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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
2017-10-16 COMMENT Brookfield Infrastucture Partners
BIP.UN-T
Barry Schwartz

Since this went public it has had something like a 20% compound total return. The whole Brookfield group is such a great well-run business. What they’ve been able to do, which no one else has been able to do, is to have a long-term plan and strike when the iron is hot and acquire distressed assets. Recently did a big equity deal, and assumes they have a lot of deals they are working on. Dividend yield of 4.3%.


Price: $54.560
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-10-16 BUY on WEAKNESS Berkshire Hathaway Inc. (B)
BRK.B-N
Barry Schwartz

There hasn’t been any meaningful pullbacks on the chart, so not many buying opportunities on many of the US stocks. This stock has been unstoppable. It has one of the greatest collection of assets in the US. If you believe the US is going to continue to be a powerhouse and a grower in their economy, this is one of the best ways to play it. On any pullback, he would be in there.


Price: $187.960
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-10-16 COMMENT CASH
CASH
Keith Richards

He holds it for seasonal reasons.  Sell in May and go away did not work this year.  The other reason he holds cash is if he sees a break in the trend of S&P.  He goes 15% to 50% into cash, depending on what he sees.


Price: $0.010
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: _N/A
2017-10-16 COMMENT Cineplex Inc
CGX-T
Barry Schwartz

It’s been nasty being a shareholder this year. It had a disastrous summer. There weren’t any good movies. Box office returns were down anywhere from 10% to 15%, which is going to hurt their bottom line. It looks like it will end the year down 1%-2% on the box office. The 2018 slate looks promising. They’ve done a great job in raising ticket prices, raising prices on food, and are light years ahead of the US competition, because they’ve expanded into other areas. Thinks they are going to be very successful. Will benefit from Sears and Target closing up shops, as they will be able to negotiate pretty good leases and acquire big sites to launch their entertainment centres. Even at $38, it is not a cheap stock, however it has a great business model. As the movies pick up, it can go a lot higher. 4.3% dividend yield.


Price: $38.320
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-10-16 TOP PICK Canadian Imperial Bank of Commerce
CM-T
Keith Richards

They are far more levered to housing and mortgages.  It has not come back to the old highs.  They are good at what they do.  It is the most unloved and the lowest PE bank.  (Analysts’ target: $118).


Price: $112.270
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Yes
2017-10-16 WATCH Cominar Real Estate Inv Tr
CUF.UN-T
Keith Richards

The big picture is a little bit bearish.  There is a look to this stock that it is heading for $15.  If it breaks the bigger picture downtrend it will be positive. 


Price: $13.880
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2017-10-16 HOLD CVS Health Corp
CVS-N
Keith Richards

It is consolidating and is a really good example of a base.  You know to sell it if it breaks down 3% below the trading range for 3 weeks.  If it breaks to the upside 3 weeks, 3% to the upside, then you should buy it.


Price: $72.440
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2017-10-16 COMMENT Walt Disney
DIS-N
Barry Schwartz

Had to kind of talk down earnings due to hurricanes, and close up their theme parks for a couple of days. This year has been tough because there hasn’t been a good movie slate. Q4 numbers are going to come out soon, and there were no new releases in Q4. These issues are well known. ESPN is now about 20% of their operations. The company has one of the best assets in the world in their theme park operations, which probably represents about 40% of their business. They have pricing power and attendance is growing and there is launching of more and more additions to the theme parks.


Price: $98.130
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-10-16 HOLD Emera Inc
EMA-T
Keith Richards

EMA-T vs. FTS-T.  Utilities and rate hikes.  Most of the calls around interest rates are for 1 more non-aggressive interest rate rise.  It may not have as great a rise in utilities.  They are doing what utilities have been doing recently – consolidating.  You might see a slide down within the trading range.  FTS-T has an uptrend, unlike EMA-T.  It’s okay if both go sideways because you collect the dividend.


Price: $48.330
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2017-10-16 COMMENT Enbridge
ENB-T
Barry Schwartz

The utility space is a wonderful space in your portfolio. This one has guided for double digit dividend growth going forward. For income, you can’t beat this area. In a diversified portfolio, especially in Canada, you have to own 1 or 2 of these. One thing that worries him is that this is more focused on oil. He would prefer a more regulated utility such as Canadian Utilities (CU-T) or Fortis (FTS-T).


