The tariffs are still on, which doesn't help them short-term. They do have a better balance sheet now, but the steel sector is heading into a downturn with weaker demand from China. Stelco will do better than its peers, but the sector will weaken. Trading at 4x forward earnings.

He's been short semis which has cyclical earnings, and this cycle has run its course. He wouldn't play this sector now. It has peaked. This is not a bad holding though.

The US banks have underperformed, and are a canary in the coalmine for the larger market. That said, there's support for Citigroup (earnings, international exposure, etc.) and the banks benefit from rising interest rates. Their valuation and re-structuring all work, all good. This is one of the better US banks.

Doesn't see a turnaround. It's suffering from the migration of people watching movies at home. So has Cineplex. Valuation is okay, but he can't warm up to it. Viewing habits have changed dramatically.

You'd think this would be a great story in a growth economy, but there's a lot of conflict in the US-China trade talks,
especially in tech. Also, their accounting is mystery. What is their cash generation? Maybe it's accurate, but he can't get comfortable with this.

Rich valuation. They dominate ETFs and have capitalized on the rise of these products. He'd like to see how the ETF world survives in a downturn. Massive withdraws? He's in a show-me mode. Will owners panic and dump ETFs in a downturn? Do they know what these products hold?

(Past Top Pick March 27, 2018, Down 26%) Frustrating. It looked promising until a short report was issued and this stock got crushed. Maxar battled that report. Still, investors are on the sidelines. This stock is ridiculously cheap.