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The 2 biggest parts of this are Great West Life (GWO-T) and Investors Group (IGM-T). Investors Group is the largest mutual fund company in Canada. Mutual fund fees are coming under pressure because of more transparency and disclosure. That is going to put a bit of a cap on this. It is controlled by a family, and he doesn't buy companies that have 2 classes of shares. Dividend yield of 4.9%.

Hasn’t been a fan of pipeline stocks for a long time. There has not been great earnings growth for a decade or so, but they’ve been increasing their dividend, which is secure and solid. A minimal growth business, low growth for sure. It’s being hammered by rising interest rates. Dividend yield of almost 6%.

All Canadian banks have been home runs since the financial crisis. They are all in slightly different businesses. Toronto Dominion (TD-T) is more in the US, Royal (RY-T) is more in capital markets, etc. This one is more of a domestic bank and focused on retail and wealth management, so they are a bit less dynamic. If you own, hang onto it and just leave it alone. The banks are in good shape, as long as the Canadian consumer credit situation holds up.

Oil? The analysts have all been wrong in 07 and were all wrong a few years ago. Oil will never be what it was because renewables are gaining market share every year. Also, the US which was a massive importer of oil 20 years ago, has now become basically energy self-sufficient. Every time oil prices rise, the fracers come back in and start pumping like crazy. Barring some kind of terrorist activity or geopolitical unrest causing displacement of production, it is hard to see oil rallying sharply from here.

A very technology value added aluminum company, which is a leader in all their businesses, aerospace, auto, engineered products. Very technology oriented. It’s somewhat cyclical, but he sees earnings growing by at least 25%-30% a year for the next few years. A very, very cheap stock. Sees significant upside. Dividend yield of 0.81%. (Analysts' price target is $31.)

This has been buying back shares like crazy. Bought back about a 3rd of shares outstanding. They are still sitting with a ton of cash. They make the Gorilla glass for iPhones. Fibre optics, which was their big business back in the late 90s, has re-emerged again. Also has some other businesses that are related in the medical business and the emissions business. A double-digit grower selling at about 13X this year's earnings, so it is really, really cheap. Dividend yield of 1.91%. (Analysts' price target is $33.95.)

If this were trading in the US, it would be double the share price. It’s selling for half its intrinsic value. The company has been making money through good times and bad times, so they haven’t been cyclical. One reason is that they have always had zero debt. About a 3rd of the market cap is sitting in cash. The steel cycle is very strong, but the stock has not responded, it’s just lagging, and therefore this is an opportunity. Dividend yield of 2.06%.

Market. He would welcome a bit of normalcy back in the market. You don't get 7.5% month after month after month, without creating a giant problem down the road. Let's just take normal markets making sure things are well priced, and go back to normal ways of investing so that there is an equal amount of risk and reward. Getting in at a lower price would make investors feel better, but they can get in today as long as they have a long enough threshold, and they'll do just fine. It won't all be positive, it won't all be good, but over time you will compound your money at a faster rate than inflation. You will also compound your money at a faster rate than your neighbour, which gives you an increased buying power over time.

Hunter Harrison was the CEO at the time of his passing. His approach was a very rigid, cost cutting, precision railroad, and to drive the Operating Ratio down as far as he possibly could. This was at the cost of good business. The OR right now is at about 65%, pretty low. It's not an easy railroad to run. It’s highly reliant on coal. Trading at about 21 or 22 times earnings. He would pass on this.

Amazon (AMZN-Q) or Netflix (NFLX-Q)? Doesn't own either. Prefers Disney (DIS-N) as their pending purchase of 21st-Century Fox is going to remove the shackles and people are going to stop thinking of it as a cord cutting situation with lower subscriber participation, but more in terms of a streaming competitor to these 2. (See Top Picks.)

Amazon (AMZN-Q) or Netflix (NFLX-Q)? Doesn't own either. Prefers Disney (DIS-N) as their pending purchase of 21st-Century Fox is going to remove the shackles and people are going to stop thinking of it as a cord cutting situation with lower subscriber participation, but more in terms of a streaming competitor to these 2. (See Top Picks.)

Having taken most of my money out, how do I know when to sell my last bit, or do I keep hanging on forever as I’m just playing with the house money? This is really the core of investment management. It's a question every investor and investment manager has to understand, come to terms with, and create a disciplined approach to the answer. You have to have a rule-based investment philosophy to allow long-term success. It's not "house money", it's your money. You should think of your profits, not in terms of the relationship with a cost of your investment, but just in absolute terms. It's your money. It doesn't have any less value because you've earned it in the market. Also you shouldn't just be holding on because it is "winning". You have to always be looking at the company in terms of how is it trading today relative to its past, and what might happen in the future. You have to judge a company every day, asking yourself if it is something you would buy today.

An interesting company, because it is an older tech company, but they've got a new life. That new life has come on the back of the Cloud and gaming, and it’s been a very, very big ship to turn. They've done it successfully and deserve a lot of credit. However, the stock price has reflected that optimism, more so than the fundamentals, so the multiples have risen, because there is more optimism in the market.

Sold his holdings about 6 months ago. A great illustration of how you have to balance off risk and reward. It got into the mid $200s, and looking at it relative to its past trading, was trading at about a 50% premium to its normalized valuation metrics. That represents risk. He didn't feel they deserved that much of a premium.

Amazon, Berkshire Hathaway and J.P. Morgan just announced forming a healthcare company aimed at cutting costs. The experiment with government led healthcare mandates really didn’t work. There was far too much friction between opposing views. If you own the stock, you shouldn't get too excited about just one day, or the fact that insurers are going to go away.