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(Market Call Minute) Lots of talks about potash monopoly. Beaten up.

(Market Call Minute) China is the incremental buyers of Diamonds and their economy has stabilized.

First fly this morning. It will be a massive confidence. Allows them to get orders.

(Market Call Minute) Spends lots of marketing dollars and trades cheap relative to other luxury names.

(Market Call Minute) Guidance for next quarter is not good.

Lots of potential. They will prove out their property. Extremely solid balance sheet. Superior cash flow and production growth. You really want to own it.

It’s not about Las Vegas though. It’s about China. Their cash flow alone can fund a 10% dividend increase every year. Only 1.4 times levered. Lots of growth ahead of it and lots of markets ahead for expansion like Japan.

A lot of it is the acquisition of the Safeway operations. Thinks it is a great opportunity to pick up a great stock. Will watch the company execute and re-assess at $95-$100.

Listed in Canada but operations are in the far east. Is cautious because of high debt and accounting is weird. If you are betting gold will go a lot higher it is a pretty decent bet but if not it can decline a lot.

Potential take out candidate. It would be Metro, most likely. A very well run company. With shippers taken out it will be the only guy left. The take out premium has already been priced in. He would wait. Doesn’t like the risk / reward ratio. It would make a lot of sense if PJC took out someone else.

Markets. We are in the latter innings of this bull market in all likelihood. The S&P 500, rather than the TSX, is up over 20% over the last year, but this is more related to monetary policy, rather than growth in profits or growth in the economy. Markets should realign with fundamentals over the next year. The odds favour the Fed tapering by cutting back to 75 billion a month. That seems to be the majority of economists’ forecasts. He is concentrated in the dividend paying/growing areas which has been very choppy over the last few months. Feels that investors should be into some of the stocks that have been underperforming in the last while. For example, telcos have had very significant cutbacks.

Has been heading down a lot because of its interest sensitivity as well as increasing competition in their business. EBITDA.in the latest quarter was a little bit disappointing. Yield is about 7.5%, but doesn’t see a lot of in the way of capital gains over the next year or so.

Very good Q3 results. Should continue to grow earnings in the high single digits over the next few years. There is also dividend growth. Extremely well run. Their long-term growth target is to increase earnings 10% a year. He can see 7%-8% earnings growth plus dividend growth.

Likes this one very much on a longer-term basis. Feels there is double digit dividend growth ahead of it on a 3-5 year timeframe. In the short term, the multiple is quite elevated, 22-23 times area. He would prefer it under 20X earnings.

There is going to be a change in leadership and they are currently undertaking a review. A lot of uncertainty about the future direction. Until they tell the street exactly where they are going to be going, they will be concentrating more on liquids rich areas. However, the company has not been covering its dividend out of cash flow for a significant period of time. There is no likelihood of a dividend increase and a definite risk of a dividend cut.