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Markets. 30% surveyed think that the Fed could taper this meeting, but he does not think so. Debt ceiling is still a mid-Jan to Feb event. They don’t want to shut down the government again. He thinks actually March is more likely when they talk tapering again. Copper is at a 6 week high but it’s not relatively high right now, considering long term. Not sure if it means anything. Doesn’t think China is taking off in any way. German numbers were good, France was weaker but Europe was better overall. 2014 will be interesting to see if interest rates can go up and the economy still recovers.

We are at the ’09 levels and now they are starting to produce. If they turn around maybe it would be interesting. Doesn’t know about the management and the replacement of the CEO.

Dow with covered call overlay. You get extra income. He likes this because the markets are so high. You get the Dow dividend plus the covered call overlay. Broad diversification globally.

Energy stocks are relatively cheap right now. A play for the next 5 years. Be patient and you can probably pick it up for $32 ish in the next couple of months.

If interest rates go up a little bit, what will the impact be on the demand for autos? A lot of stocks that support that sector could be soft. Wait for the second half of the year before buying.

Like the S&P of Europe. Buying it in US dollars right now makes sense.

Doesn’t think the FED wants to raise rates, but they want to pull back on QE stimulus. Because of lack of buying of bonds the rates will tend to go up a bit.

Nat. Gas. Everybody’s timeframe should be geared to what they are trying to do. If you are a buy and holder, then look at the 3-5 year picture, but if you are short term, then you will be trading every few days.

REITs. XRE-T is the equally weighted ETF. He compares to others. Thinks there is 5% risk on REITs to the downside at the beginning of the year. He will add to his position when it comes back 5%.

Educational Segment. Bonds. Canadian investors with fixed income in portfolios. Looking back to May of this year when they first started talking of tapering. 2.82% was the peak rate in the summer. If we start to see bonds break higher it would be meaningful. 3.5 would be the next place US bond yields would go to (3.25 in Canada). CBO-T is down 2%. ZCS-T has a small total return but a small price loss. Broad US bond market would be down since May because the CAD$ has declined. XLB-N is the worst performer, long government bonds.

Markets. Not much further multiple growth. Canada will be about the same as the US. He will be a bit more of a stock picker next year. You are looking for a combination of growth with some growth. You can’t buy yield for yield’s sake. Banks are a good example. In 2014, sectors to do better are financials, tech, health care. Energy has been a real laggard.

They have a benefit from higher rates but they have 35% growth in Asia, so you are going to see earnings growth. Buy on weakness at $19. Will raise dividend at the end of 2014.

When you get something unexpected like today you are okay.

The problem from here is valuation on this and CP. US rails are cheaper and so he owns CSX at only 13 times earnings as opposed to almost 20. CSX is eastern US but trades with coal.

Nat Gas. We have seen a nice rise here. Nice profitable place for Nat. Gas stocks. His biggest holding in the gas stocks is a top pick.