Market. The big tug of war is when inflation is going to push interest rates up. He thinks we are in a deflationary period. At what point do we get serious inflation and what does it look like. We have to position portfolios for it. He looks at the velocity of money. Really, printed money is finding its way onto banks' balance sheets and it is their job to find a way for that money to get out in to the economy. There are greater deflationary pressures than inflationary pressures but you have to keep an eye on it. Inflation is unlikely but you should see how much money they are printing in Japan. When Japan started doing this there were fears of runaway inflation but it did not happen. Gold could challenge 2011 highs. There will be a period of consolidation and then it should move higher.

He saw this store grow up to an empire. He is embarrassed to say he has ever owned them. They have a strong competitive advantage. They can charge a premium. The stock is expensive but with their expected earnings growth it may not matter. He wears Lulu lemon pants to ride his electric bike to work. They make men's dress pants.

He saw this store grow up to an empire. He is embarrassed to say he has ever owned them. They have a strong competitive advantage. They can charge a premium. The stock is expensive but with their expected earnings growth it may not matter. He wears Lulu lemon pants to ride his electric bike to work. They make men's dress pants.

They are on his radar. They took a beating through March but now people are looking to social distance. Their debt levels are more than he is comfortable with. He would scale into a position.

This morning Buffet spent about $4 Billion on gas assets. The space is completely beat up. Buffet bought Nat Gas assets that were pipelines, i.e. infrastructure assets. Since you can’t easily replicate the business, it should do fairly well. He thinks BRK-N will do very well with this. The leader is the best capital allocator of all time.

They did tremendously well from a stock price perspective. They are extremely expensive. He prefers others.

(A Top Pick Sep 23/19, Down 13%) They are a well run company. Just about to expand into Canada. They have an expanding on-line presence. Not a lot of debt, high margins and a big loyalty program. He would have no hesitation buying them back. He was stopped out in March.

(A Top Pick Sep 23/19, Up 7%) The second largest Internet domain company in the world. They have very predictable cash flows. They have a high speed fiber optics network that they are setting up in small towns where they bring the fiber to your house.

(A Top Pick Sep 23/19, Up 16%) For the Canadian investor this is the best hedge available without using derivatives, options or futures contracts. He does not think the bond-bull market is over. The US$ is seen as a safe haven currency and US treasuries are seen as a safe haven asset. The return can be substantial in times of economic weakness.

This company has really peaked his interest and he took a position recently. He thinks they will achieve profitability soon. You can build a position on weakness. He took a half position, while he continues to learn about the company. Their customers are in the industries that have been hit the hardest. He is impressed by management.

Disney fell victim to miss-allocation of capital. ESPN has really held them back the last few years. If they can get back on track, the value of their content is exceptional. In the short term COVID will be an impingement on their cruise line and theme parks.

They have been getting away from oil and gas work and more toward infrastructure. They have hydro-vac trucks to excavate so crews can get in and work on gas lines and so on. He got stopped out in March. He would have no trouble buying them back. They are quite well run.

Canadian Banks. There is not a lot of innovation going in so it is how they operate and what is the environment that matters. The banks don't meet his criteria on return on invested capital. There is always the threat of being disrupted. If he did buy one, it would be TD-T or RY-T.