A lot of uncertainty that will take a few months to resolve. Believes it will resolve and the asset is still there. Have to look at differential. This will come in eventually regardless of the XL pipeline. Oil will find its way to the US.

Benefited from the strength and refining margins in Nat Gas. Faltering the last few quarters and things they are turned around right now. Would hold on to it.

Look at net asset value. Strong growth over the next few years. Great management. Expensive stock. Use price and net asset value to determine value. There are other names he would buy at this level in the energy space. He would add at the $37 level.

Price weakness comes back to the differential. BTX gets paid on the lower price. XL or rail gets the oil down there to capture the differential. Dividend is safe.

Half base metals and half met coal. A China story. Steel and copper are more linked to China. Believes the macroeconomic environment is improving. Would add to them because of copper in a while.

Producers and can refine their own production. Suffer less from differential price. Great free cash flow story. Could see further increase in the dividend.

Would sell at this point. Dividend is safe but issue is earning consensus is still too high. Buy at $28. or possibly sell and get out.