Viewing Expert Lyle Stein | StockChase
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Compiling comments that experts make about stocks while on public TV.

Viewing Expert

Lyle Stein , Sr. Portfolio & Managing Director

Vestcap Investment Management


Date Signal Chart Symbol Company Opinion Price
2017-09-26 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Market.He is seeing cracks in the Trump scenario. A lot of things we were expecting such as lower taxes and increased infrastructure spending didn’t happen. The only thing that we kind of got was a move to reduce regulatory red tape in Washington. As investors, we are not as aware of the risks as we should be. There has been a real complacency. Last week, the S&P 500 had the least volatility it has had in 45 years. On average, earnings came in okay, not as good as expected 12 months ago in terms of growth, but were okay. However, if you missed, you got nailed. In this kind of environment, he wants to have a little more cash than usual, to buy those kinds of dips. We haven’t had a correction though. This market has gone on so long without having a material correction.


Price:
$0.020
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
_N/A
2017-09-26 COMMENT Must be logged in to use chart ALA-T Altagas Ltd

This has gone through a pretty brutal year. He owns this in certain accounts for the income. Pays a 7.2% yield, and that dividend is safe. They have power plants in California that they need to get contracts for, which is a bit of an overhang. But then they made the GWL acquisition, a gas distributor on the east coast. It is going to take time to settle. The stock went down on no news, which is an interesting signal, physically saying that Selling is done. That is an interesting time to pick up the stock. You are getting paid while you wait.


Price:
$28.870
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-09-26 COMMENT Must be logged in to use chart BCE-T BCE Inc.

A good dividend growth story. Well-managed from the perspective that it generates cash to the owners. They are very good to their shareholders. He would attribute the last $5 decline more to the fear of rising interest rates than anything specifically material to the company. Close to a 5% dividend yield is pretty darned good.


Price:
$57.980
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-09-26 TOP PICK Must be logged in to use chart CGX-T Cineplex Inc

He likes to look at contrarian opportunities. This is a monopoly movie distribution business in Canada. It had a lousy quarter, and is going to have a lousy quarter coming up. He looks at this like a commodity. Movie cycles come and go. There is good hope on the screen looking forward. It has become a wonderful value opportunity to buy a depressed stock. Dividend yield of 4.4%. (Analysts’ price target is $48.)


Price:
$38.010
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-09-26 COMMENT Must be logged in to use chart CLR-T Clearwater Seafoods Inc.

Prefers High Liner (HLF-T) because of protein and the ability to get protein to market. Also, it is a bit of a currency play.


Price:
$9.000
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-09-26 COMMENT Must be logged in to use chart CNQ-T Canadian Natural Rsrcs

Recently sold this as he trimmed oil stocks. He likes the company and its management. They are buying assets at what he thinks are cheap prices from distressed sellers. Likes the way it’s managed and the exposure they have. A well-run company, but he is a little concerned about the oil patch today. Prefers PrairieSky Royalty (PSK-T) which doesn’t have any operational risks.


Price:
$42.070
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-09-26 COMMENT Must be logged in to use chart ECA-T Encana Corp

Got hurt in the oil/gas downturn, because they made asset acquisitions at high prices. The assets are working, which is the good news side, but had to do a lot of house cleaning. He just wants to avoid bad balance sheets.


Price:
$14.290
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-09-26 TOP PICK Must be logged in to use chart ENB-T Enbridge

This has a dividend yield of 4.8%, the highest it has been since 2001. It got punished with the oil sector, and because of all the politics involved. This is a growth business. They are going to grow the dividend at double digits for the next couple of years, and thinks it can continue to grow at double digits beyond that. (Analysts’ price target is $62.)


Price:
$50.940
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-09-26 COMMENT Must be logged in to use chart FIE-T iShares Cdn Financial Monthly Income ETF

How do you get your income? A nice way to get it is to own a monthly income ETF, you have to pay a fee for that. The issue is, do you buy your bank shares directly or own a bank ETF, and pay the manager 45 or 50 basis points to have the privilege of getting monthly checks. If you don’t have a lot of capital and you still need it, then it may be a better way than buying individual bank shares.


Price:
$7.230
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2017-09-26 WAIT Must be logged in to use chart FRII-T Freshii Inc

Slashed its store opening forecast and the shares fell 35%. This hasn’t been seasoned enough to test the mettle of the management team. He would wait to see.


Price:
$5.750
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-09-26 PAST TOP PICK Must be logged in to use chart G-T Goldcorp Inc

(A Top Pick Nov 30/16. Down 10%.) Gold is up, but this stock isn’t. They changed the CEO 1.5 years ago, and he made changes. Feels it is now a “show me” stock. He sold his holdings.


Price:
$15.920
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-09-26 BUY Must be logged in to use chart HBM-T Hudbay Minerals Inc.

This has zinc and copper. The stock hit $11.50 and then came down. Did an issue at $10, which he thinks caught the street by surprise. This is a good time to own this. In commodities, he prefers base metals to gold stocks, etc. The best way to do this is to buy this company.


Price:
$8.730
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2017-09-26 COMMENT Must be logged in to use chart IPL-T Inter Pipeline

Likes this, but likes others better. He likes the area because it has been forgotten. Energy is probably putting in a bottom. We’ve seen a lot of selling pressure in the oil patch, and thinks all midstream type players should do okay. Dividend yield of 6.5%. (See Top Picks.)


Price:
$24.960
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-09-26 COMMENT Must be logged in to use chart LNR-T Linamar Corp

Auto parts have climbed a wall of worry. Everybody was waiting for the auto cycle to end, to roll over from 17.5 million and go down to 16 million, which it appears to be doing. However, these stocks haven’t done anything, they just continue to make money. Generates lots and lots of cash. The multiple has gone from a very low level to a still cheap basis, because of fears. You want to buy a stock when everybody is afraid. As long as they keep spinning cash, it’s a wonderful business to own. He wouldn’t be adding to new clients accounts today.


Price:
$74.350
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-09-26 PAST TOP PICK Must be logged in to use chart NPI-T Northland Power Inc

(A Top Pick Nov 30/16. Up 11%.) He still likes this. They are in the electric generation business. A year ago, they were just finishing up the first project. Now they’ve finished the construction of the last turbine, and it should be in full operation by the end of this year. For the next 10-15 years, they’ll just be spinning cash. Thinks they’ll raise the distribution in 2018. A well-run company.


