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Sold his holdings last December and hasn’t looked at the valuations since. However, as a long-term story, he thinks it is a great one. Dividend yield of over 10%, which usually indicates a bit of a warning signal. If you own, he would just stick with it right through this downturn. 3-5 years from now you will be very happy.

Took it on the chin this summer, largely on concerns of what has been happening in Australia. Thinks these are mis-founded concerns. They introduced Tap & Go. Instead of using your credit card, and typing it in, you can just tap it in, which had a significant impact on the use of ATMs in Australia. Management estimates that there is about a 10% reduction in transactional volumes in Australia, so during Q2 they pushed about a 6% price increase in Australia, which helped to mitigate some of that slow down. Also, pushed through a 20% price increase in Canada, following suit of what the banks had done, so we are going to see the full impact of that in Q3. Thinks it is going to be pretty decent. The company is very cheap. Dividend is sustainable. At the end of the day he thinks this is going to be a great long-term performer.

Pernod, the parent, owns about 51% of the company, so there is no chance of a take out. This controls 1 in 5 Spirit bottles in Canada. They can always make licensing in, or brand acquisitions in Canada, so there is some scope for growth. For him it is a liquidity issue. Institutions are very scared of a stock like this because it is hard to get in and very hard to get out. If you are in the name you have to be willing to stick around for a very long time.

A royalty trust, which essentially takes stakes in companies. Currently has 25. In exchange for that they take a royalty on the sales of the business. He likes that royalties are based on revenues rather than earnings. The royalty profile is a lot more stable than the typical private equity fund or venture capital fund. It also gives him exposure to a broad number of names. He wants this to eventually have 50-75 names, so the specific risk in any one company is relatively small. Non-resources, so no extraction, no oil and gas, etc. Very cheap at these levels. Dividend yield of 8.46%.

(Short.) Oilfield services. He views this as a more conservative way to play resources. He doesn’t invest directly in resources, but likes to get some exposure on the periphery, and views this as a more conservative way. The company provides temporary accommodation to workers in Western Canada.

(A Pairs trade. Long NYX and Short Amaya.) This IPO’d Dec 30 and he thought it was under covered and modestly valued relative to the rest of the sector. Also, liked the business model. They provide the hardware and software behind a lot of the online gaming. It got caught in the downwind of the rest of the sector, and in order to get some protection he shorted Amaya.

(A Pairs trade. Long NYX and Short Amaya.) Currently under investigation by the Québec securities commission for insider trading, and is attractive as a Short from that perspective. Also, thinks analysts are treating their entry into the US market as a slam dunk, and he doesn’t agree.

Markets. You have most things descending, because it a bear market. It is also a summer lull market, and we are also inflicted with amazing global events, which he thinks has stunned us. We also have political events. A bit of a frustrating market. As we come out of the summer, perhaps we will slowly get into a better theme, but he doesn’t think stocks will be up by the end of the year. The refugee situation is a massive historical change.

Molecular marking, injection, monitoring and control components for the petroleum industry. Now partnering with SICPA. Doesn’t know if this will be a very substantial winner. A very small company. Increasing revenues. A market cap of under $16 million.

It is steady as she goes where they are developing new railcar safety components. A sector that smells of energy, which is not generally good. There is not any explosive action with the company, but it is established and has great technicians. They have to win contracts with the railways.

They did something weird with their stock and got it a bit wrong. It doesn’t change his thinking on the company. This has the best formula that he has seen in the huge jungle of small tech related, healthcare companies.

This is one where you don’t just look at the stock, but you have to look at the sector in general. If you have enough, you are probably better off sitting with it.

It was really unfortunate in that it came out at the peak of interest in the small medical field related companies, and is competing with 12-13 others. It probably will get taken out.

Designs and manufactures women’s intimate apparel with specialty textiles. There has been improvement lately and they have set up some new contractual arrangements with some of the giants in the power industry. They are looking a little better, but it’s a small-cap stock and is thin.

They are building a big range of products. Thinks this is a good one.