50% oil and 50% gas with properties in Canada, US and Asia. Marcellus in the US is interesting. Much cheaper than some of the other large integrateds. Just announced a joint venture with Total (TOT-N) in one of their Asian properties. Valuation is good.

As the economy improves, they will have room to raise its dividends and grow its earnings and cash flow. Besides present industrials, it has gone into wind turbine and solar. Interesting company to watch.

Toronto Dominion (TD-T) or Royal (RY-T) for a long-term hold? Royal just sold their US retail operations while TD continues to expand and is attracting a lot of deposits. Would prefer TD because of less trading activity but a very hard question as they are both very close.

Toronto Dominion (TD-T) or Royal (RY-T) for a long-term hold? Royal just sold their US retail operations while TD continues to expand and is attracting a lot of deposits. Would prefer TD because of less trading activity but a very hard question as they are both very close.

At the head of a huge web where they invest in a whole suite of smaller companies. Prefers to own this one. Trades at a discount to NAV. Dividend is less than 2% but expecting this will get increased over time. For a higher dividend you would go into one of their smaller holdings.

Airline with some of the smaller regional Cdn routes. Load factor is quite good. Yield of 14%. Will have to spend money on new planes in the next little while, which will increase their debt. He would prefer Cargojet (CJT-T).

About 60% gas weighted. Balance sheet is a bit stretched and they may have to raise equity or do a high yield debt issue Some of their oil plays haven’t gone as well as they would have liked.