A Comment -- General Comments From an Expert (A Commentary)

Recommends These Gas Trusts - Progress Energy Trust( PGX-UN), Peyto Energy (PEY-UN), Fairborne Energy Trust (FEL-UN), and Focus Energy (FET-UN). Avoid trusts with high payout ratios, high debt, and high declining gas assets with low reserve life.

Believes money will be in invested in large caps. It is important to have a dverse portfolio. Resource stocks may go down further. Put money into bonds.

Government of Canada- 10 year Bond A portion of your portfolio should be in bonds. It is a great safe place to be.

Global Economy has slowed down. Will pick up in retail. 2/3 GDF is consumer. We are in a commodity cycle.

Qualitites Of A Good Income Trust-It has the ability to increase distrubution over time. low pay out ratio and low debt. (consider foreign exchange as well)

Small and Large Cap Outlook- Small caps have outperformed for the last 7 years. In the next 12-18 months you will see more interest in large cap securities.

Small and Large Caps Outlook-Believes it is large caps time to do a little better but it could still flip-flop. Small caps in the past have outperformed large caps.

Investment Strategy- Diversify your portfolio and stick with quality.(good business plan and good balance). Have a mix with gold and with different sectors represented. It is not the time to take risks.

Investment Strategy-Diversify your portfolio. Watch the proportions of your portfolio. One stock should not be more than 10% of your equity. Sell as the stock goes up to preserve your investment.

Oil-Oil will be very volatile in Sept. and Oct, but is still interesting. Predicts it could be at 65-70 a year from now. Could trade at 50.00 in the short term though.

Oil-Believes that the supply of oil will be the biggest problem. Predicts oil may go to 85-90 a year from now.

Business Software-Believes that software growth is up. Companies are improving productivity by adding and upgrading software products. Believes it should continue for the next 6 months.

Energy: - 40% energy in the US and 42% in Canada. His model invests in mispriced assets based on balance sheets, consensus earnings and interest rates.

Interest Rates: - There has been a devaluation in all currencies around the world. His senses that interest rates will go higher and doesn't see any signs of recession. The 2nd largest economy, Japan, just go on line. There is a lot of good things going on.

Energy: - Owns no energy stocks. Global investor and is only looking for investments with the right risk component. It's not about how much you make on the upside but how much you avoid on the downside.