Think of this as a conglomerate that acquires businesses and collects a royalty. He prefers to buy one business and understand that really well. Historically conglomerates have traded at a discount, so they have never held it. They have had issues with the rural Sears property they acquired.

Several months ago they brought in a new CEO and has yet to see a substantive change. He would prefer Sunlife or Great West Life instead.

He thinks management has done a great job. Walmart represents about 22% of their revenues. They have a great new development just north of Toronto. Very good managers with a 6% yield. They have room to develop existing properties in areas where real estate values have increased.

This company owned about 40% of GGP (a major US retail mall operator) and raised their offer to purchase more. He thinks their investment in GGP is good. The units trade at a discount to NAV. He would hold on to this for long term appreciation.

This company operates cemetery and funeral homes in Canada and in Michigan. He did own this, but recent valuation caused them to sell. He sees it as a stable business with real estate in valuable markets.

The market is currently negative on energy infrastructure and Enbridge is being impacted by how the parent is going to finance future projects. There is also some fear that the great assets passed down from the parent may one day be taken back in. In the US some negative tax rulings on Master LLPs may cause changes.

Exxon owns 69% of this. There have been some recent project cost overruns. There is nothing fundamentally wrong with this company. Pipeline issues may be influencing investor sentiment on how their production is going to get to market. At these levels he is looking at it harder.