Price: $52.010
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2017-10-16 PAST TOP PICK ETrade Financial Corp.
ETFC-Q
Keith Richards

(A Top Pick May 3/17, Up 23%)  He was looking to a breakout of the stock.  It still has lots and lots of upside.  It was underappreciated but now has a lot of room to go.  You could get pullbacks in the next couple of weeks and then you could buy more.


Price: $44.490
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Yes
2017-10-16 TOP PICK ETrade Financial Corp.
ETFC-Q
Keith Richards

It has lots of upside.  You want to own stocks for the winter.  If there was a 3-5% pullback, then this one would do so and it would be a great time to buy it.


Price: $44.490
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Yes
2017-10-16 PAST TOP PICK iShares MSCI Brazil ETF
EWZ-N
Keith Richards

(A Top Pick May 3/17, Up 14%)  He took a 3% position.  Sometimes these things don’t work out.  You had a broken downtrend.


Price: $42.940
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Yes
2017-10-16 TOP PICK Facebook
FB-Q
Barry Schwartz

The world’s best advertising medium. If you look at the product online, they follow you around. They know what you like, who your friends are, what you are wearing. There are even some rumours they can listen in on your phone when you are talking. They and Google (GOOGL-Q) capture only a small amount of the world advertising market, so there is a long runway of growth. (Analysts’ price target is $200.)


Price: $174.520
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-10-16 HOLD Freeport McMoran Copper & Gold
FCX-N
Keith Richards

It is a consolidating stock since mid-2015.  There is technical resistance about $16.  It keeps repeating this.  If it could break this it would be quite bullish.  Until then it is moving sideways.


Price: $15.270
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2017-10-16 BUY Fairfax Financial
FFH-T
Keith Richards

It is on his buy list.  He likes that management has been switching out of more hedgy types of positioning and into traditional long approaches to the market.  FFH-T has good exposure to India.  He likes it.


Price: $642.540
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: No
2017-10-16 HOLD Fortis Inc.
FTS-T
Keith Richards

EMA-T vs. FTS-T.  Utilities and rate hikes.  Most of the calls around interest rates are for 1 more non-aggressive interest rate rise.  It may not have as great a rise in utilities.  They are doing what utilities have been doing recently – consolidating.  You might see a slide down within the trading range.  FTS-T has an uptrend, unlike EMA-T.  It’s okay if both go sideways because you collect the dividend.


Price: $46.140
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2017-10-16 BUY Fortis Inc.
FTS-T
Barry Schwartz

Has had 44 years in a row of dividend growth. Just announced a 6.25% increase, $1.70 a share. Our world is going to need electricity 44 years from now and this company has a wonderful installed base. 3.7% dividend yield.


Price: $46.140
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-10-16 COMMENT High Liner Foods
HLF-T
Barry Schwartz

The chart has been ugly. In the last 2 quarters, they’ve been hurt by plant inefficiencies and a recall on a number of products. The good news is that the past president is back. He grew the company when it was a $100 million sales company to a billion-dollar sales company. If they get some of those issues right, you could see a meaningful upside in the company. Valuation is very cheap. There are rumours the company is interested in getting into canned fish as well, which would be a natural fit. Has a wonderful distribution network and a wonderful group of clients.


Price: $14.190
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-10-16 BUY Horizons Intl Developed Markets Equity Index ETF.
HXDM-T
Larry Berman CFA, CMT, CTA

It is a very good strategy.  They don’t own the stocks but buy a derivate (futures based swap contract) so you don’t get a tax withholding.  This is an advantage in taxable accounts.  It’s only been out a short while.  It is a very good product for people focusing on tax efficiency.


Price: $32.100
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-10-16 BUY Intertape Polymer Group
ITP-T
Barry Schwartz

Trading at $25 a few months ago and dropped down to the $19 range. He is hoping it can go back up to $25 and much higher. They warned last quarter that this was going to be a tougher year. Juggling a lot of projects and a lot of them are not delivering cash flows. They buy a lot of plastic and chemicals, and with the hurricanes in Texas and Florida, it has pushed up some input prices. They won’t be able to pass that off to customers in the short term. Expects an ugly Q3, but hopefully there will be some good communication and messaging that things are improving. For long-term investors, this is a good opportunity.


