This had a spectacular growth spurt, and since that time the growth has pretty much levelled out for a long time. Now it just kind of trades in a nice trading range. As time has gone on, the market has become less and less interested, as Prem Watsa has not been able to deliver the returns of the glory days. The stock price and Fair Market Value, as he measures it, are exactly the same. He is concerned that there may be a further set back.

This had an enormous set back from its peak, and has got to a level that is quite attractive. Has loads and loads of upside potential. Feels the downside risk is now behind it and he likes it here. It could go a fair distance.

The fair market value is quite high, relative to the current price. If there is any change in the market towards the resource sector, this is a stock that could do quite well. He could see it going to $34.

Had a fairly large set back from the last year or so, and is kind of consolidating at about 2X BV. It has nice upside potential of 51%. The downside risk is to about $74, and that is where he would love to be a buyer. It has fairly easy upside to about $92. He wouldn’t worry about this one in the slightest.

There is nothing wrong with this company’s balance sheet. The overwhelming problem with the group was the issue of whether lenders, the people who bought the GICs, etc., wouldn’t freak out and panic when some of the US hedge funds started Shorting.

A very expensive stock. On a Price to Book basis, it is out of sight. On a Price to Earnings ratio, it is nothing to write home about. However, this is a momentum stock which keeps on working and keeps on producing nice numbers, because it is a stock for the times. It will keep on going until it doesn’t. When it doesn’t, you had better not be there, because the downside risk is really something.

(A Top Pick Aug 11/16. Up 45.6%.) He likes the US financials. Also the Fed has indicated that they want to keep on boosting interest rates up.