BNNI am bullish on the Canadian market over the next few months as we have seen a rising oil price as well as strength in the copper price, which typically bodes well for the TSX. The Canadian market is heavily concentrated in energy, financials and materials, which all look strong on a fundamental basis. If we can maintain these commodity prices or have them advance in 2018, we should be able to start to outperform. It is incredible how much the TSX has underperformed the S&P over the past seven years. The TSX total return has compounded at 6.2 per cent over the seven-year period ending November, while the S&P total return over that same time period is 14.6 per cent. The TSX small-cap index has compounded at a mere 1.4 per cent over that same time period. If you look at a 25-year total return for the TSX and S&P, the performance of both indices would have a similar return profile; this underperformance is unprecedented. I specifically like the small-cap market in Canada as it has been an underperformer for quite some time. Small caps in Canada have underperformed larger caps for six of the past seven years (including this year, despite the fact that it has been a robust year for takeovers in the small-cap space). The majority of takeovers have come from the tech sector, where nine publicly-traded small-cap tech companies have been taken over in 2017. The majority have come at hefty premiums (indicating that the small-cap market is very undervalued).