STOCKCHASE

34.270

The pre-eminent oil sands company in Canada and perfected the art of oil sands mining and the SAGD technique. Been some transition/operation issues with Petrocan merger but they are overcoming this. Very capable management. $45 at $85 oil in a couple of years.

2010-08-09

TOP PICK

Magna Int'l. (A)

MG-T

80.890

With the change in ownership, the multiples could trade at 50%-100% higher so the stock could go to $100 Plus with a reasonable auto industry outlook.

2010-08-09

TOP PICK

56.800

Likes her new products and expects them to continue coming out with new ones. Good price.

2010-08-09

PAST TOP PICK

116.490

(A Top Pick May 7/09. Up 7%.) As emerging markets continue to improve living standards, they will consume more agriculture products. Has had a good run so wouldn't chase it at the moment. $140-$160 long-term.

2010-08-09

PAST TOP PICK

31.720

(A Top Pick May 7/09. Flat.) Natural gas demand is increasing. Long-term it should still work.

2010-08-09

PAST TOP PICK

Sabina Gold & Silver Corp.

65.960

(A Top Pick May 7/09. Up 36%.) Leveraged play to the economy. Pays a good dividend. Recently came out with impressive earnings. Shorter term it is fully priced but a good long-term Hold.

2010-08-09

WAIT

Equinox MineralsLtd.

EQN-T

4.880

Copper company with operating mine in Colombia and are in the process of bringing it up to full production. Also have some uranium in this mine. Has had a good run and we now need to see copper prices sustained.

2010-08-09

WAIT

Caterpillar

CAT-N

72.070

Expect it will outperform on a 12-24 month outlook. One of the biggest construction manufacturers globally. Leveraged to growth in emerging markets. Cost structure somewhat out of control because of rapid expansion phase and then hit by the downturn. Working out of this.

2010-08-09

DON'T BUY

Superior Plus Corp

SPB-T

11.600

Great dividend but the question is whether it is sustainable. Losing market share in some of their key markets.

2010-08-09

BUY

Aecon Group Inc

ARE-T

11.930

Well run company and with the backlog they have revenue visibility for the next while is quite good. Looking to acquire Cow Harbour Construction, which is leveraged to oil sands construction.

2010-08-09

HOLD

Manulife Financial

MFC-T

14.270

Has been a disappointment. Great sensitivity to the equity market and low interest rates. They will survive but doesn't look like they will improve anytime soon. If you own, look to Average Down at around $12.

2010-08-09

BUY on WEAKNESS

SBB-T

3.170

Has silver, but recently their gold properties have moved to the forefront by continuing to add resources. A little bit overbought at the moment so wait for the next stage when they have more drill results. Try to buy at around $2.75.

2010-08-09

Comment

Nokia

NOK-N

9.580

One of the leading phone companies globally. Had a major drop when they had a quarter that was lower than analysts’ estimates. Also everyone is waiting for the next generation of cell phones in this company is playing catch-up. Not a lot of downside near-term and they pay a decent dividend.

2010-08-09

HOLD

Imperial Oil

IMO-T

40.190

Whole oil sector has been trading sideways. If you have a longer-term horizon, this is a good one to own. Have one of the best oil sands holdings. Majority owned by Exxon (XOM-N).

2010-08-09

Comment

A Comment -- General Comments From an Expert

A Commentary

0.020

Canadian banks? Have had good recoveries since 2008 but are currently fairly valued and trading has been slowing down. Decent dividends. His preference would be Toronto Dominion (TD-T) #1, Canadian Western (CWB-T) or bank of Montreal (BMO-T) #2 and if you are more adventuresome, CIBC (CM-T) as #3.

2010-08-09

BUY

Denison Mines Corp

DML-T

1.560

Believes uranium prices will have a pretty strong run and longer term they should be in the $60-$70 range. Very good exploration upside. Little bit strapped in the balance sheet but the upside and expiration and higher uranium prices should do quite well.

2010-08-09

BUY

Uranium One Inc.

UUU-T

3.140

Declaring a special large dividend and any time this happens, the price will drop by about the same amount. Have a very good low-cost position in Kazakhstan production. Thinks there is a lot of upside in this one.

2010-08-09

Comment

Kinross Gold

K-T

16.200

This is one of the cheapest senior gold companies because of a) Russian exposure and b) viewed as acquisitive and paying up for assets. Merging with Red Back Mining (RBI-T). If gold prices move up to $1500-$1700 it should do well. Shorter term there is some uncertainty as to whether they overpaid.

