It's been a strong Q1 with the S&P making a record high today. Investors were too negative in December 2018 and we've seen a 20% rally driven by new sentiment and lowering/flattening interest rates. But companies actually lowered their estimates heading into this quarter. Locheed, for example, reported strong this morning. Multiples are 16-17x forward earnings on the S&P. A China-US trade deal could drive more upside. The buying opportunities are getting tougher to find; it's a stockpicker's market. It's smart to take some money off the table, hold excess cash and wait for another pullback, possibly driven by another Trump trade war (with the EU).

It's amazing the stock hasn't come off more given the 737 Max crash, but it's in a duopoly and travel demand is strong. 23x forward earnings so not cheap. Risk will get worse going forward.

They've struggled with their liquor business, and are expanding into cannabis in BC and Ontario, and that takes capital. You must be patient here like a few years, but they should make a lot of money in cannabis in the future. Now is a good time to look at CLIQ.

They've had issues with mortgage lending and loan portfolio in the past few quarters. But others, like RY (that he owns) offer a good 4.5% dividend and offer a lot less risk.

Own a position in a high-quality company like this and hold for the long term, then add when the street is critical of it. They have a ton of cash and are a great innovator.

West Fraser vs. Canfor He owns neither, as lumber prices are weak and not rebounding in the spring when they usually do. They're trading near book value. The upcoming quarter will be weak for lumber. Be cautious here, but start doing your homework on them.

West Fraser vs. Canfor He owns neither, as lumber prices are weak and not rebounding in the spring when they usually do. They're trading near book value. The upcoming quarter will be weak for lumber. Be cautious here, but start doing your homework on them.

Well-run with many assets in America, making single-family rentals (they're a leader in this). They just acquired into multi-family units to diversify. The stock has gone sideways in recent years, but trading at a reasonable discount to NAV and pays a 2.5% dividend. A good idea to own a stable real estate stock during volatility.

It's had a miraculous run, a great Canadian growth story, a superstar. But he's a value investor so it's hard to like their valuation. Maybe take some money off the table, but you can't argue with their success.

US housing looks cloudy? OSB is tied to new home starts in the U.S. Well-run company that generates a lot of free cash flow in different times of the cycles. Good capital allocators. The best time to buy this is when everyone hates it and commodity prices are low, like now. If you think the US economy will stay strong and that US housing will pick up, then lumber and stocks like OSB will pick up. Looks closely at OSB now.

(A Top Pick Jun 18/18, Up 3%) He sold all his American banks. Citi is well-run, but they are globally exposed and there are clouds on the global horizon. He prefers Canadian banks which are less exposed globally.

(A Top Pick Jun 18/18, Up 1%) Still likes it. It's well-run. They're growing their brands and they have a big opportunity to get into cannabis beverages which will be legal in Canada in October 2019. BRB is well-positioned for this and this market could be very large.

(A Top Pick Jun 18/18, Down 21%) They've been under margin pressure that he didn't expect. So,he exited in late-2018. This holding was a mistake, and mistakes can happen in investing. You must know when to cut your losses.

They did a branding exercise to put all their insurance under one brand. A well-wun company. Just bought back a lot of shares, which is a good sign. They rebounded well after their lows, so it's no surprise the stock has slightly pulled back now. It's a good long-term hold for the dividend.

Like Apple, it's a great business model and is dominant. They've grown their cloud business very well. It isn't dirt cheap, but generates a lot of cash flow. Buy on dips and hold long term. The dividend will modestly grow.