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COMMENT
There's a 50/50 chance that January reflects the rest of the year; he thinks 60%. It depends really on the fundamentals, which are not looking great--market valuations are high and susceptible to interst rates and geopolitics could destabilize things. As rates rise, earnings that stretch into the future will be discounted. There'll be a rotation back to value and fundamentals--and there is demand for resources. Dividend paying stocks will be attractive.
Unknown
COMMENT

Freight volumes have been hit due to poor weather in North America, weak crops and supply issues. Both rails (CP and CN) the situation looks better. He's confident with the new CEO. The valuation favours CN (over CP). Kansas City Southern is a good thing long-term, but there's risk in integrating the companies. Labour and fuel costs will impact the rails, which can pass on those costs. There could be margin pressure in the first half. Both rails will do well.

Transportation
BUY on WEAKNESS

Has always liked this and watches it. A very good operator. But what is their organic growth potential? In recent years, WSP has shown a little more growth, but STN is positioned well in infrastucture. He would buy this if the PE were lower. He once owned this.

consulting
DON'T BUY
As a value investor, he doesn't follow this. Fairly high multiples and high-growth projections. Not on his radar.
0
BUY
Manulife vs. SunLife He prefers Manulife, though there are concerns about their Asian exposure. But they are selling at slightly over book and SLF higher. MFC also pays a higher yield of over 1%, and the valuation is better with MFC. He owns both and both will benefit from rising interest rates. MFC has been minimizing risk by getting out of their non-core holdings and to concentrate on their profitable businesses, but this demands patience. They are making solid progress as the new CEO focuses on shareholder value.
insurance
BUY
Manulife vs. SunLife He prefers Manulife, though there are concerns about their Asian exposure. But they are selling at slightly over book and SLF higher. MFC also pays a higher yield of over 1%, and the valuation is better with MFC. He owns both and both will benefit from rising interest rates. MFC has been minimizing risk by getting out of their non-core holdings and to concentrate on their profitable businesses, but this demands patience. They are making solid progress as the new CEO focuses on shareholder value.
insurance
BUY
Great managers and will succeed even if the industry goes electric. He's long owned this and will hold on. It's reasonably priced to buy.
transportation equip & components