Over long term there will be upside. He owned last year so he took profits. It’s grown its earnings but the stock has not done as well, so now might be the perfect time to buy it.

High free cash flow yield. Increased competition from Internet but stock price reflects that. They are doing a good job in developing their own Internet based business.

One of his favourite names. Has been disappointing for investors recently. It had several fires, which was a real negative, while the 3rd and 4th quarter were disappointing. But it has the best management team, visible reserve life that is very strong. Eventually when you get through the integration with Petro Canada, this is a must-have name for the next 12 months.

Levered to oil. Fairly low risk and simple business in many ways. There is a concern that they might go out and purchase Coneco Phillips. They could be acquired if we see renewed confidence in the oil sands. Demand is growing very rapidly in Asia.

Under performed. Had challenges last year but now growth is becoming more obvious.

Cash flows have been relatively strong. It’s hard to see what the catalyst is for the next leg up. They paid down debt in anticipation of acquisitions that might take place down the road.

One of the better trusts. It’s hard to see what would be a catalyst for the next leg up.