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Markets. The TSX is down about 23% from its high, officially bear market territory, but this is where opportunities surface, so he has been buying aggressively and reducing his cash position. We have seen most of the decline in the Cdn$, but it could decline another 5%-7%, but at some point you will get a recovery. There will be a period when it will trade in a narrower range. Expects that in 4-6 weeks we will see the bottom in oil, but will have to see how much oil Iran actually produces. There are also the floating stores. Most people think it is oil, but it is really mostly condensate. Venezuela is not in the best of shape, so we will see if they can continue to pump 2.4 million barrels a day.

A big concern is their coal fired assets. They also have some Hydro and some wind, but coal is a significant amount of their assets, both in Canada and in Washington state. There isn’t clear detail on how the Alberta government will help the coal producers transition. Even though the stock has fallen a lot, he still has concerns about power prices in Alberta.

Extendicare (EXE-T) or Chartwell (CSH.UN-T)? This has holdings both in Canada and the US, but have been selling some of their US assets. Chartwell has a higher percentage of independent living and would be his preference.

Extendicare (EXE-T) or Chartwell (CSH.UN-T)? This has a higher percentage of independent living and would be his preference. It has slimmed-down and is more of a Canadian focused retirement play right now. He likes it when there is a mix of assisted independent and full government support.

Sun Life (SLF-T) or Manulife (MFC-T)? Both are great institutions. Manulife has a slightly bigger presence in Asia, which he likes, as it is a very immature market and will continue to grow. They each have good wealth management franchises. Both are good companies and over time you will see dividend growth from both. Dividend yield of around 4%.

Sun Life (SLF-T) or Manulife (MFC-T)? Both are great institutions. This one has a slightly bigger presence in Asia, which he likes, as it is a very immature market and will continue to grow. They each have good wealth management franchises. This one has had some redemptions on the institutional side, so there is a slight preference for this. Both are good companies and over time you will see dividend growth from both. Dividend yield of about 3.6%.

More of a growth company, so he doesn’t own it. They are doing quite well and are conquering the world with their subscriber growth, as well as making traction in new countries. They want to be more like an HBO where they are creating content. As they get people roped on the $7.99 initial subscription, they have the ability to raise that. Over time you are going to see more cable operators include them in their offerings. Likes the company, but doesn’t like the valuation.

Has operations in Australia, France, Germany and the Netherlands. A big project a couple of years has been a big natural gas field in Ireland. This started to come on line near the end of the year. Gas prices in Ireland are linked to oil. This is going to be a new stream of revenue and cash flow for them. Feels this is definitely a company that can survive. Dividend payout is high of over 100%. As they bring in the cash flow, this will go down. Dividend yield of 7.3%.

Crescent Point (CPG-T) or Whitecap (WCP-T)? This company recently cut its dividend by about 40%, as well as their CapX. They believe they can have their dividend payout ratio under 100%. He likes this as a company that can survive.

Crescent Point (CPG-T) or Whitecap (WCP-T)? Hasn’t cut its dividend for a while, and thinks they should cut. Wait until they make a decision on the dividend and look at it after that.

A utility with operations in Canada as well as the US. Their timing for buying operations in Arizona was pretty good, as they bought while the Cdn$ was relatively higher. Have a consistent record of raising their dividend with the longest record of raising their dividend on the TSX. Likes this in this low environment, and it should continue to do well with their strong management team. Dividend yield of 3.9%.

Power producer with wind power and some Hydro facilities. Big projects over the years in Germany and the Netherlands. Offshore wind power. Very solid management team. As they take on these growth projects, the payout ratio goes up, but once the growth projects are finished, the payout ratio comes down. Thinks it can do well in 2016, as there is a lack of alternatives. Dividend yield of 5.8%.

Was the recipient of a number of Enbridge (ENB-T) Parent Corp assets last fall. These assets were more mature and had less growth in Enbridge parent, and was also a mechanism to raise cash for Enbridge. Likes the growth profile, but doesn’t like their constant need for equity. You have to offset that with the dividend growth. Prefers the parent. Dividend yield of 6.7%.

(A Top Pick Feb 6/15. Up 26.6%.) The big driver was the final sale of their concession in the Quito Airport, so they now have no debt. They should benefit from the upcoming fiscal stimulus. Not in the US in a big way, but still feels there is enough opportunity in Canada to win their fair share of the BBB work.

(A Top Pick Feb 6/15. Down 22.98%.) Their base business was originally specialty performance chemicals around sulphur. About 2 years ago they made an acquisition in the US which got them into water treatment in a bigger way, as well as some specialty chemicals for the food and pharmaceutical industries. Had competition that was disrupting the market, which has been taken care of. Also, had some refineries that were having down time, reducing demand for some of their chemicals. Very well-run. Payout ratio of about 58% and are paying down debt with their cash flow. He continues to add to his position.