COMMENT
In the credit market are spreads finally widening, and at a rapid pace this month. Global central banks have supported markets with very low rates, but that's been changing as they raise rates. He expects continued declines in equity markets and likely a recession in late-2019 or 2020. The U.S. tax cuts benefitted businesses both short- and long-term. He doesn't see significant inflation in the near future.
WATCH

Some states are considering legalizing sports gambling. Stars have been in online poker, then built up their casinos and are now entering sports. This is definitely on his watch list.

DON'T BUY
Likes it. Excellent managers. But they've run into problems, including a big acquisition a few years ago that's fallen short of revenue expectations. Another one, they took on a lot of debt, which still worries him.
BUY
It popped big in May when sports gambling was legalized in the U.S. Score has 11 million subscribers in its app, which is great for live-event sports gambling. The Score will benefit from more people using the app.
WATCH
It screens very high in his metrics. Nothing wrong fundementally here. A potential buy.
DON'T BUY
This is too big for him, since he invests in small/mid-caps. Canadian consumers are levered up, so he doesn't buy Canadian banks. He prefers TD.
SHORT
He's short this. Mixed reports about the launch of cannabis in Canada since mid-October. Aurora at its peak had a $15-billion market cap, typical of investors betting on the future earnings of this sector. Auroura is highly acquisitive. Medical cannabis will be a great business. Aurora has bought in medical and recreational weed. Cannabis companies face tough slogging going forward. He needs to see the U.S. and European markets uptick in receational weed demand.
SELL
He doesn't like their debt which is 6x EBITDA. He fears this could go bankrupt. Problems were they bought up TV stations from Bell, and lost Disney as core client and in turn will launch their own streaming service and compete with DHX. He's short DHX, which could go to 0.
PAST TOP PICK
(A Top Pick Mar 26/18, Down 25%) All small-cap energy names have taken a huge hit. But if you're a patient and believe Canadian oil will come back, then LXE is a tremendous buy. LXE has a pristine balance sheet with $20 million cash and zero debt. This is a good junior energy to play.
PAST TOP PICK
(A Top Pick Mar 26/18, Up 79%) They were smart to pick up some spectrum in the wireless side, which will be quite valuable during the coming 5G spectrum auctions. He exited because TGO hit his target price from $4 to $10. Fine balance sheet and fairly valued.
PAST TOP PICK
(A Top Pick Mar 26/18, Down 51%) It's plunged since the spring, treated unfairly by the market. (He explains why later in the show.)
COMMENT
Has shed 65% this year. They are introducing medical cannabis in some of their senior living homes, which is interesting. Balance sheet is not great. He's neutral, but would not make it a core holding.
BUY
It's interesting now. Anytime you see an industry go through a down cycle as long as this, then a merger of two big players, that's usually positive. He likes this long-term, but short-term he expects a recession. He owns a little of this.
BUY
He's been buying more of it. It's a core holding long-term. Defensive stocks will get more expensive at this stage of the cycle. This should continue to outperform.
SHORT
He liked it earlier this year, but now it's expensive. He's shorting it. Trucking is very cyclical and very sensitive to wage inflation. TFII's business is mostly in America. It's done better than its peers who suffer a truck driver shortage. A cyclical heading towards a recession is not good.