Price: $18.980
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-10-16 COMMENT Korn/Ferry International
KFY-N
Barry Schwartz

In 2016, the stock dropped to $19. He thought the market had mispriced the stock. At the time, they had a huge amount of cash on the balance sheet. They used it to acquire Hay Group and diversify their business into pension benefits. Still thinks this has a lot of wind in its sales. Valuation is still quite cheap. He is very excited about this company and its future.


Price: $40.100
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-10-16 BUY KP Tissue Inc
KPT-T
Barry Schwartz

As a hold for the next 5 years?On a total return basis, this is not as terrible as the stock price suggests. It has underperformed. There has always been something that pops up to hurt them over the past few years. It looks like pulp prices continue to go higher, so he doesn’t expect the best quarter in Q3. However, they have pricing power because their branded tissue toilet paper has been able to pass those price increases on to customers. He likes this for the 4.7% dividend. They have ambitious growth plans.


Price: $15.090
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-10-16 WEAK BUY Mastercard Inc.
MA-N
Larry Berman CFA, CMT, CTA

When the consumer is at risk, such as in an economic slowdown, it is this one that underperforms.  When the economy performs well and credit is building it does well.  He is cautious right now.  He thinks it is extended and is late cycle.  This is a payment processor and not a lender.  Non-payment risk goes to the underlying financial institutions.


Price: $146.220
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-10-16 HOLD Maple Leaf Foods
MFI-T
Larry Berman CFA, CMT, CTA

There is some short term resistance.  There is nothing wrong technically.  He would be concerned if we took out the lows from the last couple of months.  The long term trend line looks good.  He is not concerned right now.


Price: $33.290
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-10-16 PAST TOP PICK Morguard Corporation
MRC-T
Barry Schwartz

(A Top Pick Nov 3/16. Up 12%.) A long-term holding for him. The company likes to buy distressed assets and real estate when it has been beaten up. They are working to do things with Temple Hotels in Alberta. An undervalued net asset value play. Feels the company is worth $240-$250 a share.


Price: $192.000
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-10-16 PAST TOP PICK Microsoft
MSFT-Q
Barry Schwartz

(A Top Pick Nov 3/16. Up 34%.) He likes its exposure to the Cloud, an incredible business. They aren’t making money on the Cloud at the moment. However, unlike Amazon (AMZN-Q), they are funding their Cloud ambitions with a business that is gushing cash. 80% margins in their software business. Feels the Cloud is going to be a $1 trillion plus business.


Price: $77.650
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-10-16 DON'T BUY Methanex Corp
MX-T
Keith Richards

It is a volatile stock.  It could be said to have a head and shoulders pattern.  It is a harder chart to read.  There is no clearly defined trend.  At this moment, the technical resistance it is at the last peak and it may get back down to the last support level.  He would not play it because it is hard to decide where to buy and sell it.


Price: $62.570
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2017-10-16 BUY National Bank of Canada
NA-T
Barry Schwartz

Thinks this is his best idea. Trades at a discount to the big Canadian banks on a PE basis, and is generating higher return on equity. Has one of the best divisions which the market is not properly pricing; their fund administration business.


Price: $61.000
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-10-16 WATCH NexGen Energy
NXE-T
Keith Richards

Lows are getting a little higher so there is a potential of a consolidation ending.  A consolidation is great because it could mean a change in the outlook.  If it breaks, good, otherwise he does not want to own it.


Price: $2.690
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2017-10-16 DON'T BUY Precision Drilling
PD-T
Larry Berman CFA, CMT, CTA

The energy sector is challenged.  He has owned this one on and off over the years.  When there is potential growth in drilling this is a go to stock.  It seems the lack of pipelines out of Canada will be a problem.  This stock will probably not have a material rally.  If we have a regime change in 2019 and there is more openness to pipelines we get a change.


