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

Recent Opinions

Generated Jun 23, 2017 3:11:13 PM

Date Signal Company Expert Opinion Price
2017-06-22 N/A A Comment -- General Comments From an Expert
A Commentary
Bruce Campbell (2)

Markets. He sees a fairly strong economic backdrop.  There are checks in every box he is looking for.  There are technicals shorter-term that have deteriorated.  He is primarily Canadian.  Banks and oil have pulled back.  There are a lot of other sectors that have picked up and the TSX has done well.  He would like to see the technicals improve before going full into the market.  The HCG-T financing adds more stability to the Canadian financials.  Investors have taken some money off the table in energy and banks.  HMMJ-T (Cannabis) was launched during a very feverous pitch in the Marijuana sector and about the time legislation was tabled.  There has now not been a lot of news.  We will not expect any news through the summer and then get some news in the area of regulation.


Price: $0.020
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: _N/A
2017-06-22 N/A A Comment -- General Comments From an Expert
A Commentary
Paul Harris, CFA

Market. We are getting global economic growth, but not at a significant clip. A year ago, the whole world was not growing. Europe was down, Canada was having trouble and the US was growing at 2%. Looking at some of the numbers now, you are seeing good global growth. It’s not going to be 3% or 4%, it’s going to be something like 2%. The world growing at 2% is much better than a part of the world going at 2% and the rest of the world growing at negative numbers. You are seeing low rates, low inflation and good global growth, which adds up to a stock market that continues to do well.


Price: $0.020
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: _N/A
2017-06-22 COMMENT A Comment -- General Comments From an Expert
A Commentary
Paul Harris, CFA

Individual stocks or an ETF in the European market? If you are going to be putting money into Europe, the best way to deal with that is probably through an ETF. Europe is going to do well. It is a much more cyclical economy, so you tend to have a lot less tech there, and more utilities. Dividend yields are quite high there, so he would look for more of a dividend paying ETF.


Price: $0.020
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: Unknown
2017-06-22 DON'T BUY Aurora Cannabis
ACB-X
Bruce Campbell (2)

(Market Call Minute) Certainly not his top pick here.  They are building a massive operation in Alberta, however. 


Price: $2.190
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Unknown
2017-06-22 WATCH AutoCanada Inc.
ACQ-T
Bruce Campbell (2)

The issue that continues is that so many of their dealerships are in Western Canada and tied to the oil business.  As long as that is the case it will trade up and down with oil.  There are a lot of dealers that are looking to retire and in some cases they don’t have anyone to sell their business to.  There is a lot of room there and we have not seen any US companies come into Canada.


Price: $18.000
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Unknown
2017-06-22 TOP PICK AutoCanada Inc.
ACQ-T
Paul Harris, CFA

This collapsed when they were buying auto dealerships, integrating them, and supplying technology to their back-office, etc., but they never integrated them, made 14 acquisitions in one year and were primarily in BC and Alberta. New management came in and did a lot of things the old management didn’t do, including reducing the number of acquisitions per year. They are now one of the largest players. Trading at about 11X earnings. They throw off about $40-$50 million of free cash, which they will use to buy a couple of other dealerships. Dividend yield of 2.2%. (Analysts’ price target is $22.)


Price: $18.000
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: Yes
2017-06-22 WAIT Alaris Royalty
AD-T
Bruce Campbell (2)

It broke down on a technical basis and he sold it.  They had a couple of royalty companies that went sideways.  Investors are in it for the yield.  They are constantly looking for new acquisitions, but they have been dealing with all these ones that went sideways.  Wait until they have things cleared up before buying.


Price: $20.130
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: No
2017-06-22 BUY Automotive Finco Corp.
AFCC-X
Bruce Campbell (2)

They are providing almost a royalty payment to those wanting to financial auto dealership loans.  They go out and borrow money and make royalty investment in those investing in a dealership.  He is watching for them to make a third party investment outside of their dealer group.  They pay a great dividend and have fantastic cash flow.


