STOCKCHASE

HOLD

Bombardier Inc (B)

BBD.B-T

5.870

Have been making some pretty spectacular deals over the last couple of months. Not a bad longer-term buy. If it got near $7-$8 he would start edging out of the stock.

2010-03-19

PAST TOP PICK

Calloway REIT

CWT.UN-T

20.840

(A Top Pick Apr 29/09. Up 98.6% excluding yield.) He sold off too early. Very good retail entity with some of the best performance this year. Could be a little overpriced right now but still could be a buy.

2010-03-19

DON'T BUY

Cameco Corporation

CCO-T

28.060

Too much risk because of Cigar Lake and that the company has failed to address this risk in the past. Also, the price of uranium isn't doing much for anyone.

2010-03-19

Chartwell Seniors housing

HOLD

CSH.UN-T

7.250

Everyone says that nursing homes and retirement homes is a big growth market but it is a very hard market to make money at. Wouldn't buy if you are a conservative investor because there are risks to it.

2010-03-19

Cominar Real Estate Inv Tr

TOP PICK

CUF.UN-T

18.800

Quebec-based and have just expanded into the Maritimes. Well disciplined. They almost certainly have to come for an equity issue so wait around for that first.

2010-03-19

TOP PICK

CPG-T

38.950

Most of its production is in oil. In the new Bakken area in Saskatchewan. Good operators. Yield is close to 7%.

2010-03-19

Comment

Iteration Energy

ITX-T

1.550

This company will definitely get sold and the deadline has been extended to April 10. Good company, good properties and great management. They are gassy and are too small to take advantage of some of the good properties that they have. Hoping the sale price will be north of $2.

2010-03-19

BUY

First Capital Realty

FCR-T

22.010

One of his favourites. Almost all of their centres are inside communities with banks, grocery stores and liquor stores. They buy properties and then expand within the properties so are always using some of their money for reinvesting. Low payout ratio. Good dividend of about 6%. Good long-term hold.

2010-03-19

WEAK BUY

Ford Motor

F-N

13.290

He has been avoiding large US stocks because of the currency exchange rates. Could be getting towards the top of the range so he may start looking at them again. This company has done a fantastic job of weathering the storm. Sales are excellent.

2010-03-19

DON'T BUY

GE-N

18.070

International conglomerate. Hard company to analyze because they have so many divisions. Still concerned about the GE capital side. Has been avoiding large US stocks because of the currency exchange rates.

2010-03-19

PAST TOP PICK

Boardwalk REIT

BEI.UN-T

40.200

(A Top Pick Apr 29/09. Up 50.3% excluding yield.) Apartments. Payout ratio of about 80%, 4% yield and low debt. Have a lot of cash but the low interest rates are hurting them. High quality.

2010-03-19

H&R Real Estate Inv Trust

BUY

HR.UN-T

16.000

Had a lot of trouble with the Bow building in Calgary but now have that all taken care of. Payout ratio is phenomenally low. Barring any major surprise, a very safe holding and the income is highly likely to rise. Long-term leases.

2010-03-19

PAST TOP PICK

Husky Energy

HSE-T

27.880

(A Top Pick March 9/09. Up 8.55%.) Getting a little bit tired of this one. Good dividend.

2010-03-19

BUY

InnVest Reit

INN.UN-T

5.920

About the only one in Canadian hotels that looks like a survivor. Cut their payouts twice way back. Should be able to continue making their fairly high distributions.

2010-03-19

BUY

Killam Properties Inc

KMP-T

8.290

He looks for good sources of dividend producing income, which this one is. They are earning their income and have their payout ratio down to about 90%.

2010-03-19

Manitoba Telecom Services

TOP PICK

MBT-T

31.600

A risk with this is that the 8.25% dividend will be cut but this may be built into the stock price. Have Allstream, which may be a bit of an anchor around their necks but they seem to be getting more active in Toronto. He could see them selling Allstream.

2010-03-19

TOP PICK

NAL Oil & Gas Trust

NAE.UN-T

13.290

Good operator, mainly oil. Some nice older plays that with new technology could really come on. Good production and lots of drilling locations. Yield of just under 8% that doesn't look like it will have to be cut on conversion.

2010-03-19

TOP PICK

Northern Property REIT

NPR.UN-T

23.400

Went into the tar sands at the wrong time and got caught. Doing very well in Newfoundland. Less than 80% payout ratio and debt is less than 50%. Very responsible. Getting some good deals and the tar sands are starting to turn around. 16%-18% vacancy so there is a lot of room to move forward. 6.3% yield.

2010-03-19

RioCan Real Estate Investment

PAST TOP PICK

REI.UN-T

19.320

(A Top Pick Apr 29/09. Up 33.6% excluding yield.) Has been criticized a lot on their payout ratio, which they never seem to quite do. And under performer to its peers.

2010-03-19

Comment

Shoppers Drug Mart Corp

SC-T

44.500

Great company. Have been concerns at various times that a US big chain would come into Canada to compete. They run great stores and have a good cash flow. Stock is not moving because of a probable multiple correction. At some time, the multiple will get down to a point where it will be a Buy.

2010-03-19

Comment

iShares S&P/TSX REIT ETF

XRE-T

12.100

S&P/TSX REIT ETF. REITs are one of the best sources of income. Using this one, you get the good and the bad. Some volatility but relatively safe.

2010-03-19

BUY

A Commentary

0.020

Canadian banks? Some look reasonably priced and are back at levels they where except for Bank of Montreal (BMO-T) and Commerce (CM-T). If a long-term investor, you could step into them, especially BMO and Commerce, which have some pretty good yields.

2010-03-19

Comment

Hungtingdon REIT

HNT.UN-T

5.670

Has surprised him as to how much it has come around. Given the people that are running it and that it is in Manitoba it will probably be a survivor.

2010-03-19

Comment

Whiterock REIT

WRK.UN-T

14.890

Has had a lot of discussion over the years but is gradually gaining credibility. Detractors still suggest financing is not what it should be. Started with a core of government offices in Ottawa and Regina. Still challenged on debt.

2010-03-19

BUY on WEAKNESS

Bell Aliant

BA.UN-T

25.890

Good yield. There is concern that there will be a cut in the payout when it gets closer to the conversion date but part of it is priced in. If it should drop because of a price cut, he would add to his position. On a 25%-30% cut you still have a reasonable yield.

2010-03-19

TOP PICK

BAM.A-T

24.990

$6-$7 billion in cash. International holdings including England, Australia, US and Canada. Good management.

2010-03-19

Comment

Scott's REIT

SRQ.UN-T

7.300

Illiquid. Challenged at times. He owns some of their convertible debt. Proving to be survivors. Still have a big debt hurdle coming up that puts a cloud on them for a little while. Probably okay. 11.6% yield.

2010-03-19

Artis Real Estate Investment Trust

BUY

AX.UN-T

11.780

One of the best performing REITs. Western-based. Have a lot of small deals. Too much debt and too high a payout ratio but are getting a lot of followers. Very credible group.

2010-03-19

Comment

Temple REIT

TR.UN-X

2.860

They were very heavily into the tar sands. That whole sector has started to improve. (See Northern Properties (NPR.UN-T) in top picks.)

2010-03-19

Comment

Cenovus Energy

CVE-T

25.360

On a longer-term basis, the tar sands is a less risky side of the business than the gas side and is a good distance away from this company.

2010-03-19

HOLD

Realex Properties

RLX.A-X

0.600

Have buildings in Calgary and Waterloo. Good group that will gradually work their way through it. High risk.

2010-03-19

HOLD

Arc Energy Trust

AET.UN-T

21.470

Would rank this as #2 behind Baytex (BTE.UN-T). Fine assets.

2010-03-18

HOLD

Baytex Energy Trust

BTE.UN-T

35.390

Has reached a 52-week high. 6% distribution should be safe. Should transition to a corporation very smoothly.

2010-03-18

PAST TOP PICK

Biovail Corp.

BVF-T

16.020

(A Top Pick March 11/09. Up 16.59%.) Sold this in March.

2010-03-18

TOP PICK

Canaccord Financial Inc

CF-T

11.240

Largest Canadian non-bank retail brokerage. Merging with Genuity management team.

2010-03-18

PAST TOP PICK

CGI Group (A)

GIB.A-T

15.280

(A Top Pick March 11/09. Up 63.49%.) Still likes.

2010-03-18

HOLD

Devon Energy Corp

DVN-N

65.390

Fine company with great assets and exploration interests. Could be a takeout candidate. (With US stocks, a 10% loss on currency would mean you should have a 25% gain on the stock.)

2010-03-18

Comment

ECA-T

32.120

The price of gas is like death at the moment. You are better off elsewhere. If you own, consider selling and diversifying.

2010-03-18

BUY

Imperial Metals Corp

III-T

16.180

Extremely high-grade, probably averaging out 1.5 copper. Doesn't know how fast it will get into production but it could be a very big mine. Will take time to get through all the stages to production.

2010-03-18

Comment

Lake Shore Gold

LSG-T

2.810

Trying to build a great gold camp again in an old gold camp and seems to be succeeding.

2010-03-18

HOLD

Laurentian Bank

LB-T

44.160

Very nice, Quebec-based bank, doing business in other parts of the country. Nice dividend of 3.5%.

2010-03-18

DON'T BUY

Mad Catz Interactive

MCZ-T

0.500

Ranks in top 25% of his model because of price action but forecasted not to make any money in 2010 and the loss of $.10. Has not talked to management or seen analysts’ forecast for 3 years.

2010-03-18

TOP PICK

Martinrea

MRE-T

9.320

Automotive parts. Expect like the automotive sector it is a turnaround. $750 million market cap. Very strong balance sheet, which is used to make acquisitions of smaller companies and their customer lists. $.70 earnings for 2010 to $.90 in 2011 gives a 13% PE in 2010.

2010-03-18

HOLD

Royal Bank

RY-T

59.490

(Market Call Minute.) Like all the other major banks, you should hold this one forever.

2010-03-18

Comment

Seabridge Golds

SEA-T

22.820

Gold. This is the only company he knows that is deliberately accumulating gold assets, which it has no intention of producing. Creating a store of gold. Doesn't know why it is going down.

2010-03-18

Sherritt International Corp.

BUY

S-T

19.150

Will probably continue through $10. Doing better with its Madagascar laterite/nickel situation.

2010-03-18

HOLD

Uranium One Inc.

UUU-T

2.650

(Market Call Minute.) Uranium is very tricky. The $40 price is not doing very much for it.

2010-03-18

BUY

SU-T

32.130

Is really down but is improving and should continue. Political and royalty complexions are improving in Alberta for the whole industry.

2010-03-18

SXC Health Solutions Corp.

PAST TOP PICK

SXC-T

65.740

(A Top Pick March 11/09. Up 161.34%.) Sold this in November or it

2010-03-18

PAST TOP PICK

TCK.B-T

41.260

(A Top Pick April 28/09. Up 269%.) Have taken some profits but has purchased more. Still a Buy.

2010-03-18

WEAK BUY

Transalta Corp

TA-T

22.900

Dividend (5%) has chronically been considered not safe but it is not excessive and he thinks it will continue through thick and thin. Company is a bit boring. Solid, good long-term hold.

