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Market. The US announced final duties on softwood duties. Stocks are already discounted for this. He wonders if now that we have certainty, is it a positive for further NAFTA negotiations. Maybe he can be optimistic. The increase in lumber prices this year has more than offset the duties. WFT-T is up nicely because of a lot of business south of the boarder and not subject to the duty. It will now be $3 per sq. ft. more or $2000 to $3000 per house more expensive for housing in the US.

They just reported and it was a small miss. They made a recent acquisition in Australia. He finds it expensive and so it is probably a hold. You get a reasonable dividend.

It is a hybrid. It has held up relatively well. They are a good producer with a decent yield. It is not expensive if you think oil stays at $55 or could even run to $60. He likes energy for the last little while.

They pay for the royalty on the land for which they did a deal with the producer. He sold a couple of years ago when he sold most of his energy. It does not have the torque of a producer. It is a good way to play if you are not sure where the price is going. You could hold it for the dividend.

It has been a story where he looked at it a year or so ago. It is a bit expensive on a multiple basis but someone will probably come along and take it out in the future. He would hold it if you own it. They try to make acquisitions of smaller brands from time to time. It is pretty sleepy.

A good broad way to play infrastructure. He owns some of the preferreds (K) but it is different that holding the coming. He prefers one of his Top Picks today. Hold if you own it.

(A Past Top Pick Oct 28/16, Up 42%) He still likes it quite a bit but it will not do the same this year. There will be a hiccup due to hurricanes this year but there should be a dividend increase in 2018.

(A Past Top Pick Oct 28/16, Up 18%) The equity issue was sold. He still owns it and still likes it. He did not buy the issue because he already owned it. He bought it for new clients this morning below the price, however. It is a buying opportunity because it is an artificially created dip and it should go back up shortly.

(A Past Top Pick Oct 28/16, Up 23%) It is a nice, easy way to get exposure to the North American economy. He prefers this to CP-T.

He sees more upside (10-15%). Be careful because they report the third quarter a week today and there will be some onetime charges that he knows about, not everyone in the market does. There may be $0.50 downside and that would be when to buy it. (Analysts’ target: $28.00).

It was a messy beat this morning. They have adjusted engineering and construction numbers. They beat on margin. The Highway 407 is ticking along fine. They will have a 7% compound growth rate just from the 407. (Analysts’ target: $67.00).

It has been going sideways. There is a worry about electric cars damaging the business but they will have charging stations at their sites for sure. It will take a long time before it is materially impacted. He feels there are catalysts to come. (Analysts’ target: $72.00).

Energy industry recommendation. PD-T is struggling. Rig counts are pretty flat so they are not benefiting as normal. Service guys are where you want to play but he does not own any. He would wait until the new year at least.

Airbus bought the C-series program. Does that mean all profits from it don’t go to BBD.B-T? There will be some profits accrue to BBD but not what we thought they would be. They got diluted down for nothing. They made a 61 plane announcement and that was constructive to the stock. He has been away since 9/11 because the stock has been too volatile.

They have probably exhausted the benefit of the Shoppers acquisition although there is a little they can do with groceries on the pharmacy side. There is intense competition in grocery not counting AMZN-Q. It is not the same in Canada because of geographic dispersal. He does not think growth is appealing in this sector and so is not into it.