Price: $2.500
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Unknown
2017-06-22 BUY on WEAKNESS Alibaba Group Holding
BABA-N
Paul Harris, CFA

An online, mobile, e-commerce site. They don’t actually own inventory or sell anything. They provide a 3rd party online service to people who want to sell. They have some really good businesses including Alipay which is growing rapidly, and a Cloud business. 80% of revenue comes from China with about 400 million buyers and about 5 million sellers. A very big company in China. The stock has done well because of the expectation that they are going to be moving internationally. There are a lot of positive things. The one problem is that it is competing outside of China, and it is much harder for them to compete against the Amazons of the world. Look at this on a big pull back.


Price: $142.270
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: Unknown
2017-06-22 COMMENT BlackBerry
BB-T
Paul Harris, CFA

This has been in a period of restructuring and have really decided what they want to be now, and are executing on that. If you are patient, this will do well for you.


Price: $14.660
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: No
2017-06-22 BUY Bewhere Holdings Inc
BEW-X
Bruce Campbell (2)

They have an interesting technology.  It is Bluetooth.  It is low power.  They signed a deal with Bell to resell their devices which link to a cell tower and keep track of almost anything.  They are about to announce a contract with a company that is rumored to be Brinks, to track everything they handle.  He thinks it will be cash flow positive this year.


Price: $0.330
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 WATCH Breaking Data Corp
BKD-X
Bruce Campbell (2)

(Market Call Minute) It looks very interesting with the deal they have just done.  He would like to see how this deal comes through.  If it is the way they thought, it would certainly be a buy.


Price: $2.050
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Unknown
2017-06-22 PAST TOP PICK Bayerische Motoren Werke AG
BMW-GR
Paul Harris, CFA

(A Top Pick June 16/16. Up 28%.) He still likes this. A great brand name and you are not paying a high multiple for it. Pays a great dividend. The Quandt family owns about 40% of the company, so you have a very strong shareholder. China is doing very well for them. There is pent-up demand in Europe.


Price: $0.000
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: Yes
2017-06-22 TOP PICK Grande West Transportation Group
BUS-X
Bruce Campbell (2)

They had all these bus orders for Canadian customers.  They were getting trials and then huge orders.  Now they are doing the same thing in the US.  They provide smaller transit busses.  (Analysts’ target: $3.83).


Price: $2.660
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 TOP PICK Blackstone Group LP
BX-N
Paul Harris, CFA

This is a private equity firm, one of the biggest in the world. They’ve just did a deal for an infrastructure fund for Saudi Arabia. Trading at about 10X on earnings. They are good asset accumulators. Dividend yield of 7.2%. (Analysts’ price target is $36.)


Price: $33.060
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: Yes
2017-06-22 BUY Centric Health
CHH-T
Bruce Campbell (2)

It is a big turnaround story over the last three years.  They managed to sell off a division for more than expected.  They are dispensing drugs through nursing homes.  They have automation to make sure all these multiple pill packs have all the right medications in them.  They get long term contracts to service these facilities.  The thought is that CHH-T will end up getting all the McKesson contracts after the acquisition of Rexall, CHH-T’s supplier.


Price: $0.700
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Unknown
2017-06-22 PAST TOP PICK CRH Medical Corp.
CRH-T
Bruce Campbell (2)

(Top Pick Jun 30/16, Up 52%) It was almost $12 at one point and was really stretched, then a short report came out, all before he bought it.  He likes the business and feels they will continue to do well.  They have great cash flow for acquisitions. 


Price: $7.820
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 TOP PICK CVS Health Corp
CVS-N
Paul Harris, CFA

Somewhat of a unique company. It is not just a pharmacy. It is a long-term care facility and a consulting firm. The stock has fallen a fair bit. It has a great cash flow yield of about 7%. On the pharmacy side, they had a few issues where same-store sales had gone down a fair bit. The long-term care thing is starting to grow and he can see very good growth there. Dividend yield of 2.5%. (Analysts’ price target is $88.)


