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Markets. Things will cool down in the fall. He has a feeling that we've come a long way, and the recovery has been adequately discounted by markets. Policy set to tighten, fiscal or monetary. Plus, this is usually a tough period for equities. He's raised some cash and is hoping for better prices to reinvest capital.

Canadian stocks. Canada's in a good position. Our market is relatively discounted compared to the S&P. Energy is set up quite well. Continued strong demand on the back of a bumpy, but steady, reopening process, with relatively limited supply. No incentive for shale to increase market share. This favours the Canadian market. If we get a bit of market rotation, investors will come back to infrastructure and dividend players, rather than the risk-taking of the last few months.

M&As. Companies are more likely to undertake deals when times are good. That market in Canada has really fired up. He'd look to see more deals provided the environment remains positive.

Tangentially related to oil demand. You can buy quality, dividend-paying oil and gas producers with more sustainability and production predictability, without the specifics around methanol demand/supply. Gas is an area he's more excited about. Look to large senior producers in Canada instead.

Only downside is the fee. Just like an ETF, there are more holdings in the wrapper. For a small account, it makes sense. For a larger account, just buy the banks individually. You have to read the prospectus to see what the fee level is to see if it's worth it for the diversification.

Significant deal flow in the space. A consolidation target. Business is in good shape with strong oil and gas demand. Leans toward gas, so a good spot to be. In current environment, dividend is sustainable for a decade or more. Yield of around 6%.

Interest rates and pipelines. More noise in 2021, than in his entire career, about interest rates and inflation rising. 5-5% Y/Y inflation numbers were expected. Now that's starting to level out. US and Canada treasury rates have fallen back. He doesn't believe inflation will drive rates back to normal. We'll have low rates for a very long time. Even if there is inflation, pipeline companies just charge customers more via contract clauses. Not a concern long term. Comes down to fundamentals of the company such as is oil in demand, and are the pipelines full. For example, ENB has had its fundamental value driven for 70+ years by dividends and share price. Don't give up on critical infrastructure just because of a 3-5 year relatively temporary rise in interest rates.

The most important north-south oil infrastructure in NA. Key now is Line 3 expansion, 90% complete. Share price should grind higher once Line 3 comes online. Still noise on Line 5, and we need stronger political leadership on this. Fewer large projects on the horizon. For takeovers, they may be looking to the US or to renewables to grow that part of their portfolio. Don't give up on critical infrastructure just because of a 3-5 year relatively temporary rise in interest rates. Great long-term investment for the dividend, with just a bit of dividend growth, so keep your expectations reasonable.

It was overextended, and ripe for a snapback. China had a lockdown and released strategic reserves, which cooled demand and prices. Another few strong quarters of industrial and infrastructure demand, metal prices should tick back up. Have to watch the inflation narrative and 10-year bond rate. Nice stable dividend, plus special dividends.