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Markets. People are worried about market valuations. He thinks they are reasonable considering interest rates. He looks for companies with great cash flow. The market is up because corporate profits are up. Both are up 40%. He thinks corporate profit will increase in 2017. He admits we are creating asset bubbles in specific areas. Sovereign debt is very expensive. The S&P PE multiple it just about where it should be historically. He sees more potential in Europe. You will get multiple and profit expansion. The US is attractive because of the lower risk.

They are trying to refranchise some of their bottling agreements and are 2/3rds of the way through. They should increase their margins.

They generate a lot of cash. The stock has not done well because their Hep-C drug is very affective and the demand for the drug will go down. He would hang on and you should see the share price increase.

Deflationary Periods from a Macro Perspective. Negative interest rates are inflationary. They create a disincentive for corporations and individuals to spend. Companies generating stable cash flow are good investments under these conditions.

REITs. H&R or Slate? They are creating a new sector at the end of the month. The incremental demand should support share prices. He prefers H&R to slate. Even if it has exposure to Western Canada, there are 10 years to the leases and to their debt. It is a very well diversified REIT and you get a great yield.

Significant emerging markets exposure. He sees better risk reward in other parts of the healthcare market.

Lifecos have assets and liabilities. Part of the overhang is the long end of the interest rate curve going down. They are investigating having to hold more cash on the balance sheet. Notwithstanding, they have hedges in place that mitigate short term exposure. The valuation should stay range bound for the short term.

(Top Pick Jul 02/15, Up 38.81%) He is one of the largest shareholders. He thinks there is still significant upside as they recently completed a significant acquisition in HVAC.

(Top Pick Jul 02/15, Down 15.33%) The concern is cord cutting or cord shaving. He still holds it. There is still good franchises there. He would wait for the next couple of quarters to get comfortable with ESPN before increasing holdings. Pullbacks are a good place to add.

(Top Pick Jul 02/15, Up 11.61%) He switched to names like Boston Properties. It is a good core holding, but he prefers other names in his global fund.

The number of people over 65 is going to double over the next 25 years. In 3 of the last 4 years, demand has exceeded supply. They have done a great job of sourcing and building their margins. Wait for a pullback.

He does not own it because although they have a lot of cash on the balance sheet, it was because of a divestiture. It looks like they are in a position to deploy the cash. He does not know what they are going to buy so he is waiting to see. He prefers CSH.UN-T.

He would be reluctant to put it in his portfolio given the competition and the decline in foot traffic in the US. The valuation and long term growth potential keeps him out of it. Prefers TJX-N.

It is tough to get comfortable with them because the Canadian consumer is so highly leveraged. He would prefer to own a bank.

It has tremendous long term growth potential. Even today’s valuation is not all that expensive. They do a god job of getting mobile advertising dollars. They have significant market share in the cloud.