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

Viewing Expert

Kash Pashootan , Sr. VP & Portfolio Manager

First Avenue Advisory, Raymond James


Date Signal Chart Symbol Company Opinion Price
2017-08-15 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Income Investors. Beware of rates for both fixed income and equities. For the last several years there has been a real appetite for yield. Based on demographics, more and more Canadians and Americans have either retired or are close to it. Their #1 objective was generating enough income to maintain their lifestyle that they were used to while working. That is partly why there has been such an inflow into dividend paying stocks. Owning bonds at 2%-2.5% just doesn’t cut it. You need to be really thinking and understanding how interest sensitive your portfolio really is. As a general rule, yield plays are often the most interest sensitive. Many Canadians don’t realize that pipelines, telcos, REITs, utilities, etc. are quite interest sensitive, because this is really the first time they’ve had a meaningful exposure. Going into the first rate hike, with investors having a larger exposure to equities, it is important to understand what the potential is for a portfolio in a rising interest rate environment for fixed income and equities.


Price:
$0.020
Subject:
NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias:
UNKNOWN
Owned:
_N/A
2017-08-15 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

When constructing a portfolio between bonds, Index ETF’s and dividends, which should go in TFSA, RRSP, and nonregistered accounts? There are 2 considerations. The one people look at right away are tax considerations. In a registered account such as a TFSA or RRSP, it doesn’t matter what kind of income/return you generate because they are tax sheltered. Sometimes hold the least tax efficient instruments in their Registered accounts such as bonds, and/or the more tax favourable instruments outside of the registered accounts. He tends not to, because liquidity requirements vary depending on the kind of account it is. If you hold your least liquid assets in registered accounts, you may not want to withdraw from the account which provides you with liquidity. When you withdraw stocks from a non-registered account in a bad market, you have to sell at less than what you generally paid for it. Build a balanced portfolio in all the different accounts, knowing that you will have liquidity when you need it.


Price:
$0.020
Subject:
NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias:
UNKNOWN
Owned:
_N/A
2017-08-15 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Marijuana stocks? Feels the easy money has been made. If you are getting in it at this point, risk management is more important now than ever, because most of the names have run up considerably. If you have to be in the space, he would buy a few of them, and split up your application amongst a handful.


Price:
$0.020
Subject:
NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias:
UNKNOWN
Owned:
No
2017-08-15 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Investing in the current market? The challenge is timing the market, which you are not going to be able to do. You have to feel comfortable whenever you buy, so that when times do get bad, you can look at your portfolio and know that you know the business and are comfortable. If there is a correction, for the most part it is widespread and you are going to see a haircut on all names. In a high cash weighting, you sit on the sidelines and watch the market continue to go higher and higher, which has gone on for the last 2 years. The market is expensive if you look at it purely on a P/E basis, compared to where it has been for the last 30 years. However, through stock picking, you can build the portfolio that has a lower P/E ratio than the overall market. Secondly, when you compare the P/E ratio of the market to the last 30 years, it is really only one part of the story, because we have never had interest rates as low as they are in the last 30 years. To quantify how expensive or not expensive the market is, you can look at what the 10 year is paying, and what the average dividend yield of the market is, and see the spread above what you are getting as a yield on the S&P 500 or the TSX, compared to the 10 year. It is quite wide. Leg your money in, which helps you get dollar cost averaging. Also, understand the businesses that you buy.


Price:
$0.020
Subject:
NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias:
UNKNOWN
Owned:
_N/A
2017-08-15 COMMENT Must be logged in to use chart AMZN-Q Amazon.com

As a replacement for 30% of bonds and RIFs for retirees? Doesn’t think this is the right fit for a RIF or as a replacement for bonds. It doesn’t pay a dividend. It will be significantly more volatile than quality bonds will. He doesn’t own this because it doesn’t pay a dividend.


Price:
$982.740
Subject:
NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias:
UNKNOWN
Owned:
No
2017-08-15 BUY Must be logged in to use chart BCE-T BCE Inc.

Boring, but boring is good. When building a portfolio, this is a name that is difficult to ignore. The steady Eddie of a portfolio giving you a 4.5%-4.7% dividend yield. If you get a 4%-5% share price appreciation, it has done its job. In the last couple of years, it has done better than that, but recently all the telcos have pulled back.


