Market. The market was looking for a reason to go down and that is what we are seeing this morning. His view is that stocks are expensive but there has been risk taking and speculative behavior. It has been driven by liquidity from central banks. It can be dangerous behavior. He still looks for good businesses that are cheap but he is taking a bit of a defensive approach right now. The market has been pricing in a Trump victory. He does not think a loss is priced in. The British are moving ahead with BREXIT. There is geopolitical risk. It is as if nobody is paying attention.

He is moving from US financials and into Canadian banks. They represent pretty good value. Last year you saw a rally in US financials.

He trimmed a bit. Valuation is not cheap but they are well positioned in the Cloud and gaining share. A good company to own for the long term.

He had trimmed his position a bit. They are almost the utility of the Internet. The long term trends are still very much in place. He likes it as a long term investment. Take a pause and see if we get a market correction and then pick some up.

It's cheap and a pretty well run business, but the mutual fund business is not as good as it was 10-15 years ago. Fees in the financial services sector are under pressure. The long term challenges in the industry would keep him away from the stock.

Corona virus has caused a sell off. Ultimately this will be a short term blip to this stock. He likes the business and they have a strong competitive business. They are building big, new facilities which he thinks will be very positive. They have been buying back stock.

He bought in the last 3-4 months as they settled some of the legal issues they had. Management has been doing a good job of cleaning house. 12 months from now they will be out of the higher risk contract construction projects. It is really under priced. There will be volatility over the next 4 quarters.

He has been cautious around the auto sector. Demand was flat to down last year. There is demand headwind and the transition to electric vehicles. It's going to be a challenging period. It is a well run business but there are too many headwinds.

Oil. There are a lot of headwinds. It is not acting well in the way it is trading. A lot of investors are avoiding oil and gas stocks from an environmental perspective.

He would not advocate owning it given the recent run up. We've seen excitement around hydrogen fuel cells. It runs up and then leaves investors disappointed. It ran up because they won a few contracts and last year a Chinese company took a 10% stake in them. They are still losing money. It is only worth half of where it is trading.

They supply IVF products to IVF clinics. It is a well run business with good growth prospects. More and more families want to have children later in life.

(A Top Pick Feb 05/19, Down 12%) It dropped this past fall over one issue. They have been aggressively expanding into plant based protein. He still holds it and thinks it is very miss-priced. He added to his position last fall. He thinks it will take time for investors to re-price this stock.

(A Top Pick Feb 05/19, Down 7%) He still likes it. It is a very well run company. Today their insurance business is as strong as it has ever been. They've been doing a good job monetizing some investments on the investment side of the business. It is trading at book but peers are trading at 1.5 times book.

(A Top Pick Feb 05/19, Up 28%) They are automating their factories more. It has grown pretty aggressively in the health care sector. That business is not dependent on the economy. It is trading at a discount to some of its peers.

There is a strong trend in plant-based meats. The valuation is 10-11 times forward revenue yet the business makes little or no money. He prefers MLF-T who have a plant-based protein business but they back it up with the traditional business.