Transat AT Inc. (TRZ.TO)

Chart shows this had a breakout mid-2013 but now it is starting to break down. The stock could easily return to the $7-$8 level. He would be little bit bearish on this.

Has never been a fan of airlines and he is more renting this position. Got into a big quarter in Q4. Earnings just reported were up over 200%. Stock moved up, but not as much is he would have thought. Expects next quarter to be very good and thinks the stock will move up. Possibility that they may institute a dividend or buy back stock. Will continue to hold if it looks like the winter season will continue to be strong for them. Very good balance sheet.

Partly an airline and partly a travel company. Not a fan of airlines, which has proven to be the world’s worst business to ever invest in. The travel part of their business is extremely competitive.

Has come down quite a bit, but still not a buy for him. He watches this type of thing for a minimum of 6 months but often for a number of years. There is a possibility of more competition in the marketplace.

Looks cheap from a valuation perspective. Disappointed on the last couple of quarters. Prefers Westjet (WJA-T). Lower energy prices and the stronger Cdn$ helps Westjet.

Has been a disappointment in the past year. Have had an earnings warning and there is a lot more competition in the sector. Also rumours of Air Canada coming with discount fare airlines. However they have substantial cash generation. Trading around $12 and have $6-$7 in net cash. Likes it.

(Top Pick Apr 12/10, Flat 0%) The last quarter was sloppy. Margins came under pressure, competition and fuel costs. Still likes it and has owned it for a number of years.

Have close to $8 in cash on the balance sheet. Sector has consolidation going on. Margins are starting to improve. Low risk. Exceptionally cheap on a cash flow basis.

Looking for companies that will benefit from a stronger Cdn$ dollar and travel companies are in that category. He is also expecting oil prices to pull back. Close to $10 a share on the balance sheet.

then $24.70. Up 51%. Ben Benefits from the higher Canadian dollar. Short term it's fully priced, in a few years it will benefit from the Canadian dollar.

Tour business, mainly to the Caribbean, Mexico and Europe. A great company and well run. Trying to acquire travel agents to boost their presence in Ontario. Not a bad entry point, but he would prefer to see it pull back a bit.

(A Top Pick June 5/06. Up 4.3%.) This company will do really well. Some analysts are predicting $3 of earnings next year. Have about $12 of cash per share. Very cheap.

(A Top Pick June 5/06. Up 8%.) Came out with very good earnings. Acquired a competitor for Canada/UK business, which should help the earnings going forward. Should make $3/4 in earnings next year. Have about $12 of cash on the balance sheet. Extremely cheap.

Margins have started to increase. Bought back 15% of their shares. Have a lot of cash on the balance sheet.