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Your choice of infrastructure stocks? He likes Stantec (STN-T) (See Past Picks) and this one. They are both basically waiting for governments to stop just talking about infrastructure and actually putting money towards it.

Sold half his position close to the top last year, and continues to buy it for new clients. In the near term, it is probably seen the best part of its run. The latest quarter was a little disappointing. Their acquisition of the UK company that prints plastic currency, exposed them to the resin price market, and there was a spike in the price which caught them by surprise and hurt them. A great company to continue to own, but doesn’t think it is going to lead the market like it has in the past.

A major maker of particleboard that goes into buildings. It is going to be a major beneficiary of the hurricanes, especially in Texas and Florida.

Not one of his favourite energy stocks. Made one really bad acquisition at the wrong time and piled themselves up with debt. The CEO announced he is leaving, but in the meantime is trying to undo some of the mess. He would rather go for a well-managed company with good assets and that will be growing.

Buy, Sell or Hold? The only Canadian bank he owns. He owns this because it has the smallest Canadian footprint and the largest non-Canadian footprint as a percentage of their assets, of the banks. It is mostly in emerging markets of south America and Asia, which are the growth markets. Dividend yield of 3.9%.

Recently came under selling pressure after its 1^st quarter earnings were announced, because of a bad month of January. Their operations have been doing well since then. A Short Seller jumped all over it, saying bad things, which scared people away, creating a buying opportunity. They are in earthmoving using high-pressure water, and are the biggest in North America. They are now bigger in the US and non-energy than they had been before. Dividend yield of 1.8%. (Analysts’ price target is $36.)

Has been suffering lately. It went from being overpriced to being hugely underpriced. Part of the reason is that they have a good set of their operations in Alberta, and the weakness in the energy patch has hurt sales. Recently they’ve suffered by negative same store sales, which apparently has now turned positive. They’ll be hurt by rising minimum wages in Alberta and Ontario. Dividend yield 1.7%. (Analysts’ price target is $27.)

This is in the enterprise software business. It is a consolidator, buying up competitors and companies such as itself, and growing their earnings. Their latest quarter was only so-so, and the market has taken it out on them and driven the stock down to what he thinks are bargain levels. Dividend yield of 1.7%. (Analysts’ price target is $40.)

Market.Since last year’s election, the message has been clear. Trump is trying to push a pro-growth agenda and it is having an effect. They’ve had some difficulty in getting legislation through the 3 houses, which is always the case in the US. On the executive branch, he is pushing the regulation and helping to get things approved, as opposed to holding things up. The market has had some pretty decent growth, and we are seeing economic growth and earnings progression in companies. Even though there is a lot of conjecture back and forth, we are now into a slow tightening cycle on the monetary side. In this interest rate environment, the multiples on a lot of the stocks look pretty reasonable. For investors that are looking for individual securities that are fantastic companies and trading at really, really low valuations, this is a great environment. There are great opportunities.

There is a lot of focus around this company and Bombardier. A very interesting political issue. Dirty politics are being played. As an investment, it has done really well over the last 2 years. The world’s leader and biggest commercial aerospace company. It has had a heck of a run, and his target price was around $240. If he owned this, he would definitely be selling it.

Has been an under performer over the last several years. However, it is moving forward and they’ve grown over the last year. New management came in about 1.5 years ago made all the right changes in moving the company forward. Unfortunately, the stock hasn’t performed. They’ve been caught up in this money flow issue of a flow away from small-cap companies. There will be a catalyst that comes along. Management and the board have been buyers of the stock over the last year, which is a pretty positive signal.

A good combination of a mid-streamer as well as a utility. They’ve migrated more into the power producer and utility area. They continued to make that migration by making a big US acquisition, which should close some time next year. The stock has been in neutral as investors wait to make sure the deal closes. Pays a good dividend. Will probably move sideways until the deal closes, and then do better after that.

A spin-out out of Neptune (NEPT-T), which still owns 35% of the company. There are positive developments going on and they are getting very close to going forward with phase 3. Discussions have been going on with the FDA. It’s fallen off the radar screen and there isn’t much in terms of analysts’ coverage. Expects there will be news this fall and winter which should really catalyze the stock. A good time to accumulate the stock.

Favourite defence stock?He likes defence, but a lot of them have had huge runs in the last year. You need to be cautious. They are probably “Holds” at best. Trading at pretty close to 52-week highs, and he wouldn’t be a buyer. You probably would be okay holding them, but wait for a pullback. His favourite is Hexcel, but it has had a big, big run and he would treat it as a hold.

A fantastic, huge multinational industrial. Operates in a number of specialty industrial areas, as well as some consumer products. A classic, long term growth company, but given the run, you have to be really careful. Wait for some sort of correction.