He looks at global companies that are diversified. UL-N has European exposure, for example. This group is going to do well in a benign commodity environment. 8-10% free cash flow margin gives good stock performance. UL-N is doing better than others in the space.

This is a good group to look at. The big challenge is performance fees and their ability to generate them. They monetize private investments and charge fees. In bad markets they tend to sell off. This one is down 35% from the peak. The numbers are not that great year over year. The revenue growth is flat. What he does like is the reasonably healthy cash flow and the buildup in cash on the balance sheet. The stock price is a massive discount to their book value. He would go for this here, but he feels the market is discounting a dividend cut. 9.6% yield. The group as a whole looks undervalued. You will probably see a recovery in these names in January.

Wait and watch. It looks really cheap, but others also do so. The 5 year outlook is good if you want to hold it for 5 years. If it continues to grind its capital, it will be a good candidate to be acquired. It is running a lean operation right now. You will see a margin increase next year. At these levels it would be a good long term hold.

He likes it on pullback as they have a chance of improving their earnings power. It still has a partnership with EMA-T. Between $9 and $9.50 it is a buy and the yield is attractive.

You are hoping oil does not fall below $40 or $30. It has been held by a lot of value managers. One thing he likes about SU-T is that they managed their hedges reasonably well, the quality of the assets has been very diversified and in the weaker commodity environment. They show a good earnings momentum score. You should own it in the low $30s.

It has been reasonably flat and has a decent dividend yield. The challenge with Canadian banks is the book value. With the fortification of BCS-N’s balance sheet he feels it is in much better shape. What he likes is that it stacks up well in terms of it’s discount. He likes the European footprint.

Long WSP-T/Short DOC-N. WSP-T has been on an acquisition spree and now has a massive footprint in Europe. It has a massive back log and an earnings growth priced in. You are looking at a growth story here. It could be the next SNC. Give WSP a couple of quarters to play out.

The earnings growth is not priced in from the acquisition it just closed. It could be the "go-to" consolidator in the travel business.

Economy. With a pullback in commodity prices, the whole economy has been getting a lot of tailwinds, which has been reflected in some of the companies related to manufacturing in the US as well as retailers. Energy has affected the US equity markets such as Starbucks, fast food companies, retailing groups, which are all hitting new highs. Right now it becomes a difficult exercise to pick the winners. Valuations look stretched to him, but he thinks there is room to grow from where we are.

This is interesting right now based on the value proposition that is going into the pharma space. They have a lot of M&A activity there. This has some growth potential because of breast cancer. Fundamentally the company looks solid and the dividend looks good.

Has been a great company in the last 3 years. They stumbled and fell apart early on, only to recapture its business as it moved into machine-to-machine and the Internet of Things. They made a very tactical change in their strategy when they acquired 2 companies in Europe, and the stock has worked very well ever since. He likes the story and thinks there is room to grow. The value proposition will be clearly understood after they report on the 1^st quarter. Wait to see what the company does in its 1^st quarter. Every time the stock drops below $40 that is a good entry point.

Had a very good run because of the macro economic tailwinds. Fundamentally has a strong management team and it is growing. Stock looks pretty toppy at these levels, but on a fundamental basis it stacks up quite well when compared to others. A good entry point is when it is trading below Book Value and you exit when it is trading at a premium to Book Value. Currently it is trading at a good premium to the Book Value, so it is not a bad idea to take some money off the table.

A turnaround situation. There is a catch up in terms of companies that are recalibrating their business and operating efficiencies. Coming close to trading at a higher premium to its Book Value. You need to focus on the earnings power of the company and the return on investment equity. His concern is that there is still room to feel more comfortable given the massive amount of headwinds that these institutions are facing. He would be a little cautious.

Stock got hit today because word came out that Samsung, not this company, will do most of the DRAM work for Apple. It looks like a massive deal that Apple has put together. Given the value and the run up in the company, he expects the impact will be felt. He would be cautious right now.

This has been a pack of cards falling through. There is kind of an option value building into this company because of its whole macroeconomic play with its geographic location close to some of the basins in India. Fundamentally the balance sheet looks really stretched. They would need a lot of help on the capital markets side in terms of financing alternatives. Trades at a Price to Book of about 6 times.