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.
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.

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.

DON'T BUY
As a value investor, he doesn't follow this. Fairly high multiples and high-growth projections. Not on his radar.
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.
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.
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.
BUY
The weather is in their favour--a snowy winter. Their valuation is fair, around 10x. Will continue to do well longer-term. It's struggled the last couple years to keep up, but recently has done well. He owns little pure retail, but this is a good bet long term.
DON'T BUY
A high-growth stock, but have been excellent at acquiring to build their business. However, today's prices are hard to justify from a valuation standpoint. (He's a value investor.) Their PE is over 100x.
DON'T BUY
See also his CNR comments. He prefers CN based on PE. CP pays a better dividend though, but CP will integrate with KSU and any integration carries risks. Expect margin pressure in the first half of 2022 during inflation as costs rise.
PAST TOP PICK

(A Top Pick Mar 09/21, Up 90%) Is holding on. At current oil prices, this is a cash-flow machine. They are expanding operations in the coming year. He's very bullish oil companies. Supply is constrained and investment in recent years in oil has fallen off, so those oil companies operating will benefit from high oil prices. Pays a 2.7% yield.

PAST TOP PICK

(A Top Pick Mar 09/21, Up 5%) A slight disappointment. Eventually, they'll be appreciated for their operations: copper in near Tucson and Rosemont could come on stream. Peru remains an overhang, as their government shifts to the left, but they will realize the country needs the cash flow from this industry. Good long-term growth lies ahead.

PAST TOP PICK
(A Top Pick Mar 09/21, Down 36%) A big disappointment, punished by the pandemic and supply issues. But once we exit the pandemic, things here should pick up. NFI just bid on an order for hybrid buses in Mississauga; cities need to replace aging fleets. They also can sell parts. The PE is depressed.
BUY
There's a good runway for most banks as interest rates rise. TD has done very well lately. Their valuation is the second-highest among Canadian banks (RY is higher). It pays a 3.5% yield and likely will increase, based on solid capital bases. What's there to complain about? It's a core holding. He would not take profits.
DON'T BUY
The PE is high. Fertilizers are in demand, and poor crops across the world will drive further demand. BHP may take another run at NTR, but the government may resist this (he doubts governments will approve a takeover). There are better valuations elsewhere in agriculture like AG Growth.