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Markets. Expects the 2 day sell off is the start of the correction that we have all heard of. Has been positioning himself in the past couple of weeks as negatively as he has been since 2011. Has a net Short in his hedge fund. He is still a long-term Bull and the glass is half full, but it seems so extended in the short term for a variety of reasons. It just seems that it is ahead of itself, and with political actions seems to be breaking down a little. Thinks we are overdue for a correction. His worry is that everybody is expecting 5%-10%, but sometimes these things gain momentum and it wouldn’t surprise him to see the market off 15%-20%. The safest place is to have cash on the sidelines. Some of the cyclical sectors are starting to act a little better. Europe growth is slowing down, but emerging economies and China seem to be doing well. Thinks gold is all right in an environment like this. Feels the highest risk sectors are energy, technology and social network. The earnings are sort of winding down now, so what is the next level?

Thinks you are heading into another earnings cycle positive for this company, so he expects earnings growth to continue globally. However, he finds valuations a little bit rich, and if he owned he would probably be trimming some of his position.

Likes this. Sold his holdings recently when it ran up into the $16-$17 area, but is looking at a point for when to buy it back. There is earnings potential in the $1.80-$2 range. Still a lot of costs they can cut and can generate some earnings growth.

He has switched from lifecos to the banks because lifecos have had a pretty good run this year. They benefit a lot from rising interest rates, and he is a little concerned about the next quarter’s earnings. Thinks the valuation is a little bit rich right now.

You could do well buying this for the longer term at these prices. They’ve had a few missteps, but when you look at the global brands and the growth, they are well positioned on a global basis to grow. 3.9% dividend yield.

Likes this. Volatile, but has a lot of low hanging fruit. There are metric valuations that can be improved upon. It’s not going to be in the handset business, but more in software on the security side. New CEO is reinventing the company. There is still a massive Short position in the US, which is going to have to be covered at some point.

Sold his holdings recently. Had a great run from the low $30’s. Heavy oil spreads have tightened, which has benefited them. Valuations in the sector have gone higher. He would look to buy this back again in the low $40’s. Still a good, long term growth story.

Oriented strand board (OSB), their core product, has come under severe pricing pressure. Also, the dividend yield is quite high and seems unsustainable, so he expects to see this cut sometime in the next year.

All the banks had a decent run, but this one has lagged and is still cheaper than the rest. Getting a discount multiple. Have been penalized because of negative views on their capital market activities, but mostly because they have been more of a regional bank than a national one. Feels they are getting around this. He is comfortable with the valuation, growth, and amongst the top 6 banks this would be his favourite in terms of relative potential returns. 4% dividend.

(A Top Pick July 18/13. Down 4.42%.) Still waiting for the $1.3 billion to come through from Petro China for the Dover oil sands. The longer the time goes on, the less people believe the money is actually coming in. Even without that money coming in, he feels the stock is worth more than where it is trading currently. Light oil assets alone are worth $7-$8.

(A Top Pick July 18/13. Up 44.83%.) Took a little bit of money out of this because the weight in the portfolio had risen. Copper hasn’t had a great move, but this company did some great acquisitions at the right time. People are recognizing this as a cheap junior.

(A Top Pick July 18/13. Up 25.26%.) A decent growth story. Their last acquisition made a lot of sense driving margins higher.

This is a tough one. He wouldn’t be Short the stock right now, even though valuations are through the roof. They produce as many cars right now in a year as General Motors (GM-N) produces in a day, and yet the stocks are valued at the same level. This is the future of automobiles, so how willing are you to pay up on a valuation basis to own this right now. They have generated some profits now, but if you start pulling away the subsidies and government grants, they are clearly not profitable. Thinks that people are going to be willing to pay up for a long time for the potential that they have.

Had liked this for a while because it was a bit slower in growth, but the last quarter was really impressive. Production growth has started to come back, and on the heavy side the spreads have narrowed a little bit. 3.2% dividend yield.

Longer-term, he is more positive on this. They have reinvented themselves and moving to more profitable core areas. Thinks there is a lot of inherent value here.