Market Outlook - Geopolitical tensions affected oil. A draconian scenario in the situation more severe than what happened today at the the strategic Strait of Hormuz would cause a shortage in oil and an increase in oil. For now the oil market is fairly supplied. In the long run oil is broadly locked in the 40 - 80 range and we are kind of at the bottom half of that. For Canada is different as we don;t have enough capacity to move the oil. This is a political issue and it might change in October. The market is pricing a rate cut in the US. It is kind of strange given record levels of employment. Maybe the Fed is more focused on the inflation target as it has been running below 2%.

Went public 4-5 years ago. Strong grower. It stalled last year. The problem is to figure out whether this is a falling knife.

An apparel manufacture. Great strong grower 2 decades +. Low cost operator. Great Management team.

Engineering and construction company. For a couple of years it was mainly consulting, now more doing construction. It could be a mess if not executed well. A show me stock. Cyclical. He would stay clear of it.

They owned three other banks that are larger and more diversified. If he ran a more broader portfolio he would have no problem owning this stock. Having said that you should temper your expectation for the next 5 years as Quebec is their bigger market and it's been the stronger economy in Canada. All banks are now cheap as there are macro concerns in the market that he doesn't share. The group has outperform the TSX in 20 of the last 25 years.

More and more money are flowing into the sector. As ETFs and larger players are investing in them the smaller players could be overlooked. They avoided investing in the space as valuations are very high and there are no clear strategies.

They don;t own any of the cable operators. The dividend is safe. A problem that they had for a while which was the under-funding of their corporate pension plan was cleared. If you are looking for an oligopoly with safe income this fits nicely.

Sold it in April last year at $49 as their reported earnings were significant below street consensus. The stock has come down quite a lot. It has a nice yield. He thinks it is going to be kind of dead money in terms of capital appreciation for 12 - 18 months. The UK purchase is transformational for them and it is good financially. The dividend is safe.

(A Top Pick Jun 28/18, Down 19%) He has been disappointed. They don't have control over oil price. operationally they have grown their earnings 2% YoY and production is up 11% YoY. Their refineries are running very well. Great operator. 40 years + reserves. Best of breed integrated oil company.

(A Top Pick Jun 28/18, Up 16%) It has been sort of their steady-eddy bond proxy. It is a defensive value play as retail is under pressure. Pays close to a 6% dividend. They are involved in redevelopment

(A Top Pick Jun 28/18, Up 8%) For all the angst over banks and consumer leverage and housing they have grown earnings 6% YoY. they pay 4% dividend yield. They are the leader in Canada in personal and commercial and grew at mid-single digit pace. Very comfortable with this one still.

Forecasting commodities prices is very difficult. Copper in particular which is one if the main metals that this company produces has been low. If we get a soft landing then copper demand should pick up. China has been a bigger consumer and that demand is going to be there even at a lower growing pace. They are involved in many projects that will increase production in the future. The stock has been choppy as they had a sort of a Board coup with an activist investor being involved. Longer term the stock price will follow the fundamentals.

It has a strong position but in an industry that is in a secular decline. In the US we are seeing the same. The box office is not growing so they need to increase the ancillary revenues. He likes the strategy of the rec room and increase sales in liquor and pop corn. Still not enough for him to be a sleep well at night stock. (Analysts’ price target is $31.05)

Most gold producers are serial destroyers of capital. Gold is kind of an anti-US dollar hedge and there is a benefit in owning in the portfolio.

They sold it because they are involved in a $3.5B mega project in Alberta that will take 3-4 years to finalize and start generating the $500M expected.