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Market. There are weak economic numbers in Germany. You had BREXIT, Chinese trade, general slowing of world exports, rising interest rates and an inverted yield curves, and now we are seeing more and more of that showing up in real economic data. With Germany being so export driven you are seeing the lowest numbers in a decade in terms of German output. None of what the European central bank has done in terms of QE, and negative interest rates, nothing is going to solve or fix these economic cycles. Trump started a global trade war and contracted the global economy but it won't fix any of that. We need resolution of the trade issue to get through this. As long as Trump is running this we will not see any resolution to all this.

It is long bonds (federal government). Longer duration bonds as things fall is one of the best things you can own in your portfolio. It is not as attractive today but is a buy on dips. He thinks there is more of these interest rate dips to come. This is a tactical, rather than buy and hold kind of thing. When we see the recession starting to hit you want to get out of this because it is all priced in.

Gone to Cash, what is the timing on when to get back in. No one knows. Bond yields are so low it is hard to move to them as a safe heaven. Don't try to be in and out of markets because they are volatile. Sit down with a financial planner to plan out your financial plan within your time-horizon.

When oil prices were recovering from a decade ago, this was a phenomenal holding, but after oil hit $100, it has persistently made lower lows and lower highs. He likes IPL-T $20 and lower. But he would not touch it here.

He uses it because it is the largest ETF to play gold bullion. There are others with less MER but he uses this one. The problem with India is that their currency has lost 5% per year and that is a problem.

Educational Segment. Last week we had a perfect storm. We had quarter end tax needs, regulatory issues that hurt liquidity, the Fed unwinding the balance sheet a bit and then a massive push of new debt. This sucked a lot of cash out of the markets. QE may become more permanent.

Market. No one can predict the future but there are going to be lower returns in the future. Valuations are quite high and interest rates are low but that is because growth has been slow. He has over a 10% exposure to real estate, which is higher than the TSX. This has benefitted from low interest rates.

In light of potential trade wars, could this rail come down? Both of our rails are great moat businesses and incredibly well run. They are cyclical and are capital intensive businesses. If you look at the long term, their maintenance capital is higher than they book for depreciation, so their earnings quality is lower. Lower commodities would impact the bottom line. They are highly owned by US shareholders.

It is a very well run company. They run it like a private company. They are very focused on the return of incremental capital. They have never had dilution in share capital since the day they went public. They are not cheap but these companies usually are not. It is a little overvalued at present.

He owns quite a few of the Dream stocks. They have done well. US investors must be looking up here. The real estate market is really strong. Anytime he has sold a really good company on valuation he has regretted it.

It has a nice dividend but is nicely positioned so they have a lot of tie-ins without having to spend a lot of capital. It is a nice balance between income and growth.

It is a commodity company. There is no scarcity in potash. Commodity companies don't control their own risk. He has less than 5% of his holdings in Commodities.