Convertible 7% bond maturing Sept 30/14. Stock is appropriately priced so this is a safer way to get into the infrastructure play.. Fantastic balance sheet. No debt.

Trades at under 1X Book. Terrific assets in Merrill Lynch and Countryside and the synergies are happening. Credit provisions are going off the books, which means loans are now being repaired. Looking for $30 trading range in 2012/2013.

Competition is fierce but they are still increasing revenue per unit because of the smart phones, television. Buckets of free cash flow.

(A Top Pick Aug 12/09. Up 21.5%.) Still likes.

(A Top Pick Aug 12/09. Up 24.49%.) Still likes.

(A Top Pick Aug 12/09. Up 7.75%.) 7.75% bonds maturing October 2015. Still likes.

Deploys capital very efficiently. Big risks going forward would be expansion in the US but have such a dynamic retail business he is not concerned. Expect a normalized rate of return of dividend plus 5%.