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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
2017-05-17 COMMENT Radius Health
RDUS-Q
Cameron Hurst

This did not pass his technical screen, as there were consistent earnings misses. Drug pricing is under a gun and is just not something you want to step in front of.


Price: $32.880
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2017-05-17 WAIT Royal Bank
RY-T
David Baskin

He expects the earnings, coming out next week, are going to be pretty good. The notion that they are taking losses on mortgages is ridiculous. He sees no evidence at all that Canadian banks have lost money on real estate. This bank has been making money in private wealth management, and have probably done okay in trading. He would always wait until after earnings before making an initial purchase.


Price: $91.450
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-05-17 DON'T BUY Snap Inc.
SNAP-N
Cameron Hurst

When it IPO’d, there was a pretty spectacular plunge, but has now come back. If you like the theme on this, he thinks you can get more through Facebook (FB-Q), which is going to outspend and out-technology this company in a hurry. There’s just too much risk in this company. On a valuation of “Price to sales” it has a very elevated PE.


Price: $19.900
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2017-05-17 COMMENT Toronto Dominion
TD-T
David Baskin

He likes this bank and is still a buyer. He wouldn’t buy before they announced their earnings, which is coming next week. This is a good bank. Very strong retail presence in the US. They have a good record of raising their dividend.


Price: $62.260
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-05-17 DON'T BUY Under Armour
UA-N
Cameron Hurst

He would not be an investor at this time. The technology they put into their gear is fantastic. This is an example of a stock that he really likes, but wouldn’t touch. You are going to face a raft of sellers who will be looking to get their money back when a stock starts moving up. Also, a lot of sales are still coming through brick-and-mortar storefronts, which are facing a challenge.


Price: $17.700
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2017-05-17 TOP PICK Visa Inc.
V-N
Cameron Hurst

Just bought Visa Europe, so it’s a more complex company now with FX and currency head/tailwinds. You are paying the same price as you would for MasterCard (MA-N), but you are getting more growth. Dividend yield of 0.7%. (Analysts’ price target is $103.)


Price: $91.760
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2017-05-17 COMMENT Visa Inc.
V-N
David Baskin

He loves this company. It doesn’t take any credit risk. This is a toll road. If you want to use a credit card, you have to pay a toll. The great thing about this company is that it only has toll gates on about 20% of the roads in the world. It essentially has no penetration in Asia, and the potential is absolutely enormous. They are now in Europe.


Price: $91.760
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-05-17 COMMENT United States Steel
X-N
Cameron Hurst

Following the gap a number of weeks ago, this continued to decline, which is not what you want to see. The chart has shown a head and shoulders pattern. This is the type of thing that he tries to avoid.


Price: $19.260
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2017-05-17 WAIT Xerox
XRX-N
Cameron Hurst

He likes the Tech sector. This company is a turnaround situation. They’ve missed a number of quarters of earnings and guidance. There is a lot of hope that they can get things turned around, but it is a little bit of a challenged story. You need to give it a little more time. The risk outweighs the return.


Price: $6.880
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2017-05-16 TOP PICK Takasago International
4914-JP
Lorne Steinberg

This is part of the new Japan, which are the great, long term businesses that have figured out how to grow internationally. This company has had phenomenal revenue growth, because they have increased market share in the US, Europe and the rest of Asia. Flavours and fragrances are very high-tech niche businesses. This sells for 13X earnings, and less than tangible BV with double digit earnings growth, revenue growth. In the US, they would be double what they are trading for now. Dividend yield of 1.3%.


Price: $0.010
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: Yes
2017-05-16 PAST TOP PICK Riken Leiki
7734-JP
Lorne Steinberg

(A Top Pick May 19/16. Up 70%.) Manufactures gas detectors and safety equipment. This has been around for 50+ years and generates free cash flow, and they keep on plowing money back into R&D to remain at the top of what they do.


