BCE Inc. (BCE.TO)

Preferred Series `R`. The option to redeem is only with BCE, not the investor. You could see it if you have a better opportunity, or just continue to clip the coupon.

(Market Call Minute.) He would prefer Telus (T-T).

Safe stock. Likes what they are doing. Increased their dividend on a regular basis. They are dominant in Canada.

Thinks the dividend growth is going to slow down from what it has been in the past. The dilemma with telcos is that the federal government has a meany (?) on for them right now. Generally speaking, you don’t want to fight the Fed. This is making the telcos be more competitive. This company has done a number of acquisitions, but having lost the hockey night franchise is a bit of an issue. Would consider selling his own holdings if he didn’t have such a big gain in it.

Bell Canada (BCE-T) or Bell Aliant (BA-T)? Basically this is a personal choice on which one you want to go for. Bell Aliant is not as actively traded but provides a higher yield. This one has a lot more things going for it on growth opportunities. Both are yield situations.

Likes the telcos. Sees this as a value play and feels that Rogers (RCI.B-T), which he owns, is better value. You should be fine with this but his concern with whole sector is regulatory issues. Something can come out of left field and knock the valuations around a little.

The best is behind it. Good, growing dividend and some further growth in the industry. He now has more money outside of Canada than inside (55-60%). Canadian dollar is vulnerable.

A wonderful company and gives a great yield. Doesn’t expect there will be a capital gain over the next year. He would prefer to see it at $42-$42.50.

10.58% bond due 2021. Still paying 7.75%. (In a RRIF.) Not a bad interest to be holding. You have to realize that it is paying you that 10% and probably trading in the 140 type range, so will amortize over time. Over the next 10 years, you will see this drop by several points every year it gets closer and closer to maturity. As a credit he is comfortable with it. This will be a good way to sort of wind down your RRIF and hang on.

(A top pick Oct 25/12. Up 14.99%.) He is happy to continue to hold this one. Stock has done reasonably well.

Telus (T-T) or BCE (BCE-T) for the next 3-5 years? Of these 2, he would prefer BCE. They have the media side, including BNN giving them and little bit of diversification. Feels they have a little bit more growth on the wireless side. The entry point is probably a little bit better. With the 3-5 year timeline, he would suggest you buy half now and another half on a dip.

He was quite upset with the government and its stance on the telcos. They were dead set it seemed in getting a 4^th competitor into Canada and were willing to bend over backwards. Existing telcos have tremendous advantage over incoming companies. For a combination of yield and moderate growth, it is hard to beat this company.

Bell Canada (BCE-T) and Rogers (RCI.B-T). What are the benefits of getting into each of these? Prices have not yet been fully reflected yet from their highs on the false alarm of a new entrant from the US. This may be an opportunity. In terms of valuation, these are both pretty much neck and neck at 7X EBITDA. Both have opportunities in being able to shift their business from the wireline space to wireless. As a source of income this one would probably be best, but growth opportunities would probably lie with Rogers.

If you just want income, hold on to it. Dividend is safe and decent long term income flow. Concerned about regulatory risk with all telecoms.

Likes both Rogers and BCE. Continues to see the dividends growing on both, which are both good investments. Recent regulatory changes should not impact either of them much. He owns all 4 of these.