Viewing Expert Larry Berman CFA, CMT, CTA | StockChase
stockchase picture

Compiling comments that experts make about stocks while on public TV.

Viewing Expert

Larry Berman CFA, CMT, CTA , Chief Investment Officer, Partner

ETF Capital Management Inc.

Address
5160 Yonge St. Suite 1860
Toronto, ON
M2N 6L9

Contact Info
Telephone: 888-383-9753
Fax: 888-383-9753
Website: http://www.etfcm.com


Date Signal Chart Symbol Company Opinion Price
2017-02-13 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  He is not sure we will see anything significant coming out of the Trump/ Trudeau meeting.  If you X-out all the commodities we export to the US, there is a pretty balanced trade between Canada and the US.  If they target specific industries those industries could get hurt.  He did not see softwood lumber on the agenda for today.  Trump’s idea of fair may be very different than Trudeau’s idea of fair.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2017-02-13 DON'T BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Paying the S&P-500 – Pullback possible?  He thinks we will get some disappointment risk on execution.  The tax plan is probably not being implemented until 2018 now.  He thinks there will be a buying opportunity coming soon with a 5-10% pullback as there is one every year.  He would not be a buyer of the S&P-500 for the long term right now, but it is good for a trade.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-02-13 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Canadian version of ZPW-T?  He does not think there is one coming because there is not the depth to the Canadian market. 


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2017-02-13 SELL Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Gold.  He was buying XGD-T, ZGD-T when gold was around $1150 a month and a half back.  He has since sold out of XGD-T.  He trimmed GLD-N last week.  He does not know if Trump will be bullish for gold or not.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Yes
2017-02-13 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Educational Segment. Using Stops. The value approach looks for a range of support and how you buy into it.  Anchoring is a behaviour where you want to try to get your money back.  That is the wrong way to think about it.  You should think about where you should put the money in a losing stock.  Get out of a position if it is not working.  You should have a plan on when to get out.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2017-02-13 BUY on WEAKNESS Must be logged in to use chart GOOGL-Q Alphabet Inc. (A)

He is concerned about valuation here.  But they are a great company.  In a market correction it could come down more than the market.  $740-750 would be a buying range.


Price:
$838.960
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-02-13 DON'T BUY Must be logged in to use chart IWM-N iShares Russell 2000 ETF

Analysts are expecting about 80% earnings growth over the next year in the Russell 2000.  There is room for disappointment.  He initiated a short position on it as part of a long/short strategy.


Price:
$138.300
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Yes
2017-02-13 DON'T BUY Must be logged in to use chart VAH-T Vanguard FTSE Developed Asia Pacific All Cap Index ETF

Look at the risk factors. US Trump execution is a big one. Brexit negotiations start next month. Also, there are German and French elections. This will be the beginning of the EU breaking up and will be bearish for a while and then bullish in the long run. He is out of Japan, however. 


Price:
$27.680
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-02-13 DON'T BUY Must be logged in to use chart WMT-N Wal-Mart Stores Inc.

If Chinese imports are taxed, it will really hurt Walmart.  Don’t buy above the 52 week lows.


Price:
$67.770
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-02-13 BUY Must be logged in to use chart ZWE-T BMO Europe High Dividend Covered Call Hedged to CAD ET

European Market. He plays it with ZWE-T. It has high dividends and a covered call strategy with a currency hedge.  6-7% yield.  For the next 5 years that would be pretty good for Europe.  It is the more conservative way to go.


Price:
$21.310
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-02-06 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  Trump’s immigration policy is not going that well.  He says he wants the US$ weaker.  Border taxes will almost certainly push the dollar higher.  There are conflicting policies.  At some point the market wakes up and realizes there will be execution problems.  The US will be VERY well supplied with oil for the next 5 years with Keystone coming on.  This will put downward pressure on oil prices.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2017-02-06 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Bear Markets.  Inverse ETFs will go up 1:1 when markets to down.  Don’t use leveraged ETFs.  Utilities are best correlated to interest rates.  Gold can rally in a bear market.  You have to look at bonds because they rally in a bear market.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2017-02-06 BUY on WEAKNESS Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Cyber Security.  There are two ETFs.  HACK-N is one.  You get access to all the companies playing in the space.  It has been trending since day one.  He would buy on dips as the ETF has been climbing since its inception.  Risks right here are a little high, however.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Yes
2017-02-06 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Educational Segment.  Measuring Risk and Reward.  Within 20 years the vast majority of money in the world will be run by computers.  The traditional portfolio manager will be gone.  E.g. SU-T, 25% of the sector, a big player.  Going back 10 years it has made nobody any money for 10 years.  It is up less than the dividend.  Buy it when it is cheap relative to the benchmark and the markets.  Figure out how much you need in your portfolio.  The price of oil is the most important factor in the stock price.  Looking at the 5 year chart it is incredibly overvalued.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2017-02-06 SELL Must be logged in to use chart AAPL-Q Apple

He does not like where it is.  We are against all time highs.  It could break out, but there is definitely resistance here.  You could write a put option and get paid about 5% yield over the next year.  If it drops 20% then you will have to buy it and that is fine.  This is how he would play AAPL-Q.  If the option expires, then just do it again.


Price:
$130.290
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
No
2017-02-06 SELL Must be logged in to use chart CLF-T iShares 1-5 yr Government Bond ETF

He prefers corporate bonds because they yield more than government bonds.  Prices will probably continue to fall.  You are getting a bigger yield payment than the yield to maturity on the bonds themselves.  CBO-T would be the replacement for this ETF.


Price:
$18.550
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-02-06 COMMENT Must be logged in to use chart ZWB-T BMO Covered Call Cdn Banks ETF

The MER is in the 40-50 basis point range.  The enhanced yield is created with an option writing overlay.  They write one standard deviation out of the money.  The options can enhance yield 1.5 percentage points over time.


Price:
$18.940
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-01-30 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  The US revenue growth is about 4% year over year and if you factor in 2% inflation, then back out energy and financials, you get negative growth.  The forecast is for double digit earnings growth going forward and he does not see that happening.  He is concerned about some of the policies that Trump promised.  Closing the borders is negative for growth.  Entitlement reform is Medicare.  It is estimated to cost $50 Trillion out to 2050.  If Trump tacks on these border tariffs, there is still potential for the US$ to strengthen. 


