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Fears of a recession are subsiding. The economy has been stronger than he and many expected, but he remains concerned about the effects of higher interest rates on consumers and businesses. US bank earnings now show that defaults have not creeped up, but he's watching this. Caution remains warranted. We are in an indebted economy that will eventually cause problems. Inflation is down (new numbers today), but everyday there are labour negotiations and higher wages will fuel inflation. Without lower rates, the economy will struggle. That's TDB for stock markets. Canadian stocks, such as energy, are yielding 6%. That's what he cares about.

He's bullish natural gas in western Canada. LNG Canada is coming online in 2025, a game changer for nat gas demand in Canada. Also, there have been two recent FIDs (final investment decisions) in the US, where LNG production is set to increase. All this means, more nat gas production and higher, more stable pricing. Likes TOU a lot, but owns the similar Arc Resources.

The US was a growth driver for them, but are facing more competition there. US telcos are falling as a whole. Also, in Canada there could be the launch of a wireless service without launching a network. And Rogers owns a big stake in CCA, so will Rogers delever following the Shaw deal? These are three overhands that have pressured shares. He prefers CCA's larger peers. Also, telecoms remain weakness.

A core holding. They've never cut the dividend and have grown it for many years. One of the best management teams anywhere in the world; are great counter-cyclical buyers. He's very bullish natural gas, which is another tailwind for CNQ. Their Oil Sands are best in class and will continue to produce steady cash flow.

The dividend is safe and in fact growing at the fastest rate among Canadian telcos at 5-7% this year. Pays 6.2%. He's about to buy more shares for himself and clients. Good long-term growth ahead because immigration is rising at high levels, a tailwind for Telus. But they're having problems with Telus International, so they lowered guidance. They invested in next-generation technology, good long term but will be lumpy. More competition comes with Shaw-Rogers, but this won't be a huge change. Shares are as cheap as they have been for a long time.

They might sell LB and there's a good market for Canadian banks now, but regulatory issues could block it. If you're sitting on a 30% profit, yes, you can take profits. Yields more than 4%.

He's not sure that the crisis is over. Excess savings during Covid are waning as inflation bites. Canadian banks are valued reasonably, so are good to buy now as a long-term hold. But inflation could bite and trigger defaults and credit spreads widening on corporate bonds. He's waiting. You can buy a partial here and wait, because such shares could go lower. TD shares have moved from $78 to $83 recently. He bought, but is sitting tight.

Yields 6.4%, among the highest at Canadian banks. Clearly, there are problems. You're not paying a lot for this, and TD and Royal could drop further in an economic downturn. He's unsure if the CEO will stay long term or is a place-holder. Historically, buying the weakest Canadian bank has been a good strategy. In this sector, he's looking at BNS and CIBC, but isn't rushing into this space, because rising interest rates will hurt consumers (liquidity and the ability to pay loans). That said, it won't hurt to buy a partial position now.

This is set up well for the next decade. They process 25-33% of all natural gas in Western Canada. A massive infrastructure footprint there. They will probably buy (a portion of) Transmountain, and said they won't issue equity or at least very little. Can capital from KKR. A great company. Pays a 6.6% dividend.

He added shares on their downturn some months ago. The good thing with utilities are their regulated rate of return--this is essential to remember. Renewables have suffered cost increases and performance problems, but it's mostly been a sentiment-driven thing. Once confidence returns, AQN will be a higher stock.