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Perception that global growth is slowing. There will be a recession, he just doesn't know when. Looks like global economy has peaked. Debt levels are at record highs. Feds have taken a breather and given markets a boost. Policy makers don't have a lot of arrows in the quiver now. He never tries to guess where the economy is going, there are too many permutations and combinations.

Yield curve inverting. He doesn't like to say because of A, then B will happen. Bond markets have already reacted by knocking rates down. Who knows if yield curve will stay inverted for a long time. Globally, investors aren't afraid to buy Spanish and Greek low-interest credits anymore. German yields are 0 or negative, so the idea is just to not take on any risk. We don't see deflation around the corner.

Phenomenal global consumer company. Suffering a bit with the industry, but revenue is still outperforming. Tighter margins. Decent defensive stock, but don't expect much earnings growth over the next few years.

Phenomenal company. Stock is not cheap here. Facing competition, especially from McDonald's. Great business, but not a great entry point.

US telcos are having a tough time. Lot more pricing competition. Battling to get into video. Increasing debt over the years, can't get growth, questionable acquisitions. He's stayed away. No dividend growth from here.

Through thick and thin, has been able to generate free cash flow and reduced their share count by over 50%, which is astounding. Raised dividend. Operating ratio is well below 100%. North American leader. Efficient.

Very cyclical. Earnings cycle turning down, so looks like earnings could fall significantly over the next year or two. Wait on this.

Merged with Cigna, an insurer. Whole sector is under pressure because of a recent announcement. Important area which helps keep medical expenses low. He's looking at the sector.

Merged with Express Scripts. Whole sector is under pressure because of a recent announcement. Important area which helps keep medical expenses low. He's looking at the sector.

Canadian consumer debt close to an all-time high. Haven't seen the big housing downturn. Mortgages are huge business for them. If we see sustained housing decline, it will have a negative impact. Would take something major for any Canadian bank to take a hit to earnings. A major bank has never decreased its dividend, and you're not going to see it anytime soon.

Suffering from European malaise, plus flat or inverted yield curve. Earnings are very strong, dividend is very attractive, north of 5%, and well covered. Tends to stay out of trouble, retail bank. Great stock with a great dividend. Time to buy is now, when it has a single digit multiple. Solving Brexit should be a positive for European stocks in general.

Buys for new clients. 6% dividend. Profitable at $50 oil. Generates so much cash flow, deleveraging balance sheet, buying back stock, and making investments.

(A Top Pick Apr 09/18, Down 23%) Yield curve inversion has put banks out of favour. Malaysia scandal is weighing on the stock. World's best investment bank, at a single digit multiple, looks compelling.

(A Top Pick Apr 09/18, Up 33%) Phenomenal free cash flow. Moving into security, which is a massive area. Buying back shares, and increasing dividend by 10% a year. Likes it, but not as cheap as it was. 20x earnings. Margins are staying hefty. He focuses on valuation, and makes sure not to outstay their welcome if things get too pricey.

(A Top Pick Apr 09/18, Down 12%) Japanese small caps fell during last quarter. Great rally so far this year. Extremely cheap stock. Japanese stocks have been responsible for a good chunk of his portfolio's performance. Compelling market as a whole. Have to stick with them despite the volatility.