Order Up! Stan Wong’s Portfolio Is Ready to Serve
Markets steady, tech leads, and Stan Wong doubles down on quality growth with DoorDash, Expedia, and Meta in focus.
Stan Wong, portfolio manager at Scotia Wealth Management, remains confident in the direction of North American equities. His latest outlook strikes a balance between optimism and caution, shaped by moderating inflation and the rising likelihood of further interest rate cuts. Following a weaker U.S. jobs report, investors are betting on a 25-basis-point reduction by the Federal Reserve this month, with the possibility of another move before year-end.
The macro backdrop continues to support risk assets. Global equities have held steady, driven largely by strength in technology and AI-linked sectors. However, valuations remain elevated, forcing investors to be more selective. Wong’s advice is simple but strategic: focus on high-quality, large-cap names with strong earnings visibility and robust balance sheets.
He notes that U.S. money market assets—now exceeding seven trillion dollars—represent a reservoir of capital that could re-enter equities as confidence grows. Historical trends also play in the market’s favour: over the past decade, the S&P 500 has posted an average gain of more than five per cent in the fourth quarter. Wong’s team expects that seasonal tailwind, combined with improving liquidity, to support equities into 2026, where earnings are forecasted to grow by around thirteen per cent.
In Canada, however, the picture looks more subdued. The Bank of Canada’s recent rate cut to 2.5 per cent acknowledges slowing growth and tepid hiring. The loonie remains under pressure, trading below seventy-two cents against the U.S. dollar due to weaker commodity prices. Even so, Wong’s disciplined and diversified strategy remains constructive—anchored in high-quality names across technology, financials, and healthcare, complemented by short- and intermediate-term bonds to manage volatility.
DoorDash (DASH: NASDAQ): The Evolution of Everyday Commerce
DoorDash has become synonymous with convenience. Once a scrappy food delivery startup, it now commands nearly sixty-five per cent of the U.S. market, connecting millions of customers, merchants, and drivers across North America. With projected fiscal 2026 revenue of more than sixteen billion dollars, DoorDash has grown into a dominant logistics platform that goes far beyond restaurants.
Wong sees DoorDash as a leader in what he calls “the infrastructure of immediacy.” Its reach now extends into groceries, convenience stores, and retail—effectively transforming how consumers access everyday essentials. Subscription growth from DashPass continues to bolster customer loyalty and order frequency, while operational efficiencies and scale are driving steady margin expansion.
He highlights DoorDash’s ability to execute at scale through data-driven logistics, a powerful moat that smaller competitors struggle to replicate. With earnings expected to grow by roughly thirty-three per cent annually over the next few years, the company is transitioning from a high-growth disruptor to a profitable, technology-driven commerce engine. Wong calls DoorDash “a cornerstone of digital consumption trends,” positioned perfectly at the intersection of technology, convenience, and consumer behaviour.
Expedia Group (EXPE: NASDAQ): Riding the Global Travel Renaissance
Expedia Group remains one of the world’s leading online travel companies, operating brands that have become household names—Expedia, Hotels.com, Vrbo, Orbitz, and Hotwire among them. With fiscal 2026 revenue projected to surpass fifteen billion dollars, Wong sees Expedia as a core play on the ongoing normalization and expansion of global travel demand.
“Travel isn’t a luxury anymore—it’s a way of life,” Wong says. Hybrid work has blurred the line between business and leisure, while younger generations are spending more on experiences than things. Expedia’s unified technology platform and data-driven personalization allow it to capitalize on these shifts with precision. The company’s “One Key” loyalty program unites its ecosystem under a single user identity, driving higher engagement and cross-brand retention.
Operationally, Expedia has improved margins through automation, better pricing algorithms, and increased platform efficiency. The result is stronger cash flow and profitability. Wong emphasizes that Expedia’s global scale and brand power make it exceptionally resilient, even in periods of macro uncertainty. With expected annual earnings growth of around eighteen per cent, he sees Expedia as a long-term winner in the digital travel economy—an industry that continues to evolve, but never slows down.
Meta Platforms (META: NASDAQ): The Digital Powerhouse Reinventing Itself
Meta Platforms, the parent company of Facebook, Instagram, WhatsApp, and Messenger, continues to dominate the global digital ecosystem. With over three billion active users and fiscal 2026 revenue expected to exceed two hundred twenty-seven billion dollars, Meta stands as the undisputed titan of digital advertising.
Wong calls Meta “a company that reinvented efficiency.” After years of aggressive spending, CEO Mark Zuckerberg’s focus on profitability and operational discipline has redefined the business. The success of Reels, AI-enhanced advertising, and business messaging has opened new avenues for revenue growth, while automation and data-driven optimization have boosted engagement and ad performance.
AI remains the silent engine behind Meta’s resurgence. Its ability to personalize content and improve advertiser ROI keeps it well ahead of rivals. Meanwhile, initiatives in messaging monetization and integrated e-commerce continue to expand the company’s reach. Wong expects annual earnings growth of around seventeen per cent over the coming years, powered by scalable technology, relentless innovation, and global demand for targeted digital marketing.
Meta’s vast free cash flow generation and fortress balance sheet give it the flexibility to keep investing in next-generation technologies—whether that’s AI, virtual reality, or digital commerce. For Wong, Meta isn’t just an advertising company; it’s a global communications infrastructure with limitless potential.
Balancing Confidence and Discipline
Wong’s overall stance reflects quiet confidence. Rate cuts are expected to stabilize growth, while corporate earnings are showing signs of renewal. Yet he stresses that success in this market depends on discipline. High-quality, large-cap names like DoorDash, Expedia, and Meta—all operating at the forefront of digital transformation—represent the kind of durable growth that can weather uncertainty.
The message from the Stan Wong Group is clear: stay invested, stay selective, and stay diversified. With fundamentals improving, liquidity rising, and policy easing on the horizon, the next chapter for equities looks promising. Wong’s top picks embody that balance of resilience and growth—a formula that has long defined successful long-term investing.
Conclusion
Stan Wong’s October 2025 portfolio reflects a pragmatic optimism. He isn’t chasing momentum but embracing innovation where it meets durability. DoorDash, Expedia Group, and Meta Platforms each represent modern-day leaders in their fields—companies defined by scale, data, and adaptability. As interest rates fall and confidence returns, Wong believes these names will lead the way forward, offering investors not just growth, but conviction.