Quite volatile. When they came out with a bad quarter in Jan/Feb, the stock got whacked. You have to realize this is somewhat volatile. Likes what they are doing. Did a major expansion across the country. Their contract with Suncor (SU-T) is ending and he is not sure what they are going to do regarding replacements of supplies.

merchandising / lodging

Recently there was a move to consolidate parts of their business. Everything he sees so far, he likes. He’ll probably pay more attention to this one in the new year. Good spread of assets. Thinks the environment will be favouring this kind of company as things settle down into more normal financial markets.

management / diversified

Financing their Arizona acquisition by convertible debentures. He is still looking at this. His concern is that it is a big bite. He is not totally familiar with the Arizona area. Hasn’t decided how he feels about this yet.

electrical utilities

Grocery business in Canada has become much, much more competitive with Wal-Mart (WMT-N) coming in. This is an area where everybody is manoeuvring for position, and it is going to be hard to keep margins up.

food processing

Safe stock. Likes what they are doing. Increased their dividend on a regular basis. They are dominant in Canada.

telephone utilities

A previous director has come forward with a number of charges about money being skimmed from the company, etc. Stock starting to recover, but then more charges came over. Wait until the dust settles.

metal fabricators

A small trust company operation. Have done quite well in Calgary. Just declared a special dividend. If you buy this stock now, you are not going to get special dividends all the time and you are back into a relatively illiquid stock. The stock will probably go right back to where it was trading before, once the dividend is paid. If you buy you better be ready to hold it for a long time.

management / diversified