Price:
$23.350
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-09-26 COMMENT Must be logged in to use chart OTEX-T Open Text

Recently bought this. Had been looking at names that were unduly hurt or had not participated in this big rally, and this one was a screaming opportunity. Had some struggles lately, as the market is trying to digest its recent acquisitions. They have a bit of a tax issue with respect to the US. A good fundamental company with a reasonable amount of earnings. Their acquisition makes sense and will allow them to continue to grow.


Price:
$38.840
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-09-26 COMMENT Must be logged in to use chart SHOP-T Shopify Inc.

This has been a good Canadian story. The issue for him is, what do you pay for a good story today. It has very, very high expectations, and is part of the whole disruption world. What they do for businesses is wonderful, and they have a good lock, as proved by the fact that Amazon (AMZN-Q) uses their technology. The issue for him is valuation.


Price:
$140.060
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-09-26 COMMENT Must be logged in to use chart SU-T Suncor Energy Inc

Had owned this for a long time, but recently sold it. A bigger portion of their business is tied to heavy oil. Prefers Canadian Natural Resources (CNQ-T).


Price:
$42.660
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-09-26 TOP PICK Must be logged in to use chart TCN-T Tricon Capital Group

A play on the US single family home market. Made an acquisition earlier this year of the Silver Bay portfolio of about 9000 single-family homes, adding to their portfolio of about 8000 homes. This is a back-door way to get US exposure into a Canadian portfolio. Also, the supply of single-family homes in the US has been light. Dividend yield of 2.5%. (Analysts’ price target is $13.63.)


Price:
$10.040
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-09-26 COMMENT Must be logged in to use chart TD-T Toronto Dominion

One of his favourite banks. They’ve done an exceptional job of moving into the US market place. A well-known bank brand, and he sees that continuing. It is a back-door way of getting US exposure into a Canadian portfolio. He sees the dividend continuing to grow. A well-managed bank and they don’t make missteps.


Price:
$69.380
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-09-26 COMMENT Must be logged in to use chart TECK.B-T Teck Resources Ltd. (B)

Looking at the commodity spectrum, this one comes right to the top of the list, because of the 3 stools, metallurgical coal, zinc and copper. Met coal tanked 2-3 years ago and had a remarkable recovery at over $300 a ton. Collapsed to $150 a ton, and is now trading at around $200 with a bias to probably going lower. That kind of spooked the street. What was forgotten is that this is probably the largest zinc producer, and is trading at multiyear highs. Inventory of zinc globally is about 11 days. Where zinc is a play today, copper should be the play 2-3 years from now. The price is pretty attractive. He would be looking to Buy more than to Sell today.


Price:
$26.070
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-09-26 COMMENT Must be logged in to use chart TV-T Trevali Mining Corp

A pure play in zinc. He likes what they did on the acquisition of the Glencore assets, with respect to the share issues they made. Zinc is very, very tight. Supply has been very tight, and he thinks zinc is going to have to get to $1.50-$1.60 soon. Too small for his holdings.


Price:
$1.380
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-09-26 PAST TOP PICK Must be logged in to use chart WFC-N Wells Fargo

(A Top Pick Nov 30/16. Up 4%.) Bought this just prior to the Trump bump, but after they made the first announcement with respect to the deposit issue. He got a good price and a good dividend. The dividend will continue to grow. Trading at 1.2X Book, which is really, really cheap.


Price:
$53.800
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-09-26 COMMENT Must be logged in to use chart WHR-N Whirlpool Corp

He continues to like this. Trading at only 14X earnings. Had some recent disappointments. Anticipated the appliance market would grow 4%-6% this year, but it looks like it is going to grow at only 3.5%. This market doesn’t like disappointments. He likes that he is getting a global franchise that has a reasonable currency play because of the weakness in the US$. A well-run company.


Price:
$181.630
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-08-08 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Market. The TSX has had a very difficult year. 2016 was a banner year, and we are giving that back this year in terms of relative underperformance. However, you can forget the impact of the currency. That was the big surprise coming out of the 2nd quarter to now, with the Bank of Canada announcing they were not going to raise interest rates. There was a huge Short covering rally that took the loonie up to $.80. That nips into those returns. As an investor, as opposed to a trader, he suggests we just hold our positions. Had felt that at $.75, the Cdn$ was probably undervalued. As it got closer to $.80, he was looking to add more US names, particularly in those areas we don’t have in Canada. Feels the US market is overvalued and the Canadian market is undervalued, and that tends to correct over time.


Price:
$0.020
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
_N/A
2017-08-08 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Gold companies. There are 2 kinds of gold companies. Operating companies, the ones that build and operate mines, and royalty companies. He owns Goldcorp (G-T) and Agnico-Eagle (AEM-T). Agnico has been an outstanding operating company, and if you have to buy an operator, you won’t go wrong owning this. If you want an operator and get some leverage to the upside, buy when sentiment is negative, and Goldcorp is clearly the name. If you just want a safe, stable name on the price of gold, then Franco Nevada (FNV-T) is the right way to deal.


Price:
$0.020
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-08-08 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Canadian Banks share splits? Share splits are an interesting academic exercise. It typically occurs after a stock has moved, and they just want to make the shares more appealing to small investors. Feels share splits are meaningful in that suddenly more demand occurs.


Price:
$0.020
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
_N/A
2017-08-08 COMMENT Must be logged in to use chart AAR.UN-T Pure Industrial Real Estatetrust Trust

He likes the industrial REIT space. A wonderful way to play Amazon (AMZN-Q), which increasingly needs warehouses closer and closer to the customer. This REIT provides that kind of space. The recent weakness has been because of recent acquisitions and interest rate fears.


Price:
$6.450
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2017-08-08 DON'T BUY Must be logged in to use chart AC-T Air Canada

Airlines are stocks that you want to rent, not own. They are notoriously volatile. You have seen the good side of the volatility, but the question is, what can it do to continue. What is out there that we don’t know? Everything seems to be hitting right in this company’s case, but you are working with margins that are very thin, and if anything bad happens, down it goes.