2010-08-09

Comment

Lake Shore Gold

LSG-T

3.350

Had some challenges in the last couple of quarters while trying to ramp up production levels but seem to be overcoming this. The key attraction is their exploration potential in West Timmins Camp. The catalyst will be more drill results coming out. Could be a takeover candidate. Looking for the right price before buying.

2010-08-09

HOLD

Canadian Tire Corporation Ltd

CTC-T

65.500

Canadian retailer and their well being is tied to the economy. Although the economy has come back quite a bit, there has been a downshift in spending. Have staying power and good real estate holdings. If you have better names in the retail section, this could be a source of cash if you own.

2010-08-09

HOLD

Consolidated Thompson Iron Mines Ltd.

CLM-T

8.060

Iron ore developer. You won't see full production for the next 6-9 months. Iron ore has been very hot and feels demand from China will continue to drive iron ore. Will have a bit of a dip and then come back and this will be one of the major players.

2010-08-09

BUY

Canadian Natural Rsrcs

CNQ-T

36.850

Have evolved from pure natural gas to largely a balanced, especially oil sand player. Very solid management. A long-term, solid, core holding. Buy more on pullbacks but you can buy today.

2010-08-09

Comment

Hemisphere GPS Inc.

HEM-T

0.740

Mostly after market GPS player for farmers. Based on his bullish outlook for agriculture, there will probably be more use for their product. Last couple of quarters they've had to work on lower margin, higher priced products so this is the last quarter that should be impacted. Too a liquid for him and he would rather have a larger player.

2010-08-09

WATCH

Husky Energy

HSE-T

25.740

Some other assets have not worked out and execution has been less than perfect. Has come down a long way and is not expensive. New CEO is coming in from India and may bring fresh eyes. If you own, wait and see what happens.

2010-08-09

Comment

Quadra FNX Mining Ltd

QUX-T

12.810

Merged with FNX Mining so it is now a bigger copper company. (Also some nickel.) If you think copper prices can be sustained at $2.50 plus, this will have a lot of upside. Issue right now is their financing.

2010-08-09

BUY

Cenovus Energy

CVE-T

28.740

Gas assets, which fully financed their growth in the oil sands. Have one of the best SAGD projects. Not expensive.

2010-08-09

N/A

A Comment -- General Comments From an Expert

A Commentary

0.020

The market is in a bit of a no man’s land right now. Correction in May happened mostly because of problem in Europe. Since then there was quite a bit of recovery in the last couple of weeks and now question is where do we go from here. He is taking a wait-and-see attitude. The big picture is that we have been having a good recovery but the momentum is slowing down. Thinks we will risk a double dip. There will be some challenges over the next few months.

2010-06-22

TOP PICK

33.730

Has been around since 1960s. It’s THE oil sands company. They’ve been taking time to fix up operating performance. Massive cash flow and lots of growth. Well Managed.

2010-06-22

TOP PICK

Liquor Stores Income Fund

60.430

Thinks they will have good earnings and guidance. Probably one of the stronger plays in smart phones. New handsets in the next little while. At 10x multiple, you really can’t beat it. Can still grow at 10-20% per year.

2010-06-22

TOP PICK

Magna Int'l. (A)

MG-T

70.720

They were trading as little as half the multiple of the competitors. Would you rather be eliminating the class structure so the expense will never happen again or suffer through the next 30 years. The stock could be worth as much as $100 in the next year assuming auto market cooperates and the new single class structure.

2010-06-22

BUY

Connacher Oil and Gas

CLL-T

1.380

One of the smaller sized companies that have a producing oil sands project. The brought it on stream on time and within budget. Are continuing to construct the second phase of the project. Very few companies of their size have this visible upside in the next few years. The other side is that they have quite a bit of debt that was incurred to build these projects. This will not be a problem when they bring in the second project.

2010-06-22

WAIT

UTS Energy

UTS-T

2.420

Risk profile is higher. Their big project is the Fort Hills project, which SU operates but since the merger with Petro Canada, it is not their biggest priority. UTS have lots of cash on the balance sheet.

2010-06-22

WAIT

Quadra FNX Mining Ltd

QUX-T

10.540

Is a merger between a copper producer and a nickel producer. One had great cash flow and the other had great growth potential. Price paid was quite high. Need to find financing for two mines. They have quite a bit of upside. Wait for resolution on financing.

2010-06-22

HOLD

LIQ.UN-T

15.530

People spent less during the recession by buying cheaper products. We need to wait for some improvement in the economy for resumption in growth. When it converts to a corporation there may be some pressure on the current distribution.

