The Financial Post reports in its Friday edition that whether or not the United States Federal Reserve hikes interest rates in December, much of the damage is already done as the world cannot handle a higher U.S. dollar. The Post's Jonathan Ratner writes that is partly because a stronger greenback will put downward pressure on commodity prices, and also because it will drive up the value of U.S. dollar-denominated corporate debt in emerging markets. OtterWood Capital Management analyst Christine Hughes expects a higher greenback will trigger defaults in emerging market corporates, but also among North American energy companies. She says 2016 will be a "tough" year. The sort of equity exposure she wants to have when things get rough are stable names like BCE and Chartwell Retirement Residences, coupled with some disrupters like Facebook. Both BCE and Chartwell offer dividend yields well above 4 per cent, while the latter -- a retirement home operator -- has the demographic tailwind of an aging population in its favour. Ms. Hughes continues to like the stability offered by Canadian grocery companies, but notes that with the sector getting more expensive, she thinks the market is starting to shift into telecom.