(A Top Pick Sept 15/16. Down 8%.) *Short* (Pairs trade with a Long on TA-T.) He still has both positions on.

Has been Short this for a long time, but recently covered his positions by buying Calls. They have a ton of debt, and for the last several quarters, have been hitting negative free cash flow of about $1 billion or more, while also paying a dividend.

One of many natural gas producers that’s been beaten up really badly. High quality assets, with an opportunity to de-lever based on many things. Gas assets in the Deep Basin are quite solid. Produces quite a bit of propane, not a bad gas liquid to be producing at the moment. It appears there is too much debt on the company, so he walked away some time ago.

His only natural gas exposure in Western Canada is Tourmaline (TOU-T). You would have to be really constructive on Canadian natural gas pricing (AECO) to really want to own this. A very high-quality company with good assets, good management and a reasonable balance sheet. Pays a dividend yield of north of 8%, which is probably telling you something.

Has exposure to pipe fabrication. So long as horizontal drilling is going to continue apace throughout North America, they should have good exposure. He likes management.

The street seems to have gotten more constructive on this. He would worry about the $10 billion debt, which is debt to EBITDA of 9X. A very capital intensive business, which is very troublesome. They seem to have been given a breather by the Airbus deal they did a couple of weeks ago. If they can survive the onslaught that is happening in their train division, things will be fine, but at this price he would not be a buyer.

Uranium market is structurally challenged. The problem at Fukushima changed the story for uranium. Uranium bounced after Cameco (CCO-T) decided to shut down one of their mines. However, they can bring it back on whenever they like.