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Market. Saudi Arabia is really serious about clamping down on supply but the US is looking to become the biggest energy producer in the world. You can't forecast in this area. The Euro central bank has come out with a very gloomy outlook. They are changing leadership this fall and the past/present leaders are of completely different viewpoints. This is toxic for the banks. DB-N is now lower than the 2008 lows of the financial crisis. Growth is not strong in the world and the only reason for growth in the last decade has been negative interest rates and a massive accumulation of debt in the world. Fiscal and monetary policies are NOT working.

Bonds vs. Canadian Bank Equities. The risk in bonds to stocks is night and day. We are late in the cycle. This is the longest expansion we have had in equity markets. Now is not the time to move from Bonds to Equities. He thinks bonds will do well next year. Interest rates will stay low for decades to come. After the next recession Canadian Banks will be a phenomenal buy.

How long should you watch a new ETF until it gets to an appropriate level of liquidity before buying? The key thing is the viability of the fund. Usually within a year if the fund does not have $30-50 Million in assets than it won't be making a lot of money. BMo does not have that concern. When new ETFs come out, they have lots of runway. Usually ETFs have the liquidity of the underlying holdings.

Equal weight US bank with a currency hedge. The yield curve will invert sometime next year and then banks won't make money. Don’t put new money in but you can trade them today.

Moving from Canadian Banks. Diversification is always a good idea. With ZWU-T you add pipelines (Can and US), Telcos (Can/US), and Can and US utilities. They are all interest sensitive in a different way and the covered call overlay will give you a higher yield. Distributions are safe.

A good alternative to GICs. It is an enhanced bond ETF. US long bonds in US$ are a better bet (ZTL-N) going into a recession. ZST-T is also a way to get an enhanced yield, too.

He is excited about the long term prospects from the health prospects of the industry. This is a medical play for him. He thinks they are pricing for 5 to 10 years from now. The sector will be very investible for the next decade after the next economic downturn where those with questionable outlooks will get hammered.

They did a reverse split because they got down to a very low level. This is pretty normal.

Educational Segment. The Energy Sector. The TSX is 18% energy. The world is 5% and the US is 5.85%. Canada has a big bet on energy. It is 39% of the index in Norway. The energy sector in 2012 was 26.2% in Canada and a little over 10% in the rest of the world. It means that sector has been under performing and he does not see any change. In 2011 the US shale fracking boom started. It has been a struggle ever since for oil prices. He believes that oil is going to be centered around $50 for a long time to come. US pipelines are the place to be as they will be full for years and years to come. Canada will under perform because our governments don't like pipelines.

Market. Recession fears were overdone last December. Recessions don't happen as much as they used to in a service based economy. In the US they have only ever seen the economy go 10 years without recession, but in other countries around the world, the UK for example, has gone 15; Australia is in their 28th year of economic expansion.

The best days for them are probably about to happen. They are going to change from 60% Canadian to about 60% US production. The US is having much more success.

They are in a strong position because the enterprise is moving to the cloud. They have a massive installed base. It is looking like it can support double digit revenue growth for years to come.

It is great as a long term call. Their iPhone is entrenched. They have the opportunity to grow their services business. They are the most profitable company. There would be upside if they came out with the Apple Car. It is not a secret that they are testing a vehicle.

He bought in January. Their volumes are going up. The national brands are losing appeal while local and regional ones are not.

He decided to get out because they were on the defensive too much. In the US a lot of funding for drugs comes from the government. They are always looking for ways to bring down healthcare costs in the US. They keep making acquisitions to make the company make sense. He would probably prefer WBA-Q.