Market Outlook The market has a lot of volatility thanks to the Trump Administration, he thinks. The market is overly optimistic on a successful conclusion of the trade war with China. The likelihood of the US President pulling the rug out from under the negotiations is highly likely and will create a great buying opportunity as it is not expected by the market. Emerging markets were well over-sold last year and are due for recovery this year. In the oil markets he believes the market will be able to manage the shortage of Iranian barrels. He thinks the Canadian dollar offers good opportunity for investment, but Canada is too narrow a market to attract global investors.

He thinks the UK Brexit situation will likely keep interest rates from rising, which will supportive to the market. He would prefer other names. He would stay away from BCS-N until they show better recovery in earnings.

There is so much regulation in Europe they are becoming more like utilities. They are required to hold larger reserves, for example. US banks for reemerged faster than European banks only because they hit the crisis two years earlier. The European economy is slow, but high-quality banks like this one could be a good quality buy. They are raising dividends as well.

Open Text vs CGI? The major difference is that one pays a dividend and one grows by acquisition. For these reasons he prefers OTEX-T for the 1.6% dividend.

He thinks the issues are that Warren is getting older and there is concern about his replacement. He sees the large cash holding right now is signalling another acquisition soon. He thinks there are a lot of other companies that offer dividends. He would pass on this today.

Longer term you will make money, but today he struggles with their slow growth. He would pass on this today.

It has a strong balance sheet and the equipment is needed to make semi-conductor chips. They were hurt by the failed US-China trade negotiations. His expectation is that a slowing economy will result in lower Q1 earnings and he thinks it will drop in price. A good buy around the low $30s.

(A Top Pick Jan 31/18, Up 6%) It is part of the Canadian banking oligopoly. It will remain a key holding.