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Today's China GDP number is the lowest since the 1990s. The Chinese economy is really growing at 3%. The official numbers are manufactured. Year-over-year numbers are slightly weaker. China is slowing and will continue to. Also, their size of debt has more than accounted for that growth, which means there is truly zero growth. Leverage! The credit markets have never been frothier globally and it will end badly. The global fixed income markets, namely the inverted10-year US yield curve--portends a big slowdown ahead. Considering inflation, there is a negative real return on every bond in the world. The growth outlook is catastrophic for bonds. The upcoming U.S. earnings report will test the currently strong markets. Q1 saw slightly negative earnings growth; Q2 predictions are 2.8% (vs. historic the markets beat by 2-3%, because expectations get beaten down). So, at minimum, we will see flat earnings growth for the first half of this year, at worst, slightly negative. The markets are growing because multiples, not earnings are expanding, because of expected rising interest rates. Not good. Markets could keep grinding higher based on FOMO.

In his TFSA for income. The prinicipal should be there upon maturity of each bond unless the issuer is in trouble. If the ETF is actively managed, this impact should be minimal. ZHY is exposed to the USD. The bond yields have been an attractive 5-6%. This trades like a stock, containing equity-like holdings. High-yield bonds are the basket of the worst corporations with poor balance sheets. The growth part of a TFSA should not be investing for yield. Hard to say if ZHY is appropriate in this context. But in a bear market, you'll lose 20% of value here.

For TFSA or RRSP? (Berman manages ZZZD-T) He turns over the holdings twice a year. For example last week, to play defence he bought US long bonds. Another example: A month ago he sold into the rally, and last week as rates backed up he added his exposure. TFSA or RRSP? Both/either. ZZZD-T offers long-term growth, paying 4-7% average returns with a lot less volatility vs. the overall market.

International dividend payers are a lot higher than those in North America. The S&P yields below 2%; European payouts are over 3%. Given foreign withholdings, Canada is still the best place to invest for dividend payers in taxable accounts. It depends on your goal. He prefers ZWP or ZWE, which offers a covered call overlay to enhance yields in Europe (he's a defensive investor).

This holds gold but writes calls. The more chopp gold is, the more this will be called away and you will buy back at a higher price. In other words, this won't perform well during gold volatility. This is good for paying yield. Instead, buy pure exposure with CGL or GLD.

How can there be such low unemployment rate in North America in a late cycle? The unemployment rate was extremely low in late-2007 on the eve of the Great Recession and this is historically normal at the end of a cycle. The difference today is the inflation pressure. Late-cycle and full employment should push up wages that forces the central banks to raise interest rates. This time, the Fed went from near-zero to 2.5% which is less than half in a typical tightening cycle. This cycle is very different from the past, leaving the future uncertain.

Educational Segment. Has tech peaked? Paul Desmond wrote a white paper on market tops. He said there are four characteristics including the difference between large, small and mid-caps. By far, tech has been the leading market sector, outpacting the S&P by 10% as seen by comparing the VGT (338 tech stocks) vs. the broad U.S. market. FB and MSFT lead the FAAANGs year to date as Google starts to break down; the other FAANGs are seeing market tops. The large tech stocks make up 95% of this sector while the small-caps are breaking down this year. This is a classic signal of a late-cycle.

The average Canadian doesn't understand how important oil is to Canada, and the way this industry is treated is abysmal. It's tough to wean yourself off an industry so entrenched and will take time. Pot stocks have had their valuations run far ahead of fundamentals; no company makes money. Look at focused companies that aren't all things to all people. There are some good companies. China said today it is growing at only 6.2% which prompted Trump to boast that China needs a trade deal. In this case, Trump is correct. In this game of chicken, China just blinked. However, China plays the long game and may not capitulate soon. China has more time than the U.S. or Trump who faces a 2020 election.

California is pushing hard for electric buses. Uber Share is encroaching on buses, so cities are looking at smaller buses that can pick you up near your home instead of a bus stop. GPV has pretty good demand. He has high hopes for GPV.

Caught hiding illegal cannabis from Health Canada has shaken market faith. Sell? There's never one cockroach, so there may be troubles at other pot companies. Sell this and maybe buy it back when there is clarity. TRST could lose their license. They have lost credibility among analysts. When bad things happen, they last not for a week, but months.

Nice store and his daughters shop there. They found a nice niche in a tough retail space. You're safe owning this. They're doing something right in keeping customers long-term.

It's speculative. They produde gravel, sand and rock in the Oil Sands. They're starting another pit later this year. They have a couple of frack and sand deposits, which is positive. He's like the upside. Their strong cash flow limits downside.

(A Top Pick Sep 07/18, Up 7%) They are an acqusitions machine, buying fast food brands, inlcuding a big one in the past two years that he hopes would increase their margins. They're rebounding from a hiccup now, so things looks good. It will grow nicely and eventually pay dividends.

(A Top Pick Sep 07/18, Down 25%) They used to get a nice premium because they got international oil prices, not Canadian. But then they made a Canadian acquisition--and investors don't want Canadian oil stocks. If the Liberals are voted out in October, this sector will sharply rebound. If the Liberals stay, oil will continue to suffer for four years.