We are still not out of the oil environment, and all things could happen. When the commodity is low he likes to buy something, and as clean a company as possible. This one has a great team and great producing assets in Western Canada. They’ve done a great job and brought down costs. If oil stays down longer and lower, it kind of gets in trouble on obscure things that normally wouldn’t matter. This has a bunch of old producing assets and they are going to reinvigorate the plays. Has a massive amount of environmental abandonment liability, which might never be an issue, but it is out there, so he goes for companies that are a little bigger.

The LNG landscape has changed so much in the last 6 months, and it is what you can sell your product for on the international market, so you start putting yellow flags beside some names. This company is in limbo in that category of investment, so he prefers Altagas (ALA-T), which cancelled their LNG project. Veresen is on Jordan Cove, and he can’t figure out if this is a good or bad idea economically. Also, have many environmental issues as to how to get the gas there. Too many question marks about their business plan.

Aecon (ARE-T) or Stantec (STN-T)? A great Canadian stable company. He uses it as a dampening mechanism in his portfolios. There is a lot of infrastructure to be done. A great, consistent business. Every time he has made an assessment of these 2, he has gone with this one. The stock is now at the higher level of his valuation, so he owns the bonds.

Aecon (ARE-T) or Stantec (STN-T)? Every time he has made an assessment of these 2, he has gone with Aecon.

Forestry? His go to name in this sector is always this one. When he looked at it this winter, it wasn’t cheap enough. It’s all right on Fair Market Value and will make lots of money over the next couple of years when the US housing market recovers.

Had probably been the single best company in Canada 15 years ago in terms of monopoly franchise and what they did. Then they bought other diversified businesses which collapsed and had to restructure. It has now been cleaned up and is on his list of companies that he would probably like at the right price. However, a lot of the move will probably be geared to the construction market in the US, which might or might not happen. This is being fixed, but you still have this propane monopoly. The 16% dividend really looks secure.

(A Top Pick July 28/15. Up 25.83%.) These picks were based on survivability, not a growth. Sold his holdings.