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A Hong Kong based aggregator of global infrastructure. This includes parking buildings, utilities, and toll roads. It has been very positive for shareholders. It is not getting full value yet for three key acquisitions worth $17 billion CAD made last year and he is expecting a large uptick in earnings. Yield 3.8%. (Analysts’ price target is $78.27 HKD )

This is a classic “buy when there is blood in the streets.” If you believe oil prices will remain at these levels for an extended period of time, this company will benefit from higher levels of capex in the oil sector. This is very cheap for a global equipment company. Yield 3.2%. (Analysts’ price target is $16.10 )

They announced today very good earnings and boosted dividends by 10%. It will not get overly hurt by rising interest rates. He also likes the “green” element of their business. The dividend is sustainable. Yield 5.1%. (Analysts’ price target is $15.10 )

(A Top Pick July 7/17 Up 19%) The Trump Administration made this a better business as outsourcing became back in fashion. They have more cash flow than debt, a good balance sheet, and an attractive dividend profile. It may be a bit toppy here, but still some upside.

(A Top Pick July 7/17 Down 2%) If you look at the long term prospects, this is still a good pick in his opinion. The dividend continues to increase. There are $22 billion worth of assets that will likely be sold off. He would continue to hold it. They have good avenues to increase their product line sales. Yield 3%.

(A Top Pick July 7/17 Up 0.4%) They were expecting a little more follow-through on the Trudeau promises to increase infrastructure spending. Although the work is happening, it has not yet paid off. He would continue to hold it.

Market. Earnings have come up very strong in the last couple of weeks. Also, oil and other commodities started to rally. 15 times earnings for the TSX is god value. Banks earnings are expected to come pretty strong. They are staring to trim some positions in US and finding value in Canada. The differential between US crude oil and what Canadian firms get has come down to 18 dollars from 30 dollars in the summer. Hopefully there is a positive regulatory approval with Enbridge (ENB-T) on Line 3 and the political debacle that has come from Trans Mountain. That should alleviate some of the differential. It feels like there is some inflation in the system. The Fed has signaled that they are looking to raise once a quarter. The Bank of Canada has been more cautious. Clearly the yield curve is flattening and that is signaling that we are in the 8^th or 9^th inning of this expansion. Commodities start to heat up in the last part of the cycle.

Back end office for e-commerce platform. They partnered with Amazon (AMZN-O). They have done a great job growing their business model. But they have no earnings. No free cash flows. Trading at 10 to 11 times forward sales. Interesting but not even near a valuation level that they would feel comfortable. (Analysts’ price target is $190)

Had there been 4 top picks this would have been the fourth. He really likes it. They bought Conoco assets last year. The street didn’t like the deal and lost confidence in Management. They have new Management now with a new CEO that is on the path of right-sizing the company and its balance sheet. It is looking really well now, particularly if we go to a 80 – 90 dollars barrel of oil.

Had there been 4 top picks this would have been the fourth. He really likes it. They bought Conoco assets last year. The street didn’t like the deal and lost confidence in Management. They have new Management now with a new CEO that is on the path of right-sizing the company and its balance sheet. It is looking really well now, particularly if we go to a 80 – 90 dollars barrel of oil.

They just announced earnings. The concern regarding this name was that they bought Colombia pipelines system down in the northeast US and they used a lot of capital for that. He prefers Enbridge (ENB-T). Great asset base. A name you can still continue to hold long term.

Dividend yield of 8.5%. They sold it in January. They took on a lot of debt to fund some recent acquisitions. The rating agencies have it on a negative watch because of this. They are trying to do private equity in public markets and they hit a window where funding is a little tight. He thinks the dividend is still safe.

With interest rates rising should P/E multiples fall? - Exactly what is happening so far this year. For yields to really compete with stocks they should be upwards of 4 - 5 %. There is still room for the stock market to come down. There is geopolitical risk. But they are still constructive on the stock market particularly in Canada.

(A Top Pick March 1/18 - Down 14%) Still likes it. Hurricane season last year really affected their distribution center in the US. Same-store sales in the US were also weak. They are very well diversified. At 13.5 times earnings they like it even more now. They just added to their position.

(A Top Pick March 1/18 - Up 10.1%.) Part of their private equity exposure. Management team is really strong. They do very unique things all over the world. You can consider this a long-term holding. Well funded. Well capitalized.