2010-03-18

SPECULATIVE BUY

Wi-Lan Inc.

WIN-T

2.990

Collect royalties on patents. (Also see Mosaid (MSD-T)) Backlogs rather than near-term earnings, so Ranks about neutral in his model. Markman hearings were held last week and should be a report in 90 days and expects it will be in their favour. Extremely interesting patent portfolio, which he expects will pay off in the next 1.5 to 2 years.

2010-03-18

TOP PICK

Zarlink

ZL-T

1.940

Semiconductors. Fallen angel but now getting its sweet spot. Moving away from commodity chips into specialty medical devices. Earnings estimates have been cranked up by 26%. Expecting $.15 in March/10, which is 50% greater than last year. Looking for a further 40% earnings to 2011. 37% ROE.

2010-03-18

BUY

La Mancha Resources Inc.

LMA-T

1.950

Still progress in with their production. Under followed.

2010-03-18

Comment

A Commentary

0.020

Large Chromite discovery in the “Ring of fire” in northern Ontario. Will take a long time as it needs a 100 km road to be built. Being blockaded by First Nations at the local airports.

2010-03-18

BUY

Equinox MineralsLtd.

EQN-T

3.700

This is a big copper producer coming on in Zambia. Also has a uranium deposit. Could be a takeover candidate.

2010-03-18

BUY

BAM.A-T

25.550

Brookfield Infrastructure (BIP-N) or Brookfield Asset Management (BAM.A-T)? You could buy them both as they are both good.

2010-03-18

Harry Winston Diamond Corp. (US)

HOLD

HWD-N

9.950

2 stream company in that it is a retailer as well as a diamond mine with considerable reserves. Expect it could be a takeout someday.

2010-03-18

Neo Material Technoligies Inc.

TOP PICK

NEM-T

4.350

Uses neodymium, a rare earth material to produce high-powered magnets, which are used in computer/cell phone applications as well as automobiles. Earnings $.18 in 09 growing by almost 80% to $.33 in 2010.

2010-03-18

Comment

Thompson Creek Metals

TCM-T

13.810

Single product company of molybdenum. Since this is a by-product of copper, the main problem that could arise would be if copper production keeps increasing, molybdenum prices could decrease but he doesn't think this will happen.

2010-03-18

SPECULATIVE BUY

Sandvine Corp.

SVC-T

2.050

Deep packet inspection for cable internet in order to smooth information flow. Also looking at potential applications in wireless.

2010-03-18

Pacific Rubiales Energy Corp.

HOLD

PRE-T

20.300

(Market Call Minute.) One of the great 2 Colombia oil stocks.

2010-03-18

Wavefront Energy & Environment Services

SPECULATIVE BUY

WEE-X

2.380

Technology that uses water stimulation for better oil recovery. Rents the equipment out and usually is out for 7 years. 4-month rental pays for the tool. With 150 tools in the ground and working, they end up with a phenomenal revenue stream. Very speculative.

2010-03-18

Brookfield Infrastructure LP

BUY

BIP-N

18.040

Brookfield Infrastructure (BIP-N) or Brookfield Asset Management (BAM.A-T)? You could buy them both as they are both good.

2010-03-18

BUY

Domtar Corp.

UFS-T

69.180

Riding on a boom because of its restructuring to eliminate debt. The sector is looking startlingly strong.

2010-03-18

PAST TOP PICK

Lassonde Industries Inc.

LAS.A-T

53.520

(A Top Pick April 28/09. Up 50.8% excluding dividends.) Quebec-based. Specialized fruit juice manufacturer. Continue to Hold.

2010-03-18

DON'T BUY

DragonWave Inc.

DWI-T

10.590

Ranks well in his model. Has scaled back half his position because of stock price increase. Recently announced a small contract in Greece. Doing a stock buyback on approximately 10%. Longer-term growth is slowing. Huge customer in Clearwater but once this starts to burn off there is a question about replacements. Growth is flat for 2010. 13 PE with earnings $.89 in 2009 and $.88 forecast for Feb/11.

2010-03-18

BioExx Specialty Proteins Ltd.

WAIT

BXI-T

1.900

Extracts oil/protein meal from canola. Have to get equipment into the plant for commercial production on extraction of high margin/high concentration protein (Isolets?) by the end of May but could be delayed by a month or so. Just did a financing of $15 million at $1.85. Historically have done well with financing and the stock has moved up. Wait for stock to start moving up ($2.25?).

2010-03-18

Extract Resources Limited

PAST TOP PICK

EXT-T

6.900

(A Top Pick April 28/09. Up 49.5%.) 2 or 3 giant holders glaring at each other and there is a sense that it might not become a mine. Cost of production of about $30+ with the price of uranium being at $40 so he doesn't favour it as much as he did.

2010-03-18

BUY

Ventana Gold Corp

VEN-T

9.200

Has a land dispute in Colombia. If this gets settled, it should go up by $2 probably. Good asset.

2010-03-18

BUY

Cenovus Energy

CVE-T

25.930

(Market Call Minute.) You should buy this for its oil sands production longer-term.

2010-03-18

SPECULATIVE BUY

Multiplied Media Corp

MMC-X

0.240

Application allowing you to use a cell phone to 1) access advertising and Yellow Pages and 2) purchase tickets. Have 2 million users. Have an application on Blackberry that has done quite well and are now rolling it out to the Apple iPhone. (Bob recently participated in some financing.) Very speculative.

2010-03-18

TOP PICK

Medusa Mining

MLL-T

3.550

High grade gold in the Philippines at $200. Reaching 100,000 ounces with 200,000-300,000 to go. Good growth story.

2010-03-18

Compass Minerals International

TOP PICK

CMP-N

81.480

Operates largest global salt mine (Goderich Ontario). Main supplier of north-eastern US with de-icing salt. Very reliable business. Also operates in Great Salt Utah and is the only North American producer of sulphated potash, used for vegetables. Also a 500-foot deep compartmentalized mined out salt mine in the UK that is used for storage.

2010-03-18

DON'T BUY

Agrium

AGU-T

72.970

Very gutsy way to play agriculture. Selling at a higher multiple of over 16 X next year's forecast earnings. Have dropped their bid for C. F. Industries.

2010-03-17

PAST TOP PICK

BNS-T

50.190

(A Top Pick March 10/09. Up 74.9% excluding dividends.) Still likes but is now fairly valued. Still a Hold.

2010-03-17

TOP PICK

Brookfield Properties

BPO-T

15.250

Class A office buildings in Toronto, Montreal, Calgary, Washington and Houston.

2010-03-17

HOLD

Calloway REIT

CWT.UN-T

21.630

Unenclosed power centres, primarily anchored by Wal-Mart. If you are an income investor, this delivers a very steady stream. If interest rates start going up he would expect all REITs and risky assets to pull back.

2010-03-17

Canadian Real Estate Investment

PAST TOP PICK

REF.UN-T

28.000

(A Top Pick March 17/09. Up 47.01%.) Still likes.

2010-03-17

CML Healthcare Income Fund

HOLD

CLC.UN-T

12.520

Yield of about 8% and could go down to 5%-6% when they convert. This one is on his radar screen. Cash flow from laboratory is relatively stable. Longer term, it is a good company to own.

2010-03-17

BUY

Dundee REIT

D.UN-T

25.470

Offices/industrial properties with a tremendous amount of exposure to Calgary offices, which they are actively reducing. Purchasing in Toronto and Ottawa now. Payout ratio just under 100% with a yield of 8%+. Doesn't expect an increase.

2010-03-17

Comment

ECA-T

32.700

Recently announced that over the next 5 years they plan to double their production capabilities in natural gas. Looking quite compelling on a price basis.

2010-03-17

PAST TOP PICK

First Capital Realty

FCR-T

22.100

(A Top Pick March 17/09. Up 44.07%.) 5.5% convertible debentures maturing 2017 and priced for an 11% yield.

2010-03-17

DON'T BUY

GE-N

18.040

If you believe this recovery is solid and will continue, this company could prosper quite well and it would be in a position to increase their dividends. His view is to wait and see.

2010-03-17

PAST TOP PICK

Boardwalk REIT

BEI.UN-T

40.930

(A Top Pick March 17/09. Up77.51 %.) Still likes.

2010-03-17

PAST TOP PICK

G-T

40.280

(A Top Pick March 10/09. Up 18.4% excluding dividends.) His gold holdings act as a hedge to the US$. Low cost producer with a fairly discernible rising production profile.

2010-03-17

H&R Real Estate Inv Trust

Comment

HR.UN-T

16.530

Qualifies as a REIT under current regulations so will not have to convert. Worth $17 now but if they sell 50% of the Bow tower in Calgary this could change.

2010-03-17

Comment

Inter Pipeline Fund

IPL.UN-T

12.000

Somewhat high distribution payout and expects a bit of a roll back when they convert to a corporation but this seems to be priced in. Current yield of about 7.5%.

2010-03-17

BUY

MFC-T

20.680

Likes this company. Valuations looks more compelling than the banks. Good long-term hold.

2010-03-17

DON'T BUY

Microsoft

MSFT-Q

29.630

As a value investor he has a lot of trouble with technology companies particularly with computer related multiples. Bulk of their cash flow comes from their office products Windows operating systems. Both of these have been under attack. Looks expensive.

2010-03-17

DON'T BUY

Nexen Inc

NXY-T

24.090

(Market Call Minute.) Prefers others in the oil/gas sector. Valuations is not compelling.

2010-03-17

TOP PICK

North West Company Fund

NWF.UN-T

18.050

Retail facilities in the far north where they tend to be the only player in town. Also own Giant Tiger chain. Will convert to a corporation in early 2011 so they pay out could be adjusted at that time. 7.7% yield. Defensive play.

2010-03-17

BUY on WEAKNESS

Northern Property REIT

NPR.UN-T

22.900

Has a small operating business of furnished hotel suites, which does not qualify for the REIT tax exemption so management is going to scale back this part in order to qualify. Great name. 1st half of 2010 is going to be weak because of turn over, giving them a chance to spend CapX to maintain their apartments so growth should continue in the 2nd half.

2010-03-17

Comment

Parkland Income Fund

PKI.UN-T

11.600

(Market Call Minute.) Have pulled back recently because refining margins have been compressed. Might be a good time to look at this one.

2010-03-17

BUY

Allied Properties REIT

AP.UN-T

20.850

Brick and beam office buildings in Toronto, Montreal and Quebec city. Distributions will not be increased in 2010.

2010-03-17

RioCan Real Estate Investment

TOP PICK

REI.UN-T

19.470

Payout ratio soared in Q4 and they have to do a lot of acquisitions to back fill their distributions.

2010-03-17

BUY

SU-T

32.120

Have had their share of disappointments. Missed on their latest quarter. Also had a fire at an upgrader. Can see a lot of room for improvement. 6-7X next year’s cash flow looks quite compelling.

2010-03-17

PAST TOP PICK

Talisman Energy

TLM-T

18.280

(A Top Pick March 10/09. Up 46.3% excluding dividends.) Internationally diversified. Concentrating more now on unconventional plays. Very well managed. Still a Buy.

