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When's the next big correction? Not soon. Investors have been obsessing about this. Lots of newbie investors in the market. Market cycles are long. They don't just die of old age. Usually a bull market is brought to an end by either a cyclical or a structural recession. He sees scant evidence that either of those is imminent.

Aren't cycles compressing? He looked at that. Recoveries from bear markets are inversely proportional to depth and length of the bear market that preceded them. Short, sharp bear markets are typically followed by faster and stronger recoveries. Like an elastic band, the further you stretch it, the faster it snaps back. Today, markets have correctly priced in the rapid snap back in corporate profitability. If analysts are correct, TSX is poised to put up record corporate profits. Not a surprise that markets are at all-time highs. Rapid cycle of interest rate hikes could bring on a cyclical recession, but central banks are not signalling this. Interest rate derivatives market is also pricing in minimal rate hikes this year. Supply chain issues, and warehouses being empty not full, point to no recession.

Interesting technology, but not investible right now. A gadget that installs on commercial vehicles to reduce emissions and increase fuel efficiency. "A science project" for 17 years of R&D. Losing money, negligible revenue, diluting shares, burning cash. He prefers more established companies. One to watch down the road.

Leery about the valuation. Great business that helps manage supply chains. Trades at 230x 2021 earnings, too rich. A 45% correction because of a stumble. Growth rate of 12% doesn't justify valuation. Sales are growing more rapidly than earnings, margins are shrinking.

10-year yield of 1.3%. US treasury rates bounced hard off their lows, and some froth has come off lately. Indicators indicate the economy is growing but decelerating, which shows we're moving from the rapid snap back to more of a steady state growth rate.

He likes the Canadian banks. Still going to perform well. It outperforms the TSX 4/5 years but didn't last year, so odds on that it will this year. Net interest margin pressure in the rear view mirror. Credit loss cycle more benign than feared. Top 10 global leader in capital markets. Great wealth management. OFSI likely to take handcuffs off the banks, leading to aggressive dividend increases and share buybacks. Good things ahead.

Represents value and cyclicality, which have been rewarded. Stable printing business, depressed volumes are coming back. New direction in flexible packaging is exciting and a growth business. Have made some specialty printing acquisitions. Consistent dividend grower, which should return this year. Potential for a multiple re-rating is significant. Lots of upside.

ESG. ESG investing affects all the oil explorers and producers. The problematic effect on Canada is like ESG on steroids, given the political climate and green activism here. They own no explorers or producers in Canada or the US, and only one offshore.

(A Top Pick Jul 07/20, Up 51%) Valuation premium and analyst fan base has waned a bit. Due to US expansion, plus US net interest margin sensitivity is high. Continues to own and buy.

(A Top Pick Jul 07/20, Up 27%) The only oil stock he owns. High quality asset base in Colombia. Manages the full cycle of production. Exploration budget has been dialled back up. Pristine balance sheet, no debt. Consistently buy back shares, thinks they're stealthily taking it private. Continues to buy it.

(A Top Pick Jul 07/20, Up 11%) Recovered nicely off pandemic lows. Tim's is the problem, as it relies on the morning commute and many locations don't have drive-thrus. Switched to consumer brands with faster and more confident path to earnings growth.

Worst is behind them. He wouldn't buy it. Doesn't like the roots of its governance. Peaked at $25 in 2000 and has declined since then. Has benefited Quebec, but if a company can't also generate value for shareholders, there's no reason to buy it. Private jet market is either hot or cold. Worries about the balance sheet.

Holds it in high regard. Divested and modernized. Expansion into non-meat protein. Earnings are cyclically depressed. Not a barn burner of a growth stock. GDP-esque growth rate. Put in your RRSP. Will do well in the long-term.

TFSA vs. RRSP Best practice is to hold your highest return potential investments in a TFSA rather than an RRSP. TFSA is the most tax-advantaged account we have in Canada. Put GDP-type return stocks in your RRSP. Keep room in your TFSA for other opportunities.