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

Recent Opinions

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Date Signal Company Expert Opinion Price
2017-02-23 N/A A Comment -- General Comments From an Expert
A Commentary
Brooke Thackray

Markets.  The American market looks expensive to him.  Trump has not yet implemented his pro-business policies so the market is up on anticipation.  The S&P has broken out and is moving up on a daily basis.  This is very positive.  There is no resistance at this point.  He does not see interest rates moving to 4%, maybe 2.5%.  The TSX is at record highs yet oil has not jumped.  CIBC (CM-T) is at a record high.  We have a positive breakout that is taking place.  But we are at the upper bounds for PE rations for banks in Canada.


Price: $0.020
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: _N/A
2017-02-23 HOLD A Comment -- General Comments From an Expert
A Commentary
Brooke Thackray

Semiconductor Stocks.  SMH-N is the best known ETF in this area.  They have a cycle.  A lot of chips are bought by the end of the year.  We are past the seasonal period so once it weakens then exit.


Price: $0.020
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 HOLD A Comment -- General Comments From an Expert
A Commentary
Brooke Thackray

Base Metals.  We are in the seasonal period: Nov. to Dec. and Jan. 23 to Apr.  It is volatile compared to other sectors.  Let them run unless it starts to break down.


Price: $0.020
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Portfolio Construction. 2016 was a pretty good year. Most stock markets around the world were up. Bonds were flat. As a result, if you had a 70/30 portfolio it is now probably 70/23 or 75/25 and you are going to have to trim a little, 5%-10% of your equities have to be sold in order to get back to the 70% target, and that money has to be put back into income in order to maintain the risk profile and the suitability.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-02-23 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Gross capital gains are applied against the OAS threshold even though there are offsetting capital losses. Is this correct? That is correct. The OAS claw back is based on income for any kind of allowable adjustment. This is for people who are in the top 5% of income earners. There are things called flow through shares that you can buy, which are not applied against line 234 of the tax return, and that gives you a tax deduction against all sources of income.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-02-23 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Behavioural Finance? The most applicable thing in this might be anchoring. A lot of people don’t like to Sell losers, because they want to hold them until they come back. You have to let these go. If it is something that has gone down, you should sell it. Also, if something has gone up very well, don’t be afraid to trim.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-02-23 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

With 3 accounts, RRIF, TFSA and non-registered account, which type of investment should be steered to which account? The 1st thing is, do not put US investments into your TFSA because there are tax problems associated with that. You should put equities into your TFSA, unless it is going to be something you need for buying a car, an emergency fund, etc. Has no strong opinion on what to do with your taxable account and your RRIF.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-02-23 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Should dividends that are DRIP be changed in order to put the dividends into a new RRIF, or should I sell something instead? There is no right or wrong answer on this. It is a matter of personal preference.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-02-23 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

TFSA for a 20-year-old? If the 20-year-old turned 18 two years ago, this will be the 3rd year. The TFSA limit was $10,000 2 years ago, and was $5500 last year and $5500 this year, which comes to $21,000 which is what the limit will be for them. Remember that TFSA limits carry forward forever. If this is going to be long-term money, something like iShares MSCI World Index Fund (XWD-T) would be a good way to diversify.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-02-23 COMMENT A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Russell 2000 versus the S&P 500? These are 2 different benchmarks which get you 2 different things. The Russell 2000 are the 2000 largest companies in the US. The S&P 500 is only the 500 biggest companies in the US. The S&P 500 is a blue-chip sort of benchmark and the Russell 2000 has more mid-cap and small-cap names. If you go back 50-60 years, the Russell has outperformed the S&P 500 by about 2.5% annualized. If you have a long-term horizon, you should consider putting some money into the Russell 2000.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-02-23 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Maximum number of ETF’s you would recommend for a traditional portfolio? He traditionally builds portfolios with 6 asset classes, and normally has no more than 2 ETF’s per asset class. That would be 6 to 12. If you have a very small account, it might be just 6 or 7, but if you have TFSAs and RRSPs in various multiple accounts, it would be closer to 12.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-02-23 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Take CPP when turning 60, or wait if continuing to work? If it were him, he would wait longer. People are living longer, and if you are still working, it’s not like you are going to need that extra income.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-02-23 COMMENT A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Index funds? These are a lot like the plain-vanilla ETF’s that were the 1st ones in the market. These compete with mutual funds and give the exact same benefits. They are cheap and broadly diversified, and track a benchmark. If you are a long-term buy and hold investor, this is not materially different from a mutual fund. However, you should still look at costs. A lot of them frequently cost over .05% or more, whereas you might be able to find an ETF that is tracking the exact same benchmark, and cost 1/10th of 1% or less.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-02-23 HOLD Barrick Gold
ABX-T
Brooke Thackray

It broke out of a down trend earlier.  Gold tends to slow down during March to May.  ABX-T would go down.  Put some stops on this.  As soon as gold weakens, then exit.


