BCE Inc. (BCE.TO)

T-T, BCE-T, RCI.B-T, SJR.B-T. Telecom is the sector he is the most bullish on. It's his biggest position. It is the sector that is the most resilient. Online traffic has increased dramatically. T-T would not be the top of his telecom list. He would prefer SJR.B-T, BCE-T, and RCI.B-T because of their media businesses.

He likes telcos. Bond proxies have become overpriced, but telcos are less overpriced compared to REITs and utilities. They're stable with decent valuations. BCE is a good place to hide now. He's also long Rogers and Cogeco. Telcos can move lower, but less so in a market sell-off. When markets recover, though, telcos won't move up as much.

Buy the stock or ETF? Yes, buy the stock. He doesn't buy ETFs. He wants to own exactly what he wants. You can own this through XIC or XIU, but you'd be buying lots of other stocks you may not want. BCE isn't a bad stock, but it's slow-growing. It has most to lose as people drop landlines. Also, the CRTC is pressuring telcos to lower cell phone bills in two years. It's defensive and low yield. Safe in an oligopoly. There are better ideas out there.

Telecoms? Rogers is an interesting name. He owns BCE instead. A push for lower cell phone rates along with greater investment in 5G networks are key headwinds in this sector. Telcoms will face a lot spending to build up 5G, which will impact the financials for the next few years. He likes the dividend they pay, however. If your time horizon is long, then holding is fine.