Steve Carlin Shoppers Drug Mart Corp SC-T DON'T BUY Oct 31, 2012

$61.29 is full value. Loblaw’s is fairly fully valued. There is too much competition, even if Target is struggling in Canada. Prefers THI-T but it is fully valued. Same with Canadian Tire or Sears. Dollarama would be a better entry point.

(A Top Pick May 16/13. Up 29.79%.) Sold his holdings in October because the transaction by Loblaw’s (L-T) involved quite a few shares being swapped and he did not want exposure to food retailing.

2.36% bond maturing May 24/18. A company that you don’t get many choices to buy in the consumer area. Credit quality is good at A minus and the yield spread is attractive.

(A Top Pick June 19/13. Up 27.54%.) Had not been expecting the takeout by Loblaws (L-T), but just bought this because it was a quality retailer generating a lot of free cash flow and paying down their debts.

(A Top Pick April 23/13. Up 39.41%.) This was acquired by Loblaws (L-T).

(Top Pick May 16/13, Up 34.12%) He did not keep the Loblaw’s shares because he did not want to be exposed to food retailers. He is now sitting on the cash from this.

2.36% Bond Maturing May 24/18. ‘A’ rated even after L-T bought them. Good positive return over time.

(A Top Pick Jan 29/14. Up 2.96%.) 2.36% bond maturing May 24/18. This has rolled down the curve with a positive return of over 3%. It will continue to generate positive returns.

(A Top Pick Jan 29/14. Up 4.98%.) 2.36% bond maturing May 24/18. He had liked the balance sheet and the bond has done really well.