Q: If you held the following smaller cap stocks in positions of 0.5% to 1.0% of your total stock portfolio, and wanted to reduce the number of holdings by selling several of them and using the money to add to others, which ones would you sell and which ones would you add to: ACQ, ADEN, AEP, AND, CHW, CJ, DCM, ECN, GEO, HPS.A, LNF, NOA, PRL, QIPT, RCH, RET.A, SFC, STLC, SVI, TVE, WELL, XTC. Assume overall portfolio is well diversified so sectors not a consideration, and that this is the riskier part of portfolio, so, higher risk is fine. Would be great if you could pare this list of 22 stocks down to about 10-15. Thanks.

Q: RET/RET..A reported Q4 and annual earnings on April 13...annual earnings $1.59...$2.10 in cash....virtually zero debt...inventories well in excess of trade payables...yet the negative reaction was quite severe. Over the past several months, the spread between the A/non-voting shares and the voting shares has ranged between 4 and 30%..with volumes. Interested in your views on this reaction and what you would consider a reasonable PE multiple for a company like Reitman's.

Q: Could you please suggest an approach by which to initiate building a
position in Reitmans common shares; which seem to be weakening
slightly over the last few sessions, following the big move up after
the refinancing. The stores have continued to look attractive throughout
the company's troubles and some attractive location repositioning has
taken place in my area. The merchandizing tools all seem to have been
sharpened for the new era, and Penningtons would seem to be a potential beneficiary of a larger (!) clientele coming out of the pandemic.
Thanks for any thoughts you can offer.