Price:
$21.930
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-08-08 COMMENT Must be logged in to use chart AGT-T AGT Food & Ingredients

This has been a significant disappointment. He is looking at this more and more, because it has gotten hammered. The most recent investment by Fairfax got them out of a debt problem. We do pulses in Canada more than anyone else in the world, and that is good. The bigger issue is the importation, which has really hit the stock. India has some issues with our pulses. Pulses are a wonderful long-term play on the protein story. If they can fix their balance sheet and get over the India problem, then you might have a really good upside opportunity.


Price:
$24.770
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-08-08 COMMENT Must be logged in to use chart ALA-T Altagas Ltd

Had a good quarter, and the approval of their WGL acquisition is now just waiting for the regulatory side of things. One issue is commodity prices in Canada. Canadian gas production has been a headwind. Also, they made a foray into the US, to provide some natural gas infrastructure into the California grid. With the WGL acquisition they are looking to divest some of that and putting proceeds into the Washington DC area. Thinks this is just in “show me” mode. Dividend yield of 7.25%.


Price:
$28.670
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2017-08-08 BUY Must be logged in to use chart AQN-T Algonquin Power & Utilities Corp

Long-term hold? One of the characteristics of a great investment is that it generates cash and grows that cash. For a young investor, this company would suit well. A wonderful stock to hold for the next 20-25 years. 4.6% dividend yield.


Price:
$13.210
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2017-08-08 BUY Must be logged in to use chart BCE-T BCE Inc.

He owns this for the dividend and that the dividend has seen growth and will continue to see growth. An interest sensitive name, so there has been a little bit of weakness lately. This is bread-and-butter in any core investment portfolio in Canada. Its wireless business continues to show growth. The wire line is slowing down, but it is a cash generator.


Price:
$59.320
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-08-08 DON'T BUY Must be logged in to use chart BTE-T Baytex Energy Corp

They made an acquisition at the top of the oil market. Any company that makes a bad acquisition at the wrong price, will be carrying the consequence of that. They incurred a lot of debt. The management focus isn’t on getting the productivity out of the fields that they purchased, it is rather how do they unwind the mess they created. If looking for torque and you can stomach the fact that they have debt, this is a name that will get you the torque. If there is a continued down price in oil, this company is going to struggle. There are probably better names to own.


Price:
$3.520
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-08-08 TOP PICK Must be logged in to use chart CGX-T Cineplex Inc

There has been a very interesting change in their business model. We saw the negative consequences last week when they put their earnings out. They continue to grow revenue per client, which is a wonderful metric that works over time. There is an interesting morphing of their business model which he likes. This is a monopoly. A good time to pick this up. Dividend yield of 3.8%. (Analysts’ price target is $50.)


Price:
$43.100
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-08-08 BUY on WEAKNESS Must be logged in to use chart CM-T Canadian Imperial Bank of Commerce

There were a lot of Shorts between mid-July and the end of July, related to the closing of their US acquisition. This is probably the most domestic of the Canadian banks, and given all the concerns about the Canadian housing market, that has also caused problems. Dividend yield of 4.9% is a great income stream. This bank has an ability to grow, and you are not overpaying for it. He would like to get it in a bit more of a downturn.


Price:
$109.280
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-08-08 COMMENT Must be logged in to use chart CSH.UN-T Chartwell Seniors Housing

Seniors’ homes is a growth market. There is not going to be enough places for baby boomers to retire, and this is a great way to participate. This has been weak lately on the basis of rising interest rates, which has hurt a lot of REITs. Ultimately, you own a hard asset with an ability to raise its prices down the road. Not a bad place to be.


Price:
$15.190
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-08-08 BUY Must be logged in to use chart ENB-T Enbridge

Over time, this has probably been one of the best performing Canadian stocks over 50 years. They’ve had some difficult times, particularly with respect to their potential investments. To him, it is a great way to own the equivalent of what might be a railroad. No new pipelines are going to be built. They have the infrastructure in place. A good time to be picking this up. Dividend yield of 4.6%.


Price:
$51.730
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2017-08-08 PAST TOP PICK Must be logged in to use chart G-T Goldcorp Inc

(A Top Pick Oct 3/16. Down 22.73%.) Had some difficulty with their mining, grades and production. Brought in a new CEO and are now putting this in a “show me” mode. When it turns, it will turn with a vengeance.


Price:
$15.890
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-08-08 COMMENT Must be logged in to use chart GIB.A-T CGI Group (A)

He is looking at all the Canadian tech stocks, simply because they are down relative to the US ones. This one is reasonably valued and is a fine company. They do a nice job in their contract work and it is a stable producer.


Price:
$64.060
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-08-08 COMMENT Must be logged in to use chart MG-T Magna Int'l. (A)

Is the auto sector coming to an end? Is it over? The decline in 2015-2016 reflected some of those concerns. The multiple got compressed, but earnings kept coming through. He is not a believer that the auto cycle is going to stage an immediate come back. A good company to own in the sense that it is cheap, and did remarkably well in taking costs out of the business. Thinks he can get more torque in an upside move from other sectors.


Price:
$61.440
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-08-08 TOP PICK Must be logged in to use chart OTEX-T Open Text

The stock has fallen. They made some acquisitions, and feels the market is concerned that the steady progression of cash might not quite be as steady as they go through the digestion of these acquisitions. He likes that they can grow and that it trades at a multiple of earnings, not a multiple of cash flow, revenues, etc. Likes the stability and the growth by acquisition. Dividend yield of 1.5%. (Analysts’ price target is $40.)


Price:
$41.550
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-08-08 TOP PICK Must be logged in to use chart SJM-N J. M. Smuckers Co.

This is another of those boring US consumer product names. We now have an $.80 dollar that is good for purchasing US stocks. Good discipline with their balance sheet. A quality company. Dividend yield of 2.5%. (Analysts’ price target is $131.)


Price:
$121.790
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-08-08 COMMENT Must be logged in to use chart SLF-T Sun Life Financial Inc

This and Manulife (MFC-T) are both good names, and both have benefited from the anticipated rise in interest rates. They’ve lagged the banks and there is a valuation adjustment that can occur. Prefers Manulife (MFC-T) because of its opportunities in Asia.


Price:
$48.690
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-08-08 PAST TOP PICK Must be logged in to use chart TCN-T Tricon Capital Group

(A Top Pick Oct 3/16. Up 13.13%.) This did well up to the last 2 months. He looks at this simply for its ownership of US single-family dwellings. In February, they made a much bigger acquisition of another 7000 homes. The stock has come down, and thinks it is because it is being rated as a Canadian REIT, which it isn’t. A really interesting entry point. Dividend yield of 2.5%.


