Investment Q&A

Q: What are your thoughts regarding the new CEO?
Would you consider this positive news?
thanks,
Paul

Q: In Constellation Software Annual Meeting voting instructions, we are asked for vote for:

A SPECIAL RESOLUTION AUTHORIZING AND APPROVING AN AMENDMENT TO THE ARTICLES IN ORDER TO (I) CREATE A NEW CLASS OF COMMON SHARES TO BE DESIGNATED AS DE COMMON SHARES, TO BE ISSUABLE AT ANY TIME OR FROM TIME TO TIME AT THE DISCRETION OF THE BOARD OF DIRECTORS OF THE CORPORATION, (II) AMEND AND RESTATE THE RIGHTS, PRIVILEGES, RESTRICTIONS AND CONDITIONS ATTACHING TO THE COMMON SHARES OF THE CORPORATION, AS APPLICABLE, TO REFLECT THE CREATION OF THE DE COMMON SHARES, AND (III) CHANGE THE BASIS UPON WHICH THE MAXIMUM NUMBER OF CLASS A PREFERRED SHARES WHICH MAY BE ISSUED BY THE CORPORATION IS CALCULATED TO REFLECT THE NUMBER OF ISSUED AND OUTSTANDING COMMON SHARES ON A FULLY DILUTED BASIS, ALL AS MORE PARTICULARLY DESCRIBED IN THE ACCOMPANYING MANAGEMENT INFORMATION CIRCULAR.

I have read the Management Information Circular. My understanding: one can convert common shares to DE common shares and must be held for one year from the date of issue. Holders of DE common shares are not expected to be paid regular dividends. DE Common shares will not be listed on any stock exchange. DE common shareholders will be able to reinvest dividends (DRIP) in a more tax efficient manner. If any point is incorrectly, please advise.

My questions are:
1) How would you recommend voting for this resolution?

2) If this resolution was passed and DE Common Shares are made available, what investment criteria would one choose convert to DE Common Share versus keeping Common Shares?

3) Is creation of DE common stocks a common practice in public listed companies (either in Canada or US)? If yes, what other listed Canadian companies have issue this type of stocks?

Thank you.

Q: Would you please update your position on Disney as a long term hold, as I understand almost 50% of income was attributed to lost cable business. This was meant to be used as our grandkid's education fund. Thank you.

Q: My tech holdings are 17% of my portfolio, which is a lot higher than your latest recommendation. They include: CSU, DH, ESL, ET, MDA. Should I lighten up or is this ok for a senior who doesn't need current funds? I'd be willing to part with any of them except CSU. Thank you.

Q: You are generally supportive of TOU. For example in March you said “We think TOU is a fine company worth holding” .
I have not found much in the better financial press pointing to a higher or healthier price for Natural Gas. TOU pays no dividend and it has debt. Would you please expand on your previous positive comments on TOU. I need to make a decision on whether to throw in the towel on TOU ,or should one just ride it this calendar year? The latter would make sense if oil and gas prices will now continue their ascent but there isn't much support for that argument (that I have found). Thank you

Q: Telus is basically flat from one year ago (even including the dividend), and has compared poorly over that period to BCE and Rogers. For a long term hold in a non-registered account, do you still like it? (I already have a full position in BCE, and wouldn't go near Rogers, so if you're not keen on its prospects I'll probably look to a different sector.) Thanks!

Q: Hi Peter, what is your outlook for the Cdn$ vs the US$ for the next 1-2 years ? If you think the Cdn$ will retreat from where it is today, are there any US equities you would deem excellent purchases today ? Thank you.

Q: Do you still like CXI as a 2% part of a balanced portfolio? Volumes have been very low lately. Thanks!

Q: LUC looks interesting and I do not see any previous questions. Could I please have your thoughts on this company.
Thanks

Q: High Five!! to 5-I ... for some very welcome and useful changes to the new website. (In case I wasn't clear enough ... I love it.)

It doesn't take much to get used to the new style, and once you do, ... guaranteed, you'll never look back to the old ways.

Thanks for your exemplary service, old style ... and thanks for changing with the times.

Well done, 5 I!

Q: I hold a small position in MND. If I were to add a further position of either BTO or PG which would be the better choice.

Thanks

Peter

Q: A brief note to commend you on the recent changes. Great stuff.

Q: Hi, do you have any idea what's being DDC's big slide today? thanks! Kate

Q: STX.us just fell off a cliff. The yield is even higher now (but only because its price was trashed). Is this hard drive maker able to re-position itself or is it now a Dodo? Is dividend safe? Would it be an attractive target (for Western Digital-WD for example ?)

Is a shareholder better to sell STX and switch into WD? I prefer not to give up on companies too easily, but if you feel I should, I’d appreciate your thoughts.
-----
Incidentally the software changes as described sound great.The ability to 'star' (mark) something for personal follow up will save much time. Also welcome is the new ability to search more than one symbol at a time. Best wishes, Adam

Q: This has to do with your changes as of today, why can't you continue to list the company symbols on the top of question as previously done ,and also the date that the questions were asked . I am not one for asking a lot of questions but can usually find the answers I am looking for by sorting through previously asked questions and if I now go to the Q&A page I can not find out how long ago the answers are given to a certain question . This is a good site but it was better yesterday . Murray

Q: Could have your view on this company? Appears that there could be quite a demand for lithium in the coming years with all the electric vehicles coming on stream. Tnx

Q: Of prairie sky and freehold which would you recommend and how would your preference stack up against vermilion?Thanks.

Q: I bought this as Tribute awhile back as a small growing pharma. Since merger with Pozen it has only gone down. Is this valeant effect or too much debt?

Q: I hold some GXO/PPY/SPE. I was thinking of adding RRX or increasing PPY. Or can you suggest something more suitable?

Q: Hi 5i Team, Empire Company had a 2015 unusual expense of $1.9B, what was this related too? Also, can you explain EMP's arrangement with Crombie REIT and whether you think it is a long term positive? Also, EMP has the largest concentration of stores in Eastern Canada (ON, QC, Maritimes). Based on recent challenges in the Western provinces & demographic data/projections do you feel that Canadians moving from West to East will have a positive material impact on EMP? Thx!