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Reality is that most of the drop is linked to the drop in price of gold. Longer ramp up of mine than they expected, so the key is for them to pricing back the grades to what they expected. Higher risk when it is all one asset.

Blue sky in their future. Fundamentals are probably going to improve. Demand will pick up as nuclear reactors are restarted over the next few years in Europe. Issues with starting up Cigar lake will push things out, but this is normal with Uranium mines.

LNG Development is a fundamental change in the gas industry in Canada. As long as there are no political hurtles it will be important to Canada – drillers, pressure companies and lodging companies. A lot more space to go. 70% linked to oil but kicker is Nat. Gas. They are having a very good second half of the year. Some pricing power going into 2014. A cash flow growth story. 1.8% dividend and they could increase it over time.

Likes the diversification. Only 10% exposed top potash. Exposed to phosphate and nitrogen as well. Growing retail position out west, increasing retail presence in US, Australia and out west. Higher Nat Gas price is not materializing. They will keep very good margins.

Royalty and streaming – silver. They pay a fixed price for silver and are not exposed to cost inflation. Great growth profile, growing cash flow and dividend. 50% of silver is industrial use.

Markets. In general, August and September are 2 of the most difficult months of the year. Feels the market is behaving reasonably well now. Have had a tremendous back up in long-term interest rates. Against that, breadth in the market has been reasonably robust, so lots of sectors are participating. There are low correlations in the market right now with certain industries doing well and others doing not so well. Seems to be lots of opportunities in both economically sensitive groups as well as those companies that have the ability to raise dividends.

This is in the business of servicing and cleaning at the well head. Largely exposed to the oil sands, which is a positive. There are a couple of key risks. 1.) They are making a big push into the US and there are always risks when Canadian companies make that leap. 2.) Only about 11% of their forward revenues are contracted so their numbers can be a little bit lumpy.

One of the nice things about ETFs is that it can buy you access to a particular theme or sector or asset class. In this case, you are buying access to spinoff candidates. This has been one of the stronger performing ETFs. Spinoffs tend to do well because very often management groups set up spinoffs for success.

All telcos really sold off through the spring and summer, both in the US and Canada. Believes that we have seen the lion’s share of the initial move higher in the 10 and 20 year bond rates and that is likely to neutralize over the next little while. Interest sensitives in general will do better over the next little while. He still prefers to own something that gets a little bit of a lift from a better economy, like financials, but for those looking for yield, this is pretty attractive. He would prefer Telus (T-T), which has a little bit better internal growth and will buy back shares and give you dividend increases of 10% a year for the next 3 years.

All telcos really sold off through the spring and summer, both in the US and Canada. Believes we have seen the lion’s share of the initial move higher in the 10 and 20 year bond rates and that is likely to neutralize over the next little while. Interest sensitives in general will do better over the next little while. He still prefers to own something that gets a little bit of a lift from a better economy, like financials, but for those who are looking for yield, this is pretty attractive. Prefers this over Bell Canada (BCE-T) as this has a little bit better internal growth and will buy back shares and give you dividend increases of 10% a year for the next 3 years.

Investors in general are very interested in seeing strong recurring and growing cash flows. One of the things that Warren Buffett, particularly looks for is cash flow and visible cash flow. Made lots of acquisitions and private investments over the last number of years.

Trading at a higher multiple of earnings due to the fame of Hunter Harrison. As they continue to build value into the company, is it likely it will experience PE compression over time, or will they be able to maintain that high multiple of earnings? So far he is doing a great job, so multiples will expand or contract based on their success going forward. If they can continue to execute, the multiple can continue to expand a bit. Rails have been a little choppy in the last little while, so the group does not have quite the same tailwind that it had. This one, with very heavy exposure to moving commodities, is fighting a headwind.

Clearly trying to show that the business is worth more than the sum of the parts and this is likely true. Stock is behaving particularly well. Had a nice lift as the Verizon (VZ-N) deal was coming out and it continues to lift.

His REIT exposure is fairly low. His income portfolios a year ago would have been 22%-23% of the portfolio but today, is only about 6%. In particular, he focused on industrial REITs and more interested in Canada and US than anywhere else. Wouldn’t be too concerned about their holdings in Germany as Germany’s economy is pretty strong, but he would prefer to stay closer to home. This one has not been a strong performer and he prefers looking for those securities within a sector that are holding up better than the rest through a downturn, because they will generally lead on the other side.

(A Top Pick September 18/12. Up 10.79%.) Of the infrastructure companies, there are probably 3 or 4 that he prefers over this one. This is the most utility like of the bunch. They have some very attractive growth assets as well. They’ll continue to grow the dividend. There’s a good chance it will have a pretty good fall.