Believes anywhere up to 10% in gold in a portfolio. This one has come off quite nicely and you could add at this time.

Has 20% or more of energy stocks but a chunk of that is oil income trusts. 7%-9% of regular energy stocks. Waiting to see how things work out with the Petrocan merger. Also a little less positive on the tar sands side of the business.

One of the better producers per barrel in the oil sands. Not a bad one if you like heavy oil. He is not a fan of heavy oil.

One of his favourite banks. Recently took some profits because of his bank weightings and concerns about the US holdings.

A little concerned about their commercial properties. There are probably safer sectors in real estate.

Takeover target? Dual class shares so doesn't see a takeover. Has recently been looking at this. Owns the preferreds. If he saw the airline side starting to perk up, he would be more interested.

Had been a huge disappointment as it had come down significantly from its highs. Have recently added to his position. Have fantastic landholdings. Has a number of “heritage” landholdings which can be subject to improve recovery techniques.