He does not own pipelines. They have come down a lot. The bigger issue has been regulatory issues. They are fighting a big headwind with our governments today. As it gets cheaper and cheaper it could look attractive to him but with today's regulatory environment, it does not.

He owns mining companies only once a decade because he cannot forecast the price of resources. Also, miners tend to start to invest with cash flow whenever the commodity price goes up so when it goes down again they get saddled with it.

He only has TD-T and BNS-T. What will throw BNS-T forward is the Canadian business. Their 20% plus ROE they invest in Latin America / Caribbean. The long term strategy is good. In the short term, who knows.

It is near 25 year highs and trades at record levels. He sees more pressure coming from other forms of payment, to their margins. It was a great company to have in the past but he would not to continue to hold it.

He puts it in the same boat as AMZN-Q. How long can it maintain that competitive dominance?

If you have had it for 10 to 20 years then it is perpetual. As for share splits, they are almost meaningless now.

He sold it a few years ago. He thought it had run is coarse. He is not ready to jump back in.