Market. Last year we had a big sell off and people are going into the end of this year nervous. We are now waiting on some resolution of the trade deal. A lot of it is priced in. He thinks it sets up for a material correction in 2020. The economic data is looking better to stable, so we may be troughing on that front. For the market in general, it does not like election years in the US. The parties are so polarized now. Wall Street is turning a blind eye to impeachment. You have Brexit, Iran, and protests in Hong Kong. He is continuing to average down in the energy patch. He is trying to find stable management teams with conviction for their dividend.

He has been buying it for clients at current levels. He thinks you might be able to get it cheaper. There will be volatility due to the commodity price. Free cash flow is massive. They are buying back stock and paying the dividend.

He is having a hard time with these companies. We are getting signs of stabilization in the economy. He would hope to buy it lower than it is today. Try to get it at $35. (Analysts’ price target is $53.00)

Gold Miners. The ability to predict costs has been difficult. With positive news on trade, gold has stalled out. He does not own any gold miners right now.

One of the largest gold miners in the world. They are able to do deals when the gold price is high and have trouble with the gold price is low.

Last year was a disaster for them. A US acquisition turned out not good and management was fired. This stock had a big run-up last week after results were released. Management is turning this company around. It is still undervalued. Average down at $10-$10.50 range. (Analysts’ price target is $23.63)

He just sold because it was at the highest valuation of the insurers. He wanted to raise some cash for clients. It is a good company but he has moved to MFC-T

The management team has done a great job and maintained their dividend. Now their dividend is being called into question like never before. They can pay it at these levels. Even if they cut the dividend, they have strong assets across the globe and the dividend would still be good.

(A Top Pick Jan 15/19, Up 14%) It has under-performed his expectations. He still likes it.

(A Top Pick Jan 15/19, Up 30%) He is not building more on it at these levels. You have a new management team who are quietly cleaning up the problems of the previous management. They are also doing some things to push the business forward on a long term basis. It's about time people started to own it.

(A Top Pick Jan 15/19, Up 0.3%) It has been a terrible year for farmers. It is a testament to their business model how stable the stock is. This is one of the only Canadian players that is on a global stage.

It is a great time to be in a royalty company. This is one of the 4 oil and gas holdings he has. This company is pretty sleepy. They recently have been taking on debt, which they don't usually do. They are finding small deals to do because producers are struggling. He likes it and thinks it is well run.

Great dividend. The management team is excellent. They have a huge undeveloped land position. They own a lot of infrastructure themselves. They will be increasing egress capacity. There are a lot of positives in this company but nobody wants to own oil and gas companies. This would be his number one choice for an oil and gas company.

There is only so much they can do with their retail model. He has been waiting to lighten up for his clients that have this. You are looking at continuing tough competition.

There is only so much they can do with their retail model. He has been waiting to lighten up for his clients that have this. You are looking at continuing tough competition.