Q: With a record immigration numbers and very few pre-construction sales due to the spook that high rates have put into real estate investors, there is a massive shortage of new housing units that has yet to be felt by the market (in my opinion). I think this is a uniquely Canadian problem and wonder if you see any companies poised to outperform when rates are falling and housing starts begin to pick up? Could you name 3-4 companies that would benefit in different ways when the shortage of available housing starts to translate into a rapid increase in units built?

Q: What is your updated view on Russel Metals after their latest earnings report and large acquisition (Samuel $225M) in December. Net cash position and commentary on some recent and future CapEx focused on value added moderinazation projects to expand margins. It seems like something has changed with the company finally breaking out from the 30-35 range it has been in for 15 years.

John Reid
"It's definitely been a very robust market compared to anything I've seen and really the sustainability of that over 3 years...So the demand has been very good and also price of steel has been very good... And so, yes, it's been a really nice ride for the last 3 years and we don't see anything really pulling back on that next or I guess the next 2 or 3 years as far as we can see out, we just don't see anything to change that right now."

Q: Payer; Does RUS even come on the screen for an acquisition re todays Nippon /US a steel deal ? Thanks.
Rod