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Dividend growth. He prefers looking at the leaders in this space and in America, like McDonald's. Consumer habits will have lasting effects--people will continue to cook for themselves. He doesn't see tremendous growth in fast food.

The effect of the U.S. exchange rate? One of his biggest holdings. Currencies are in a race to the bottom in this era. He expects the CAD to decline vs. USD, so ALA will benefit. ALA is his largest position. The ALA stock price didn't deserve to be cut more than in half during the lockdown because 70% of their business are regulated American utilities. ALA projects 10% growth in the next 5 years on their WGL business, a regulated utility, and has reduced debt. He expects the dividend to rise in 2021. Their midstream business in BC is doing great; their propane terminal is exporting record amounts. CNQ buying Painted Pony is a plus, because PP was a big customer of ALA's. Many things are going well for ALA. They pays a 5% yield. Low risk and good reward.

It had a lot of growth ahead, then the pandemic threw that into question. It's waiting on the future demand for energy and pipelines. The monthly dividend is safe as long as contracted players continue to pay, but the risk is in those contracts voiding and defaulting. This applies to peers like Keyera. PPL is more diversified and bigger vs. its peers. He's picking away at it, but this is a volatile space. Oil stocks are grinding higher, though, as the WTI price keeps rising and shale oil is not coming back and Canadian production is flatlining. Buy at low-$30/high-$20s. Hold at mid-$30s and hope things will normalize.

SU cut their dividend. It is a bellwether energy stock. Refining margins are tough which hurts SU. He owns CNQ instead; it didn't cut its dividend. SU stock is okay now with oil prices in the low-$40s, but could weaked in the fall. He's not adding his energy exposure. The bigger picture is: how much oil do you want in your portfolio. He owns CNQ and recommends that in the mid-$20s. Oil offers decent risk/reward given base demand, but wait till the fall to see if demand declines due to a COVID uptick. Oil depends on whether shale oil receives capital support and shale decline has been the game-changer in the last few months. Overall, SU is fine, but if you're switching into CNQ, now's the time to do it.

(A Top Pick Jul 16/19, Up 12%) Despite a dividend cut, this is doing okay. He expects part of that dividend to come back. Natural gas has turned very positive for Canadian producers. Two big deals in the Montney involving CNQ and Conoco Phillips buying assets as gas prices rising on dropping US oil and gas production. He still likes Arc. Arc has a real ESG focus that will attract capital. We'll still need natural gas.

He sold some banks to buy renewables like this in June. BEP pays over 4% dividend yield. It's risen $10 since he bought it in June. He expects market volatility in the fall, which is the time to enter this. Brookfield has built an unrivalled global franchise, yet is Canadian-domiciled so you enjoy the tax advantages. He also owns BIP, and both Brookfield stocks are core positions.