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PAST TOP PICK

(A Top Pick May 1/17 - Down 19%) Still like it. A health company that went through a vertical integration buying Aetna. Not expensive on a cash flow basis. Amazon.com Inc. (AMZN-O) purchase of Pill Pack affected the stock.

specialty stores
PAST TOP PICK

(A Top Pick May 1/17 - Up 23%.) The largest private equity company in the world. Has a great dividend yield. A great story. They are not a corporation therefore not on the S&P 500. With the tax changes there is a rumor that they will become a corporation and be part of the index and would get a bump. Outside of that, these guys have been very astute.

investment companies / funds
PAST TOP PICK

(A Top Pick May 1/17 - Up 26%.) He thinks it is a great story. Continue to bring down costs. Continue to see growth. Trading around book value. Still a lot of upside.

banks
BUY

They own Royal Bank (RY-T) and TD (TD-T). They changed the CEO recently. It has done a good job in the last while. The problem with Canadian Banks is the they are not as cheap as the US banks. The good thing is that they continue to grow their dividends and are very well capitalized. Owning here it is fine. Great ROE.

banks
DON'T BUY

The problem with many of these consumer product companies is that they become like a conglomerate and need to rationalize. Also because of the internet there are many new startups in the space that attack their businesses. They have some great brands but need to think of ROE more.

food processing
COMMENT

Trades at 14 times earnings and has a nice dividend yield. The big story here is the Fox deal that Comcast has pulled out of. A tough business now with Netflix Inc. (NFLX-Q) trying to be a monopoly.

entertainment services
BUY

They own Brookfield Business Partners LP (BBU.UN-T) which is the private equity arm of the business. They owned for many years but sold it because of the price of the stock. Generates a lot of fees. They have scale. They are global. Very well-run company. It will continue to do well.

management / diversified