Just reported a fairly decent quarter. Been building its business on the US retail side that offers them opportunity, as well as some risk. Likes this but her favourite is Bank of Nova Scotia (BNS-T). (See Top Picks.)

You have every right to be concerned about this because of the natural gas prices. At the end of the last recession, 2001-2002, natural gas bottomed around $2 and we are currently at $2.74. Despite global growth/Chinese demand, natural gas is purely a domestic commodity. We need economic recovery and increase in industrial production to drive natural gas demand.

Has everything from oil sands to Canadian Western conventional to N. Sea to offshore West Africa. Great production and cash flow growth. Cheap.

Gold. Impressive production growth over the last number of years from 1.6 million ounces to about 2.4 million ounces. Have good projects that will be coming on stream after 2013 but until that time it has limited scope for production growth. Great stock longer-term but not for short-term production growth. (See Top Picks.)

Likes this with or without the C.F. Industry acquisition. Undervalued relative to Potash (POT-T) by 20%-30% on NAV and about half the PE multiple. Thinks they will eventually acquire C. F. Industry.

Largest bank in Canada but has some US assets that cause some concern. Had a great quarter because of vote 50% of their revenues came from trading. Has the best ROE in the business. Strong franchise but the shares are priced to reflect that. (See Top Picks.)

Have been growing earnings over 20% a year and is expected to continue this over the next 2 to 3 years. Trading at a 15X forward multiple. When the PE is lower than the growth rate, that is a Buy signal for growth managers.