Price: $0.000
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: Yes
2017-05-16 N/A A Comment -- General Comments From an Expert
A Commentary
Lorne Steinberg

Market. Now that we are in a rising rate environment, the Fed governors are projecting that the Fed funds rate will be increased from 1% today to 3%, 3 years from now. That takes us back to normalcy. If the short-term rate goes to 3%, it implies that 5 and 10 year bond yields are back to 4%-6%, and that will potentially have a huge impact on valuations. You can expect that stocks like utilities, pipelines, REITs will be the most prone to decline. Also, you should expect the P/E ratio of the market to kind of retreat to a more reversion to the mean.


Price: $0.020
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: _N/A
2017-05-16 COMMENT A Comment -- General Comments From an Expert
A Commentary
Lorne Steinberg

High-yield bonds as part of a fixed income portfolio for a retiree? He manages both regular and high-yield bonds, but in a rising rate environment, regular bonds go down. High-yield bonds actually tend to go up in a rising rate environment, because they tend to be short duration bonds with a wide spread. He always cautions investors not to try and pick high-yield bonds. Buy a high-quality, high-yield fund, which is widely diversified. Do not buy a high yield fund which only owns Canadian high-yield bonds, because you are going to end up with a bunch of mining and energy bonds.


Price: $0.020
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: Unknown
2017-05-16 N/A A Comment -- General Comments From an Expert
A Commentary
Lorne Steinberg

What makes Government of Canada 5-year bond yield rates, go up or down? When the economy is doing poorly, there is often a sense that the Bank of Canada will not raise rates, and may even drop short term rates. That would have an impact of investors running to buy 5 year bonds for a little bit of yield, which would cause the bond yield to go down. If inflation were picking up, investors would ask why they would buy a 1% bond when inflation is going to be at 2%, so they would demand a higher yield. A stronger economy tends to lead to rising rates.


Price: $0.020
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: _N/A
2017-05-16 N/A A Comment -- General Comments From an Expert
A Commentary
Christine Poole

Market. Thinks earnings are starting to catch up with valuations now. The S&P 500 is up 12% since the US November election. Expectations are that we’re in a more growth friendly environment even though Trump’s policies have not all come through. We need to see the earnings come through. It looks like year-over-year 1st quarter earnings are going to be up at around 14%-15%, the 1st double digit pace since 2011. We’ve done better than expected. Also, comments on conference calls have been encouraging. Europe and emerging markets are stabilizing.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2017-05-16 N/A A Comment -- General Comments From an Expert
A Commentary
Christine Poole

Energy. Thinks oil prices will remain quite volatile. She is not committing capital to this sector yet. She was encouraged by what OPEC and Russia said yesterday, and thinks they want to maintain a price level of around $50. However, US shale production is ramping up which is offsetting the benefits of the production cuts. Until they see a sustainable draw down in inventories, that is when she will get more positive.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2017-05-16 COMMENT A Comment -- General Comments From an Expert
A Commentary
Christine Poole

Gold? She has a very low weighting in gold in her clients’ accounts. The reason to hold gold is usually because of uncertainty, and that really isn’t in the cards right now. Inflation is another reason and the pressures are not that strong.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-16 COMMENT Apple
AAPL-Q
Lorne Steinberg

This company is doing everything right. He doesn’t own this, because 60% of earnings is because of the iPhone. If someone else comes out with a better mouse trap, it will have an impact. The valuation is not stretched.


Price: $155.470
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: No
2017-05-16 PAST TOP PICK Aegon N.V.
AEG-N
Lorne Steinberg

(A Top Pick May 19/16. Up 7%.) This offers a 4%+ dividend. He thinks it is worth double the current share price. Trading at a huge discount to its tangible BV. The reason it has underperformed is because of housing market issues in the Netherlands. With the improvement in the European economy in general, that will be a boost for this company.


