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Great company obviously. Given where we are in the iPhone cycle, thinks now it’s time to take some profit and look for a better entry point in 2018 or beyond. From here, it’s hard to see what will backfill that growth in 2018. Thinks it’s better to take some profits now. Sees better opportunities in the supply chain and in names like Broadcom (AVGO-Q).

Doesn’t own. Owns Canadian Natural Resources (CNQ-T). The two are comparable, two bellwethers in Canada. Suncor is more into refining with production assets that are a little bit higher quality. They’ve been with CNQ-T historically and continues to hold.

Has been a great performer for many years. They have one of the best networks in North America. They benefited from having the best operations in North America. Has been a great compound of value in the long term. Owns Canadian Pacific (CP-T) instead. They both offer similar exposure. Good stock to own for the long term, but probably not the best opportunity to buy at this point given the rebound in economic growth and rail volumes.

Likes it very much. Had been under some pressure. CEO Hunter Harrison passed away a few weeks ago. Bought in and agreed with the transformation Hunter brought to CSX. The remaining executive team led by James Foote now are going to carry on the transformational plan.

Has had a fantastic year, mostly driven by strong free cash flow growth coming off of their 787 program. Doesn’t think now is a good time to buy in. Stocks has doubled over the last year which is really unusual for a mega cap like this one. Better to look elsewhere. Aerospace isn’t an area where they are invested heavily in at this time.

Linamar (LNR-T) vs Magna (MG-T) vs Martinrea (MRE-T) Has a small position in Magna (MG-T) which is the largest of the three. At this point in the auto cycle in North America, would be very hesitant about adding more. Thinks the bump up in number of vehicles in North America is plateauing. Very cyclical. You can see earnings and cash flow really degrade quickly rapidly. It’s one he would be careful and look for opportunities to sell on strong.

Linamar (LNR-T) vs Magna (MG-T) vs Martinrea (MRE-T) Has a small position in Magna (MG-T) which is the largest of the three. At this point in the auto cycle in North America, would be very hesitant about adding more. Thinks the bump up in number of vehicles in North America is plateauing. Very cyclical. You can see earnings and cash flow really degrade quickly rapidly. It’s one he would be careful and look for opportunities to sell on strong.

Linamar (LNR-T) vs Magna (MG-T) vs Martinrea (MRE-T) Has a small position in Magna (MG-T) which is the largest of the three. At this point in the auto cycle in North America, would be very hesitant about adding more. Thinks the bump up in number of vehicles in North America is plateauing. Very cyclical. You can see earnings and cash flow really degrade quickly rapidly. It’s one he would be careful and look for opportunities to sell on strong.

Industrial gas business. They manufacture and distribute industrial gases. In the mists of regulatory approval for merger with Linde AG a big European peer. Looking at applying their best in class operational expertise to their new acquired target. Will gain visibility in the acquisition as we move through 2018. And then 2019 really turns into an integration year where we start to see the benefits of the combined entity. They’ve owned this through this year, but they would still buy it today given the attractiveness they see from the acquisition. (Analysts' Price target $163.50.)

Commercial kitchens. If you pull up a long term chart, it has been a great compounder of value over their long term. What they have done historically is really through acquisitions, moving into different niches in the commercial kitchen space. Has been doing a great job of articulating what’s in it for the customer. Likes to keep a new refresh cycle below 2 years pay back for the customers. (Analysts’ price target $142.)

A contrarian play going into 2018. Sees a strong year in 2018 with a lot of the issues plaguing the company in 2017 alleviating themselves. In their last call announced they were going to slow production and instituted a dividend to pay that back to shareholders (Analysts’ price target $30.)

U.S. Market Outlook He has been long & overweight on the U.S. market so he is very pleased with what’s happening in the U.S. Tax reform bill, proposal to repatriate several billion dollars in capital, low interest rates; the U.S. is becoming self sufficient on energy. What better things can you have for the market. He’s continuing to be bullish. He expects to see more of the U.S. market to trickle down, going to some of the smaller caps as well now.

Canada The problem with Canada is that we have to get those pipelines built. Can’t blame M. Trudeau for that, the Harper government had a majority and should have ramrodded these things through. He thinks we will be dragged along anyways. It’s just unfortunate they’re not making enough effort on getting the pipelines done. Build the pipelines and build as many as you can, otherwise we’re going to have an orphan resource, which could happen with the electrification of cars. We need to get that out of the ground.

They take bank stocks, or insurance and in some case energy companies, and then they split it internally into preferred shares or common shares, and then they write covered calls on the common shares. They are getting yields around 13-14%. That brings up the question: How is that possible? He’s been doing coverage calls for 30 years, if he get 10% or 12% he is very pleased, but you’re never going to do that consistently. What they’ve got is a very very good yield but if you take a look at the volatility, and there's a lot of volatility, in 2016 the market was down 15% and this stock was down 60%. In 2007-2008, the market was down 60% and this was down 80%. It’s a yield play. Never trust the yield. You have to look behind and see what’s going on there and what’s creating the yield. He wouldn’t touch this.

ETF for European Asian Tourism? He doesn't know of a travel ETF, but you can look at Vanguard VGX. It’s an all European ETF. If there’s increase earnings as a result of asian tourism, that’s where it would be reflected. It’s very successful and quite large, and quite reasonably price with MER around 0.12 to 0.14%. That's one you can look at to capture some of the growth in the European market as a result of Asian tourism.