COMMENT

US/China Trade Agreement It looks like we have two armies who have sent down their white flags for the first battle. This is setting the stage for an upcoming phase of negotiations that will go on for a very long time. This is not over -- this may be the beginning of the end for all he knows. This is good, but now we go into phases 2, 3 or 4 of negotiations.

Unknown
COMMENT
Market Outlook He thinks the 1982-2000 rally of the Dow from 200 to 1400 points is looking much like what the market is poised to do again. You should participate, don't go fully into cash ever, as this market could march higher for years to come.
Unknown
HOLD
WSP Global Inc.
He owns this and has recommended it in the past. There are rumours there may be a large merger coming for them. He will continue to hold it from here. They have historically taken mergers in the past and tucked them in an accreative way.
INDUSTRIAL PRODUCTS
COMMENT
Bank of America

BAC-N or C-N? He owns BAC and liked their recent earnings announcement. BAC is more of a traditional structure, but is more conservative as a result. C has more leverage however. The US banking sector looks good and is well priced. He would buy more BAC on weakness on a pullback.

banks
COMMENT
Citigroup Inc.

BAC-N or C-N? He owns BAC and liked their recent earnings announcement. BAC is more of a traditional structure, but is more conservative as a result. C has more leverage however. The US banking sector looks good and is well priced. He would buy more BAC on weakness on a pullback.

banks
COMMENT
Enbridge

ENB vs TRP? He does not own any pipeline companies presently. He thinks the dividends of both are safe. He would likely favour buying ENB as they have had more of a retracement in share price. There are still regulatory approvals that are required and the investor space is not looking favorably in this market.

oil / gas pipelines
COMMENT
TC Energy

ENB vs TRP? He does not own any pipeline companies presently. He thinks the dividends of both are safe. He would likely favour buying ENB as they have had more of a retracement in share price. There are still regulatory approvals that are required and the investor space is not looking favorably in this market.

oil / gas pipelines
WAIT
BlackBerry
He does not own this one and thinks there are still in the restructuring phase. His tech holdings are in the US or offshore. He likes how they have been progressing with the restructuring, but thinks there is still more to come.
electrical / electronic
DON'T BUY
He is really light in the oil space. CNQ is a great company, but the problem is money is not flowing into resources. There is a large gap in the pricing of Canadian oil relative to the US and the world. He is not adding anything at this time.
oil / gas
COMMENT
He's constructive about real estate, seeing supply-demand balance in most geographies, and things are better than a year ago with more stability in the trade environment. There's less market risk and the real estate market is solid. REITs were strong in 2019, solid; he had a 20% return. He likes the US sunbelt, apartments, and e-commerce-related real estate. There are land constraints in Vancouver and Toronto, so no surprise that single-family homes are going up. Affordability is an issue here and in condos. Also factor the strong influx of 350,000 immigrants yearly, plus students, plus overall high population growth across Canada. That's why he likes apartments.
Unknown
DON'T BUY
Very competent managers, but he doesn't like this REIT because they are externally managed--hit with external management fees. They manage public and private fees; he prefers internally managed REITs.
REAL ESTATE
STRONG BUY
InterRent REIT

Loves this. They're in Ottawa, Montreal, and the GTA, benefiting from strong population growth. They buy undermanaged apartments, invest capital and fix them up. So, they can increase rents. They've done this for a long time. A darling that he's long owned. They're developing land with Brookfield around Burlington.

property mngmnt / investment
DON'T BUY
It was a core holding for years, but it continues to trade at a discount and the owner is very unpredictable. He isn't big on office and retail and MRC is. There's great long-term value here, though, but short-term, there are better places to invest.
property mngmnt / investment
BUY
Knows this well--he toured their properties recently. They focus on Dutch apartments, the third-densest country in the world. This is a core holding. There was a recent equity issue (he bought). You will hear big things about this REIT.
0
DON'T BUY

No question this is deep value. Their NAV is likely $27-28US (for the US BPY stock). But it'd been deep value for many years, and he doesn't see a catalyst to service that value. Some shareholders have lost patience. They're challenged because they own a lot of high-end malls. Some questioned them buying GGP Inc. last year. They have office buildings in New York and London, decent assets. Not great governance, a given Bermuda limited partnership. Buy BAM instead, which owns BPY. Nice dividend, but this is likely a value trap.

REAL ESTATE