The Convertible Debenture 8% maturing 2022. Yellow media has underperformed and lost revenue and EBITDA margins, and has struggled transforming itself from Digital media. With this bond, you are getting compensated 8%-9% rate of return. Also, there is not much outstanding debt, but all their free cash flow has to go down to repay debt.

This is all about the iPhone. The reviews are in, and the iPhone 10 is gargantuan. There is so much potential from both the 8 and the 10, but on an earnings perspective, the PE is around 13X earnings when you X-out the cash. Dividend yield of 1.5%. (Analysts’ price target is $193.)

A little concerned about the progress management is going to be able to make as they prune the portfolio trying to right size it. After years of growing by acquisition, focusing on energy and relying on GE Financial, he worries at a stock trading at this price and supposed to generate $1 in earnings. They’ve cut the dividend. There’s a lot of work to be done. It looks like the end markets are struggling. It’s probably going to take several quarters before the turnaround starts to work out. You really want to see organic growth before you get excited. There are better risks/rewards in other industrials.

His outlook for 2018 is that oil and gas prices are going to remain range bound. Would prefer energy infrastructure instead of this company. He wants exposure to companies that are going to benefit from pulling the stuff out of the ground. That includes transporting it, fractionation for gas, logistics. Companies underpinned by “fee for service” or “take or pay” contracts have a lot more visibility and a lot less commodity price exposure. This wouldn’t be his favourite.

Feels you can’t go wrong with this. It is invested in strip centres, not shopping malls. Typically, anchor tenants are grocery stores, banks, etc. which cater to peoples’ every day needs. It is quite sizable and has a decent balance sheet. The concern with REITs is strictly sentiment, as they are considered interest rate sensitive. With this one, he sees a pretty well capitalized company. They have some debt, but are reinvesting in the business. They are looking at redeploying the capital into some development or intensification project which should ultimately cause the net asset value to increase. Dividend yield of 5.6%.

Not a big fan of retailers in general, and this isn’t a good entry point. A better choice would be CT Real Estate Investment Trust (CRT.UN-T), a nominal bond proxy, but you get a decent yield. Canadian Tire is their tenant.

Exceptionally well diversified. He likes management teams who have a history of allocating capital well, good returns on invested capital and a good track record. This company is really the personification of all of that.