Market. The impeachment trial starts this week and he thinks the markets are too heavily discounting a negative outcome. They are trying to paint Trump's issues here as not violating the constitution. The surprise here is that Trump gets impeached. He is expecting volatility because the market is expecting this to be a non-issue. From a simplistic perspective there are a couple of ways we can predict things going from here. The trend line started up at the beginning of 2019 and now is at the top of the channel. We don't know what's coming but when it comes, be prepared for a melt up. After about another month it could be another period of extreme volatility.

Dollar cost averaging. Buy the total world through ETFs. If you want a higher yield and better capital preservation, you might go with Balanced ETFs. There are lots of low cost versions but there really are none protection from low interest rates. There is no one-stop solution so look at an active ETF that focuses on capital preservation. There is not one ETF that ticks all the boxes.

His preference is to, rather than going into one particular name, he would go to a REIT ETF. There are several equal weight ETFs that do this. Get a basket of real estate trusts.

Copper. He is much more for diversification. COPX-T is all the copper miners. It is one of the primary things. Looking back 10 years he wonders why you would own this. He does not think this is a now an early play but it does have cyclicality. He would not like this sector long term. You might be able to trade this short term.

He worked there for 6 months at age 18 in plumbing. It has been a very good story recently and a good dividend payer. The growth side of this story is behind us. It has peaked out into strength for three years now. He would prefer to own it close to the lows. No more than half a position.

The CAD$ is closer to the upper end of the range. He is about a market weight position for US$ (about 53% exposure). The CAD$ could drift a little higher here and then he would want to add to exposure.

He was bullish 20 years ago and it has ever manufactured itself. You go through periods like this where you get excitement. The world is serious about alternatives and batteries. There is no new news and so it could be pure momentum. He does not know where it is going. Be cautious about trading it here. Execution is measured in decades.

Energy is a big part of the Canadian story. The world is serious about climate change. We need balance in the transition away from fossil fuels and limiting pipeline capacity is one of the most idiotic way of doing this.

Educational Segment. Natural Gas. With nothing trading on the cheap he is always looking for relative value. He has seen the gas sector show up. The carbon footprint of natural gas is half that of coal. There is an opportunity for us to replace a lot of coal with natural gas. LNG will let us transport it around the world. UNG-T trades the commodity and the problem is the forward contracts and volatility. From 2000 to now it has declined from $2000 to $20. It is the front month futures contract. He would look for natural gas over the traditional energy guys.

Market. He is saying 'Show me the money!' We have now gone a year without any real earnings growth and there is now expectation for earnings to grow high single digits. When you have a year with absolutely no earnings growth and the markets are up 30% you have to ask how much earnings growth the markets have already priced in. You want to see earnings growth that is unaffected by share buy backs and so on, but he does not think we will see that. You want to watch out for investors fearing missing out and then chasing the market here. There is anticipation of the signing of a US/China trade deal and he thinks it will be pomp and circumstance without out a lot of substance. There were not the escalation of tariffs in December but there was not the roll back. The tariff rate is 16% and that is not a good thing. He thinks there is no phase II coming. The trade balance is the only thing that matters.

A concentrated portfolio is something between 15 and 25 stocks as opposed to the broad index such as the TSX 60 or the S&P 500. It is active management and concentrated. Typically you get a lot more volatility. Remarkably they have done a great job of outperforming while keeping volatility down. They left out energy and have done a little bit better than if you took energy out of the S&P. So he likes it and it seems to be a good strategy so far. But remember that they are not into capital preservation so if the market goes down, it is liable to also do so.

[As sole holding]. It is a yield focused balanced fund made up of a bunch of ETFs that are more yield-centric. The only criticism is that there is probably too much exposure to Canada. When it is in a registered account then you don’t get the benefit of the dividend tax credit. Making it the only holding in an account there is 'manager risk' and perhaps there is too much concentration in Canada if it is in a registered account. Otherwise it is not a bad idea.

He loves the dividend and the strategy. He is the biggest holder of this fund by a long shot. Around $14 he finds he does not love it for capital growth. If we get a pull back then he would go for it.