A floating rate note is an instrument issued by a corporation where the coupon adjusts each quarter. It is not a money market replacement because there is some credit risk, although not high. It is money market-like because it is linked to short term interest rates. He has shifted a lot of money into floating rate notes because he thinks interest rates will go higher. He has no trouble putting money in. FLOT-N is one he uses in the US.

This is the best quality of dividend payers, pan-Europe. They are diversified around Europe. He likes the exposure and is probably the single largest holder. It yields a little more than 6% with the covered call overlay and it has a currency hedge also.

It hasn't recovered since oil prices came under pressure several years ago. We need pipeline capacity to sell across Canada and to Asia. They are taking down the leverage on their balance sheet, but he does not see a lot of upside. The issue is the energy sector in Canada.

It is challenged like CPG-T in that there is excess capacity and not enough sales. He can't comment on the merger as he is not an M&A expert.

He has been underweight on China for the last year or so. It has underperformed dramatically over the last 6 months. It is starting to get more interesting to him now. He gets it through a US EFF. China is going to have a challenge holding a 7% growth rate. It should slow to 4-5% over the next couple of years. He thinks ZCH-T will fall another 10%.

The big move in this one outside of some trading spasms is probably about over. They had a stunning rise on acquisitions. The problem is that they are now so big that in order to have any impact on earnings, the acquisition will have to be enormous.

When a company pays a dividend out and the stock drops by that much, then it is not a move. This stock is quite cheap. These utilities tend to find their lows as the market is finding its highs. He thinks this is probably a pretty good place to be.