A large holding for him and he is concerned about upcoming earnings. He sees it trading at 8-12% free cash flow next year based on his oil price outlook. They are doing share buybacks. They have 10 years of inventory in the US Bakken and you are only paying about half of historical valuation. He thinks this will be a company that reacts strongly when investors return to the space.

(A Top Pick Nov 16/18, Down 28%) Dirty oil is not getting funding in the US and their share price reflects this. They just added an acquisition in the Permian. He liked the management team change. They are able to grow 10-15% based on current oil pricing. He just prefers to buy in Canada where valuations are at a significant discount.

(A Top Pick Nov 16/18, Down 33%) The highest quality Permian producer name you can own. He sold it a while ago when they decided to repatriate all their energy investing back to Canada, where values are so discounted. There is talk of a frac ban in the US, which is creating uncertainty there.

He would recommend taking a tax loss on this and buying into his energy fund. His fund has fewer names and a larger average market cap. The ETF is passive -- he prefers active management.

Companies with challenged balance sheets (high debt in this case) face difficulty in banks continuing to finance growth. He would not own this one.

Cenovus or MEG? He likes MEG for the prospect of M&A. They have great tax pools and is deeply discounted. CVE provides exposure to heavy oil production and Alberta monetizing their rail position. He would prefer MEG, because of its relative valuation. Both have a good investment case.

Cenovus or MEG? He likes MEG for the prospect of M&A. They have great tax pools and is deeply discounted. CVE provides exposure to heavy oil production and Alberta monetizing their rail position. He would prefer MEG, because of its relative valuation. Both have a good investment case.