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Economy. Fiscal side in the equation in the US is quite restrained. Moving forward, we are probably going to see more policies that lean on the side of austerity rather than stimulative policies. The only leverage the US government has right now is monetary policy. It looks like we should get higher interest rate in 2013 but moving forward, he thinks rates will be fairly flat. Dividend stocks, income related investments, REITs will be a good place to be and will provide a decent rate of return, but investors have to get used to a lower total return than what they have seen over the last 3-4 years.

Likes the Canadian apartment sector because, typically in a rising interest rate environment, apartment REITs typically outperform their counterparts in the industrial/retail/office markets. Length of apartment REITs leases are typically shorter He expects there will be an increase in interest rates in the next 12 to 24 months.

A big strategies for companies like this is to continue to grow through acquisition. Acquisition is on the premise of them having a cost of capital advantage over other apartment REITs. At the stock price of $3-$4, cost of capital is not great enough to give them outstanding advantage over other apartment REITs. Doesn’t think this will be stagnant forever and they will be up to make acquisitions. Very skilled team. Would prefer others.

This has had a great year and the units are up about 10%. Moving forward, you have to be ready for a different rate of return. Double-digit rates of return are not a realistic expectation for 2013. Feels corporate bonds will outperform treasury bonds but that would be 2%-3% in 2013.

Management team does a very decent job. Own a good deal of properties down in Minneapolis as well as in Phoenix. Feels this will be an area of growth for them.

Has been a lot of confusion on this in the last 5 to 6 days, primarily because they issued additional units to buy some more properties in Texas and southern Oklahoma. Units were issued at $9:30 versus the $10 IPO price. Expects to see production growth as well as NAV growth. Very decent value.

Preferred Z which matures in 2016 and pays 3.7%? This sounds like a five-year fixed reset issue, which means it will reset, not mature. You may be stuck in a perpetual floater depending on what the reset rate is.

Chart shows this has taken quite a dip in the last while. Changes in management because of production mishaps. Need to look at these from both a production standpoint and a commodity standpoint. Have a constrained balance sheet and not a lot of room to raise CapX for growth. More linked to oil than to gas and he feels that in 2013, oil will average around $95 per barrel which will be very positive for them.

Quite active in the bay area of San Francisco. Have also been active in southern Florida and are looking to expand to the Carolinas and other areas in the US. A company that is doing one of the few arbitrages left in US real estate. They are able to buy US residential rental properties with no leverage and get a return on their capital in the high teens.

( A Top Pick Dec 20/11. Up 20.66%.)

(A Top Pick Dec 20/11. Down 42.21%.) Had a high level of income and he was positive on the commodity. A lot of their production was in the natural gas liquids sector, which fell out of favour. Probably lost about 10% of his investment.

( A Top Pick Dec 20/11. Up 29.84%.)

Coming off the back of a $700 million bought deal, which has put a massive overhang over it. Through the years, they have continued to add to their reserve life, production on a per-share basis and NAV on a per share basis. Have been doing the right things.

A focused industrial REIT. Has a soft spot for industrial real estate. Typically it is steadier through good and bad times than most people believe. This one will be growing through acquisition over the next 12 months.

9.25% Senior Secured Notes maturing Jan 8/15. This has a tremendous amount of asset coverage. Have roughly $1 billion in debt at this level and there is more than $2 billion that is covering it. Fundamentals for Air Canada continue to improve, almost on a daily basis.