John Stephenson FirstEnergy Corp. FE-N PAST TOP PICK Aug 18, 2015

Stock had a huge fall from grace since 2009. Had actually reached up to about 2.5X BV, and has now fallen back down to its current BV. FMV of about $48. Dividend yield of 4.24%.

SHORT. 60% of their capital structure (debt and equity) is debt, so that portion will be very sensitive as interest rates go up. He feels US interest rates are very likely to start going up early next year. In addition, 20% of their business is unregulated.

(A Top Pick June 17/14. Up 7.36%.) Stock was cheap and trading at its BV as well as having a nice yield. He also liked having exposure to the US. At the time he was convinced that the Fed was not going to raise interest rates.

(Top Pick June 17/14, Up 4.32%) The stock was cheap and had a nice yield. On balance it was a nice cheap utility stock that should benefit from low interest rates. It held up quite well. He has been selling mature utilities recently.