Market Outlook He is expecting a recession within the first session of the next US Presidency. Trade pressures abound, Europe and Asia are already there. There is a lot of pain out there. Consumer staples have done well relatively speaking as consumers always need to purchase deodorant. The US tech giants represent a large percentage of the typical US ETF and their valuations are stretched. When Tech corrects it corrects by 50% -- he would not put extra capital in this space now. He does not hold gold as you need to hold 20% in your portfolio to be meaningful and you can go years where it does nothing.

The airline sector is a very high beta space -- it does well when the economy does well. You really want to buy when the market has corrected -- like after a crash or terrorist event. He would not be a buyer here. Those who have held them long term have not tended to do well.

Why did it split? He owns this one and it has done well over the long term. He would buy again and it is fairly defensive. The idea of splitting allows smaller investors to get in and that is probably the idea here. He does not think it is a problem they split.

Given the weak Euro this is a good entry point and a good long term hold. One the best stocks to own out of France and England for that matter.

He likes this and it pays a decent dividend. Holding for the long term, this is a good holding. The semi-conductor space is looking a little suspect right now. With the trade pressures, Asia as a big consumer, concerns him entering right now. A better entry would be in the mid-$30s.

The challenge is this is a very low interest rate environment and that makes it tough for banks to make money. If you expect interest rates to return to normal yields, this would be a good entry level. He would not be selling here -- continue to hold.

Argentina? He has never made money investing in Argentina. There are some companies there, but the government is suspect ever since bonds were defaulted on a couple of decades ago. Investors there push their money offshore -- that does not bring good feelings in his mind. Don't put any money there.

The talcum and now opiod crisis will continue to cause them to pay out until the regulators are satisfied. He would be a buyer on weakness.

It has yet to make a profit. The losses are staying level -- all they need is some growth to show a profit. If you see a downside correction, or they begin to make profit, he would buy. Wait and watch until that happens.

(A Top Pick Sep 11/18, Down 8%) This was a political overlay that got caught up with the Brexit issues. The balance sheet is better than Canadian banks. He thinks they could increase dividends and begin to buyback shares. At these levels, this is an attractive story. A corporate bank that does well internationally. He would continue to hold.

(A Top Pick Sep 11/18, Up 41%) Consumer staples have continued to do well and he thinks this has become extended. One of the largest components in global ETFs. At these levels he might take profit around here.

(A Top Pick Sep 11/18, Down 22%) An offshore oil service company. Any subsea work done 300 metres or lower, there are only three companies in the world. They are buying back shares. A very good company that is caught in the oil price collapse. He would continue to hold.

It still is losing money, so he expects the venture capitalists are looking to sell their shares. He prefers to own tech companies that are making money and paying dividends. The valuation metrics are very high right now. The faster they grow, the more they continue to lose -- showing the business model still needs more time to mature.

Continue to hold? The challenge is the negative interest rates in Europe. Globally banks have turned into utilities. He does not expect the negative interest rates to last -- you can't continue to pay people to have a mortgage. The bank has a good balance sheet. You may look to put more money in here to average down -- especially with the Euro being so weak. A good hold longer term.