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No one silver bullet. So many ways to build wealth in the stock market it's staggering. If you buy the right stocks, and you have the right time perspective, you can do well. Look at SHOP, or even the banks.

Can you do as well with ETFs? Probably not quite as well as being a good stock-picker. But you can still do really, really well. Depends how conservative you are, and what you want to achieve.

The key for him is to have a diversified portfolio, and use ETFs where you don't have an edge. If he's looking at Japan, and he really doesn't have an edge, he's going to buy the ETF. Or if he needs currency hedging.

It's losing a lot of money.

Tough to know, and tough to time it. He finds it easier to recognize value and be patient enough to wait. With fund flows so fast these days, things can rerate in just one quarter. If you wait too long, you can miss your opportunity. So he tends to get in once he sees the value.

The price you pay dictates your return. If you get in at a good price, you can get earnings growth and multiple expansion for a great total return.

The deal between the US and Russia for diesel is a drop in the bucket and will have little impact. What's interesting is the US seems to have relaxed the sanctions against Russia, but now faces US bi-partisan pushback. He'd be surprised if this deal goes through, considering many Republicans oppose it. He doesn't see an end to to the US-Iran war. Iran has leverage and will string out this war for as long as they can to gain even more leverage. He's amazed that some believe that oil prices will fall after the U.S. midterm elections. In Canada, Alberta's premier first proposed the TransMountain extension a year ago, but nothing has been done so far. Carney isn't moving at breathtaking speed, as promised.

Interest rates are rising and their fundamentals are not good.