The Q4 sell-off caught many by surprise, and a lot of it was due to politics. The US Fed was tightening too quickly. Now, we have an opportunity where companies are much cheaper. We could see a little more downside but he's more optimistic now than in the past few years. The U.S. markets are acting like the U.S. economy is an island, untouched by the rest of the world. That was so in the 1940's, but not now. If China goes into recession, the impact will be huge for America (farmers, tech companies like, say, IBM). If Europe slows, it'll hurt the U.S. too. He needs to see one more interest rate hike in the U.S. to buy into emerging markets (telcos look attractive now). He's pivoting from growth to defensives. Samsung posted numbers today and slipped a bit. It's still too expensive for him. Semi-conductors are part of the phone business, which if it slows down, will directly impact semis. Apple is seeing peak-phone sales. But he's still watching Samsung.

WCS differential shrinking & outlook Alberta limiting supply is only a temporary measure. Much better is building a pipeline, but that requires a lot of political will and cooperation.

Blockchain is interesting and has many applications such as insurance. But currency has to be controlled, like a central bank. Yes, you can transfer wealth using Bitcoin, but what's to stop someone from hacking this. Control? This doesn't make a profit. He doesn't see this becoming a mainstream currency until a central bank controls it. Otherwise it remains a pseudo-currency.

He's not sure if there'll be growth. They've had so many reports misses. The matrix around advertising needs to change, though Twitter is here to stay. He thinks ultimately Twitter will become part of something else.

(A Top Pick Dec 20/17, Up 1%) Good balance sheet and fundamentals. Buy during dips to average down. A world-class company.

(A Top Pick Dec 20/17, Up 3%) He's long owned this. The Fox acquisition will be a big deal as Disney tilts towards broadcasting, and there'll be big movie releases coming. He wish he had bought this 10 years ago. They regularly raise their dividend.

In current global trade tensions, all logistics companies have sold off. But long-term, they are good investments; they act as proxies for the underlying economy. They reflect movement of goods, so a good space long-term. He's not too current on XPO though. It's a capital-intensive business, with good and bad periods to own. It has sold off recently. Look elsewhere like AT&T.

U.S. banks: BAC, Citi and JP Morgan, sell one to buy MSFT? Citi has more upside. Sell JP Morgan--it's a bit of a guess, really. MSFT has had such a great run, so be careful. IBM is better at this point.