Even amid a global pandemic that continues to wreak havoc on economies across the globe, the Canadian market is down just 5% on the year — not too bad considering at one point the S&P/TSX Composite Index dropped more than 30% in a single month.
The market crash earlier this year was one of the steepest drops that Canadians had faced in decades. It’s very possible that the worst has yet to come, but investors have witnessed an incredible bounce back over the past seven months.
The previously mentioned index has run up close to 45% since the last week of March. But even as strong as that bull run has been, many tech stocks have surged far more than 45% over the past seven months.
Canadian tech favourites like Shopify and Lightspeed have seen their share prices explode since the market began to rebound. Since the beginning of April, both tech stocks are up more than 200%.
Why are tech stocks soaring?
The global pandemic has dramatically increased the dependence on technology for both consumers and businesses across the globe. The trend of shifting towards a digital world was already evident, the pandemic just helped accelerate that digitization. As a result, we’ve seen stocks critical to helping digitize a business, such as Shopify and Lightspeed, soar throughout this pandemic.
It’s not just popular stocks like Shopify and Lightspeed that are on incredible bull runs, though. There’s a long list of Canadian tech stocks that deserve serious consideration for any investor that’s willing to hold for the long term.
I’ve covered a tech stock that has absolutely crushed the Canadian market this year. In addition to that, I believe that this company has a very strong chance to continue to outperform the Canadian market over the next decade.
Docebo
The pandemic has altered the lives and routines of Canadians across the country — perhaps none bigger than the changes within the working environment. To respect social-distancing regulations, the percentage of employees working from home has skyrocketed this year. And the longer employees continue to do so, the harder it may be to return to the grind of the office commute.
Docebo(TSX:DCBO) is my top work-from-home stock. The tech company specializes in developing cloud-based learning platforms that provide a virtual training experience for employees. The technology is powered by artificial intelligence, aimed to develop a unique learning experience for each user.
The tech stock has been a public company for just over one year. It’s a short track record to review performance, but investors that picked up shares just about at any point over the past year would be sitting on gains today.
Since the beginning of the year, the stock is up 215%. That’s not too bad considering the Canadian market is down 5%. But if you were fortunate to pick up shares at the lowest point of the year, you’d be up more than 400%.
Valuation is my biggest knock against Docebo. Growth of more than 200% on the year doesn’t come without the risk of extreme levels of volatility.
The company trades today at a very expensive price-to-sales ratio of 30. It might seem high, but that’s the cost of investing in a company that has grown 400% over the seven months.
Foolish bottom line
Just because the market is down on the year doesn’t mean there aren’t any companies that are growing. The tech industry is full of stocks that are trading near all-time highs today.
If you’re able to hold for the long term and can stomach the highly anticipated volatility over the short term, this is one tech stock that has the potential to continue to outperform the market for a long time.
Looking for more market-beating tech stock ideas? Be sure to check this report…
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Fool contributor Nicholas Dobroruka owns shares of Lightspeed POS Inc and Shopify. Tom Gardner owns shares of Shopify. The Motley Fool owns shares of and recommends Shopify and Shopify. The Motley Fool owns shares of Lightspeed POS Inc.
Job seekers owe it to themselves to understand and accept; fundamentally, hiring is a process of elimination. Regardless of how many applications an employer receives, the ratio revolves around several applicants versus one job opening, necessitating elimination.
Essentially, job gatekeepers—recruiters, HR and hiring managers—are paid to find reasons and faults to reject candidates (read: not move forward) to find the candidate most suitable for the job and the company.
Nowadays, employers are inundated with applications, which forces them to double down on reasons to eliminate. It’s no surprise that many job seekers believe that “isms” contribute to their failure to get interviews, let alone get hired. Employers have a large pool of highly qualified candidates to select from. Job seekers attempt to absolve themselves of the consequences of actions and inactions by blaming employers, the government or the economy rather than trying to increase their chances of getting hired by not giving employers reasons to eliminate them because of:
Typos, grammatical errors, poor writing skills.
