BUY
LB-T vs. BNS-T. Both are safe. He owns BNS-T. It is never a good idea to chase yield. BNS-T is the most international bank in Canada.
BUY
It pays a good, safe, dividend. A great deal of its assets are in Europe. Investors don't like that they made an acquisition of a company with a lot of assets in Saskatchewan.
COMMENT
He owns two others. Recently there has been a lot of talk about infrastructure but not an awful lot of work being done. He likes the industry long term. Short term it has more to do with what is in their portfolio of projects and he says don't buy.
DON'T BUY
They were doing okay as long as US housing was. Canadian business is almost irrelevant. You want to buy when it looks like new home construction is picking up. It is too early to look at this company.
BUY
Long term his outlook is good. They went through their restructuring. They bit off more than they could chew in a recent acquisition. Their outlook has improved substantially. As interest rates go up, however, they get hurt as a lot of investors buy them for the dividend.
DON'T BUY
A medium sized investment manager. They service high net worth individuals and institutions. They charge performance fees. It is a profitable business when markets are going up. That is not where they are now.
TOP PICK
The forth biggest bank in the US and the second biggest market cap in the word. Previous management sold inappropriate products to customers so they are in the penalty box with regulators. It has a great franchise, growth prospects look good but sells at a discount. He uses this as an opportunity to buy the stock. He refers the banking environment in the US. They are much more sensitive to rising interest rates, in a positive sense, to Canadian banks. (Analysts’ price target is $62.43)
TOP PICK
Two areas: Automotive and factory automation. Qualcom was trying to buy this one earlier this year until the China trade war happened. The drop caused it to become a buying opportunity. Nothing has changed in the growth prospects of the company. (Analysts’ price target is $102.22)
TOP PICK
Fire retardants. It is a turnaround story. It is a bargain here as prices for stocks there have come down a lot. (Analysts’ price target is $74.84)
COMMENT

Market Outlook From a macro market perspective the US election has been a blessing. Under the Trump Administration being a global investor has been tough. Lots of arbitrary policies. Gridlock is good for the markets. In December the Fed is going to increase the rate, based on the metrics they are seeing. But the rate increases has to be moderate because if the US starts to suck up too much global liquidity from the markets, countries start to defend their currencies. Some countries are down 50%. Thailand looks very interesting. He would stay away from Brazil and Turkey. There are opportunities in EM but maybe it is a little too early.

BUY

This is a UK industrial. They make on/off switches controlled through electricity, gas or oil. The applications are nuclear and refineries. When the Saudis tried to manipulate the price of oil the stock price suffered. They picked it up there and had a very good run since. Very strong balance sheet only 5% debt. Dividend is growing. Had a big run, you can buy this on a discount. Very good company.

SELL
Dutch based company. Revenues are down like 75%. One of the challenges is that the Dutch can lock their mortgages for 30 years. It hurts in a raising interest rate environment.
TRADE
Company that has historically used propitiatory software and buying an open source company. Very interesting. They have a very good portfolio of big-ticket software solutions for banks and clients like that. They had some restructuring. In case of a correction would probably do well because it is down heavily. He is worry a little bit about their debt. (Analysts’ price target is $155.88)
HOLD
Great franchise. Canadian Banks in general did well during the Financial Crisis so naturally they trade at a premium. Good exposure to the US. He feels there are more value in other places like European Financials.
BUY
Long term it is a good investment. Very good metrics for any long-term investor.