Ryan Bushell

The question was on the Teck Anglo merger.To maintain copper exposure Teck Resources would be a great asset but it has meandered around through some different things. if you are a Teck holder you wouldn't want the Anglo exposure. You could sell  and re-deploy the money in safer places or just hold the cash.

There is a big Investment Summit going on in Toronto today and tomorrow. Brookfield Infrastructure will be a part of it since it is a big supplier of capital. It has already made a big investment in Western Canada and has a good international portfolio. Pays a 5% dividend. It is one of his favourite holdings and he is adding.

It missed on earnings so is in the penalty box. It supplies Costco which is a very good customer to have. Has a good management team and great future. It has built out its capex in past years so there iis more cash flow coming. Investors worry about beef prices and short term numbers. Owning the shares helps him diversify into another sector. Dividend yield is 4%. He is accumulating more shares.

It is a utilities company in Florida and Nova Scotia. It has had some trouble in Nova Scotia which is an over-reach by the regulator. Has owned a long time and is accumulating more. The dividend is safe . The main issue is rising interest rates.

It has recovered somewhat from its dividend cut. It has two very big projects on the go which will change its financial position. He is waiting to see how it plays out.. The management team is motivated and knows how to develop projects as it has done in the past.

It has had a lot of traction and the price has risen. It won't get the multiple of banks today which are at their peak level. The dividend yield is stronger than the banks. He owns and is not selling but also not buying for clients...waiting for it to consolidate.
In answer to another part of the question on the trading, component, a big chunk of volume goes through the first half hour and last half hour of the trading day but this doesn't matter to their trading strategy.

He owns just PBH in the space. He likes a number of things about QSR but their three main brands all seem to work at different times. It is interesting and well run but is not trading at a good price. There is also the question about food inflation with fast food companies and how it affects their low end consumers in difficulty.

Rates going up will affect utilities. Algonquin Power will keep its TSX listing and will get some US index inclusion. The price is attractive and the dividend yield is 5%. It will take a while for the company to clean itself up but it has started to do so and one day the issues will be better. He is topping up.

There are some overhangs on deals with KKR and Apollo but it is well run and has the best growth prospects of similar companies. The coming increase of LNG is good for Pembina as the Canadian infrastructure gets larger. Even at higher prices today it is showing strength.

He likes companies that build out capacity and then fill out that capacity. It is a very good management team that is not flashy or Bay Street oriented. They're just interested in  running the company. It is geographically diversified. It has started to perform and there's lots more to go. IHas a solid dividend yield and is relatively safe from disruption. Market Cap is $560 million.

He has watched it over the years and although it is not a bad company he doesn't see the structural trends lined up for it. Different parts of the business have cyclicality and the chart bounces back and forth a lot. He owns a lot of other equity in that space.

Tourmaline has sold some of their holdings in Topaz to fund an acquisition but not enough to make a big difference to Topaz. He owns Tormaline but not Topaz. However it is a great company which owns infrastructure and royalties and a great one to hold for energy. 

Barrick's downfall over the past could be helped if it can follow through on separating its overseas operations. He likes the old Goldcorp assets which go well with Barrick's US assets. It has a relatively new CEO and is a 'show me' story. He likes the gold space.

He likes the space and this is one of their favourites in that space. It is too expensive right now but getting cheaper. Wait for a market downturn.