Market. He has expanded his scope beyond resource stocks lately, but because of current valuations he is back recommending this sector again as it is at its maximum pessimism.   The US may be considering a tariff on uranium, which could be a boon for some Canadian producers like Cameco.   

TRP-T or ENB-T? At these prices, he thinks TRP-T is in fantastic shape and the mainline natural gas represents half of the company’s NAV.  Within a short period of time he thinks this will decline to only about 10-15% of NAV.  This signifies how the company is diversifying – although the stock is a little expensive right now.  ENB-T is less dynamic, but he believes their infrastructure is advantaged (as there are few projects being approved) and the dividend continue to grow.  You could own both and not be concerned.   

Cannabis Stocks. He wants to see some proof that the new industry will do well.  No one has a proven track record yet.  The astonishing market caps are very risky.  Growing will eventually move to a more understandable agricultural process, but until then he is staying on the sidelines.  

He recently evaluated this space. As interest rates increase their long term liabilities should become more profitable.  They are cleaning up their operational issues.  He hopes there will be a market pullback, so they might be able to step back in. He actually prefers Manulife (MFC-T), but is watching both. He would love to buy both of these if the stock prices drop by $5.  

He is very neutral right now, but would become a buyer in the $20 range. There is risk to a global China tariff war.  

When concern over NAFTA emerged, the Canadian economy could have been effected but not the stock market – except for auto manufacturers. As interest rates rise, the first thing to get hit seems to be auto sales in the US. He would consider buying on further weakness.  

A well-run company. A $300 million royalty stream each year. They buy the gold streams of existing mines. They say they can go into energy and use the same multiples on valuation. He sold it a couple of years ago, when it was in the early $90 range. As soon as he sees a technical floor forming, it would be the first stock they would buy in the space.  

Today they have good growth prospects, but because the company has become so large it is harder to move the needle. He likes owning Inter Pipeline (IPL-T) instead. A good hold if you own it.