COMMENT
Market Outlook This is a difficult time in the market with all this uncertainty. Economies around the world are beginning to reopen and he wonders if that will be successful. People are hopeful the virus may be behind us, but we have to be on watch for wave two. When the lows of March in the market were made the fast plunge likely means we won't make new lows on a pullback. There has been so much done by Central Banks to keep if from happening again. Markets could trend lower, however. When the 2008 financial crisis occurred, it was a crisis of the banking system. Today, the banks are much stronger.
BUY
This is a durable company. Half the business is focused on ultimate conservative businesses like insurance and utilities. This is a great longer term investment. They won't be immune to recent economic impacts, but he likes their diversified revenue stream.
BUY ON WEAKNESS
A wonderful business. When the market turmoil unfolded, technology companies have done well. Their upcoming earnings should be strong. He owns this, but be mindful of the valuation here. It is trading at 26 times earnings. It is about 15% over valued here. He would enter on weakness.
BUY
He owns this one. As a utility, it also has a renewable business. It trades about 12 times cash flow. A good conservative holding. It has some US market exposure as well.
BUY
A wonderful business that he owns. He would be inclined to buy it here. Q2 earnings will be weaker than Q1 as there is a month of shutdown included. They are an essential business so earnings will hold up well. They have done a good job consolidating their business and that will bode well in the long run.
HOLD
There is a lot of uncertainty in the market. In this environment expect the news flows to be negative. If you decide to get out and try to re-enter at a lower price requires a lot of timing and emotional decision making. If you are in, he would recommend continuing to hold. The dividend is safe he feels.
COMMENT

Energy is facing its toughest times. If you are bottom feeding, he might still avoid this sector. The companies that will get through the best will be the ones with their costs under control. CPG is a lower cost producer, but he would prefer someone like EOG -- the lowest cost shale producer. He thinks CPG may require more equity or debt to grow going forward.

COMMENT

Energy is facing its toughest times. If you are bottom feeding, he might still avoid this sector. The companies that will get through the best will be the ones with their costs under control. CPG is a lower cost producer, but he would prefer someone like EOG -- the lowest cost shale producer. He thinks CPG may require more equity or debt to grow going forward.

COMMENT

MFC vs SLF He sees a lot of value in the insurance sector. He owns MFC, but there is no flaw in holding SLF either. MFC has growth focused on Asia. Both are undervalued at about 7 times earnings.

COMMENT

MFC vs SLF He sees a lot of value in the insurance sector. He owns MFC, but there is no flaw in holding SLF either. MFC has growth focused on Asia. Both are undervalued at about 7 times earnings.

BUY ON WEAKNESS

Q1 earnings strong? He owns V instead of MA. Both are in a great position in the e-commerce space with their ability to accept digital payments. The earnings announcement by MA today were strong, but transactions were down. If it takes time to see things recover, their strong cash flow position will allow them to buy back shares and shore up their balance sheet. MA trades around 30 times earnings, so he would wait for a pullback. He thinks both MA and V may be 15% over valued right now.

BUY ON WEAKNESS

Q1 earnings strong? He owns V instead of MA. Both are in a great position in the e-commerce space with their ability to accept digital payments. The earnings announcement by MA today were strong, but transactions were down. If it takes time to see things recover, their strong cash flow position will allow them to buy back shares and shore up their balance sheet. MA trades around 30 times earnings, so he would wait for a pullback. He thinks both MA and V may be 15% over valued right now.

PAST TOP PICK
(A Top Pick Jul 25/19, Up 4%) He still owns this and likes to recommend it as Top Pick.
PAST TOP PICK
(A Top Pick Jul 25/19, Down 16%) He would still own this one. They have been streamlining operations and expanded into growing retail markets outside North America, which has slowed their profitability temporarily. He still thinks longer term the valuations will become attractive and lead to share price appreciation.
PAST TOP PICK
(A Top Pick Jul 25/19, Down 16%) He actually bought United Technologies, which was subsequently purchased by RTN. OTIS and Carrier were rolled out as separate entities at the time. He really likes RTN and would continue to hold it.