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2017-01-30 BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

ETFs for smaller amounts of cash to invest.  You can buy a handful of them and buy a much diversified global portfolio.  You need to understand risk management. 


Price:
$0.020
Subject:
AGRICULTURE, DIVIDEND & FIXED INCOME
Bias:
BEAR
Owned:
_N/A
2017-01-30 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Educational Segment.  Smart Factor ETFs.  Reducing portfolio risk.  The trend between actively managed mutual funds compared to what capital is going into ETFs show money is moving that way.  You can do asset allocation with ETFs and that is by far the most important consideration.  The bigger companies dominate the NASDAQ.  Three sectors make up half the index.  It is very concentrated and heavily weighted into a few stocks.  All smart factor ETFs beat the index.  They all have different volatilities.  You should use all of the indexing strategies in your portfolio. 


Price:
$0.020
Subject:
AGRICULTURE, DIVIDEND & FIXED INCOME
Bias:
BEAR
Owned:
_N/A
2017-01-30 HOLD Must be logged in to use chart FDN-N First Trust Dow Jones Internet Index Fund

Internet ETF.  Analysts do not make consensus targets for ETFs.  The average PE is no different from the overall NASDAQ.  The trend is healthy.  It is not cheap.


Price:
$85.950
Subject:
AGRICULTURE, DIVIDEND & FIXED INCOME
Bias:
BEAR
Owned:
Unknown
2017-01-30 HOLD Must be logged in to use chart GIB.A-T CGI Group (A)

The long term trend is pretty good, but in the last year it has been pretty flat.  He would not be too worried about it until the long term trend is broken.  (Analysts target: $70).  You want to trim near $70.


Price:
$63.130
Subject:
AGRICULTURE, DIVIDEND & FIXED INCOME
Bias:
BEAR
Owned:
Unknown
2017-01-30 COMMENT Must be logged in to use chart VEA-N Vanguard FTSE Developed Markets Index Fund ETF.

VEA-N vs. VEU-N.  VEA-N is the developed market index, excluding the US.  VEU-N is the entire world, excluding the US.  VT-N is his preference for the whole world.


Price:
$37.980
Subject:
AGRICULTURE, DIVIDEND & FIXED INCOME
Bias:
BEAR
Owned:
Unknown
2017-01-30 COMMENT Must be logged in to use chart VEU-N Vanguard FTSE All-World ex-US Index Fund ETF.

VEA-N vs. VEU-N. VEA-N is the developed market index, excluding the US.  VEU-N is the entire world, excluding the US.  VT-N is his preference for the whole world.


Price:
$46.180
Subject:
AGRICULTURE, DIVIDEND & FIXED INCOME
Bias:
BEAR
Owned:
Unknown
2017-01-30 COMMENT Must be logged in to use chart ZWH-T BMO US High Dividend Covered Call ETF

There is no risk-free.  Covered call strategies call in a bear market. Dividends are pasted straight through from the companies.


Price:
$20.670
Subject:
AGRICULTURE, DIVIDEND & FIXED INCOME
Bias:
BEAR
Owned:
Unknown
2017-01-23 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Stop Losses.  Using stops in portfolios is a certain kind of style for people who do not understand diversification and are pure momentum players.  It is fine.  But the vast majority of guests on BNN are portfolio managers and have a long term horizon.  Being stopped out can be silly in that case.  He is going to do a series on them in his educational segment in the future. 


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2017-01-23 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  The first one hundred days of Trump:  It remains to be seen, but today we saw some of the rhetoric about trade and breaking NAFTA.  This is what people were worried about.  You will see markets getting a little nervous.  He is looking for markets to go back to levels from around the time of the election in November over the next couple of months.  Trump’s talk to CEOs about taxes to companies that moved production outside of boarders should be negative.  Trump’s administration does not want to go down the road of a process where they get things done without congress.  So far so good in this year’s earnings season, but expectations were high with a rally preceding it.  A lot of good news is priced in. 


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2017-01-23 WATCH Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

ETF for Demographics.  It would be great if they had an ETF for this.  There is not one in the market, but he thinks someone is working on it.  Maybe in the next couple of quarters one comes out.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
No
2017-01-23 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

ZEB-T & ZWB-T or Buy The Banks Directly?  A covered call strategy takes a lot of work to implement so you would not want to do it yourself.  He thinks without the covered call, this index will come down.  You could buy the six banks yourself if your portfolio was big enough, but the covered call strategy would be a lot to implement yourself.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-01-23 BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

North American Oil.  With Trump turning on the spigots there will be a lot more investment in the oil area.  Despite the oversupply, there is still a lot of money to be made in fracking.  They are getting more efficient every day.  It will be a great growth area.  Buy dips in this area.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-01-23 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Educational Segment.  Smart Factor ETFs.  Research affiliates.  He showed a graphic depicting smart factors that look at momentum, volatility, liquidity, profitability, etc.  If you calculate excess returns, on average over history about 40 years you average about 2.4% in excess return.  The average volatility is mostly less than the index.  A second graphic looked at cross correlation of factor returns.  If you put two together in a portfolio you get diversification. 


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2017-01-23 BUY on WEAKNESS Must be logged in to use chart CPG-T Crescent Point Energy Corp

He sold it and took a small profit.  He trades very short term.  It is a great company and got a lot lower than when he bought it.  He does not like it here.  Wait for the next major down turn.


Price:
$15.390
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
No
2017-01-23 BUY Must be logged in to use chart HHL-T Healthcare Leaders Income Fund

They use an option overlay to generate extra yield.  It is a great way to play healthcare, which he is bullish on.  Nice yield.  In a strong equity market you would underperform with the covered call strategy.


Price:
$7.930
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-01-23 BUY on WEAKNESS Must be logged in to use chart XID-T iShares CNX Nifty India

He loves it.  A couple of weeks back he wrote about it on his blog.  About 40 years on average their currency has lost 5% per year.  He thinks it will level out now.  There are very good pro-business policy there despite all the corruption in Indian politics. 


