which he’s dubbed “liberation day” for America — and no government officials are taking any assurances for granted, sources said.
As the tense cross-border relationship plays out on the federal election campaign trail, Canadian sources with knowledge of discussions between the two countries say White House officials have suggested Trump may impose three escalating levels of tariffs on America’s trading partners, with Canada getting hit on the lower end of the scale.
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Quiver Quantitative
BREAKING: GameStop is adding Bitcoin as a Treasury Reserve asset.
GameStop is sitting on around $4.6B in cash.
$GME is up 6% so far in after-hours trading.
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The Kobeissi Letter
BREAKING: Leveraged long equity ETFs assets have dropped $15 billion so far this quarter, to $80 billion, the lowest since Q1 2024.
In other words, nearly 75% of AUM gains over the last 3 quarters have been erased.
However, total assets in leveraged long funds are still 2.5 TIMES larger than the Q3 2022 low of $32 billion.
Meanwhile, leveraged short ETF assets have risen by ~$800 million, to $9.3 billion.
Therefore, for $1 in leveraged short ETFs, there are $9 in leveraged long ETFs, down from $11 at the end of 2024.
Despite the selloff risk appetite is still elevated.
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𝐟 𝐚𝐧𝐲 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐨𝐫 𝐬𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐢𝐬 𝐧𝐨 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐨𝐟 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.
𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞, 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚𝐬 𝐭𝐨 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐧𝐞𝐬𝐬 𝐨𝐫 𝐚𝐜𝐜𝐮𝐫𝐚𝐜𝐲. - Dimitry Nakhla | Babylon Capital® tweet
Finding Compounders
RT @gainify_io: Believe it or not, Wall Street sees nearly 80% upside for $TTD https://t.co/21uuS7Evp6
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The Kobeissi Letter
BREAKING: There is now a 73% chance that President Trump will create the "External Revenue Service," per @Kalshi.
Odds surged after Commerce Secretary Lutnick said April 2nd tariffs will launch the External Revenue Service.
We are now 8 days out from retaliatory tariffs going live.
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The Kobeissi Letter
Once the hottest stock in the market, Nvidia, $NVDA, has seen almost zero NET movement in 6 months.
The stock is currently trading at the same levels seen in June 2024.
Even as the broader market recovers, $NVDA can barely hold $120.
Has Nvidia lost its momentum? https://t.co/qQaqMCRHtv
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The Kobeissi Letter
BREAKING: Short interest on US stocks has jumped to ~2.3%, the highest since the 2020 pandemic.
Short interest as a % of shares outstanding has soared ~20% over the last few weeks.
This is one of the fastest surges in short interest in at least a decade.
Meanwhile, the S&P 500 and the Nasdaq 100 have rallied 4.7% and 5.0% since their Wednesday low.
All while the Volatility index, $VIX, has plummeted 41%, or 12 points, to 17.5, over the last 2 weeks.
Can the short-squeeze hold?
The case for a SHORT SQUEEZE:
Since February 19th, the S&P 500 has erased -$5 TRILLION in its most one-sided move since the 2022 bear market.
Total PUT option volumes have surged to a record 30+ MILLION contracts over the last 5 days.
Is a short squeeze coming?
(a thread) https://t.co/AutLiKW7Yh
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AkhenOsiris
Wowza Crussian @Crussian17 is on a serious bear porn raid, take cover! 😱
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Dimitry Nakhla | Babylon Capital®
A quality valuation analysis on $MELI 🧘🏽♂️
•NTM P/E Ratio: 44.66x
•1-Year Mean: 47.97x
As you can see, $MELI appears to be trading near fair value
Going forward, investors can receive ~7% MORE in earnings per share 🧠***
Before we get into valuation, let’s take a look at why $MELI is a great business
BALANCE SHEET✅
•Cash & Short-Term Inv: $3.70B
•Long-Term Debt: $2.82B
$MELI has a strong balance sheet, an ok BB+ S&P Credit Rating & 48x FFO Interest Coverage
RETURN ON CAPITAL🆗➡️✅
•2019: (4.8%)
•2020: 3.7%
•2021: 8.1%
•2022: 14.7%
•2023: 25.7%
•2024: 23.0%
RETURN ON EQUITY🆗➡️✅
•2019: (14.2%)
•2020: (0.1%)
•2021: 5.2%
•2022: 28.7%
•2023: 40.3%
•2024: 51.5%
$MELI has strong and improved return metrics, highlighting the financial efficiency of the business
REVENUES✅
•2019: $2.30B
•2024: $20.78B
•CAGR: 55.30%
FREE CASH FLOW✅
•2019: $314.29M
•2024: $7.05B
•CAGR: 86.32%
NORMALIZED EPS✅
•2019: ($3.71)
•2024: $37.69
SHARE BUYBACKS❌
•2019 Shares Outstanding: 48.69M
•LTM Shares Outstanding: 50.70M
MARGINS🆗➡️✅
•LTM Gross Margins: 52.7%
•LTM Operating Margins: 12.7%
•LTM Net Income Margins: 9.2%
