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A great business. You are very protected from the Ecommerce threat. They have enormous amounts of purchasing power. They make a huge amount of their profit through the member fees. It is a very defendable business. He wants to own it but is being patient about the price. We are not too far off.

The medium term concern is that they have to make a transition to making money from not just one device. They will face margin compression. The stock is not expensive. They have a rock solid balance sheet.

Over time it will turn out to be good. The valuation is fair. You can own it over the long term. He believes you can bet on management.

US financials have been a big holding for him. The risk return is not as good as it was just a few weeks ago. He has begun reducing his holding.

He likes rails. They are unreplicatable networks. They are diversified. But at any given point you have things that are working and things that are not. Autos are at cyclical peaks. Grain will rebound. He thinks you will get double digit earnings growth going forward. But it won’t be in a straight line.

The space has been volatile. FNV-T could make sense at the right time so he prefers it.

(Top Pick Sep 7/16, Up 3.27%) Not a lot has changed. It is a steady business that is doing a lot of things right. They turned over 40% of their supervisors in North American stores. He thinks it will result in sustainable margins.

(Top Pick Sep 7/16, Up 14.29%) They are coming to the end of a very important refresh of their business. Cap-X will be coming down over the next couple of years and now they can repurchase shares.

(Top Pick Sep 7/16, Flat) He would have preferred more money deployed. He is holding 30% cash in his funds.

It is a great company. He has a small position. He has a lot of respect for the management. They are truly a machine. Valuation is keeping him from increasing his position. CP-T had more potential improvements so increased more.

Management has done a very good job. It was a difficult few years for them. You are able to buy them at a more attractive price than previously. You won’t get outsized returns but it is positioned to withstand pretty big shocks in the system.

They do a lot of very niche software where there is not a lot of competition. They have pricing power. They just keep generating cash flow. He owns about 9% of the company.

The auto parts space is pretty depressed. A lot of people are concerned about where we are. The auto industry is cyclical. MG-T gives you better diversification. A lot of these stocks are cheap, but be cautious.

He likes it. It is a very well run business. They took a lot of cost out. It is a competitive environment. The stock is not as cheap as it was. They have a lot of debt and some has to be refinanced in the next couple of years.

It sold off a bit recently due to rates moving higher. It is a fairly mature business. It is not attractive enough to him on a free cash flow basis. The dividend is sustainable, however. Don’t move out of it into banks.