As a base metal company, he does not see anything compelling to drive them to the next level. He chose Cameco (CCO-T) instead.

He has owned this for a long time. Because of the better infrastructure layout, he prefers them over CP. He just doubled their position recently, cognizant of the issues with the new management changes. The infrastructure cannot be replicated, but it still has to be run well.

He loved how the company has done the transformational acquisition. They have taken on a lot of debt, but in a low interest rate environment. He did sell out thinking there was a 20% risk of real inflation and the company may not be able to sell assets to pay for the acquisition.

He thinks the resource space if very good value. Controversial now, but the cash flow is very stable if you are patient. Yield 6.6%. (Analysts’ price target is $52.85 )

He expects the heavy oil differential to have recovered in a year’s time. Yield %. (Analysts’ price target is $ )

A West African gold miner than can make money and produce $50-$70 million free cash flow for years to come. He want to watch this make money over the next two years. Rarely in his career has seen an opportunity like this one. Yield 0%. (Analysts’ price target is $1.98)

(A Top Pick January 23/17 Up 17%) This is the elephant in the industry. It is a high-quality company. The heavy oil differential has still hurt them despite the improvement in oil prices. Still a core position. He thinks the differential discount will get fixed, especially once Line 3 is completed on Enbridge.