Price: $77.220
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: Yes
2017-06-22 WATCH Convelo Health
CVX-X
Bruce Campbell (2)

It has been a top pick.  He has a small position right now.  Rehab facilities in California.  They changed the way they compensate employees.  It should drive profitability up.  Hopefully it will make a turn as the numbers start to come out.  He is cautiously optimistic on this one at the present time.


Price: $0.190
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 BUY on WEAKNESS Dollarama Inc.
DOL-T
Bruce Campbell (2)

(Market Call Minute) A real solid company and he would continue to hold it or wait for a pull back if you want to own it.


Price: $123.360
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: No
2017-06-22 COMMENT Facebook
FB-Q
Paul Harris, CFA

This has a great massive advantage over everybody else in their field. Also, there is more advertising done online now than there is on television with most of it going to this company or Alphabet (GOOGL-Q). The risk is that it is no longer seen as a technology company, but more of a broadcasting company. The multiple you pay for a broadcaster is substantially lower than what you pay for a tech company.


Price: $153.400
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: No
2017-06-22 HOLD Gilead Sciences Inc.
GILD-Q
Paul Harris, CFA

A very important story. They had a Hep C drug that was so good it was curing everybody, so it is running out. Everybody underestimated how fast it was happening. This is trading at about 8X earnings. Has a great dividend yield and lots of cash and an incredible balance sheet. They have an HIV drug which is very strong and does well. Feels they have to do something with their cash and move in a different direction by making an acquisition. At this point, the stock is really giving the company zero value for their Hep C business. There is some good value in their pipeline. You aren’t paying a lot for the company right now with their free cash flow yield of almost 9%.


Price: $70.480
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: Yes
2017-06-22 WATCH BSM Technologies
GPS-T
Bruce Campbell (2)

Telemetric business.  They have an activist shareholder involved.  They have been meeting expectations and working on converting some clients that fell off because of the loss of a certain cellular signal.  He thinks at some point they will be taken out. 


Price: $1.560
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Unknown
2017-06-22 DON'T BUY goeasy
GSY-T
Bruce Campbell (2)

A very interesting business.  They used to just lease furniture and then grew their finance side.  They recently announced they are in Quebec. It takes about 9 months for branches to get up to a million in loan value.  It seems one of their branches got there in a couple of months.  They had such rapid growth that the market worries where will they get financing.  If the economy turns down their bad debt expense will go through the roof. 


Price: $29.960
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Unknown
2017-06-22 WATCH Knight Therapeutics
GUD-T
Bruce Campbell (2)

Everyone keeps watching for the big deal to happen.  A lot of the smaller deals make money in a year or two.  Management is waiting for a really big deal to come along.


Price: $10.180
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Unknown
2017-06-22 COMMENT iShares MSCI India ETF
INDA-US
Paul Harris, CFA

He doesn’t invest in emerging markets, but his view is that India is certainly a country that is growing at a much higher clip than the rest of the developed world. The one risk is that it is more volatile. If you have a very long-term view, 15-20 years, this is a great thing to own.


Price: $0.000
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: No
2017-06-22 PAST TOP PICK Kraft Heinz Company (merged)
KHC-Q
Paul Harris, CFA

(A Top Pick June 16/16. Up 7%.) What he likes is that Kraft was a much more domestic US business and Heinz was much more global. Expects there will be a lot more Kraft products go through the Heinz network. There is still not a lot of revenue growth, but they are good cost cutters. We need to see revenue growth.


Price: $89.100
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: Yes
2017-06-22 COMMENT Leon's Furniture
LNF-T
Paul Harris, CFA

The big box furniture business has a huge competitive advantage. They took over the Brick a while ago which is slowly working out. The Cdn$ hurt them a little. Very good operators. Also, owns a lot of the properties they are situated on. Every so often, they build up cash and pay a special dividend.