2010-03-17

DON'T BUY

TCK.B-T

41.970

(Market Call Minute.) Not very well positioned if there is some bad news in the steel industry.

2010-03-17

PARTIAL SELL

Toronto Dominion

TD-T

74.540

Recent quarter earnings had gang buster numbers that surprised everyone. If you own, consider taking some profits.

2010-03-17

BUY

Vermilion Energy Trust

VET.UN-T

35.020

One of the premier managed trusts. Internationally diversified. Has pulled back which could be an opportunity.

2010-03-17

Comment

A Commentary

0.020

Natural gas prices. New fraqing methods in the shale plays have dramatically expanded amount of natural gas available. Price is substantially lower than what it can hold for the long term. Inventories are still high and the possibility of liquid natural gas could create more problems. Thinks prices are pretty near the bottom. Energy usage is going to increase and this is a good feedstock for manufacturing and power production.

2010-03-17

DON'T BUY

ArcelorMittal

MT-N

43.610

Most of the stocks in the steel area are looking a little bit expensive.

2010-03-17

DON'T BUY

Bell Aliant

BA.UN-T

25.900

Doesn't think Bell Canada (BCE-T) will increase their stake as they have quite a plateful in other activities. If you own for the yield, it is probably OK but will have to convert to a corp and expects the payout will decrease at that point. Also can’t see where growth is going to come from as their market is saturated.

2010-03-17

DON'T BUY

Pengrowth Energy Trust

PGF.UN-T

11.340

Have already slashed distributions once so they should be able to maintain current distributions after conversion. Operating costs were higher than expected recently and reserve replacement was below expectation.

2010-03-17

Western Financial Group Inc.

TOP PICK

WES-T

3.280

Have a chain of insurance agencies through the West. Also have life insurance and general insurance companies as well as a small bank, which has been holding them back. Expecting a solution of this in the next year. Reported earnings today that were in line with expectations.

2010-03-17

Comment

Holloway Lodging REIT

HLR.UN-T

0.560

Limited service hotels. Huge exposure to Grand Prairie Alberta, a gas town. If you expect gas to recover, this is a name that will benefit. Need more drilling activity and drilling crews staying at their hotels. Quite a bit of debt outstanding that needs refinancing. If a long-term investor and comfortable owning small caps, you'll make some money going forward. Better names available.

2010-03-17

Artis Real Estate Investment Trust

TOP PICK

AX.UN-T

11.450

Office, industrial and retail properties in Western Canada. Just reported with good results. Expect Q2 and Q3 will be good.

2010-03-17

DON'T BUY

InterRent REIT

IIP.UN-T

1.460

Have gone through a lot of drama. New CEO is going to focus on turning the assets over and releasing them to tenants who pay their rent on time. Also looking to upgrade quality of the property. This will be a tough slog for him.

2010-03-17

BUY

Thompson Creek Metals

TCM-T

13.770

Molybdenum has not been as robust as some of the other metals. On a valuation basis, relative to other companies, shows up not too badly. Recently announced some expansion to their CapX going forward.

2010-03-17

Comment

Lakeview Hotel REIT

LHR.UN-X

0.400

Limited service hotels with central and eastern Canadian exposure. Potentially will do well in the long-term. There are better places to be. Consider selling for a capital loss.

2010-03-17

TOP PICK

Cenovus Energy

CVE-T

26.270

Very solid integrated oil/gas company. Exposed to the oil sands but have traditional oil/gas assets throughout North America. Very low dividend level relative to earnings so there could be room for dividend increases. Recent quarter came in better than expected. Selling between 6-7 times cash flow.

2010-03-17

TOP PICK

Agrium

AGU-T

73.570

Buy Oct ’74 Calls @$7.25. If the market continues to go and inflation stays in check, some of the commodity producers could do quite well.

2010-03-16

PAST TOP PICK

Bank of America

BAC-N

17.030

(A Top Pick March 27/09. Up 34.67%.)

2010-03-16

DON'T BUY

Bank of America

BAC-N

17.030

They are going to muddle through. Doesn’t believe you can understand what you are buying with US banks. Still too much stuff off the balance sheet and can’t judge if it is adequate.

2010-03-16

BUY

BNS-T

50.200

His favourite bank. Well managed, 19% return on equity. Likes what they are doing internationally. Dividend should rise at the end of 2010.

2010-03-16

TOP SELL

ABX-T

40.640

Sell October 40 Puts @ $3.80. Any of the 6 or 7 major gold stocks tend to be flattish. Writing options is very attractive because option premiums are usually pretty rich, reflecting that the stocks have pretty wide intraday moves but very little trend in any of them.

2010-03-16

BUY

BCE Inc.

BCE-T

30.880

A believer in BCE. It’s a cash flow machine. Dividend will continue to rise.

2010-03-16

Claymore Natural Gas Commodity ETF

DON'T BUY

GAS-T

4.060

Natural gas. One of the problems with all commodity ETF's is that they tend to trade off the futures market, which tends to give a rollover effect. Would rather hold a basket of commodities within a portfolio.

2010-03-16

WAIT

Canadian National R.R.

CNR-T

58.850

It’s a question of how long you are investing. Bullish on railways but it may not be this year. Prefers CP. Could tread water for 3-6 months.

2010-03-16

TOP PICK

CNQ-T

73.990

Produces a wall of cash. Oil sands as well as conventional oil and gas. Very profitable last quarter. Very well managed. Will go from 100,000 bpd up to 500,000 from oil sands with virtually unlimited resource life. 2/3 rds oil / 1/3 rd gas, which he likes. Just raised the dividend 45%. They are going to split their stock and do stock buy-back.

2010-03-16

BUY

Deere & Co.

DE-N

58.920

There is an effort to build a huge pipeline for ethanol in Nebraska, which will mean a lot of farmers growing crops for ethanol and buying farm equipment.

2010-03-16

Comment

ECA-T

33.590

Covered calls. If you really think the stock is going to go down, he is not sure he would continue holding it. Alternatively you could buy a Put to protect yourself. On the other hand if you think it will be flat or go up slightly, look at a June or July option at the money.

2010-03-16

Fort Chicago Energy Partners

BUY

FCE.UN-T

10.450

Boring and there’s nothing wrong with it. Will have to convert into a corporation. Assumes they have tax protection for from 2 to 4 years.

2010-03-16

WEAK BUY

GE-N

18.070

(Market Call Minute) Might be time to buy as it has under performed for years.

2010-03-16

BUY

G-T

40.580

Potential for gold to go a lot higher as US dollar gets weaker. This is one of the biggest producers in the world. He owns ABX.

2010-03-16

TOP PICK

iUnits S&P/TSX 60 E.T.F.

XIU-T

17.920

iShares Large-Cap Covered Strangle. Basically buying underlying stock (about $17.85) and Selling $18 Call for March/11. This presumes the Canadian market will not do much next year. If the market is above the TSX 60 and the XIU is about $18 he'll simply sell it and keep the option premium of $2.40. If the market goes down he will have to buy another block of stock but it will be at $17 a share.

2010-03-16

DON'T BUY

Linamar Corp

LNR-T

19.650

(Market Call Minute) Survival story. They came back.

2010-03-16

TOP PICK

MFC-T

20.620

A contrarian pick because so many people where so badly hurt when dividend was cut and then by a share issue. On of the largest life insurance companies in the world. Thinks reserves will turn out to be too high and dividend will rise.

2010-03-16

DON'T BUY

Microsoft

MSFT-Q

29.370

Would see Canadian dollar at US$1.05 yet. Cloud computing is a huge threat to Microsoft.

2010-03-16

WAIT

Norbord Inc.

NBD-T

16.540

Everyone’s darling. Huge dividend. Mediocre for 2010 and 2011 because of unsold new houses in US.

2010-03-16

PAST TOP PICK

Onex Corp

OCX-T

28.300

(Top Pick Mar 12/09, Up 88%) One of the biggest employers in Canada. No one knows how to value it. It’s driven by events.

2010-03-16

DON'T BUY

Quebecor Inc (B)

QBR.B-T

36.320

They are out from under the printing business, which is great. Have been talked about as a federal acquisition. It’s a strong regional player and is expensive.

2010-03-16

DON'T BUY

RIM-T

76.180

Concerned with competition. Google nexus phone is going to be available in Canada next week. There are just as good Email and better browsing with competitors. It’s fully priced.

2010-03-16

DON'T BUY

Sino-Forest Corp

TRE-T

20.680

It’s a long story. Enormous plantations of eucalyptus in China. You are buying cash flow and the growing wood. Better managed than people feared a few years ago.

2010-03-16

BUY

SU-T

31.360

(Market Call Minute) Undervalued.

2010-03-16

PAST TOP PICK

Talisman Energy

TLM-T

18.570

(Top Pick Mar 12/09, Up 43%) Likes its blend of assets.

2010-03-16

TOP PICK

Telus Corp

T-T

35.700

It is a yield story for him, no longer growth. Dividend is sustainable. Well entrenched to fend off competitors.

2010-03-16

PAST TOP PICK

Telus Corp

T-T

35.700

(Top Pick Mar 12/09, Up 13%+dividend) People were concerned when new entrants came into market. He thought it was over done at the time.

2010-03-16

SELL

Thomson Reuters Corp

TRI-T

37.470

Tremendous disappointment for at least a decade. It’s always tomorrow’s stock. You get a dividend and promises. Never believed the story.

2010-03-16

DON'T BUY

Toronto Dominion

TD-T

75.010

Canadian banks tend to split above 70 or $80. Concerned that when they repatriate their international earnings, the exchange rate will cause them to realize less. It is fully priced.

2010-03-16

VAGUE

Westshore Terminals Inc.

WTE.UN-T

16.210

It’s a one-trick pony – coal. A competitive port opening up just up the coast. It has to convert to a corporation. Doesn’t believe their tax pool is as extensive as asset-holding trusts.

2010-03-16

Comment

A Commentary

0.020

Gold. This has been a very interesting trade in the last 6 months. Feels that it is losing its lustre as crisis insurance. Has done better recently on weakness of the US$! Not a gold bug.

2010-03-16

Comment

A Commentary

0.020

Taxing of options? Options are taxed as capital gains unless you are a professional trader when they are taxed as income.

2010-03-16

N/A

A Commentary

0.020

Canadian economy is doing better than US. Manufacturing stats were better. Traditionally we have lagged behind the US with lower productivity. Strength of Canadian dollar has allowed companies to buy abroad cheaper. There are signs of stability in the labour force. US housing starts are down.

2010-03-16

PAST TOP PICK

NYSE Group

NYX-N

28.840

(A Top Pick March 27/09. Up 50.13%.)

2010-03-16

BUY

BAM.A-T

25.350

Great trade. Well positioned. Tremendous book of assets. Buys for all his new clients.

2010-03-16

Comment

Claymore BRIC E.T.F.

CBQ-T

30.110

BRIC (Brazil, Russia, India and China) ETF. Russia only accounts for 2.9%. Would prefer the 3 iShares China (CXH-T), iShares Brazil (XBZ-T) and iShares India (XID-T). This would eliminate Russia.

