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