Price:
$28.750
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Yes
2017-01-16 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  Brexit news is coming tomorrow from Britain.  Brexit is part of the shift to the right and it shows that people don’t want globalization any longer.  You have to understand what it means for growth and volatility.  It is a headwind.  It will be good for British exports, but if you invest in the UK, you better buy the hedged version of the ETF.  Trump is protectionist.  We are just beginning to see what this means on a trade basis.  He thinks it will allow not more than 2% growth in the US GDP.  The banks have had a big run up and he sees a sell-the-news happening soon.  There have been some misses and we have to watch for those.  Inauguration of Trump happens this week and you have to look at seasonally patters for the last 60 years, post inauguration day.  You don’t have much growth on average for the rest of the year.  A lot of news is priced into the market.  You have to play defense.  A post inauguration correction is expected.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2017-01-16 BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Educational Segment.  Smart Beta ETFs.  Sustainable yield.  High dividend stocks can’t usually sustain the high dividends.  Sphere’s strategy aims to offer sustainable dividends.  You have to eliminate stocks from an ETF that can’t sustain high dividends.  They have a screen for these companies.  You lose a little yield, but greatly reduce volatility.  SHC-T is a Canadian sustainable high yield ETF.  They have US, Europe, Asian etc as well.  It is not always about the MERs. 


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2017-01-16 COMMENT Must be logged in to use chart HNU-T HBP NYMEX Nat'l Gas Bull+

Leveraged ETFs are toxic for long term holding.  The more volatile the underlying asset its, the more toxic it is.  It is great for short term trading.  You don’t go out and sit on this because the price of Nat Gas will eventually go up.  ZJN-T is a good one to sit on for Nat Gas exposure.  You can play it for a long period of time.


Price:
$11.260
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-01-16 HOLD Must be logged in to use chart SJ-T Stella-Jones Inc.

They had a disappointing forecast.  In the past year it sold off every time it got above $45.  At best it is a hold.


Price:
$39.500
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-01-16 SELL ON STRENGTH Must be logged in to use chart SLW-T Silver Wheaton

Silver Technicals: It is a speculation on money, inflation and so on.  Gold broke $1200 support recently, so we will see some resistance at $1250 soon.  He is out of all his gold shares.  He is inclined to sell into this pop a little bit.  He would then buy the dips after that.


Price:
$26.960
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-01-16 DON'T BUY Must be logged in to use chart ZPW-T BMO US Put Write ETF.

A put write strategy on a 100 of the best US companies across all economic sectors.  They have a pretty sustainable payout, but it is paid in US$.  It is not hedged.  They have filed a prospective on a hedged ETF that is similar.


Price:
$19.620
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-01-16 COMMENT Must be logged in to use chart ZWA-T BMO Dow Jones Indus. Avg. Hedge ETF

DOW mature blue chip companies with a covered call overlay.  ZPW-T or a hedged version, which is even better, would be better going forward.


Price:
$20.150
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-01-16 BUY on WEAKNESS Must be logged in to use chart ZWB-T BMO Covered Call Cdn Banks ETF

It has a covered call overlay.  A lot of good news is priced into the banks so he would not be chasing this one, but be a dup-buyer in the Canadian banks.


Price:
$18.710
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
No
2017-01-09 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  He is calling for a correction after the Trump rally.  Statistically, most times from the beginning of the year until some point later, you can buy the market cheaper than when the year first started (80% of the time).  US Earnings season gets ticking this Friday.  There has been a huge move in some of the banks since the election, looking at higher interest rates and deregulation.  The reality may be much different than the market is looking for.  Net interest margins will not be meaningfully impacted yet.  A year from now we will see the impact of interest rate increases.  Hopefully now banks will have freer use of their capital.  Are autos looking at trade wars – it has not come out except in the twittisphere.  Oil poked above $50 and shale producer rig count rose in the US.  Over the next 6 months it will go up to $56 and then will remain constant for 4 or 5 years.  It remains questionable whether OPEC can execute on their deal.  We have not seen the impact of Brexit and won’t for a year or two.  There will be a hard line on both sides as to what that looks like. 


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2017-01-09 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Educational Segment.  How to play the market if you are risk adverse in 2017.  Are Trump policies coming in or not?  Over the last 10 years the marginal tax rate for corporations has come down from 50% in 1955 to 35% recently.  Analysts expect 22% earnings growth from the S&P.  The PE of the S&P is 21 times.  It is a 23% world GDP economy.  The banks have been the big leader since the election.  It’s going to take a lot of interest rate hike to get the banks back to where they should be with interest rate spreads.  There is a new president, first term, new party.  The average pattern has half a percent gain.  We have already exceeded that.  The inauguration is pretty much the high point for the year.  Get into options late in the market cycle. 


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2017-01-09 BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Income over two to three years.  There is a new ETF from BMO that is a high dividend ZWH-T (US) and ZWE-T (Europe) and also a Canadian one.  You will get 6-7% a year and he loves these in a defensive market.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-01-09 BUY Must be logged in to use chart GILD-Q Gilead Sciences Inc.

It has been in decline for a number of years but looks like it is forming a base.  (Analysts’ Target: $95).  It looks like it is fairly attractive, but he would sell after it got to $90.  If it keeps making lower lows and lower highs then you have to question it.


Price:
$75.840
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-01-09 COMMENT Must be logged in to use chart ICE-N Intercontinentalexchange Inc.

Analysts are looking at 5% revenue growth and more in earnings but he questions that.  The chart looks good with higher highs and lower lows.  (Analysts’ Target: $65).


Price:
$57.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-01-09 DON'T BUY Must be logged in to use chart MG-T Magna Int'l. (A)

A year and a half of price weakness and then post-election it has done well along with some other car companies.  You are smack dab in the middle of the trading range.  He does not see a rosy outlook here and sees more downside risk than upside.


Price:
$58.610
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-01-09 SPECULATIVE BUY Must be logged in to use chart NXPI-Q NXP Semiconductors

There is a $110 cash offer.  The $98 stock price probably correctly reflects the risks.  He does not have more to add.  When there is an M&A deal, the charts don’t matter at all.


