Market. One Million plus job losses for the month. It is a doozie. It's the biggest job loss on record. It is going to sting. These job losses are self-induced by our social contract. He thinks it is not likely to be as long as the last recession as it is not a cyclical recession, nor a structural recession. It is an event-driven recession. You have to look at companies and understand the business you are investing in. You are not renting stocks for this quarter's earnings. The challenge for investors is to judge the value of a company. You need to take a long view. There are some bargains in the market. [Stockchase could not paraphrase the cat that was swatting at the guest's head while he was making this market comment. You'd have to watch it here: https://www.bnnbloomberg.ca/market-call/brian-madden-s-market-outlook~1936980 It is the new norm of business news in the COVID19 world.]

He would consider selling it as it is not profitable at current oil prices. It is not as heavily indebted as others but owning a non-integrated is a wing and a prayer on a bail out by the Alberta government.

Banks. A core holding in his equity portfolios. They are facing pressure and margins will be compressed. At the end of the day, we are not renting these stocks for the next 90 days or even for the next year. They are a leveraged play on Canadian economic growth. They are much better capitalized now than in the last recession.

Perpetual Preferred shares vs. Rate Reset Preferred Shares. Perpetual shares are usually issued at $25 and pay a fixed dividend and it is paid until the issuer redeems the preferred share. The rate reset preferred share is issued at $25 and pays an initial dividend but is reset every 5 years. That market has been hit pretty hard as rates have been cut. The fear is that when they reset the dividend it is going to be significantly reduced.

It is a poorly managed company, highly leveraged, in financial distress and he would not own any part of it, not common, not preferreds, not the corporate bonds not even the most senior most ones. It is not out of the question that this company goes bankrupt.

It is a poorly managed company, highly leveraged, in financial distress and he would not own any part of it, not common, not preferreds, not the corporate bonds not even the most senior most ones. It is not out of the question that this company goes bankrupt.

As consumers the best thing we can do is to watch their programs and consume their media. A lot of people in work-from-home situations should be helpful to the cable companies. He does not think they have ever cut their dividend. This is a safe-haven stock.

CPG-T vs. MEG-T. Oil is the most important part of the Canadian economy. He would not touch either of these stocks. Both have leverage and are in financial distress. Oil is almost trading for free. Storage is getting full. It is very costly to shut down an oil sands well, and to almost the same extent to shut down a conventional well. Companies pump the crude even if they almost give it away. Neither of these companies have downstream refineries.

CPG-T vs. MEG-T. Oil is the most important part of the Canadian economy. He would not touch either of these stocks. Both have leverage and are in financial distress. Oil is almost trading for free. Storage is getting full. It is very costly to shut down an oil sands well, and to almost the same extent to shut down a conventional well. Companies pump the crude even if they almost give it away. Neither of these companies have downstream refineries.

This is not a good entry point. They are going to incur massive losses and likely will need a federal bailout. We don’t know what the terms of the bailout will be.

(A Top Pick Apr 11/19, Down 26%) This one has not worked out. Not much really has. It is a difficult period for this company. He bought it because they owned strong and growing brands and he continues to think this. It is a vacuum caused by social distancing that has brought them down. Berger King's menu is working out well. This company will continue to struggle over the next quarter or two.

(A Top Pick Apr 11/19, Down 44%) He continues to hold it because they have a 30 year plus reserve index. The spot price of oil i actually above their costs. They also have downstream integration. The dividend is safe.

(A Top Pick Apr 11/19, Down 27%) He got out at a profit. He bought about 3 years ago. He sold in January because of concerns about its valuation and growth relative to other opportunities. It is almost a pure play on retail.

If you want to wade back into the oil patch this is probably the one with the strongest balance sheet. The advantage is the long life of the oil sands as they don’t need to explore for new oil. Most of the barrels in their reserves will be sold at higher prices. They also have downstream integration. It is a relatively safe play in the oil patch.

He continues to buy it for new clients. The lower prices hurt the producers but not so much the pipelines. The big pipeline is filled with take or pay contracts with financially strong producers. They also own regulated utilities and the demand for heating homes is inelastic. They tend to grow the dividend every year and he feels they will not cut it this year.