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Markets. Doesn’t expect to see any kind of tapering on quantitative easing for quite a while. Ben Bernanke’s notes indicated that they were pulling back on growth estimates for the US economy and they have been doing that for 5 years since 2008. US economy is not catching fire the way they had hoped. Also, entering into an election year and the last thing that either party wants to see is interest rates leaping up and the stock market plunging down. Looking at the valuation of the market itself and the earnings forecasts, we are seeing forecasts falling steadily. There is also a lot of value compression in the index, which in the past has presaged falling markets.

Owns a good position in Great West Life (GWO-T) and a big mutual fund company. If the markets are able to keep on growing under lots of QE stimulus, he thinks the mutual fund companies will tend to do well. Nice diversified portfolio and a nice 4.3% yield. Could move 15%-20%.

Went into the Dow on a fairly modest valuation, which he finds intriguing. There is an ongoing recovery in the US banks. This has one of the smartest managements going. Yield of 1.23%.

Trading at about a 50% discount to its Book Value. Has a lot of cash on its balance sheet. About half of the price of the stock is in cash. Has a very nice leverage on the price of gold, so when the price of gold goes up, this one tends to go up much faster. You also get a yield of 5.06%.

Big healthy dividend but not a lot of growth. Earnings forecasts, going out this year and next, are pretty flat. A little slippage this year so there is not a lot of dynamic momentum behind the stock. Recently has been slipping back a little. There is some risk to about $24 a share from a technical standpoint but that's all he can see. He has a Hold on the stock. If it goes back to $24, he would probably put it back to a Buy.

Stock is cheap enough so you don’t have to worry about downside risk. However, you do have to worry as to whether there is a comeback in commodity stocks. China is showing some signs of easing back on some of their restraints, so hopefully commodities can get on the move again.

Stock got up to about 4X its BV and when he looked at the ROE and all the valuation metrics, it reached his target. Difficult to see that the stock can go any higher than its recent peak price. Given earnings forecasts, the only way he can see it going higher is as a pure momentum play. You might consider Discover Financial (DFS-N), which is a lot cheaper and has a decent ROE and could move higher.

On top of everything else, China entered the fertilizer fray by taking 13% of a Russian potash producer. China is not looking to maximize its return on investments, but to maximize its return on cheap fertilizer. This would suggest that prices are still likely to work lower. He also sees downside risks for both Potash (POT-T) and Agrium (AGU-T).

Not a bad company. Had a nice run. Stock is no longer cheap. It will be a market performer.

Hopes that their balance sheet stops falling and they are able to stabilize things a little. He has a Hold on the stock. Reasonably valued, but not dead cheap. It needs better natural gas pricing.

Pembina (PPL-T) or Inter Pipeline (IPL-T) for growth? Of these 2, this one is actually much more highly valued, so he would tend to go with Inter Pipeline. Neither one of them is dirt cheap.

Pembina (PPL-T) or Inter Pipeline (IPL-T) for growth? Of these 2, Pembina is actually much more highly valued, so he would tend to go with Inter Pipeline. Neither one of them is dirt cheap.

(A Top Pick September 7/12. Down 35.35%.) You ought to be nibbling away at gold stocks. Some gold stocks are very cheap, but this one is not one of those. Fairly low cost of production, so it probably represents better value than some of the cheaper ones. However cheaper stocks have a lot more leverage on a rebound in the price of gold. (See Top Picks.)

(A Top Pick September 7/12. Up 27.39%.) Still likes. If you own, continue to Hold.

(A Top Pick September 7/12. Up 20.09%.) Has a possibility for value if it becomes a utility. Margins on platform businesses are astonishing such as 60%-70%. He’d be surprised if another bidder didn’t come. If you own, continue to hold.