Tax-loss selling is happening for his clients, but he's holding onto candidates like Arc Resources and Manulilfe. The lifecos have done well this year, especially Sun-Life. Both offer relative safety and growth in Asia. In fact, Manulife isn't a tax-loss candidate. But NFI-T is; New Flyer's deliveries are below expectations and their UK acquisition needs time. The stock is overly punished, though, and will stay in this range for a while. There are signs of growth slowing worldwide with manufacturing data declining. Yet, markets are hitting new highs; markets are ignoring these signals. A narrow band of stocks, including tech, are driving these highs. He expects a rollover to come with investors looking for value. Building cash and fixed income isn't a bad idea now.

The lifecos have done well this year, especially Sun-Life. Both offer relative safety and growth in Asia, especially MFC. Manulife isn't a tax-loss selling candidate.

Will it ever split? Splitting is not a big factor for him. Over the years, the banks tend to split above $100. There's long been talk of CIBC splitting, but they haven't. He'd rather look at the company fundamentals. RY reports tomorrow.

and Enbridge He owns this and Enbridge, and likes both. They both pay good yields; TC pays around 4.5%. Both are highly levered, though. Pipelines and utilities can maintain revenues in a slowdown. For both, what are their long-term capital plans to maintain growth. They both have buoyant plans. He'd buy both.

(A Top Pick Dec 10/18, Up 4%) His second-biggest energy holding after SU-T. Superb managers with great cost control. It's done well in a tough environment, beating the energy group which is down 10% in this period.

(A Top Pick Dec 10/18, Up 28%) Pays over a 5% yield. They have a $19 billion spending program that they can self-fund without issuing shares. Their leverage is a little higher than their target. They just reported a very good quarter. He's sticking with it. He slightly prefers this over TC Energy.