Bell Canada Bonds 4.64% maturing 2016. These bonds are lagging and should trade much more expensive in the next 2 months.

One of the few REITs that reissued guidance that funds from operations (FFO) is solid. Apartment buildings out west won't necessarily hurt you. Great management and they get funding through CMHC. As the interest rate market gets lower, they go lower to so the spreads haven't blown out on them for funding.

GE Capital Bonds 5.37% maturing in 2037. Usually you don't want to lend to anybody for more than 5 to 7 years but this is extraordinary. Gives you about 383 basis points over long Canada. Rated AAA, the highest bond rating possible. When the world becomes normal, spreads will come right in and you'll get a massive gain.

(A Top Pick Dec 28/07. Down 53%.) Sold out at around $10-$11. Replaced their real estate with unsecured bonds.

Disappointing guidance as they lowered wireless growth for Q4 of 08. This put pressure on the stock. Looking at this vs. BCE (BCE-T) he doesn't think BCE could have a strategic plan in place yet. They are more concerned about cutting costs and catching up to the telcos. Telus wireless could be more vulnerable because Vancouver and Calgary are suffering most of the slowdown in commodities and real estate but it is still a stable cash flow business. Both have to spend on GSM technology to compete with Rogers (RCI.B-T).

One of the premier banks globally. The whole Canadian banking sector will have headwinds going forward. Still worthwhile to own banks but doesn't think it's going to go anywhere.

Hit hard partially because of the Bow building in Calgary. In this environment, you have to look for the strongest balance sheets. The feeling is that REITs will not be able to grow distributions.