He thinks the resource space is being completely ignored. Their production growth has been amazing. A fantastic company. He wants to own this one if they would own 2-3 companies, but has selected Cenovus instead. He only has one bullet for this space.

He thinks their assets in the US are minimal. The parent company thought this was too expensive to roll into its portfolio in conversations he had with management recently. This is a real rat’s nest of complexity and he would prefer to not own it.

It seems too expensive today – he would have preferred to own it at $25. From a risk-reward perspective he would look elsewhere. He owns Cameco (CCO-T) instead as he prefers companies out of favour.

This company makes recycling products. Online purchasing is leading to higher needs for cardboard and recycling. This is still a little expensive, but would buy it at lower levels.

As a non-engineer in Toronto, he thinks it has fallen from grace and should be fantastic to own. It was the first company they bought when commodity prices fell – they got stopped out. He does not know why it has not turned around – he likes the business and management. It may take a while for the company to get fixed, but the investors have moved away from this whole space.

It is a big company with better growth opportunities. Every time he compares to Inter Pipe, he can’t convince himself to move to Pembina. The fear of higher interest rates is hurting this sector as a whole.

He sees this as a great Canadian success story. He sees this as a cornerstone for his portfolio, but felt it had become too expensive. He bought BlackRock instead when it was cheap.