***NOW TO VALUATION 🧠
As stated above, investors can expect to receive ~7% MORE in EPS
Using Benjamin Graham’s 2G rule of thumb, $MELI has to grow earnings at a 22.33% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2025 - 2027 EPS growth over the next few years to be more than the (22.33%) required growth rate:
2025E: $46.91 (24.5% YoY)
2026E: $64.98 (38.5% YoY)
2027E: $84.98 (30.8% YoY)
$MELI has an ok track record of meeting analyst estimates ~2 years out, but let’s assume $MELI ends 2027 with $84.98 in EPS & see its CAGR potential assuming different multiples
40x P/E: $3400💵 … ~17.6% CAGR
38x P/E: $3230💵 … ~15.4% CAGR
36x P/E: $3060💵 … ~13.2% CAGR
34x P/E: $2890💵 … ~10.9% CAGR
As you can see, $MELI appears to have attractive return potential IF we assume >36x earnings (a multiple justified by its growth rate & moat)
$MELI boasts an expansive growth trajectory, fueled by powerful network effects that should drive sustained momentum
Key factors contributing to its promising outlook include 🔑
1. Margin expansion
2. Unparalleled access to Latin America's burgeoning economy
3. Network effects that produce self-reinforcing dynamics ensuring long-term competitiveness, among other things
Those buying $MELI today at $2165💵 are buying it for a fair price, with little margin of safety — however, these growth rates have to be revised down substantially for $MELI to miss the mark, even if the company grows earnings at 25% CAGR over the next 5 years, shareholders will likely end up with a decent return
I consider $MELI a strong buy closer to $1945💵 (~10% below today’s price) where I can reasonably expect ~12% CAGR while assuming a conservative 32x end multiple, ensuring some margin of safety
#stocks #investing
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𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️: 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐍𝐎𝐓 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐀𝐝𝐯𝐢𝐜𝐞. 𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐚𝐯𝐞 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭.
𝐓𝐡𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐢𝐬 𝐢𝐧𝐭𝐞𝐧𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐬𝐡𝐨𝐮𝐥𝐝 𝐧𝐨𝐭 𝐛𝐞 𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐞𝐝 𝐚𝐬 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞 𝐭𝐨 𝐦𝐞𝐞𝐭 𝐭𝐡𝐞 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐧𝐞𝐞𝐝𝐬 𝐨𝐟 𝐚𝐧𝐲 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐨𝐫 𝐬𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐢𝐬 𝐧𝐨 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐨𝐟 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.
𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞[...]
Investing visuals
How $GOOGL makes money 💸 https://t.co/7dhB2QCSp7
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The Kobeissi Letter
BREAKING: President Trump's World Liberty Financial announces USD1 stablecoin which is "100% backed by short-term US government treasuries, US dollar deposits, and other cash equivalents." https://t.co/ckBJDiPdyn
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Finding Compounders
I just came across this Nick Sleep gem.
Here is an interview Nick Sleep did back in 2013.
Nick Sleep and Qais Zakaria ran Nomad Investment Management which over 12 years compounded at 18%. https://t.co/llJ7i41aEm
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The All-In Podcast
🇺🇸 all-in takes dc!
@chamath and @friedberg sat down with @USTreasury secretary @SecScottBessent for an incredible long-form interview
-- main street vs wall street
-- the trump admin's economic strategy
-- scott's involvement in the legendary trade that broke the bank of england in 1992
-- how to de-regulate the american economy
-- doge + dc grifts
++ much more!
(0:00) chamath and friedberg describe their adventures in dc and welcome treasury secretary scott bessent!
(2:12) scott's background, what drew him to equities, the role of macro investors
(7:22) the legendary trade that broke the bank of england in 1992, and how it relates to main street vs wall street today
(21:30) scott explains the trump administration's economic strategy
(32:45) how this administration plans to de-regulate the economy, fed relationship, re-financing debt
(42:06) doge, dc grifts, shakeup at the irs
(50:51) re-engineering social security through the us sovereign wealth fund, how energy factors in
(1:00:02) surprises, fixing affordability, thoughts on president trump
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AkhenOsiris
Tariff man continues and reiterates no need for Canadian cars and lumber...and NQ ticked higher!
We are fucking back!Trump, asked why he’s tougher on Canada than U.S. adversaries: Only because it's meant to be our 51st state. One of the nastiest countries to deal with is Canada. — Fox interview - NewsWire
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