A wonderful company. Owner operated. Has claimed they are going to buy back stock if it goes any lower. Generating a lot of free cash. Fully occupied. 6% dividend yield.

What’s the point of buying this when you can Buy a Canadian company, keep your dividend, and even get a dividend tax credit? He is sticking with Canadian names.

Really took advantage of an arbitrage opportunity in the market. We have decaying roads all across North America. The problem is that a competitor could start up tomorrow. Very low barriers to entry. Multiples are just too high on valuation.

Impressive balance sheet. In the right space. Got whacked when BlackBerry (BB-T) pulled their business, but they seemed to have replaced that with other stuff. Great capital management. The problem is that it is such a low margin business and there is no moat to their business. It is very tough for him to Buy this company.

Generates a lot of free cash flow. The worry is, what is Apple (APPL-Q) going to do, what is Google (GOOG-Q) going to do. Are they going to offer a competing product? Haven’t yet, but that scares him.

Has been extremely surprised at how well it’s done. They have relationships with every single car manufacturer. Balance sheet is in great shape. He is looking to pare some profits, but thinks car sales are going to be very strong for the next 2 to 3 years, so not ready to get out of the name just yet.

This is essentially a conglomerate and mirrors the S&P 500 in terms of all the different types of companies. Very hard to see a lot more upside in the stock.