Hard liquor and some wines. Very good brands. He has looked at it and likes it at times but they are too highly valued at times. It one shareholder has too much so it is not liquid enough for him. As cannabis becomes more main stream, they may want to invest in it in some way.

He owns it in a smaller cap fund. They are the largest printer of children’s content in the world. They have great real estate in Manhattan. They reported last night and EPS and revenue were down a bit. But a better metric is price to cash flow and he likes it. They have no debt. In a couple of years this company could be taken out by a larger entity.

A year ago they went through a restructuring and then a big acquisition in Safeway. They were left with a banner that had few discount brands in Western Canada, then tinkered with their loyalty program and that upset consumers. Last quarter the results were not liked. He used to have it but now prefers WN-T or L-T.

You have to have a lot of faith as to where you are getting the royalty income. You have to have a lot of confidence in what they are investing in. Some of them have not worked out and some have been spectacular. He has a small holding.

The pipeline space is quite stable. Their plans are quite good. He could only own so many names in the space. He prefers PPL-T because they are diversified more into the mid-stream and infrastructure spaces.

He likes the name. There is the uncertainty of the acquisition in the US. They are going through the process of getting state approval. They are down to one district. It will probably come in March or April. Some announced divestitures will probably be a catalyst for the stock.

A very large US company. Pharma, consumer products and medical devices. Great balance sheet, triple ‘A” rated. The first two areas are doing well right now, but have done better. Expect good earnings and cash flow.