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U.S. markets hit another all-time high today: 4.2% GDP growth in Q2. What's not to like? For the bears: we can't go from 4.2% GDP to negative instantly. Yes, there'll be a recession at some point, but he doesn't think it'll be soon. Maybe Canada is producing above capacity with a lack of truck and rail capacity with some inflationary pressure. Debt will bring the party to a close in both Canada and the U.S.--personal, government and corporate. Gradual increases in interest rates will eventually force people to wake up to the cost of their mortage. He warns people about debt. In good times, pay it down.

When interest rates rise, banks raise their lending rates faster than the deposit rate. Their margins increase. GS has made their money on underwriting and proprietary trading. Inexpensive stock at less than 10x earnings.

The problem is that it's the beneficiary of a tariff wall against American sugar. This is too scary if you rely on income for your portfolio. Buy Crombie REIT or Fortis or a telco, instead, because their dividends are more reliable and safer.

He held it for 10 years and did very well, but then he unloaded it entirely, starting in February. He didn't see a recovery in its last quarter and sold his remaining shares. Highliner made a distrastrous acqusition and suffered a brutal recall.
Doesn't see a recovery anytime soon.

A huge success story. A high-quality, expensive product, but a fashion one. In fashion, this year's star can be next year's dud. Compare to Lululemon which is very volatile. CG is very expensive now. A great company is not necessarily a great stock. He hopes they succeed, though.

Pays a good dividend, which is the only reason to buy it. Telcos are in a neverending buying cycle, while investors buy them for yield. It's tough for them to grow. In a registered plan, it's better to buy a Canadian telco than AT&T, given the tax advantage.

Has owned this for over 10 years. Subject to volatility due to the price of its raw material that they can't control. Dairy is a low-growth market. China's growth has been slower than hoped. He feels so-so about Saputo. Likes the management, but not the raw material. Food stocks never go out of fashion, so a good diversifyer in a portfolio, but it won't create fireworks for an investor.

He likes it with 50 plants across North America, including Mexico. If NAFTA goes down, then Magna goes down. Trading at a low multple, but missed its earnings target in the last quarter. They are ready for the e-car revolution. He has a lot of faith in Magna.

(Past Top Pick, August 22, 2017, Up 3%) People didn't like their earnigns, just released, though he doesn't think the results were that bad. He bought this to get exposure to markets outside Canada, namely Latin America and southeast Asia. Their dividend rose this quarter and likely will in 2019.

(Past Top Pick, August 22, 2017, Up 9%) A good way to diversify outside Canada, and this ETF holds the biggest names. It's the only ETF he owns, and boasts a very low MER.

Warning: You're in for the long term because it's very illiquid stock. A Hotel California where you check in anytime, but you can never leave. He loves this stock--great value. Companies like this either go private, is bought or it gradually rises in time. Trading at only half-book--incredible value.

Still likes the assets, management, and the huge shortage of high-quality apartments in markets like Toronto.
A great holding.

He doesn't own any oil now and is not bullish. Instead, renewable energy and e-cars will take a lot out of oil down the road. Pays a dividend of nearly 2%.

A wonderful company with tremendous expansion prospects around the world, especially Asia where credit cards are not used as much as in North America. The growth runway is very long.

The construction companies are difficult for investors. You can't tell how much money they'll make on a contract. Suppose they underbid or hit execution problems or a customer stiffs them? It's okay to own one of them in a portfolio, but no more. SNC is okay--has worldwide exposure but also carries geopolitical risk. It's riskier than most stocks he owns.