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A very risky investment. Could even be put in the category of a gamble. In Europe, a lot of the banks need to be recapitalized and that is going to be a challenge. This is in a market where demand has just been destroyed, jobs have just been destroyed. There’s hardly anyone working there at the moment.

First thing you have to think about is that European banks in general have to be recapitalized and that is a substantial challenge. This could mean a lot of equity can get crushed and ultimately result in something like a 10 to 1 crushing. The exposure this bank has from a UK point of view, is that it is in a very tough situation.

Probably equivalent to Bank of Nova Scotia (BNS-T) in Canada. Very corporate banking focused. Good bank. Has a progressive dividend growth profile. Very Australian focused meaning heavy exposure to a mining sector, overheated real estate market and an economy that is slowing down. On the positive side they have a superannuation fund where $.09 of every dollar earned on an income basis is put into, effectively an RRSP program, run by the government. On balance it is a good investment and is a well-run company with an attractive dividend. You can buy this and put it away and you’ll be fine.

Dividend is fine and balance sheet is reasonable, however, it is situated in France where the environment of austerity, tax regimes and frontline government is definitely not pro-business. However, recent political developments have suggested that it is going to be less of a problem moving forward. He would prefer Statoil (STO-N) which carries a good dividend and is a little bit more aggressive in exploration play, or Royal Dutch Shell (RDS.A-N) which hasn’t actually grown its dividend for a long period of time and has a very strong balance sheet and some growth projects coming online. (See Top Picks)

Very much a play on oil but New Zealand government is very supportive of increasing oil exploration. Have a number of different good properties that it is currently drilling. Early indications are quite good.

Was a real darling until the 2000 timeframe and then the networking market fell on its back and has gotten tougher and tougher. From a macro point the increasing penetration of smart phones is going to lead to higher and higher levels of network requirements, more fibre and we are starting to see companies that are in those areas start to move. Unfortunately this company’s big competitor is Quaway (?) out of China where they want to get more Chinese exposure. Getting slow growth out of Europe because of the recession. Because they are a global player, they are dealing with the US government. Near-term growth outlook is challenging. Dividend and balance sheet are very attractive but we need to see it at a lower level.

Historically it has been a very, very well run bank. However, he would put it in the same category as the UK banks. Not the place to be right now. 5.6% yield may not be safe.

He wonders why they have not raised the dividend. Has a very, very strong balance sheet. Have a number of projects coming on line. A very cautious company. Moving forward you will see the dividends increase. Quite cheap, so this is one that you just buy and put it away. Treat it like a bond with some upside.

His clients have done very well on this. On a valuation point of view, it is a very expensive stock at 19X earnings. Has a progressive dividend. Good balance sheet. Have acquired many companies globally and you have to wonder what is left to buy. At some point it will become an organic story as opposed to an acquisition story.

(A Top Pick April 12/12. Up 1.36%.) A distinguishing characteristic of this supermarket is that it is vertically integrated which is really taking costs down. Still likes and it is performing quite well.

(A Top Pick April 12/12. Up 3.58%.) Average TV in houses is growing larger. Introducing a new black screen technology, which used to be used by fighter pilots. Last year they acquired a big laboratory asset which will be accretive to earnings. Raised its dividend 3 times in the last 18 months. Has also been buying back shares.

(A Top Pick April 12/12. Down 1.26%.) Provide industrial gases for oil cracking, welding, etc. Industrial production is fairly weak at the moment. Has 30 years of dividend increases.

Some of its gains from its lows were to do with currency. US$ was fairly weak and they were exporting into stronger economies. Longer-term this is a good company. Selling off now because of relatively disappointing earnings. Thinks this is a long-term very good story. If you want exposure to cloud computing or high-end government contracts they have this.

Japanese automakers, Toyota and Honda, taking into account currency risk? He is a real sceptic of ??? economics which is ultimately driving down the currency. To believe that there is not going to be any response globally from the Japanese devaluing their currency is a little naïve. If the Japanese are going to decrease the value of the yen to stimulate export demand, you are either going to see some currency battles or trade barriers, etc. Thinks this is just a phantom run. Wait and see for it to break down.

Always seems to travel during the dividend time, which is coming up very soon. How is this going to go in the next couple of days as a trade? In the last couple of years is probably closer to its highs that it has been. Doesn’t think this is a company where you can just buy it and flip it. This is an industrial, slow moving company. More of a long-term buy and hold. Good balance sheet and good dividends. Slow growth. Look for something with a little more heat to it.