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COMMENT

We're seeing elevated turbulence in the past few weeks, a huge change from the start of the year. Investors are dealing with tigher monetrary policy and inflation pressure. In Canada, we must be cautious due to the NAFTA overhang, high debt levels and minimum wage issues in some provinces, which is why we are lagging other markets. He likes the U.S, Asian, parts of Europe and emerging markets. There's optimism outside Canada. He sees it in
strengthening data, fiscal stimulus and a tax package in the U.S. Earnings season is basically over and most companies beat. That said, there will be more volatility going forward this year. Buy the dips. Hopes that Trump is merely posturing with his tariff threats.

Unknown
DON'T BUY

Likes it technically, probably overbought now though. Expects more subscribers this year globally, but worries about weakened profitability. Content spending has jumped to $8 billion so they're burning money, and there's more competition coming, particularly from Disney. Valuation and PE are too rich for him. They should continue making their own content to attract subscribers.

Unknown
BUY

The fourth-largest internet company in the word, based in China. The penetration rate in China is half that of the US, so there's lots of runway for growth. They're into gaming and messaging and e-commerce. He continues to like and hold it. Transparency for Chinese companies was a concern 10 years ago, but not today.

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COMMENT

Likes the U.S. financials and particularly banks. He owns others instead, like JP Morgan and Citibank. There's lots of capital returning to these banks within a weakened U.S. regulatory environment. Strong management.

banks
BUY

Trading at 27x forward earnings. Loves Visa. Its secular growth is fuelled by increasing consumer spending around the world. Plastic payments will continue to overtake cash. A sunny long term here. Apple Pay, for instance, are partnering with cmpanies like Visa, so Visa will benefit from (and not be threatened by) e-payments.

other services
DON'T BUY

He holds no real estate. You're owning this for a roughly 6% yield which is likely safe. But he is concerned with large, empty storefronts in Toronto. REI's 200-day moving average is trending lower as interest rates move higher.

property mngmnt / investment
BUY

Likes healthcare. Boasts a 3.7% yield that'll likely increase, decent cash flow and growth. Company could spin-off.

biotechnology / pharmaceutical