Price: $3.270
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-10-16 PAST TOP PICK Power Financial Corp
PWF-T
Keith Richards

(A Top Pick May 3/17, Up 4%)  It was a little more defensive for the summer.  He wanted the dividend.  It was a sideways moving stock.  It is making some progress to breaking out of the consolidation.  If it does not carry on upward he will ditch it.


Price: $35.530
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Yes
2017-10-16 COMMENT Restaurent Brands International
QSR-T
Barry Schwartz

He loved this when everybody hated it. The stock had gone nowhere for years. Now people clearly like the stock, and the stock has gone up to the right. People are addicted to their phones. Even with people reducing cable spending and cutting the cord, the company has done a terrific job of increasing cable and reducing the churn. He doesn’t think this is as undervalued as it was. Feels all the telcos have been bid up because of the consistency of earnings and dividends. He still likes the telcos.


Price: $83.780
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-10-16 BUY Rogers Communcations (B)
RCI.B-T
Barry Schwartz

He loved this when everybody hated it. The stock had gone nowhere for years. Now people clearly like the stock, and the stock has gone up to the right. People are addicted to their phones. Even with people reducing cable spending and cutting the cord, the company has done a terrific job of increasing cable and reducing the churn. He doesn’t think this is as undervalued as it was. Feels all the telcos have been bid up because of the consistency of earnings and dividends. He still likes the telcos.


Price: $67.200
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-10-16 WATCH Transalta Renewables
RNW-T
Keith Richards

There is a rounded look to the current pattern.  Back in 2016 it found a level about $13 and is the ‘Trump Dump’ where it found support.  That will continue to be your level of support.  It is in a bit of a bearish pattern but if it bounces off the support level it could be good.


Price: $14.060
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2017-10-16 WATCH Sherritt International Corp.
S-T
Keith Richards

Golden Cross?  It implies a break through a shorter moving average by a longer moving average.  It is in a sideways pattern and you will get a lot of these.  It does not mean it is a good thing because it has done it a few times.  He would want to see it break $1.50. 


Price: $1.280
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2017-10-16 PAST TOP PICK Molson Coors Brewing Company
TAP-N
Barry Schwartz

(A Top Pick Nov 3/16. Down 18%.) Hasn’t worked out recently, although his long-term clients have done quite well on this. They didn’t have a very good analysts’ day. Tried to rectify miscommunications they had with analysts. Had a Q2, that was better than what some analysts expected. Thinks it has something to do with what is going on with all consumer packaging goods. He would still make this a top pick.


Price: $82.750
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-10-16 WATCH Toronto Dominion
TD-T
Keith Richards

It broke out since he was on last.  All the banks except CM-T did that.  It is a little parabolic.  It is probably a little overbought.  If you saw a pullback it should not go below $70 and would be a great buying opportunity if it did pull back.


Price: $71.020
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2017-10-16 BUY Toronto Dominion
TD-T
Barry Schwartz

He loves the banks. This is Canada’s most efficient bank. They are doing a wonderful job in the US. If you are worried about the impact of the Canadian housing market on the banks, this one would be one with less exposure. Prefers National Bank (NA-T). Expects a 7%-8% dividend increase this year.


Price: $71.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-10-16 BUY TFI International Inc
TFII-T
Barry Schwartz

This is trucking. Doesn’t think it is going to have the best quarter because of the hurricanes, although it looks like business has picked up, so they should do quite well. They move a lot of goods between Canada and the US. Trucking has been weak in the 1st two quarters and it looks like things have improved a great deal. The company is significantly undervalued. The CEO is brilliant, and has a terrific plan of unlocking value. He buys shares back when prices are low.


Price: $32.470
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-10-16 DON'T BUY Tourmaline Oil Corp
TOU-T
Keith Richards

It broke the old trend line in early 2016.  At the end of the year it started into a downtrend.  Currently it is still in it. 


Price: $23.060
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2017-10-16 TOP PICK Vanguard FTSE Developed All Cap ex Nrth Amer Idx ETF.
VI-T
Keith Richards

It is hedged to CAD$.  It is a way to own a broad selection of stocks outside of North America.


Price: $28.690
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Yes
2017-10-16 WATCH West Fraser Timber
WFT-T
Keith Richards

It is experiencing a cup and handle, or a rounded bottom.  It is a smooth transition from a downward transition to an uptrend.  The most important part is that it was a rounded approach.  There is resistance at this point.  If it gets thought it, it looks pretty good.


