It still maintains a growth multiple to it. It has been based on a roll-up strategy, which they were very good at. These strategies always seem to come to an end at some point. He would not look to buy it at this point. At 15% cheaper he would consider it.

He owns three of the others. The US growth costs capital and it is the Canadian shareholder that is funding it. They still have a relatively high multiple.

Things are improving for them. He is surprised at the reaction to the stock since the last earnings release. They earned a 25% internal rate of return. We are finally seeing the light at the end of the tunnel for their issues. He has been buying at these levels. You will see increased distributions in a year or so.

One of his larger bank holdings. There is a perception that they are more exposed to Canadian retail and mortgages, which is somewhat true. It trades at a reasonable multiple of book and is well capitalized, so he is quite content to hold it. Their last quarter was pretty good.

He admires the company. He has not bought any at this time, but it is quite interesting. It is one of the better managed mid-sized companies in the oil patch. We are going to see more M&A in the industry and this is one that could take advantage of that.

They are approaching fair valuation. They are well positioned globally. He has not quite made up his mind to pull the trigger.

They just changed management from a gentleman that 'steadied the ship'. The new one comes from managing operations in Asia. He expects new management looking at legacy assets that have held the company back. It is one of his primary holdings in the financial group. He thinks they will do well in a rising interest rate environment. They are much more present in Asia than any of the others. It is well capitalized.