Price:
$10.460
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-08-08 BUY on WEAKNESS Must be logged in to use chart TECK.B-T Teck Resources Ltd. (B)

Had a huge downdraft in 2015 and recovered nicely in 2016 with a huge run, and then finally gave up the ghost. It has 3 commodities, metallurgical coal, zinc and copper. Met coal hit $300, fell back to $150, and is now rallying up to $200. Commodity stocks are hard to investment in unless you buy right. The nice thing about this one is that for the near term you have met coal which has stabilized at much higher prices than anyone anticipated and generates lots of cash. Most important though, over the next 6 months, zinc looks very, very tight. Then when you get out to 2020, 2021 and 2022, copper looks to be in significant shortfall, and this company will play that, especially with their 2nd project of QB2. Also, the company has fixed the balance sheet. He would like to see a bit of a pullback.


Price:
$29.060
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-08-08 COMMENT Must be logged in to use chart TRP-T TransCanada Corp

Headlines today are all about Brascan Keystone. As a long-term investor, you want to ask yourself if you want to own a major North American mover of an energy commodity. This company fills that bill quite nicely. With their most recent acquisition of Columbia, they have a really good play on the whole North American energy infrastructure. Reasonably hedged between oil and natural gas. A great place to play in the dividend growth we have seen for 50 years, and will probably see down the road as well. A little pricey relative to Enbridge (ENB-T), but this is a great long-term ownership, particularly since we are not going to build a lot of new pipelines. Dividend yield of 3.9%.


Price:
$63.440
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-08-08 PAST TOP PICK Must be logged in to use chart WHR-N Whirlpool Corp

(A Top Pick Oct 3/16. Up 12.13%.) He likes its discipline and its discipline of returning money to shareholders. The balance sheet continues to get better. A great, global franchise.


Price:
$178.540
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-06-27 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Market. It has been a really tough year for the Canadian marketplace. Looking back to 2016, things were going right. Commodities were firmer coming off that terrible 2015, and the bank stocks were moving. In 2017, bank stocks are not moving and energy is down, down and down. The market is treating commodity stocks like there is a recession, but there is no risk on the horizon. That is a great dichotomy that will come unwound as the year unfolds. US technology stocks have been the darlings. The big cap names have seen all the money flowing. The bond market keeps going as if there is going to be a recession. There is a decline in long bond yields, which is a bit of a shock. He wants to protect his clients’ capital and the best way to do that is by being careful of high growth names, those trading at very, very high multiples, and look for value in downtrodden areas. When the market comes back, it will be good for the Canadian market, and Canadian resource stocks in particular.


Price:
$0.020
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
_N/A
2017-06-27 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Gold. Gold shares haven’t done much. We’ve been seeing higher lows and higher highs, so we may be in a bit of an up channel. The trend is positive. He would recommend you have some gold in your portfolio. Has 5% of client’s portfolios in gold stocks. As the US$ continues to weaken with euro strength, gold could go up with an upward bias. It would be great to see it break $1300.


Price:
$0.020
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-06-27 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Cdn$? A lower Cdn$ historically has been good for Canada, particularly in manufacturing and resources. It makes energy producers and mining companies that much more profitable, because they sell products in the US$. It used to be much more beneficial when we had a manufacturing economy, but we no longer have the manufacturing strength that we used to, and that is going to be a headwind going forward.


Price:
$0.020
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
_N/A
2017-06-27 PAST TOP PICK Must be logged in to use chart AEM-T Agnico-Eagle Mines

(A Top Pick July 5/16. Down 14.54%.) This is a time to be in gold stocks, and this is the premier “go to” name in the Canadian gold patch. The pipeline on this looks really interesting on a go forward basis.


Price:
$60.650
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-06-27 COMMENT Must be logged in to use chart ALA-T Altagas Ltd

Thinks this will continue to tread water. They are digesting the WG Washington Gas/Light US acquisition. This has cleared shareholder approval, but now they are waiting for the regulators. Pays a nice yield of 7%, and he believes that the dividend is safe. Doesn’t see a lot of action coming because of regulatory uncertainty. However, this company is pretty well postured in energy markets, not just in Canada, but also in California. The cash that is going to come from that will keep the company in good stead. It is more like a utility than it has ever been and WGL will make it even more like a utility.


Price:
$29.500
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2017-06-27 HOLD Must be logged in to use chart BB-T BlackBerry

This had been a great story, but had to reinvent itself, so your time frame is really important. John Chen decided to change this into a software company, and it is going in a totally different direction. The market liked that their software, particularly in the automobile sector, is widely used, and there are lots of applications for that great software. The problem is, they have to change the business. Their unit sales are not really profitable relative to the share price, so it trades at a valuation level that doesn’t make any sense. You buy this because you believe that their software will be in vehicles or something else, 5-10 years from now.


Price:
$13.140
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-06-27 PAST TOP PICK Must be logged in to use chart CGX-T Cineplex Inc

(A Top Pick July 5/16. Up 4.70%.) Pretty close to a monopoly in showing films in Canada. He is buying it, not so much for the films, but for the popcorn and the things happening outside of the films. A great name to hold for the long-term.


Price:
$53.100
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-06-27 BUY Must be logged in to use chart CM-T Canadian Imperial Bank of Commerce

This has not done well now that the new acquisition of Private Bank Corp has gone through. To him this is the most interesting bank, simply because it is down the most in context to where it was relative to their $120 high. What we are seeing right now is the backflow of US holders of Private Bank Corp questioning what is this “CIBC” thing, with a natural inclination to Sell. That is actually a very good time to look at a stock. He would put new money into this today.


Price:
$104.980
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2017-06-27 DON'T BUY Must be logged in to use chart CVE-T Cenovus Energy

This has been particularly hit with the acquisition they made, which they had funded with debt, and now have to figure out what to do with the assets they have to sell. As crude prices come down, the value of the assets they had hoped to sell, isn’t what it used to be. Be wary of companies that have too much debt. There are a lot better plays in the oil patch with a relative higher risk/reward.


Price:
$9.550
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-06-27 TOP PICK Must be logged in to use chart CVS-N CVS Health Corp

A play on demographics. It’s a cheap stock, trading at 13X next year’s earnings. A free cash generator. A great way to get diversification in a kind of sector we don’t have in Canada. Dividend yield of 2.5%. (Analysts’ price target is $88.00.)