2010-03-16

HBP Financials Bull+ E.T.F.

PAST TOP PICK

HFU-T

11.950

(A Top Pick March 27/09. Up 143.75%.)

2010-03-16

Comment

SPDR Financial E.T.F.

XLF-N

15.729

Financial ETF. If you are going to play US banks this is the one he would use and preferably over using individual banks. US banks are not out of the woods yet. Still have some issues. More than $1 trillion in bank reserves set aside for the commercial real estate issues.

2010-03-16

DON'T BUY

Visa Inc.

V-N

91.650

(Market Call Minute) Not going to see strong retail sales in US until 2012 so stock has over performed.

2010-03-16

TOP PICK

Agrium

AGU-T

73.110

Fertilizer market has strengthened since 4th quarter of last year. Indications are that farmers will get their prices giving them good margins. Even if economy doesn’t retrace and stays as it is, this bodes well for prices of potash and this company. Use a 10%-12% stop loss.

2010-03-15

TOP PICK

Aecon Group Inc

ARE-T

13.640

Safe way of having some exposure to infrastructure. Acquired Lockerbie & Hole near the bottom of the market early 2009 and has turned out to be a great acquisition. He sees 2 or 3 years of baked in 15% growth that can't really get derailed.

2010-03-15

DON'T BUY

ABX-T

39.870

Prefers smaller gold companies, which gives better movement. Expects gold will be in a trading range of $1100-$1200 so you want companies with production growth. Prefers Eldorado (ELD-T), Goldcorp (G-T), Iamgold (IMG-T) and Kinross (K-T).

2010-03-15

Comment

Bennet Environmental

BEV-T

2.430

Treats contaminated waste soil in Quebec. Management had a recent conference call and indicated they were starting a slow recovery

2010-03-15

Comment

Cameco Corporation

CCO-T

28.360

Likes uranium longer-term. Prefers Paladin (PDN-T) because it does not have the Cigar Lake problems and a bit better growth profile. Possibly a takeover target. You will have to have some patience with any uranium play.

2010-03-15

Comment

CNQ-T

73.220

Good company, good management. For the long-term, 2 years-5 years you will definitely make money. Energy always tends to be tied to a strengthening economy. Short term, it could get a little worse.

2010-03-15

BUY

Cisco

CSCO-Q

26.080

Has had an unbelievable run. Technology spending follows the economy. There may be another wave of corporate/government tech spending left. Next couple of years bodes well.

2010-03-15

Comment

C-N

3.890

Government still owns 30% of this bank. Still struggling to find itself. Has good upside if the US economy continues to turn around but there are better choices amongst financials.

2010-03-15

CML Healthcare Income Fund

BUY

CLC.UN-T

12.300

Good defensive play. Dividend is solid because a large percentage of its clients are Ontario, Alberta and Canadian governments. Shouldn't get hurt by buying at this price. If it gets close to $15.75 you should consider exiting.

2010-03-15

HOLD

CPG-T

38.700

(Market Call Minute.) A Hold at this price but buy on weakness.

2010-03-15

HOLD

Eldorado Gold

ELD-T

13.450

Because gold is volatile he would not use an automatic stoploss, but would keep an eye on it instead. Likes the production growth.

2010-03-15

PAST TOP PICK

Enbridge

ENB-T

48.560

(A Top Pick Apr 13/09. Up 33.6%.) Recently raised the dividend. Very safe place to be. Hold.

2010-03-15

Comment

ECA-T

33.950

Would think about selling his holdings if it went to $35.75-$36 again and trade down to something with a little bit more growth.

2010-03-15

PAST TOP PICK

G-T

40.000

(A Top Pick Jun 1/09. Down 1.23%.) Still likes.

2010-03-15

TOP PICK

Iamgold Corp

IMG-T

14.750

With current prices of gold, a mid-cap stock like this will definitely perform. If gold stays at these levels or increase a little he really likes the direction of this company.

2010-03-15

BUY on WEAKNESS

MFC-T

20.560

Thinks we have seen the worst of the slide in the insurance sector. Maybe a little too expensive at this point.

2010-03-15

BUY

MFC-T

20.560

Can see $30 in 2-3 years. Have a lot of growth in Asia. As credit concerns ease and equity markets go sideways to slightly higher their credit and capital will get better increasing their multiple.

2010-03-15

Progress Energy Resources

HOLD

PRQ-T

13.330

There is enough natural gas storage so that there probably will not be a bump up until the fall. Have all kinds of good drilling prospects. If it rose to $15 over the summer, he would suggest you consider taking profits.

2010-03-15

Comment

Morgan Stanley

MS-N

29.640

If you have a long-term outlook, this is a Buy. Management is sound. If you are looking to do a trade, this is not the time.

2010-03-15

PAST TOP PICK

Nexen Inc

NXY-T

23.740

(A Top Pick Apr 13/09. No change.) Have the Long Lake oil sands project and keep having mildly disappointing numbers. Has an asset value of $34. Could be a takeover target. Buying at this price.

2010-03-15

BUY on WEAKNESS

Onex Corp

OCX-T

28.060

Holding company with a great long-term track record. Recently purchased this at around $24. About $8 a share in cash and an asset value of about $38. We prefer it down $1 or $2..

2010-03-15

WAIT

RIM-T

77.170

In the midpoint from its high to low. Would wait a couple of days to see the iPad launch as the stock may pull back. If you own, consider a stoploss of 15%. (Too volatile for 10% stoploss.)

2010-03-15

TOP PICK

RIM-T

77.170

Smart phone market is growing and recent studies indicate it is outgrowing Apple (AAPL-Q). Trading at a fairly discounted value for a growth stock.

2010-03-15

BUY on WEAKNESS

Fairborne Energy Ltd.

FEL-T

3.940

At $3.50, it's not bad value but not one of his favourites. Okay for a long-term purchase.

2010-03-15

PAST TOP PICK

Rogers Communcations (B)

RCI.B-T

35.100

(A Top Pick Apr 13/09. Up 30%.) Great free cash flow generator. Has room to increase dividends and buy backs stock. Hold.

2010-03-15

HOLD

Viterra Inc

VT-T

9.700

(Market Call Minute.) Quite cheap. Made a good Australian acquisition, which has come out with good numbers.

2010-03-15

HOLD

Sears Canada

SCC-T

28.750

(Market Call Minute.) Would have been a Buy a couple of $’s lower.

2010-03-15

BUY

Shaw Communication (B)

SJR.B-T

20.580

Prefers Rogers (RCI.B-T) because of the better cash flow from their cellular side. Doesn't own the stocks but does own their bonds. Good cash flow generator.

2010-03-15

Sherritt International Corp.

Comment

S-T

8.850

Essentially a third coal, a third nickel and a third oil with fairly heavy Cuban exposure on the nickel and oil side. Largest leaseholder in Alberta of coal. Very cheap stock on a net asset value. The real catalyst will be if Cuba eventually opens up.

2010-03-15

TOP PICK

SNC-Lavalin Group Inc.

SNC-T

52.400

Still likes infrastructure theme. While governments may be weighing out of capital markets or banking sector, they will still be doing infrastructure spending for the next few years. Likes the diversity of this company even in a slow economic recovery.

2010-03-15

HOLD

Thomson Reuters Corp

TRI-T

37.430

(Market Call Minute.) Would like to see a better growth profile before buying.

2010-03-15

BUY

Wal-Mart Stores Inc.

WMT-N

55.420

Doesn't feel you can get hurt with this company. Sound management and loves the way they run their company. Annual return for the long-term will be 6%-8%. Long-term hold.

2010-03-15

BUY on WEAKNESS

Westshore Terminals Inc.

WTE.UN-T

16.180

Has moved a little higher than what he expected, $15.50. Like well managed trusts with good dividends they have all been moving as people look for yield. Outlook for the bond market is not great. He would prefer it at around $15.

2010-03-15

Comment

A Commentary

0.020

Canadian banks. He owns 4 of the 5 banks excluding Bank of Montreal (BMO-T). His favourite is Toronto Dominion (TD-T). However, they all have run based on good 1st quarter earnings so expects they will pause and go sideways for a while. 2011 estimates are starting to look pretty good.

2010-03-15

BUY on WEAKNESS

Silver Wheaton

SLW-T

15.700

Has hung in pretty well even though silver/gold prices have retreated. Great way to play Silver in that they have a lot of contracts where they take the production at a cost with the floor of $3.90 an ounce. A little ahead of itself by $1 or so.

2010-03-15

PAST TOP PICK

United States Steel

X-N

13.500

(A Top Pick Jun 1/09. Up 62.67%.) Still likes.

2010-03-15

Comment

MagIndustries Corp.

MAA-T

0.460

Junior potash story on the west coast of Africa. Recently signed a Memorandum of Understanding for the 2nd time with a Chinese company. He calculates a NAV of about $1.75. Relatively higher risk play but the risk/reward looks really good.

2010-03-15

HBP NYMEX Nat'l Gas Bull+

PAST TOP PICK

HNU-T

7.090

(A Top Pick Jun 1/09. Down 82%.) Traded out of this at a much lower loss than 82%.

2010-03-15

TOP PICK

PetroBakken Energy

PBN-T

26.890

Primarily Bakken but has diversified into a few Cardium plays. Stock price has retreated and is a great entry point. Good set of possible drill prospects. 4 or 5 years of really good growth prospects.

2010-03-15

Comment

BNS-T

49.490

Far greater global exposure than the other banks. He prefers Toronto Dominion (TD-T) and Bank of Montreal (BMO-T).

2010-03-12

iUnits Gold S&P/TSX E.T.F.

PAST TOP PICK

XGD-T

19.950

(A Top Pick March 31/09. Down 4.9%.) When looking at commodities, it is always a good idea to have some of the basic commodity itself. Still a buy.

2010-03-12

PAST TOP SHORT

CI Financial Corp

CIX-T

20.950

(A Top Pick March 18/09. Down 58.79%.)

2010-03-12

Comment

Cameco Corporation

CCO-T

28.880

Chart shows it is in a downward trend in the short term. New highs are not being made and it is now coming down to the $27 support level. If you buy it for a short term, 2 weeks, it may be good for a dollar but use a stop at around $27.

2010-03-12

BUY

CNQ-T

74.730

Will be throwing off huge cash flows $20-$25 in 2-3 years from their Horizon project and the company will be debt free. The cash could be used for dividend increases but likely for acquisitions and share buybacks. (See Top Picks.)

2010-03-12

Comment

Canadian Oil Sands Trust

COS.UN-T

27.840

Acquired reserves in the high Arctic, which will require the Mackenzie pipeline to be built. Good management. Likes others which have higher yields.

2010-03-12

Central Fund of Canada Ltd (A)

PAST TOP PICK

CEF.A-T

14.180

(A Top Pick March 31/09. Down 5.8%.) Pure bullion play.

2010-03-12

Cineplex Galaxy Income Fund

PAST TOP PICK

CGX.UN-T

19.330

(A Top Pick March 18/09. Up 43.16%.)

2010-03-12

PAST TOP PICK

Centex Corp

CTX-N

11.950

(A Top Pick March 18/09. Up 46.09%.) Was acquired.

