(These are the voting shares and have very little volume.) The company has done a great job in developing its market profile. Its performance, until just recently, has had a pretty good run. The continuing decline in the Canadian$ makes purchases of foreign goods more expensive for any importer in the retail business. He would look elsewhere for retail exposure. If he were going to own it, he would own the A shares, because if something goes wrong, the B shares would be difficult to get out of.
This company’s major business is the coating of new pipes, either gas or oil, which adds to the safety factor. They are the leader in this field. The most recent decline was because Putin cancelled the pipeline from the middle east into Europe. In spite of this, his target price is still $55. Yield of 1.4%. He would like to wait and see how the oil price shakes out.
There is a lot of negativity surrounding the world generally, because of what is happening in oil. When you have changes like that, you have to decide what this means longer-term. He thinks it is very bullish, and the Canadian banks will benefit in a very major way from the potential scenario that he sees. Yield of 3.71%.