Price:
$80.490
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-06-27 COMMENT Must be logged in to use chart ENB-T Enbridge

An RESP for a 1-year-old? He would recommend this. A great kind of name for a 20-year investment, who will need the money in 18 years when they go off to school. This company pays a wonderful dividend of 4.7%.


Price:
$52.750
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2017-06-27 PAST TOP PICK Must be logged in to use chart EQB-T Equitable Group

(A Top Pick July 5/16. Up 14.74%.) The whole alternative lending sector took big tumbles on the Home Capital (HCG-T) situation. This is in a much better shape in this group.


Price:
$60.950
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-06-27 COMMENT Must be logged in to use chart FTS-T Fortis Inc.

Because this has had a steady increase in their dividend year after year, the stock has been climbing. As interest rates go down, stocks go up. One of the premier electric utilities to own. Dividend yield of 3.4%.


Price:
$46.530
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-06-27 BUY Must be logged in to use chart HBM-T Hudbay Minerals Inc.

This, like all material stocks, has been punished as the world has been concerned about a Chinese slow down. Zinc is looking really, really interesting as inventories are hitting 7-10 year lows. Copper is going to get tight as we go into 2020. You have to have a timeframe that is 10 years, as you have to get a cycle. Has a good balance sheet.


Price:
$7.370
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-06-27 DON'T BUY Must be logged in to use chart HCG-T Home Capital Group

Warren Buffett’s announcement came out and the stock rallied, which he contributed to Short rallying. Now the question comes down to valuation. This company has a BV of about $19, and currently seems to be settling down below that. He is not interested in the stock at this price.


Price:
$16.220
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-06-27 COMMENT Must be logged in to use chart HMMJ-T Horizon's Medical Marijuana

Something he is not looking at closely. The rise in marijuana stocks is new, and reminds him a lot of the rise of some of the emerging technology stocks back in 1999. It may pay off well, but the industry is so uncertain at this point. The rules on marijuana have yet to be put in place. This is a trader’s vehicle, not necessarily an investor’s vehicle. Not an area he would be investing in.


Price:
$8.570
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-06-27 COMMENT Must be logged in to use chart IPL-T Inter Pipeline

This has suffered along with the decline in oil price. It is much more directly related to energy prices. Has a good yield, which he thinks is safe and stable. At these prices, this is looking more and more attractive. 6.5% dividend yield.


Price:
$25.170
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-06-27 COMMENT Must be logged in to use chart MG-T Magna Int'l. (A)

Auto sales have gone up, up, up and have peaked at around 17.5-18 million vehicles. This is cheap, because it is selling all the products to a world of 17.5 million vehicles. The question is, what is 2018, and more importantly 2019-2020 going to look like. This could then be followed by vehicles driven by robots. His view is that manufacturing will probably go below 17 million vehicles in 12-18 months.


Price:
$58.870
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2017-06-27 HOLD Must be logged in to use chart NFI-T New Flyer Industries Inc.

He likes what they are doing, and how the North American fleet is expanding, and how they are participating. The basic business model makes sense.


Price:
$54.680
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2017-06-27 TOP PICK Must be logged in to use chart NPI-T Northland Power Inc

Big wind generator in the North Sea. He likes the assets. It started as an alternative energy provider in Ontario and then spread across Canada, followed by a big foray into Europe about 10 years ago. This is now starting to pay off big time. Their 1st wind plant, Gemini, is now generating cash. Nordsee will be generating cash by the end of this year. Just announced a 3rd offshore wind plant that will be coming on in a couple of years. Dividend yield of 4.6%. (Analysts’ price target is $26.50.)


Price:
$23.320
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-06-27 HOLD Must be logged in to use chart PEY-T Peyto Exploration & Develop.

Canadian gas has not been the most popular place to be, but this has been one of the great gas plays. When gas comes into favour, this company moves. The gas story is not as dead as the market makes it out. The US is now an exporter of gas, which is a big change. The petrochemical industry in the Houston area is a huge consumer of gas, and will be because they are building plants left, right and centre. Mexico is getting gas exports from the US. Even Canada is getting some. The market is changing, and at some point, the favourable sentiment will change to the gas industry.


Price:
$23.740
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2017-06-27 COMMENT Must be logged in to use chart TA-T Transalta Corp

You buy this because of its assets and the ability of those assets to generate cash flow. Feels the Alberta electric generation market is still subject to a lot of question marks. He would rather own wind power in Europe.


Price:
$8.010
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2017-06-27 TOP PICK Must be logged in to use chart TECK.B-T Teck Resources Ltd. (B)

This has met coal, copper, zinc and oil. People are forgetting the zinc story. Zinc is really, really tight and is just starting out to see a run. 3 years out, copper is going to be very tight. Met coal is $140, and their costs are $90. Dividend yield of 1%. (Analysts’ price target is $37.)


Price:
$21.760
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2017-05-09 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Market. This market doesn’t want to give up. It is an interesting market from a lot of perspectives. He is Long equities, more so than normal, but still has a lot of cash. Doesn’t believe in the bond market. A lot of things have gone right; the volatility index VIX, is at an all-time low and markets are at an all-time high. Interest rates continue to creep up, which is typically is a headwind. Corporate earnings have been good, but are in the areas that nobody is buying. Canada, after having been the best performing market last year, has really lagged, not just in energy and materials, but financials as well. Today he is 80% in equities. Of that 80%, 16%-18% would be in the US.


Price:
$0.020
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
_N/A
2017-05-09 PAST TOP PICK Must be logged in to use chart AEM-T Agnico-Eagle Mines

(A Top Pick July 5/16. Down 12%.) At that time, this was running up and gold looked much better. Believes this is the premier company in Canada. They’ve been very good at bringing up mines. A growth business that happens to be in the gold mining industry.


Price:
$63.480
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-05-09 COMMENT Must be logged in to use chart ALA-T Altagas Ltd

This has been quite active in acquisitions. They bought Washington Gas & Light company in the DC area, as a big foray into the US. They feel it provides them with some unique diversification, as well as a kind of rollup capacity in the market. It is going to be a “show me” story, and is going to take a long time. In the meantime, they’ve suffered with the oil/gas patch in general. It’s quite exposed to gas in its midstream operations. He believes the 6% dividend is safe. It probably won’t be growing as quickly as it has, because they have to absorb the WGL assets. They successfully raised capital. Thinks they are in OK shape, but doesn’t feel this is the best place to be in that space right now. Prefers others.


