Is the lower market downturn today concerning? Slowdown today after several weeks of nice moves and new highs. Not surprising to see the pause. The S&P is at the higher range of a 10-year valuation. Not surprising that trade issues have caused a bit of a slide in markets.

Retail sector results are mixed. Some doing well, and others like Home Depot are not. You have to be selective in the space. Be careful. Be more defensive like dollar stores, or off-retail, Costco. Avoid luxury brands.

Comfortable getting back into equities? Rotation back into cyclicals coincides with yield curve being steeper. So investors feel recession is not in the next 12 months. He feels that rotation into cyclicals is a bit of a trade. Be well diversified. Have some value, don't be all in growth. Growth has higher beta and is more volatile. He errs on the side of non-cyclical. Watch valuations, as the defensives are expensive.

Has your view on the energy patch changed with the new federal Liberal cabinet? Liberal government needs to be more sympathetic to the west. But at this point in the cycle, energy tends to underperform, so he doesn't have any exposure.

WFC vs. BAC A lot of banks have started to perform. Doesn't own either of these. Both have same price to book. WFC has a slightly higher dividend yield of 3.8%, whereas BAC is 2.2%. The fraudulent accounts scandal is still hurting the WFC brand. WFC revenue relies heavily on the yield curve. He prefers BAC, as they're a little more diversified with their capital markets division.

BAC vs. WFC A lot of banks have started to perform. Doesn't own either of these. Both have same price to book. WFC has a slightly higher dividend yield of 3.8%, whereas BAC is 2.2%. The fraudulent accounts scandal is still hurting the WFC brand. WFC revenue relies heavily on the yield curve. He prefers BAC, as they're a little more diversified with their capital markets division.

Likes it. Chart is running well. Well above the 200-day moving average. More service oriented. 10% growth rate. Decent name.

Tends to do well if rates are flat or rising. Holdings are solid, Microsoft, P&G, Visa, Walmart. Equity markets are overbought, but we're also seasonally in a good spot.

One of the FANG stocks in his portfolio. Likes it. Digital advertising is a secular growth story. Broken out to new highs. Volatility, but onwards and upwards.

Hard to say if the bulk of the worst is behind it. Be patient and look long-term. They have money set aside for the legal issues. Has a backlog. A good industrial name, but don't own a lot at this point in the cycle.

Missed sales against a slumping economic backdrop. Doesn't like the look of the chart. Below the 200-day moving average, which is not a great sign. Growth back into mid-single digits. Look at Microsoft instead.

Tobacco companies have been up and down and sideways. He's not comfortable with this space. Not expensive, but not exciting. On a technical basis, meandering sideways.

Sold out recently. Great long term, but doesn't want to be there right now. Dead money for a while. Earnings have come down quite a bit. Lots of investment in moving to 1-day Prime and getting that going. Stock hasn't done well in the last year or so. Underperforming since mid 2018.

(A Top Pick Dec 06/18, Up 41%) Continues to like it. Slightly more cyclical. 17% growth rate. A toll booth whether credit, debit, or mobile. Long runway. 16 consecutive quarters of positive earnings surprises. Long term shift from cash to digital.

(A Top Pick Dec 06/18, Down 13%) Under pressure due to patent loss and divesting off-patent division. Dividend is 3.9% and looks secure. Political noise has hurt healthcare. This is an opportunity. Starting to launch potential blockbuster drugs.

(A Top Pick Dec 06/18, Up 14%) Hit new all-time high this week. Protypically recession resilient. Boring, but should perform well in a maturing economy.

Impressive chart. Performing decently. Outperforming Amazon. Worries about valuation, and growth rate is still in single digits. Prefers something like Dollar General.

Pressure under US-China issues. But 200-day moving average starting to turn higher now. Very strong name.

JNJ vs PG He'd choose PG. JNJ has lawsuits still hanging around. Since mid-summer of 2018, JNJ has underperformed PG. Watch out for valuations. PG is trading at 24x, with a 7% growth rate. PG is the largest consumer name out there and will continue to grow.

PG vs JNJ He'd choose PG. JNJ has lawsuits still hanging around. Since mid-summer of 2018, JNJ has underperformed PG. Watch out for valuations. PG is trading at 24x, with a 7% growth rate. PG is the largest consumer name out there and will continue to grow.

Decent growth rate of 11-12%. Resilient stock in case of a recession. Very smart rural locations, away from competitors. Strong technical chart.

Has moved higher with value and cyclical stocks. Technically, he's neutral on it. Would err to not owning a cyclical bank at this point of the cycle. At some point, we're going to have a slowdown, and you want to be prepared.

Tim's is slowing, Popeye's and Burger King have strong numbers. Likes this name. Good combination of income and middle-class global growth. Not cheap, but not expensive. Be patient with the Tim's turnaround. Lots of competition, but they can pull it off. Yield is 3.1%. (Analysts’ price target is $79.50)

Growth-oriented. Trading at 16-17x earnings, with a 16% growth rate, so PEG is cheap. But can be affected by global macro picture, so be somewhat careful. Valuation is good for type of growth you're looking at right now.

Yield is 6.25-6.5%, which is pretty good. If you believe the underlying securities will do well over the next few months, you're better off owning those securities as you'll get more in capital growth. But if you think they'll go sideways, you're better off with the ETF. Very defensive.

Has never held it. Valuation is high. Try entering at the 200-day moving average. They deal in the small to medium space, so will get hit harder in any slowdown. For tech, he usually looks to the US for Visa, Mastercard.

Great streaming product just released. Stock's a bit overdone at this point. But likes it long-term.

Develops and owns wireless communication and broadcast towers globally. Need for a lot of data is as unavoidable as death and taxes. Data consumption in US is doubling every two years. Good defensive name. Yield is 1.78%. (Analysts’ price target is $222.53)

One of largest healthcare companies in the US. Retail, pharma benefits, healthcare benefits. Defensive, attractive valuation. Yield is 2.67%. (Analysts’ price target is $79.28)

Secular growth story. Great long-term hold, despite current issues. Advertisers will continue to pay more. 20 consecutive quarters of positive earnings surprises. PEG ratio of only 1.1. Not expensive. Favourite FANG stock. No dividend. (Analysts’ price target is $235.00)