What we think about the newly proposed tax on share buybacks in Canada, a balanced take on the energy theme, and where we've trimmed, exited, and added in the portfolio.

Highlights:

• Which sectors may be most affected by the buyback tax
• Holdings that showed strong fundamentals throughout this year's volatility—e.g., Canadian Natural Resources, Suncor, Loblaws, Dollarama, and more
• Canadian real estate recap—e.g., Choice Properties and Granite REIT
• How we approach assessing big C-suite changes (CN Rail, Suncor, Bank of Nova Scotia)
• Major themes the team is thinking about for 2023