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Market. The bigger story is why Saudis are selling their oil now. Share buybacks are what is boosting earnings for S&P companies. This is not a time to get bullish on the stock market. One way or the other 50-100 years from now the vast majority of the world will be on alternatives to carbon. The Saudis are converting a 10-30 year life-span asset and converting it to cash. This is the biggest insider sale in history. BRK-N has massive cash on the sidelines right now compared to past years.

The Inevitable Debt Meltdown. You can look at debt levels as a percent of GDP. There cannot be a forgiveness of debt. The debt is owned by pension plans. He thinks countries will monetize the debt by printing money and inflating the currencies. He does not see a way out. It is an argument for 5-10 years for interest rates to stay low.

Low volatile ETF. He would be a buyer at $28. It has been a phenomenal performer compared to the TSX.

A great company but very interest rate sensitive. The dividend is safe. There is lots of free cash flow. There is only risk in volatility. He would not add new money. Just buy it on the dips.

It is a split share financial corp. It has a big distribution. There was volatility in three periods from 2011. You have to be mindful of the volatility. There is some leverage involved and downside risk in times of market volatility. He would avoid this at the moment.

It is a US version of the ZLB-T. This is not a time to put money to work in equities. Wait for a pull back for sure. He likes this as a defensive play.

This is the way he is playing the US energy sector. He is starting t nibble again. He thinks the dividend is good and safe. He would nibble into the tax loss selling as it happens this week.

Where is money coming out of equities going to go – bonds? He prefers to play it through TLT-N. ZTL-T plays it in CAD$.

Long Canadian bonds. The real flight to safety is into the US and into US$. He would go into the US version, although this one is fine. He is still quite bullish on the treasury market.

Market. Last year we had a big sell off and people are going into the end of this year nervous. We are now waiting on some resolution of the trade deal. A lot of it is priced in. He thinks it sets up for a material correction in 2020. The economic data is looking better to stable, so we may be troughing on that front. For the market in general, it does not like election years in the US. The parties are so polarized now. Wall Street is turning a blind eye to impeachment. You have Brexit, Iran, and protests in Hong Kong. He is continuing to average down in the energy patch. He is trying to find stable management teams with conviction for their dividend.

He has been buying it for clients at current levels. He thinks you might be able to get it cheaper. There will be volatility due to the commodity price. Free cash flow is massive. They are buying back stock and paying the dividend.

He is having a hard time with these companies. We are getting signs of stabilization in the economy. He would hope to buy it lower than it is today. Try to get it at $35. (Analysts’ price target is $53.00)

Gold Miners. The ability to predict costs has been difficult. With positive news on trade, gold has stalled out. He does not own any gold miners right now.

One of the largest gold miners in the world. They are able to do deals when the gold price is high and have trouble with the gold price is low.