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(Market Call Minute) There is a lot of uncertainty still with respect to the synergies with their acquisition of Alcatel.

(Market Call Minute) Decent for Canadian investors. It had a good run. He prefers some Western Canadian REITs that represent deeper value.

(Market Call Minute) Canadian company owning US real estate. He prefers others listed in New York.

(Market Call Minute) Prefers UK REITs to UK Banks at this point in the cycle. The UK is ready to lower rates to stimulate the economy.

(Market Call Minute) There was an overreaction when oil got below $40. It will be a challenge to figure out if they will stabilize occupancy by lowering rents.

Canadian Markets. There are a lot of areas that are so cheap that they just can’t get out of their own way. There are a lot of good yield proxies, some of the REITs that are paying 7%-9%; some of the industrial companies with really good dividends will probably have some very good upside. Then there are those that are not cheap, but have very good dividends, and even better EPS growth. There is a lot of cash on the sidelines. This is a market that is likely to go higher.

He likes this. It has pulled back a little on some UK concerns. About 12%-14% of their business is UK. They had to walk away from a UK acquisition they were going to make, which was mildly accretive. He still sees it growing at 9% compounded annually over the next couple of years. Trading at 17X, so it is not cheap, but its 5-year average is around 22X. Very good balance sheet. Dividend yield of 3.8%.

Economy. We are in an environment where we are going to have low interest rates for quite some time. The Fed will raise rates every chance they can, but it still does not replace the fact that there is “central bank” buying out there, and we are in a deflationary world which will take some time.

This company can’t get out of its own way. Department stores have been weak over the past year. Although this company has done pretty well in Canada, and has done well in Germany, their US operations have not been good. It has been very tough to value year-over-year. His sum of the parts valuation is $26.05, and he thinks this number is probably conservative. Excellent management. If you are patient, he thinks you will be rewarded.

This has about an 83% payout ratio with a dividend yield of about 6%. They missed on their top line in Q1, but are guiding to a stronger 2^nd half. The balance sheet is a little stretched at 3.7X net debt to EBITDA. Thinks this is one that you could own here. Dividend yield of 5.7%.

This is one of these companies that you have to own. It has had a big move, so wait for a down day in the market. In the meantime, write a Put at around $28-$29 between now and January, and you get paid $1-$2 a share, and hopefully you end up getting a hit.

A name he hasn’t liked for many years, but “speculatively” he now likes it here. They are free cash flow negative for 2017 and 2018. A good management team. Have made some tough decisions that is already starting to bear fruit. They have liquidity out to 2018. If they get their “blue sky” guidance, this is a stock that could triple over the next 3 years if they execute. The real risk is the aerospace cycle.

This has diversified itself away from the film place. The box office is now only about 50% with concessions at about 30%, and they are getting into E-gaming, building out the rec room, digital signage. He sees them being able to earn 15% compounded annual growth rate over the next couple of years. Pretty expensive relative to its 5 year, but if we are in an environment of multiple expansion, this is a good one to own.

(A Top Pick Oct 2/15. Up 53.27%.) Emera instalment receipt (EMA.IR). This is something where you can put one 3^rd down, get paid effectively 12% on a note. At that time, he thought we were heading into a tough macro as well as a tough time for the stock market. We are at a time right now where investors have to put down the other two thirds to get the whole play on it, but he is not interested in that. He recently got out of this.

(A Top Pick Oct 2/15. Up 34.65%.) This had been cheaper than its peers, but growing better. It also had FX tailwinds, because most of its business was in the US. Now it is slightly more expensive than its peers, but still growing at 22% annually over the next couple of years. Thinks it can grow its dividend 10% year-over-year.