Price: $25.830
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 WATCH AGT Food & Ingredients
AGT-T
Brooke Thackray

The best time of the year for AG stocks is Aug. to the end of the year.  Right now we are after the seasonal period.  It is in a descending triangle and that is a bearish pattern.  If it breaks down below the support level in this pattern, then you need to exit.


Price: $33.030
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 HOLD Bonavista Energy Corp
BNP-T
Brooke Thackray

There has been a bit of a pull back and then a bump up.  This is a position you can let run.  Feb 25th until May 9th is the period of seasonal strength.


Price: $4.020
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 DON'T BUY CASH
CASH
Brooke Thackray

A lot of people went out to cash before the election based on valuations and then the market ran away on them.  Drops this time of year are less frequent than other parts of the year.  Don’t move to huge amounts of cash this time of year.


Price: $0.010
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 HOLD Chorus Aviation Inc
CHR-T
Brooke Thackray

It is an offshoot from the airline industry, which does well in the fall time.  Maybe Warren Buffet will buy this one.  We have seen the break out and it is above resistance.  It tested it and came back up.  This actually looks quite favourable.


Price: $7.510
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 BUY iShares Global Agriculture ETF
COW-T
John DeGoey

An ETF that invest in agriculture products and companies globally. A good way to get access to tangibles and alternatives.


Price: $36.330
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-02-23 SELL Crescent Point Energy Corp
CPG-T
John DeGoey

Last year they did a share offering, and then cut the dividends. Should I hold or dump? The stock got hit pretty hard about 2 years ago when oil prices dropped. He would not hang onto this any longer. A well-run company, but there is nothing you can do about it. As long as oil is trading in the neighbourhood of the low to mid $50, it is difficult for this company to make money.


Price: $15.730
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-02-23 HOLD Constellation Software Inc.
CSU-T
Brooke Thackray

We should see it fall back due to it getting to the end of the period of seasonality.  He would put a stop in place.  It was going down then the market is going up.


Price: $630.440
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 BUY Canadian Tire Corporation Ltd
CTC-T
Brooke Thackray

The season period is January to Mid-April.  It was in an ascending bullish triangle and then it popped when they came out with great earnings.  This is very positive.  It has still has room to move higher.


Price: $205.000
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 DON'T BUY Concordia Healthcare
CXR-T
Brooke Thackray

Technically it has fallen off the face of the earth.  You are making a gamble at this point.  He would not move into healthcare at this time of the year.


Price: $3.070
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 HOLD Walt Disney
DIS-N
Brooke Thackray

It has been driven by ESPN and cord cutting.  It is seasonal and we have just reached the end of its period.  If it breaks the current trend, then look to exit.


Price: $109.730
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 TOP PICK Horizons S&P/TSX Capped Energy Index
HXE-T
Brooke Thackray

It is a call on oil.  People are saying Canadian oil stocks just pulled back because of potential border taxes, but US oil stocks did the same thing.  We are starting to break out right at the beginning of their seasonal period.  Feb. 25 until May 9, oil stocks tend to do well.  Technically and seasonally it is the right time to step into oil stocks.


Price: $21.000
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Yes
2017-02-23 PAST TOP PICK Horizons NASDAQ-100 Index ETF
HXQ-T
Brooke Thackray

(Top Pick Dec 13/16, Up 8.02%) He has hung on past the end of the seasonal period by a month and is moving his stop up tighter and tighter.


Price: $38.760
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Yes
2017-02-23 PAST TOP PICK iShares Russell 2000 ETF
IWM-N
Brooke Thackray

(Top Pick Dec 13/16, Up 1.42%) It has not done much since the start of the seasonal period.  He exited because he has not seen the relative strength.  The seasonal period ends March 7th.


Price: $138.750
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: No
2017-02-23 BUY Manulife Financial
MFC-T
Brooke Thackray

SLF-T vs. MFC-T.  SLF-T has done well, and then pulled back recently.  He would prefer MFC-T.  The life insurance companies would be a slight preference over the banks.