“Communication, the human connection, is the key to personal and career success.” ― Paul J. Meyer.
The most vital skill you can offer an employer is above-average communication skills. Your resume, LinkedIn profile, cover letters, and social media posts should be well-written and error-free.
Failure to communicate the results you achieved for your previous employers.
If you can’t quantify (e.g. $2.5 million in sales, $300,000 in savings, lowered average delivery time by 6 hours, answered 45-75 calls daily with an average handle time of 3 and a half minutes), then it’s your opinion. Employers care more about your results than your opinion.
An incomplete LinkedIn profile.
Before scheduling an interview, the employer will review your LinkedIn profile to determine if you’re interview-worthy. I eliminate any candidate who doesn’t have a complete LinkedIn profile, including a profile picture, banner, start and end dates, or just a surname initial; anything that suggests the candidate is hiding something.
Having a digital footprint that’s a turnoff.
If an employer is considering your candidacy, you’ll be Google. If you’re not getting interviews before you assert the unfounded, overused excuse, “The hiring system is broken!” look at your digital footprint. Employers are reading your comments, viewing your pictures, etc. Ask yourself, is your digital behaviour acceptable to employers, or can it be a distraction from their brand image and reputation? On the other hand, not having a robust digital footprint is also a red flag, particularly among Gen Y and Gen Z hiring managers. Not participating on LinkedIn, social media platforms, or having a blog or website can hurt your job search.
Not appearing confident when interviewing.
Confidence = fewer annoying questions and a can-do attitude.
It’s important for employers to feel that their new hire is confident in their abilities. Managing an employee who lacks initiative, is unwilling to try new things, or needs constant reassurance is frustrating.
Job searching is a competition; you’re always up against someone younger, hungrier and more skilled than you.
Besides being a process of elimination, hiring is also about mitigating risk. Therefore, being seen as “a risk” is the most common reason candidates are eliminated, with the list of “too risky” being lengthy, from age (will be hard to manage, won’t be around long) to lengthy employment gaps (raises concerns about your abilities and ambition) to inappropriate social media postings (lack of judgement).
Envision you’re a hiring manager hiring for an inside sales manager role. In the absence of “all things being equal,” who’s the least risky candidate, the one who:
offers empirical evidence of their sales results for previous employers, or the candidate who “talks a good talk”?
is energetic, or the candidate who’s subdued?
asks pointed questions indicating they’re concerned about what they can offer the employer or the candidate who seems only concerned about what the employer can offer them.
posts on social media platforms, political opinions, or the candidate who doesn’t share their political views?
on LinkedIn and other platforms in criticizes how employers hire or the candidate who offers constructive suggestions?
has lengthy employment gaps, short job tenure, or a steadily employed candidate?
lives 10 minutes from the office or 45 minutes away?
has a resume/LinkedIn profile that shows a relevant linear career or the candidate with a non-linear career?
dressed professionally for the interview, or the candidate who dressed “casually”?
An experienced hiring manager (read: has made hiring mistakes) will lean towards candidates they feel pose the least risk. Hence, presenting yourself as a low-risk candidate is crucial to job search success. Worth noting, the employer determines their level of risk tolerance, not the job seeker, who doesn’t own the business—no skin in the game—and has no insight into the challenges they’ve experienced due to bad hires and are trying to avoid similar mistakes.
“Taking a chance” on a candidate isn’t in an employer’s best interest. What’s in an employer’s best interest is to hire candidates who can hit the ground running, fit in culturally, and are easy to manage. You can reduce the odds (no guarantee) of being eliminated by demonstrating you’re such a candidate.
Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.
Human Resources Officers must be very busy these days what with the general turnover of employees in our retail and business sectors. It is hard enough to find skilled people let alone potential employees willing to be trained. Then after the training, a few weeks go by then they come to you and ask for a raise. You refuse as there simply is no excess money in the budget and away they fly to wherever they come from, trained but not willing to put in the time to achieve that wanted raise.
