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Markets. We are witnessing a bit of a rotation in the Canadian market, with energy plus strength in the Cdn$. Even if you think it is a Sell in May and Go Away kind of scenario, within the market you can certainly make money on individual names. Consumer names have done very well since November when everybody was exiting energy and had to go somewhere. All of those stocks are now looking pretty pricey, so there is some swapping back into cyclicals. He has started to nibble away at energy in the last few weeks, and reducing his holdings on some of the consumer names. Stocks are fairly fully valued, but stock by stock and group by group there is still a little bit of value there. You don’t have to sell now and go away. When 10 year US treasuries go up, there is a nice historical correlation between that and cyclical stocks, and we are starting to see that in the last 2-4 weeks.

Did a very, very large issue in the last week. Stock was near an all-time high at around $70 and they did it at $68.25. The stock has been underwater since, which surprises him. If it were to go down a little lower, he would be taking a look. Good company.

Thinks this is a value trap. Doesn’t like the radio business. It seems to be in perpetual decline. Have some decent TV properties, but now with “pick and pay” into the question, who knows? Has a decent yield at about 6.5%.

They continue to drill, find and enlarge a fairly large uranium deposit in Western Canada. This is one of those things where you usually need a senior to come along and buy you in order to spend all the capital required to bring it to production. Cheap at $1.16 and probably should be trading over $2. Thinks uranium will be in a better environment. You may have to be a little patient, but at some point you will be rewarded.

This is one where you can wait and be patient. It is not going to move on you very much. He has decided to wait and watch it. If you are slightly late, that is probably okay.

This is back to about its issue price of $85. Trading at about 13 or 14 times EBITDA. Before its acquisition, it was trading at 18 times because of a lot of anticipation. This is a growth by acquisition story. If they make another acquisition, he thinks you could see $110-$115 a year out. He would be a buyer in the low $80s.

Got hit like all of the lumber stocks. Reported and had a very tiny miss. Prices were recovering for a bit and now have flattened out. There is probably one more “not so great” quarter and then lumber should move. If you are patient, he would continue to hold.

It is almost like it is an asset value play at this stage and probably worth $14-$17. CEO has done a great job and got it from $6-$12, but he doesn’t think there is an amazing amount left. It is hard to value and it is hard to look at the earnings to find value.

Cdn$? The oil prices back to $58-$59 help. It has been higher lately and most currencies are higher against the US$. He doesn’t think oil prices go immediately to $70, so this is kind of petering out. As soon as you get stronger US economic numbers, probably over the next 6 months, he expects the US dollar to reassert itself. The trading range is something like $78-$84, and we are near the top of the range.

He likes this company. It has LNG exposure, which was looking a little soft lately. Had thought it was overvalued, but now it is a little fairer value and with a dividend increase, it probably hangs in here. Would like to see some LNG specifics. The pipeline infrastructure side is fine.

(A Top Pick May 2/14. Up 27.37%.) A financial leasing company. Have made some more acquisitions. They are the logical buyers of General Electric’s (GE-N) fleet business which GE is putting up for sale. If they were to do that, he expects there would be another 5%-10% bump. He is looking for $19-$20 a year from now.

(A Top Pick May 2/14. Up 5.22%.) Moved up over $28 on the news on their financial side, which is what he thought would happen. They have basically said they are giving back $90 billion back to shareholders over the next 3 years. He is going to hold it because he thinks it is worth $32-$33.

(A Top Pick May 2/14. Up 28.4%.) It has run a lot in the last couple of weeks. This is zinc and copper. They have the big Constancia project in Peru, which is up and running now and will be in production in a few months. This is just about the time when copper will start to run, so they will have a lot of free cash flow to put their Arizona project into production.

The group has been sideways for a little bit. Looking at the earnings, he thought Rogers (RCI.B-T) was the worst of the 3, and BCE (BCE-T) was the best. This is a better entry point for the stock than it has been for a while. As long as you are getting mostly dividend and a little bit of growth and looking for mid to high single digit returns, then it is fine.

Likes this company. They reported earlier this week. Had a little bit of a problem and their production was down a little bit for the quarter. It is now back up to where it was. They are growing quickly. As long as they are growing production (20%-25%) as fast as they are, they will not pay a dividend. Thinks it goes to the high $40's in a year, but will take 3-4 years to get back to its old highs.