There is a disconnect between the equity market and the broader economy that is cause for concern. The big contributing factors for equity market returns are low interest rates and the wave of money supplied by central banks. The stimulus has worked to buoy the market. Financially strong companies have been accessing the capital market through inexpensive debt. It has allowed strategic maneuvers. Don't chase the returns and pick good quality companies.

Banks. He is not worried about a big surprise from banks next week. They have taken a very cautious approach. Whether the loan loss provisions will come back is still to be seen. Canadian banks tend to be very conservative and the provisions shouldn't be a worry as long as the losses don't even the capital. He thinks they will have reasonable return on equity at around 8%.

They have a multi-brand retail platform with well recognized brands. The retail offering is less compelling compared to their competition. It could be a value trap with 10x forward earnings. It could take them longer to strengthen their online offering.

They own it in their client portfolio. They have streamlined operations in their international offerings. In doing so, their earnings were a little choppy which caused the underperformance. Going forward it should see earnings growth. They are well positioned and the dividend is safe.

It is defensive in this type of market. The utility market has come off and they are no longer as expensive as before. It is a well run business. Their debt is higher because of recent acquisitions.

Best retailer to invest in. He would hold off in investing in any of them right now. Large cap retailers are capturing market share and growing revenues. However, it's not going to last forever and the valuation has climbed up very quickly. Longer-term they are great retail franchises but expensive right now.

Best retailer to invest in. He would hold off in investing in any of them right now. Large cap retailers are capturing market share and growing revenues. However, it's not going to last forever and the valuation has climbed up very quickly. Longer-term they are great retail franchises but expensive right now.

Best retailer to invest in. He would hold off in investing in any of them right now. Large cap retailers are capturing market share and growing revenues. However, it's not going to last forever and the valuation has climbed up very quickly. Longer-term they are great retail franchises but expensive right now.

The business is great and the management team is strong. A fantastic compounder of capital. A company that does well in low interest rate environment. They take real estate and create synthetic bonds for institutions. Recent fundraising has been prolific.

A large cap energy producer that he used to cover. The Canadian political landscape is an impediment. They need more takeaway capacity. The current supply-demand balance is too high. Inventory is high and the balance is out of equilibrium.

It will be a difficult environment for banks for a moment. It depends on the recovery and how the pandemic plays out. You can't expect too much from banks right now. Looking at the medium term, 5-10 years, it is positive.

The valuation is low with low price to book. The dividend is quite good. There is just negative sentiment around lifecos in general. The market has just not responded to what they are doing. Interest rates are likely to be low for a long time which is punitive to them.

There is a lot of negativity around real estate in general. However, he would stick with this. They will be doing a massive buy-back. There are people who are inpatient from whom the company is looking to buy back shares from. Their office assets are top quality.

(A Top Pick Sep 17/19, Down 52%) A diversified REIT. This is one they ended up selling. Their mall portfolio has suffered. He was afraid the dividend would come under pressure. Getting access to capital is tough for them.