Eric Bushell

Had decent production growth in '05. Intermediate to long term they have solid production growth opportunities through their Horizon project in the Oil Sands. There's a broad global audience for this stock. Valuations are quite cheap.

An extrordinary long reserve life. Production growth. Continually bringing down operating costs. If you are bullish on energy, having a position in this is very sensible.

(A Top Pick May 28/03. Up 200%.) A nuclear rebirth is taking place. The stake they have in the Bruce Nuclear facility gives them leverage in Ontario into a rising power price market. Has had a huge run, so they are more cautious on it at this price. Would like at it $5 or so lower.

Believes we are in a strong extended chemical cycle. On the agricultural side of their business they have a very strong position and there has been a very strong demand growth. On commodity chemicals, they have managed capacity growth to make sure capacity stays tight.

A decent dividend yield. Excellently run company.

Trading at 11 X '05 earnings. Continues to take share in investment banking. Good value.

Their refining business is very interesting. Lots of upgrading.

(A Top Pick May 28/03. Up 33%.) Sold long ago. It was bottom feeding on a broken down company.

(A Top Pick May 28/03. Up 18%.) When the economy went into a downturn, they got out.

Western Canadian decline rates are getting steeper and steeper, so more wells have to be drilled just to keep production flat. Utilization rates are high and are going to go higher. Rig rates are high. Made a very timely acquisition of a rig fleet. Also a potential to become an income trust.

Matalurgical coal and copper have been big wins for them, and yet to come is zinc which they feel will be in strong demand. China is bringing on the largest amount of galvanized steel mills that may have ever been brought on in such a concentrated time frame.

Thinks there's a long term revaluation taking place in rails. A lot of outsourced products will be coming in from China and will be handled by rail. There's volume and pricing growth and thinks that earnings are going to surprise.

In an extended secular upswing for metals pricing because of 1) the surge in demand and 2) because of the uptick in global production rates. But the big moves in the metal prices are now done which takes a way the froth and excitement. Not enamoured with Noranda's assets.

3.85% yield. Better return than on a Canada Savings Bond. The balance sheet position is fairly robust. It looks like their end markets are improving.

Moving up, because investors are looking for safety. 4 1/2% yield is very attractive. As a growth telecom play, it is less interesting because of competition.