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

Have a great success story in their exploration and they keep firing on all cylinders. Likes it very much. Hard to evaluate the numbers as there are so many moving parts to the company. Cautious on it right now.

Has exactly what you want in a gas trust. Gas prices aren't fantastically high right now. Would like to see gas prices back at $10 with Esprit having a real run up giving an opportunity to sell it.

Outlook for the mining sector is strong. This is one of the key players in Canada. Should do very well and is a good buy.

Metals are the stocks for the rest of the year.

Feels that the income trusts in utilities, power, pipelines are more attractive than the corporations as you usually see very little growth, but with trusts you are getting an income.

Prefer this, Inter Pipeline (IPL.UN-T) or Great Lakes Hydro (GLH.UN-T) over Calpine Power Income Fund (CF.UN-T).

The purchase of the balance of Falconbridge is positive as that is where the cash flows are and where the copper and nickel productions are. Will be a much bigger company and new projects will be much easier to fund. Looks pretty cheap presuming the deal goes through.

Has the right product at the right time. Could be a corporate action re: selling the company which could add some juice. Typically, in a longer term basic materials market, you can see these stocks trade at a premium to the S&P multiple.

Believes that China and India which are among the lowest per capita consumers of energy, will drive the energy market. Energy is normally a boom/bust cycle, we've had a boom. China and India's demand will cancel the bust.

Thinks that because the US deficiet is high, the US dollar is heading down more relative to the Asian currancies. Canadian dollar will probably not go to par, (they will print more money, or use interest rates to degrade it, and thereby protect the manufacturing sector in Ontario & Quebue). With all that in mind, gold will start heading up, as it starts to become used as a currancy again. The larger gold companies which may move first are much more fully valued. Better to buy the smaller producers which are struggling at current gold prices, in anticipation of gold going up.

Thinks it's at the top of it's price, however because it's going to be monotized (sold) it will be in play. He doesn't own it but is "permisive" to own it, however put a fairly tight stop behind it in case the commodities "fiddled".

potential take-over. Not big on this company

Financial engineering performance trusts.

Appears that any deal with Chinese is dead. May get split up. Good current management.

Area play is real. Should do well as long as people stay interested.