They had a soft quarter, the price environment for their products is weak. In addition, the supply managing negotiations in NAFTA are creating uncertainties for their business. An interview with Saputo’s president indicated that changing supply management rules would cause challenges for Saputo over the near term. However, Saputo is really good at expanding through acquisitions, they have a strong balance sheet and operations in several countries. Support for this stock will come as they expand within the new environment. The changes might also reduce their costs. She would not buy yet. She wants to wait to get a better sense of what will come out of NAFTA.

They make equipment for the semiconductor industry. She rarely invests in this sector. The sector is very volatile and recently, pricing across the industry has come down. She won’t consider investing in this until she sees stability in their end customers and the pricing environment that those customers face.

She doesn’t follow this closely. This is a home improvement stock. She sees the sector as more Amazon-proof than other types of retailers, so she expects companies like Richelieu to fare better. Richelieu has done OK but her interest has shifted from the Canadian market to the US. She owns Home Depot because she thinks the housing market is stronger in the US.

She owned this a few years ago. It has done well recently, as has the US health sector generally. Its new CEO focused on new product developments that would generate better growth. The company is now fully valued, selling above historical valuation levels. She would consider it on a significant pullback.

She thinks the price differentials for Canadian oil will continue to widen, so even if the balance sheet of this company has improved, she is not buying Canadian energy at this time. In addition, the market is coming to a seasonally weaker period, with refineries closing for maintenance (for example). So this is not a good time for new investment. Even if an investor expects prices to improve, this is seasonally the wrong time for the improvement to happen.

Asked to compare her level of interest in Suncor versus pipeline companies, she said that at this time, she prefers pipelines and infrastructure plays to producers. She owns Enbridge and Pembina.

Asked whether she owns any pipelines, she said she holds Enbridge and explained that it has sold off some non-core assets, improving its balance sheet. It is restructuring to simplify its structure. It has gained approval (Line 3) for expansion. And it provides an attractive yield, just over 6%. Yield 6%.