Price: $17.720
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: Yes
2017-06-22 BUY CIBT Education Group INC
MBA-T
Bruce Campbell (2)

It is an interesting business.  They teach English as a second language, but student housing is the big part of their business.  They have a monopoly on the west coast.  They are working on funding for a project in Western Canada.  They are seeing fast growth in the real estate side of things.


Price: $0.790
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 BUY Manulife Financial
MFC-T
Bruce Campbell (2)

(Market Call Minute) It would be one he would add for financial exposure.  He is expecting a turn in financials for an insurance company.  He would go for RY-T for a bank.


Price: $23.580
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Unknown
2017-06-22 BUY New Flyer Industries Inc.
NFI-T
Bruce Campbell (2)

There is still a lot of room for them to expand and to continue to do well.  They just did an acquisition of a motor coach business and there is still cross selling to come.


Price: $56.070
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 BUY Organigram Holdings
OGI-X
Bruce Campbell (2)

(Market Call Minute) They had all these issues with the recall, but it is probably one of the cheapest ones out there.


Price: $2.270
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 COMMENT Pfizer Inc
PFE-N
Paul Harris, CFA

He prefers something like Johnson & Johnson (JNJ-N) because it protects you. It has a consumer products division, a devices division and a pharmaceutical division, and has done much better than this company over the last little while. This company is more of a pure pharma company. The risk is that they are really counting on their drugs, and if some of them don’t work out, it is much more difficult for them.


Price: $34.060
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: Unknown
2017-06-22 TOP PICK Patient Home Monitoring
PHM-X
Bruce Campbell (2)

It has been very loved and hated. They had a huge turn-up in their business.  30% organic revenue growth.  They generate cash and the stock is trading at about 6.5 times.  (Analysts’ target: $0.85).


Price: $0.475
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 PAST TOP PICK Pacific Insight Electronics
PIH-T
Bruce Campbell (2)

(Top Pick Jun 30/16, Down 20%) They have great earnings growth, but it is rather lumpy.  As auto dealers need supplies of a certain part they get big orders, and then seems to have a quarter or two where orders drop. They added Tesla to their customer base recently. 


Price: $8.900
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 HOLD Prometic Life Sciences Inc.
PLI-T
Bruce Campbell (2)

They are going to have a lot of catalysts between now and Q1 2018 on their drugs and some of their trials.  He sold it higher up for technical reasons.  He would hold onto it because of the catalysts.


Price: $1.800
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: No
2017-06-22 PAST TOP PICK Potash Corp of Saskatchewan
POT-T
Paul Harris, CFA

(A Top Pick June 16/16. Up 5%.) He sold this when he felt the market was overestimating the price people were going to pay for potash.


Price: $21.860
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: No
2017-06-22 BUY Royal Bank
RY-T
Bruce Campbell (2)

(Market Call Minute) He would buy this for bank exposure as he expects a turn in financials.


Price: $94.020
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Unknown
2017-06-22 COMMENT Starbucks
SBUX-Q
Paul Harris, CFA

This has built a great franchise, and the franchise is becoming much more global. They are very unique in that they are very open to making changes when it is necessary, not only for their coffee, but also how they treat clients. There is still a lot of opportunity for them to grow globally. A good story.


Price: $59.510
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: Unknown
2017-06-22 BUY Shopify Inc.
SHOP-T
Bruce Campbell (2)

(Market Call Minute) It has a high valuation, but he likes it.


Price: $121.150
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 BUY on WEAKNESS StorageVault Canada
SVI-X
Bruce Campbell (2)

They are really rolling up the self storage market.  He sold it earlier and wishes he had held it.  He would not be surprised at an equity issue at some point.  They have high margins and have the room to grow it organically.  A new issue could cause it to pull back.


Price: $2.710
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: No
2017-06-22 WATCH Spin Master Corp
TOY-T
Bruce Campbell (2)

The quarterly numbers were one thing, but a secondary offering did not go well.  They didn’t sell it all.  They re-priced it and tried to clean it out.  This is a huge Canadian success story.  It broke down from a technical point of view so he sold it.  He is always watching it.


