Lots to worry about, starting with US-China trade tension. The market is worrying about it again, making it hard to trade day to day because you never know what Trump will tweet. He expects a deal to be reached at some point. Bonds are not attractive now because of low yields while high-dividend stocks are, especially those with potential to grow in the coming 10 years. He always holds some defence: this year he has been accumulating cash to 15% levels (which is high for him). He's also buying gold through ETFs (he's not a mining expert). He also has some short positions. He prefers gold to silver; he doesn't have a price target. Gold is a hedge to volatility.

They're expanding their convenience stores to augment their commercial gas business. They're growing through acqusition. Trades at a reasonable 8.5x EBITDA. They're doing the right things and you're fine to hold this for the long term.

They've done an excellent job getting into the single-family rental business in the U.S. with a lot of demand and rental rates moving up. TCN has done some fine acquisitions and it still trading at a reasonable multiple. US and global investors are down on Canada, given the poor oil situation, so investment hurts mid-cap companies like TCN, even though TCN's business is in America. Be patient with this.

Canadian vs. American banks in the coming 6-12 months It's out of favour. He prefers American banks, but the Canadian ones offer good value. Bad press about the housing market and shorting by some investors hasn't helped, but our lending rates are still low and the banks' trading multiples are still healthy. Since they're out of favour, now's the time to consider.

Sell Canadian banks now, hold cash, then buy in the fall sell-off to buy the U.S. banks or utilities? Hard to predict where the market will go. He can't advise selling the Canadian banks. It's also too late to buy the utilities (bond proxies), because they're run up to record highs. A Canadian bank pays a good 4-5% dividend. Anyone who's held them for 20-30 years has done well.

It's performed well the past 10 years, expanding from their core packaging business, but he's concerned about them growing from acquisition. Recent quarters have disappointed and the stock was punished. The stock isn't cheap and it carries debt.

He follows this closely. They're in liquor and now cannabis; they're growing same-stories and winning market share in Alberta for liquor. So when will we see a real improvement in margins? He expects them to deliver and for their cannabis division to perform well. CLIQ is well-positioned for cannabis. Profitability will come in a few years. Be patient. They will expand successfully.

It's been pricey and gone sideways. Earnings have grown and recently the valuation has become more reasonable. They acquire well and generate good free cash flow. He will watch this closer. A quality company.

(A Top Pick Jul 23/18, Down 15%) It's an India play. He's owned this a long time. A well-run company. He's been buying the dips; now is the best time to buy this. Their insurance business boasts strong combine ratios. American insurance companies trades at 1.6x book vs. FFH trading below book value. They have big investments in India and globally. They have other direct investments in India, and he's confident about that country's long-term. Now is the best time to buy FFH in 10 years.

Another utility beyond Fortis Utilities are doing well because of low interest rates. BEP has good access to capital because it's a Brookfield stock. A good, steady, long-term stock to hold. Very defensive.

They've grown their US business a lot, though recently acquired in the UK. Recently, the stock and their reports have disappointed. The next quarters will be rocky, but globally more people are taking transit, which is positive. A well-run business. You can buy it cheaply now and it's worth a look.

Add to an existing position. You'll do well owning this for the long-term, but don't add to it now, because it's reached all-time highs. Wait for a weak report or bad headline to add more. $60 is a good buy level.

Average down? Well-run and defensive. It's been pressured lately due to bad press, so now is a good time to buy. Pays a 6.6% dividend.