Price: $5.020
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: Yes
2017-05-16 HOLD Arc Resources Ltd
ARX-T
Christine Poole

Sell holdings? She actually added a bit to her holdings in December when OPEC 1st announced the production cuts. A very low cost producer and in a very attractive region in the Montney. Have a very strong balance sheet, stronger than its peers. She would not sell this, and is hoping for improved energy prices over the next 6-12 months.


Price: $18.100
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-05-16 BUY BCE Inc.
BCE-T
Christine Poole

A good name for an income investor. It has an attractive yield. Recently closed on the Manitoba Tel acquisition, so there should be some synergies. She has a target price of $63-$64 which will give you an 8% capital appreciation, plus the yield of 4.73%. The dividend will continue to be increased over time. If there is a pullback, the stock should hold in quite well.


Price: $60.710
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-05-16 TOP PICK BP PLC
BP-N
Lorne Steinberg

The Macondo Gulf of Mexico disaster is now past and they have taken all the charges. They’ve rebuilt the company. The balance sheet is in very strong shape. With the cost structure where it is, even at these commodity prices, this company is throwing off lots of cash flow. Dividend yield of 6.7% is sustainable at current commodity prices. This is the cheapest of all the major integrateds. (Analysts’ price target is $37.50.)


Price: $36.240
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: Yes
2017-05-16 COMMENT CitiGroup
C-N
Lorne Steinberg

US banks are performing well because the government wants to cut corporate tax rates, but also, very significantly for the banks, is that they want to roll back a lot of Dodd Frank and reduce regulations. That would allow banks to lever up again, and boost earnings. After the massive run ups most of the US banks have had, there is not going to be the same run for the next 12 months. However, they are in excellent shape and well capitalized as an industry to move forward.


Price: $62.490
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: Unknown
2017-05-16 HOLD CCL Industries (B)
CCL.B-T
Christine Poole

A company she would like to own. The stock has done very well. They’ve made some very successful acquisitions, and she is waiting for a pullback.


Price: $308.030
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-16 COMMENT Cineplex Inc
CGX-T
Christine Poole

Has owned this for a number of years. It is the largest theatre operator in Canada. The concession and ticket prices represents 75% of earnings. The other 25% is media, and there are good growth prospects in this area, particularly in the US. They are trying to diversify the revenue stream and are opening the rec room concept. They are very good at increasing the amount that you spend once you are in their theatres. Yielding around 3%.


Price: $52.650
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-05-16 BUY on WEAKNESS Canadian National R.R.
CNR-T
Christine Poole

This is her pick in the rail space. They had a really strong quarter, and the stock moved on that. Wait for a drop in price to under $100 before stepping in.


Price: $102.220
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-05-16 HOLD Crescent Point Energy Corp
CPG-T
Christine Poole

Though she has this in some portfolios, she has not been actively buying for a couple of years. The stock price will be dictated by where crude prices go. If the OPEC production cuts have more effect, and we start to see inventory drawdowns, then energy names can start working. This company has been known to issue a lot of equity to fund positions to grow their inventory land. The last issue they did was not very well received. They have a very attractive land base to drill from, so she doesn’t expect they will be looking to acquire more.


Price: $13.160
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-05-16 COMMENT Walt Disney
DIS-N
Lorne Steinberg

This has unbelievable franchises from films, which they keep on pulling out every 10 years or so, as well as the theme parks. Those are really 2 unparalleled franchises. This is struggling a little bit with ESPN, which was a massive free cash flow generator. There have been people unplugging cable, so viewership and earnings are down. This is too expensive for him now, but something he would look at when it was cheaper.


Price: $107.980
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: Unknown
2017-05-16 PAST TOP PICK Walt Disney
DIS-N
Christine Poole

(A Top Pick May 18/16. Up 11%.) ESPN has been an overhang on the stock. They’ve been losing customers and this was a very profitable division for them. However, the declines have been moderating, and people are watching content much more differently than previous generations. On their quarterly call, they indicated they are going to offer an ESPN branded direct consumer product later this year.