2010-06-22

WAIT

Enerplus Resources Fund

ERF.UN-T

23.650

Good assets. When they convert, the challenge is having the assets to sustain growth and dividends. They have the assets but have not been able to put it all together to get the momentum. Likes it long term.

2010-06-22

WAIT

Husky Energy

HSE-T

26.800

Execution in oil sands was appalling. Have a new president coming in. Waiting to see how he performs.

2010-06-22

WAIT

Cequence Energy Ltd.

CQE-T

2.460

Good management. Low gas price created low cash flows. Thinks that will change. Within 12 months we should see a good descent sized recovery. Good balance sheet and good recovery potential.

2010-06-22

HOLD

Hudbay Minerals Inc.

HBM-T

12.550

New CEO. Good reputation in industry. Give him some time to see what he can do. They have lots of cash and some undeveloped assets. Medium and long-term outlook for zinc, copper and nickel are good. Acquisition is always in the cards for this company.

2010-06-22

WAIT

Viterra Inc

VT-T

7.430

Longer term this company has a bright future. Shorter term the weather is not cooperating. Stock wont go anywhere for a while. Could easily recover to $10 when we hear some positive news on it.

2010-06-22

PAST TOP PICK

34.160

(Top Pick May 7/09, Up 10%) Thought the return would be much higher. It would have been if the Nat Gas price had taken off.

2010-06-22

PAST TOP PICK

62.350

(Top Pick May 7/09, Up 27% excluding dividends)

2010-06-22

PAST TOP PICK

New Flyer Industries Inc.

99.970

(Top Pick May 7/09, Down 8%) All the other commodities have had pretty good rallies. Thinks recovery is on the way. A year from now the demand will drive up the price of potash. By it at these levels.

2010-06-22

BUY

Rogers Communcations (B)

RCI.B-T

37.200

All these names are decent names. They have gone through the high growth phase. They have a dominant position. Unless the new entrants took a way a lot of market share, which he doesn’t think they will do, you should do quite well with this one. He has Telus.

2010-06-22

BUY

Bell Aliant

BA.UN-T

25.540

Likes the prospects. Nice and steady. Mot a lot of growth. Dividend is safe. Still looking at 7-1/2 to 8% after they convert and cut it a little.

2010-06-22

BUY

Iamgold Corp

IMG-T

18.520

Low cost production in West Africa, continually making discoveries. Should do quite well in the next couple of years. Had a CEO leave a while ago but that overhang on the stocks should be resolved shortly.

2010-06-22

BUY on WEAKNESS

Gammon Lake Resources

GAM-T

6.080

Had a labour issue a couple of weeks ago. Have a descent sized gold deposit. Some bad luck as far as operations. Ha some doubts about their ability to manage these issues. He would start looking around a digging if it were at the right price.

2010-06-22

BUY on WEAKNESS

Lake Shore Gold

LSG-T

3.110

Very good discovery. Given lack of good-sized gold deposits in politically safe environments, this is one of the premium take-out names. They ran ahead of themselves and had some setbacks. It’s a matter of buying at the right price.

2010-06-22

SPECULATIVE BUY

DragonWave Inc.

DWI-T

6.240

They have one major client in the US and the network they built out is not proven. Given enough time this company will be able to generate revenue from more sources. They should do quite well, but there is a lot of uncertainty.

2010-06-22

DON'T BUY

Shoppers Drug Mart Corp

SC-T

35.000

Preeminent drug store chain in Canada. Recent issues in Ontario. Are putting measures in place to counter these issues. Other provinces may follow suit with Ontario. Longer term, this will do well but he would not be in it yet.

2010-06-22

DON'T BUY

Oilsands Quest Inc.

BQI-A

0.700

Substantial oil sands leases. Yet to have been proven their new processes can work. Too risky as an investment.

2010-06-22

HOLD

NFI.UN-T

10.000

Worth holding on to this stock. Just got contracts. Budgets are tight in the US so this could delay some contracts for bus replacement in US cities. Shorter term there is some challenge, but medium to long term they will do just fine. Might way until it goes lower to get in.

2010-06-22

BUY

PetroBakken Energy

PBN-T

22.590

Getting a level where you can get more interested. They are starting to execute on some plays. It could be a good buy.

2010-06-22

BUY

Sabina Gold & Silver Corp.

SBB-T

2.480

(Market Call Minute) Lots of discoveries.

2010-06-22

HOLD

Questerre Energy

QEC-T

3.530

(Market Call Minute) Speculative – yet to be proven. Only buy for high risk investors.

2010-06-22

HOLD

Inter Pipeline Fund

IPL.UN-T

11.970

(Market Call Minute) A good hold although not a lot of growth in the short term.