Price:
$31.230
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2017-05-09 COMMENT Must be logged in to use chart ARX-T Arc Resources Ltd

Has been dramatically underweight in the energy space. He started the year with a view that oil was going to be $45-$55 for this year. Bargains are starting to appear. In the oil patch, this is one of those names he would be looking at. It’s liquid and it is well run.


Price:
$17.740
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2017-05-09 WAIT Must be logged in to use chart BCE-T BCE Inc.

A core holding for him, but wouldn’t buy it today. Has had a really, really nice move. It’s been a great portfolio investment, but it is now getting a little toppy. The RSI (relative strength indicator) shows a sense of enthusiasm. As it ran up to the mid-$60s, enthusiasm got quite high. He’d like to see that wane before he took another position. Great yield.


Price:
$61.880
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-05-09 COMMENT Must be logged in to use chart BTE-T Baytex Energy Corp

Sell Baytex (BTE-T) and Crescent Point (CPG-T) and move into Teck Resources (TECK.B-T)? Crescent Point and Baytex had high dividends. When oil fell, the dividend strategy collapsed. From this, he learned don’t rely on commodity stocks to pay dividends. Both are down in the dumps, but both are good names. This one probably has a little more debt than he would like, but Crescent Point is really trying to remake itself. If looking for torque in a portfolio, you will probably get more in the near term, from a base metal stock that you would from an oil stock.


Price:
$4.430
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Unknown
2017-05-09 COMMENT Must be logged in to use chart CF-T Canaccord Financial Inc

Preferred C. This will reset at the 5 year Canada rate, around 3.75%. Why is it at $18, instead of $25, which would normally be the issuance value? 5-6 years ago, the rage was Reset Preferreds because rates were low and if rates went up, there would be a higher yield when it reset. Instead of going up though, rates fell. Therefore at reset, at 3.75% over our Canada 5 year of about 80 basis points, it is going to be reset with a 4.5% yield. The risk doesn’t necessarily correspond with a 4.5% yield that you would get on other safer preferreds. The market doesn’t like that, so it is not going to pay you for value. As long as interest rates stay low, it is a great thing for the issuer because it is a cheap preferred. Unfortunately, it will trade at around $18 for a while.


Price:
$4.540
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Unknown
2017-05-09 PAST TOP PICK Must be logged in to use chart CGX-T Cineplex Inc

(A Top Pick July 5/16. Up 5%.) One of those monopolies he believes is a wonderful name to own in the Canadian consumer space. Bought it because they were getting more dollars of revenue for every visit. A great kind of growth name that you don’t have to pay extremely high values for.


Price:
$53.190
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-05-09 COMMENT Must be logged in to use chart CM-T Canadian Imperial Bank of Commerce

Regarding their US acquisition, they’ve gone at it 3 times saying this is the last offer. The US banks rallied, and the Canadian banks did not. He hopes they don’t jump their offer once again.


Price:
$108.360
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-05-09 COMMENT Must be logged in to use chart CNR-T Canadian National R.R.

This has been one of the great investments in Canadian history. It is a great name to own. The railroad industry is a monopoly, because we are not going to build new railroads anywhere in North America. The number of investable rails has shrunk. You can pick any one. He finds them a little pricey in the current market. Their multiples are typically less than the markets, and are trading at kind of a market multiple today.


Price:
$101.890
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2017-05-09 COMMENT Must be logged in to use chart CPG-T Crescent Point Energy Corp

Sell Baytex (BTE-T) and Crescent Point (CPG-T) and move into Teck Resources (TECK.B-T)? Crescent Point and Baytex had high dividends. When oil fell, the dividend strategy collapsed. From this, he learned don’t rely on commodity stocks to pay dividends. Both are down in the dumps, but both are good names. Baytex probably has a little more debt than he would like, but this one is really trying to remake itself. If looking for torque in a portfolio, you will probably get more in the near term, from a base metal stock that you would from an oil stock.


Price:
$13.110
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Unknown
2017-05-09 COMMENT Must be logged in to use chart CVE-T Cenovus Energy

A really good time to be taking a look at this, because it is a great contrarian play. They stretched to make their acquisition and have to make dispositions of assets. Probably took on a little more debt than they probably might otherwise could, and diluted the equity down. That asset sale aspect is troubling at a time when oil prices are $45. Who are you going to sell those assets to.


Price:
$13.050
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2017-05-09 COMMENT Must be logged in to use chart CXR-T Concordia International Corp

This as not an investable name. They borrowed money to make a UK acquisition and are having issues with that.


Price:
$2.850
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2017-05-09 PAST TOP PICK Must be logged in to use chart EQB-T Equitable Group

(A Top Pick July 5/16. Down 15%.) Believed that the model was very good. He began selling it at $60, and by the time he was done it was trading at a little above $48-$49.


Price:
$48.370
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2017-05-09 COMMENT Must be logged in to use chart FN-T First National Financial

This is a different mortgage player. They basically raise their own money and put that into mortgages. They service mortgages, as opposed to using capital as an intermediary to earn a spread. This has been a well-run company. Their software is 2nd to none. It got caught in the downdraft.


Price:
$25.190
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Unknown
2017-05-09 COMMENT Must be logged in to use chart FTS-T Fortis Inc.

If rates go up, typically utilities underperform. However, if rates are going up because of inflationary pressures, regulators typically raise the rate of return on the underlying assets. They have a big acquisition in the US which left them in good stead. They’ve done a good job in growing dividends and this is a good kind of core holding.


Price:
$44.190
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2017-05-09 COMMENT Must be logged in to use chart GEI-T Gibson Energy

You are basically looking at key infrastructure assets, that will do very, very well as we continue to expand the oil sands, tank storage in particular. Those are crucial assets that would be very, very difficult to replace. There are better names to own in the area, in between the pipeline and the producer. The dividend is high, and they are going to have to grow into that. At this stage, he thinks you can find companies that have already done the growing of the dividend.


Price:
$18.590
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2017-05-09 TOP PICK Must be logged in to use chart HBM-T Hudbay Minerals Inc.

