Is the market rally on the prospect of a Covid vaccine too optimistic? Doesn't think so. There are times, though few and far between, when you have to buy the gap higher as on Monday, yesterday, and today.

Will the valuations for big tech end in tears? Not sure of that, but we wanted to see tech take a breather and to see the rally broaden out to other sectors. Heavy lifting to year end won't be in the Shopifys. They'll be fine in the next couple of years, and you'll probably have an opportunity to pick away at them a bit lower. But when the value complex like banks and lifecos have a 10-15% move, and if you assume the economy will recover 2021-22, there's still a lot more for these value names to go.

Are you avoiding certain sectors? It's still a balance sheet issue. Vaccine won't be widely distributed for quite some time. Some sectors are in dire need of assistance right now, and even if they get it, balance sheets could still be worse off 6-9 months out. You could pick away a tiny bit at a Carnival Cruise Lines. But there's so much upside in names with great balance sheets, like banks, Enbridges, and Manulifes, that you really don't need to take on the extra risk to do well in this rally.

Q3 earnings were really good, strong free cash flow. Had layoffs, downsizing. Still a very cheap stock at 9x. There's room for this one. Big move in last 2 weeks, so wait to add. If you have it, hold it and enjoy.

It's good. Whole sector has been taken down with Biden and the price of oil. Still room for growth. Great balance sheet and very good dividend. Value stock that got oversold and ignored. We still need pipelines, and PPL will be part of that.

Did all the wrong things at the wrong time. Levered up, asset sales at lower prices. Balance sheet is OK. If you want deep value, other easier REITs are available with better management. Upside from here. You'll probably be fine.

Not wild about real estate sector? High watermark for him to be attracted to REITs right now. Pandemic accelerated the retail trend, and started a new office trend. Competing for capital. Reminds him of the oil story of 2018. Likes REITs with moats, like the seniors ones.

Still on top of its game. Executing well in this crisis. For all the telcos, 5G is coming and a thirst for data, great dividends with growth. Most of them are buys, and Telus is included in that.

Cheap. Great balance sheet, low payout ratio. Modeling 56% EPS growth. Only problem is it's 70% natural gas. You can own it and it will continue to do OK.

(A Top Pick Dec 11/19, Up 144%) Put a bit more money to work yesterday on the dip. A must-own name. Appreciate the chart and how extended it is, and try to buy at lower levels.

(A Top Pick Dec 11/19, Down 10%) Looking for a turnaround on Tim's, and for global growth on the other brands. Modelling decent growth. Covid hurt, but doesn't affect its long-term viability.

(A Top Pick Dec 11/19, Down 5%) You want to buy commodities when they're forgotten about. Retail was the reason for the miss. Some investors worry it's a structural issue, but he puts it down to Covid and weather. Still likes it, but sold half his position for other industrial plays. You get paid to wait with a 14% EPS growth rate. Makes sense as long as potash can do OK and retail can get back to where they were. Yield is 4%.

Time to switch from tech to value? The script for a recovery centres on financials, industrials, and cyclical tech. Tech is expensive, financials are inexpensive, with industrials in between. Lots more to go in financials and industrials. Likes Magna, Finning and Methanex in industrials. Likes banks, insurance companies and US banks. Good to see some consolidation in tech. Amazon, Tesla, and Google still make sense on price to growth, and he's waiting for those to get cheaper.