Quebecor Inc (B) (QBR.B.TO)

He owns BCE and Telus instead for income. At this point in the cycle, and just looking at total return, he wouldn't own any telcos. Better opportunities elsewhere for capital gains in the value and cyclical areas. Not a pure play telco. Not the biggest or most diversified. Commends what they're doing with the business.

(A Top Pick Sept 23/16. Up 18%.) There is more to go on this. He still models 19% EPS. Looking for it to go to $54.

They have about 25% wireless growth due to their Spectrum advantages over the incumbents in Québec. That drives the 20% EPS over the next couple of years. The stock is trading cheaper than its five-year average by a wide margin. There is also $500 million of Spectrum licenses that they can monetize on. Dividend yield of 0.45%.

Videotron 7.125% Jan 15, 2020 Bond. (Top Pick Sep 10/14, Up 5.00%) They called it. It always felt like an investment grade bond.

(Top Pick Feb 10/14, Up 34.16%) They sold off most of their newspaper assets. They are just getting over their hump of spending. They got handed spectrum for a song. It should do better relative to the group. People are worried about the regulatory risk in the sector.

Thinks they will benefit from the government’s push to introduce a 4^th wireless contender.

(A Top Pick Feb 10/14. Up 33.07%.) Feels this could be a legitimate 4^th player in Canadian telecoms. They are strong in the Québec market, and they could expand into the rest of Canada. They are now starting to generate positive free cash flow. A good story.

(A Top Pick Feb 10/14. Up 26.46%.) The de facto 4th player in the telecom area. He doesn’t own this for the publishing assets, but getting it for what it is going to be doing in wireless. It was cheaper than the rest of the group and had better growth potential.