Markets.  The top line S&P and TSX seem to be holding it but there is a lot going on underneath.  Now investors are selling cyclicals and going to defensives.  He is much more value focused.  He is finding pockets of value here but is holding 40% cash.  A Trump victory would cause a knee jerk reaction in the form of a sell off.  Certain stocks would be bid up.  If Trump got in the Fed chairman could be replaced and that would impact financials.  The biggest risk to the market right now is OPEC and the discord, as well as the US election and the total uncertainty.  The market may sell off no matter who wins.

It has fallen along with telecom competitors.  It is sentiment over the whole sector.  If you have a longer term horizon it is a great company to own that pays a great, safe dividend.  They are acquiring Yahoo and will probably acquire others.

Banks.  C-N is the only one he owns.  It trades below book value and the dividend should increase more than its peer group.  In Canada the best one is TD-T because you have a US growth platform.

REITs.  They trade off on long term rates more so than short term.  The US 10 year has gone from a low of 150 to 180 and this is why the US REITs have all fallen off. In Canada it is sentiment driven.  They complete with government bonds for your money even though REITs outperform bonds.  If you have a long horizon, stick with them.

(Top Pick Aug 22/16, Down 9.68%) It was just in the news because it sold its truck load business to TransForce here in Canada.  They are a logistics company.  They also own an LTL division.  People thought XPO’s sale was at a low valuation, but he disagrees.

It is getting hit because of the pharmacy benefits space.  They are getting squeezed from pressure to lower prices on drugs.  Their margins on these drugs are going down.  Revenues are going to deteriorate.  The pressure won’t abate no matter who gets in.  He prefers Walgreens. 

If you are looking for a steady yield this one is okay.  He normally goes to the parent (BAM.A-T) because then he does not have to figure out which one to own at the time.  Each one moves slightly differently at different times of the cycle.

When Brexit occurred it was one of the few that went up.  It is a global franchise.  They had their issues in the past.  It is hard to replicate that blockbuster drug.  They should be a beneficiary to the movement away from generic drugs.