The Dow was down today, though the US will lift metal tariffs against Canada and Mexico as the China-US trade war continues. He can't keep track. It's worrisome. Talks have stalled. Be patient. The market can't keep going up after Christmas. The trade war won't go on forever. Will interest rates still low? Stock market will stabilize, given low rates. Good earnings in Q1 including from Apple, but there is now the reality of American companies passing tariff costs onto their America customers. Apple's valuation is attractive now. Each year there are 3-5 pullbacks, so pullback like this should be expected, and each one is a buying opportunity.

Their guidance says profits will increase by 50% in 3-5 years through acquisition and improving operations. They have bought a lot of companies in recent years, so the balance sheet needs work. E-commerce is a strong tailwind which is why he likes it. They are building a global powerhouse and trade at a good valuation. They've stopped raising the dividend so they can make acquisitions.

Visa and Mastercard or Amazon They are two of the world's best companies, and you can own either. Amazon's growth is phenomenal AND their gross margins is increasing. He's about to buy it. There's tremendous growth for 3-5 years coming.

He likes its business idea, but not sure about the stock--it's valuation is very high. He'll buy Amazon or Visa, but Shopify's sky-high valuation is too high. No doubt they've had amazing growth, but they're not profitable.

He used to own this for 18 years till he sold it last year. It hadn't done much for the last 5 years and there's now a lot of competition in dairy. Their North American results are flat or negative. They're making big acquisitions abroad, but that comes with risk. Good manager, but flat earnings.

(A Top Pick Jul 10/18, Up 14%) He's owend this since 2003. Unlike REITs, Morguard keeps buying back stock with all this free cash flow coming in and don't dilute shareholders. They hold a good diversity of properties across North America. They do very well with distressed property prices.

(A Top Pick Jul 10/18, Up 7%) It has one of the best CEOs in the world. Cheap valuation. Good if you think the US economy will continue to grow. A great operation.

When things turn for a small cap, things can get ugly. LB has trouble growing--head office troubles, mortgage troubles. Buy a big Canadian bank instead. Avoid this.