2010-03-12

BUY

Emera Inc

EMA-T

24.500

Just made a $75 million acquisition in Maine. A lot of people buy this for the dividend yield of around 4.5%-5% but is now starting to look like a growth story. Above the long-term support level, which is good. Buy and hold for the dividends.

2010-03-12

DON'T BUY

Fortis Inc.

FTS-T

28.560

Has gone back to its old highs and has a yield of 4% and its multiple is fairly high. For good defensive stocks consider Pembina (PIF.UN-T), Inter Pipeline Fund (IPL.UN-T) and perhaps even Enbridge (ENB-T).

2010-03-12

BUY

GE-N

17.040

One of his favourites. People think of the financial mess that their financing arm has gone through but more importantly, their other activities they are involved in making like a mini mutual fund in industrial America. If you have a 3 year view, it's a Buy.

2010-03-12

TOP PICK

Gennum

GND-T

6.250

Designs semiconductor circuits. From June until now it had been trading in the $4 range and, on very positive news went up to a new level so the stock has taken on new characteristics. Volumes were also good.

2010-03-12

BUY

G-T

40.090

Likes their Mexican projects and the production from these. Also making some major headway in the Quebec area. Involved in a lawsuit with Barrick (ABX-T), which is messy but nothing more than an irritant.

2010-03-12

H&R Real Estate Inv Trust

Comment

HR.UN-T

16.770

They were beaten up because of the Bow project in Calgary and fears of their ability to finance it and this is now in the background.. Because it is a REIT, it will be exempt from having to change in 2011. If interest rates go up, any interest sensitive stock will be under pressure and this would be the one caveat against buying it.

2010-03-12

DON'T BUY

MFC-T

20.400

This one is very tricky. Has been a big disappointment. Will probably stall out at around $22 and probably slide there for a while.

2010-03-12

BUY

MFC-T

20.400

Now getting their house in order but there is still a degree of scepticism based on what would happen to capital requirements in another market meltdown. If you are looking out 2 to 3 years, it is a Buy.

2010-03-12

TOP PICK

Omnicare

OCR-N

28.320

Pharmaceutical services. Beautiful chart. Breaking above new highs. Target at $32 but sell if it goes below $27.50. Chart shows a reversal pattern and it has broken above the downward trend and starting to make new highs.

2010-03-12

BUY

Onex Corp

OCX-T

28.150

If you want a first-class equity company, buy this one. Trades at a discount to NAV of around $33. First-class management. You'll have to hold it for about 5 years but should do quite well.

2010-03-12

BUY

RIM-T

76.810

`Expectation that earnings being reported March 31 is for about $1.27 and for the year $4.40 and looking at $5+ next year. Increasing competition will lead to decreased prices and increased market share. Trading at about 15-16X earnings.

2010-03-12

BUY

Royal Bank

RY-T

58.410

Likes the banks. This one looks really good and is very close to its all-time record highs of the $60 level. Getting near to this again. $60 will be a bit of the resistance point but there should be a couple of dollars left in this. Would be surprised to see a drop below $56.

2010-03-12

PAST TOP PICK

Shaw Communication (B)

SJR.B-T

20.630

(A Top Pick March 31/09. Up 7.3%.) Innovative company with hands-on management.

2010-03-12

BUY

SNC-Lavalin Group Inc.

SNC-T

52.400

Likes this one very much looking out 3 to 5 years. Broad global exposure in areas he likes.

2010-03-12

SELL

SU-T

31.840

Likes oil, but this stock does not look good. Doesn't like the down trend that he sees from January to March. Fairly big drop. Earnings estimates have been reduced.

2010-03-12

SELL

Talisman Energy

TLM-T

18.860

Perennially this has been the cheapest stock compared to its peers. Thought it would change with the new management but it hasn't. Prefers others.

2010-03-12

BUY

Yamana Gold Inc.

YRI-T

10.270

From time to time, the price of gold will lead the stock price. If gold is going up sharply, then chances are the revenues will widen over the costs giving tremendous positive leverage. In a flattish environment, gold bullion will do better than the stocks.

2010-03-12

BUY on WEAKNESS

Tembec Inc.

TMB-T

1.450

Downward trend is reversing. Some encouraging signs including a pickup in volume as well as breaking into new territory. Potentially $1.80 if it continues this way. A concern would be lack of volume until recently so could be difficult to trade. Probably get it at $1.40. If it breaks down below $1.30, you have to exit as it will then stay in the $1-$1.20 range.

2010-03-12

HOLD

Trans Canada Corp

TRP-T

36.630

Likes this one. Good defensive stock.

2010-03-12

HOLD

TSX Group

X-T

29.980

Performance has been dismal but looking out 3 years, and looking at better markets, it will participate in the higher trading volumes and revenue producing activities. Yield of 5.07%.

2010-03-12

HOLD

A Commentary

0.020

Canadian banks. About 3 or 4 months ago, the general consensus on the street was that the 2010 earnings per share for all the banks would be fairly lacklustre with 2011 being the blockbuster with earnings increases of 20%-30%. Because of the much better than expected, 1st quarter estimates are being increased for this year as well as target prices.

2010-03-12

Comment

A Commentary

0.020

Alberta royalty rules were just changed from 50% going down to 36% for natural gas and 50% down to 40% for oil. There was a 5% royalty on new gas wells is to be continued for another year. Very positive for all the oil/gas trusts.

2010-03-12

TOP PICK

Daylight Energy Trust

DAY.UN-T

10.950

Made a couple of key acquisitions and are solid in their position in the Pembina in Alberta. Good yield of about 7%. Great long-term hold.

2010-03-12

STRONG BUY

Scorpio Mining Corp.

SPM-T

0.660

Silver/zinc play in Mexico. 1st class management. Recently made an acquisition and with a combination of increased reserves and the likely increase in production is looking for $.08 a share in cash flow this year and $.15-$.18 next year. Still buying for his clients. Target of $.90 to $1 fairly quickly and probably closer to $2 next year.

2010-03-12

WATCH

Dryships

DRYS-Q

6.170

A lot of relationship to world economy. Has been in a very long base. This is a “wait and see” stock. Chart shows a downtrend for resistance points but if it breaks above $6.50, Buy. First stop would be around $7 and then probably $10. Expect it will be below $6 in 6 months.

2010-03-12

PAST TOP PICK

CASH

0.000

(A Top Pick March 31/09.) Had about 30% cash at that time but is now 10%-15% depending on the portfolio.

2010-03-12

TOP PICK

Nalco Holding Company

NLC-N

23.680

One of the key areas going forward is going to be water. An increasingly lucrative area for companies that purify drinking water, recycle water, increasing efficiencies. One of the world leaders in this as well as a related energy business and forest/paper business.

2010-03-12

TOP PICK

Tetra Tech Inc.

TTEK-Q

20.880

Water treatment company. 60% of their business is with either the US federal government or the various states. 30% is commercial and 10% globally, primarily Canada.

2010-03-12

TOP PICK

Coastal Contacts Inc.

COA-T

1.500

Getting into glasses. Have an operation in Stockholm that has been selling glasses. Good margins and have no debt and cash flow positive. Chart shows a nice upward motion and thinks it could hit $2 pretty easily but get out if it goes below $1.30.

2010-03-12

Comment

BCE Inc.

BCE-T

30.570

Strip bond due in 2026, yield of 6.2%. 16 years is fairly long and it is a zero coupon bond which means duration is also 16. If you don't need the cash flow, it is an OK longer-term hold.

2010-03-11

TOP PICK

C-N

4.180

4.65% maturing 10/11/17. Investment grade A. Price is $86.43 yielding 7.18%. Wants to stay away from sharp bonds because rates could rise over the next year. On the other hand, doesn't have to go out 30 years for a 6%-7% yield.

2010-03-11

TOP PICK

AltiusMinerals Corp

ALS-T

9.340

Have been able to generate a compound annual return over 10 years better than 30%. Have done this using a joint venture model. NAV of about $9. There is hurry in buying. Take your time.

2010-03-11

iUnits Cdn Bond Market. E.T.F.

DON'T BUY

XBB-T

29.690

Doesn't like this because you are buying the index and if you believe rates are going to rise, you want an actively managed portfolio. You don't want to hold anything in the 1-5 year area, which make up almost half this index.

2010-03-11

Comment

Emera Inc

EMA-T

24.080

4.83% due 2019 trading around par. Pretty stable cash flow and is rated BBB high so good from a credit perspective. 90% of revenue from Nova Scotia Power/Bangor Hydroelectric, which is pretty safe cash flow.

2010-03-11

DON'T BUY

Gammon Lake Resources

GAM-T

9.630

Have had a tough time getting their mine working. Veins are not hanging together as they would like and there is a lot more dilution in the open pit portion of it. Having trouble with high-grade getting mixed in with low.

2010-03-11

Industrial-Alliance Life Ins

PAST TOP PICK

IAG-T

33.650

(A Top Pick Apr 1/09. Up 22.46%.) 8.25% 2014 bonds. Still likes.

2010-03-11

BUY on WEAKNESS

Mag Silver Corp

MAG-T

7.580

Got the best Silver deposit recent discovery in a long time. Tied up with Fresnillo and is waiting to see if they get taken out by them or not.

2010-03-11

PAST TOP PICK

Royal Bank

RY-T

58.050

(A Top Pick Apr 1/09. Up 26.15%.) 6.821% June 30, 2018 bonds yielding about 8% to maturity. Still likes.

2010-03-11

Rubicon Minerals Corporation

DON'T BUY

RMX-T

4.430

Have had outstanding success in the Red Lake camp. Very smart people. Not sure how much there is left in there.

2010-03-11

PAST TOP PICK

Sunlife Financial

SLF-T

31.750

(A Top Pick Apr 1/09. Up 20.94%.) 7.9% March 31, 2014 bonds. Still likes.

2010-03-11

HOLD

Yellow Pages Income Fund

YLO.UN-T

6.000

Preferred bonds with 7% yield. Preferreds would rank a little below on the capital structure. Comfortable with this name.

2010-03-11

TOP PICK

A Commentary

0.020

Merrill Lynch Financial Assets CAN22A3 series, 4.88% coupon maturing 4/12/17. A collateralized mortgage-backed security rated AAA. Assets are all Canadian.

2010-03-11

TOP PICK

A Commentary

0.020

Aeroplan 6.95% maturing 1/26/17. As the economy recovers and people spend and travel, there will be more revenues coming in. Fairly good yield for a not very long duration.

2010-03-11

Comment

A Commentary

0.020

Bank perpetual preferreds. Paying over 5% but if interest rates go up will the banks call these? As interest rates rise, bonds and preferreds will get hurt, especially perpetuals. Generally, the banks do not call these.

2010-03-11

Comment

A Commentary

0.020

US or Canadian corporate bonds? He would prefer to the Canadian over the US. Doesn't like the currency risk. Also, Canadian corporate balance sheets are generally in better shape. Growth prospects for Canada is probably better.

2010-03-11

Comment

A Commentary

0.020

City of Winnipeg bonds Feb 11/13 yielding 9.375%. Credit risk is pretty close to zero. Between now and 2013, it will go from $118-$100. So every year you lose approximately $6 in capital. To offset that you are getting a huge coupon.

