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Will continue to do well. Growing really fast. Hit an EPS growth target of 15% every year for the last decade. Really likes the story.

Preferred share market has been under a lot of pressure, very volatile. Tends to trade with the broad markets. When there's tension in the broad markets, the reaction of preferred shares is heavier because it's a thin market. Retail investors unloading at tax-loss selling season can drive real price dysfunction in that market, which is unfortunate.

The market's only going to get smaller, as a number of the big banks have redeemed their preferreds and are shifting over to hybrids and other methods of funding. You can get a fixed rate or a floating rate (rate reset) type. He likes rate resets when rates are going higher, as the preferred shares will reset to a spread above the BOC rate. 

From this level, we could see a little bit of capital appreciation. It really depends on the type you have, and you have to really be aware of the different features of each.

Likes the pipelines, but he prefers ENB. Cost overruns on Coastal GasLink. Keystone is a big question mark, not sure if it's going through next year or not. Trading around 16x. Yield is 6.7%. 

His preference in the pipeline space. Recovered from 2 of its 3 issues, expects #3 to be resolved as well. Trading at 14.2x. Better value and fewer variables than with TRP. Yield is 7.2%.

Bit more volatile than the rest of the group. Quite good dividend yield of 6.5%, raised it 3% last quarter, doesn't see it being cut. Larger international segment, which can create volatility, especially in earnings. Big change in leadership. Worried about its losing senior management. Not sure of strategic direction. Reasonable valuation, below peers.

He's in base metals, but not this one. Merger situation creates less clarity. He owns FCX to get copper exposure. The story is really all about China, whether they come back, and how fast. Small dividend yield of less than 1%.

He's in base metals, a timely play. Big US player. His play to get copper exposure. The story is really all about China, whether they come back, and how fast. 

He'd say we're going to get a re-steepening. His feeling is that the long end of the yield curve is actually going to shift higher, flattening out on the short side. That's where your risk is buying long bonds. Maybe not so much on the GOC or provincial side, but on the corporate side. 

Corporate side you get the impact potentially of re-steepening, which increases rates but decreases price. You could also get the impact of spreads widening.

His philosophy has been to stay short-duration bonds, of 1-3 years, and to wait out those maturities. On some corporates you can lock in 6.5%, government's are closer to low 5's. It's a reasonable place to hide out. If we see a recession, we could see a re-steepening at that point.

At the time it was a safe haven during the pandemic. A short-duration trade. Once the markets took off, he moved into equities.

Really likes this whole segment of e-commerce and logistics. A very clear winner in the space. Lots of acquisitions. Buys intellectual property, brings it in-house, rebrands and sells it. Cross-selling opportunities are pretty phenomenal.

Once he realized interest rates weren't going to stay at zero, he scaled out of real estate from 22% down to 5%. He held onto industrials, but sold this one. Really likes the company, but is waiting until interest rates tick down again. Very interest-sensitive investments.

He scaled back on a lot of renewables. A great long-term investment theme, but they're interest sensitive and also cost sensitive. Lay out huge amounts of capital for development projects. With labour and material costs going up, hard to maintain level of investment returns they're used to. Dividend not at risk. It's about rising rates and capturing that investment return. 

He scaled back on a lot of renewables. A great long-term investment theme, but interest sensitive and also cost sensitive. Laying out huge amounts of capital for development projects. With labour and material costs going up, hard to maintain level of investment returns they're used to. It's about rising rates and capturing that investment return. He owned it until recently.

In renewables, but more on the utilities side. So while he's offloaded some renewables, he's held onto this one. Has renewable assets through the States. Recent cost overrun of about 23%, but they can still absorb the cost with what's happening with power prices in Alberta.

Trades at almost 140x earnings. On a multiple of revenue, it's trading at 10x. Hard to buy on any fundamental basis, a stock you buy on momentum. Fascinated by the business model. Cult following has driven the high valuation. Doesn't fit with his investment mandate. About 1/3 of the TSX returns YTD are SHOP alone. Volatile.