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(Market Call Minute) Care for the aged with a real estate component.

(Market Call Minute) Stable, no problems; the yield is not going to go away, but not a lot of growth going forward.

(Market Call Minute) Will really benefit when Trudeau gets going on infrastructure spending. Prefers this one.

Three kinds of seats: with VIP you can have wine and a roast beef sandwich. You can spend a lot of money on a movie. Good dividend yield with a history of increases. Earnings reported this week so wait till they come out.

Has a terrific, sustainable yield with a history of high occupancy. They are conservative operators of the real estate. The yield is fully taxed so you may want it in a registered account.

He has loved it since it was $6. It was attacked by short sellers about 18 months ago when mortgage brokers gave them some bad information. All of the mortgages they wrote with these brokers had loss experiences no different than any others. Alberta is not hurting them. It is priced at 7 times earnings when it should be 10 times. It missed earnings recently by 3 or 4 cents.

It owns many venues and Ticketmaster too. It is a perfect example of his theme of experiential consumerism, which he is keen on at present. The problem is that the financial statements are very difficult to understand. The controlling shareholder runs the company more for their benefit than for shareholders. He has been watching it as it goes up. It is clearly a very good company in a very interesting space. He wants to assure himself that he is not paying too much.

(Market Call Minute) It seems to have bounced and he would take the opportunity to get your money out.

(Market Call Minute) In the right place at the right time and the market appreciates it.

Would move higher if the Canadian market moved lower. He does not recommend this ETF because it is leveraged. Technical indicators are positive for the TSX presently. Watch the indicators and then play a seasonal trade on a bear TSX. When the election takes place it is an opportunity to go on the bull side instead of the bear side. It is 100 days prior to the election of a new president and is not a great time for the markets as they move lower. This bear ETF could be a good buy when the technical indicators confirm it.

Markets. The “Lower for longer” interest rate scenario has a huge impact in his investment process. We need to always remember that the value of stocks are not pieces of paper, they are businesses. The value of a business will always be the function of its long-term earnings, cash flow and earnings growth. Just because interest rates are low, as a long-term investor, you shouldn’t be buying things just because they are cheaper than the market, if the market is too expensive. There are a number of sectors that have gotten out of whack. With this near zero world we are living in, people are starting to buy stocks as if they are bonds, and as if dividends will never get cut. No one ever predicted that interest rates would be here. We have never seen negative interest rates before. If these rates continue for 5, 6, 7 years, then owning these stocks makes a lot of sense. However, that is impossible to predict. Obviously when equity prices rise, the risk level rises, and you are better off selling that which is expensive, buying that which has value, and in his view, holding some cash as well. If you are an owner of government bonds, that game is over and dead, and is a recipe to losing money against inflation, even at low levels of inflation. If you hold bond funds or regular bonds, you should sell them. Also, the consumer sector has become very, very expensive. He is still finding value in Japan, which remains the cheapest market in the world, and is the 3^rd largest market globally. He is finding value in US large technology companies, as well as the financial sector, which has been beaten down.

Doesn’t own dual class share companies, but this one has been an amazing growth story. Incredibly successful. If he didn’t have an issue with dual class shares, he might actually buy this. It is unbelievable to him that in an industry which is low growth, they have made some great acquisitions and they cover all the basic markets from lower end to higher end. Have done a fantastic job. Truly a Canadian success story.

Spinning off their automotive division, but is still mostly an automotive supply company. The whole auto supply sector looks cheap. They all trade at low PE’s, but have all had massive earnings growth over the last 5 years. They are somewhat cyclical. You have to buy these when earnings are weak and multiples are higher, and not buy them after a massive run up of earnings when you think they look cheap. Thinks earnings are peaking for the sector and he is looking for declining earnings, and would look for a better entry price.

Too risky? Came out of the financial crisis and have restructured into far better shape. The trouble with cyclical companies is that they end up paying out too much in dividends, and then, if the cycle turns nasty, they have to cut them. He doesn’t see anything imminent in terms of dividend cuts. It is probably okay, but keep in mind this is a cyclical company.

Too risky? Came out of the financial crisis and have restructured into far better shape. The trouble with cyclical companies is that they end up paying out too much in dividends, and then, if the cycle turns nasty, they have to cut them. He doesn’t see anything imminent in terms of dividend cuts. It is probably okay, but keep in mind this is a cyclical company.