Price: $107.980
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-05-16 HOLD EnerCare Inc
ECI-T
Christine Poole

Reported earnings about a week ago, which were a bit soft. Doesn’t think it was anything to be concerned about. It has quite an attractive yield. This is on her watch list.


Price: $18.640
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-16 BUY Enbridge
ENB-T
Christine Poole

A pipeline stock, and they did an acquisition that increases their presence in the US on the natural gas side. She felt their quarter was fine. Pipeline companies don’t build a pipeline unless they have very long-term commitments. The company feels that they can increase their dividend 10%-12% annually to 2024.


Price: $53.840
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-05-16 COMMENT Ford Motor
F-N
Lorne Steinberg

Yielding 5.5%. The auto industry almost went bust and had their dividend eliminated a decade or so ago. This sector has never been a great place to invest. It is highly cyclical and very capital intensive. Also, consumers are shifting behaviours with ride sharing, which is having an impact on long-term auto sales. There are better places to go.


Price: $10.940
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: Unknown
2017-05-16 DON'T BUY Freeport McMoran Copper & Gold
FCX-N
Lorne Steinberg

When times are good, this company makes tons of money. Then, unfortunately, they often make a lot of lousy acquisitions and/or get into other businesses. This company eventually had to eliminate the dividend because they were paying out too much. These are stocks that you “rent” not “own”.


Price: $11.770
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: No
2017-05-16 TOP PICK CGI Group (A)
GIB.A-T
Christine Poole

A large IT services company. Half their revenues come from outsourcing from long-term contracts. The other half is systems integration and projects. A very well-run company and very global. Half their revenues come from Europe, an acquisition they did in 2012, which had very low margins. CGI improved those margins back to company levels. About 20% is from the US, 50% from Canada, and the rest from Asia. Every few years, they tend to make a large acquisition to expand their geographic scope or a particular vertical they want to be in. (Analysts’ price target is $74.)


Price: $66.910
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-05-16 COMMENT Corning Inc
GLW-N
Lorne Steinberg

This is really a technology company in glass. They made their name in fiber-optic cables during the .com era, and when that fell apart, their glass business took off. They make gorilla glass for iPhones and high end TVs. The company is sitting with a cash pile and have been buying back stock. This remains very undervalued. He continues to see huge upside with this company.


Price: $29.600
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: Yes
2017-05-16 DON'T BUY Home Capital Group
HCG-T
Christine Poole

Wouldn’t be a buyer of this. It is down a lot, but that doesn’t mean it is cheap. Visibility is very poor. What happens when they finally draw on that full credit facility? That credit facility is very expensive, so they are losing money every time they have to draw on it.


Price: $8.980
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-16 PAST TOP PICK Home Depot
HD-N
Christine Poole

(A Top Pick May 18/16. Up 23%.) They just reported, and it was very positive. US comps are up 6%. The US housing market is very healthy.


Price: $158.260
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-05-16 TOP PICK Johnson & Johnson
JNJ-N
Christine Poole

A large, global, pharmaceutical company. The primary reason she likes this is that their pharma division is doing really, really well. They’ve had a very successful 5 years, and suspects they have a strong enough pipeline to keep that growth going. Recently acquired a Swiss pharmaceutical company which has leading products in heart disease. AAA balance sheet. Dividend yield of 2.7%. (Analysts’ price target is $130.)


Price: $127.770
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-05-16 PAST TOP PICK Loblaw Companies Ltd
L-T
Christine Poole

(A Top Pick May 18/16. Up 14%.) She likes the food retail and the drug retail. They have great locations. A lot of their Shoppers outlets are offering fresh food, which is a good concept in the urban centres.


Price: $77.740
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-05-16 COMMENT Lockheed Martin
LMT-N
Christine Poole

A US defence name, an area where she wants some exposure. She is waiting for a bit of a pullback in this space. Pres. Trump wants to increase his defence spending, which is a positive for all defence companies. However, there is a question of timing and funding. Feels that valuations are a little stretched right now.


