Canadian telcos. Not a ton of downside. Have done relatively well. Good dividend payers. Continue to grow businesses at a fairly stable clip over time. If volatility continues, capital will move toward them. If things start to turn around, they may well lag, but you're not going to lose a lot of money owning BCE, RCI.B, or Telus.
Generating huge free cash and returning it to shareholders. Getting over operational issues. Huge valuation gap from its larger peers. Balance sheet's in great condition. Continue to hold if you believe, as he does, that energy prices will remain elevated.
integrated oils
Excellent management team. Lots of tailwinds to further growth. Great profitability. Company's buying back stock. Primary way to play the industry in Canada. Stick with it.
Reducing leverage on balance sheet. Should be close to net cash by end of 2022. Relatively cheap versus the peer group. Letting hedges roll off, so should see better cashflow. Production looks relatively flat for the next couple of years. Recently raised dividend. Once energy consolidates, names like this should do well.
oil / gas
Management has lots of skin in the game. Challenges over Covid gaining access to LTC homes. Input costs have increased. Wants to see margins stabilize before getting back in. Don't rush to buy until you see that for a couple more quarters. Likes the fundamentals. Aging population provides a tailwind.
other services
Good staple for energy exposure, long-term contracted cashflows. 18x earnings. Somewhere around $50 is a good spot to re-enter. More insulated from oil price volatility over the next 3 months. Yield around 6.5%.
oil / gas pipelines
Stable business fundamentals. Steady-eddy growth business over time. Valuation too high for him. Good management, good executors. Good runway for growth. You can stick with it, or search for other growth companies with lower valuations. Modest yield of 1.5%.
other services