2010-03-11

Comment

A Commentary

0.020

Bank preferred shares as an alternative to GICs? The preferreds would be a better alternative. Credit risk is slightly higher but not much. They won't always be at $.25 on the $1 so will be more volatile. You may have figured out at quite a discount depending on market conditions,

2010-03-11

Comment

Keegan Resources

KGN-T

5.860

Run by some very good, competent people. Main zone is very good grade but as you move along the trend, it seems to be offset and driving deep so they are losing the grade and continuity to some degree.

2010-03-11

Kodiak Exploration Limited

DON'T BUY

KXL-X

0.400

Ramped up expectations on some veins they were finding, which is why the stock went up so high. The mineralisation was very erratically distributed. Doesn't think it is a very economic deposit.

2010-03-11

BUY

Mirasol Resources

MRZ-X

2.260

Not really a Silver company but have at least one silver discovery in Patagonia. Have some joint ventures with Couer d’Alene that looks like they are drilling up some silver.

2010-03-11

Comment

San Gold Corporation

SGR-X

3.230

Have a nice gold deposit. There are a number of parallel structures to the main vein where they have been pulling some very good holes and getting good mineralisation. Overvalued probably but he is there for the exploration

2010-03-11

Comment

Osisko Exploration Ltd.

OSK-T

8.790

Large low-grade gold deposit going into production in Quebec. Will be an interesting test for them being one of the first large low-grade deposits to go into production. Interesting to see how much money they make and what their margins are.

2010-03-11

PAST TOP PICK

AuEx Ventures

XAU-T

3.060

(A Top Pick May 29/09. Up 6.6%.) Very intelligently run company. The game plan is to generate ideas/geologic targets and bring a major company in to do the hard, expensive work. Made a discovery of a very nice deposit in Long Canyon Nevada and hold 49% with Frontier being a joint partner.

2010-03-11

Comment

Premier Gold Mines

PG-T

4.050

Have an interesting deposit where they are getting some good intervals with good grade mineralisation. The question is how much is actually mineable and to what depth.

2010-03-11

BUY

Fortuna Silver Mines

FVI-T

2.500

Silver. Has had a nice run. Management can mine profitability. Bringing San Jose into production.

2010-03-11

Comment

Evolving Gold Corp.

EVG-X

0.990

There is a discovery in Nevada that is potentially really significant. Hit the right rocks and the right alterations in a very strong system. Wedging down and trying to expand it. Will be an expensive project.

2010-03-11

PAST TOP PICK

Phoscan Chemical Corp.

FOS-T

15.040

(A Top Pick May 29/09. Down 14.6%.) Have a phosphate deposits and raised a large sum when the phosphate market was hot but everything collapsed last year. Sitting on about $70 million with a market cap less than this. Won't develop the phosphate deposit until conditions are right.

2010-03-11

Comment

Premium Exploration

PEM-X

0.360

Has a project in Idaho. High-grade chute that runs to depth along a structure and by itself is not a large deposit. So they now have to find more along a trend which could make it economic.

2010-03-11

PAST TOP PICK

Eurasian Minerals Inc.

EMX-X

1.960

(A Top Pick May 29/09. Up 30.7%.) A lot of projects in Haiti in a joint venture with Newmont (NMC-T) who is footing the bill. Because of the earthquake, the stock got hit and is just now starting to come back.

2010-03-11

TOP PICK

Focus Ventures

FCV-X

1.050

Gold exploration in Peru. As they drill deeper he is hoping for stronger mineralisation. Drilling now but if results are not good, the stock could drop. Take your time in buying.

2010-03-11

TOP PICK

Blue Sky Uranium Corp

BSK-X

0.700

Partnered with a Argentinean province in uranium, which has 10%. About 5% of exploration budget has to go towards improvements. Have a large area of anomalous uranium. Low-grade deposit that will be very cheap to mine. If things go well, he could see this at $2.

2010-03-11

DON'T BUY

Atac Resources Limited

ATC-X

1.640

Have a very interesting system but doesn't understand exactly what it is but has some very strong high-grade mineralisation. Part of a much longer trend that they are going to be hitting pretty hard this summer. As an expiration play, it's great but the valuation is pretty high. Would like it cheaper.

2010-03-11

Comment

Gold Bullion Development

GBB-X

0.245

Located in Quebec and put out a recent drill hole didn't see that they have a large disseminated deposit. However, they are very serious about mining and you are interested in small-scale mining in Quebec, it is all right. Would try to switch into something else at some point.

2010-03-11

HOLD

Galway Resources

GWY-X

1.180

One of the most mineralized districts in Columbia that he has seen in a long time. Have had trouble drilling. Need a new rig that has to go up a steep hill. There will be mining issues.

2010-03-11

DON'T BUY

Antioquia Gold

AGD-X

0.340

Located in Colombia. What he has seen of the drilling so far and the veins, it's a number of narrow erratically distributed high grade mineralisation in chopped up vein structures. Not something he would own.

2010-03-11

Comment

Kootenay Gold

KTN-X

0.890

Doesn’t think the Promontorio is a large system. Did a deal to pick up Sunshine mine in Cour De Lene, which has a decent grade deposit but the issue with a lot of the companies in this area is dilution and mining costs.

2010-03-11

HOLD

Fission Energy

FIS-X

0.820

Uranium. Had a discovery in the Athabascan basin in Saskatchewan of high-grade mineralisation. Small at 40-100 meters long by 15-30 meters wide by 20 to 50 meters deep. Very profitable if you can mind them effectively. Could be a long time before they are taken out.

2010-03-11

Comment

Orko Silver

OK-X

1.450

Pan-American Silver is buying into their Mexican deposit, which is a very encouraging sign. Hasn't gone through the numbers to see if it is reasonably valued or not. Mining costs could be high.

2010-03-11

American International Group

DON'T BUY

AIG-N

36.240

Far too speculative.

2010-03-10

TOP PICK

Bank of America

BAC-N

17.110

Sees the banking system in the US as starting to stabilize. Tarp money has been paid back. Expect there will be a very robust M&A season coming, which will benefit them. Also have Merrill Lynch and Countrywide, 2 very sound companies. Trading at 70% of Book. Things it has earning powers of $2.50-$3. Won't be without hiccups.

2010-03-10

BUY

Boeing

BA-N

70.010

Has lots of room to go. It's major initiative right now is the 787. Have a backlog of 4 years of revenue. The cycle is coming around for a sweet spot in new airplanes.

2010-03-10

BUY

Caterpillar

CAT-N

58.780

Dealer inventories are still quite low so this has to be built up. Stimulus program will create a lot of work in 2010-2011. China is also a big part of the business.

2010-03-10

DON'T BUY

C-N

3.960

Poster child of a lot that went wrong in the US banking sector. The whole US banking sector is a place you might want to dip your toe but this one represents a speculative buy. (See Top Picks.)

2010-03-10

TOP PICK

AltiusMinerals Corp

ALS-T

9.350

(A Top Pick March 3/09. Up 37%.) Have about $200 million in cash and securities. Extraordinarily well run. Have a small piece of the Voisey Bay royalty and merchant banking operations that have given them spectacular gains.

2010-03-10

Comment

Exxon Mobil

XOM-N

67.220

Senior company in the oil/gas sector. Have had difficulty finding growth over the last number of years. Would prefer Canadian companies in this sector.

2010-03-10

DON'T BUY

Full Metal Minerals Ltd.

FMM-X

0.205

Has one of the better geologists in the Pacific Northwest. Focus on Lucky Shot is a mistake. Could find a joint venture partner who would come in and develop without them having to do it. Doesn't think they have the experience/capacity to develop it themselves.

2010-03-10

BUY

Goldman Sachs

GS-N

171.940

Has always had the ability to be a little better than the other managers on the street. ROE is fantastic. Expecting a very large merger/acquisition stage in the cycle.

2010-03-10

DON'T BUY

Harley Davidson

HOG-N

26.960

Entrance into the Indian market will be a benefit but there are a lot of things going wrong for this company. Sales are down. Demographics are not working in their favour.

2010-03-10

WEAK BUY

IBM

IBM-N

125.620

This is now more of a services company, which leads to a more predictable income stream. Not the most exciting of technology companies but if you want stability and 8% to 10% of earnings growth is a pretty good stock.

2010-03-10

BUY

Intel

INTC-Q

21.190

This is an area that is highly volatile and cyclical but this is a senior company in this area. Pays a very nice dividend.

2010-03-10

DON'T BUY

Eli Lilly & Co.

LLY-N

35.340

Similar to a lot of Pharma companies in that they have to find some growth. Will have patent expiries in 2011, which will create falling sales. Looks cheap and has a great dividend but it is a shrinking situation.

2010-03-10

HOLD

Lowes Companies Inc.

LOW-N

24.290

One of the 2 senior home improvement companies. He prefers Home Depot (HD-N) because it has slightly better metrics. Bigger wholesale business, which is higher-margin. This company will participate in the resurgence once the housing market starts again.

2010-03-10

BUY

Google

GOOG-Q

576.450

The new advertising model and is working extremely well. Expecting about $26.50 a share in earnings this year. Taking into account the cash (about $70 a share) it is pretty good value at this time.

2010-03-10

BUY

Massey Energy Company

MEE-N

49.410

Thermal coal. About half the electricity in the US comes from coal-fired plants. China is building these plants at an amazing rate also. Need/demand for coal is going to be there for many years to come.

2010-03-10

DON'T BUY

Microsoft

MSFT-Q

28.970

Going through a pretty healthy product cycle with their Windows 7. This is helping their earnings. Over the last decade, nothing has really happened with their stock price yet their earnings have doubled. Prefers other companies in the tech area.

2010-03-10

PAST TOP PICK

Oracle

ORCL-Q

24.870

(A Top Pick March 11/09. Up 62.3%.) Trades at a reasonable multiple.

2010-03-10

PAST TOP PICK

Red Back Mining Inc

RBI-T

20.070

(A Top Pick March 3/09. Up 171.1%.) Still likes.

2010-03-10

Comment

Waste Management

WM-N

33.490

Largest solid waste company in North America. Slow growth but have pricing power. Increased 3% last year. Thinks that both volume and price are going to rise in 2010 but low single digits. Not particularly cheap.

2010-03-10

Comment

A Commentary

0.020

Oil and Natural gas. Thinks these will be very, very good businesses. Still the possibility for sharply lower natural gas prices because of burgeoning US production and reduced industrial demand. A lot of it will depend on how oil/gas companies will be allowed to report reserves on a going forward basis and whether or not the current liquidity driven rally declines.

2010-03-10

PAST TOP PICK

Mastercard Inc.

MA-N

249.600

(A Top Pick March 11/09. Up 69.1% excluding dividends.) Competes very well against Visa (V-N), its major competitor.

2010-03-10

Comment

Lundin Mining Corp.

LUN-T

5.170

Likes these people a lot but would caution that he is not very optimistic on either copper or zinc prices in the near term. Good balance sheet and good free cash flow. Be prepared to own for 2 or 3 years.