Price: $271.650
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-16 HOLD McDonalds
MCD-N
Lorne Steinberg

This has done an amazing job morphing its business. Coffee is the new growth area, which is very high margin. They have gotten good locations and understand the real estate game. If there were a big pull back, this is the kind of thing he would look at.


Price: $147.290
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: No
2017-05-16 COMMENT Manulife Financial
MFC-T
Lorne Steinberg

Canadian Banks versus lifecos? He is a bigger fan of the lifecos. Manulife (MFC-T) and Sun Life (SLF-T) are going to get a big boost from rising interest rates. It is already starting to happen. The yield curve is steepening. Lifecos have been suffering and living with low interest rates for a long time. Both companies are also quite global. They have big presences in the US and in Asia. He sees a better earnings growth over the next few years.


Price: $23.720
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: Unknown
2017-05-16 HOLD 3M Co.
MMM-N
Christine Poole

A very well-managed, diversified, industrial company based out of the US. It is very global. The global economy is starting to improve.


Price: $197.910
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-16 COMMENT Parkland Fuel Corp
PKI-T
Christine Poole

This is an operator delivering gasoline to retailers and corporations. A well-run company if you want a position in this space.


Price: $31.500
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-16 PAST TOP PICK Royal Dutch Shell PLC (B)
RDS.B-N
Lorne Steinberg

(A Top Pick May 19/16. Up 23%.) The cream of the crop of the major integrated, the only space he likes in energy. They struggle with oil and gas prices on the one hand, but the petrochemical business and refining benefits from low oil prices. 6%+ dividend. Bulletproof balance sheet. The dividend is covered by cash flow.


Price: $58.450
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: Yes
2017-05-16 TOP PICK Royal Bank
RY-T
Christine Poole

She wanted to choose a bank, to show that she likes the banking sector. This has pulled back from the beginning of the year. All the banks had a great year last year, so she doesn’t expect returns of 25%-26%. They have about 25% exposure to the US, and she thinks the US economy is going to grow faster than the Canadian. Acquired City National which focused on high net individuals and commercial loans. Dividend yield of 3.7%. (Analysts’ price target is $101.)


Price: $93.030
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-05-16 COMMENT Sun Life Financial Inc
SLF-T
Lorne Steinberg

Canadian Banks versus lifecos? He is a bigger fan of the lifecos. Manulife (MFC-T) and Sun Life (SLF-T) are going to get a big boost from rising interest rates. It is already starting to happen. The yield curve is steepening. Lifecos have been suffering and living with low interest rates for a long time. Both companies are also quite global. They have big presences in the US and in Asia. He sees a better earnings growth over the next few years.


Price: $45.500
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: Unknown
2017-05-16 COMMENT Sun Life Financial Inc
SLF-T
Christine Poole

She owns and prefers Manulife (MFC-T), which will have a chance to do some catch-up. Manulife's earnings are finally coming through, and she likes their positioning in Asia. Also, has traded at a discount to Sun Life, but going forward, she feels Manulife will have better earnings.


Price: $45.500
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-16 WATCH SNC-Lavalin Group Inc.
SNC-T
Christine Poole

This is on her watch list. She wants something in the engineering/construction space, and this is a good candidate. It is much more global than some of the other players.


Price: $51.690
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-16 BUY Toronto Dominion
TD-T
Christine Poole

She would buy this at the current price. The sector has pulled back, and this one is back a bit more because of their Sell practices that was in the news about a month ago. She doesn’t think that is inherent in their culture. On the premise that the US and Canadian economies are improving, banks are still reasonable. Expects this will generate earnings growth in the 8% range, and that their dividend will continue to be increased along the same pace as earnings growth. Yield of about 3.5%.


Price: $63.130
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-05-16 DON'T BUY Teva Pharmaceutical
TEVA-N
Lorne Steinberg

The largest generic manufacturer of drugs. They got themselves in trouble in the last number of years by trying to become an actual Pharma company with R&D, with not great success. The generic business is very price intensive. It is not an R&D company, it is a manufacturer. He would pass on this.


