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

Viewing Expert

Michael Sprung , President

Sprung Investment Management

Address
25 Adelaide Street East, Suite 500
Toronto, ON
M5C 3A1

Contact Info
Telephone: 416-934-7160
Email:
Website: http://www.sprunginvestment.com/


Date Signal Chart Symbol Company Opinion Price
2017-06-07 COMMENT Must be logged in to use chart CSU-T Constellation Software Inc.

A growth rollup strategy. They have grown a lot by acquisition as well as some organic growth. Trading at close to 50X earnings. It only needs to stumble a little in order to cause a great deal of disappointment. In order to continue the growth and the appreciation that we have seen, they have to continue to surprise people on the upside and continue on the growth pattern.


Price:
$700.280
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
No
2007-02-20 BUY Must be logged in to use chart ELF-T E-L Financial Exposed mainly to financial services through Empire Life and Dominion of Canada and General Insurance. Always run very conservatively. Good long-term hold.
Price:
$698.000
Subject:
CANADIAN LARGE & INCOME TRUSTS
Bias:
CAUTIOUS
Owned:
Unknown
2016-07-15 COMMENT Must be logged in to use chart FFH-T Fairfax Financial

He admires Prem Watsa and the company he has built. Extremely well-run, but it is an insurance business, particularly in property and casualty. A highly, highly variable business. Sometimes the combined ratios are in your favour and you make a lot of money, and sometimes the premium intake doesn’t cover the expenses. This company has always relied on its investment acumen. People taking a longer term point of view stands a better chance of making money, but shouldn’t expect a smooth ride given the nature of the businesses that it is in. This doesn’t look like an unreasonable place to position yourself, but you have to be willing to be a long-term player.


Price:
$685.000
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Unknown
2015-07-29 COMMENT Must be logged in to use chart FFH-T Fairfax Financial

Has a lot of respect for Prem Watsa, a truly great investor and has created a great company with this. Has probably done better on the investment side of the equation than on the underwriting side. Long-term this is a fairly good investment, but is controversial right now, as he has come to the market and asked them to lock in his voting control of around 41%. That has been diluted over the years from 85%. Because his control has slipped, he has had to come to the market time and time again to raise capital. As long as there is a sunset clause on that control block, it is probably all right. He does not like to see control blocks that can go generation to generation. If you can ever buy the stock at close to Book Value, it is a very good buy.


Price:
$664.630
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
No
2015-02-25 DON'T BUY Must be logged in to use chart FFH-T Fairfax Financial

This can be somewhat volatile. It is basically an insurance business with a high dependence on what they earn on the investment side of the equation. Recently announced an acquisition of an insurer and reinsurer in the UK, which long-term has an exceptional combined ratio of about 96%, which means their underwriting is positive. In the last month it has come up from $600-$650, so it can be quite volatile. He would buy it at a lower Price to Book than what it is today.


Price:
$652.000
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2016-11-04 COMMENT Must be logged in to use chart CSU-T Constellation Software Inc.

This has been a very interesting company over the years. It is one of the companies that has progressed on a rollup strategy through acquisitions. You have to give them credit for having made some very, very sharp purchases. Multiples are sort of dependent on that growth continuing. As a value investor, these are very difficult companies for him to Buy, because the multiple on the growth aspect is far ahead of the immediate fundamentals that underlie the earnings. Not one that he would purchase.


Price:
$629.000
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
No
2017-04-28 COMMENT Must be logged in to use chart FFH-T Fairfax Financial

When you invest in this, you have to be prepared for volatility in earnings. Their insurance operations are well-run and well-managed, and their combined ratio is around 95% which is pretty good. They make a great deal of their earnings through their investment portfolio, which is large and well-managed, but has tremendous volatility. Lately, they’ve taken off a lot of hedges that they had, looking for more of a bear market going forward. Have also suffered with some of their equity shorts because markets have generally been going up. It always trades around BV, and right now it is about 1.25% of BV, so it is probably not a bad place to be looking at it. You have to be a long-term player to own these shares.


Price:
$620.000
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Unknown
2014-07-28 COMMENT Must be logged in to use chart FFH-T Fairfax Financial

Have a lot of respect for Prem Watsa and this company. He is certainly a value oriented investor. This is an insurance company, so he would really like to see them have a better combined ratio. The lines of insurance they are participating in can be quite volatile. If you are a very long-term investor, you could consider stepping in. Well-managed. Dividend yield of about 2%.


Price:
$509.170
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2016-07-15 COMMENT Must be logged in to use chart CSU-T Constellation Software Inc.

Who do you like in Canadian Tech? As a value investor, he may like a Canadian Tech company, but may not be able to buy it because of its valuation. Two that stand out are Constellation Software (CSU-T) and CGI Group (GIB.A-T), and CGI is probably selling closer to reasonable multiples. Both are extremely well-managed. He also likes that they are both much more software dependent, not mixing any hardware which can be so fickle in today’s technology market.


Price:
$500.130
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Unknown
2011-01-14 BUY Must be logged in to use chart FFH-T Fairfax Financial Good investment at these values if you are a long-term investor. Selling at about Book Value. Have had some very good returns lately. An insurance company but makes a lot of money from the investment acumen of the principal managers.
Price:
$404.490
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2012-05-29 BUY Must be logged in to use chart FFH-T Fairfax Financial Extremely well company. Made a lot of money in investments. It is a function of valuation that keeps him out of it. Very rarely can you buy it at book value.
Price:
$400.010
Subject:
CANADIAN LARGE
Bias:
OPTIMISTIC
Owned:
No
2008-09-23 COMMENT Must be logged in to use chart FFH-T Fairfax Financial For some time the property and casualty insurance market has had a difficult time. Trading at about 1.5X Book, which is not a tremendously high price for it. There are times when it trades at 3 X Book.
Price:
$337.000
Subject:
CANADIAN LARGE & INCOME TRUSTS
Bias:
UNKNOWN
Owned:
No
2008-01-08 BUY Must be logged in to use chart FFH-T Fairfax Financial BV is around $190 and yet this is a company that is capable over a cycle, of generating a 19% return. Made a lot of money on puts last year, which shored up their balance sheet. In the long run, this has got to be more than just an investment company, but an insurance company as well. Taking steps to work out their US insurance problems. Sound management. Reasonable Buy for a long-term investor.
Price:
$287.990
Subject:
CANADIAN LARGE & INCOME TRUSTS
Bias:
SELECTIVE
Owned:
Unknown
2007-03-16 COMMENT Must be logged in to use chart FFH-T Fairfax Financial Good management, but at the current price, would be tempted to take some profit. Has sold his positions. Not sure that things are going well in Northbridge which is a fair chunk of their assets.
Price:
$256.000
Subject:
CANADIAN LARGE & INCOME TRUSTS
Bias:
SELECTIVE
Owned:
No
2016-11-04 COMMENT Must be logged in to use chart CCL.B-T CCL Industries (B)

(Market Call Minute.) Very much of a growth stock. Ever since they became a label company, it has done tremendously well. Very well-managed, but you have to be prepared to pay up for the hope of that continued growth going forward. He is not sure you could justify paying for the multiples that it is at.


Price:
$239.000
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Unknown
Showing 1 to 15 of 3,248 entries
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