It’s hard to believe, but many Canadian stocks are at or near their all-time highs this month. Defensive sectors like the telcos, consumer staples, REIT’s, utilities and specialty high-dividend payers should be the anchor tenants in your portfolio. Cyclical and growth stocks are like the yogurt stores that offer lots of candy toppings. They pop-up out of nowhere, are flashy and get your attention, taste pretty good the first time, then leave you feeling ill and never wanting to go back. Don’t let your portfolio make you sick to your stomach. Be defensive.