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Markets. We are in a reasonably constructive environment. Investors are slowly moving from fixed income to equity camps. This provides opportunity in the dividend camp as the fears of interest rates are overblown. Interest rates head winds will be less significant in the last half of this year. Housing market has pent up demand for renovation and that half of the housing market is not interest rate sensitive, whereas homebuilders are.

He had to pull back his weighting by a third, but this has been a fabulous group to be in. The cash flow growth and dividend growth should be 4-5 times the rate of growth of GDP. We have a shortage of energy infrastructure. He wouldn’t be concerned unless it broke $53. The US had the lowest oil imports in the last 6 months for the last 16 years.

Weakness in May/June from interest rate fears. Then there was the threat of Verizon and we will see if that happens. He went to a near zero weight in favour of other sectors.

A wonderful company. Have the most shareholder friendly policies but you are fighting a headwind in the sector.

Finances businesses in exchange for a royalty stream. A great investment. They have a good record of great investments across a number of industries. Keep picking away at it.

Good strong management team did a good job of growing the business. Benefits from a steadily improving economy. 2.3% dividend that will grow.

Nothing wrong with it. Great assets in Canada and the US. The one he likes to own in Canada but focuses on the US right now. Prefers BAC-N.

It is the best US bank and getting better. Continue to take market share.

Chemical companies are benefiting from boom in oil and gas production. Benefit as industrial economy gets better. A spectrum of industrial exposure. 3.5% yield.

Has been cautious on anything related to resources. It is underperforming. Revenue growth is struggling.

(Top Pick Aug 13/12, Up 8.16%) Recently came out of it over the last few weeks because an acquisition was giving them some difficulty. The numbers are going the wrong way right now.

(Top Pick Aug 13/12, Up 14.82) He has exited and rotated to Starbucks (SBUX-O), which is getting very good same store comparables. There isn’t a problem with MCD. They are basically a REIT because they are getting rent from franchisees. SBUX is a better opportunity.

(Top Pick Aug 13/12, Flat) He is pretty fully invested now, focused in the US.

6.3% yield. Stock price has not been doing particularly well. Energy is tricky right now. You have to pick your spots. You need to find those that have big rampups in production. Prefers things that use new technologies. Prefers resource growth producers, especially in the US.

Tremendous land holdings that were just validated. The big question is management’s ability to execute. Not a big holding for him, but there is very good value. Management has to prove themselves. Prefers Whitecap.