Andrew Pink

Market. It is certainly a concern that people will not resume going into the office after the pandemic is over, impacting office REITs. He feels, though, that the world will return to more normal than not. There are a lot of things we cannot do effectively when we are not working together. 2-3 years out we will return to some sort of normal. SHOP-T will reassess in 2021 as to whether to have everyone work from home any longer. Even if a portion of the workforce has to work from home, social distancing will dictate that more office space is necessary as we resume normal life.

They reported overnight with numbers better than expected. They have lots of cash. They layer in technology to bricks and mortar businesses. They will be a bit stressed based on the COVID shut down but it sets up well for the long term. Be patient on it. Wait for people to get back into restaurants.

The dividend looks fine & safe. The story looks good. The general franchises do curb side pickup. The valuation looks okay. He does not have any consumer stocks yet but this one he considered.

He likes it. It is a utility with a nice, consistent dividend. They dumped a lot of money into 5G. He worries on the media side. It will take a little time to come back, e.g. Sports. He recently added it. He likes safety over growth.

He owns no producers in Canada, nor the US. Near term contracts on oil have moved substantially. Longer term they have not moved. This is a mid-term trade. There will be a lot more volatility in the space. We have to get through a lot of inventory before fundamentals will change on oil.

He really likes it. It is his larger holdings in the utility space and one of his largest holdings in his portfolio over all. He has a lot of respect for what management is doing. They have lots of available liquidity and the dividend is safe. They may ratchet down their dividend growth going forward.

He owns the convertible debentures. It is a speculative position. They should be able to withstand this.

Big 5 Banks. He likes the banks and is adding to them as he was underweight previously. These measure to be the most resilient and strongest businesses in Canada. These things are like utilities. He does not feel they will cut their dividends.

While there is a component of online retailing that is taking a share from them right now, this is an essential service. The type of consumer that shows up wants a quick in and out and knows what they want. It could do well in this environment but he is not buying any consumer names at this point.

(A Top Pick Jun 17/19, Down 8%) They have refining, convenience stores and gas pumps. They have been able to navigate very well through this. Their working capital has gone down very much with the price of oil going down. This is not really an energy company. He is sticking with it.

(A Top Pick Jun 17/19, Down 33%) They got lumped into the airline business. 75-80% of their business is related to aviation. He thinks it was given a bit of a bad knock. Their dividend is very sustainable. Their flights have to take place, such as cargo into the deep north. He likes management and thinks this business will come back very quickly.

(A Top Pick Jun 17/19, Up 15%) It was 100% MG.A-T assets and now that has come down to a little less than 40%. The rest is distribution and warehousing. They have done exceptionally well. They had a very conservative balance sheet going into this.

The re-opening phase in the parks and cruise lines will be difficult. It does not mean it will be a bad investment. It should get back to the $121+ range next year. It is an experience-oriented company. You have to be patient with this one.

Preferred share with 8.73%. It is a mid-stream company and the underlying stock is down quite a bit. He likes it as a business. The credit that you have within this space is really quite good. He sees no reason why they would default on the payment. It is just lumped into energy.

It is a great buy right now. The yield is just over 4% and it is essentially a wind power company. They have expertise for offshore wind farms and signed contracts with Taiwan recently. They consistently come in on time and under budget on their projects. He thinks this is a great company to own.