Investors often argue about what matters most when picking stocks.
Fundamentals. Technicals. Macro trends. Quantitative signals.
For veteran investor Brian Madden, the answer is simple. The best ideas tend to show up in all of them.
In the latest episode of Ticker Take on YouTube, I spoke with Madden, chief investment officer at First Avenue Investment Counsel, about how his team searches for companies that score well across multiple investment disciplines.
Rather than focusing on a single style like growth or value, Madden describes the firm’s process as “idea agnostic.” In other words, good ideas can originate anywhere. But before a stock makes its way into a portfolio, it has to hold up across several different lenses.
Those lenses include fundamental analysis, quantitative models, technical price trends, and macro or thematic tailwinds.
When an idea passes all four tests, Madden says it becomes far more compelling.
He calls those companies “quadruple threat” stocks.
The concept is similar to a Venn diagram. Strong business fundamentals may attract attention first, but the team also wants confirmation from other signals. That means supportive price momentum, favourable macro trends, and validation from quantitative tools, including machine learning models.
The thinking is straightforward. When multiple indicators align, the investment case becomes stronger.
With that framework in mind, Madden highlighted eight companies that currently check those boxes.
Here is a closer look.
Home Depot dominates the U.S. home improvement market, serving both professional contractors and do-it-yourself customers. Madden points to the company’s strategy of expanding its product range to become a one-stop shop for complex building and renovation projects. With an estimated US$1.1 trillion addressable market tied to the vast U.S. housing stock, ongoing repairs and renovations provide steady demand. The company has also delivered double-digit dividend growth over the past decade.
Taiwan Semiconductor Manufacturing Company (TSM)
Taiwan Semiconductor is the world’s largest semiconductor foundry and one of only a handful of companies capable of producing the most advanced chips. Its technological leadership, manufacturing expertise, and massive scale create a powerful competitive moat. Artificial intelligence demand is a major driver, and Madden expects strong earnings growth in the years ahead as AI infrastructure continues to expand.
Trican is Canada’s largest pressure pumping company, providing key services used in well completions for oil and gas production. Madden highlights the company’s strong market share in major Western Canadian basins and a management team that has reshaped the business in recent years. Trican reinstated its dividend in 2023 and has returned significant capital through share buybacks. Growing liquefied natural gas export capacity in Canada could also support drilling activity.
Dollarama has built a dominant discount retail franchise in Canada through disciplined procurement, merchandising, and store expansion. Madden notes the company has delivered strong earnings growth for more than a decade while maintaining a capital-light business model. Expansion opportunities extend beyond Canada, including growth in Latin America and a recent entry into Australia.
McKesson operates in an essential but often overlooked part of the healthcare system. As one of the largest pharmaceutical distributors in the United States, it is part of a concentrated industry where the top three players control most of the market. While margins are thin, the business benefits from high volumes and efficient logistics, generating strong returns on capital. Demand is also supported by aging demographics and rising healthcare needs.
JPMorgan is the largest private sector bank in the world and a dominant player across lending, payments, and capital markets. Madden says scale increasingly matters in banking, particularly as technology investment becomes more important. The company leads in areas ranging from deposit market share to investment banking revenues, and its diversified business model has delivered consistent earnings and dividend growth.
Shopify provides software and services that help businesses build and run online stores. While the stock has experienced volatility, Madden believes the long-term growth story remains intact. The company continues to expand internationally and deepen its ecosystem of merchant services, including payments, financing, and AI tools. He views the recent pullback as potentially overdone relative to expected earnings growth.
Cameco is one of the world’s largest uranium producers and a major player in the nuclear energy supply chain. Madden believes the company is positioned to benefit from what many investors see as a nuclear power revival. Governments are increasingly turning to nuclear energy as a reliable, low-emissions source of electricity. Rising power demand from artificial intelligence and data centres could add further momentum to the industry.
The Ticker Take
Investors often search for a single formula for stock picking. Madden’s approach suggests the opposite.
Instead of relying on one signal, he looks for companies where several indicators align. Strong fundamentals. Supportive macro trends. Constructive price action. Confirmation from quantitative analysis.
When those pieces overlap, the investment story can become much clearer.
In a market full of competing narratives, that kind of confirmation may be one of the most powerful signals investors can find.
Jon Erlichman is a BNN Bloomberg contributor and the host of Ticker Take on YouTube.
