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He likes the demographics, higher global consumer spending and it has stable end-markets. It will see new product launches.

He likes the aerospace and defense sector. It has great international exposure with missile and cyber defense as their top products. The valuation is at historical highs, but is not out of the ballpark. Yield 1.6%. Analysts’ price target is $237.85)

You might think slow and steady. But it had a 93% growth in one of its sectors. They are a dominate player in the cloud, along with GOOGLE and Amazon. They put up 31% revenue growth over the year. Yield 1.7%. (Analysts’ price target is $112.24)

(A Top Pick July 7/17 Up 22%) A steady growing ETF. It has good diversification to the sector. It captures health, demographic and consumer spending themes, without taking one-company risk.

(A Top Pick July 7/17 Up 68%) They will see good returns as interest rates rise, due to large customer cash holdings. If Fed funds go up 25 bps, their earnings increase 9%. They will likely be purchased, but still trades at a 20% discount to Schwab.

(A Top Pick July 7/17 Up 19%) This captures the themes of global economic growth and e-commerce. This continues to grow with these secular trends. He thinks it may be getting close to the business cycle peak as it is linked to consumer spending.

US economy. Third longest expansion in US history of 108 months or so. Slow, sluggish expansion with GDP growth around 2-2.5%. Going forward, she looks at sentiment, manufacturing and services activity. No signs of a recession in next 12 months. Thinks we still have another year or two of runway, though you still have to monitor. Most importantly, consumer spending is very healthy. Consumer spending accounts for 7% of US GDP, unemployment is low at 3.8%, they’ve de-levered, and house prices have gone up. Canada household debt is much higher than US. Canada’s 5.8% unemployment is historically low, but our household debt levels are higher. Rates are creeping up, which will impact those debt levels.

Equities. Still likes equities, despite volatility. S&P 500 still 3% off highs in January. US companies have increased both bottom line and topline growth, and tax reform was another catalyst to add to earnings growth. Tax reform hopefully will encourage capital spending, providing more widespread economic activity.

Ontario election. Conservative party should be more beneficial to business. They promised to roll back the minimum wage increase of $15 planned for next year, which will provide less of a headwind for businesses such as food services.

Reasonable in terms of a longer term outlook. They sell products that everyone needs: food, and pharmaceuticals and beauty products through Shoppers Drug Mart. Good positions and locations in both those segments, which are critical for those types of businesses. Experienced operators. The industry is in transition regarding goods delivery and pickup. They have click and collect, and have introduced online delivery. Some headwinds with minimum wage, which they’re now overcoming. Earnings growth not that stellar. Going forward earnings should be in mid to high single digit range. Stock is reasonably priced at around $65, with a bit of a yield.

Is this a hold over next year or two? Well positioned in the bus manufacturing industry, but their after market business has been a bit soft. Longer term, the sector will do well. Demand will be decent for the next year or so. Valuation is too high right now. Would take a look around $50. (Analysts’ price target is $67.)

Have held it for a number of years and continue to like it. Would be buyers at these levels below $15. Demographics favour this industry. Most of their revenue comes from private pay, not government. Offer all levels of care -- long term, assisted living, independent living. Strong and experienced management team. Good organic growth plus acquisitions. Company got out of the US; feel they have enough opportunities for growth in Canada. Yield about 4%.

Worst is behind it, with funding in place. She’s never invested in this sector. New mortgage rules as of Jan 1 have affected this sector more than Canadian banks. Best of growth in the Canadian housing market is behind it. Mortgage volume is slowing and they have to be careful of their mortgage sources.

Visa (V-N) or Mastercard (MA-N)? Likes the electronic payment space. Cash and cheques are still the predominant form of payment in many countries, so there’s lots of runway, even in developed markets. Bought Visa a couple of years ago and is happy to keep holding it. Benefits of buying Visa Europe will come through this year in terms of integration. There are opportunities for both companies in terms of market share -- no reason to switch from one to the other.

Visa (V-N) or Mastercard (MA-N)? Likes the electronic payment space. Cash and cheques are still the predominant form of payment in many countries, so there’s lots of runway, even in developed markets. Bought Visa a couple of years ago and is happy to keep holding it. Benefits of buying Visa Europe will come through this year in terms of integration. There are opportunities for both companies in terms of market share -- no reason to switch from one to the other.