A Comment -- General Comments From an Expert (A Commentary)

Cyclical in nature. Will go through tremendous upswings where cash coming in seems unending and then all of a sudden prices come down. If you are a bull and believe in the extended China demand, then it might be a good hold. If you own, wait for Brascan to sell it.

Had a wonderful upleg in '03 and is now correcting. When the stock pulls back to around $18 and finds support, that would be a good place to buy.

Better growth prospects than some of the larger caps. Looking for 50% production growth this year and 30% next year.

Both Noranda and Falconbridge are the cheapest on a Price To Cash Flow basis using this year's and next year's cash flow. There has been a cap on the stock due to the Ming Metals negotiations awaiting some conclusion. Feels the stock is worth near $28. Still buying for new clients.

Natural gas. Relatively long reserve life and a good yield.

It's principle asset is Expedia along with hotel.com. They are spinning out the travel portion as a stand alone company. Feels that business is worth $15 a share. The remainder of the assets is worth $10. There's $5 of net cash, so the company's worth $30.

A pretty good story. Very solid management. Held back a bit by pipe problems (can't get the gas out of the ground) and processing problems. Feels it has room to move up.

Expects more consolidations and mergers in the mining sectors.

Has it on his list for following. Last fall their output was relatively flat at 78 barrels a day. Has been some improvement recently and have announced a deal with Impact and should be up over 10,000 barrels daily. This is a level where they could become an income trust. This factor is probably priced in now.

Will probably be acquired in the next year or two. Nice dividend. At an attractive price.

Have some questions about management. Has enough cash flow to meet its distribution needs, but they are not growing their production.

A number of very good assets, but were lumped together as a conglomerate which gave a discount to its valuation. Now restructuring which should give a valuation bump. Should generate good cash flows.

Very good company and very well run. Have been having excellent success. Still relatively inexpensive. A lot of these are going to become royalty trusts over the next 12/18 months.

A smaller trust. Has a 2-sector perform recommendation on this trust. One concern is that on developement capital expenditures one component comes from bank debt. High payout ratio of 231% versus an average of 150%.

A chicken way to play the base metal market. Has been waiting for a pull back which seems to be happening now. Feels there's a floor of near $20 and can't see it going much below that. Incredibly cheap. If the transaction goes through with the Chinese government, can see it go to the $24/25 level.