Price: $24.340
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 TOP PICK Magna Int'l. (A)
MG-T
Brooke Thackray

It is a classic play on the economy.  Consumers keep buying cars.  Feb. 24 to Apr. 24 is the period of seasonal strength.  We are seeing a break out taking place.  Technically and seasonally it looks good.  (Analysts’ target; $65.37).


Price: $59.200
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Yes
2017-02-23 HOLD Philip Morris International
PM-N
Brooke Thackray

It is a consumer staple product.  This is not its period of seasonal strength.  It has broken above recent highs.  It is out of season so he would not get into it. But if you have it then hold until it breaks down.  Aug. to Oct. are the prime months for the tobacco companies.


Price: $106.520
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 HOLD ETFS Physical Platinum Shares
PPLT-N
Brooke Thackray

Platinum is an industrial and precious metal and has done well since the beginning of the year.  This is a seasonable time for Platinum.  The seasonal period starts in January and runs as long as May, but most of the gains are in the first couple of months.  If you see it pull back, then exit.


Price: $96.660
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 BUY Power Financial Corp
PWF-T
Brooke Thackray

If you don’t like the way they allocate money, you can move to POW-T.  He sees a bit of a rally in PWF-T so play it out.  If it gets up to highs, you might trim it back.  There is nothing wrong with the decent yield.


Price: $35.430
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 HOLD Royal Bank
RY-T
Brooke Thackray

The banks have been on fire and everything has been working for them – oil, housing, etc.  They come out with earnings tomorrow.  It is trading into expectations for that.  The seasonal period is until mid-Apr.  Until it breaks some sort of level you should hold on to it.


Price: $98.260
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 TOP PICK Sphere FTSE Emerging Sustainable Yield ETF
SHZ-T
John DeGoey

A product that was only launched a few months ago. This is a good way to screen for de facto values. As a complement to VEE-T, VEE is diversified emerging markets, and this has more of a value screen.


Price: $10.410
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-02-23 WEAK BUY Sun Life Financial Inc
SLF-T
Brooke Thackray

SLF-T vs. MFC-T.  SLF-T has done well, and then pulled back recently.  He would prefer MFC-T.  The life insurance companies would be a slight preference over the banks.


Price: $48.700
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 PAST TOP PICK Vanguard FTSE Cdn High Div Yd.
VDY-T
John DeGoey

(A Top Pick Feb 26/16. Up 35.01%.) This company’s costs are low. A situation where he thought that for people who are relatively conservative, it is a good ETF that has gone up consistently and steadily in the past year. Dividend paying stocks are really a good way to screen for value. You are basically getting a value play on the Canadian large cap stock market. Still a buy.


Price: $34.460
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-02-23 PAST TOP PICK Vanguard FTSE Emerg. Mkts. All Cap ETF
VEE-T
John DeGoey

(A Top Pick Feb 26/16. Up 28.42%.) Doesn’t think there is a single ETF he has recommended more on BNN than this one. He thinks about what you should buy and hold for a very long time. Emerging markets are under owned by Canadians. Most Canadians have too much money in Canada and they should be outside of Canada, and emerging markets are growing faster than any other part of the world, and are less strongly correlated than any other part of the world. Still a buy.


Price: $31.250
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-02-23 TOP PICK Vanguard Global Value Factor ETF
VVL-T
John DeGoey

This product has done remarkably well since it was launched. It is less than a year old and is up an incredible amount. People really need to think globally and to invest in value stocks in small company stocks. A great way to get global stocks and with a value bent.


Price: $31.460
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-02-23 PAST TOP PICK iShares S&P/TSX Global Gold
XGD-T
John DeGoey

(A Top Pick Feb 26/16. Up 24.31%.) Gold went way up after he had talked about this, and then it dropped, but came back again 2-3 months ago. He recommends gold because it is a great diversifier. It is weakly correlated to other asset classes, and also does very well in times of insurrection and inflation. Still a buy.


Price: $13.680
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-02-23 TOP PICK iShares S&P/TSX Global Gold
XGD-T
John DeGoey

His rationale for gold is that people need to always think, from a portfolio perspective. So that instead of cherry picking on how well a security would do, build an entire portfolio and consider how everything would work together. Having something like gold in your portfolio is a good way to improve risk adjusted returns. A great thing to have in your portfolio, with a small sliver, 3%-5% as a long-term Hold.


Price: $13.680
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-02-23 TOP PICK SPDR Materials ETF
XLB-N
Brooke Thackray

This is chemicals in the US.  We are seeing slow growth with a bump up from Trump.  It is positive on a fundamental basis, technically it looks good and it is strong from a seasonal point of view.