Price: $38.680
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: No
2017-06-22 BUY TransCanada Corp
TRP-T
Paul Harris, CFA

This company and Enbridge (ENB-T), which he owns, are not too dissimilar. Both made very large US acquisitions, and this is where growth comes from for the next while. You could own either as they will both do very well over the next several years. Once they integrate their acquisitions in, you will see much better cash flow growth, but more importantly, you will see their ability to make even bigger acquisitions.


Price: $62.090
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: No
2017-06-22 BUY Tidewater Midstream and Infrastructure Ltd
TWM-X
Bruce Campbell (2)

(Market Call Minute) His pipeline pick, even though it is off the beaten path.


Price: $1.300
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Unknown
2017-06-22 BUY Verizon Communications
VZ-N
Paul Harris, CFA

This is one he would be buying here. You don’t have to worry about the dividend. A lot of the pressure was about them buying the Yahoo position. The other part of this company that is much more difficult is that they are one of the ones that really don’t have that Time Warner aspect of it where everybody wants them to buy something to fill that gap in their portfolio.


Price: $45.420
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: No
2017-06-22 WAIT Canopy Growth Corp.
WEED-T
Bruce Campbell (2)

The granddaddy of global cannabis platforms.  Their patient numbers continue to ramp up.  In a few years it will continue to dominate both Canada and International players.  He would add it back.  You need to hear more back about how this stuff will be sold.  When they form a base he would add it up to a full position going into the fall.


Price: $8.560
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: No
2017-06-22 TOP PICK Westport Fuel Systems Inc
WPRT-T
Bruce Campbell (2)

Clean burning heavy engines. They were a market darling 10 years ago. We are now actually seeing the progression to cleaner fuels such as natural gas. They have a joint venture with Cummins. They also have components. They have sold off non-core businesses.  (Analysts’ target: $3.00).


Price: $2.980
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 PAST TOP PICK Sleep Country Canada Holdings
ZZZ-T
Bruce Campbell (2)

(Top Pick Jun 30/16, Up 75%) They continued to execute very well and have grown business at the stores and got into accessories where they drive more business at a higher margin.  Now they moved up because of recent announcements by Sears.


Price: $41.070
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-21 N/A A Comment -- General Comments From an Expert
A Commentary
Andy Nasr

Market. He still likes the look of the US market, but is seeing opportunities elsewhere. If he had to characterize the 1st half of this year, he would sum it up by saying less is more. There has been less likelihood of fiscal reform in the US, which has been overshadowed by an improvement in corporate profitability that has helped US equities. In Europe, political risks have diminished, and there has been an improvement in fundamentals, which has probably helped European equities. The decline in interest rates and low volatility this just screams for diversification. As the year progresses, there is likelihood that volatility increases, and you’ll start to see the correlation between some asset classes deteriorate, which means you want more broad-based exposure. He is overweight equities relative to fixed income, and is seeing some opportunities in the US, but there is probably more capital appreciation potential in continental Europe, where things are getting a lot better.


Price: $0.020
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: _N/A
2017-06-21 COMMENT A Comment -- General Comments From an Expert
A Commentary
Andy Nasr

Which pipelines should be held, and which should be sold? Not knowing which ones you own, he would suggest keeping the Kinder IPO along with TransCanada (TRP-T) and Enbridge (ENB-T). He wouldn’t hesitate to add to Pembina (PPL-T) and Alta gas (ALA-T).


Price: $0.020
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Unknown
2017-06-21 N/A A Comment -- General Comments From an Expert
A Commentary
Gordon Reid

Market. The average investor tends to concentrate on the P of the P/E. They are really interested in price and believe that if the price goes up it is good, but if it goes down it is bad. That is not the way real life works. People tend to judge the company, but are not equipped to analyse the depths that the professionals do. They spend too much time looking at macro issues, trying to figure out whether politics or policy is going to have a bad effect on their holdings. Politicians come and go. Companies and stock prices are driven by the abilities of companies and management to drive earnings, revenues and cash flow.


