Sold his holdings about 1.5 years ago. Not following up on the strength they had in emerging markets and are being taken over by Google and Apple. Has become a software game as opposed to a hardware game.

Has caught his attention in terms of the competition they are providing.

Balance sheets of all US major banks are stronger than they were. Will be interesting to see impact of credit write-downs and provisions for bad loans. Major concern is another soft period in US housing. This would not be his choice because of their dependence on the capital market side of things.

Have a major job in repairing their capital ratios and balance sheet. Thinks there will be significant asset sales to accomplish this, which makes it difficult to evaluate. OK for risk capital and you are interested.

One of the more resilient Spanish banks. Has South American exposure as well. The challenges with the Spanish banks make them difficult to evaluate. Doesn't think all of the bad news is out in terms of the European banking system. 6% yield.

In a good space at this time with strong free cash flow, strong dividend yield and a good track record. 11.5% yield. (Prefers Telus (T-T) with its wireless exposure and better growth prospects.)

(A Top Pick Feb 3/10. Up about 10% as of May 9th when it was to be sold.) S&P/TSX equal weighted Oil & Gas ETF.