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Good entry point. They own Crombie Real Estate Investment (CRR.UN-T) and a massive amount of real estate, which gives them some potential to drop-down some assets into Crombie. Thinks the NAV is somewhere in the area of $100 a share.

US currency and the US market? He wouldn’t put 100% of his clients’ money into the US, but currently is about 65% Canada and 35% US. The currency has worked in his favour recently, but that doesn’t mean it is going to continue to work in his favour. You have to own the best companies that you think are reasonable, cheap on valuation and are going to grow. Currency has a way of working itself out over the long-term. The companies he buys, he plans to own for 3 to 5 years or longer.

Great company. They keep buying back stock, which has pushed the insiders back up to a level they are not comfortable with, causing them to sell some of their shares. This is one that he always looks at, but always seems to miss it. Not sure that he would buy this at the current price.

(A Top Pick March 27/14. Up 18.08%.) One of the biggest insurance companies globally. Good management. Buying back stocks below Book Value. Still a Buy.

(A Top Pick March 27/14. Up 22.02%.) This company is really thoughtful when it comes to adding on real estate and paying reasonable prices. They take a very long term approach. They have a number of publicly listed companies. He could see them spinning off more assets over time. Feels it is worth $200. Still adding to his holdings.

(A Top Pick March 27/14. Up 65.01%.) Got a little cold feet and sold his holdings, probably a little too early.

This is mostly fee-for-service in the energy industry. It doesn’t matter whether oil is $2 or $200, oil has to be moved. Had very good earnings. The valuation is heavy, so he is not buying at these levels.

Currency hedging? His issue is that this is costly, and if you do it through a hedge product, it will eat into your fees or your dividend. Because of this, he doesn’t do it. He would be buying J.P. Morgan (JPM-N) or Goldman Sachs (GS-N).

Nothing seems to be able to get the ball rolling on this. Valuation doesn’t make a lot of sense to him because earnings are growing and the subscriber base is growing. At 13X earnings, you are paying a lot more for BCE (BCE-T) and Telus (T-T). Have a lot of great assets inside the company that are not getting good value. Trading at 14 X forward earnings. 4.6% dividend yield.

Trading at 13X ex-cash earnings next year, and is a pretty cheap price for a company that is growing twice or 3 times as fast as a regular S&P 500 company. What he doesn’t like is that they keep issuing a lot of options and not doing anything with the growing cash base. He would like to see them start buying back stock or start a dividend. (See Top Picks.)

This is in the packaging business, which is a great business to be in. If you think the economy is going to continue to grow and more stuff is going to be shipped with Internet shopping, packaging is a good business to be in. (See Top Picks.)

Great company and smart management. The problem he has is that no matter what management does or what great assets they have, they can’t control the price of oil. If oil sticks at around $50-$60 next year, it is going to be a rough time for the company. Earnings are going to be out soon and he expects them to be atrocious. Doesn’t think the dividend is in jeopardy or that the balance sheet is in trouble.

Just touched a multiyear high recently. Has been buying more of this today at around $34. They have added new trucks and are trying to increase the efficiency. He could see this as a Hold for many, many years.

Royal (RY-T) or Bank of Montréal (BMO-T)? His 3 biggest holdings are National (NA-T), Toronto Dominion (TD-T) and Bank of Nova Scotia (BNS-T). On a valuation basis, the cheapest is National which is trading at 10X next year’s earnings. On this, pick 1 or 2 banks, and never sell them and then go from there.

Royal (RY-T) or Bank of Montréal (BMO-T)? His 3 biggest holdings are National (NA-T), Toronto Dominion (TD-T) and Bank of Nova Scotia (BNS-T). On a valuation basis, the cheapest is National which is trading at 10X next year’s earnings. On this, pick 1 or 2 banks, and never sell them and then go from there.