Price: $52.320
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Yes
2017-02-23 PAST TOP PICK SPDR Financial E.T.F.
XLF-N
Brooke Thackray

(Top Pick Dec 13/16, Up 4.03%) This happened outside his window of seasonal strength by more than a month.  He got stopped out back in January.  We need another move up, otherwise the rally is over. 


Price: $24.610
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: No
2017-02-23 COMMENT BMO Emerging Mkts Bond Hedged CAD
ZEF-T
John DeGoey

Emerging market bonds had a rough 4th quarter, but in the past 2 or 3 months, they’ve at least held their own. It is very difficult to make money in bonds these days. If you can keep up with inflation with your bond position, you are probably doing as well as you can reasonably expect.


Price: $16.930
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-02-23 HOLD BMO Low Volatility Cdn Eqty ETF
ZLB-T
John DeGoey

A low volatility product, and he would absolutely continue to hold this in spite of the market. If you are an aggressive investor, you probably should not have bought this in the 1st place.


Price: $29.290
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-02-23 BUY BMO US Dividend Hedged to CAD
ZUD-T
Brooke Thackray

US Dividend Hedged to Canadian dollars.  When you buy a hedged product, you are making a call on the currency.  You should hedge unless you feel strongly the US dollar will go up or you are trying to create a diverse basket of foreign currencies.  Right now he would buy this hedged version.


Price: $22.400
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: CAUTIOUS
Owned: Unknown
2017-02-23 COMMENT BMO Europe High Dividend Covered Call Hedged to CAD ET
ZWE-T
John DeGoey

He likes this because it has 2 things that he is always telling people to do. 1) Invest outside of Canada, and 2) anything that has a dividend bent to it is pretty much, as a by-product, going to be a value kind of tilt. This basically gives you European large cap value stocks, which is a good and reasonably conservative way to diversify your portfolio.


Price: $21.360
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-02-23 COMMENT BMO US High Dividend Covered Call ETF
ZWH-T
John DeGoey

A good product, and BMO is a real leader in Covered Call ETFS. He would caution that in this market we are in a pretty good environment to be in US financials, so you might be leaving some money on the table. This is a relatively more conservative product, because you get the extra income from the covered call writing. There is always a chance that you could be called away.


Price: $20.300
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-02-22 N/A A Comment -- General Comments From an Expert
A Commentary
Jerome Hass

Markets. With markets going up, it is time to look at alternative assets through using Pair Trades giving some hedging protection for portfolios. The markets have had a heck of a rally since the election on November 8, a good start for 2017. You have to question as to how long this could last. The forward valuation of the TSX index is trading at 16.4X forward earnings. That is the highest it has been this time of year since 2001. If you look at the expectations for earnings growth in Canada, the market is looking for about 24% this year, twice what it is in the US. The VIX, a measure of volatility, has only been this low 3.5% of the time in the last 2 decades. We are a lot closer to the top of the market than we are to the bottom. It makes sense to put some sort of portfolio protection into place.


Price: $0.020
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: CAUTIOUS
Owned: _N/A
2017-02-22 N/A A Comment -- General Comments From an Expert
A Commentary
Paul Macdonald

Market. Looking back over the past 15 years or so, last year was the 2nd year since 2002 that we have had negative returns in healthcare. The other was in 2008, but it was the best performing sector. There is a lot of noise around the politics in the US about the affordable care act. His view is that the election was a critical pivot point. Given where valuations are right now, if you have a longer-term perspective, the fundamentals for the sector are intact over the medium term. The healthcare sector currently is very inexpensive. The forward multiple on the S&P Healthcare is 2.5 multiples below the market. We haven’t seen that in the past 15 years. That means that the price you are paying for the earnings for the companies is significantly below where it has been, compared to the market over the past 15 years.


Price: $0.020
Subject: HEALTHCARE
Bias: BULLISH on HEALTH CARE
Owned: _N/A
2017-02-22 HOLD AbbVie Inc.
ABBV-N
Paul Macdonald

He is on the more optimistic side of this company. It has Humira, the largest selling drug in inflammatory related diseases. Because of that, they are going off patent. Everybody knows there is going to be competition for Humira, which he feels is being factored in to their forward earnings. They’ve known this too and have been building out their pipelines. He likes their 4% dividend. PE is going from 11 to 9 next year, a one-time PEG ratio. You are not paying a lot for the growth.