Price: $0.020
Subject: US EQUITIES
Bias: UNKNOWN
Owned: _N/A
2017-06-21 HOLD Apple
AAPL-Q
Gordon Reid

People have been saying that the Apple phone is going to fail for as long as he can remember. This has done very, very well for his clients. He has trimmed his holdings 8 times. A 3rd of their market capitalization is in cash. The iPhone 8 is the 10th anniversary of the iPhone. They are putting a lot of money behind R&D, and he thinks there are some good things that are going to come out. There is a 93% loyalty rate amongst Apple buyers.


Price: $145.870
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2017-06-21 DON'T BUY AbbVie Inc.
ABBV-N
Gordon Reid

(Market Call Minute.) The spinoff from Abbott Labs (ABT-N). What makes him hesitate about this is that it is more of a 1 product company with their Humira drug. It represents about 65% of their total revenue, so that presents risks.


Price: $71.340
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2017-06-21 COMMENT Artis Real Estate Investment Trust
AX.UN-T
Andy Nasr

Has a very small position in this, and wouldn’t be one of his Top picks right now. They are somewhat challenged in that they derive about 13% of their Net Operating Income from offices in Calgary. We are going to see a significant increase in office supply, with a good chunk happening in Calgary. Rents are trending lower which is bad news for this company. Feels the dividend should be relatively sustainable, and he can’t foresee any balance sheet issues. If you want a yield with a little more risk associated to it, you could hold onto this.


Price: $13.160
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2017-06-21 COMMENT Bank of America
BAC-N
Andy Nasr

Toronto Dominion (TD-T) or Bank of America (BAC-N)? Not one of his favourite US banks. He would rather own J.P. Morgan (JPM-N) or Wells Fargo (WFC-N). This is amongst the most sensitive US banks to fluctuations in interest rates.


Price: $23.130
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2017-06-21 COMMENT Bank of America
BAC-N
Gordon Reid

Longer-term, this has more upside. It had a very sharp rise from early November. A lot of the banks have gone up on the Trump trade and then back down. This hasn’t come right back down, because it is more of a valuation play than the pure growth play. Wait for the yield curve to steepen.


Price: $23.130
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2017-06-21 PAST TOP PICK CitiGroup
C-N
Gordon Reid

(A Top Pick June 15/16. Up 54%.) He knew that sooner or later the Fed was going to do an about-face and start to tighten, which would help the banks.


Price: $63.830
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2017-06-21 TOP PICK Capgemini
CAP-FP
Andy Nasr

This is a consulting company, not too dissimilar from IBM and CGI. Located in Europe. They will really benefit from the migration to the Cloud proliferation of data. There is more information needed to be stored, analysed, and eventually consumed. Because this is domiciled in Europe with relatively decent market share, you should see a bit of an uplift as a result of BREXIT. If a company decides to relocate, or eventually they don’t want to deal with political risk or regulatory headaches, they’ll want to migrate more to the Cloud. Dividend yield of 1.6%. (Analysts’ price target is €106.)


Price: $0.000
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2017-06-21 COMMENT Canadian Apartment Properties
CAR.UN-T
Andy Nasr

Apartment REITs? Apartment REITs are very defensive. If the economy slows down, it actually increases the demand for low income housing, which is what these apartments are. If you see the Canadian economy decline or slip into a recession, you’ll probably see more people migrate into apartments that rent out for a lot less than what it would cost you for a house or a condo. This one has been very well-managed and have spent a lot of money reinvesting back into properties. That has allowed them to affect an increase in rents above the guideline increases that is allowed in Ontario.


Price: $33.510
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Unknown
2017-06-21 PAST TOP PICK CCL Industries (B)
CCL.B-T
Andy Nasr

(A Top Pick March 30/16. Up 36%.) Manufactures labels, packaging for US consumer package good companies. They’ve integrated their acquisition and have got a lot of synergies out of it. A great name to own.


Price: $66.210
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
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