Exchange Income (EIF.TO)

(Top Pick Nov 5/10, Up 10.56%) Formerly an income trust. Strong niche in their airline business that serves the far north. The Gov’t is their customer. Strong management, low payout ratio and good yield. They are also a specialty in manufacturing.

Non real estate. Outstanding management. Nitch airlines with competitive cost advantage. $1.56 dividend.

Acquires interest in stock companies (?). Would have investments in publicly traded companies like TSE. Yield of about 10% is a concern, as they are paying out about 115% of earnings. Ranks high in his dividend strategy but doesn’t pass because both earnings and cash flow growth are negative.