Don Lato Phelps Dodge Corp PD-N BUY Jun 20, 2012

Good valuations and a good long term hold. Just hit a new low since 2010. Companies have cut back on drilling, but that is going to change at some point. Have diversified their rig base tremendously. Do a lot more work in the US now. Well managed.

Don Lato

Owned

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$129.470

Stock price when the opinion was issued

non-base metal mining

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TOP PICK

Focusing a lot on the industrial sector. Basically a play on infrastructure and global growth.

TOP PICK

Predominately a copper play. Also have molybdenum. 2nd or 3rd largest copper producer in the world. Have almost $30 a share in cash on the balance sheet. Virtually no debt. Copper looks very strong. A cheap stock.

BUY

A relatively low dividend at 1.3% but it is growing. A play, not just on copper, but on carbon black which is used for tires. PE is only 7 X. There are probably a few more good years left.

PAST TOP PICK

(A Top Pick Aug 31/05. Up 15.5%.) 2nd biggest copper producer in the world. Has a lot of cash. Declared a special $5 dividend.

BUY

Preeminent copper company in the world. Generating good profits and paying a good dividend. They will be increasing production. Copper is at a record price in current money terms and could go higher.

BUY

His model price is $107.50. Oils and basic materials in the US all have similar church patterns, lots of value, but they get volatile. Finding a lot more value elsewhere.

BUY

Service sector has been a phenomenal place to be and this is a way to play it. Expect a rally will continue until mid to late February but could pull back at that point. A re-entry could be made in the June-July time period.

BUY

Largest in Canada but operating more and more in the US. Soon will encroach on the US companies to be the largest driller in North America. Good entry point in at this level.

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Don Lato Phelps Dodge Corp PD-N BUY Jun 20, 2012

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