The potash market is over supplied right now, especially following the breakup of the cartel in Russia, so pricing is really weak. This is impacting the company, because they are at the higher end of the cost and their margins are compressing. Although the dividend looks attractive, he thinks it is not sustainable at this level.

There is a lot of pressure on their portfolio. They have exposure to Calgary, and that market is weak, not only because of oil, but also there was a lot of new supply coming in. When new supply is coming onto the market on the office side, they tend to lease very well because it is brand-new and looks good, so older buildings tend to perform poorly. That has been impacting this company. There is a lot of value in the name. It is trading at a huge discount to NAV. For a long-term investor who thinks things are going to recover, this could be a good buy, but he sees a lot of risks. Dividend is greater than 7%, but he thinks they will try to hang onto it.

US banks are very sensitive to the economic situation. If there is some disappointment, they will be at the forefront. Went down a lot in Q1 this year. He is quite concerned about being exposed to US banks at this point. However, if the Fed surprises the market in June and hikes rates, the place you want to be is in US banks.

Emera (EMA-T) is selling most of its interest. This will take an overhang off the table and will improve liquidity of this company’s stock. The company is definitely safe, and will probably keep growing over the next few years at a pretty nice clip. Given the nature of their business, he thinks they can sustain their debt level.

They sell telephone towers, mostly in the US, but globally as well. The company is growing quite nicely. Cash flow growth is at 15%+ in the next few years, and that will drive very solid dividend growth. Very low risk because it is long-term contracts. There is nice structural growth in the industry because some countries are moving from 2G to 3G, etc. That drives more demand for space on their towers.

Great company. They are deriving growth all over the planet. They will deploy capital in places where things are bad and capital is fleeing. That is how they get assets at a discount to fair value, and how they generate growth. The assets they buy often come with long-term contracts providing stable and growing cash flows. Also, have organic growth investment opportunities. Currently they are interested in Brazil, where the economy is pretty bad. 5.2% dividend yield.

The issue with the telco industry at this stage is that you have a new entrant on the wireless side coming in. You are also facing a lot of pressure on the cable side with the people going over the top, etc. The industry is facing some serious headwinds. He has been reducing his exposure to the sector. However, if you have to be in this sector and you want very low risk, this is probably the name to have. They have a decent strategy and are deriving very visible and stable growth. The dividend will continue to grow at a slow pace, but you have good visibility on it.