This has fallen from $12 to $7.67. He sold some recently at about $9.50, and is looking for an entry point right about here. The reason for this is zinc. The company is basically zinc/copper 50-50. He likes the near term potential for zinc. When zinc moves, we could be in a situation that is referred to as “the pinch point” where you get a spike up because inventories are so low. Zinc could go to $2, just like met coal went from $90-$300, when inventories get tight. Dividend yield of 0.26%. (Analysts’ price target is $11.)


Price:
$7.700
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-05-09 COMMENT Must be logged in to use chart HOT.UN-T American Hotel Income Properties

He owns this for 2 reasons. It began as a hotel for railroads. 1. It has some nice growth potential as they roll up smaller hotels in and across the US. 2. He likes its real estate outside of Canada, so you get exposure of the real estate sector, without having assets tied up in Canada. If the Cdn$ goes down, he has an asset that appreciates in value.


Price:
$10.780
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-05-09 HOLD Must be logged in to use chart RY-T Royal Bank

Owning Canadian bank stocks has never really hurt. In years when stock performance is weak, you tend to get a little bit of a dividend, so you get paid while you wait.


Price:
$92.940
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-05-09 TOP PICK Must be logged in to use chart SBUX-Q Starbucks

He likes consumer names in areas where the middle class is growing, which is Asia. About 14% of their stores are in Asia. The company is going to see nice, double digit earnings growth, driving high margin expansion. He likes their global exposure. Dividend yield of 1.6%. (Analysts’ price target is $66.)


Price:
$60.980
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-05-09 DON'T BUY Must be logged in to use chart SHOP-T Shopify Inc.

Up almost 110% this year. This has been a rocket ship. A great story about what Canadian technology can do, when it really works well. In investing, you have to have a view as to what something is intrinsically worth. If you think you can sell something to someone else, at a higher price, then you are speculating. Investing requires a discipline. He wouldn’t chase it at its current price.


Price:
$122.630
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2017-05-09 TOP PICK Must be logged in to use chart SU-T Suncor Energy Inc

He is dramatically underrepresented in the “energy producer” sector, and wants to get money back into oils. The best place to start is in a big cap liquid name that pays a dividend. He is not looking for torque yet, because he can’t quite see the beauty of the recovery, but he wants to have exposure, simply because on a value basis these things are cheap and this is levered to oil, and has actually outperformed oil in its existence. Dividend yield of 3%. (Analysts’ price target is $50.)


Price:
$43.110
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-05-09 COMMENT Must be logged in to use chart TA-T Transalta Corp

This, by default, is a contrarian company that happens to be in the utility space. This is coming back. They’ve had to do some major cost cutting. They’re converting some of their coal plants to natural gas in order to avoid some carbon tax. The beauty of utilities is that they do generate cash flow. The question becomes, how sustainable is that cash flow. Feels you can do better elsewhere.


Price:
$7.240
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Unknown
2017-05-09 COMMENT Must be logged in to use chart TECK.B-T Teck Resources Ltd. (B)

The star of 2016. It began the year well, kind of rallied, and then tanked recently as metallurgical coal prices fell. Now trading at around $25 and is interesting value because of the zinc operations. When he looks at this, he looks at it as a zinc play in the near term. Medium term and longer-term would be copper. And then you get a kick in from metallurgical coal at some point. He hasn’t bought any lately, but it is quite attractive.


Price:
$24.850
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-03-20 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets. YOMO (Year of Missing Out) is a great description of the Toronto housing market, but we are also starting to get this in equity markets. Stocks are moving, but simply because everyone is afraid to Sell as you don’t want to miss out, and valuations are starting to get stretched, and no one wants to get out of equities because Donald Trump is going to solve all the world’s problems. We have seen this great interest rate increase, which is usually a sign of good times, but investors are already paying for the tax that is going to get cut, and we are already paying for the regulations that are going to get cut. If people’s expectations are not filled, they tend to get disappointed, and the next response is to Sell.


Price:
$0.020
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
_N/A
2017-03-20 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

When will Canadian banks have stock splits? The time is close. Once they get over the $100-$120 level, it is probably time for a split. Splits don’t matter. They are just basically creating more shares at less price.


Price:
$0.020
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
_N/A
2017-03-20 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Zinc. Inventories are down and supply is limited. Chinese are shutting some capacity in, in terms of the refining of the raw metal. Zinc is on a roll. It has been tight, and will probably stay tight as mines have shut down. There is no reason the price cannot spike up to the $2 levels. The best 3 plays in Canada are Teck Resources (TECK.B-T), the world’s largest net zinc producer; Hudbay Minerals (HBM-T) an intermediate play; Trevali Mining (TV-T) a more junior company.


Price:
$0.020
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Unknown
2017-03-20 PAST TOP PICK Must be logged in to use chart AEM-T Agnico-Eagle Mines

(A Top Pick March 31/16. Up 21%.) He kind of liked the gold market at that point. Today, he is quite intrigued because they have a combination of growth and low cost mines. A Canadian high quality production. To him, this is a core holding in the gold sector


Price:
$57.460
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-03-20 COMMENT Must be logged in to use chart ATD.B-T Alimentation Couche-Tard (B)

This had a bit of an earnings miss when their margins weren’t quite what people thought they were going to be. This has been a great growth story. All great growth stories need to have time to congeal and build themselves up for the next level. As a buyer, be disciplined. Set a price target at where you would want to own. If you get it, you got it on sale.


Price:
$58.690
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2017-03-20 TOP PICK Must be logged in to use chart BCE-T BCE Inc.

This has come down because there of concerns about slowing demand for services and potentially rising interest rates. You are getting almost a 5% dividend yield, and it is going to grow. It has great cash flow generating ability. He likes their Manitoba telecom acquisition as it gives them more synergy potential. (Analysts’ price target is $60.)


Price:
$57.560
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-03-20 COMMENT Must be logged in to use chart BTE-T Baytex Energy Corp

This was hurting big time a year ago; really suffering under the much, much deteriorating balance sheet, caused by debt, caused by making acquisitions. They got through it and had a nice recovery into the summer of 2016, but as oil prices weakened they are now struggling.


Price:
$4.540
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Unknown
2017-03-20 HOLD Must be logged in to use chart CGX-T Cineplex Inc

He continues to like this. It had a disappointing 2016, not the best year for movies. In spite of the weak Q4, they are getting increasing revenues from non-theatre tickets. They are expanding their revenue streams from gaming and media sell. You get the upside when you get a good movie cycle, but this is a business that is well-run with stable cash flows. Pays a 3% yield.


