Market. He built up cash going out of 2018. 2/3rds of it came from tech and a third from banks and he is waiting to deploy it. If something presents itself to them then he can go after it. The technical breakdown since December has been lower lows and then lower highs. This role-over could have more legs. The market has shifted from momentum, news driven to something that is driven off fundamentals. Now the playing field is getting much more level. A company with a good balance sheet might have a good rebound. He is looking for what s really cheap today.

It was the worst performing bank stock in 2018. It should be the best this year on that basis. At these prices it is at or above 5% yield. It is one of the more domestic banks. The Canadian economy will not be the engine it was. The earnings momentum going forward will be linked to the Canadian economy. He is leaning outside of Canada for future bank investments.

Allocation in retirement. He likes 30% in cash as a buying reserve. He does not feel 70% in equities is right if you are retired and we are going into recession. Don't sell a good company that is down to put food on the table. Plan for 3 years worth of cash requirements in retirement.

It is a much more domestic bank. The yield is higher than CM-T and banks don’t typically cut their yields. The problem is if this company can grow. You are buying this purely for the income. Are there better growth opportunities elsewhere? The yield is good.

What is your number one black swan worry? He is worried about a credit situation that does not end well. He is worried about losing triple 'B' companies. Credit problems could cause widespread selling. A lot of investors have flocked to higher yields but that yield may not be there in the future. A major credit event is the thing he is watching out for the most.

(A Top Pick Dec 01/17, Down 7%) It has bounced off its lows. It has a solid dividend that they raised recently and will again next year. It got oversold from fears they would take on too much debt. It is a pretty cheap stock. He likes it and owns it. It survived this market carnage despite having a debt overhang. It is an oligopoly. The bulk of their assets sit in the US.

(A Top Pick Dec 01/17, Down 34%) It got hit by concerns of trade with China. Input costs went up with tariffs on steel. It is a very cheap company and a global franchise. He is looking at it.

They were taken down with other energy names. He has always been attracted by its non-Canadian production. They have production in the North Sea. It is a well run company. He worries how safe the dividend is. You don’t buy resource companies for the dividend. Put it away and hope they don't cut the dividend.