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A really well-run bank. If you want a global bank that has good exposure to emerging markets, it is this one. One area where they don’t have good exposure is the US. This is a safe and stable investment. If you own this, you are only owning it for the 5% dividend yield.

8.2% dividend yield. He always gets nervous when a bank is paying a big dividend. It tells you that the market is concerned that they may have to cut the dividend.

If he didn’t have much in international, this would not be the name that he would be looking at right now. Iron ore is very dependent on the demand for steel. With the slowdown in construction, and housing in particular, and China, he expects it to continue. He would avoid any of the iron ore companies.

This is a good integrated company, but he prefers Total (TOT-N).

The whole Macau gaming sector has been selling off of late, partly because of fears of a slowdown in China, and partly because they have had really good runs, so it may be a bit of a technical selloff. There have been a few missteps with the VIP and the junkets. Longer-term he sees gaming in Macau growing, but you might want to wait for a better entry point.

Has avoided this. Prefers Adidas (ADS-GR), which owns TailorMade. Adidas has done very poorly because of TailorMade. Golf demand has waned. The number of rounds played in North America is going down. If this happens, then the demand for equipment is going down. It is much easier to do a turnaround in an industry with the headwind then one with a tailwind. (See Top Picks.)

They have the World Cup locked up because they are a sponsor for both Argentina and Germany. This has been down this last year, partly because of TailorMade, which has been weak. Also, had some difficulties in the US market. Nike has been gaining share. Thinks Adidas is in the cusp of turning around. TailorMade is bottoming out, and year-over-year numbers should start looking better. Reebok is another problem for them. They are focusing Reebok on CrossFit, and are getting really good traction on that. Sales from World Cup should boost revenues. Yield of 2.09%.

A really good growth company. Have done a great job of slow and steady growth. They do offshore drilling in China, and China needs a lot of oil. Even if there is a slowdown in housing, there will still be a huge demand for oil. Trading on single-digit multiples with double-digit growth. Yield of 2.69%.

This is still one of his top names in his growth fund. With their wealth management business, they have a great opportunity. Shift to a fee-based model should lead to more predictable earnings. Yield of 1.27%.

Markets. His view is that we are overvalued in North America. Global equities are less and emerging markets are fairly inexpensive. Generally speaking it is the small to mid-cap stocks that are overvalued. Large caps are fair value, if not a little expensive. North America is definitely priced to perfection. S&P is overvalued by 20%, and this could continue for a while. Rates have hit the bottom and could be going up, but it is just a question of when. Stocks are cheap in emerging markets such as China, India somewhat, Japan, but there are potential headwinds there as well. If he had to pick a region, it would be the US, but he is very sector focused. Technology and healthcare in particular and, in Canada, the energy side would be favourites.

Do you think entrants in the wireless spectrum auction will be a threat? It is a threat, but in the past it hasn’t tended to hit them too hard. More competition would benefit the sector. There are a lot of other factors such as the cable side with government regulation coming in and trying to break that a little. Dividend is hugely attractive in this low rate environment. If you own, you could continue to Hold, but just be aware that in the cell phone space and the cable space there could be some negative shocks to come.

Doesn’t think you are going to get a lot of growth out of this. Cigarettes are on the downturn. This is a cash flow income investment, and in this low rate environment, it will find winners. From a growth point of view, no. It is pretty clear that over time, your capital will go down.

One of his favourite sectors is the healthcare space. He prefers the equipment side, but this is a very well run company with a superb history. A lot of their products are geared towards the consumer, which is a little more stable.

Scratched his head a little bit on their last acquisition in the Eagleford. They tend to pay out a fair bit, which he feels could pose some problems when they borrow or issue new shares. Feels there could be better companies out there. (See Top Picks.)

Very well-run bank. Tend to focus on the consumer. There is a great deal of stability in the US.