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Markets. The US has GDP growth of 2% and unemployment at sectorial lows with pay increases. He wouldn’t be surprised if he saw a short-term 3-9 months’ rally in Canada relative to the US. Feels markets will go up, but will be quite volatile.

This is a utility, so shouldn’t be volatile, but it is. Has 20 year contracts to the oil companies. Also, oil sands development is still growing. Their capital structure is fine. They got hit with the whole oil price situation. This has been oversold and overdone. Dividend yield of 7.3% is sustainable.

He owns this through convertible debentures, which is giving about a 7% yield and an option to participate in the upside of the underlying. Just released numbers last week which were quite good. This has always been a free cash flow business, and has always gushed out earnings. The biggest issue was the print media business which was decaying by 20%. 65% of all their revenue now comes from the digital side, which has an 8%-9% growth. He likes the company from a convertible debenture standpoint.

Just reported and beat on some metrics. This is the right time to own this company. It is focused out East where vacancy rates are dropping and there is stability. They seem to have executed on what they promised in the last several years. Thinks it is on the cheap side. Trading at about 11X price to AFFO. Yield of 5.6%.

They are diversified to the industrial side such as FedEx and low intense industries. The only issue is Alberta, but Ontario and BC have lower vacancy rates. Kind of a desirable asset class globally with mergers and acquisitions. Industrials tend to be really defensive on a recession basis. Has always shied away from this because of their management contracts.

(A Top Pick March 31/15. Down 6.46%.) Real estate focused on Eastern Ontario and Québec. Their active strategy is to upgrade their portfolio and sell non-core assets. The biggest issue is that they are still over levered. Fantastic yield of 9%-10%.

(A Top Pick March 31/15. Up 7.66%.) Gives mortgages to developers to create retail space, apartment buildings, condos. They tend to be short term mezzanine loans.

(A Top Pick March 31/15. Down 14.2%.) Supposedly they are getting a binding offer from Sirius XM US. This is probably worth at least $1 more.

The sector is rather strange because of a transforming acquisition by Ontario Teachers on Amica, which messed up all valuations on these retirement investments. Sold their US assets and are now totally located in Canada. The largest provider of seniors housing. Have done a good job of curtailing costs and have grown through acquisitions. They only pay out about 70% of their Net Operating Income. They are in a good spot to execute further, as well as a possible distribution increase. The sector is still somewhat expensive.

Has never owned this because it was too expensive. With this you have to deal with the Alberta issue. He prefers BCE (BCE-T) which has done a great job with fibre and with content.

Canadian Banks have been the massive outperformers over the last 5 years. All banks have been saying that exposure to the oil/gas sector has been minimal, but they will be taking write-downs. Household debt is at an all-time high. There are a lot of negative headwinds coming. He prefers TD (TD-T) and Royal (RY-T). If you are going to be in this sector, he would want to be in the best and the most conservative with regards to the Canadian consumer. Has shaved down some of his banking positions in the last 6 weeks. In the long-term, you are not going to really get hurt, because they are good managers of their business.

One, several, or an ETF in Canadian Banks? If the amount is under $20,000, you are probably better off with an ETF such as BMO’s Equal Weight Bank ETF (ZEB-T). There are really no wrong answers on this.

Preferred R. Preferred market was terrible last year, down 30% minimum. This is not a fixed income product, but an enhanced equity instrument. There is just as much risk of rates going lower than higher. This is a hybrid of an equity instrument.

There are things he likes and things he doesn’t. Has exposure to Alberta, but the properties are preleased for 10 years. One thing he doesn’t like is that it is all over the place. It is in the US. It has office and retail. Prefers the simple stories. One of the benefits is their US assets which is in US$. Good managers. Yield of 7%+.

Lagged for a couple of years, but is now deemed as a defensive asset class. Most of their holdings are in Ontario. Spent a lot of CapX to refurbish their old buildings and are buying new ones. In a good spot and will probably continue to outperform the market.