COMMENT
He's focused on the recovery stocks as vaccines pick up and the economy recovers. The stock market looks forward, so he wants companies that will do well when vaccines roll out globally next year. Those companies may not be the same ones which led the market after the March 2020 bottom. In recent years, being a passive investor in ETFs or index funds worked, but not now. Namely, tech stocks now occupy 25% of the S&P while other stocks have lagged, but it's starting to change. Now, the cyclicals and interest-rate sensitive stocks will improve, and will really benefit the TSX. He expects the Dow to outpace the S&P and Nasdaq in 2021 as things normalize.
DON'T BUY
A market leader benefitting from zero interest rates and money pouring into momentum stocks. Apple has seen its best days as money flows into other areas. He wouldn't buy it now, though maybe in a pullback.
BUY

He bought it to increase his healthcare holdings. They have several business: prescriptions, medical devices, a huge consumer business, and vaccines. He's waiting for med. devices to pick up after operations resume globally after Covid. JNJ and Merck seem to lag the others in vaccines, but there'll be many opportunities to sell vaccines--vaccines will be a big winner for JNJ.

BUY

vs. CN Rail It did well, though not as well as the FAANGs. He's pared his holding. You can't compare this with CN--completely different industries. You can own both though. CN may do better than OTEX.

HOLD
Has long owned this and doubled-up on this last spring. But then it kept going down, though he's happy to collect the yield which kept rising. Oil stocks have been hit this year, but he'll still hold this. Pipelines face approval resistance, though. The governor of Michigan threatens to close line 5, which is a ridiculous threat and could lead to an international political incident (though he doesn't think it'll happen). ENB is trying to replace that line with a safer one, which makes this situation crazy. This is why the stock has dragged. Happy to hold this, wait and collect the dividend.
BUY

The global auto outlook is very good. For many months, nobody was buying or making cars, so now there's pent-up demand. Ford is high-risk, though. Magna is safer in this space. If you're a risk-taker, Ford is fine.

BUY

vs. Tourmaline Oil Like ENB, it faces the same regulatory approval headwinds; will Biden approve Keystone XL? TC still has many pipelines operating and pays a safe dividend. You can't compare this to Tourmaline, like apples vs. oranges.

BUY
Natural gas prices have been--and will continue--to do well. Good balance sheet here and can issue more stock to buy weak competitors.
COMMENT
GWO is the holding company of several lifecos, including London Life and Canada Life. GWO is cleaning up operations to cut costs.
HOLD
Financials are waiting for the U.S. yield curve to steepen and this is now happening. MS also benefits from underwriting which is accelerating. MS has also increased their space in the personal area--MS used to deal with the rich, top-end people in America, but now serve the common mainstream. Stick with it.
PAST TOP PICK
(A Top Pick Nov 08/19, Down 7%) All pharmas face a "patent cliff" where they drugs they developed are about to go generic, so companies need to develop new drugs or buy companies. Theirs ended in March. This is going from a value into a growth stock. They now have 3 drugs in the pipeline, including a blader cancer one, a prostate one, and one for severe menopause which has great potential and awaiting approval. The stock hasn't done much, but the potential is high.
PAST TOP PICK
(A Top Pick Nov 08/19, Down 1%) They're the biggest maker of actuators, devices which signal valves to open and close and allow pumping of fluids. These are used in oil/gas refining. He sold this earlier this year. Nothing wrong with the stock, but he owns a similar stock. A fine company.
HOLD

Owns Loblaw and real estate. This will track how Loblaw is doing. Supermarkets soared during the spring lockdown and will thrive during more lockdowns unfortunately. He prefers Kroger (American), because of its online and home delivery. It's okay to hold onto Weston. He's ambivalent.

HOLD
Fears of future debt by governments The banks in North America have been market laggards, waiting for a recovery in the economy and the yield curve. TD is now bigger in the US than Canada, but he prefers owning a US bank directly. But TD is fabulously run. No reason to sell this.
BUY

TD and BMO have big US exposure, but he prefers buying a US bank itself. BNS has strong international exposure, especially Latin America, which he likes. Likes the diversity.