They are paying too much in a dividend – twice what they are earning. It is trading at 40% of book value, which is cheap. If the earnings forecast of $1.09 per share comes through next year, it is really cheap today and could bounce back to $21.

The issue is that it has risen to almost 8 times book value and the cycle is no longer in its favour. He would look for weaker prices yet, especially if it does not hold this key technical support.

He likes this as a Top Pick. It resides in Quebec, the province with the strongest economy and where real estate value is still rising. (Analysts’ price target is $44.22)

The earnings forecast of $1.07 per share would suggest an intrinsic value of $22 and it trades around book value. It is cheap today if those forecasts come through. (Analysts’ price target is $18.08)

A good quality stock in a strong growing province. A good long term hold. Yield 6.5%. (Analysts’ price target is $44.22)

With a very uncertain market in 2019, he is looking for stability. Yield 5.3%. (Analysts’ price target is $58.62)

As a gold producer, it has good upside earnings growth potential without needing a rally in gold prices. The stock trades at 1.5 times book value. Yield 0%. (Analysts’ price target is $17.45)