Rebecca Teltscher

She is concerned about the economic landscape with a risk of a slowdown. Savings rates in Canada are coming down, credit card debt is going up, and the consumer is spending less. Bank earnings that came out a couple of weeks ago were really messy and the rate cut last week is a sign that things are not going well. They will have to cut more due to mortgage shock. In spite of all this. markets continue to rise. Guidance in companies relying on discretionary spending is coming down and consumers are taking home less volume. Her company's portfolios are focused on the preservation of capital and safety of dividends. They are overweight in defensive sectors. 

The question was on portfolio construction. Stay diversified with a balance of high dividend stocks and high growers. For example, in the financial sector you could own TD Bank with a 5 1/2% dividend and a depressed price because of the money laundering situation, and compliment it with Manufacturers Life with higher dividend growth. You could do the same type of strategy with utilities and telcos.

It is fully integrated with good management. It is doing the right things but is cyclical and therefore volatile. It is OK to buy now at a lower price but it is not for them.

The question was on her preference between Tourmaline or Arc resources. It is fine to own both - they are both well managed and have good assets. They own Arc because they like assets slightly better.

The question was on her preference between Tourmaline or Arc resources. It is fine to own both - they are both well managed and have good assets. They own Arc because they like assets slightly better.

This was another question on which company she prefers.. They are both doing well. Her company owns CNQ which has a very good, conservative management team and good assets. It buys assets at rock bottom prices and has a good mix. They can now pay back 100% of free cash flow to investors. WCP is light oil which has a higher decline rate but the management team is doing well making the wells last longer.

This was another question on which company she prefers.. They are both doing well. Her company owns CNQ which has a very good, conservative management team and good assets. It buys assets at rock bottom prices and has a good mix. They can now pay back 100% of free cash flow to investors. WCP is light oil which has a higher decline rate but the management team is doing well making the wells last longer.

They own for the retail, agricultural side not the commodity side. The dividend of 3.8% comes from the agricultural side.

It has provided a 5 to 7% return per year over the long term. It is on the retail side of energy but has some commodity exposure. It has debt and needs to get the level down. Pays a 3 1/2% dividend.

It is a good name and operates in rural and northern areas in Canada. It is the only airline in the North Pacific region. It operates in niche businesses and is like a mini-monopoly. It has a good CEO and she wants to see if this applies to the whole team behind the CEO. Has a 5.7% yield

The training part is good but It is down because of the defense side. However since it was picked it announced an 11 billion dollar contract with the Royal Canadian Airforce over the next 25 years to train pilots. She would still buy it today.

It is technically a utility but owns many different infrastructure assets. It typically buys assets at low valuations and sells at higher prices. It is like owning a private equity firm with one of the strongest management teams in Canada. It generally raises its dividend each year. Lower interest rates are a tailwind. Still a buy.

They are good operators as a distribution utility. Lower rates are a tailwind. They are selling an asset later in the year to help pay down debt. Pays a 6 1/2% dividend.

She feels that tech is trading at unsustainable multiples and can be volatile when reporting earnings. Nvidia has consistently had good earnings.

It is the second largest diversified utility in Canada and is better than other utilities. Since it is a bit cheaper it is OK to buy now. She likes the diversification.