2010-06-22

HOLD

Power Financial Corp

PWF-T

28.800

(Market Call Minute) They’re doing fine although not a huge growth coming in.

2010-06-22

DON'T BUY

Silver Wheaton

SLW-T

20.800

(Market Call Minute) Does like it but prefers operating companies.

2010-06-22

SPECULATIVE BUY

Eastern Platinum Ltd.

ELR-T

1.170

Platinum has done very well, with gold. Demand is from jewelry as well as the auto industry. High risk and volatility, high cost producer.

2010-06-22

TOP PICK

31.190

Likes oil sands which is a long-term sustainable source of oil. This is one of the better oil sands players with good quality assets. Acquired Petrocan and has gone through some integration processes with some pain. Overcoming the integration problems and selling off some assets.

2010-05-21

TOP PICK

65.270

Other than Nokia (NOK-N), it is the biggest smart phone vendor. Apple (AAPL-Q) and Google (GOOG-Q) are gaining but RIM continues to have a very strong position. Smart phone market is a big one and growing. Very strong internationally.

2010-05-21

TOP PICK

Magna Int'l. (A)

MG-T

72.560

Never liked the dual class structure and how it was managed but that is now set to change. Expect this will fundamentally change the valuation. Trading at about half the multiples of their major competitors. There could easily be a 50% upside. Has a lot of cash and a very clean balance sheet. Expects the 1% dividend will increase.

2010-05-21

PAST TOP PICK

103.690

(A Top Pick May 7/09. Down 6%.) Potash prices have stabilized around $350. Longer term this price is not sustainable. You need $550-$700 a ton. This company is #1 potash producer globally and will benefit tremendously when the price goes up.

2010-05-21

PAST TOP PICK

31.910

(A Top Pick May 7/09. No change.) Still believes in its long-term prospect. The pre-eminent gas explorer/producer in Canada.

2010-05-21

PAST TOP PICK

A Comment -- General Comments From an Expert

59.600

(A Top Pick May 7/09. Up 22%.) A healthy railway reflects a healthy economy. Will benefit with the continuation of the growth of the North American economy.

2010-05-21

BUY on WEAKNESS

Manulife Financial

MFC-T

16.760

Largest Canadian insurer. Hit because of high sensitivity to equity markets. With the value that is embedded in the insurance book and the growth potential in Asia, there is a lot of upside in the long-term. Well capitalized. You could Buy now or look for a 5%-10% further drop.

2010-05-21

BUY

IBM

IBM-N

125.420

Have transformed themselves from primarily a hardware company in computers and service to a service company. Not expensive. Growing slowly and steadily. Pays a good dividend.

2010-05-21

BUY

A Commentary

0.020

At an opportunistic time, how would you play the gold sector? Gold is a good place to be in times of turmoil but really depends on why you want to own gold. If it's for safety, you should be in physical gold or ETF bullion. However, gold stocks have more leverage to the upside in gold prices.

2010-05-21

WAIT

Chesapeake Energy Corp.

CHK-N

21.010

No reasonable probability of gas getting anywhere close to $6-$7 in the short term. This is one of the pioneers and big holders in shale gas. A lot of upside in drilling and production growth. Good name to own over the medium and long-term but wait for the 4th quarter before getting in.

2010-05-21

DON'T BUY

Manitoba Telecom Services

MBT-T

28.080

Even though they pay a very good dividend, their problem is Allstream, the enterprise unit that they bought a few years ago. Doesn't believe the dividend is sustainable. This solution would be to sell Allstream but it is hard to see who would want to buy it.

2010-05-21

HOLD

Enerplus Resources Fund

ERF.UN-T

22.500

Once they convert, like any other trust, they have to convert to a payout model to a growth model. This is a transition they have been making for the last couple of years.

2010-05-21

PARTIAL BUY

Transocean Inc.

RIG-N

59.240

All companies that had anything to do with British Petroleum and the oil spill have been oversold. When and if the oil spill is under control, there should be a good rally of all the stocks. Good time to start picking away at it.

2010-05-21

BUY

Denison Mines Corp

DML-T

1.340

Bullish on uranium. With all the nuclear reactors that are going to be built globally, there is not enough supply of uranium coming in the next few years. This one has some pretty exciting exploration news coming. You could also look at Cameco (CCO-T), Paladin (PLB-T) or Uranium One (UUU-T).