Price:
$98.390
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2017-01-09 BUY Must be logged in to use chart ZPW-T BMO US Put Write ETF.

It is not CAD$ hedged.  BMO has filed perspective on a bunch of new ETFs and there should be one available in the next month that is the CAD$ hedged version of this.  They net about 10% premium on the puts.  About 3% is lost due to puts being exercised so you get an extra 7% over the performance of the stocks within the ETF.  It is not risky and is exposure to the US market. (Your exposure should net a long position, if it ever got executed).


Price:
$19.620
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-11-28 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

OPEC. There’s going to be a deal, but the deal is going to be to freeze production, not cut production. The history of OPEC is that they always cheat, and there is basically no chance in his mind, that even if they agree to a ceiling at 33 million barrels, that they adhere to it. It is all about demand, so is global demand in a slowing world going to increase? OECD has said that the world is going to grow a little bit better because we are no longer austerity driven, but we are driven by spending. The GDP formula is GDP=C+1+G(X-M). When the government borrows and spends like they expect to on infrastructure, mathematically GDP is going to go up, but here’s the thing with the consumer (C). His average client is probably around 60 years old, and their financial plan indicates their money is going to last 30 to 35 years. It doesn’t matter how low interest rates get or how much the government is going to spend, aggregate demand (G) is not going up, as people are living longer. This demographic headwind that we are facing is going to be really toxic for growth for the next decade and decades to come. Increasing government spending is only going to add on to the debt. That is another massive headwind. We have some very difficult economic challenges going forward.


Price:
$0.020
Subject:
STOCKS & ETFs
Bias:
CAUTIOUS
Owned:
_N/A
2016-11-28 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Oil. An OPEC Expectations chart shows that 12 months’ forward oil prices is really going to struggle to get through $50. As soon as we get up to $50 you are going to see a lot of Forward Selling next year, which ramps up supply.


Price:
$0.020
Subject:
STOCKS & ETFs
Bias:
CAUTIOUS
Owned:
_N/A
2016-11-28 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Cdn Banks. Right now, the banks have a lot of tailwinds because of the perception that interest rates are going up, but he believes that the Fed will raise rates in December and the Bank of Canada is on hold. The next move after that will be a rate cut by both the bank of Canada and the Fed, not a rate increase.


Price:
$0.020
Subject:
STOCKS & ETFs
Bias:
CAUTIOUS
Owned:
Unknown
2016-11-28 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

US ETF’s for an RRSP portfolio? He holds the BMO US Put Write (ZPW-T), where they are writing on great companies and writing Puts 15%-20% below the market, and are harvesting about a 7%+ yield per year. On the other side of that, he owns the BMO Covered Call Utilities (ZWH-T) which looks at some of the best quality dividend payers in the US, and writes a covered call strategy on half that, generating around 6%. The combination of those 2 exposures to the US market gives him a yield of 6.5%, and a risk of about 30% of the S&P 500. He thinks that is the absolute best way to get exposure today.


Price:
$0.020
Subject:
STOCKS & ETFs
Bias:
CAUTIOUS
Owned:
Yes
2016-11-28 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

REITs, utilities and preferred shares for a 5% return for a Buy and Hold investor? From time to time, interest rate sensitive sectors get hurt. He likes BMO Equal Weight REITs Index Cdn (ZRE-T), BMO Covered Call Utilities (ZWU-T) which is yielding over 7%. He has a half position in each one, and has recently been adding to this.


Price:
$0.020
Subject:
STOCKS & ETFs
Bias:
CAUTIOUS
Owned:
Yes
2016-11-28 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Dividend ETF’s? Like all the factors in the smart Beta products, dividends are the most widely known for the average investor, and maybe 2nd to value as a way to play the markets. Sometimes dividend stocks do really, really well, and sometimes they don’t. Right now, if you look at a lot of the dividend indexes, they’ve had decent performance. He doesn’t like the relative value today, and would be underweight dividend stocks at the moment.


Price:
$0.020
Subject:
STOCKS & ETFs
Bias:
CAUTIOUS
Owned:
Unknown
2016-11-28 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

ETF for US regional banks in Canadian funds? The BMO Equal Weight US Banks Hedged to Cdn (ZUB-T) plays a lot of the regionals, but some of the larger ones as well. If you want the pure Regional ETF, SPDR S&P Regional Banking (KRE-N) has many of the ones that the BMO has, but doesn’t have a lot of the big ones.


Price:
$0.020
Subject:
STOCKS & ETFs
Bias:
CAUTIOUS
Owned:
Unknown
2016-11-28 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

How maximum diversification works. This process gathers a basket of stocks that helps you to diversify as much as can be done, and still get exposure to the index. He focuses on correlation. He starts with the same universe as the Market Cap Benchmark, but what the formula looks most closely at is correlations. He will assemble a portfolio that uses the securities outside of the starting universe, that have the lowest possible correlation to each other. When you are able to assemble a portfolio in that way, it will be the most diversified portfolio that you can create of a given universe. One of the goals is to generate a higher return, but also deliberate with less volatility. The MER on this is 60 basis points, but you’re getting a much better ride. Not only is this less volatile, but it is better performing than the market cap benchmark over a full market cycle by a meaningful amount. He is equally exposed to all of the risk factors in the market. (By Faizan Dhanani, Managing Dir. for TOBAM, Mackenzie Investments.)


Price:
$0.020
Subject:
STOCKS & ETFs
Bias:
CAUTIOUS
Owned:
Unknown
2016-11-28 PARTIAL BUY Must be logged in to use chart AQN-T Algonquin Power & Utilities Corp

He loves the alternative energy space. Over time we are going to have less carbon, and we are not going back to coal fired plants and dirty energy. The world is aiming to get cleaner. A company like this, that focuses on renewables, should do very well in the very long run. Looking at earnings and the multiple, it is a little bit expensive. At the current price, it looks very attractive. He would nibble away at this.


