Will exit with about 45-50 thousand BOEs a day of heavy oil production in Colombia and believes it will grow 40-45 thousand for each of the next few years. 250 million barrels of reserves and believes there is the potential for this to quadruple over the next 12-15 months. Also feels it may attract investment from Asia. He is Long this and has shorted about $.75 of the U.S. Oil Fund E.T.F. (USO-N) for every $1 of this one.

(A Top Pick Aug 18/09. Up 11.75%.) Pairs trade with Vale (VALER-N). Iron ore operation in Quebec and just going into production. Believes potential to cash flow more than $3 a share in 2011. Fully financed. Expect them to acquire a nearby facility that will catalyze production growth in the next 18 months and cut capital spending.

Top Short Pairs trade with Consolidated Thompson Iron Mines (CLM-T). Trading at more than 10X next year's cash flow and 15%-20% of revenues are from nickel that he doesn't like. Nickel is currently around $8.50 and expects a ceiling of $10-$11.

(A Top Pick Aug 18/09. N/A.) Market is discounting a V shaped recovery predicated upon large amounts of fiscal stimulus and even greater amounts of monetary stimulus. Feels both of these stimuli will begin to wane once we get into the summer of 2010 (?) and he expects a square root recovery. He recommends 25%-30%.

(A Top Pick Aug 18/09. Up 7.68%.)

Splitting between their oil and gas assets. Feels they are hoping for higher valuations for each part by having pure plays. Both of those individual companies become takeover targets.

Nestles. When looking at foreign stocks, you have to take into account what will occur with Cdn$ and have to be very careful. This is a low growth, solid world-class company but he would prefer US companies like General Mills (GIS-N) or Proctor & Gamble (PG-N) that have been much more aggressive at cutting costs and raising prices in the last year.