If it came down to $33, it would go into his portfolio. His model price is $35.12. He would treat it as a trading stock and if it got up to $45 would let it go.
His model price is $23.87, a -16% differential. Although it has 4% yield, yield is not valuation. When you go for yield, you are paying huge amounts of valuation.
His model price is $39.15, a 9.6% positive differential. Thinks it holds here for a while but doesn't expect any great gains. Likes the sector and his #1 pick would be Metro (MRU.A-T).
ETFs. He doesn't do these. They are trading vehicles and you can’t do valuation on them like you can on individual stocks. Commodities have to be rolled over every month.