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Markets. He runs conservative money for balanced portfolios. He focuses on a safety and value strategy. He is cautious because it is 6 years onto the bull market without corrections. He can justify current multiples on the market. Stay the course. He does not let his clients get out at the wrong time. If you can’t handle a 10% drop you should not be in the market. He sees increases in interest rates led out of the US. Canada might be slow to react due to oil prices. He is comfortable having more money into stocks at this point and he is getting out of bonds.

HOLD

As long as you get higher oil prices you will get growth. He pared back his oil and gas exposure over the last months. He can’t justify a full market exposure for his conservative clients. He prefers pipelines and so on.

BUY

He is very comfortable with it and has a yield over 6.5%.

WEAK BUY

A good 5% dividend. Prefers BPF.UN-T.

HOLD

It is a wonderful company. There are no problems with the operations. They have some of the smartest people working there. Recent declines were based on problems in Brazil. He would not get scared out of it. He prefers OCX-T. And he holds the infrastructure company of Brookfield.

BUY

Great company, very, very efficient in the way they use their money. They are so well financed so if there is a drop in home prices they will still be okay. It is a decent entry point here.

BUY

Railways are great ways of playing the general recovery in the economy. With oil prices dropping they are not shipping as much oil by rail. He likes management at CP-T a little more. As long as you have a positive view on the economy he would be comfortable in either names but prefers CP-T.

BUY

He is not concerned about the short term move. You have a decent dividend and good growth prospects. A wonderful history of increasing dividends.

DON'T BUY

He got out of it because the lower oil price would hurt it. The dividend cut was needed to keep the balance sheet intact. Longer term you will be fine.

BUY ON WEAKNESS

It is a wonderful company and he would look to buy it on a pullback. They have operations around the world.

DON'T BUY

It has a significant short position. They have a higher debt level than he focuses on. They are okay on the interest coverage, but he is just not a fan. We are getting closer to the end of the school year.

HOLD

One of the best managed companies out there. They do a recycle ratio that is very good (money put into the ground and oil coming back out). He likes it and has a bit in some accounts.

HOLD

These guys are all going to be facing the same headwinds. He likes the return of capital as well as dividends. If we see rising interest rates they will be facing these headwinds. He is comfortable with the dividends and payments. It is a stable business with a high lease rate. A quarter to a half percent increase in rates will not do that much harm because their distribution is so high.

BUY

A significant holding. He likes their operations. Good balance sheet and low debt level. You could see dividend increases. They keep surprising to the upside.

SELL

He is not a fan. It does not make the grade. They have some significant problems. They are trying everything to deal with it. You may want to pare up selling it with some gains for tax reasons.