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Market. Canada had a surprised economic contraction based on housing. He is not too concerned about that. The stock market today is really concerned about global growth and whether Trump will derail this nice cocktail we have had with trade wars. One month’s data and especially based on housing does not surprise him. In 2017 we were third last in the world in terms of market performance. Now we are up to 12th worst. We have uncertainties and headwinds that cause money to be moved outside of Canada. It has created a market that is at the same point as where it was 14 years ago. He has been hanging out in Canada and it has been a very happy story.

Unknown
PAST TOP PICK

(A Top Pick Apr 21/17, Up 32.89%) They were big beneficiaries of anticipated Trump tax cuts. He models 23% earnings per share growth. It is one of his favorites amongst the US banks.

banks
PAST TOP PICK

(A Top Pick Apr 21/17, Down 2.09%) This is the Canadian vacuum. The reason for buying is still all intact. It is being ignored because of NAFTA concerns. Value will really surface.

finance / leasing
PAST TOP PICK

(A Top Pick Apr 21/17, Up 18.42%) The emerging markets were cheap relative to Canadian markets. They are still cheap. You are seeing the beginnings of earnings acceleration in these countries.

E.T.F.'s
TOP PICK

He is looking for value. There are dilutive concerns, concerns about an acquisition and it is a multi class structure. It is giving you one of the highest yields it has ever given you since it has traded. These are real smart guys. You will get paid nicely to wait. The management will really add value over time. (Analysts’ target: $31.20).

REAL ESTATE
TOP PICK

It has gone through a lot of changes recently. They had a tough winter. They had capacity constraints. It is the cheapest it has been in years. He models 9% earnings per share growth. They can fix their issues. They should be trading at a premium. (Analysts’ target: $104.94).

Transportation
TOP PICK

A sleepy little story. It is really cheap. He likes it for strong buybacks, dividend growth and upping their return on equity. 11% forecast earnings growth. (Analysts’ target: $55.00).

insurance