(Market Call Minute.) Had a big pullback from about 4X Book to about 2X Book. He is intrigued at these levels.

(Market Call Minute.) Stock is at a nice high level, but then all of the building stocks and paper stocks have had enormous runs. They are at cyclical highs and he would be cautious on a long-term hold.

(Market Call Minute.) Got up to 2.5X Adj BV and he put out a Sell on the stock. You couldn’t miss. Another $2-$3 down and it will be a nice time to Buy.

(Market Call Minute.) With this one, you are now riding with Loblaw’s (L-T). ROE is fairly modest on Loblaw’s and he didn’t think either one going to go any further.

Sold his holdings at around $30. Stock is weak on concerns Q3 is going to be weak. Have been guiding for a level of production ahead of where they will be coming in. If it drops another dollar or so, he thinks he will re-add to his holdings.

Going through a turnaround process. Prefers Encana (ECA-T) over this. Good quality assets but probably not the best execution in terms of costs to bring on new production. Balance sheet is a little stretched at 3X debt to cash flow. They are intending to sell more assets into what is already a very bloated asset market.

Being acquired at $2.86, effective November. Doesn’t expect there will be a better offer so he would recommend Selling at this point.