Bought Potash Corp (TSX: POT) and Telus (TSX: T) for RRSP

Verizon is coming, Verizon is coming! With news that Verizon was looking to enter the Canadian wireless market via acquisition of a couple bit players, the market over-reacted and sent shares of the big three Canadian telecomm players down on Wednesday and Thursday. Don't get me wrong, I think Verizon can make a splash as a carrier in Canada, particularly out west where they could offer subsidized handsets at cheap prices and free US roaming. However, having watched Rogers and Telus shares drop over 10% in two days, I decided to stock up with some more Telus shares that came with a mighty 4.6% dividend yield. Even if they lose some market share to Verizon down the road, Telus will remain a great wireless company. Plus, my bet is that if Verizon ever gets to be too dominant of a threat to the incumbents, the federal government will come riding to the rescue with protectionist measures.

While the Canadian market slumped, I also initiated a position in Potash Corp ("POT") that I'm pretty excited about. I've had Potash on my watch list for six months, during which time they've twice increased their dividends, and reported very solid results. Despite the good results and strong metrics, the market has sent their shares near a 52-week low.  I like this industry leader that provides me with some diversification into a new sector. With a yield of 3.5%, and a reasonable P/E of 15, I'm happy to add this great Saskatchewan company to my RRSP portfolio.

Although I originally had the extra cash in my RRSP pegged to buy some shares in US companies, with the Canadian dollar slumping compared to its US counterpart, I decided to invest in Canadian companies instead. It feels great to buy quality companies at discounted prices...no to wait and watch the dividends roll in :)