The market has seen a massive move towards e-commerce, online shopping, etc. Generally, in the technology world, it is a winner takes all type of proposition. Companies that lead and that can make the investments, generally win. This is trading at a market cap of about $5.5 billion range, and will probably do something like $500 million of revenues next year. A terrific business model. It basically helps small and medium-sized businesses get online. At 10X next year’s sales, would you buy it? If you are a patient growth investor, you can nibble away at this kind of name. The growth rate is upwards of 50% for the next few years. They are the leader in this market.

Net interest margins have been collapsing as rates have fallen, and as a result, the earnings have just come in. They have other lines of business such as asset management, but they are extremely competitive areas. This has been trading cheaply for a long time now, a little bit above BV. He likes the name, but you are going to have to be very patient. Rates are going to have to go up and he thinks you will be rewarded. If you can put a 3-5 year time horizon on this investment, you will do well.

He is in the camp that at best, it’s OK. A fair value and a hold right now. The iPhone 7 sales will be okay, but it is falling. It will show some economic sensitivity. They got a big boost from Samsung’s phone blowing up, but that is short lived.

This fits into the technology category, but it has basically already killed everybody. The runway for revenue, both in retail, but more importantly in Cloud services business looks really, really strong. This is a franchise that seems to have moats all around it. People have been upping the valuation to very, very high levels. It would be on his list to sell very quickly in a market downdraft, just because the room for error is so narrow, and the expectations and the profits built into the stock are so high, that when we do get a correction, people like to sell their winners. Thinks that any of these “category killer” technology stocks over the next 5 years, are going to continue to do well.

Semiconductors. This area has probably been one of the hottest spaces in the Tech sector so far this year. However, this one has been a laggard, but are in the process of potentially bidding on NXP, which is focused more on the Internet of things. He thinks this is going to be fine. Their legacy business has been attached to the cell phone business, but now that they are expanding into other areas, this will be a much more interesting company.

Gold mining shares have done very well this year on the back of a 20%+ rise on the price of bullion. Recently they have checked back quite a bit, and this is an attractive entry point. One of the challenging things with the miners is that gold shares have become a big part of some peoples’ risk parity type strategies. When big money wants to make a shift in or out, they seem to distort prices quite dramatically, so he has cut back a little on his gold mining shares to try and figure out what is happening. (See Top Picks.)

Europe? On the equity side, in the last 6 months or so, it has been one of the better places to park money. That is due in part to Pres. Draghi of the ECB. He did a good move by focusing, not just on government debts for their QE program, but also corporate debts. He has had a meaningful impact on both lowering the cost of capital for European companies, but also in kick-starting the consumer lending business again. That is the good news. The bad news is that all of the things that have sort of plagued Europe, are still there and unlikely to go away. It is still sort of a “jump ball” in Europe. He is Short on markets like Italy and Spain in particular. On the next global slowdown, which he sees happening in 2017, those markets will have a tough time.

(A Top Pick June 28/16. Up 8.70%.) A company that is transitioning from almost a specialty chemical type of area into lithium. Lithium has been one of the hot sectors in the mining world, and there have been countless numbers of lithium companies showing up on the TSX, but this is the largest and the best positioned. Since he recommended this, they have bought a processing plant to convert the lithium carbonate into its commercial form in China.

(A Top Pick June 28/16. Down 14.98%.) This was to introduce grains or agricultural commodities into a portfolio, a bet on soybean prices continuing to going up. He cut his position in half. Food stuffs are starting to look very underpriced, especially against financial assets.

(A Top Pick June 28/16. Up 1.11%.) He wants to own Treasury Inflation Protected Security, mostly because at some point inflation is going to have to come up. Every banker in the world is working on this problem. Maybe at some point they will get it right.

A classic growth stock that has had some hiccups. He would not be a buyer here. One of those consumer discretionary names where people have hypothesized that they wouldn’t be spending $5, but would go someplace else for a lesser price. If you can get this in the mid-$40 you’ll be doing yourself a great deal.

Just reported a decent quarter, but was a little light on their guidance, both on the International side and the US domestic side. A very competitive market now. This will remain one of the bellwether names in the market, but there are a lot of upstarts. You need to see the multiple come in a little, and he suspects this to happen over the next couple of quarters.

Likes this name, for a whole lot of reasons, but strategically he just wants to be invested at the top of the chain. There are a lot of moving parts. The company has done tremendous things with their portfolio.

The company appears to have put itself up for sale, and bankers are getting busy. Thinks it will probably go for $25 billion, not a huge upside from these levels here.

Europe has had some good growth already. The CAD hedging on this is helpful, especially if it’s in retirement accounts where your liabilities in the future are going to be in Cdn$. In general, this is going to be a basket of blue-chip European dividend players. If you saw some of the European valuations get a little bit closer to the US by 10%-20%, he would probably take it off.