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Commercial diversified. Concentrated in Québec city and Montréal. Moved into Atlantic Canada when they bought Overland Realty and just recently purchased Canmart. He has been concerned about the balance sheet because they have a lot of convertible debentures, and as they convert into units have diluted their performance recently. 5.8% dividend.

Midstream operator. Tremendous track record from its 2004 IPO. Had one bad quarter and the stock sold off from $52 to $39 giving a golden opportunity to step in. Even at $47, he thinks it is worth $53. Tremendous small tuck-in acquisition potential as well as projects they have going on in Alberta. 4.3% dividend yield.

A conglomerate that has had a tremendous run. He did some work and uncovered some value that the market was not recognizing. $48-$49 on the basis of $3 free cash flow generation and continuation of the dividend. 5.89% dividend.

Markets. Some optimism has been built in that we are going to sell some more bonds. This is probably more important than the US side in the very short term. Feels there is money waiting on the sidelines so you could get a little bit of up fall run after September. The Canadian market has lagged the US. Energy has been very poor. Stocks are still dragging even though we have a $95 oil price. There are bank dividend increases coming next week.

Junior oil/gas producer that cut the dividend, to his surprise. It has continued to decline to the point where that he has started thinking about it as a possible re-buy at some stage. They were pretty close to the edge as far as cash flow goes and, as well, they are about half gas. If prices stay where they are, they are completely fine. Payout ratio is 65% on a run rate. They could cut the dividend again. He is going to wait 3 months through the shoulder season and if gas doesn’t go down and they haven’t cut, it will probably be pretty clear and they might look at it.

He likes it in that you got nitrogen, potash, phosphate and a retail side all in one holding and, the retail smoothed it out. If they split it, is not sure if you wouldn’t get the retail up to 8.5 and the rest would go down a little bit. He is hoping that they keep it as is. Thinks it is worth $110-$115 a year out.

Intermediate golds is the place to play if you can find good management teams. You have production growth that can skate you on side if prices go sideways or even down.

Got beaten up tremendously but has had a nice rebound in the last 6-8 weeks. About half oil and half gas and of the oil, you have oil sands and heavy oil as well as some international. There is a little bit of risk if the gas price retreats between now and end of October so there might be a bit better entry point. He would like to see it under $30.

If the Chinese took some of their African assets, it would be positive. He doesn’t like this company because he finds it so big that it is very difficult for them to get growth.

Just made a big deal with Inmet Mining (IMN-T). Market likes the royalty business model, in particular because gold companies have had a hard time delivering with cost overruns. Every time they do a deal, it generally works out positive for the stock. However, it’s almost 2X NAV while you can buy others at a discount to NAV. Quite expensive on a relative basis.

Likes this one. 6.6% yield. His only criticism is that they are serial issuers. Have done a lot of acquisitions and then they do an issue, which tends to flatten the stock out for a while. Had a blowout upside 2^nd quarter, 10% above the streets expectation and then did an acquisition and an issue which dropped the stock price. They have a decade of possible drill sites so there is really good growth over time but they need to stop issuing.

(A Top Pick Aug 15/11. Up 9.14%.) Thinks they are going to raise their dividend 2% or 3% when it reports next week. Stock should be $85 a year from now.

(A Top Pick Aug 15/11. Up 34.83%.) Was still buying at $7.70-$7.80. Can see it at $10.50-$11 a year out.

(A Top Pick Aug 15/11. Down 25.54%.) This is as cheap as it has ever been in its history. It needs a catalyst and a good quarter. It is announcing contracts but that is not the catalyst. New CEO, which he thinks will help.

This is rumoured to be one of the lead buyers for ING Canada. It would be a good fit but the problem would be possible alienation of existing customers. Acquisitions outside of North America are one of their primary expansions. They don’t have a lot of competition and they have a good track record. Will possibly raise their dividends in December or March. 4.1% dividend yield. Can see it in the high $50s in 12 months.