2010-03-10

Comment

Las Vegas Sands Corp.

LVS-N

19.730

One of the things he likes as opposed to their competition is that a disproportionate amount of their revenue is coming from Macao. However, it is too speculative for him.

2010-03-10

BUY on WEAKNESS

Centamin Egypt

CEE-T

1.990

Royalty and tax regime is very complex but is overcome by the very competent management team. Very large multi-phased deposit. Would prefer it in the $1.70-$1.80 range. Probably a takeover target in 5 to 10 years.

2010-03-10

TOP PICK

Sprott Resource Corp.

SCP-T

4.590

Merchant banking operation for the non-public opportunities that come in. Good valuation. Likes their agricultural focus.

2010-03-10

DON'T BUY

Dryships

DRYS-Q

6.140

This has been used in the past few years as a proxy for global expansion. Very leveraged balance sheet and very cyclical. Would prefer playing the straight commodities.

2010-03-10

Parexel International Corp.

PAST TOP PICK

PRXL-Q

21.840

(A Top Pick March 11/09. Up 180.8%.) About 60% of revenues come from outside the US.

2010-03-10

International Royalty Corp.

PAST TOP PICK

IRC-T

0.000

(A Top Pick March 3/09. Up 204.6%.) Acquired by Royal Gold (RGI-T).

2010-03-10

BUY

Novus Energy

NVS-X

0.890

Principally focused in the Dodsland/Viking light oil play in Saskatchewan. Very competent management, which has a acquiring/exploit focus. Important to budget 5 to 8 years for it to gain enough weight to make you money.

2010-03-10

Comment

Oceanagold Corp

OGC-T

2.610

Gold. Fairly valued. Well run company. Primary area is New Zealand. Growth is in the Philippines, which presents both technical and political challenges. Balance sheet had been extremely strained but recently did an equity offering.

2010-03-10

TOP PICK

Ram Power

RPG-T

3.040

Likes the US geothermal space. They get very generous subsidies. Focus is not to find geothermal but to finance, build and operate geothermal plants. This company has the best range of experience in this space. $150 million cash.

2010-03-10

TOP PICK

Regal Beloit

RBC-N

57.810

Manufacturers small engines for heating and cooling systems. Replacement cycle of about 15 years. Housing starts in the US released it about 15 years ago and we are now getting into the replacement cycle. Also the motor sign out up to 70% more efficient so there is encouragement by governments for replacements.

2010-03-10

TOP PICK

EMCOR Group

EME-N

25.070

In the mechanical/construction services business so they are very much part of the stimulus program. Only a third of stimulus money has been spent so 2010-2011 should be a good time for them. Trading at about 12X 2010 estimates. Very little debt. Have $10 a share in cash on the balance sheet. Have had 10 consecutive quarters of earnings surprises.

2010-03-10

BUY

Alpha Natural Resources

ANR-N

50.790

2010-03-10

DON'T BUY

AGF Management (B)

AGF.B-T

17.290

Not his favourite. Not that well run, and not been able to attract assets like others due to people leaving. IGM would be number 1 pick.

2010-03-09

HOLD

Farallon Resources

FAN-T

0.560

Zinc mine in Mexico showing very rich grades. Zinc has rebounded along with many of the base metals. More bullish on precious metals than base metals. Good company. Will have to either get on the acquisition trail or find new projects to grow. Good long-term hold.

2010-03-09

BUY

Aecon Group Inc

ARE-T

13.660

A fine company. Infrastructure is a good place to be.

2010-03-09

DON'T BUY

A T & T US

T-N

25.560

Prefers Verizon. AT7T has poorer network.

2010-03-09

WEAK BUY

BNS-T

49.420

Feels Canadian banks are fairly fully priced. Came out with as expected earnings and had a bit of a pop. You should have some exposure but should not have overweight.

2010-03-09

Comment

ABX-T

40.540

Spun off their African project into a separate company. Thinks this is going to be the new news in the majors in order to get a bigger bang for shareholders.

2010-03-09

BUY

ABX-T

40.540

Likes the liquidity and safety. Likes the quality of the assets. Would buy it.

2010-03-09

BUY

BCE Inc.

BCE-T

31.030

Would own it here and buy it here. Has excellent upside from here. It is turning around. Throws off huge cash. Raised dividend and will do it some more.

2010-03-09

BUY

Taseko Mines Ltd.

TKO-T

5.000

Probably one of the best emerging base metal (mainly copper) producers. Have a project that is waiting for federal approval in Canada to bring in the Prosperity mine. This will ratchet up the company to big time. Expect it will become a takeover target.

2010-03-09

WAIT

CI Financial Corp

CIX-T

20.800

Markets have done well in last year. Mutual fund companies got hurt when people were fleeing and they benefited when they people came back. This one did not. Likes the long-term fundamentals. Wait for a sell-off. It’s in BNS’s best interest to buy CI in the long run.

2010-03-09

DON'T BUY

CAE Inc

CAE-T

9.410

He’d like to own this at one point. The problem he has is that their customer base is the commercial airlines, which are loosing money.

2010-03-09

WEAK BUY

Canadian Pacific Rail

CP-T

56.260

Economically sensitive, but have held up very well. CN is his favourite – less commodity sensitive.

2010-03-09

HOLD

Canadian Utilities

CU-T

47.330

Well run. He owns alternates. If you own it, hold it, otherwise go for Emera or Fortis.

2010-03-09

DON'T BUY

C-N

3.820

It is the walking dead. On a valuation basis, the stock is not cheap. Not well run. High leveraged. If he were looking for a US bank, which he is not, he would want a Wells Fargo or JP Morgan or US bankcorp. This would be speculative.

2010-03-09

HOLD

CPG-T

38.650

Continue to hold it even though it is not a trust. Has some valuable properties and dividend is sustainable and it will keep on growing. Keep it.

2010-03-09

PAST TOP PICK

Eastmain Resources Inc

ER-T

1.490

(A Top Pick June 3/09. Up 1.05%.) Multi-project company mainly in Ontario, with 3 advanced stage exploration. More than a survivor in the exploration business and is only a question of when that one of its major partners decides to buy in or take them over.

2010-03-09

SELL

Imperial Oil

IMO-T

39.210

Been an under performer. Suffering from refining and marketing side. Margins are very thin. Prefers Suncor because of synergies from merger. There’s no catalyst with IMO.

2010-03-09

BUY on WEAKNESS

Inter Pipeline Fund

IPL.UN-T

11.920

He was wrong to sell it because it was one of the income trusts to declare that once they are not a trust, they will continue to pay their distribution. It’s a question of valuation. If there is a sell off, he would get back in.

2010-03-09

PAST TOP PICK

Nevsun Resources

NSU-T

2.600

(A Top Pick June 3/09. Up 58.13%.)

2010-03-09

Northern Dynasty Minerals Ltd

BUY on WEAKNESS

NDM-T

9.870

Largest undeveloped copper/gold project in the world today and is based in Alaska. Some controversy because of an active environmental issue. Long-term would be a significant buyer, particularly on any weakness.

2010-03-09

TOP PICK

Power Financial Corp

PWF-T

31.890

Holding company, owns great west life (the best performing lifeco). Owns IGM, which has done well. Own an asset manger in the US that was troubled and is turning around. European assets are doing well. Thinks it will resume raising its dividend again.

2010-03-09

DON'T BUY

RIM-T

75.440

Traditionally been a difficult stock for a value manager. Valuation has come down so it is more interesting, but came down because of competitive reasons so outlook is a lot more uncertain. On his radar.

2010-03-09

RioCan Real Estate Investment

Comment

REI.UN-T

18.950

Believes that it will be allowed to have a percentage of its assets outside Canada and still be allowed.

2010-03-09

TOP PICK

SU-T

31.390

In a year or two the synergies will come together on these two. This is a time when you can buy stick and put it away and come back in a year or two and it will look good. This is a nice buying opportunity.

2010-03-09

PAST TOP PICK

SU-T

31.390

(Top Pick Feb 27/09, Up 63.9%) Because it is such a big merger it is taking time for some of the synergies to work. Also a poor market worldwide. Good time to buy it here

2010-03-09

BUY

Sunridge Gold

SGC-X

0.490

Exploration gold company in Eritrea, a country that is not getting favourable press. Market has overreacted. Thinks the worst is behind them.

2010-03-09

HOLD

Telus Corp

T-T

35.730

He thinks BCE and Verizon are a lot better. People are looking for what is undervalued and nice yield and this one fits that.

2010-03-09

BUY

Thomson Reuters Corp

TRI-T

36.390

It’s a tomorrow stock. It has a number of new software offerings in various areas that aren’t fully introduced. Buy it at these levels, but it will not be overnight that it happens.

2010-03-09

PAST TOP PICK

Vodafone Group PLC

VOD-Q

22.470

(Top Pick Feb 27/09, Up 27%) Margins are starting to come back and you get a good dividend out of it.

2010-03-09

Comment

A Commentary

0.020

Gold. $1300-$1500 this year and $2000 before the eventual end of the bull market and doesn't know when that will be.

2010-03-09

Comment

A Commentary

0.020

Silver, unfortunately, is a very thin traded market compared to gold. Believes you still have to own gold first but one of the big surprises in the year could be a big bump up in the silver price.

2010-03-09

Comment

A Commentary

0.020

Copper is the one base metal that he is most bullish on because of the continuing need for it globally.

2010-03-09

N/A

A Commentary

0.020

The market is behaving like Goldielocks. He economy isn’t. He hopes the market is right, but would rather be safe than sorry. His cash position is now in the 10-15% area. If there is a sell-off he wants to use the money to buy stocks he has been waiting for. Starting to look at more cyclical stocks.

2010-03-09

BUY

ABB Ltd.

ABB-N

21.000

Infrastructure play. Biggest company in electrical distribution and manufacturing. Lot of money being spent around the world in upgrading systems. Not an immediate play, but a play for the next 4 to 5 years. This will be a long-term winner.

2010-03-09

Atrium Biotechnologies Inc.

PAST TOP PICK

ATB-T

17.500

(Top Pick Feb 27/09, Up 17%) Largest producer of high quality supplements. Best balance sheet in the business. They are an industry consolidator.

2010-03-09

PAST TOP PICK

Continental Minerals

KMK-X

2.010

(A Top Pick June 3/09. Up 70.69%.) Still a Buy. Favourite takeover target.

2010-03-09

DON'T BUY

Lloyds TSB Group PLC

LYG-N

3.230

Not in a hurry to put any money into it. They were forced to take on an insurance company and the stock dropped.

2010-03-09

Essential Energy Services

BUY

ESN.UN-T

1.290

Alberta-based oil and gas services company. It’s a trust on the way to become a corporation. Eliminated its dividend. They will be a logical buyer when assets become available. Double in the next year or so.

2010-03-09

BUY on WEAKNESS

Denison Mines Corp

DML-T

1.440

Uranium under pressure. Difficult to get excited about uranium prices right now. Inevitable turnaround will come as uranium and nuclear energy will become a major part of the world going forward. This will be one of the companies that more than survives. No short-term reason to get all excited about uranium stocks. Look to buy on sustained weakness.