Price:
$10.780
Subject:
STOCKS & ETFs
Bias:
CAUTIOUS
Owned:
Unknown
2016-11-28 COMMENT Must be logged in to use chart CPD-T iShares S&P/TSX Preferred ETF

If interest rates are going to go up (he doesn’t think that is going to happen in a big way), then reset preferreds make a lot of sense. If interest rates are going to go down, reset preferreds don’t. The BMO S&P/TSX Laddered Preferred (ZPR-T) has more reset preferreds in it, while this one is a combination of traditional type preferreds and the resets. Either one is fine right now, but he has been a net seller of these in recent weeks. If this one dips back to about $12.50, he is going to start buying again. He would be a seller above $13.


Price:
$12.800
Subject:
STOCKS & ETFs
Bias:
CAUTIOUS
Owned:
Unknown
2016-11-28 DON'T BUY Must be logged in to use chart TECK.B-T Teck Resources Ltd. (B)

This is a very popular stock in Canada. For several years, he has said avoid, avoid, avoid. China is slowing copper. Now the stock has gone absolutely insane. It’s a momentum play right now, and it terrifies him to no end to try and buy this. He would avoid. If you are going to be in it, you must use really tight stops. This is a momentum play behind the “infrastructure spend”, and he is just not sure it is going to materialize.


Price:
$34.660
Subject:
STOCKS & ETFs
Bias:
CAUTIOUS
Owned:
No
2016-11-21 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  Ottawa wants an end to coal for 2030.  If he was the CEO of a utility, then he would probably view Trump’s bringing back coal as a temporary thing in that kind of timeframe.  The world is moving away from coal and the coal jobs are not coming back.  OPEC is going to talk up a cutting back on production of oil, but they have always cheated.  If OPEC cuts back then the US and Canada will just boost theirs.  He thinks there might be a freeze on production levels.  Oil stocks on the TSX are priced for $60-$65 oil.  If oil goes up to $60, these stocks could go a little higher than they are today, but they are basically discounting this level.  You could be a buyer on dips, but don’t chase it.  Oil is lower for longer.  Fixing roads and bridges is not going impact any US infrastructure ETFs as they are pipelines and utility stocks.  There are no companies in these ETFs that would benefit.  The exposure is zero to Trump’s infrastructure spending.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-11-21 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Educational Segment.  Momentum and value in smart beta ETFs.  Vanguard has a couple of smart strategies.  They think smart indexing is an active strategy.  They debate Larry in disagreeing it is active in that it is a set of rules.  The Momentum strategy is benefiting from a behavioral bias in the market place where investors are slow to react.  The Liquidity strategy focuses on companies that are smaller and don’t trade as much, aren’t in the news as much and so may be undervalued.  Investors overpay for liquidity in the market place.  Less liquid names, also have more risk.  A quarter of Vanguards assets under management are actively managed.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-11-21 DON'T BUY Must be logged in to use chart BAM.A-T Brookfield Asset Management (A)

It would be important for us to get above the highs of the last few years.  It is probably capped for now and the risk is that we come back to support at the lows of the last couple of years.  He thinks there is a more material correction coming over the next year.


Price:
$45.070
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-11-21 DON'T BUY Must be logged in to use chart FIE-T iShares Cdn Financial Monthly Income ETF

Good quality banks and insurance companies.  It is not a good time to step in at this time.  It is at all time highs.  Its bonds are short term corporate bonds so you don’t have interest rate risk.  The risks are far too high with these companies right now, however.  He does not think Trump will cause interest rates to go up the way analysts predict.


Price:
$7.000
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-11-21 DON'T BUY Must be logged in to use chart HAZ-T Horizons Global Dividend ETF

An active strategy to own the best paying global dividend stocks.  Dividends are just one factor.  Sometimes they work well and not others.  He thinks dividends will underperform for the next 6 months as we consider what Trump’s spending and inflation will look like.


Price:
$18.790
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-11-21 HOLD Must be logged in to use chart TOY-T Spin Master Corp

It has been a great growth story.  It is hard to value a company when it is in this strong a growth trend.  You have to expect more volatility if you want to stay with the trend.  If it starts to trade below the 100 day average then it may not continue to go higher.  (Analysts’ Target $38)


Price:
$37.000
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-11-21 BUY Must be logged in to use chart ZPW-T BMO US Put Write ETF.

He loves this strategy as a low risk way to get exposure to the market.    Write a put way below the market and take in the premium.  15-20% below market.  It is diversified.  It takes in about a 10% yield.  They don’t want to own the stocks so if they end up buying them they sell and that costs 3%, making it a 7% return.  You get that yield with half the risk of the market.  Since recession is a real risk, this is a great way to hold the US market.


Price:
$19.480
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Yes
2016-11-14 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  He has said many times over the months that he thought Trump would win.  His expectation was that the markets would sell off.  He was right for about two hours.  The reality is that congress is not going to let Trump spend and cut taxes like that.  Larry does not see this playing well on Wall Street.  You have this extreme movement to the right and he sees this as a head wind.  Once infrastructure has been upgraded, the economic impact is gone.  All yields going up is not good for the economy.  It won’t give net interest margins for banks.  Iran is going to keep pumping and it will not come back, but fracking will come back and the supply story is not going to back off.  Oil should back off to below $40.  The oil stocks are not selling off nearly as much so the energy sector needs to sell off 10% still.  There is too much optimism in the energy stocks.  OPEC probably won’t be able to do anything at the end of the month.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-11-14 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Educational Segment.  Smart Beta ETFs.  First asset’s approach is to work with morning start.  They have been working on quantitative modeling with dates going back to the 1980s.  They created a screen.  They look for companies that are trading below net asset value and have growth potential.  They screen for companies with price momentum as well as earnings momentum while having value.  These two strategies since inception have extracted some of the better companies.  Over 2 years the two strategies together outperform 90% of the time and 100% of the time over 4 years.  VRX-T was in the momentum portion and was rebalanced on a quarterly basis and got trimmed back.  You could equal weight the strategies.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-11-14 DON'T BUY Must be logged in to use chart EMA-T Emera Inc

It has come back a little bit.  The down side risk is about $36 according to a 5 year chart.  He thinks the economy will slow rather than strengthening on the new policies from Trump.  He is nibbling away on ZWU-T, which holds EMA-T.  EMA-T could easily fall to $36, however.


