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Has added to his portfolio this year at about $13.50. When oil was $80, this was a great company, but he had other companies with more torque to the upside. At $50 oil, this company can still make money because of their lower cost wells. There are very few companies that can make money at this level. A perfect stock to be in over 2015. Pays a dividend, has a clean balance sheet and good management that has access to capital to do deals.

Has been buying this over the last few weeks. They do some refining and basically run gas stations. Feels this is good, long term value and likes what management has been doing with their acquisitions.

This has been a core holding for over a decade. When you look at their map of what they control in Alberta, it is irreplaceable. They have a nice moat around their business. It is very defensible. A perfect acquisition target for a larger company that wanted to own infrastructure in Canada.

Great assets. Unfortunately a little bit of mismanagement has caused the debt to be too high for investors’ appetites. There has been a lot of shareholder value destroyed by the company. Thinks the company is worth in the $4 range, but to get there it has to do some real strategic reshuffling of the deck. Management has been talking about doing something for 6 months now, but nothing has happened. Prefers others.

A perfect stock for a long-term investor. They’re running this very efficiently. A low cost structure. They are not making short-term decisions to manage the market. It will be up and down with the commodities, but management is doing the right things.

At this level of the commodity price, this company does not make a lot of money. Probably break even. Dividend should probably be cut to zero. This owns a piece of Syncrude. The operator of Syncrude is Exxon and there are 7 or 8 shareholders. To him, this company should not exist, but the question is, what is somebody willing to pay for it.

There are lots of stocks in the energy patch that gives you exposure to the same type of business. This one gives you exposure to Bakken oil, some Marcellus gas and some deep basin. A great company. There are other great companies where you can switch around and grab that tax asset of capital loss to lower your capital gains down the road.

This will eventually be taken over when someone actually builds an LNG project, which might be 7 years from now. If you have a five-year horizon, you will probably make money, but in the meantime, you are just going to go sideways until there is a movement in energy. Be prepared to hold it for 6-8 months and you might get a nice rally. Not a bad entry point.

(Market Call Minute.) One of his top holdings. Has a little more growth bent to it. Really likes the story.

(Market Call Minute.) A heavy oil play and they are not making much money at this level. Small-cap and they have some debt. You can play this one through convertible debentures.

(Market Call Minute.) Likes this. If you are going to buy a basket of large caps, it would be this and Canadian Natural Resources (CNQ-T).

(Market Call Minute.) He doesn’t mind this, but in a pecking order, why go there?

Drilling some really interesting wells where the economics is really the condensate. This is really a play on oil prices coming back. When you look at the valuation versus a pure oil stock, it is trading at about a 2X lower multiple. Good value. Good management. Well hedged for 2015.

Great management team. Spent a lot of money on infrastructure. When you back that out of the equation, they are still a very low cost producer. That infrastructure is now built, so 2015 will see the fruits of that labour. This is a stock that you can buy and forget about it.

Markets. Markets have been pretty good for the last couple of years, and whenever that happens, he worries about investors getting a little bit complacent. He likes to follow the leading economic indicator out of the US versus its 18 month moving average, and has found that when it is above the 18 month moving average, that is a good sign. When it crosses below, typically that leads to a recession, probably within the 6-18 month timeframe. Right now it is in very good shape. Margin debt is back to a new all-time high. It is not really the level of margin debt that he is concerned about, it is that he doesn’t want to see margin debt all of a sudden be retracted quickly, because that is the liquidity that comes out of the market. He is watching if the Fed increases interest rates. If that happens, and there is some pullback in the margin debt, it could really mean a lot of liquidity coming out of the market. The yield curve is a very good predictor of recession. When you pair it off with the leading economic indicator in the 18 month moving average and it starts to get inverted and short term rates are higher than the longer-term rates, that can often lead to recession and shows difficulty in months to come.