BUY

If there's a recession, CN revenues will slow. They warned that their Q2 may be a little weak, though they'll hit their targets. They continue to generate a lot of cash flow and are adding more assets, like rail cars and lines. He believes the North American economy will continue to grow at 2-3%, so CN will benefit. A must-own. (CP is also good.)

BUY

Are there Canadian companies like Beyond Meat? Why pay more for this hamburger than a meat burger? He's tried it and wasn't blow away. Maple Leaf, he assumes, is looking into alternative protein. Nestle is getting it. Anyone selling protein is looking into alternative/vegan food. There will be so much competition. Who knows will win? To play this place, own BYND.

HOLD
A defensive play that'll move up and down with recession worries. They will sell of real estate to improve their balance sheet, not his favourite idea, but it is a well-run company. Lots of insider ownership, which is good.
COMMENT
A defensive stock in an RRSP during a downturn or if interest rates decline? He hasn't looked at this in a long time. The demand for planes in 20 years will be huge due to demand in emerging markets. We will need pilots. CAE has had an amazing run, so the valuation is high. He needs to research this more to have an opinion.
COMMENT
The capital asset pricing model doesn't take into account yields, but Europe has negative yields across the board, like Swiss bonds (they pay a negative return, so you pay them to hold your money). It's unbelievable. So if interest rates go negative, then stock prices more infinite. Stock growth doesn't matter; valuation is all that much more attractive, remarkably cheap. Stocks are attractive. He owns bonds, but it's risky to go long-maturity bonds if interest rates go up. Short-term bonds are attractive, but stocks are the most attactive asset class.
BUY

He likes the airlines and expects the US economy to expand. The number of US airlines have shrunk a lot, down to four, but they are mispriced to their relationship to loyalty-point cards. Delta signed a deal with AmEx where Delta believes they will have $7 billion in excess cash flow by 2023. That's pretty good. Everybody loves loyalty points to buy seats. It benefit consumers and airlines which have done a great job of upselling. Fuel prices have been a concern, but the oil price has remained low. Even if the economy heads into recession, Delta's balance sheet is lean and mean.

DON'T BUY

A great performer, though it stalled in late-2018 due to weak guidance. The debt level prevents him from researching this name more. They've made lots of acqusitions in the past, but maybe that's caught up with them. Either CPP or the teachers' union has made a purchase of them recently, which has benefited PBH. Debt is a worry.

TOP PICK
A few years ago, the new CEO transformed this from a listings business to a data analystics business and gaining more revenues outside Canada. Now, 50% of their business is data analystics, selling information to companies like BNN. TMX benefits now from cannabis and cryptos. It's trading at a big discount to other exchanges, so there's a lot of upside. (Analysts’ price target is $102.67)
TOP PICK
Just because the population is aging, doesn't mean you'll benefit from it. BDX is in medical supplies, not drugs, supplying hospitals. They've pulled back a little, because a product is under FDA review. They have a good record of raising their dividend, and they have a long runway of opportunities ahead. (Analysts’ price target is $259.67)
TOP PICK
They buy other software companies, around 200 now and could acquire many more. Managers own a lot of stock, and that's a great sign. They know what they're doing. (Analysts’ price target is $1223.33)