Price:
$50.770
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-03-20 HOLD Must be logged in to use chart CM-T Canadian Imperial Bank of Commerce

He owns all the Canadian banks and likes that they are able to grow their dividends. Their capital ratios are improving. Being more of a domestic bank that some of the others, this has done very, very well. Dividend yield of 4.3%.


Price:
$117.120
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-03-20 COMMENT Must be logged in to use chart CP-T Canadian Pacific Rail

There is talk of a merger with CSX (CSX-Q) that is going to take time. Hunter Harrison has his hands full in trying to squeeze costs out of CSX as fast as he did with CP, which has now consolidated. There is now talk that “oil by rail” is going to come back in. There are upticks in industrial activity, which is good for all rail stocks. He is looking hard at this but would like to see some better pricing. He likes other sectors at this time.


Price:
$195.510
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2017-03-20 BUY on WEAKNESS Must be logged in to use chart ENB-T Enbridge

One of those great Canadian businesses that amounts to a monopoly, or a very limited market. This is a wonderful business. They’ve had an incredible track record over the past number of years. They consistently raise their dividend. If it got a little weaker, he would be looking to add to his holdings.


Price:
$54.490
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-03-20 COMMENT Must be logged in to use chart FN-T First National Financial

One of the alternative lenders. A great earnings story and a stable company. The fears regarding real estate is what caused the draft down in the stock price, in the latter half of 2016. However, as a dividend generator, it is a pretty stable business. A very tightly controlled company which he likes. Their software is 2nd to none. This is the kind of name you can own and feel comfortable doing so.


Price:
$26.950
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-03-20 COMMENT Must be logged in to use chart HBM-T Hudbay Minerals Inc.

Zinc and copper. He’s been happy owning this over the years. A well-managed company. They’ve made good investments to expand their production out of Manitoba and into south America. Have some really good mines in both countries. Zinc gives you the near term kind of kick, while copper is the metal that everybody is questioning as to what is going to happen to it in 2020-2022. A nice way to participate in the metals rally.


Price:
$9.880
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-03-20 PAST TOP PICK Must be logged in to use chart HLF-T High Liner Foods

(A Top Pick March 31/16. Up 23%.) They’ve had a couple of disappointing quarters as their growth projections didn’t quite come to fruition. Dividend yield of 3.1%.


Price:
$17.780
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-03-20 COMMENT Must be logged in to use chart NFI-T New Flyer Industries Inc.

This has been in a great position to benefit from infrastructure spend, and will continue to do so as North American transportation fleets need to be improved. They have done an amazing job of tucking in acquisitions, and are now a real dominant provider of coaches. He is looking for things where a little disappointment has set in, as opposed to paying for all the good news.


Price:
$45.260
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2017-03-20 PAST TOP PICK Must be logged in to use chart NPI-T Northland Power Inc

(A Top Pick March 31/16. Up 19%.) He was looking for stability and for its yield. He expects to see further dividend growth because of the wind projects in the North Sea, that are now coming into fruition. They’ve just announced another project for later on, plus you get the possibility of something happening because the company is looking at strategic alternatives. Dividend yield of 4.4%.


Price:
$24.410
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-03-20 DON'T BUY Must be logged in to use chart POT-T Potash Corp of Saskatchewan

Potash is an industrial material. You do not want to be invested in industrial material stocks when there is excess capacity. This has plagued the potash market for years. You have time before investing in this one. The dividend has been cut. Dividend yield of 2.3%.


Price:
$22.990
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2017-03-20 TOP PICK Must be logged in to use chart PSK-T PrairieSky Royalty

One of the oil patch casualties that has actually done okay. He likes royalty structures because you don’t have capital investment risks, and this one has no debt on the balance sheet. Oil price recovery gives them torque to the upside. During the horrific oil environment of 2015-2016, they proved their ability to generate good cash flow. Dividend yield of 2.7%. (Analysts’ price target is $34.75.)


Price:
$28.250
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-03-20 TOP PICK Must be logged in to use chart TD-T Toronto Dominion

This bank bore the brunt of the negative publicity on the CBC announcement. The reality is, this is a buying opportunity. It is now trading at a multiple that is less than the banking industry in general. Dividend yield of 3.6%. (Analysts’ price target is $71.50.)


Price:
$65.600
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-03-20 COMMENT Must be logged in to use chart TECK.B-T Teck Resources Ltd. (B)

This was the star of 2016, but has softened as met coal prices retreat from $300 to $150 a ton. What is not being factored in is that zinc prices continue to hit close to 5 year highs. Copper prices have fallen in the last little while, but are much higher than they were a year ago. It is generating incredible amounts of cash flow. Debt went down by $1 billion in Q4, and will probably do the same in Q1 of this year. At this price, you get upside optionality. You’ve got a much cleaner, better, safer company in which to invest. He bought more at under $28.


Price:
$28.580
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-03-20 COMMENT Must be logged in to use chart VRX-T Valeant Pharmaceuticals

Struggling with massive amounts of debt, which was acquired when everything was looking great. The problem was, the assets they bought they probably overpaid for by using cheap paper. $30 billion is a lot of debt and he doesn’t know how they overcome it. He doesn’t like bottom fishing.


Price:
$14.200
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2017-02-02 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  When you look at the market, financials had a huge year and resources had a huge recovery.  His job now is to keep those gains and make money along the way.  If you are being paid a dividend then you are being paid to wait.  The S&P has sold off on news after building on rumour.  What we are seeing now after induction is that it is becoming news and he is having difficulties getting his promises through.  The question is if Trump can keep up with his promises. 


Price:
$0.020
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
_N/A
2017-02-02 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Iron Ore.  VALE-N has had a heck of a run.  Iron ore and met. coal have rebounded.  They are not going bankrupt.  BHP-N has had a great double in the last year.  These are the right names, but be is not a real bull on Iron Ore.  He owns TECK.B-T so he does not need these.


Price:
$0.020
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2017-02-02 DON'T BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Marijuana or Oil Stocks?  Invest for a good time or a long time…  Marijuana is much more speculative.  Distribution of the product will eventually end up in a safe sector.  He would not go for Marijuana stocks.


Price:
$0.020
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
Showing 1 to 120 of 747 entries
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