2010-03-09

DON'T BUY

Air Canada (B)

AC.B-T

1.640

Would never own it. No business in the history of the world has destroyed more capital. It is impossible to make money in the airline industry.

2010-03-09

TOP PICK

Crocodile Gold Corp.

CRK-T

1.910

Institutions are paying a premium for companies they believe can have production growth. This company acquired very interesting projects in Australia at a very low price. Now a significant producer. Bumped up estimates from 100,000 ounces of production to 120,000 with a potential target of 500,000.. Long-term prospects look extremely good.

2010-03-09

TOP PICK

Evolving Gold Corp.

EVG-X

0.970

2 world-class projects. Rattlesnake is a multimillion-ounce project. Just announced a major discovery in Nevada. Grossly undervalued.

2010-03-09

BUY

Rodinia Minerals Inc

RM-X

0.600

Had some really great news of late. Lithium play is going through the inevitable shakeout. The sizzle part of the move is over and we now have to find the few players that will become producers and this is one of them. Speculative.

2010-03-09

BUY

Lithium One

LI-X

1.170

Lithium play is going through the inevitable shakeout. Sizzle part of the move is over and we now have to find the few players that will become producers and this is one of them. Speculative.

2010-03-09

TOP PICK

Alderon Resource

ADV-X

2.450

Iron ore project in Labrador. Management has had great past success.

2010-03-09

BUY

Spanish Mountain Gold

SPA-X

0.420

Low-grade but big gold deposit in British Columbia. Revamped management. Potential good future. Worthwhile speculation.

2010-03-09

BUY

Silver Quest Resources

SQI-X

0.340

Great management. A package of different projects, all located in Canada, any one of which would like to be in any company. (?) Did some cheap financing and all the paper has now come in. With no new news in the next month or 2, the stock could eventually rise because all the paper and warrants being exercised will be out of the way.

2010-03-09

TOP PICK

Volkswagen AG

VOW-GR

0.000

Participating preferred share. The float on Volkswagen is small. Public will gravitate towards these participating preferreds. Own it because if its position in China. It dominates this fast growing market. Profits and dividends will be growing.

2010-03-09

HOLD

Axmin Inc

AXM-X

0.080

Has frustrated him over the last decade. Very large resource in Central African Republic but, unfortunately there is no mining. Uneconomic currently because of the politics in getting permits.

2010-03-08

TOP PICK

Brookfield Properties

BPO-T

14.750

Now converting to a REIT, which he likes. Will pay out a one-time distribution of a little over $1 and continue and $.80 distribution. Major owners of very high quality properties in Canada and the US.

2010-03-08

Comment

CNQ-T

70.880

(Market Call Minute.) Good company. Prefers Crescent Point CPG-T).

2010-03-08

CML Healthcare Income Fund

Comment

CLC.UN-T

13.460

Operates medical laboratories. Amount of medical testing is increasing steadily as people age. However Ontario government has an agreement on a global cap so, rather than getting more because of more tests, it decreases margins. This hurt them in the last quarter. Still think it's reasonable in the long haul

2010-03-08

TOP PICK

CPG-T

39.000

Superb management. Have 2 great plays, 1) the Bakken giving them 50,000 barrels a day, which will probably go to 100,000 barrels over the next couple of years. 2) Lower Shaunavon where they have been doing some acquisitions and swapping positions.

2010-03-08

PAST TOP PICK

Iamgold Corp

IMG-T

15.480

(A Top Pick Feb 17/09. Up 47.39%.)

2010-03-08

PAST TOP PICK

Inter Pipeline Fund

IPL.UN-T

11.880

(A Top Pick March 24/09. Up 64% excluding distributions.) One of his favourite holdings. 7.5% yield. Will convert but maintain the current level of payout.

2010-03-08

TOP PICK

Kirkland Lake Gold

KGI-T

6.980

Gold producer in Ontario and has been troubled in the last decade. Did about 50,000 ounces last year and will be ramping up to about 100,000 and then 200,000 in the next couple of years. Trading at a low valuation. Very good drill results.

2010-03-08

HOLD

Labrador Iron Ore

LIF.UN-T

47.550

(Market Call Minute.) China needs a lot of iron ore.

2010-03-08

Comment

Lake Shore Gold

LSG-T

3.070

Trimmed some of his position. Was a fabulous performer in the growth stage. Great management team. Will have to grow into its valuation and he personally thinks he can get others cheaper in the same area.

2010-03-08

Comment

NAL Oil & Gas Trust

NAE.UN-T

13.130

Very solid and well run. If oil stays up and gas comes up, they won't cut distributions. If there is some weakening in energy prices, they will probably cut to protect cash flow.

2010-03-08

PAST TOP PICK

Orvana Minerals

ORV-T

1.000

(A Top Pick Feb 17/09. Up 47.22%.)

2010-03-08

BUY

Penn West Energy Trust

PWT.UN-T

21.570

(Market Call Minute.) Has great potential.

2010-03-08

DON'T BUY

Viterra Inc

VT-T

9.720

Didn't like the Australian acquisition as he thought they paid too much. Doesn't see a lot of upside in the short term.

2010-03-08

Sherritt International Corp.

DON'T BUY

S-T

7.430

Very dependent on what happens in Cuba, which has some uncertainty. Not really keen on this company at this time.

2010-03-08

Armtec Infrastructure Income Fund

BUY

ARF.UN-T

24.260

Infrastructure. Thinks the impact on stimulus in Canada hasn't really hit yet and that there will be a real rapid growth in actual construction activity, starting in Q2 and continuing for several quarters. Good management.

2010-03-08

BUY

Yamana Gold Inc.

YRI-T

11.110

Great Buy. Well diversified number of mines in Brazil. First few years they where buying and building and did a very good job. Stated they will no longer be in the M&A game but will grow current assets. Not much growth for the next 1.5 years so you could see it trade sideways. 35% of revenue currently is copper and there could be a hiccup in copper. Very cheap.

2010-03-08

Comment

TCK.B-T

38.700

Diversified mining company with a lot of copper, zinc and coal. Sold most of their gold resources last year to pay down debt. Will try to joint venture with small gold companies but don't want to be a full scale gold miner.

2010-03-08

BUY

TCK.B-T

38.700

(Market Call Minute.) Likes where they are going now. Upward revisions to their earnings. The Fording acquisition is starting to look good.

2010-03-08

TOP PICK

Verena Minerals Corp

VML-X

0.340

Located in Brazil. Have 2.6 million ounces in reserve. Have a feasibility study of low-grade but only at about 150 m. Could be in production in a couple of years or could continue to grow their resource.

2010-03-08

BUY

Yellow Pages Income Fund

YLO.UN-T

5.850

(Market Call Minute.) A little concerned about the labour dispute in Quebec but have been paying down their debt. Looks like a good long-term hold.

2010-03-08

Comment

Victoria Resource Corp

VIT-X

0.990

Have a number of plays in Canada and USA. Just coming out of the speculative stage.

2010-03-08

Comment

A Commentary

0.020

Gold: Looking for gold to reach $2000 in the next 2 years.

2010-03-08

Comment

A Commentary

0.020

With looming interest-rates coming, how will this affect bank preferred shares? Re-settable preferred shares will do better in a rising interest-rate environment than the non-resettables. He is not anticipating rates will go up swiftly. You may want to move some of your money into equities that will have dividend increases.

2010-03-08

HOLD

Daylight Energy Trust

DAY.UN-T

11.010

Have a good position in a couple of the big plays and they are acquiring West Energy (WTL-T), which adds to this. They will be cutting their distributions, which he believes is already built into the price. They have been pretty gassy and it may take another year to work this off.

2010-03-08

BUY

Galleon Energy Inc.

GO-T

6.800

Thinks it has room to move to the upside. Could be a takeover candidate.

2010-03-08

BUY

New Gold Inc.

NGD-T

4.650

Had some issues but look like they are finally coming out of it.

2010-03-08

New Flyer Industries Inc.

BUY

NFI.UN-T

10.760

Had a couple of difficult quarters. Manufactures almost 45% of the buses in North America and there is a huge government subsidy program for US cities. A couple of cities cancelled orders, which hurt them more than expected but the last quarter was very good. Likes the new management.

2010-03-08

Bird Construction Income Fund

PAST TOP PICK

BDT.UN-T

32.560

(A Top Pick March 24/09. Up 64.4% excluding distributions.) Winning some very good contracts. Incredibly conservatively managed. Still a Buy.

2010-03-08

PAST TOP PICK

Osisko Exploration Ltd.

OSK-T

8.950

(A Top Pick Feb 17/09. Up 80.98%.)

2010-03-08

Rainy River Resources Ltd

BUY

RR-X

4.950

Had a great run and he has trimmed a little for rebalancing. Has about 4 million ounces of gold and continue to have good drill results.

2010-03-08

PAST TOP PICK

BAM.A-T

24.980

(A Top Pick March 24/09. Up 45.5% excluding dividends.) Thinks the Brookfield companies are very smart about managing money. Strong balance sheets. Likes their hydroelectric assets. Long-term assets with great value.

2010-03-08

HOLD

Canfor Pulp Income Fund

CFX.UN-T

10.400

Still reasonable value but this is a cyclical industry.

2010-03-08

HOLD

Lundin Mining Corp.

LUN-T

4.450

Had a fabulous run. Recent quarter suggested that there was more upside.

2010-03-08

Artis Real Estate Investment Trust

PARTIAL SELL

AX.UN-T

11.310

Have done a good job of building value. Not a top pick in his REIT list. Consider gradually selling out.

2010-03-08

Alliance GrainTraders Inc.

HOLD

AGT-T

34.500

Management has done a brilliant job of building the company. Believe they will expand the number of products and the range of markets they are in. Believes it will become a takeover candidate. Expect some upside but wouldn't rush out and Buy.

2010-03-08

Pacific Rubiales Energy Corp.

TOP PICK

PRE-T

16.750

In partnership with the Colombian government company. Have had huge production gains. Good pipeline capacity to get the oil to market. High quality with great growth ahead of them.

2010-03-08

Comment

IBI Income Fund

IBG.UN-T

16.240

A little concerned about possible stress on distributions when they have to convert. If they decide to go back on the acquisition trail, they may want to cut back on distributions/dividends creating a bit of uncertainty. Should benefit from the infrastructure boom.

2010-03-08

BUY

Ithaca Energy Inc.

IAE-X

1.620

Did a brilliant job of surviving the meltdown. Likes their North Sea projects but can they take on bigger projects without taking on more debt or a partner. Feels they will have to make a deal but doesn't think it will put the company at risk.

2010-03-08

East Asia Minerals Corporation

Comment

EAS-X

4.150

Property in Indonesia in an area that hasn't been explored for much in the past. Drill results have been spectacular. Estimates of 5 to 10 million ounces of good grade and intercepts. Potential to be a mine. Still early stage and will be a long process.

2010-03-08

BUY

Volta Resources Inc

VTR-T

0.750

Have a play in Burkina Faso that they acquired from Rand Gold, which took a 20% stake in them. Some great drill results at about 80 m at 2.27 g. Extremely cheap relative to a lot of other companies.

2010-03-08