All the stocks except North America. You have had a good experience in stocks in the US, but now you need to move out of North America. After the political shadow has been lifted in Europe, you want to be there.

Zeroing in on Germany and France. In September they expect money to be spread around in Germany.

Emerging Markets. He is going in on this very slowly. The emerging markets index is much cheaper than Canada. It is a bout of growth in emerging markets.

(Top Pick Mar 14’16, Up 45%) He likes the American Banks. He likes them even if they were a bit soft. Probably interest rates will rise. He is using the unhedged version of the ETF.

(Top Pick Mar 14’16, Up 1%) He parked US money here.

(Top Pick Mar 14’16, Up 15%) You have to take credit rate rise in the fixed income market. This one is hedged. He switched recently into HYI-T for an active manager.

This has struggled over the last couple of years as it got hurt by the environmental movement and the NDP government in Alberta wanting to shut down all coal producing energy assets. They are migrating from coal to natural gas and have 2 plants, Sundance 1 and Sundance 2 that are coal fired, which are going to close by the end of this year. That hurts their bottom line. Also, for the last number of years, they have been over levered. Their bond rating has always hovered below investment grade or just barely above it. Thinks it will be in the penalty box for another 6 months to 1 year because they don’t have the greatest of assets.