The Globe and Mail reports in its Saturday edition that Harris Douglas Asset Management's Paul Harris prefers to buy companies with strong operating margins and return on capital, and hold them for years. The Globe's Brenda Bouw writes that Mr. Harris has sold BCE, the big telco and media player. Mr. Harris says he sold the stock in January after owning it for about four years. He told The Globe: "The dividend was good, but we felt that its management was doing a poor job by not cutting it sooner. [The dividend was cut in May.] It has a lot of capital expenditures but not a lot of growth. In my view, it should exit its media business and stick to being a telecom player. However, it's not easy to sell media assets these days. I also don't think 5G is taking off as quickly as many expected. The regulatory environment in Canada is also tough for telecom companies, and the push to provide service in more rural towns is costly and doesn't come with very high rates of return." His Harris Douglas Equity Portfolio has returned 3.4 per cent over the past year, as of Aug. 11. Its three-year and five-year annualized returns were 10.6 per cent and 10.7 per cent, respectively. The performance is based on total returns, net of fees.