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Markets. The NASDAQ is above its all time high, but he is very concerned about what he is seeing. The reasons for markets going higher is a problem. The Chinese economic news continues to worsen, for example, and yet the market continues to go up due to stimulus. The US is the only market that has lagged and it is because they stopped QE. The medicine of low interest rates has been way overdone. You are forcing all investors further down the risk curve just to get any kind of return. This is not right and when it ends it will end ugly. He is getting more defensive. He has more cash than previously.

This is one of the few commodities that he is positive on because of the restriction in supply and all the reactors coming on line over the next couple of years. He has a decent position. He has CCO-T also.

He feels the passing of Warren Buffet would not affect the stock fundamentals, nor the market in general. BRK.B-T has a succession plan.

Big US banks would be one of the safer places to be in the US. You will probably start to see dividends start or increase with the US banks. Investment banks have done better than banking banks. He thinks this one could do fairly well.

Non-food retailers have done better than food retailers, but he would rather own L-T than MRU-T because it has lagged and the Shopper’s acquisition will prove quite profitable for them.

This is the best growth stock over the last 50 years. They continue to reinvent and reposition themselves. Only trades at 20 times. A classic great growth story. The valuation is at the high end, but long term you should own it.

Energy stocks had a decent move recently. He likes the assets of this one. The growth profile is still there. He is not a real bull on energy stocks. He would not add to it right now, but it should be a core holding.

The problem is that the valuation is the highest in the group. They had some problems in Mexico with missing production estimates. Gold prices checked back and so you saw a pullback in G-T. Hold it, but don’t add to it. He prefers mid-sized companies that might get taken out.

(Top Pick Jun 2/14, Up 34.94%) He sold because it was at the high end of the valuation and he sees tightness in the nitrogen markets.

He likes both MFC-T and SLF-T. He prefers lifecos over banks in Canada. MFC-T has taken down the sensitivity to the market. They are in line to hit their 2016 targets that they set a couple of years ago. The core businesses of both companies look good here.

Canadian Banks. Consumer credit in Canada looks a lot like the US in 2007. More regulatory capital will be required due to the federal budget. Loan demand just isn’t there. He is cautious on Canadian banks and has lightened his positions on recent strength.

You have to be a little cautious with the auto sector. He would continue to own it, but prefers MRE-T.

The asset value within the company is very strong. He sees no reason for anything to change.

(Top Pick Jun 2/14, Down 1.91%) The bears think growth is slowing, but Google owns a huge asset in their data. There is no reason not to continue to own it. Earnings are coming out tonight. They own the search market. No one attributes any value to the Android operating system, but it runs 60% of the smart phones in the world. Wait until you see the earnings before going in.

Stock vs. Stock. ENB-T vs. ENF-T. There was movement of assets between ENB-T and ENF-T and you saw that affect valuation. Prefers ENF-T right now.