Price: $31.780
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: No
2017-05-16 COMMENT Tesla Motors Inc
TSLA-Q
Christine Poole

Shorting this? She does not Short, but also it is not a stock that she would add. This has an aura about it, it doesn’t need to make money and it keeps going up.


Price: $317.010
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-16 BUY on WEAKNESS Visa Inc.
V-N
Christine Poole

This is a transition from cash and cheques to online payments, in particular in emerging markets. There are still a lot of emerging countries that are not using much in the way of credit cards. Even in North America there is still room to grow. They just acquired Visa Europe, which is expected to generate more profits going forward. She is not buying this for new clients, and is hoping to be able to get in at about $90.


Price: $93.150
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-05-16 COMMENT Canopy Growth Corp.
WEED-T
Christine Poole

This is very driven by news and momentum. Although we have some rules, it is not clear and hopefully it gets legalized next year for recreational use. Still very early stage. It is hard to value these companies as they are not generating earnings.


Price: $8.330
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2017-05-16 HOLD Wells Fargo
WFC-N
Lorne Steinberg

Sell or Hold? This has been an under performer. It has a massive franchise in the US, which is not going anywhere. He would be more inclined to look at something like this, that has underperformed, rather than buying something that has already performed well.


Price: $53.260
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: No
2017-05-16 COMMENT Westjet Airlines
WJA-T
Lorne Steinberg

He is not a buyer of airlines in this environment. (Has never owned stocks.) This is such a cyclical business, and they are subject to large losses. This company has focused on their core niches and have done an outstanding job. Like all companies, they are looking for growth and are starting to fly in all other kinds of places where there is more competition. That is a bit of a warning sign.


Price: $22.360
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: No
2017-05-16 COMMENT iShares US High Yield Bond Index ETF
XHY-T
Lorne Steinberg

ETF’s for bonds are not like stocks. They don’t have great tracking. If you are going to buy a high yield bond ETF, only buy a Cdn$ hedged ETF. If the Cdn$ starts to rally, you are going to lose your whole return, and possibly more.


Price: $20.150
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: Unknown
2017-05-16 TOP PICK Xerox
XRX-N
Lorne Steinberg

An amazing company. They recently spun off Conduint, their business process outsourcing business. The new management team is merging the old Xerox document management business with high technology. There has been a slew of new products out, aimed at the largest global companies to the small and midsized businesses. This has always been a big free cash flow generator. It is totally ignored by the street, which is why it is trading for less than 9X earnings. Dividend yield of 3.5%. (Analysts’ price target is $8.25.)


Price: $7.140
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: Yes
2017-05-16 DON'T BUY BMO Covered Call Utilities ETF
ZWU-T
Lorne Steinberg

He would be very cautious about certain ETF’s that are loaded with derivatives, etc. They may not perform the way you expect them to. Also, the market doesn’t just look at where rates are going in the next year. He would not be a big fan of a Covered Call ETF.


Price: $14.100
Subject: Global Value & High Yield Bonds
Bias: UNKNOWN
Owned: Unknown
2017-05-15 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Oil. There has been a big run up in oil because of the agreement between Russia and OPEC, to prolong a series of oil production cuts. The question always is, can they do it and what do the non-OPEC people do. Libya and Nigeria are exempt from caps and have been pumping like mad. The US has been pumping like crazy, and the higher the prices go, the more they are going to continue to pump. He’s not sure there will be the long-term resolution that they would like to see. $50, plus or minus $10 is likely our trading range for the next few years. A few weeks ago, when oil was summing off, that is when he was buying because the prices were a lot cheaper. If we go 4%-5% higher, he will be selling the oil stocks again. Range trading is what he thinks is going to happen.


Price: $0.020
Subject: STOCKS & ETFs
Bias: CAUTIOUS
Owned: _N/A
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