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Market. Fourth of July is not a good day to trade in Canada, with the lack of liquidity from the closure of US markets. If you can, wait a day. As the mid-term elections in the US approach, he thinks much of this trade war rhetoric is positioning ahead of the elections. There is nothing worse for economies and stock markets than protectionism, he says. A 25% tariffs on cars, for example, would kill the auto market in North America. He has been a seller recently to shore up cash just in case in his portfolios. He is not foreseeing a recession just yet, but he is being cautious. He expects the Bank of Canada to raise rates by 0.25% next week.

Manulife (MFC-T) versus Sunlife (SLF-T). He owned Manulife going into the financial crisis, but became concerned about management and sold out of their holdings. When Sunlife began to fall in sympathy they bought them – focusing on the preferred shares in particular. Manulife still has some questionable assets in the US and may not know how to offload them.

Manulife (MFC-T) versus Sunlife (SLF-T). He owned Manulife going into the financial crisis, but became concerned about management and sold out of their holdings. When Sunlife began to fall in sympathy they bought them – focusing on the preferred shares in particular. Manulife still has some questionable assets in the US and may not know how to offload them.

Rio Tinto (RIO-N) versus BHP (BBL-N). These are the two biggest global mining companies in the world. You want to own these when the underlying commodity prices do well. In the near term their underlying commodity prices are struggling, so he would not own either one.

Rio Tinto (RIO-N) versus BHP (BBL-N). These are the two biggest global mining companies in the world. You want to own these when the underlying commodity prices do well. In the near term their underlying commodity prices are struggling, so he would not own either one.

Cannabis. He has nothing against “sin” stocks. However, he sees the industry in its infancy and does not know what the future margins and earnings will be. The current valuations are too risky. Some players will survive, but would recommend waiting to see how things settle. The easy money has been made.

Formerly, Cara Operations. It has been a turnaround stock that faced headwinds with falling oil prices in Alberta. They have improved with a good acquisition in Quebec and recently purchased Hy’s Steak Houses across Canada. Same restaurant sales have been growing and they have invested in the ambience of the locations and he thinks that will attract patrons.

This has been an amazing stock. Demographics are very attractive allowing for good gains. However, as prices have moved up, their sales are being effected. He would watch future sales and margins for signals of stagnation. A great company with great management. He would continue to hold for now.

He owned Power Financial years ago and was a great holding up to the financial crisis. Since then it has gone sideways. He keeps waiting for a catalyst to jump start it. They own Great West Life and Investors Group, but within the life insurance group they bought a US insurance company that has not been successful. He would prefer Sunlife (SLF-T).

He has owned this twice and they have traded it poorly both times, he says. It is a great resource company when the underlying commodity prices are doing well. Unfortunately copper is now at a 9 month low and coal could be being impacted by the trade concerns. Zinc is at a 52 week low, too. (Analysts’ price target is $32)

This is a semi-conductor stock that is usually too expensive to own, he thinks. He thinks its peak may have come and it is dangerously over-valued. He would avoid it here.

He has been underweight Canadian banks in favour of the US counterparts. TD has many assets in the US, but he has not been convinced this is the best way to access the US marketplace. If you want to own a Canadian company dealing in the US, this is a good bet.

He likes how the company has been expanding their wireless business. Their controlling interest in Corus Entertainment is creating major headwinds – who would look to buy it? In the long term, it will be a decent investment, but he sees better alternatives.

As long as the oil prices does well, so will this. He holds Suncor (SU-T), instead. They have some refining exposure, which has been great for the bottom line. He owns the preferred shares for clients, buying them during the last oil crisis. Be careful, however, holding commodity based preferred shares – things can go wrong when the commodity price tanks.

A regional airline which is 100% dependent on Air Canada (AC-T) for its business. He is a long term investor, but does not like airlines for this type of investment. With oil prices and wages going up, he really would stay away.