Price:
$59.390
Subject:
NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias:
UNKNOWN
Owned:
Unknown
2017-08-15 COMMENT Must be logged in to use chart BPY.UN-T Brookfield Property Partners

A dividend yield of 4.9%, which is quite juicy, considering it is trading on the Canadian market which gives you a dividend tax credit as well. You are going to have to stomach some volatility, because it will be interest sensitive as rates start to rise.


Price:
$29.910
Subject:
NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias:
UNKNOWN
Owned:
Unknown
2017-08-15 TOP PICK Must be logged in to use chart CASH CASH

It is reckless to not have some cash on the side. We know that in the summer and fall we have some kind of correction, and it is a good time to have some cash on the sidelines, ready to strike when the time is right.


Price:
$0.010
Subject:
NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias:
UNKNOWN
Owned:
Yes
2017-08-15 COMMENT Must be logged in to use chart CBL-T Callidus Capital Corp

When buying this kind of investment, you are betting on the individual or management team running it. Whether it is a rough quarter or a good quarter, it shouldn’t change your outlook or long-term view on the business. These kinds of structures are generally focused, and the people running them do a great deal of due diligence before investing. He wouldn’t let a bad quarter derail you from holding it long-term.


Price:
$10.670
Subject:
NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias:
UNKNOWN
Owned:
No
2017-08-15 DON'T BUY Must be logged in to use chart CJR.B-T Corus Entertainment (B)

On “pick and pay”, if you have 3, 4, 5 members in your family, and they’ve all picked and you’ve paid for the channels, you are basically paying as much as you would for a bundle. Thinks it was overblown. Sold his holdings as the first real leg of the recovery for the company has taken place. If you currently own this, you are waiting for the next chapter of recovery. He’ll come back and visit this later. Thinks the dividend should be cut in half, and put the capital to better use.


Price:
$13.950
Subject:
NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias:
UNKNOWN
Owned:
No
2017-08-15 PAST TOP PICK Must be logged in to use chart CSCO-Q Cisco

(A Top Pick May 13/16. Up 26.1%.) Has taken his profits. Looking at their business today, he is not sure exactly which direction they want to transition to. It gives a decent dividend yield. Doesn’t think you will go wrong buying at these prices.


Price:
$32.090
Subject:
NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias:
UNKNOWN
Owned:
No
2017-08-15 PAST TOP PICK Must be logged in to use chart CTC.A-T Canadian Tire Corporation Ltd. (A)

(A Top Pick May 13/16. Up 10.81%.) There is no real reason for the recent pullback. He still likes it and it is cheap. 1.7% dividend yield is fairly light for being an established business. Trading at around 15X. Still buying for new clients.


Price:
$153.170
Subject:
NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias:
UNKNOWN
Owned:
Yes
2017-08-15 BUY Must be logged in to use chart FCR-T First Capital Realty

Doesn’t own any REITs at this time, but if he were to own one, this would be the one. Likes the way they are running the company and the acquisitions they’ve made. They are in the prime areas where it is difficult to get real estate anymore. They have a serious footprint in Yorkville which arguably, price per square foot, is the most valuable real estate in Toronto.


Price:
$19.640
Subject:
NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias:
UNKNOWN
Owned:
No
2017-08-15 WAIT Must be logged in to use chart GE-N General Electric

The last few years has been very busy. Did a great job in selling off the GE Capital assets in order to become a pure industrial play. With the big acquisitions they’ve made, he was cautious, because any time a company is doing a huge acquisition, there are a lot of integration risks and it takes time to digest it. Now, with a Baker Hughes acquisition floating around, he would be hesitant. Wait until the dust settles.


Price:
$25.140
Subject:
NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias:
UNKNOWN
Owned:
No
2017-08-15 PARTIAL BUY Must be logged in to use chart JNJ-N Johnson & Johnson

This has had fairly low volatility. They are diversified between Pharma, consumer products and medical devices. Diversity helps them, but also hurts them in that it is difficult to focus on 3 business lines that are quite different. It has had a decent year, up about 15% year to date. Trading at around 19X, and you are getting a 2.5% dividend yield. Just made a large acquisition, so you may want to wait to see how that is digested. Consider buying only a half position now.


Price:
$133.380
Subject:
NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias:
UNKNOWN
Owned:
No
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