Cott Corp (BCB.TO)

This was one of his favourite Long positions for a very long time. He sold it post BREXIT, solely because he wanted to see how Europe shakes out. They just made a $600 million acquisition in Europe, which is going to be tough to digest. With political uncertainty, he is happy to step away for the time being. He very, very much likes the business model.

(Market Call Minute.) Trying to morph themselves from a private label contract manufacturing to a bottled water and coffee distributor. For that kind of business, they are overvalued.

They are investing in bottled water delivery by making acquisitions. This investment might change their course. He would like to see evidence before investing.

(A Top Pick Dec 17/12. Up 13.33%.) Bought the stock because they were increasing their free cash flow profile. Margins were growing and they initiated a dividend. However, had a few quarters where he questioned their results, which weren’t as strong as he had hoped for.

(A Top Pick Dec 17/12. Up 9.71%.) Still likes.

3.2% dividend. They want to stabilize their business unit. Are willing to give up the volume to get higher margin. Will get more cash going forward. Going through a change and are relatively cheap. Just initiated the dividend, 10x earnings. It is a margin story.