5% dividend is very good, and that is both the good news and the potential bad news. Very solid company and very well managed. Largely Canada, but have gone in opportunistically into the US. It will be a rock solid investment as long as bond yields are down in the 2%-3% range. Doesn’t feel there are any company risks. Have a great team, great leadership and great properties. You have risks if we have more inflation and people can get a higher return on a bond. This is probably fine for a few years.

The question is can they get more of the top line growth to drop to the bottom line. He is a little uncertain about that. It’s worth keeping a close watch on. It would be more of a Hold than a Buy for him at this level. Eventually they’ll work through this, but doesn’t know that they will do it in one quarter or if it will take several quarters.

(Market Call Minute.) This is small and it will grow and it’s cheap.

(Market Call Minute.) Great execution.

(Market Call Minute.) A Hold at this point, but close to a Buy.

(Market Call Minute.) Likes this a lot. Had a huge run up. Pick away at this on days that it is off.

(Market Call Minute.) He lost quite a bit of money on this and he would stay away from it for now. A couple of quarters away from really showing that it has coped with the Capital Cost question.