Timbercreek Financial (TF-T)

There was a real disconnect between two entities within the company they decided to merge and that allowed them to trade closer to NAV. They increased their distribution recently. He still likes it.

(Top Pick July 8/14, Up 0.44%) There is an anomaly because this senior mortgage is trading below timber creek. This is a temporary thing and it should trade up.

(Top Pick Aug 07’13, Up 6.20%) Short term financing for apartments or developers that don’t want to go to the banks. 10-15% discount to NAV.

A mortgage investment company. Trades at a discount. 75% of their book is first mortgages. They are at about 44% loan to value. If real estate falls apart they still get all their money back. This is almost equivalent to a bond.

This is a fund that is about to be turned into a corporate entity. He thinks they are the best in class to becoming experts. This is a more senior lending where you have a lot more loan-to-value protection. They lend on short-term lending agreements to hospitals or apartment buildings where there is less risk.

At the bottom end of his database. Reported 9% negative earnings. Last $.35 in 2006. Great technology, but it seems to be taking forever to get it out into the marketplace.

This stock is at the bottome 15% of the database. Long on promise short on delivery type of company. They have tests for Avian flu and genetic tests for newborns. Signed up a large number of testing facilities in the U.S, but this is only used in a small range. He has owned in the past but does not own currently. If Avian flu passes to humans this company would benefit.

Quest (DGX-N) has done a "toe-in-the-water" on their product giving them a limited exposure to it. Was the product successful and will Quest and others broaden out their purchases? Very interesting product. Ranks poorly in his overall model at this point.

Speculative. Good technology. Less expensive technologies.

Very volatile. Have a tiny percentage in a couple of their funds. Have superior technology in genetic testing. An early stage company. Should see breakeven by the end of the year.

Trades in a band of $.40 to $.50. They have a methodology which should be quite powerful for them in 2004. Have a one-year lead over Pfizer. Speculative but pretty good prospects.

Profitable. Good product.