Insurance companies were torn down during the financial crisis but on recovery have been leading the way up but was not on the basis of very solid underpinning. A tremendous company but still some possible disappointments in earnings going forward. (Added to his positions at $9 but would look at it at around $20.)

Fairfax Financial (FFH-T) holds 20% of this company. Not sure that they could have any influence on keeping this company out of bankruptcy.

Closely tied to the demand for coal. If you own, consider taking some profit, as he is not sure how sustainable the current demand is and if the economy is strong enough to maintain the prices.

Given his view that there could be a setback in the commodity markets and that the economy is not as strong as what people are reading into it he would be hesitant to Buy at this time.

Telcos are pretty much in a dogfight, not just with wireless, but also landlines, television etc.. New competitors are starting to come into the market with Internet protocol television. Rogers’ outlook going forward is a little bit soft. Prefers Cogeco Cable (CCA-T), which sells at a severe discount to most of the major players and expects it will catch up before there is any significant appreciation by the majors.

Have made a remarkable recovery but have been doing so by selling off pieces of the company and diluting old shareholders. What we have seen lately is over exuberance in the market, which may not be well founded.

Nice yield of almost 5%. Have been expanding aggressively through acquisitions. Have diluting shareholders through a lot of new issues. Prefers International Pipeline (IPL.UN-T), which has a better yield. On multiples they are about the same.