Price: $74.560
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: Unknown
2017-10-16 WATCH iShares DEX Universe Bond ETF
XBB-T
Larry Berman CFA, CMT, CTA

The broad Canadian bond market.  The interest rate risk on the broader market is at 7 which mean if we see a 100 basis point increase in interest rates, you will lose about 7% in terms of capital.  It is not time to step in yet.  If interest rates went up 25 basis points then it would be time to move in.  Don’t extend duration until interest rates go up a little but.


Price: $30.780
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-10-16 BUY on WEAKNESS BMO S&P/TSX Laddered Preferred
ZPR-T
Larry Berman CFA, CMT, CTA

Laddered preferreds.  They do well in rising interest rate environments.  Fundamentally it is not cheap here.  He got a lot a year ago.  He does not like the relative value here.  He would buy into weakness on a pull pack.  That could happen in December.


Price: $11.790
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: No
2017-10-13 N/A A Comment -- General Comments From an Expert
A Commentary
Darren Sissons

Market. Markets have become politicized where we have seen changes of government in most countries. Everyone is starting to see their populism moving into the markets. In Canada we have the impact of the proposed tax reforms, which is not being received well by a lot of people. Those kinds of dynamics are occurring across the globe. Quantitative easing has definitely helped markets across the globe move to high levels.


Price: $0.020
Subject: GLOBAL EQUITIES & TECHNOLOGY
Bias: UNKNOWN
Owned: _N/A
2017-10-13 COMMENT A Comment -- General Comments From an Expert
A Commentary
Darren Sissons

What US bank do you prefer? Under Obama, the banks that made sense were the regional banks, because the regulatory glare was very onerous. Under Trump, that has kind of softened, and we are under a rising interest rate environment. Some of the US money centred banks make sense. He owns the BB&T (BBT-N) on the regional side. He also owns Bank of America (BAC-N) which just announced very good results.


Price: $0.020
Subject: GLOBAL EQUITIES & TECHNOLOGY
Bias: UNKNOWN
Owned: Unknown
2017-10-13 N/A A Comment -- General Comments From an Expert
A Commentary
Matt Kacur

Market.He is concerned about high valuations. It’s hard to go against the tape which is really strong and good. He is more of a bottom-up and goes stock by stock by stock, which is just harder and harder and harder to find. We have to start worrying about being priced to perfection. If something comes down the road that isn’t quite as rosy and shiny as we would like, there could be pullbacks of 5%-10%, or even worse. If interest rates rise, we could see a substantial pullback, but there has been a reluctance to raise interest rates. There are also the things we don’t know about. For example, the Greek sovereign debt problem. Would that have been predicted to have as much effect as it did?


Price: $0.020
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: _N/A
2017-10-13 DON'T BUY Aecon Group Inc
ARE-T
Matt Kacur

A good company. Results are a little weaker than what he would like. They used to earn a 9% ROC, but is now down to 5%. It doesn’t look that cheap right now.


Price: $16.780
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-10-13 TOP PICK Alimentation Couche-Tard (B)
ATD.B-T
Matt Kacur

One of Canada’s best operators in retail. Convenience stores and gas stations. They are in all Canadian provinces and in 42 states. They are also in Scandinavia, Ireland, Baltic and Russia. Recently bought the Circle K company, and are converting a lot of their stores over to Circle K. Dividend yield of 0.6%. (Analysts’ price target is $72.)


Price: $60.380
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: No
2017-10-13 TOP PICK Broadcom
AVGO-Q
Matt Kacur

A $100 billion market cap company. Think Cloud, think big data, think automation. They have wireline products, wireless products, enterprise storage, industrial automation, etc. They’ve been making a huge rate of return. It is undervalued. Dividend yield of 1.6%. (Analysts’ price target is $290.)


Price: $247.960
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: No
2017-10-13 COMMENT Alibaba Group Holding
BABA-N
Darren Sissons

This is a play on the underlying social media, logistics, delivery. In terms of the Chinese economy, it has a highly dense population, and if you want to deliver products, you just can’t go to the big box stores, so you get a delivery price which comes with the Ali Baba story. The valuation is very steep, and if it were a little lower he would potentially take a position. A very binary story as far as valuations go, but he recognizes it as a quality company.


