Market Outlook - He is still risk averse. Holding 20% times the equity allocation for accounts in cash. Even if there is no economic recession, there is some signs of an earnings recession. Corporations made a lot of acquisitions and carry a lot of debt. He sees the S&P 500 crossing 2,900 and then you will have momentum probably pushing it another 10%. His top is 3,700. There he would rise cash as we would be at the 2000 or 1929 highs on a relative valuation. Yesterday the 10-year yield came low enough to match the 2-year yield. That happens usually in Canada. We are there already in Canada. If a recession comes it usually lasts 18-24 months and the market could fall 20 to 40%. The banks were rising on the expectation that rates would continue to go higher. Banks are not the best place to be for now.

He likes it a lot. They are into water purification and air purification in NA and India and China. They are not making money in China but not losing.

A conglomerate through South East Asia. They have been around for 250 years. They are selling their insurance business. Good Management team that would take advantage of opportunities.

Straggling now with growth. The dividend is not growing. Yield is attractive but not able to grow earnings. Free cash flow has to go up.

(A Top Pick Jan 29/18, Down 3%) Still buying more. The second best performance among all Euro banks. European Banking sector is terrible now. Yields being so low. They are AA credit.

Historically it has been the best performing. They will have issues going forward in auto loans. Not a lot exposed to investment banking.

In a registered account is fine. In a taxable account you are having a combination of interest and ROC and dividends.

He likes asset light. Basically a logistic firm. They suffer when gas prices are rising. There is a dearth in trucks drivers now. They are hurting in their fresh business now. They are making good margins on everything else. They have price power. As well as the economy is doing well they do well.