Nothing wrong with the company but if you want the Canadian energy sector you want to be diversified.  You might want to look at ZEO-T, an ETF with equal weighting.  It should get a better long term result.  He is a big fan of it and it pays a dividend of 3%+.  But there is nothing wrong with CVE-T.  The sector will be range bound and you should take money off the table when it is weak and then wait to put it back in.

Some recent index changes are putting in some better companies into the US indexes and this could benefit index ETFs.  SH-N you could hold if the market fails to break August highs.

Good way to play silver and gold.  Short to medium term trade.  But stocks need to start to fail here.  The improvement in the Syrian situation is a bit negative for silver and gold.

The better way to play Europe is VGK-T because the MER is lower than the iShares version.  It is probably a better holding but is at a 52 week high and the market is not ripe for a breakout.  We are re-testing a high and if we can’t go higher we will correct 5-10% and that is the time to get your money to work in Europe.

Preferred 4% shares.  It depends on what else is in the portfolio.  Company and dividend is safe.  It could correct a little bit more but he would not sell here for reasons of risk.

[Caller asked about playing food.]  This is not really a play on food, but on low beta on the TSX. This is the best way to play food. 

Very solid balance sheet.  Highly levered to markets.  You will need a lot for it to happen in order to go up.  Prefers banks, BNS-T especially.  It will be positive if they buy CI.