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Markets. Still seeing good earnings growth in the US at about 6%. Also, there is starting to be some stabilization in Europe, albeit at a very modest level. Asia is stabilizing. The Chinese PEI numbers are coming out fairly good. Also, there is a commitment from Central banks globally to keep interest rates very, very low for an extended period of time. US Fed is putting in $85 billion a month and there may be tapering, but 1^st the government is borrowing a lot less money than it used to, 2^nd the government is just not going to stop buying all kinds of bonds, they are just going to reduce the amount they are going to buy and 3^rd they’ve made a commitment to keep rates low, probably well out into 2015. This gives you a fairly clear runway of issues you can see.

Big innovator in the tool business. Invest a lot of money in their business. Great track record of consolidating the tool industry and doing a very good job of it. Growing internationally. Trading at only 12X earnings. Yield of 2.51%.

This is a play on joint and hip replacements. They are also into hospital equipment such as beds and lights over the beds. Big innovator and great long-term track record of growing the dividends. Yield of 1.67%.

Hoping that this is the next Raging River (RRX-T).(See Past Picks.) Production has gone from 4500 barrels per day to just under 10,000 barrels per day and thinks they will be growing production at a pretty rapid rate. Pristine balance sheet. Not paying a dividend but is growing internally at around 25% production growth per annum per share. Expects to see this at $12 in 12 months.

Railways have had a huge run and US investors have been piling into these things. This one has been an exceptionally well run railway and has performed exceptionally well. Right now they are trading at exceptionally high valuations. There is a modest reacceleration in the economy, which gets investors excited. He would be looking for areas where there is some weakness and avoiding the rails right now.

Did a very good job in the past and has grown revenues very well. Just sold an asset in Brazil, which was a little disappointing in terms of what they received. Tried to sell the company which disappointed investors. Could be some tax loss selling in this name right now. This is one that you could buy realizing that there is some money that is stranded in there. Balance sheet has deteriorated a little bit. Pipelines not only need to be built, but need to be replaced and fixed.

Recently sold his holdings. They came out with some pretty disappointing guidance. Thinks they will turn the corner here. They are investing a huge amount of money in research and development. They are investing more money every year than what their major competitor ARM Holding (ARMH-Q) is worth. PC shipment business has been tough. Having some difficulty in the new lines of business. They have been expanding into. Likes the 3.7% dividend which he feels is secure. Good balance sheet. Feels their movement into chips for the cell phone business will be successful but is a lower margin business.

There is a bit of a trend for the banks in Canada, where they are starting to miss their numbers. Could possibly be a stock split as a couple of the other banks have done that and they are in the price range.

Switch from this to Toronto Dominion (TD-T)? This would involve some taxable gains. TD is getting a new CEO in the next little while. Not sure if this would be worth a switch at this time.

What effect will quantitative easing have on this stock? This stock has had a big run. Their sensitivity in their portfolio to interest rates and the stock market has been substantially reduced. They were hedging out their exposure to the stock market as the stock market was rallying. Now they are hedging out their exposure to interest rates. Doesn’t think there is a much exposure as there used to be. This has an OK yield. Has a lot of capital locked up in the balance sheet that if things ever recover down the road they will be able to start taking some gains back into their income.

(A Top Pick Oct 25/12. Up 19.61% as at Feb 28/13 when it was taken over.) Had bought this when the deal was brought into question by the government and he had felt very strongly that it was not a national asset and the government would give approval.

(A Top Pick Oct 25/12. Up 33.03% as at July 8/13 when it was taken over.)

(A Top Pick Oct 25/12. Up 151.15%.) Feels this has got pushed to the point where all the potential acquirers can’t afford to buy it based on the valuation.

Thinks the dividend growth is going to slow down from what it has been in the past. The dilemma with telcos is that the federal government has a meany (?) on for them right now. Generally speaking, you don’t want to fight the Fed. This is making the telcos be more competitive. This company has done a number of acquisitions, but having lost the hockey night franchise is a bit of an issue. Would consider selling his own holdings if he didn’t have such a big gain in it.

Of all of the fertilizers, this is the right one to be in. Just be mindful of the natural gas component. It could have a spike and that could put a negative bent on this in the short term. There is pricing pressure on the whole fertilizer business. He just wouldn’t play agriculture.