We're in a time of slower economic growth. The TSX has been a tear so far in 2019, but we're not out of the woods yet. The TSX has gone nowhere for five years. Now is just a technical bounce, but he could be wrong. The pullback last fall meant that markets couldn't handle rising rates. We are very indebted. After all, interest rates are at historic lows. He's keeping an eye on the junk bond market; if those continue to widen, we'll see a serious downtown, a recession. Non-financial corporate debt is really high, issued with few checks and balances. He thinks both central banks in Canada and the U.S. have stopped raising rates for now. Maybe 0.25% more. He expects a recession next year. Rates may even fall back to zero (perhaps negative rates), and we will get back to quantitative easing. We're in a market addicted to cheap, readily available money. How do we break this habit?

Took a beating from $8 to $4 upon news about a regulatory change that effected their medical products. He sold his shares. They rely on medicaid and Medicare, but he'd rather see them diversify their revenue base (which they're talking about doing). Good managers, though; he's met them. VMD was too volatile for him. If you own this and can stomach this volatility, VMD will eventually supply a good return.

Pricey, but he likes what they do in the Cloud. They can generate a lot of free cash flow. CRM meets his ROE threshold. He should've bought them on Boxing Day. On an excellent stock.

Has owned this for five years. It's been doing sideways until only recently. It didn't move higher on volume (which he'd like to see). It's a strong company, though. He expects a recession, but convenience stores are resilient.

(A Top Pick Jan 22/18, Down 7%) Stopped out and sold. Well-run company with steady a steady packaging business. Their cash flow allows them to acquire businesses. He still keeps an eye on them. In a slowdown, they will suffer, but they have a steady history of being acquirers and can't buy during downturns.

(A Top Pick Jan 22/18, Up 14%) Have excess cash flow to buy other companies. STC itself is very small, so keep that in mind. He likes them. He hopes they breakabove $1.40. They've been going sideways lately, but are well-run.

There was a short report on them a few months ago that suggested they landed a tremendous deal in Ontario but it went wrong. They have an aggressive growth plan to build their casinos, which requires a lot of capital. During a downtown, gambling is recession proof. High ROE.

A luxury brand and many are rushing out to buy a $900 parka. They're a one-pony show, though they diversifying away from making only coats. The China situation is certainly a concern. They're too expensive now, anyway, and relatively new (he wants to see more history). One store is near his Vancouver office and he's seen long line-ups. But where are its recurring revenue (sales from the same customer)?