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Market. In the case of 5G he wants to position himself in the companies that have the most spectrum. There is a spectrum auction coming up shortly. The incumbents will probably share 53% and the rest goes to smaller companies. Cellular is going to change all kinds of occupations in years to come. AI is more applicable to more industries than block chain. In the future you probably won't need a radiologist. The insurance companies will love this as they won't have to employ all these people. He is involved in an AI start up fund.


The company has gone from simply a coal producer and then to a metallurgical coal producer and now by Q4 Fort Hills will come on stream with copper, coal and energy. Nice transformation in the company. There is a hiccup in all the commodities today. The 10 year bond is looking like it will break 290. He is surprised how well the market is behaving today. He would be a buyer on a pull back.

Visa Inc.

A payments company. In the last 6-9 months they purchased the Euro portion of this company. We are seeing more and more payments of this kind occurring. Payment systems are being embraced globally. Visa and Master card are clearly winning.

other services
Ford Motor

An auto manufacturer and the worst performer of the group. When you look at tariffs on steel, it will affect the price of a car. The question is whether the auto companies can move the costs on quickly. He does not think Ford can pass the costs through. We are probably getting to the tail end of the growth in sales. Let it play out before taking an interest.

Bank of America

Once we get through trade issues we will start to see 10 year rates rise higher. He thinks loan growth will continue to grow in the US. This along with MG-N he has no problem putting into the portfolio.

Aurora Cannabis

They have been acquiring a lot of businesses. They are managing a growth profile. Bu you should be concerned about the dilution. There are concerns that they will do underwritings and go lower. He is short. He is long others in the space. Cannabis is quite different in Canada than in the US. You can’t do the edibles. You are just a grower/distributor and trying to develop a brand without advertizing. It is going to b a different approach for a number of years. The future growth is in the edibles. See HMMJ-T. The bulk of the group is at risk. We have not seen anybody process in bulk because it is still illegal to produce.


5 G Networks. This is going to be bigger than the Internet. He is not sure he completely agrees with that but with the smart cities including automated cars, we need this. It actually uses less power at the end of the day. It is 100 times faster than 4G. FB-Q and so on have basically built their companies with no infrastructure because they use the internet.


Morphed itself from a cable company to a mobility company. Over the last number of years it has been subscriber uptake that has driven them. The weakness is on the enterprise side, which T-T is strong in. Generally this one is a utility with reasonable growth at the end of the day. The future has to do with how fast they will deploy 5 G.


Choosing an equity mutual fund. It is hard to do stock picking as an individual so he would recommend a mutual fund. It is better to have it in a cash account than an RRSP. It depends on the environment and where you are in the cycle. A lot of people are managing their own portfolios these days. If you are willing to spend the time and do the research you can build a decent portfolio. We have been in a great cycle for 10 years. The world's not getting any safer or stable with Trump in power. You want to look for lower fees. The industry has shrunk in terms of companies. An ETF is a market or a part of the market and it depends on how you feel about the sector. The market is not without risk at the end of the day.


Shaw will get a good chunk of this first 5 G spectrum. Chorus is up for sale. Shaw has a fair amount of debt and will benefit from the sale. Once spectrum has been allocated it will benefit Shaw and Rogers. There are certain parts of the country where each company does not have a foot print. It would be nice to see them come to an agreement. Shaw pays a 4% monthly yield. Last quarter it had pretty good subscriber growth.

Enghouse Systems

It is about the guy who is running it. He accumulated a serious of software companies that don’t get the premium multiple they deserve. It is like Constellation Software. He has tremendous cash flow. At some point he will sell this company. In the interim you have a nice steady company that generates a steady cash flow.

computer software / processing

He has been involved from early stages. The key is the operation people that have done extraordinarily well as well as the timing of acquisitions. It does acquisitions on a contrarian basis. They built the business very effectively over the years and rates right there with SU-T in any portfolio.

oil / gas
Linamar Corp

This and MG-T are the two big ones and MG-T is holding up while LNR-T is crushed. Both are at risk under Trump. Whatever he says he is going to do he eventually gets to it. Long term there are risks because of the electrification of it.

transportation equip & components

When you look at betting, it is bigger than cannabis. Their old name is behind them. They made acquisitions in Europe. In the US the supreme court has is now allowing sports betting. These guys are the largest poker player in the world and the largest internet gambling company in the world. (Analysts’ target: $50.36).

Business Services

If we learned anything about tariffs, it is lumber. STLC-T's pension liability is gone and they have a clean balance sheet. They have the ability to increase capacity. They remind him of the lumber debate. (Analysts’ target: $33.50).

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