2010-05-21

WATCH

FNX Mining Company

FNX-T(Dead)

10.910

Merging with Quadra. (New name = Quadra FNX.) Quadra has a lot of copper production and a lot of cash flow and this merger will give them new copper and nickel projects. Right now they are going through a correction because of the China related scare. Before buying, watch the copper prices.

2010-05-21

HOLD

PetroBakken Energy

PBN-T

23.360

In the Bakkens oil play. Have also become aggressive in the new Cardium oil play. His concern is what they are paying for acquisitions. Will pay off in the longer term but in the near term you're paying a lot for (?) and cash flow. Stock has suffered a little in terms of execution and expectations not being met.

2010-05-21

HOLD

TSX Group

X-T

27.400

Used to be a favourite but sold it last year because of competition from alternative trading systems, which were too strong for them. Dividend yield of well over 5%.

2010-05-21

WAIT

Osisko Exploration Ltd.

OSK-T

10.190

One of the big gold mine developers in Canada with a large low-grade deposit in Quebec. Have the financing in hand and construction is ongoing so you can expect him to be up and running in the next couple of years. Would look for other names until they get closer to production.

2010-05-21

Comment

Shaw Communication (B)

SJR.B-T

19.060

Spending a lot of money acquiring CanWest broadcasting specialty channel. They are in a bit of a converging strategy so it is difficult to say how aggressive they can go at it. As the Shaw family owns a big chunk of the company, dividend is probably safe but growth might slow down.

2010-05-21

BUY

Bombardier Inc (B)

BBD.B-T

5.030

3 parts. Regional jets, which competes with Embraer of Brazil. Includes the new C series jet and expect they will end up with a big contract. Business jets took a hit but the cycle will probably be turning in his very profitable. Trains are doing very well. A lot of earning power may take a while.

2010-05-21

BUY

Thomson Reuters Corp

TRI-T

37.200

Taken a decade to transform into a purely electronic publisher. This is good going forward. Analysts like that it is finally getting the merger behind them and getting synergies to finally grow the company. The headwinds that they had are abating. This should be decent upside from now on.

2010-05-21

BUY

Pacific Rubiales Energy Corp.

PRE-T

20.700

Drilling for oil in Colombia. Have grown their production and have a good working relationship with Eco Petro (?). Likes this for the leverage to oil prices. Colombia is a good jurisdiction to do business in. Concerned that the current production contract ends in 2016 so the challenge now is to replace that production through developing other projects.

2010-05-21

BUY

Churchill Corporation (The)

CUQ-T

18.030

Consistently delivered good earnings/growth. Haven't done more because of exposure to US municipal markets where funding has dried up. That is still to come. With a general recovery in the economy, the company will do well.

2010-05-21

BUY

McDonalds

MCD-N

67.860

Best in breed in fast food restaurants. Good dividend, solid growth. Continue to reinvent themselves. Also growing internationally.

2010-05-21

BUY

Petrobank Energy and Resources

PBG-T

38.230

(Market Call Minute.) 3 moving parts including PetroBakken (PBN-T), Petrominerales (PMG-T) and their White Sand (?) oil strategy. Cheap.

2010-05-21

BUY

Canadian Natural Rsrcs

CNQ-T

34.690

(Market Call Minute.) Tons of free cash flow.

2010-05-21

HOLD

Shoppers Drug Mart Corp

SC-T

35.160

(Market Call Minute.) Great drug company but unfortunately Ontario's drug strategy may spread nationally.

2010-05-21

BUY on WEAKNESS

Grande Cache Coal Corp.

GCE-T

4.990

(Market Call Minute.) Need high coal prices to break even and thinks this is likely over the next little while.

2010-05-21

HOLD

Viterra Inc

VT-T

7.740

(Market Call Minute.) Pre-eminent agriculture company. Long-term will do well but short-term because of integration it is a Hold.

2010-05-21

PAST TOP PICK

31.430

(A Top Pick May 7/09. Down 3.4%.) Split the company into oil Cenovus (CVE-T) and gas. Unconventional gas is growing faster than anyone thought it would. He is looking for a turn in gas prices next winter.

2010-04-19

PAST TOP PICK

62.570

(A Top Pick May 7/09. Up 26.3% not including dividends.) Getting expensive now and would wait for a pullback before buying.

2010-04-19

PAST TOP PICK

108.420

(A Top Pick May 7/09. Down 1.2%.) Potash is a necessary nutrient for agriculture. This will come back. Still a Buy.

2010-04-19

TOP PICK

34.050

They have figured out how to operate in the oil sands. Have been going through some pain with the merger with Petrocan and then disposing of some assets and fixing some operational issues. Very cheap.

2010-04-19

TOP PICK