Waste Connections (WCN.TO)

Owned it for a long time and it's done very well for him. People are still producing a lot of waste despite recycling. WCN is run well. Buy the dip. It's at 41x earnings, pricey. Hold or take some profits.

(A Top Pick July 18/17 - Up 26%) Garbage. As the economy improves more garbage being produce. Optically not cheap. Trading at 30 times earnings. But they continuously beat expectations. There are profit to be made here.

(A Top Pick July 14, 2017. Up 24%). This is a garbage company. It is relatively recession-resistant. He thinks there are still good opportunities for it. He expects it to grow by acquisition. They have tons of free cash flow to support that acquisition program.

It has been a great stock for him. It trades at a bit of a premium to some of the peers in the US because there aren't a lot of quality industrials in Canada. It is quite a recession resistant business. No need to crystallize your gains.

This has been a freight train hitting new highs. After decades of consolidation economies of scale have been reached. Valuation is way too rich for him. It is a good business but you have to buy it right.

Pays a modest dividend. Free cash flow grew by 16% to $855 million. Paid down $300 million in debt in the past year. They grow by acquisitionEarnings to grow 17% this year, 14% in 2019. Multi-quarter breakout with 20% upside. (Analysts' price target $99.70)

(A Top Pick July 14/17 Up 18%). This garbage collection company been growing successfully through acquisitions. They are benefitting from EPA regulations to collect methane at garbage dumps, collecting methane to fuel their fleet.

A disciplined acquirer. They've bought several companies over the years. Yield will grow over time, but their more focussed on increasing their assets.