(Market Call Minute.) Buy it if you are truly a long-term investor.

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.

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.