At a historical discount relative to underlying net asset value, which includes Loblaws (L-T) and a net cash position coming from various different US businesses that they have sold.

Merging with Merck (MRK-N). Combination will create a very strong pipeline of products, which for many years will have a good growth profile. It will merge short to mid cycle products with longer-term type products and thinks there are significant synergy type benefits. You could also own Merk but this is a discounted way of playing this. (See also MRK-N.)

Merging with Schering-Plough (SGP-N). Combination will create a very strong pipeline of products, which for many years will have a good growth profile. It will merge short to mid cycle products with longer-term type products and thinks there are significant synergy type benefits. You could also own Schering-Plough, which is a discounted way of playing this. (See also SGP-N.)

Health supplements. Has been growing through both organic and acquisitions. Has about 13% US market share and are quite strong in Europe. Their intention is to grow to about 20% market share. Attractively priced at about 8X forward earnings.

(A Top Pick July 3/09. Up 7.31%.) Likes the diverse products in their pharmaceutical and medical devices as well as their consumer products area. Still a Buy.

(A Top Pick July 3/09. Down 6.45%.) Making a number of positive adjustments in their operations and marketing.

(A Top Pick July 3/09. Up 7.81%.) Strong and safe distribution. Attractive assets. Unique asset class and well managed.