Generating so much cash flow so they keep growing the business. Smart phone penetration is only 25% in Canada. There are so many demands for bandwidth coming. Even with run up it is way too cheap.

Has not performed as well as people expected. His favourite is CNQ. Long-term asset in a politically stable environment.

Iron ore is an asset that is hard to find. China is the biggest importer of Iron Ore. LIM is a near term producer. He doesn’t buy companies that are not in full production.

Preferred Share: Has a risk if interest rates go higher. Company does not have to call this perpetual preferred share ever. Nice yield. Great long-term asset with high interest rate.

You can’t go wrong. Canadian market has moved but US has not moved yet.

Doesn’t see good things happening to Nat Gas over the next 12 months. In 10 years it might be a great asset to be in. Switch into oily-based companies.

Has been one of his top picks, but disappointing valuation. Buy more at this price. Things will turn around next year.