He believes the bad news is in the equation. Warren Buffet has come in and provided capital for them to deploy into mortgages and this has really improved their situation. The worst is behind them.

They changed their business model over the years, but he is skeptical of it. There could be regulatory changes. He feels it is better not to take those excessive risks at this time.

They are awaiting regulatory approvals on a merger with AGU-T. It is premature to make a judgment as to whether the two companies will see a lot of synergies. It is better to be prudent and not put your chips into it at this time. Wait for the consummation.

They have done a really great job of consolidating the industry in Canada. It is expensive to add new capacity. He would be adding to the position. It is a defensive and conservative position. They could increase their dividend.

Canadian banks have done tremendously well over the last 10 years. The regulators are doing a great job of making sure the industry is safe. Everyone should own banks. There has not been any big write-downs in the banks recently. They are firing on all cylinders. Don’t overpay for them. BNS-T has international exposures to commodities, which has held them back a bit.

You have to get your head around the value of their real estate. The whole retail space is under tremendous pressure. It is just a question of when they are going to unlock those assets.

Cannabis sector. There is a lot of potentially positive news priced into this sector. You have to be careful investing in this space until we know how big this space will be in Canada.