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National Bank (NA-T) vs other banks. These smaller banks are more regional (Quebec in this case). The Quebec economy is doing well. The underlying business is more capital focused and therefore more volatile in his mind. He would still prefer to own the major banks, which are trading relatively cheaply, he thinks.

This stock benefited from a run out of commodities a few years ago. There was an uptake in the success of Amazon and Google with the rise in consumer shipping. It has become too expensive now and he thinks it is not going anywhere – up or down. He would not be a buyer at these levels. He would want to see the yield back above 3.5% before re-entering.

All the telecoms have faced headwinds lately and Rogers has not increased its dividend since 2015. There has been a lot going into capital spending on their cellular network. It is too expensive at this time. He holds it, but is not adding.

He has recommended this several times. The acquisition is now closed on WGL. They sold about 1/3 of their Northeast BC assets to pay for it. This has worked out well, because these assets are trading at a premium in the private capital market. He has been buying since $24 and likes the 7% yield.

It has been caught a little in the trade war with the US, due to its cross-border business dealings in steel. The fundamentals still look strong for the company, he says. It is a great management team. He would sell above $30 and would buy around $25. Otherwise he would hold it here. Yield 5%.

When the dividend was cut, it was expected by the market. From here, one needs to consider the cash position of the company and advertising revenues. The company is not going away, but he sees better opportunities elsewhere. It might be a takeover target, but he does not who would step up. No buys on the street consensus. Yield 3%.

He does not see the tariff war directly impacting the rail companies. CN (CNR-T) is a little more exposed to cross-border trade, however. CN is a core holding in his portfolio. He does not hold CP. He would not add to his position, rather would continue to hold.

He has been too bearish on this company in the past. Now, however, with the yield below 1% and greater competition in the space, he would prefer to take profits or look elsewhere.

The parent is offering to buy the Fund at a 10% premium. He would continue to hold this. The share conversion is unclear to him, but he would continue to stay with this company.

For the long term, this company will do well. It has increased its dividend for decades. He does not believe long term interest rates will rise much above 3%, so feels the recent headwinds are almost all played out. He anticipates this will be a good holding when a recession returns and interest rates are once again dropped to stimulate the economy. He would like to buy them at a slightly lower price.

It is not one of his favorites in the space – he holds Northland Power. Rising interest rates has provided some headwinds for this space in general. Their assets are primarily in Australia and 54% of their assets are in wind generation.

There is a lot of debate about the REIT sector. He is not at the point where he thinks it is time to step in. There is a lot of competition in the holding of retail assets and with the potential of retail shop closures. He owns WPT-T instead, which is more warehouse related.

He thinks they have Syncrude operational issues and thinks it will continue to become more unreliable – especially now that Suncor is operating it. The refining exposure is good to battle with heavy oil differentials. He prefers CNQ-T based on free cash flow and dividend growth.

He prefers to own CU-T with the higher yield. He continues to hope this space will get more discounted before stepping in for his clients.

This company had a big acquisition in the US and has a major project along the eastern seaboard into the US. The market is starting to question their dividend growth guidance. Overall, he looks to add to his holdings in the utility space ahead of the next recession in the next 2-3 years. You might see them get a little cheaper first, especially if it trades below $40 again.