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COMMENT
Markets on a sugar high? You could claim that almost every asset is in a bubble. The system is awash with cash. Economy needs a lot of momentum before the Fed and BoC start withdrawing liquidity. A 0% interest rate distorts asset prices and everything is going up aggressively.
Unknown
COMMENT
Any stable place in the market? He tends to be more value based and looks for a consistent dividend. The energy patch is hated, but it has a yield, and profits and free cashflow are fantastic. The sector is ripe for a re-rating. Manufacturing and production costs were cut, and they now have a good profit margin with the cost of oil.
Unknown
COMMENT
Bonds. Bond market is almost uninvestible, but you should allocate a portion of your portfolio to it. Focus on short corporate credit, under 3 years. No long credit securities. He also has a position in real return bonds. See his Top Picks today.
Unknown
SELL
US-domiciled REIT that trades in Canada, anchored by grocery stores. Defensive. Missed last quarter, but not a big deal. In the right spot. Small market cap, so a liquidity issue. Buys good assets. Cheap valuation. He sold when it moved up.
REAL ESTATE
BUY
What they lend to is incredibly stable. Good operators. Perfect vehicle for TFSAs or registered accounts. Trades slightly above NAV. Yield of about 7%.
Financial Services
SELL
It's all about timing in the cycle. He'd be a seller now, not a buyer. Housing is cooling in the US, and we'll probably see that in Canada. This will be hit. Good operator, expanding. Time to be more defensive.
REAL ESTATE
BUY

Incredibly cheap. Nat gas is pressured higher now. Inventories are at near lows. Best in show. TOU is too expensive, so ARX gets his vote.

oil / gas