AGF Management (B) (AGF.B-T)

Over the decades, they made poor acquisitions and should have accepted buy-out offers. It's now a shadow of itself, though is well run and generates cash. The only way to maximize value is to sell it (or raise the dividend each year).

Would recommend selling. Dividend rising too fast. Earnings not quality. Better options for investors. Current price presenting value to sell. Brookfield a better option. 

Possible takeout candidate. Cheap share price value. Paying stable dividend. Not highest quality name in sector. Would recommend partial investment. 

His preference is for quality. He likes POW, which owns GWO, for dividend growth and share buybacks. AGF.B might have higher return potential because it's smaller with more volatility, but POW will give him a higher Sharpe ratio over the long term because it's not as volatile. 

Ongoing turnaround case.
Does not like asset management business (tough to make profits).
Revenues sensitive to market environments.
Current price not presenting a buying opportunity.

He has owned it in the past and sold a while ago because the share price dropped. The big issue is that they have a lot of margin pressure facing them. They are struggling against a tide. The share price is cheap but you need to look at where the industry is going.