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Markets. It’s a gray day in the markets. There is a lot of geopolitical risk in Europe and Hong Kong. Even Ebola in the US is creating jitters. It is a little bit of a panic. He thinks the sell off is overdone. He would be stepping in and buying equities that sold off. He is picking up some good companies in Canada and the US. The correction will be short because you don’t have lots of debt. Companies and consumers have delevered over the last few years. Dividend payers are the place to be, but you need earnings expectations that meet expectations or exceed them. Buy value and GARP.

Brookfield got rid of its stake in WEF. The stock slipped based on this sell off. Will make money hand over fist if lumber prices increase. The dividend is sustainable and a good way to play a cyclical lumber industry. This is a good entry point.

Warren buffet spoke favourably about this company today. There is a lot of value in owning dealerships. The owners are getting older and looking for exit strategies. They are gobbling them up at very accretive prices. It should support further dividend increases. Parts and financing give it stability against raising and declining auto sales. He is interested in adding to his position.

Canadian Banks – which is the best? He is underweight Canadian financials and prefers the US. Loan growth will be weak in Canada. The Canadian banking system is very sound and there is no risk of a big downturn. He likes CWB-T, leveraged to commercial loan growth that he feels will hold up better and they could be a takeover target. He also likes TD-T as they are well leveraged to the US.

Separate fundamentals from sentiment. If rates go back up they could pull back, but that would just make it a buying opportunity. Apartments are the best asset in the sector. They have the ability to increase rents. He really likes it and it would be amongst his top picks in Canada. He also likes BEI.UN-T.

A great demographic play. The population in that range will double over the next 10 years. In the last 4 years we have seen a 10% increase in costs. This year we should see a greater increase in demand growth than supply growth.

He is one of the largest shareholders in this one. You can’t go wrong

You can’t go wrong. You are more likely to see larger increases in rents in the US than in Canada.

A lot of private equity players sold off last week. They are high beta plays on higher equity markets. If you are sitting on a pile of cash, this sector has been receiving more investment recently. Their exit strategy for any investment gets foiled with this sell off. He prefers Blackstone because they are more diversified.

(Top Pick Aug 30/13, Up 13.75%) 5% yield. He continues to hold it. A lot of their apartments have high barriers to entry. Well insulated from competition. You should see lots of organic growth from this company.

(Top Pick Aug 30/13, Up 56.48%) They completed an acquisition that increased their fixed income exposure. They are performance, fee based products that should do very well over time.

(Top Pick Aug 30/13, Up 28%) He took some money off the table. You should see management executing some acquisitions to increase the size of the company.

Represents good value. We are in a lower interest rate environment than we were 5 years ago. Buy these at $0.75 to $0.85 on the dollar which is where they are now. Over time you should do okay.

The largest REIT in Canada, excellent management team and a high quality portfolio. Trades in line with its net asset value. There will be decent dividend over time. A core holding. This is the one name that will sell off if interest rates go up.

Medical office buildings. You are not seeing any operating income growth. This is because of vacancies. Trades at a discount to net asset value. Dividend is sustainable. This is a roll up story which means growth by acquisition and it means issuing stock and when you trade at a discount this is not good. He sold and stays away from it.