COMMENT
PLD-N has been amazing. REITs have been doing well. Fundamentally, its price is a little ahead of itself with a low 20 price to earnings. There is good industrial growth associated with cannabis.
HOLD

Their mid-April reporting was fine -- revenues and earnings were up 30% and 20%, respectively. Disney is creating a little apprehension in the space, but will not take over the space quickly. It is at risk to seeing the multiple collapse if there is a retracement in the market.

DON'T BUY
It has had a great move up this year -- up 46%. He struggles with it as it is in a slow growth space. You are paying over 20 times earnings and growth is maybe around 10%. (Analysts’ price target is $104.00)
TOP PICK
Financial payment ETF. The basket is of the highest quality in the space -- all with 20% sales growth. Yield 0.53%
TOP PICK
A conservative way to play a rebound in Europe. Much less risky than Spain or Italy. Yield 2.26%
TOP PICK
A US REIT ETF that benefits from a slower growth economic outlook. Steady interest rates help its value. A defensive holding with some growth. Yield 3.33%
COMMENT
The market has been on a tear this year, so Monday-Tuesday were a cool-off. Not to worry. It's healthy and it happens. 78% of TSX stocks have been up year-to-date and so it's a little overheated. Retail sales have been negative for 5 of the last 6 months in Canada, so some took this as an ominous sign, given consumers are overleveraged. But last month we saw a year-over-year sales uptick. Also, housing starts perked back up, led by Toronto and Vancouver. The union saved some GM 300 jobs today (3000 were originally laid off), and he tips his hat to the union.
BUY
It's expensive, though it's growing into its 40x valuation. They do have a strong brand that continues to strengthen as they open more stores globally. They have a history of beating earnings forecasts. The chart is rangebound between $65-95, and will likely break upwards. It could move big on a strong report in June. It should continue to grow.
BUY ON WEAKNESS
He looked at it during a recent pullback, but didn't buy. It's a quality company and best in class among North American rails. It continues to improve, but it's pricey and overbought. It's a growth cyclical and so a play on the economic cycle extending.
WEAK BUY

Which telco to buy? Canadian telcos are a good place to invest (an oligopoly) though he owns none of them. Headwinds: slower growth compared to 5-10 years ago, especially in the wireline business and people move to cell phones. BCE, then Telus and Rogers in this order have the most exposure to wireline. Therefore, his first choice is Rogers, though he would carefully weigh all of them first.

DON'T BUY
He sold it a few months ago. Their new petrochem facility transforms Alberta propane into plastic pellets for consumer goods and industrial use. A good idea as Alberta lacks pipelines to move natural gas. $550 million EBITDA from comes this $3.5 billion plant when it comes online in 2021. That's good. However, IPL has been secretive about the plant's progress, and this plant exposes them to the risk of commodity price risk. To offset that, they need to close take-or-pay contracts with other producers of the end product, and IPL hasn't done that. Also, they have problems with storage terminals in Europe--not used to capacity.
COMMENT
How to calculate the PEG ratio? Price earnings to growth ratio. You gauge whether the mulitple on current or expected earnings is reasonable vs. the growth prospects of a company. Companies growing faster warrant a higher PEG because the PE in a few years will be much higher. So, it's price divided by the earnings. Some may use the earnings estimate for 2019 or the blended forward 12-month estimate. Find the PEG in analysts research reports (a concensus among some) and look for a 5-year growth rate, because a recession could artificially deflate earnings for one year.
PAST TOP PICK
(A Top Pick May 16/18, Up 3%) Dividends are important. Their businesses have been doing well, and earnings are up 12%, though the stock price has been flat. His return comes from the dividend. They actually incurred a loss in their last quarterly report, which was surprising, but he expects a good report later this month. You can sleep well owning this long-term.
PAST TOP PICK
(A Top Pick May 16/18, Down 8%) Had a good report today, though it's been a rollercoaster the past year. Oil prices fell off their peak last summer. Also PXT put itself up for auction at the same time. Not good and it didn't work. Earnings reported today up 18% and production 26%. High cash flow and margins and bought back shares the last quarter. Better days are ahead and he likes it.
PAST TOP PICK

(A Top Pick May 16/18, Down 26%) Disappointing, because of overblown fears of a recession that he doesn't expect. This is very cyclical demand for Caterpillar equipment. They reported earnings today and they were in line with subdued expectations. Sales were better than expected and they have partially solved a distribution problem in South America.