Price: $61.360
Subject: HEALTHCARE
Bias: BULLISH on HEALTH CARE
Owned: Yes
2017-02-22 COMMENT Abbott Labs
ABT-N
Paul Macdonald

This is sitting at around 17.5X forward earnings. The St. Jude acquisition was a big one for them. It expanded their balance sheet. They still have the Alere acquisition overhang. Have some things to chew through this year in order to get the multiple expansion up to something like 21X, where its direct competitors would trade at. If a longer-term holder, you do have some upside on this.


Price: $45.010
Subject: HEALTHCARE
Bias: BULLISH on HEALTH CARE
Owned: Unknown
2017-02-22 PAST TOP PICK Amgen Inc.
AMGN-Q
Paul Macdonald

(A Top Pick June 22/16. Up 17.47%.) He knew we were coming into some volatile times back in June, and this is one of the dominant biotech companies. Really likes their PCSK9 cholesterol drug, which is going to be a blockbuster.


Price: $172.610
Subject: HEALTHCARE
Bias: BULLISH on HEALTH CARE
Owned: Yes
2017-02-22 TOP PICK Anthem Inc
ANTM-N
Paul Macdonald

The dominant licensee of Blue Cross Blue Shield in 14 states. About 1 in 9 Americans have insurance through them. There are some very structural, positive tailwinds for the medical managed care organizations over the next couple of years. Dividend yield of 1.59%. (Analysts’ price target is $175.75.)


Price: $163.270
Subject: HEALTHCARE
Bias: BULLISH on HEALTH CARE
Owned: Yes
2017-02-22 COMMENT Bank of America
BAC-N
Jerome Hass

Likes the low cost to Book ratio, which is trading at .8X. Compare that to Canadian banks, which are at 1.6X. Also with some of the deregulations that are coming in the US, this bank will be a beneficiary.


Price: $24.790
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2017-02-22 COMMENT BioAmber Inc
BIOA-N
Jerome Hass

Produces succinic acid, a base for an intermediate chemical or commodity that is used in a variety of things like plastic, polyurethane, and various other things. Generally made from petrochemical products, but their product is made from industrial sugars, which has a lot of advantages such as that it can be produced cheaper. It had 2 equity issues within 2 weeks which the market did not appreciate. The company has taken their knocks and are now cashed up essentially, so there shouldn’t be any more issues going forward.


Price: $3.450
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2017-02-22 COMMENT Bristol Myers Squibb
BMY-N
Paul Macdonald

They have a pipeline of drugs, but the clear driver is going to be its immuno oncology platform. When you look through to 2020, that is going to be about 55% of its revenues. They have their combo with Opdivo Oeuvre which is coming out later this year. Don’t be naïve to the risks that are associated here. Roche is coming in 2nd line lung cancer and are capturing market share. This will trade off of the other companies. He owns all 3.


Price: $55.350
Subject: HEALTHCARE
Bias: BULLISH on HEALTH CARE
Owned: Yes
2017-02-22 COMMENT Callidus Capital Corp
CBL-T
Jerome Hass

They indicated taking the company private. There was an update on a press release about a week ago, where they indicated the privatization had 17 expressions of interest. The process started October 31 and the CEO thought it would be about a 6-month process, so by the end of Q2, he expects the process will be completed. Probably worth $2 over the value.


Price: $18.480
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2017-02-22 TOP PICK Celgene Corp
CELG-Q
Paul Macdonald

Just added this in January. The company has a blood cancer drug that is really going to be the dominant player in that space. Has a huge pipeline of trials that are coming out with Revlimid . Also, diversifying their pipeline with Otezla. Between now and 2020, they are going to double revenues, and they don’t need success in their pipeline to do so. Trading at 16.9X forward earnings, and that grows down to 14X 24 months out. (Analysts’ price target is $140.27.)


Price: $119.270
Subject: HEALTHCARE
Bias: BULLISH on HEALTH CARE
Owned: Yes
2017-02-22 TOP PICK Cineplex Inc
CGX-T
Jerome Hass

*Short* A pairs trade with Cinemark (CNK-N). This is trading at twice the valuation of Cinemark.


Price: $50.920
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2017-02-22 COMMENT Cargojet Inc
CJT-T
Jerome Hass

Recently added a small position to his portfolio. He is quite impressed with management. They have 90% market share in Canada. A nice play on Internet growth as people use the Internet for shopping. Results will be coming out shortly, and there should be decent sized results from the Christmas season.


Price: $48.150
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: CAUTIOUS
Owned: Yes
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