Price:
$44.300
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-11-14 BUY on WEAKNESS Must be logged in to use chart H-T Hydro One

He does not look at the balance sheet.  ETFs are 99% of what he does.  There is not enough evidence in the chart to say where the floor might be.  Around the issue price there should be some natural support ($20.50).  He has been nibbling away at interest sensitives here.  He is buying REITs.


Price:
$22.650
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-11-14 COMMENT Must be logged in to use chart HUV-T HBP S&P500 VIX Short Term VIX ETF

It seems not to track the VIX.  It does not track the VIX, but holds the VIX futures contracts 2 months out.  Every month you lose 5 to 10% due to the leverage and rolling over futures contracts.  You can’t sit with these for a long period of time.  Hold for a couple of days max for an event that might be asymmetrical. 


Price:
$11.150
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-11-14 BUY Must be logged in to use chart ZPW-T BMO US Put Write ETF.

It looks at all great companies with good financials, but writes options on them 15-20% below market, constantly taking in option premiums and occasionally taking in the stock.  They then sell the stock.  It pays a yield of a little over 7%.  It does well when markets are flat or sideways.  It is a great diversifier in these uncertain times.  He is the biggest holder in his funds.  They are taking in a little over 10% in yield with puts offset by a little over 3% of capital loss for puts that are exercised.  He does not think it will change too much from that range.


Price:
$19.680
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Yes
2016-11-14 COMMENT Must be logged in to use chart ZWH-T BMO US High Dividend Covered Call ETF

He does not like it as much with the US$ below $.74.  He holds it with ZPW-T.  He can hedge the US$ exposure which individual investors can’t easily do.  The currency conversion rate is crucial to this trade.


Price:
$20.070
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-11-07 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  It was clear when the FBI update came out that Markets really want to see a Hillary victory.  The best case in his view is that republicans control all three parts of the house.  Right now the senate is a toss-up according to polls.  He thinks CEOs would wait 6 months before making any capital investments if Trump wins as they see how it goes.  The rest of the world outside the US is questionable on growth.  There is an asymmetric risk like in Brexit because the market is not priced for the potential that Trump wins.  Polls seem to hit more people with home phones and that live in cities.  Markets are priced for a Hillary win and not a Trump win or a house sweep, but it is that close.  You might think of using a volatility based ETF as a hedge in the short term.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-11-07 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Educational Segment.  Smart ETFs - Multi-factor products.  iShares has a forecast on where things are going.  They see $1 Trillion US$ by 2020 and 2.5 by 2025 in these products.   There are two factors suggesting these forecasts:  They has the potential to disrupt active management; and the have the potential to address the challenges investors are facing in today’s market.  What is new about mult- factor investing is the technology. It is based on long term proven drivers of return.  Their approach of combining factors means you don’t have to forecast which is the winning factor of the future.  Value, size, quality and momentum are the four factors they combine into one investment solution.  If you look at F-class (compensation component of cost is removed) mutual funds they have a cost of just below 1%.  iShares multi-factor ETFs are 45 basis points.  It is more affordable.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-11-07 COMMENT Must be logged in to use chart ARE-T Aecon Group Inc

It is close to a 52 week low and you have to think there is some support there.  Nibble close to that level if you like the company.  He does not follow it.


Price:
$13.600
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-11-07 DON'T BUY Must be logged in to use chart FXB-N CurrencySh British Pound

Brexit has not begun and the negotiations have not begun.  It will be a year after that when we have any clarity on what the deal will be.  The British pound will not snap back any time before that.


Price:
$121.110
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-11-07 COMMENT Must be logged in to use chart HNU-T HBP NYMEX Nat'l Gas Bull+

You can’t hold it for long periods of time.  Nat Gas is the most volatile commodity we have.  The way they rebalance it could be toxic.  You would lose 20-25% in a year in a sideways market.  You have to be making a short term call of maybe a week or two.  The problem is the leveraged 2:1 aspect of it and nightly rebalancing.  ZJN-T would be a better one to invest in Nat Gas for a longer term.


Price:
$9.030
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-11-07 WATCH Must be logged in to use chart IBB-Q iShares Nasdaq BioTech ETF

Biotech ETF.  Institutions use this to trade.  At Friday’s close we got closer to the 52 week lows.  Hillary came out with a tweet about coming after the biotechs.  He likes this long term for growth.  He would be cautious here.  No more than a third of a position.  It could go 10 or 15% lower if she wins.


Price:
$261.170
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-11-07 COMMENT Must be logged in to use chart ZGI-T BMO Global Infrastructure ETF

[Global Infrastructure ETF for 10-15 year hold.]  A lot of these ETFs have pipelines, real estate and telecom.  You won’t get a lot of investment in telecom.  There is not a perfect ETF to just play the best infrastructure.  10-15 years does not work for him


Price:
$34.410
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-10-31 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  There is a non-decision from OPEC.  He does not think anyone should be surprised.  It helps with position squaring.  TSX stocks are pricing in $65 oil by the end of the year.  Don’t chase the strength in the energy sector.  The US Election is the laughing stock of the world.  It is tragic that the strongest economy in the world is going through this embarrassment.  They are still bringing up the Email issue so there must be new information.  Our mini budget tomorrow:  Ripping up roads and fixing infrastructure is not the best spending we can do.  It is not going to get the economic output they expect.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-10-31 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Adjusted Profit and Adjusted Losses.  The earnings you report to internal revenue service then companies have some things backed out that are onetime items and are not regular operations.  There are so many things included in this that earnings are always 10% higher than GAAP earnings.  He prefers to look at valuating stocks with GAAP earnings. 


