Paying around 100% of their earnings out in dividends and that is always a worry. Also, there is no growth here. There is a lot more wireless competition in Canada. Doesn't own any telecom stocks in Canada right now.

A conservative play as the macro backdrop is not encouraging right now. Predominantly hydro-assets. Yielding over 6% with modest upside growth from this. Probably average 10% total return over the course of a year.

Foster Creek and Christina Lake are the 2 main SAGD operations and have some of the best ratios in the business. Have 137 billion barrels of oil in place on their lands, which will support potential production of 2 million barrels a day.

Holding 40% cash in his funds. Energy resource area is a risk trade but only works if there is global growth. Top down view of global growth seems to be deteriorating. You want to be cautious for the next 3-4 months. You can start looking to buy in the late fall.

(A Top Pick July 24/09. Down 1%.) Sold in May with a little bit of profit. Had great exploration/production upside, particularly offshore. Now that things are clearing up in the Gulf, it might be time to look at this again.

(A Top Pick July 24/09. Up 36%.) Continues to grow at about 20% a year. Solid management team. Currently he is favouring Trans Canada (TRP-T) but still likes this one.

(A Top Pick July 24/09. Down 3%.) Got tired of waiting for it to turn so he got out in May. Has done a good job lately of this posing of non-core assets. Repositioning itself in gas and oil sands.