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2. 2Slide /
GROUND
RULES
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3. HUSSEIN AMAD,
CGA, CFA
YORKVILLE ASSET MANAGEMENT
HAMAD@YORKVILLEASSET.COM
PIERRE BERNIER,
CFP, FMA
YORKVILLE ASSET MANAGEMENT
PIERRE@YORKVILLEASSET.COM
RYAN DOSTIE,
CPA, CA, CFP
WELCH LLP
RDOSTIE@WELCHLLP.COM

4. Topics to be
Discussed
1. Risk Management
2. Prudent Investing
3. Cryptocurrency
4. Age of Intelligence
5. Enhanced Energy
6. General Market Overview

5. 1. Classical Tools:
• Diversification by traditional
and non-traditional asset
classes
• Diversification by sectors and
number of holdings
• Investing in non-cyclical, and
non-discretionary sectors
• Avoiding the Herd Mentality
• “be fearful when others
are greedy, and by greedy
when others are fearful”
• Invest in what you or your
investment manager
understands
2. Non-Classical Tools:
• Hedging uncontrollable risks Risk Management

6. Prudent Investing –
QVR Model
• Strong balance sheet
• Growth sales & earnings
• Great products
• Great management
Q
V
R
• Consistency in performance
• Low volatility
• Reasonably priced per:
• Earnings
• Sales
• Cash Flow

7.  Gambler mentality
 Investing in companies with no or little sales, at crazy
valuations (i.e. marijuana stocks) or in areas they
have little knowledge and with no clear regulatory
environment
QVR vs. Marijuana
2017 Marriott
Vacations
Canopy
Growth
Aphria
Inc
Total Sales $2.0 bn $40 million $20 million
Market Cap $3.8 bn $6.5 bn $ 3 bn
Sales Growth 14% 214% 142%
EPS $6.05 $-0.16 $0.04
P/E 24X Infinite 255X
P/CF 32X Infinite 703X
2017 Return 61% 225% 271%

9. Cryptocurrency
A digital currency in which encryption techniques
are used to regulate the generation of units of
currency and verify the transfer of funds,
operating independently of a central bank.
Blockchain
A digital ledger in which transactions made in
bitcoin or another cryptocurrency are recorded
chronologically and publicly.

11. 2017 Visa MasterCard PayPal
Return 47% 46% 86%
BITCOIN VOLATILITY
+
RETURNS OF PAYMENT
COMPANIES

13. Age of Intelligence
Smart
Phones
Smart Cars
Smart Homes
Smart
Manufacturing
Smart
Health
In such a short period of time global
industries have moved away from The
Internet of Things, originally introduced
by Jeff Bezos of Amazon, to The Age of
Intelligence, originally talked about by
the CEO of Flex Technologies:

14. THE AGE OF INTELLIGENCE
Health Care

15. THE AGE OF INTELLIGENCE
Applications Technologies
Aptiv +443%
Amazon +654%
S&P 500 Index +126%

16. THE AGE OF INTELLIGENCE
Cyber Security

17. The Age of
Intelligence
Cyber Security

19. ENERGY
Price of Crude

20. Canadian Heavy
WTI
ENERGY
Canadian Heavy vs. West Texas

21. ENERGY
Canadian Crude Price Differential

23. S&P 500 2017 Sales Growth
Sector # of
Companies
Positive Flat Negative %
All Securities 500/500 395 103 1.97%
Energy 32/32 7 1 24 -16.71%
Technology 68/68 55 2 11 +4.91%
Financials 67/67 47 10 10 +2.47%
Discretionary 80/80 52 10 18 +7.87%
Health Care 61/61 53 -- 8 +6.92%
Industrials 69/69 39 7 23 -0.90%
Materials 25/25 8 2 15 -3.75%
Staples 34/34 15 7 12 +2.41%
Telcos 3/3 1 -- 2 +3.68%
Utilities 28/28 9 9 10 -0.50%

24. DOTCOM
Financial
Crisis
GENERAL MARKET OVERVIEW
S&P 500 Price/Earnings Ratio

25. GENERAL MARKET OVERVIEW
S&P Price to Sales Ratio

26. Earning Growth
Momentum Slowing
GENERAL MARKET OVERVIEW
S&P Earnings Per Share Ratio

27. HUSSEIN AMAD,
CGA, CFA
YORKVILLE ASSET MANAGEMENT
HAMAD@YORKVILLEASSET.COM
PIERRE BERNIER,
CFP, FMA
YORKVILLE ASSET MANAGEMENT
PIERRE@YORKVILLEASSET.COM
RYAN DOSTIE,
CPA, CA, CFP
WELCH LLP
RDOSTIE@WELCHLLP.COM

28. The analysis contained herein is based on numerous assumptions. Different
assumptions could result in materially different results. This communication does not
constitute an offer or solicitation to anyone in any jurisdiction in which such an offer
or solicitation is not authorized or to any person to whom it is unlawful to make such a
solicitation. Certain services and products are subject to legal restrictions and cannot
be offered worldwide on an unrestricted basis and/or may not be eligible for sale to
all investors. All information and opinions expressed in this document were obtained
from sources believed to be reliable and in good faith, but no representation or
warranty, express or implied, is made as to its accuracy or completeness (other than
disclosures relating to Yorkville Asset Management Inc. (“Yorkville”)). All information
and opinions as well as any prices indicated are current as of the date of this report,
and are subject to change without notice. Opinions expressed herein may differ or be
contrary to those expressed by other business areas or divisions of Yorkville as a result
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thereof) may have a long or short position, or deal as principal or agent, in relevant
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for its future performance and past performance may not be repeated. Some
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