Market Outlook He is generally bullish. We have had a great year in just six weeks -- TSX up 10% already. The market is awaiting a resolution between the US and China on the trade front. This should bring back investor confidence. There is slowing earnings growth, so we need to proceed with cautious optimism. We might expect to see more M&A activity as confidence returns -- KWH.UN-T and SUM-T, for example today.

Fed minutes. There's more consensus now than a month ago. Dot plot had people freaked out. Interest rate increases were discombobulating. Chair got it wrong, but he clarified what he meant on balance sheets and interest rates, and the market calmed down.

Buying the dips can work to degree, but generally he's not a fan of dollar-cost averaging. He buys stocks when stocks or the markets are way out of favour. In December, he bought a few stocks--it was not cheap, but cheaper than usual. Governments around the world are in bad shape, like Italy and Canada, because they carry a lot of debt. When the recession comes, those governments have little ammunition. Governments should have been paying down their debts. There are difficult days ahead. SNC is too expensive and the fall-out will continue, though he considers the fall-out overblown. It's still a great Canadian corporation.

Per capita, US goverment debt is lower than Canadian, so he disagrees with the opening comment that our debt situation is that bad. He politely disagrees. True, per capita, American debt is higher than ours, but both situations are bad. Our Canadian debt load is huge and getting bigger. The Liberals are saying they will erase the deficit in 2042: How can they forecast that far ahead? That's stupid. Canada is in very bad shape. America: He disagrees with Trump on many, many things. He should be paying down the debt when the economy is good. It makes zero sense. He doubts he will be re-elected.