The .UN that people are fixated in is leaving at the end of 2010 but it doesn’t change the nature of the dividend. Comfortable with the cash flow stream. All large cap energy stocks are breaking down.

Rarely sells after an earnings disappointment. Doesn’t think there is a structural problem with the business. They need to get some clarity on how they will transition into what is in effect a new business model where they will have a growth side.

Bullish on infrastructure re-build. Continued government spending is very favorable for them.

The electric business is in the share price. Gas production is being increased in the US and pushing out Canadian exported gas and that is gas that would be on the trans-Canada main line. Prefers Enbridge.

In any commodity based income trust, you cannot say a dividend is safe. NAL going into 2011 is likely going to maintain its current dividend but there is always risk it could be reduced if the commodity price falls.

Continues to like them. Just signed a big contract with the City of New York. The backlog is the largest he has ever seen it.

Both MFC and SLF have exposure to an annuity product that was sold during the bull market. People are fixated on the hedging on this. He would not be standing there to catch these names. There are insurance names that are not in these products. Move into another insurance name.