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He likes this. They own a portion of a Labrador mine, and get the royalties. An extra dividend was paid out to the company recently. Iron ore prices really took off last year, trading at about $80 a ton to over $300 at one time. We are now back down to $250-$220. In the last 2-3 months, the Chinese have been shutting down a lot of their steel mills because of smog problems. This will come back. Thinks you will continue to see cash flow coming out of this mine. Dividend yield of 5.4%.

Newcastle Gold (NCA-X) or Roxgold (ROG-X)? This was an old mine in California that was forgotten about. Brought in a new management team which redrilled it and brought in new techniques. Not in production yet, but is more of a drilling story. It will take development over the next 3-5 years to get it back into the mine status. It should be fairly simple. Of the 2, he would think Roxgold will have the better year.

Newcastle Gold (NCA-X) or Roxgold (ROG-X)? This is a producing mine and thinks it is probably a take-out candidate in the next year or so. Of the 2, he would think this one will have the better year.

Most retail investors don’t like this because it has underperformed for a long time. They have great oil assets in Saskatchewan, and have drilling plays they can drill for the next 20 years. The problem is, they have done a lot of acquisitions. Trading below $20 and should do well in an oil recovery. If you think oil is going back to $60-$70, this is a great company. He likes this.

What would be a trigger to make you purchase this? This is a commodity that has been in decline for a decade. It really got hurt when we had the Fukushima tsunamis. Japan shut down a lot of the nuclear reactors. He would want to see Japan restart their reactors. There is a big supply of uranium available, and you have to question where the demand is going to come from.

A case of a great mine, but a bad location. Recently sold his holdings. Quality assets. One mine is copper in the DRC in Africa as well as a platinum/nickel mine in south Africa. They are putting out great numbers on their copper mines, but he gets a little worried when the company gives out an additional 15% to the government for their continuing support. He is waiting for the price to get back to the $2.40-$2.50 range.

A good company, run by good management. Pays a good dividend yield. He believes natural gas will move higher, however prefers Tourmaline (TOU-T) which is a little cheaper, and gives a little more growth. However, this doesn’t pay a dividend.

Benefiting strongly from metallurgical coal prices. They also have zinc and copper. It all ties back into if Trump goes ahead with his infrastructure plans and Chinese demand picking up. If so, a company like this will do well.

Management has brought the costs down and are buying things cheaply. No one finds energy like this company does. The go-to gas name in Canada.

A midsized light oil player and a dividend player. Management’s idea is if it can give investors 10% production share growth, each year, and pay a modest dividend, maintain existing production, it is a viable way to build a business. During the downturn, management was able to buy assets on the cheap. They bought a number of land packages that really increased the size of the company. Dividend yield of 2.28%. (Analysts’ price target is $14.33.)

Light oil in Saskatchewan and Alberta. Good management team, which tends to under promise but over delivers. The largest shareholder is the Canada Pension Board, so in the past when they have gone to make acquisitions, the Board has usually stood behind them. Dividend yield of 2.88%. (Analysts’ price target is $10.41.)

Market. This year is different, because we have a president that nobody can predict. It is impossible to have any notion of what is going to happen in the next 4 months, much less the next 4 years. He is queasy that some of the certainties we could count on, like NAFTA and a certain level of civility, are just not going to be there. Thinks a corporate tax cut is priced into the market, but doesn’t know that repatriation is priced in, because we haven’t seen a big move on the tech stocks like Apple and Google that have a lot of cash overseas. The biggest uncertainty might be with the supposed huge infrastructure plan. He is not sure that Congress is going to buy into that, particularly on top of tax cuts. He can see a lot of instability, between BREXIT, Marie Le Pen and Angela Merkel. On the other hand, the euro is approaching parity, which is very positive for euro stocks.

The minutes from the Fed indicated inflationary pressure if the Trump government goes ahead with the fiscal stimulus they have been talking about. Lending spreads go up as interest rates go up, and banks can make more money. It seems to be a positive environment for the banks. The question is, is it already priced in? He is positive on US banks right now.

This is facing a number of challenges with the new administration, chiefly with the Trump Jihad against China. So much of what they sell is imported from China. Walmart is very, very big and a slow grower. He always prefers predictable, slow, dividend payers to companies like Amazon (AMZN-Q).

Buy, Sell or Hold? There is nothing wrong with making money, and taking some money off the table is never a horrible idea. In the case of this company however, it is probably premature. What is going on with interest rates is very positive for the insurance business, which is their core business. Also, this has been benefiting from a big run up in equities. He is positive on the company.