I have had potentials come in and we give them a test to see if they do indeed know how to weld, polish or work with wood. 2-10 we hire, and one of those is gone in a week or two. Ask that they want overtime, and their laughter leaving the building is loud and unsettling. Housing starts are doing well but way behind because those trades needed to finish a project simply don’t come to the site, with delay after delay. Some people’s attitudes are just too funny. A recent graduate from a Ivy League university came in for an interview. The position was mid-management potential, but when we told them a three month period was needed and then they would make the big bucks they disappeared as fast as they arrived.
Government agencies are really no help, sending us people unsuited or unwilling to carry out the jobs we offer. Handing money over to staffing firms whose referrals are weak and ineffectual. Perhaps with the Fall and Winter upon us, these folks will have to find work and stop playing on the golf course or cottaging away. Tried to hire new arrivals in Canada but it is truly difficult to find someone who has a real identity card and is approved to live and work here. Who do we hire? Several years ago my father’s firm was rocking and rolling with all sorts of work. It was a summer day when the immigration officers arrived and 30+ employees hit the bricks almost immediately. The investigation that followed had threats of fines thrown at us by the officials. Good thing we kept excellent records, photos and digital copies. We had to prove the illegal documents given to us were as good as the real McCoy.
Restauranteurs, builders, manufacturers, finishers, trades-based firms, and warehousing are all suspect in hiring illegals, yet that becomes secondary as Toronto increases its minimum wage again bringing our payroll up another $120,000. Survival in Canada’s financial and business sectors is questionable for many. Good luck Chuck!. at least your carbon tax refund check should be arriving soon.
NORMAN WELLS, N.W.T. – Imperial Oil says it will temporarily reduce its fuel prices in a Northwest Territories community that has seen costs skyrocket due to low water on the Mackenzie River forcing the cancellation of the summer barge resupply season.
Imperial says in a Facebook post it will cut the air transportation portion that’s included in its wholesale price in Norman Wells for diesel fuel, or heating oil, from $3.38 per litre to $1.69 per litre, starting Tuesday.
The air transportation increase, it further states, will be implemented over a longer period.
It says Imperial is closely monitoring how much fuel needs to be airlifted to the Norman Wells area to prevent runouts until the winter road season begins and supplies can be replenished.
Gasoline and heating fuel prices approached $5 a litre at the start of this month.
Norman Wells’ town council declared a local emergency on humanitarian grounds last week as some of its 700 residents said they were facing monthly fuel bills coming to more than $5,000.
“The wholesale price increase that Imperial has applied is strictly to cover the air transportation costs. There is no Imperial profit margin included on the wholesale price. Imperial does not set prices at the retail level,” Imperial’s statement on Monday said.
The statement further said Imperial is working closely with the Northwest Territories government on ways to help residents in the near term.
“Imperial Oil’s decision to lower the price of home heating fuel offers immediate relief to residents facing financial pressures. This step reflects a swift response by Imperial Oil to discussions with the GNWT and will help ease short-term financial burdens on residents,” Caroline Wawzonek, Deputy Premier and Minister of Finance and Infrastructure, said in a news release Monday.
Wawzonek also noted the Territories government has supported the community with implementation of a fund supporting businesses and communities impacted by barge cancellations. She said there have also been increases to the Senior Home Heating Subsidy in Norman Wells, and continued support for heating costs for eligible Income Assistance recipients.
Additionally, she said the government has donated $150,000 to the Norman Wells food bank.
In its declaration of a state of emergency, the town said the mayor and council recognized the recent hike in fuel prices has strained household budgets, raised transportation costs, and affected local businesses.
It added that for the next three months, water and sewer service fees will be waived for all residents and businesses.
This report by The Canadian Press was first published Oct. 21, 2024.
