Market Outlook The attack on Saudi oil facilities has to be good for Canada as security of supply will become paramount. The oil sands are safe and reliable and available for a long time to come. We are at a very high level of valuations for the market in general. His fair market value analysis would allow for another 5% upside for the S&P500. That market has NEVER broken above that threshold in the 35 years they have been tracking the data. The 3000 mark is a key technical level, so be cautious about adding length above this level. Central Banks don't have a clue about what is really going on in the market and neither do their political counterparts. All the Central Banks are playing things by ear, but negative interest rates are taking the easy tools away as they can't really cut rates anymore. When the Fed meets again this week, the market is bound to be disappointed regardless of their decision on rate cuts. He is buying energy stocks with positive and reasonably predictable earnings -- refiners, for example, as they work on the spread between products and oil prices. If oil prices ever return in a meaningful way, there are many opportunities in the producer space that could offer 10 times returns. As a portfolio manager, he doesn't have the luxury to hold and wait for two years for energy stocks to rise as investors become impatient. So he is not jumping back into oil in a big way just yet.

Since 2002, TFII-T has tended to trade between 2 and 3 times book. Right now it is back down to 2 times, so it is interesting. He would think it has good upside potential and it is trading at a 10 year low in terms of book value. He would go with it.

Bought in at $4.65. A good idea? On the topic of gold, and precious metals, there is always a lot of volatility. In a long term sense FVI-T is good value. Is he concerned about it? No. The stock is trading right around book value.

His first job as an analyst was in forestry products. What he learned was that this is a very cyclical business. You want to buy them when their earnings are down and the their PE looks high -- but not on a price to book level. He has not seen enough of an extreme to enter just yet. Book value is $40. He would be patient and look to buy closer to this level.

It had a huge run when Oprah was involved. It has bounced reasonably well this year, but it is still over valued at this point. He would be cautious and expects it to retest the lows at some point (around $20).

Why don't you like it? He has nearly 50 years of trading data on MCD-N. Every time we have a market at excessive valuations, back to 1972, market corrections have caused this stock to decline 75%. Right now his model is saying the stock is already 50% over valued. The company has been buying back stock and book value is well below current share prices. Credit worthiness has slipped over the years as well. He expects history to repeat it self. You will get your but handed to you. He is not a fan of the non-meat products -- it is a fad.

(A Top Pick Aug 20/18, Up 1%) Most of the banks have done nothing over the last year. Falling interest rates tends to squeeze bank margins.

(A Top Pick Aug 20/18, Up 15%) He chose this for lower interest rates and was rewarded. It still looks good today. If the Fed cuts rates today, this will continue to benefit. It won't soar from here, but it will be safe.

(A Top Pick Aug 20/18, Up 2%) This merged with another company and was taken out. He still likes the gold space. Central Banks are beginning to run on fumes and have no idea what problems they are causing for investors down the road. Gold is good in deflationary times and even better in inflationary times -- it doesn't do well in between.

Gold He still likes the gold space. Central Banks are beginning to run on fumes and have no idea what problems they are causing for investors down the road. Gold is good in deflationary times and even better in inflationary times -- it doesn't do well in between.

A 5G play? AMT-N did run into a technical break point at $235. Fundamentally, it is extremely highly valued -- 60% over valued by his models. There is an acceleration in current stock price move that he attributes to the 5G influence. You are paying for it now as it pays out most of its earnings in a dividend -- $3.68 per share -- that has a high payout ratio. You are speculating at this point. He would not buy here.

A gambling stock including poker. The upside potential is 92%, says his model. Shareholders seem to have become frustrated they have not signed more deals with the various US states. If they can get things signed, it has great potential as it trades at a discount to book value.

The company has come up against technical resistance at 1.5 times book value. The upside potential is 124%, his model says. The book value is $11 and acts as the floor for the share price. It paid a special one-time dividend recently. A very strong balance sheet. You would not get massacred buying it here.