Price: $178.450
Subject: GLOBAL EQUITIES & TECHNOLOGY
Bias: UNKNOWN
Owned: No
2017-10-13 COMMENT B2Gold Corp.
BTO-T
Matt Kacur

Had liked this in the past. At this point, it is probably a good idea. Back in their heyday of 2010-2011, they were earning a 17% return, which then plummeted all the way down to zero, and has now nudged its way back up to 5%. On a relative gold to gold basis, you have an improving return with a decent valuation. This is pretty good.


Price: $3.440
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-10-13 DON'T BUY Blackstone Group LP
BX-N
Darren Sissons

Private equity works by you having to put capital in, but after a period of time, they have to give it back. A lot of money owned by companies like this, can effectively be under risk of having to return it. If they can’t raise additional capital, their sustainability longer-term of the dividend, is somewhat in question. The 2nd issue is that you have a business that really makes all its money by buying when there is a recession and selling when there are frothy markets. At this point, we have very frothy markets. Anything that needs to be sold probably has been sold, and moving forward, the likelihood of performance improving may be modified lower. This is a kind of company you want to buy during a recession.


Price: $32.930
Subject: GLOBAL EQUITIES & TECHNOLOGY
Bias: UNKNOWN
Owned: Unknown
2017-10-13 DON'T BUY Cameco Corporation
CCO-T
Matt Kacur

Has always had a low ROC, and is actually getting a little worse. Uranium prices are pretty close to their low as well. Dividend yield of 3.6%.


Price: $11.440
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-10-13 COMMENT Cisco
CSCO-Q
Darren Sissons

This did very, very well when we had the big expansion of fibre globally. Since then, they really haven’t done a whole lot. Huawei has come out of China, and has become a very painful competitor for them. Basically, Cisco just serves the US and some other markets to a lesser degree. He sees it as a challenged story, and it has to figure out where the next growth path is. The 3.5% dividend is safe, but he doesn’t see a ton of upside here.


Price: $33.470
Subject: GLOBAL EQUITIES & TECHNOLOGY
Bias: UNKNOWN
Owned: Unknown
2017-10-13 PAST TOP PICK CSX Corp
CSX-Q
Darren Sissons

(A Top Pick Jan 27/17. Up 12%.) This is a Hunter Harrison story. He is turning the company around. The unions and clients were getting unhappy, and if he works his magic as he has done in the past, we should see continued upside from here. Still a Buy.


Price: $52.830
Subject: GLOBAL EQUITIES & TECHNOLOGY
Bias: UNKNOWN
Owned: Yes
2017-10-13 COMMENT CVS Health Corp
CVS-N
Darren Sissons

In many cases this is a Trump Administration story. Drug stocks have come off significantly, along with the companies that sell drugs to the American consumer. There has been a recovery in a lot of the drug stocks, and he’s not 100% convinced that Americans want to give up Obamacare. Ultimately, this is a story of drug price inflation and the attempts of the government to rein costs in. Longer-term, it is an interesting story, but a very thin margin business. If you get a small drop in profitability, stocks tend to come back significantly. This may be a buying opportunity, but for him the margins are a little skinny and not on his radar.


Price: $72.600
Subject: GLOBAL EQUITIES & TECHNOLOGY
Bias: UNKNOWN
Owned: No
2017-10-13 BUY CVS Health Corp
CVS-N
Matt Kacur

This is a company that he likes, and with the stock price dropping makes it even better. There has been a lot of outside pressure in the space. However, the results are actually quite good. This is more about what people think is going to happen but hasn’t actually happened yet. The returns are very good.


Price: $72.600
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
2017-10-13 DON'T BUY Walt Disney
DIS-N
Matt Kacur

This is a really great company. There are lots of companies with stretched valuations, and this is one of them. It looks too rich, as well as having a bit of problem with ESPN. His charts show him an improving ROC, which has been improving for about 8 years. Unfortunately, the stock has also improved for about 8 years. What if returns start to slide a little.


Price: $97.380
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: Unknown
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