Expecting a moderation in energy prices, so either have a long term view or be very careful in the short term. Small caps have been trading at trust-like valuations. Have been bid up too high. Feels seniors are better value.

Feels that resources, and gold in particular, will be in a long term cycle. Gold is starting to show its true value in various currencies. This stock is a reasonable marker.

Sold out of his position about a year ago when it was suspected they would not be able to find a buyer of their assets.

A very interesting asset base that has much higher value into the next decade. Doing well and finding partners. There will be implementation risks. It's early on in the game and is trading at discounted valuations. At a reasonable price.

The energy services sector still has many years of opportunity ahead. Believes that a full valuation for the company, post all of its restructuring, is still 15% higher than current. Will require some patience.

An industry that's generating very high return on equity. The insurance sector is a very good long term hold. Should go higher over time.

Business outlook for them is very strong. The rigs are in high demand. Doing tremendously well and the stock has reflected some of that opportunity, so he wouldn't expect a super charged return period without the price of oil charging much higher from here.

Will probably take some time for them to get their permitting in place, but they will overcome the challenges. Share price has come back a lot. A reflection of the gold industry. A tough business.

(A Top Pick Jan 14/05. Down 8.5%.) Still likes.

(A Top Pick Jan 14/05. Up 10%.) High returns on investments. Well managed. Growth opportunities around the world.

(A Top Pick Jan 14/05. Up 7%.) Looking for higher gold prices and this is an anchor for the world's best. Profitable with growth opportunities. Trades at reasonable valuation to net asset value.

One of the companies that is at the relative outperformance at the company level. A little cautious on the entire oil sector. Expect there will be a pull back on share prices.

Still a cheap stock. Feels there are still some catalysts that it will go through. Feels they will find value through trusting of operations. There is a feeling that the Australian/New Zealand operations are not growing as had been hoped, so the company might have to go through a period were it's quiet.

Feels they are seeing the challenge of the energy space going forward and are moving into many different areas and geographical spaces to take advantage of future prospects. High return. Well run. Good long term hold. Moderate valuations.

Comes into the health care theme that he thinks will be dominate into the next 10 years. Not his favourite way to participate.