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Market. He built up cash going out of 2018. 2/3rds of it came from tech and a third from banks and he is waiting to deploy it. If something presents itself to them then he can go after it. The technical breakdown since December has been lower lows and then lower highs. This role-over could have more legs. The market has shifted from momentum, news driven to something that is driven off fundamentals. Now the playing field is getting much more level. A company with a good balance sheet might have a good rebound. He is looking for what s really cheap today.

It was a disappointment in 2018. Their acquisition caused them to take on a lot of debt. People's appetite for debt laden companies came off the table. They restructured and took some debt off the table. The market didn't like their reduction in investment rating by a ratings company. It is still yielding 7% and they have an export terminal and they bought some gas assets that will generate some cash. The only issue is how they will raise money to address their remaining debt.

It was the worst performing bank stock in 2018. It should be the best this year on that basis. At these prices it is at or above 5% yield. It is one of the more domestic banks. The Canadian economy will not be the engine it was. The earnings momentum going forward will be linked to the Canadian economy. He is leaning outside of Canada for future bank investments.

He sold it in 2018 to move the money into VZ-N. The growth potential for VZ-N was much higher. The BCE-T payout ratio has moved up over the years. We have the highest phone rates in Canada. It gets his out of the Canadian economy. (Analysts’ price target is $59.00)

Allocation in retirement. He likes 30% in cash as a buying reserve. He does not feel 70% in equities is right if you are retired and we are going into recession. Don't sell a good company that is down to put food on the table. Plan for 3 years worth of cash requirements in retirement.

It is not necessarily as link to the price of oil as are typical energy producers. This is part of the energy index and because it is part of the energy group it has not performed as it should The management has done an exceptional job. As the company has grown the price has not gone up as fast as some of the others. He likes the diversification and what they are doing.

It is a much more domestic bank. The yield is higher than CM-T and banks don’t typically cut their yields. The problem is if this company can grow. You are buying this purely for the income. Are there better growth opportunities elsewhere? The yield is good.

It is one of those fallen darlings of the energy patch. It has a pretty good dividend yield. The management team is very good. They lay out objectives and generally meet them. It may not go up for the next little while but he does not think energy will disappear.

What is your number one black swan worry? He is worried about a credit situation that does not end well. He is worried about losing triple 'B' companies. Credit problems could cause widespread selling. A lot of investors have flocked to higher yields but that yield may not be there in the future. A major credit event is the thing he is watching out for the most.

It is one of those great Canadian companies with a monopoly There is only two companies in Canada. This is a name you should always own because you don’t have a competitive pressure on it. Crude by rail is not a huge impact to either railroad company either way. Earnings have not fallen on CNR-T because they continue to move things regardless of growth rates in China. He buys it because he has cash.

(A Top Pick Dec 01/17, Down 7%) It has bounced off its lows. It has a solid dividend that they raised recently and will again next year. It got oversold from fears they would take on too much debt. It is a pretty cheap stock. He likes it and owns it. It survived this market carnage despite having a debt overhang. It is an oligopoly. The bulk of their assets sit in the US.

(A Top Pick Dec 01/17, Down 26%) They got hammered in the fall because of a delay in the release of one of their games. He looks for stocks that got hammered earlier in the year. It is a great company and has gone on sale. He is going to look at it again.

(A Top Pick Dec 01/17, Down 34%) It got hit by concerns of trade with China. Input costs went up with tariffs on steel. It is a very cheap company and a global franchise. He is looking at it.

He likes it. You get a 5% yield but you also get growth and this differentiates them from other domestic utility names. It pays its dividend in US$. He likes the twist of its US assets. This is a good stable name.

They were taken down with other energy names. He has always been attracted by its non-Canadian production. They have production in the North Sea. It is a well run company. He worries how safe the dividend is. You don’t buy resource companies for the dividend. Put it away and hope they don't cut the dividend.