Energy sector (17.6% of TSX 60), Phase 1. Module 0005 (Pipelines & Midstream) is now done — Energy is 2 of 3 modules.
All five owed a retrieval pass. No dedicated review sessions — 1–2 questions per module, oldest-first, get folded into module 0006's lesson instead.
| Date | Module | Notes |
|---|---|---|
| 2026-09-22 | 0001 — Big Six Banks | First session. Established the bank KPI-comparability caveat, now carried into every financials comparison. Revised same day to standard template depth after feedback: added market-environment behavior, relative-positioning framework, and dividend policy/yield — this depth is now the baseline for every module. |
| 2026-09-23 | 0001 — Big Six Banks (2nd rev.) | Added a five-year total-return ranking with a sourced performance narrative per bank, plus a full deep-dive on TD's 2024 US AML settlement (fines, asset-cap mechanics, monitor timeline, capital-return story). Now 15 quiz questions. Created the standing "idiosyncratic-event deep dive" template item for future modules where one name's story is dominated by a single event. |
| 2026-09-24 (backfilled) | 0002 — Life & Property Insurance | Life/P&C KPI split (LICAT vs. combined ratio) plus an IFRS 17 discounting comparability caveat. Five-year return ranking and a Fairfax bond-duration/Muddy Waters deep dive. Both standing charts (valuation + return) are now embedded directly in the lesson as inline SVG, completed by other work during the same session that built Module 0003 below. |
| 2026-09-24 | 0003 — Asset Managers & Holding Cos | New glossary section (FRE, DE, fee-bearing capital, Price-to-NAV). Core split: fee-manager (BAM) vs. holdco (BN, POW) judged on Distributable Earnings/NAV rather than GAAP P/E. Flagged BN's ~73% ownership of BAM as a cross-holding structure, not an independent comparable. Deep dive: BN/BAM's Feb 2025 restructuring for S&P 500 eligibility and the still-unresolved index-inclusion status. Both standing charts built and, following a mid-session NOTES.md policy update, embedded directly in the lesson as inline SVG — also published as standalone artifacts for convenience. Module 0002's charts were embedded in parallel by other work during this same session; Module 0001 still has no charts (policy started at 0002). Caught and corrected a vendor P/E data error for BAM along the way (see NOTES.md). Financials sector now complete (3/3 modules). |
| 2026-09-29 | 0004 — Integrated Oil Majors | First Energy module. Flagged a business-model mismatch within its own group label: CNQ is a pure-upstream-weighted E&P with only minimal downstream (a 50% stake in a refinery with about 80,000 bbl/d of output capacity, no retail), unlike the genuinely integrated SU/CVE/IMO (see the new learning record LR-0005 — expected to recur at Module 0007's miners-vs-royalty-companies split). New glossary section (netback, WTI–WCS differential, refining throughput/utilization, FFO/FFF, reserve life index). Confirmed IMO is 69.6%-owned by ExxonMobil, flagged as a forward link to Phase 2's Module 0031. Five-year return ranking plus a deep dive on Suncor's 2022 Elliott activist campaign, CEO turnover, and the Kruger-led safety/cost/balance-sheet turnaround through Q2 2026. Both standing charts embedded inline and published as standalone artifacts. All data pulled live from primary/vendor sources, with every gap and unverified figure flagged rather than assumed clean. Caught and corrected two initially-wrong Cenovus claims before publishing: its Wood River/Borger US refining JV predates the Husky merger and was sold to Phillips 66 in late Sep 2025, and the Nov 2025 MEG Energy acquisition — not 2021 Husky integration — is a major driver of the current production/net-debt swings (see LR-0005). Financials sector fully covered; Energy now 1/3 modules, 4/9 companies. |
| 2026-10-05 | 0005 — Pipelines & Midstream | Third "label vs. substance" case: ENB is a diversified toll-plus-regulated-utility conglomerate, TRP a natural-gas-and-power company since its Oct 2024 South Bow spin-off, PPL an NGL/gas-infrastructure company with a commodity-linked marketing arm (LR-0007). Valuation chart switched from P/E to EV/EBITDA; vendor series cross-checked against company EBITDA, TRP's spin-off quarters gapped, vendor TTM row excluded. Five-year ranking (PPL +109%, TRP +98%, ENB +74%) flagged as endpoint-sensitive. Deep dive: TC Energy's 2022–24 reshaping. Dated "since the Q2 releases" box covers Aug–Sep 2026 deals (ENB Tallgrass/Salt Creek and equity raise, TRP Mexico sale, CGL Phase 2). Midstream glossary sections added. Energy now 2/3 modules, 7/9 companies. |