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The dispute with Walmart (WMT-N) is a small deal, but the importance of the issue is for the potential of this becoming a much bigger issue internationally. Visa has a very good position and is the #1 card globally. It does more transactions and business than American Express (AXP-N), MasterCard (MA-N) and Discovery combined. Recently struck a deal to buy Visa Europe, which he feels is going to be very additive. Europeans tend to use more cash and less plastic, so there is lots of opportunity to catch some business there.

Given the nature of its business, tending to be more of a pharmacy, it probably won’t be too heavily harmed by Brexit. They plan to add Rite Aid (RAD-N), which will be very additive and a lot of opportunity.

Has had concerns that the hepatitis C drugs they own, is highly effective, but there are competitors that are taking share. Also, has had price deterioration. A very expensive drug with a $90,000 price tag for a 90-day cure. Groups and the government have exercised a lot of pressure, and have been able to discount that price, which has reduced margins dramatically. It looks cheap, but this is a bit of a trap. Thinks they have developed a fairly good cash hoard. If they made a smart acquisition, he thinks he would be very additive to the company. Would probably not be his 1^st choice in the space.

He wouldn’t try to time a purchase from a trading standpoint. Take a position and wait for a longer-term secular move in the banks, and you should be well rewarded.

A developer and distributor of well-known products such as Revlon, Sunbeam, Vidal Sassoon, Dr. Scholl’s, etc. The company has done extremely well, but hit a bit of a hiccup in terms of growth in the last year or 2, but it appears that the growth has resumed. Trading at a mid-teens multiple, but have a very nice free cash flow yield of about 7.5%. This is a good time to buy.

One of the most successful companies on the exchange. It has done extremely well through the years, and continues to do so. An online travel company, and owns booking.com, open table, Kayak. Very, very successful and high growth. Gross bookings rise anywhere from 25% to 30% year-over-year on a quarterly basis. He is looking for about $67 a share in earnings this year, and probably at $80 for next year.

A derivative of the auto play. It manufactures exhausts and ride control systems. Some of the auto companies have had issues, but we are still seeing record levels of units. The run rate is still about 18 million units in North America, and about 60 million globally. What he likes is that it has a catalyst. Emission standards have been tightened, and will continue to do so.

Markets. He would be more bullish than bearish. The amount of negativity out there is palatable. Everyone is worried about something, and of course markets always have something to worry about. Whether it is the election, Brexit, etc. there is always something to worry about. If you look at the 2 main components of the market, interest rates and earnings, they are not that bad. Earnings certainly are falling, and that wants to be turned around over the next couple of years, but they are not bad. Most companies are beating expectations. Also, interest rates, lower for longer, is an ideal market for valuation changes. You have companies building up cash on their balance sheet, you have companies increasing dividends, and there is a lot of acquisition and merger activity, so the corporations themselves are not really worried. Investors are looking at what could go wrong. If you look for what could go wrong, you are always going to find something. There are managers sitting on 40%-50% cash. You have people on the sidelines saying they had no idea what is going to happen in the election. Of course they don’t.

Doesn’t follow this company, but only knows about up because it has gone up so much. Basically, they are using oats and bran malt for different applications, biotech, cosmetics, etc. Very early stage. Revenue growth is very, very high, but it is coming from a very small base. Revenue expectations are in the $20 million range, on a market cap of $145 million. Expectations are so high here, it’s early stage, and it’s a developing company. Investors need a splash of cold water, because they have jacked up the price so high. A decent little company, but just a crazy valuation.

The renewable space is starting to get a lot of attention and has recovered quite nicely. There have been some takeover plays in the space, and there are other companies up for sale. This one is kind of in the sights of Brookfield, and they don’t like paying too much for companies. There is a bit of a hurdle because of this company’s parent share ownership. This is a decent income play.

This has flight data recorders that go into airplanes, and it is a hard, hard sale to get airlines to put in a $100,000 product, even though it is going to save them money and is a good product. Probably still a little too early. The growth is nice to see, but the market cap is a little too small to get a lot of attention.

Investors are very, very concerned about the company, but are concerned for the wrong reasons. They are concerned because it is being attacked, because there are no press releases, and because it is going down. He doesn’t think that because it is down is a good reason to Sell. The last quarter was a miss, but there is a valuable business there, and the company is up for sale, and is trading at 2X earnings. Certainly the company has to do an improved job in communications.

Thinks this company is destined to be privatized. Trading at about 9 or 10 times earnings, pays a really nice dividend, insiders own a big chunk, and business is pretty good. You have other leasing companies that are trading at much higher valuations. No one is really paying attention to this and it doesn’t trade a whole lot. He thinks that eventually a private equity group or management might consider taking it private. Dividend yield of 7.8%.

Just reported and earnings were decent, and also made an acquisition which created more interest. The stock has had a really tough time of it, of course being in the healthcare sector with Valeant (VRX-T) and Concordia (CXR-T). They also have accounting issues which is not good. They really need to get a big 6 accounting firm and get rid of the smaller one. Not his favourite company, but the valuation is attractive enough, so it is interesting. He would like to see a couple of more quarters.

Management knows exactly what they are doing in the sector, and now they are going to expand outside of Canada. You have to give them points for a really consistent execution. They have done almost nothing wrong since they re-emerged as a public company. Have completely dominated their niche and there are still opportunities. If management is going to expand, you want to ride that train with them.