PAST TOP PICK
(A Top Pick Dec 18/18, Up 5%) They did all that they promised. Synergy is better than expected. They have more money than expected and used it to pay down debt well. They are buying back shares. The only question is whether they can do retail acquisitions. He's sticking with it.
DON'T BUY
Sold it 4 months ago as they re-positioned. They've bought back shares. Longer-term, it's low-growth. He needs to see a serious dividend increase to get back in.
DON'T BUY
Low dividend of 0.5%. They buy small auto repair shops across North America. A growth company. Trades at 25x earnings, not cheap. If the economy goes south, it'll put strain on them.
COMMENT
They're increasing their dividend 10% and have a serious capex program. But if the economy slows, will they have trouble raising equity?
BUY
Disciplined managers: balance sheet, dividend and growth are their priorities. They've never cut their dividend, good. 40% of their production is Brent-related. Like other Canadian oil, they are frustrated with the oil price and situation. Doing exploratory drilling in central Europe which is new.
BUY
He's watching it. Likes it. They are hedged because they have their own refinery capacity. Good buy at this price.
DON'T BUY
Trading at a discount of 20% to asset value. Investors Group has a bigger dividend and potential growth, and he prefers that.
DON'T BUY
He owns other Canadian banks. He prefers diversification, which CM lacks. As mortgages roll over, the sector will be challenged.
BUY
They've expanded a lot into offshore wind in Europe with two farms with another in Germany, plus one in Taiwan, plus a letter of understanding in Korea. They won't increase their dividend 5% a year, but will as projects come on.
COMMENT
They could be more generous with their yield, given their expansion. Over the next few years they likely will. They're paying down debt now. They have a refinery, which is a plus.
DON'T BUY
They cut their dividend with a 25-30% payout ratio, which is good. But their topline revenue is declining. It's a shrinking business with lots of competition.
COMMENT
A great energy company. Good managers with most of their oil in the Bakken, good. He owns enough oil elsewhere.
TOP PICK
A defensive choice in this market. He's owned this for a long time. A good dividend payer at 4% that'll increase. It's diversified across North America. Good balance and expected growth for five years. A great utility. Solid. (Analysts’ price target is $48.15)
TOP PICK

Long owned this. 5% dividend that consistently grows. They're big in the U.S. that's growing. They have the L&G coastal gas link and Keystone which both have partners. (Analysts’ price target is $63.51)

TOP PICK

This bank has scale and they´ve been doing cost-cutting. They're spending millions in e-techonology to stay ahead. Capital markets, wealth management and insurance are doing well. They can beat this year's huge profit margin in 2019. (Analysts’ price target is $110.14)