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Markets. There is a lot of free credit. Central banks globally have opened up the taps, and as a result there is a lot of mispriced securities. He is not sure what the end result will be. The question is if this is justified at this time. We will only find out the answer in the future. It is good to be prudent in this environment. He likes to invest in companies that don’t have input variables where there is no control or a high degree of predictability on.

A pretty good company overall. Operates 6 facilities in the US. Dividend yield of approximately 6.4%, which he believes is sustainable. Management has a net cash position. They recently appointed a new CEO, who he thinks will increase their focus on new M&A activities. The risk is what will happen on the regulatory front. You really have to understand what is happening in terms of reimbursement trades and the Medicare and Medicaid situation. Doesn’t know how the industry will evolve, and this is a big question mark. However, feels this is one of the better managed companies. Not trading at a very expensive multiple. Because of regulatory concerns don’t overweight your position.

A solid Canadian company paying a pretty good dividend yield with good management. Their business is predictable and sustainable with no pending regulatory changes. A good Hold for income oriented investors.

Feels the insurance sector is underappreciated and there is room for potential upside, especially relative to the banks. A solid hold for the long-term, but you have to decide whether you want to be in the insurance space or the banking space. He would be more motivated by insurance.

Has had a number of issues in the past, especially with their US investments. Have fixed some of the issues so it is now a better managed company. Wouldn’t consider this as “Best in class”, but more or less in the middle of the pack. Their Japanese operations are very good.

One of the better run Canadian companies. Has a high return on equity and extremely well managed. Had a bit of a hiccup in the US because of implementation, but those things happen. They will continue delivering. A tremendous organization. Every year they conduct tens of thousands interviews with their clients. They understand the trends and are always at the forefront of those trends. They keep ahead of their competition. A great company to own for the long-term.

Had a great run and has been one of the best investments recently. They’ve done many things right in spite of many hiccups. He is always careful when investing in any airline. Throughout the cycle it is not a good investment, but from time to time you get those unique opportunities where you get an uptick in the industry and they fix the problems. This one has had both. At this time, he is very careful about investing in any airline, because he feels the industry is starting to peak and there is increased competition.

Have made a tremendous number of acquisitions in the past. It is now generating a high return on equity and free cash flow. 4^th quarter results were excellent. All this looks great, but at the same time they have put the company up for sale. There are some regulatory concerns in the whole industry, and anything can happen. However, they have a good profile of products. He questions why they have put this up for sale if it such a great business. Feels there is downside protection, but in terms of the upside we just don’t know what will happen.

Trying to focus on European markets which they feel is less prone to regulation as each jurisdiction in Europe is regulated separately. Have done a number of acquisitions. However, some of the drugs in their pipeline have a declining profile, so you have to be really careful to understand how their base business is doing and how much they are paying for acquisitions. It is hard to gauge whether they have overpaid are not for the right acquisitions, but he doesn’t feel they got them cheap. Also, they have utilized the stock price to pay for some of those. Be very careful on this one.

A pretty good company, based in Calgary. They are trying to acquire different assets which they can generate free cash flow from in order to pay high dividend yields. Currently it is a very high payout ratio. He is a bit concerned about their latest acquisition which they have potentially overpaid for. Over the long-term, the management team is very smart and really know what they are doing, and will build a good business and continue paying a high dividend yield.

Takes high-definition pictures and videos from space, and can monetize this with their partnerships. However, the proof is really in the pudding. To date they haven’t generated much in terms of cash flow. They still need to install more cameras. When all cameras are placed in one space station you have to be careful, even though they have this insured. This is more of a speculative story.

Has a one-year contract with Air Canada (AC-T) and you don’t know if that will be renewed. Be very careful with this. Have a sizable level of debt, and he is not quite sure how the business model will evolve. Despite the potential of a high dividend yield, you have to stay away until there is a resolution of sizable contracts for negotiation.

This is one of the great Canadian companies. There is a huge bus replacement cycle happening in the US, and there is more and more capital being allocated to this. The company is capitalizing on the huge industry trend, and at the same time management is doing a great job in operating facilities efficiently and providing the product to the different municipalities. Thinks they will continue surprising on the upside in terms of their profitability and their margin expansion and there will be an increasing ROE and ROC. Feels there is still much more wind behind their back. Run by a top management team. There is a multiyear cycle happening right now.

They’ve done a tremendous job in delivering, especially since the beginning of the year. Has been able to integrate into the different automobile manufacturers and provides a product that runs better than most of the competition. Not only has there been an increase in new US vehicles, but also the content they provide per vehicle has skyrocketed. It could also be a potential take out candidate. Expects continued ongoing good deliveries, seeing how the industry is shaping up.

One of Canada’s best companies. They’ve really transformed the business over the last 4-6 years. Used to be a cheque manufacturing company for Canadian banks, but are now focused more on technology. Has a very highly predictable and highly secure revenue stream. Was under attack recently by short-sellers, but he believes the allegations were misplaced. This is going to be a very solid long-term hold for years to come.