Investing Literacy

Company / industry primers

Evergreen business-model primers for liquid TSX names — parents for dated briefs.

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  Spoke

  Industry Primer: Canadian Class I Railroads for DIY Stock Investors

  A company- and regulation-specific primer on Canada's two Class I railroads, CN and CPKC: what Class I means, how the networks differ, the western grain maximum revenue entitlement, interswitching, the 2024 lockout and the metrics to watch. Educational, not advice.

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  Spoke

  Industry Primer: Canadian Schedule I Banking for DIY Stock Investors

  What Schedule I bank status means for Canadian bank stock investors: Bank Act schedules, the Big Six as D-SIBs, OSFI's 11% CET1 expectation and Domestic Stability Buffer, the widely held rule, regulators and what it all means for buybacks, dividends and valuation. Educational, not advice.

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  Spoke

  How Canadian Natural Resources (CNQ) Makes Money: An Evergreen Business-Model Primer

  How Canadian Natural Resources (TSX: CNQ) makes money: oil sands mining and upgrading, thermal in situ, conventional oil and gas and international assets, 2025 production mix and operating costs, long-life low-decline reserves, dividends and the drivers to watch. Educational, not advice.

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  Spoke

  How Enbridge (ENB) Makes Money: An Evergreen Business-Model Primer

  How Enbridge (TSX: ENB) makes money: Liquids Pipelines, Gas Transmission, Gas Distribution and Storage and Renewable Power, 2025 adjusted EBITDA mix, toll and regulated-rate models, DCF per share and leverage metrics to watch. Educational, not advice.

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  Spoke

  How Royal Bank of Canada (RY) Makes Money: An Evergreen Business-Model Primer

  How Royal Bank of Canada (TSX: RY) makes money: its five segments (Personal Banking, Commercial Banking, Wealth Management, Insurance, Capital Markets), fiscal 2025 revenue and profit mix, key drivers and the metrics to watch each quarter. Educational, not advice.

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  Spoke

  How Shopify (SHOP) Makes Money: An Evergreen Business-Model Primer

  How Shopify (TSX: SHOP) makes money: Subscription Solutions vs Merchant Solutions, 2025 revenue and GMV, payments penetration, take rate, free cash flow margin and the metrics Canadian investors should watch. Educational, not advice.

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