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-10-31 BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Gold.  ZGD-T is the equally weighted gold. XGD-T also.  ZJG-T is juniors.  There are many different ways to play it.  He has 5% exposure to gold right now.  He thinks gold will bounce back to $1300 on market uncertainty.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Yes
2016-10-31 BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Educational Segment.  Fundamental Indexing.  Market Cap indexes are the traditional way to do indexes and fundamental indexing looks at cash flow, profitability, dividend sustainability and so on.  It is a rules based approach that focuses on the strength of the underlying companies.  Market weight is a popularity contest.  E.g. Nortel.  It went from 3% to 30% of the TSX index.  It represents a key flaw of market weight investing.  You would have ridden it all the way back down.  VRX-T did something similar being 9% of the TSX 60 at its height.  Returns are better in fundamental indexing rather than market cap indexing.  It will not win over every part of the cycle but long term it wins.  Larry’s guest runs his screen once per year.  Running it more often incurs trading costs and so on.  Research shows you only run it once a year.  These funds have a few basis points more MER and are worth it.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Yes
2016-10-31 SPECULATIVE BUY Must be logged in to use chart AGI-T Alamos Gold Inc

Junior gold company.  It is a speculative play.  If you are bullish on gold then it could be a fine company to hold.  It made a major support base after a major run.  If Gold went back to $1100 then that is the down side risk to a stock like this.  He can’t speak to the quality of the company.


Price:
$10.710
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
No
2016-10-31 COMMENT Must be logged in to use chart BDCL-N UBS ETRACS 2xLvg Lng WF Busn Dev Co ETN

He has never heard of it before.  It is a basket of financing companies that get into the equity space.  It is two times leveraged. It is not good for long term holds.  If you are right you can make a lot of money.  It is an exchanged traded note.  It means it is a securities issue and you should make sure you have no concerns with the issuer. 


Price:
$16.920
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-10-31 BUY Must be logged in to use chart ZDH-T BMO International Dividend Hedged to CAD ETF

Comment on an ETF Basket of ZWE-T, ZDH-T and ZWH-T.  ZWE-T is high dividend Euro stocks with a covered call.  A defensive way to play Europe.  ZDH-T is hedged.  ZWH-T is international High Dividend US, non-hedged.  He likes them all and owns them in his funds.


Price:
$20.160
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Yes
2016-10-31 BUY Must be logged in to use chart ZWE-T BMO Europe High Dividend Covered Call Hedged to CAD ET

Comment on an ETF Basket of ZWE-T, ZDH-T and ZWH-T.  ZWE-T is high dividend Euro stocks with a covered call.  A defensive way to play Europe.  ZDH-T is hedged.  ZWH-T is international High Dividend US, non-hedged.  He likes them all and owns them in his funds.


Price:
$19.820
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Yes
2016-10-31 BUY Must be logged in to use chart ZWH-T BMO US High Dividend Covered Call ETF

Comment on an ETF Basket of ZWE-T, ZDH-T and ZWH-T.  ZWE-T is high dividend Euro stocks with a covered call.  A defensive way to play Europe.  ZDH-T is hedged.  ZWH-T is international High Dividend US, non-hedged.  He likes them all and owns them in his funds.


Price:
$19.490
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Yes
2016-10-24 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  40% of the Dow companies are reporting this week.  The numbers so far have been good.  We have been adjusting to the new earnings reporting standards.  Adjusted earnings are rising a bit now, but the old GAAP earnings are up 15.37%.  If you consider the market multiple we are trading at 23 times earnings.    He does not see the earnings growth in Europe that analysts are forecasting.  He does not agree with a lot of the adjustments being made currently.  The uncertainty around the EU and Brexit will prevent the signing of current trade deals being anticipated.  The Canadian economy is struggling.  We are stressed here.  Canada has one of the best debt to GPS ratios in the world, but you can’t do that.  You have to add in the provincial part.  That puts us at 95% and up there with all the other countries.  He does not think there is room for more stimuli in Canada. 


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-10-24 DON'T BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Bond ETFs.  As we all age and face retirement, the rule of thumb has always been more safe money and fixed income.  After tax and inflation you have negative real returns for the next 30 years in almost every country in the world.  Bonds are a losing bet.  You will be worse off every year.  A 60% bond portfolio does not make sense anymore and is a big challenge going forward. 


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-10-24 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

ETF to Short Canadian Real Estate?  You would have to short XRE-T or another real estate ETF and you would have to do it in an unregistered account.  REK-N in the US is an inverse of the real estate market in the US.  Hedge funds short a real estate company as a proxy into the real estate market when they want to short that market.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-10-24 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

If you study performance of Mutual funds and managers, 85% don’t beat the market after fees.  The industry will not go away.  Within 10 years Mutual funds will be held in inverse of current proportions to ETFs compared to what they are now.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-10-24 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Educational Segment.  Smart Beta ETFs.  They are smart indexing products.  Low beta or volatility strategies address investor outcomes using Beta.  They look for low beta.  If you weight beta and ensure diversification across the market place, you get less risk.  Low beta is not expensive but in line with the market place.   There is also a ‘quality’ based set of ETFs.  They look at debt to equity to reduce volatility.  These ETFs are managed by computer and not actively managed by a portfolio manager.  You pay a bit more than a non-smart ETF.  The low volatility and higher quality strategies have historically done better through history.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-10-24 BUY on WEAKNESS Must be logged in to use chart L-T Loblaw Companies Ltd

Analysts are looking at $80 and most recent updates involve $70-$80.  It is not expensive.  The lows during the next two years have to hold or we have a major top developing.  We are getting a pullback for some unknown reason and you could buy into it.


Price:
$66.300
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-10-24 DON'T BUY Must be logged in to use chart ZUD-T BMO US Dividend Hedged to CAD

Hold off until after the election?  We have bigger concerns over the next year than the US election.  Europe fracturing next year is a bigger risk for global markets.  ZWH-T gives you higher dividend payers, but is not currency hedged.  He sees a 10% correction minimum in the next 6 months.


Price:
$20.850
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-10-24 WAIT Must be logged in to use chart ZWH-T BMO US High Dividend Covered Call ETF

Hold off until after the election?  We have bigger concerns over the next year than the US election.  Europe fracturing next year is a bigger risk for global markets.  ZWH-T gives you higher dividend payers, but is not currency hedged.  He sees a 10% correction minimum in the next 6 months.


