A payroll processing company. They typically focus on the smaller portions of the economy, small/medium size companies. This is a good Buy for a long-term hold. People who have owned this for a long period of time have done very well. Has a very strong balance sheet. Because companies have to pay employees in advance, they carry a float, and that float will earn increasingly higher returns with higher interest rates. It raises its dividend's very consistently. At this point, it is a little rich.

Historically, this has been a very well-run company. They made a couple of acquisitions and got a little ahead of themselves on the balance sheet. They need to pay down a little bit of debt. Longer-term, shareholders have been rewarded well. What is required is another acquisition, but we are probably not going to see one for 6-12 months. If you don't own this, he feels the entries quite good.

Industrial gases. Effectively there are 4 big companies, soon to be 3. This company purchased Air Gas last year, and the stock rolled over on investors concerns, and then promptly recovered. They have a number of projects that are going to come on this year. They have a very good track record of increasing their dividend. Dividend yield of 2.2%. (Analysts' price target is $109.31.)

He likes the US business and thinks there is some upside there. The wealth management business is great. Higher interest rates will benefit their US business. Dividend yield of 3.2%. (Analysts' price target is $79.10.)

A testing company, testing food, chemicals and oil that comes out of the ground. Has a great track record of growing its dividend, something like 18% annualized over 15 years. They had a rough patch in 2013, 2014 and 2016 in line with the decline in mineral and oil prices. There is a better outlook for both those markets and the stock should move higher. Dividend yield of 3%. (Analysts' price target is 2,460.53 CGF.)

Announced a forthcoming $400 million write down on the US side of their assets. Some US banks took big write-downs because of the way they are being taxed. The US banks are the sector that benefits the most from tax cuts. They pay a lot of tax and their tax rates are going to go down a lot. In order to take advantage, there is some short-term house cleaning they have to do. The market realizes these are a one-time item so US banks literally have no impact from write-downs. Expects it will be the same for this bank. Going forward, there could be a pretty good surprise, as far as the impact on the tax changes for this bank. He would buy the stock here.

This has been a great stock. You are buying a lot of long life assets with this stock. They are things that benefit when interest rates are falling. While this company has wonderful assets and it is a great business, you might consider peeling some off, and owning something that is more tied to reflation of assets, shorter duration assets.