Was the best bank over the last couple of years and became over extended and now taking a rest, both on an absolute basis and relative basis compared to some of the other banks. If buying a bank, the National Bank (NA-T) would be his choice.

If buying a bank today, this one would be his choice. The most interesting. A little bit of Quebec factor has come back into it which in the short run is unwarranted. Has the best opportunity to increase margins and its dividends.

Favourite insurance company. Has the best management. Likes their international exposure, especially the far east.

The premier company in the mutual fund sector. With markets going sideways, the flow into mutual funds may not be as robust. May convert into a trust.

Liquor stroes are an ideal business for an income trust, because they are stable, growing and a good margin business. This one had a big run and probably got over valued which is probably the reason for the near term weakness.

P/E of 3.9 and a yield of 5.5%. Very well run. Earnings record has been very good. A cyclical company in a cyclical business and steel stocks have been under pressure lately. Steel pricing has been coming down due to overcapacity around the world.

Wouldn't consider owning this until the stock stops going down and starts to go up. Paper grades that they are in have being doing poorly. Hurt by the US$. Quebec government is looking for less wood to be cut down.