Price:
$19.680
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-10-17 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  Last summer in August one of the catalyst was China devaluing their currency.  We are back to levels we have not seen in 6 or 7 years.  Every one watches Chinese FX reserve numbers.  But the market is not looking at it right now.  It will come back and bite us.  In the US they are having the worst economic recovery in their history.  He thinks after December they will not raise rates for another year.  US Banks are a lot less profitable now.  He thinks this will continue to play out and a rate increase is not a reason to rush out and buy banks.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-10-17 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Canadian/US Currencies.  Oil is not going to take off from here so there is downside short term and this is bad for the CAD$.  He would be selling US$ at 74-73 cents.  He thinks you can buy at 78 cents a little later in the year.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-10-17 BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Covered Call ETF Strategies.  BMO writes on only half the portfolio and one standard deviation out of the money.  ZWB-T is the better way to own Canadian banks for their dividends.  He would look at ZWU-T as even better than banks.  Why not own some of both of them.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-10-17 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

ETFs vs. Closed end Mutual Funds.  The main difference is that ETFs are open so they create more units of the ETF as necessary.  A closed end fund cannot ever get bigger.  The costs involved in a closed end fund are much higher than an ETF.  He does not recommend closed end funds to clients.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-10-17 BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Gold.  Fed policies are very bullish for gold.  He has been nibbling on gold recently. 


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-10-17 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Should we still short and can he recommend a good ETF for it.  For a number of years we will be in a sideways market.  From time to time you will want to either hedge or make money on the down side.  SH-N is a great vehicle.  HIU-T and HIX-T as well as RWM-N.  HDGE-N looks for worse quality companies and shorts them.  In a retirement account you cannot short, but these ETFs are RRSP eligible.  There can be slight tracking errors over the long term.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-10-17 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Educational Segment.  ‘Smart’ ETFs.  A Beta of 1 means ‘market’. They researched factors back to the 1950s and if you screen for these factors you can do better than market weighted portfolios.  You can pay a bit more, but you get a slightly better return.  Smart ETFs are rule based rather than actively managed.  This is the fastest growing area in ETFs.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-10-17 WATCH Must be logged in to use chart XRE-T iShares S&P/TSX Capped REIT

There is a difference between commercial and private homes.  He does not think interest rates will go up in a big way for years.  It will not pose a risk to REITs.  There will be a slowdown in housing in Canada because of the new rules.  $18 is resistance.  If it fell another 5-7% to the bottom of the range of the last couple of years, then it would be a buy.


Price:
$16.010
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-10-03 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  OPEC soft agreement:   The Saudis have never within the last decade been able to stick to their quotas.  Almost assuredly it is not going to happen.  He thinks prices will go lower before they go materially higher.  He would not trade this story unless you are among the most savvy day traders.  We had Brexit and the markets have said it is no issue, but actually it is a massive issue and we will see what it means in the first quarter of next year.  Nothing has happened yet. 


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-10-03 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

ETF to short Europe.  The problem with the European banking system and negative interest rates is not over.  There is no ETF that trades in North America and shorts Europe.   EFZ is an ETF that shorts non-North American markets.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-10-03 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Recession in next two years – what to do.  He has reduced equity exposure in non-growth funds he manages.  He is net short the market in his long/short strategy.  He is positioned defensively.  He likes ZPW and ZWH in the US.  The combination of the two of them yields a little over 7% while you wait for volatility to play out.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-10-03 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Educational Segment.  Today's educational segment was pre-empted by an announcement by the federal government on housing.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-10-03 WATCH Must be logged in to use chart DB-N Deutsche Bank AG

Financial Crisis on the Horizon?  If we go through another crisis but in Europe, Canadian banks will fall in sympathy, however European banks have gone down for a couple of years and Canadian banks have not.  If you are nervous, you should raise some cash and be ready for a dip. 


Price:
$12.980
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-10-03 SELL Must be logged in to use chart EXE-T Extendicare Inc

The highs of the last year offer a lot of resistance.  This would be a good place to sell.  There is not a lot of growth potential in the next year.


Price:
$9.320
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-10-03 HOLD Must be logged in to use chart FIE-T iShares Cdn Financial Monthly Income ETF

It pays a fixed yield of 7%, but nothing yields that.  You are getting back about 3% of your own capital.  It is very concentrated in the financial area, so it we get into a financial driven systemic problem, this one will underperform.


Price:
$6.670
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-10-03 BUY Must be logged in to use chart ZWE-T BMO Europe High Dividend Covered Call Hedged to CAD ET

It is his preferred way to play Europe.  Dividend companies with covered calls being written on them.  With a defensive outlook, it is a nice way to be in the market. 


Price:
$19.930
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-09-26 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  He will be watching the debate tonight.  There is a 51.8% likelihood that Hillary wins.  They are neck and neck.  If Trump is seen as a clear victor tonight there could be more market volatility.  The Saudis would like to pump as much as they can.  There is no chance they cut.  They are not going to give up market share.  He thinks Oil is below $40 before it is above $50.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-09-26 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Educational Segment.  Currency effects on your portfolio.  Over the next decade, average returns are going to be lower.  When you invest globally, currency is the most important consideration.  When the CAD$ is getting weaker, you are making money. However, when it gets weaker, it reduces profits.  With ETFs you can control the currency.  Currency explains about 70% of the difference in returns when investing globally. 


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
_N/A
2016-09-26 BUY Must be logged in to use chart HIU-T HBP S&P 500 Inverse ETF

HIX-T vs. HIU-T.  Inverse exposure to their respective indexes.  They are a way to hedge your overall exposure.  He loves the idea of using these. 


Price:
$36.850
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-09-26 BUY Must be logged in to use chart HIX-T HBP 60 Inverse ETF

HIX-T vs. HIU-T.  Inverse exposure to their respective indexes.  They are a way to hedge your overall exposure.  He loves the idea of using these. 


Price:
$7.290
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
2016-09-26 DON'T BUY Must be logged in to use chart HVU-T HBP S&P 500 VIX Short Term Future Bull+

VIX index.  Individuals should not use these.  They are not for long periods.  You will lose 5-10% per month just based on the way the futures contracts are managed.  You can’t hold these things long term.


Price:
$5.170
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
UNKNOWN
Owned:
Unknown
Showing 1 to 120 of 2,152 entries
<< < 1 2 3 4 5 > >>

1 Comment

raziel

April 3rd 2015 at 8:48am

My preferrers have come down substantially as a result of lowered bank rates, I believe. Shouldn't an instrument with a fixed rate go UP when bank rates are lowered?


You must be logged in to comment.