August bruising, calmer in September? Yes, tough in August. Now 1% away from hitting all-time highs on the S&P. Under the surface, rotation away from growth into value. Not sure if it will hold or not. He's in the camp of since interest rates are low, growth is the place to be over value.

Central banks holding steady. Yes, and this bodes well for growth. Interest rates hit a bit of a bottom earlier this week, and the trade moved away from momentum. This is short-lived. Too soon to push the button on the value trade at this point.

Trump calling on the Fed to lower rates. Consensus growth is not too far from the zero line. If US-China trade gets resolved soon, the economy will grind along. It'll push the economy from a 123-month expansion to even longer.

Asset allocation right now. Overweight US equities compared to Canada. US is a bigger sandbox to play in, and the economy is on a firmer footing. No exposure to Europe. Little exposure to Asia-Pacific, but now neutral on that, awaiting outcome of trade discussions. With passive investing, there is some risk if you're too exposed, as eventually you'll want to turn away from those growthier companies at the top.

Great chart. Technicals are good. Higher highs and higher lows. Recession resilient. 23x earnings, low beta, 11% growth rate. Low volatility. Likes that they're mostly in rural locations. 75% of Americans live within 5 miles of a Dollar General.

Likes it. Bit of a monopoly on the business. Near oligopoly. Chart looks strong. Revenue from concerts, ticketing, and sponsorship and advertising.

Limited energy in his portfolio, only Enbridge. Sector is trending downwards. Late cycle, when energy is not the best performer.

Is energy having such a tough time because prices are driven internationally? Yes, but there are also pipeline issues in Canada. XLE in the US has started to move up a bit, but he doesn't think it's sustainable.

Recession resilient. Trash is good business, especially when times are tough. We're in late cycle, with a slowdown down the road. Great chart. Higher highs and lows. 25x earnings, low beta, 9% growth. Largest out there right now, and continue to grow by acquisition. (Analysts’ price target is $123.00)

Cyclical. 200-day moving average has been falling. Stock meandering sideways. Cheap at 8.8x, but it's cheap for a reason. Late cycle. Risk is its reliance on Detroit automakers.

Seeking value without questioning the P/E. Important to also look at the macro-economic cycle. Recently, banks and US energy have started to move higher. But he asks where we are in the cycle. Those aren't your usual names to move higher at this point. You really want to look at sector and where we are in the cycle.

Bit of rotation from banks to insurers. High dividend, exposure to Asia-Pacific. Long-term demographics make sense. Low interest rates are a headwind.

(A Top Pick Sep 12/18, Up 46%) 7% earnings growth rate. You pay a premium, as we're in late cycle. 2% dividend, low beta. Dominance in US confectionery space. Starting to diversify. Still room to grow, especially as money is rotating to more defensive plays.

(A Top Pick Sep 12/18, Up 20%) Long-term secular growth. Growth of online shopping should continue to support it. Still lots of room to grow. Executed very well. Part of the recent choppiness, but still likes the name.