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Outlook for Canadian banks? Canadian banks will benefit from higher interest rates. They have pulled back below their average long-term multiple. Historically, they manage their loan books well when rates rise higher. Mortgage growth is slowing, but there won't be a mortgage distaster. The banks will likely raise dividends. You can buy them now.

The integrateds have held up better than the producers, though they have struggled lately. Canada has a huge problem with WCS with its heavy price discount. SU is very low- cost, but you still have to wait well into next year before the lack of capacity (Canadian pipelines) is fixed). This stock is flat, so you're essentially earning only the dividend.

Mostly Air Canada's primary client. It's pulled back with the market. Pays a nice yield. They've re-signed with Air Canada, so previous risk is now gone. He's not a fan of airlines. Hold it. The dividend is safe.

He sold it along with all his oil Canadian stocks last year. Dividend is safe. Good operators. They're dependent on Alberta oil and WCS, which will suffer a low price for a while.

Gold in Mexico. Well-run with fine assets. He doesn't follow this closely nowadays. It's fallen off. He owns no gold.

Unlikely a bigger bank will take it over. One reason is that no big bank will take over a bank that has a union, like LB-T. They have had mortgage problems that are now fixed. Their valuation has come off while all banks are down. Hold. Dividend is safe.

CN-T or CP-T? He owns CN and CSX in the U.S. He likes CN for its north-south traffic to the States--it's safer. CP is east-west (more Canadian). CN will benefit from shipping out Alberta oil to California. It costs $12 per barrel to ship it, but the low WCS cost makes it still worth it.

CN-T or CP-T? He owns CN and CSX in the U.S. He likes CN for its north-south traffic to the States--it's safer. CP is east-west (more Canadian). CN will benefit from shipping out Alberta oil to California. It costs $12 per barrel to ship it, but the low WCS cost makes it still worth it.

BAC vs. PRUDENTIAL If both benefit from wider rates, the spreads will widen for U.S. banks, which have been
pulling back. BAC has A 10% market share in the U.S. which is as big as the entire Canadian banking system. BAC has lot of exposure to the plain mortgage side where spreads should expand. Be patient and you'll see earnings and dividends. U.S. lifecos should benefit, too, but so will Canadian ones like MFC-T (which is a good entry point now). He prefers American banks over their lifecos.

BAC vs. PRUDENTIAL If both benefit from wider rates, the spreads will widen for U.S. banks, which have been
pulling back. BAC has A 10% market share in the U.S. which is as big as the entire Canadian banking system. BAC has lot of exposure to the plain mortgage side where spreads should expand. Be patient and you'll see earnings and dividends. U.S. lifecos should benefit, too, but so will Canadian ones like MFC-T (which is a good entry point now). He prefers American banks over their lifecos.

They reported a good number lately, but failed to go private. It's too energy-centric for him. It's fully valued now after failing to go private.

Sold it 7 years ago. He's not a silver/gold fan, so he won't rebuy it. It could recover partially from its decline. But he's not up on Guatemala now where Tahoe has a flagship silver mine that's currently shut down. There is lots of value here, if they can get it going. This is probably dead money.

(Past Top Pick Oct. 20. 2017, Down 16%) There is growth coming. He'll stick with it. The lack of pipelines has pulled them back and down like all else in October. Historic valuation is good. Dividend yield is 5.6%. If it rebounds to the high-$50s, plus that dividend, you will do fine.

(Past Top Pick Oct. 20. 2017, Up 16%) ESPN numbers have stopped falling; they're doing their own streaming with 1 million subscribers already in the first five months. It's cannibalizing the cable which was going to go anyway. They own Hulu, also good. Theme parks are fine. It's relatively cheap. He targets $125.

(Past Top Pick Oct. 20, 2017, Up3%) A U.S. east coast bank with a lot of retail like TD. It will benefit from higher interest rates. They reported a good quarter. Low-risk.