Opinions by Benj Gallander | StockChase
2107
Benj Gallander

President

ON STOCKCHASE SINCE Apr 2002

Contra the Heard Investment Letter


Opinions by Benj Gallander



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2017-11-03

N/A
A Comment -- General Comments From an Expert 

Investing.We are not too far off from the tax loss selling season, and he is looking for bargains. It is crazy what is going on now, making the number of stocks he can buy severely diminished. There are still some he can cherry pick, and hopefully by some good ones before the end of the year. If the US lowers the tax rate from 35% to 20% for the major corporations, as they say, it makes them more competitive. However, the US debt is about $20 trillion. You can go to the US Debt Clock, throw it on your computer, it is absolutely crazy. The average US taxpayer owes $170,000, and estimates are that the deficit is going to go up over another trillion dollars. What they are doing is great for Donald Trump, his family and his colleagues.

Benj Gallander

President, Contra the Heard Investment Letter

Price: $0.020
Owned: _N/A

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2017-11-03

N/A
A Comment -- General Comments From an Expert 

Stock Screening? He uses Globe Investor Gold and, as a contrarian, he looks for stocks that are down about 33% in the past year. Also looks to see if they have been listed for 10 years, as he only buys stocks that have been out there for 10 years. He'll then look at financial ratios. With the Globe filter, he throws in a few things on the screen along with a certain amount of revenues, and this gives him a bunch of stocks to look at. MorningStar is also quite handy as they have information going back a number of years.

Benj Gallander

President, Contra the Heard Investment Letter

Price: $0.020
Owned: _N/A

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2017-11-03

COMMENT
A Comment -- General Comments From an Expert 

Uranium. With all the stocks decimated, isn’t this a good contrarian play?He loves buying into sectors that are out of favour, and uranium is way out of favour. Uranium prices are way down. Japan hasn't recovered from the problems they had. This is definitely a sector he is interested in. Cameco (CCO-T) just reported results which were not good, but they seem to be doing just about everything they can to keep it going in a very poor marketplace. A big wildcard is their fight with the tax authorities. They've settled in the US, which cost them virtually nothing, but could cost a fortune in Canada. A company like Denison (DML-T), which he owned years ago, is at the other end of the spectrum.

Benj Gallander

President, Contra the Heard Investment Letter

Price: $0.020
Owned: Unknown

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2017-11-03

TOP PICK
Alacer Gold Corp (ASR-T)

Has 2 major knocks against it. Based in Turkey and has about $120 million in debt. They’re expanding their copper play and making money. The balance sheet is going to get murkier, but they are coming in on a mine expansion, on time and under budget. Feels it could triple from here. (Analysts' price target is $3.15.)

Mining
Benj Gallander

President, Contra the Heard Investment Letter

Price: $2.020
Owned: Yes

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2017-11-03

COMMENT
BlackBerry (BB-T)

Paid $10.46 a few years ago when he thought it was going to be taken over. John Chen basically says "These are my goals." and has been hitting them. When management does that, it gives him more confidence. They’ve had to completely turn around this huge, huge boat, which takes time. Revenues are way down from where they where before, but seem to be stabilizing to some degree and thinks they are going to go up, and there is going to be a positive bottom line. Can see this going well over $20.

electrical/electronic
Benj Gallander

President, Contra the Heard Investment Letter

Price: $14.010
Owned: Yes

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2017-11-03

TOP PICK
Cathedral Energy Services (CET-T)

A drilling company. Got absolutely hammered with oil/gas prices. Had paid $3.11, and it had dropped to about $0.35. Currently it’s around $1.50-$1.60, so it has come back nicely. Paid off all their debt. Made about $186,000 last quarter. Wilkes Brothers out of Texas have been buying a ton of stock. They bought into Trican Well Services (TCW-T), which has gone up like crazy. He is hopeful this might do the same. (Analysts' price target is $1.75.)

oil/gas field services
Benj Gallander

President, Contra the Heard Investment Letter

Price: $1.690
Owned: Yes

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2017-11-03

COMMENT
Clearwater Seafoods Inc.  (CLR-T)

Followed this closely years ago. It was struggling to survive. The numbers did not support him Buying the company, but he really liked management. They seemed to be bull dogs. Wished he had bought this. Management turned things around. He doesn't know their financials.

Financial Services
Benj Gallander

President, Contra the Heard Investment Letter

Price: $8.900
Owned: No

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2017-11-03

COMMENT
DHX Media (DHX.B-T)

This is the time of year when people should be looking at portfolios, and think about taking tax losses. He takes most of his tax losses in May. At $4 a share, this is way above where he would've bought in. Look at the financials and why you bought in. Think about what is going on with the company. Take a close look at their debt levels. There is a reasonable chance that before the end of the year, there could be tax loss selling.

other services
Benj Gallander

President, Contra the Heard Investment Letter

Price: $3.950
Owned: No

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2017-11-03

COMMENT
Eldorado Gold (ELD-T)

Has been on his watch list for years. Greece is their big growth prospect. They were having all kinds of difficulty with the Greek government. Recently the government capitulated to some degree. The company was threatening to leave the country. They've spent well over $1 billion already. They employed a lot of workers who demonstrated against the government. It's a fascinating contrarian play. If you buy into a stock like this, you have to be very, very patient.

precious metals
Benj Gallander

President, Contra the Heard Investment Letter

Price: $1.580
Owned: No

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2017-11-03

BUY
Extendicare Inc (EXE-T)

Bought this at $7.01 a few years ago. It hasn't done much lately, but it does pay a $0.04 dividend every month, so the return is better than 5%. He likes this. It’s a great demographic play. They are in senior citizen homes, and the Canadian population is getting older. Provincial governments are often putting more money into the sector. The company has done some takeovers. He is perfectly happy to hold this. It wouldn't surprise him to see it go up to $15. Thinks the dividend is safe.

other services
Benj Gallander

President, Contra the Heard Investment Letter

Price: $9.310
Owned: Yes

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2017-11-03

DON'T BUY
Fairfax Financial (FFH-T)

Just reported results yesterday and made a huge amount of money, almost $500 million. He likes Prem Watsa. Like everybody else, he is not perfect. Took his hedges off earlier this year. They are very diversified, not just in insurance, but are in India, Ireland, etc. Wouldn't say this was cheap by any metric. He owns the preferreds. Wouldn't be buying now.

insurance
Benj Gallander

President, Contra the Heard Investment Letter

Price: $674.740
Owned: Yes

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2017-11-03

COMMENT
Freshii Inc (FRII-T)

This came out in January at about $11.50. The valuation was about $300 million. To him that was absolutely insane. The company had revenues under $20 million, lots of hope, lots of hype. The people who sold this to clients should have said that the price is way too high. In terms of IPOs, about 90% are down in value about a year later. Often you get a pop at the beginning, and then comes way down. The changes they had were pretty dramatic.

food services
Benj Gallander

President, Contra the Heard Investment Letter

Price: $6.010
Owned: No

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2017-11-03

PAST TOP PICK
First United (FUNC-Q)

(A Top Pick Sept 22/16. Up 70%.) This has done very well, and he keeps on waiting for it to start a dividend again. A regional bank, but with reasonable insider ownership. Well-managed. Trades at around BV. He can see a $5 upside from here.

Financial Services
Benj Gallander

President, Contra the Heard Investment Letter

Price: $17.700
Owned: Yes

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2017-11-03

PAST TOP PICK
First US Bancshares Inc (FUSB-Q)

(A Top Pick Sept 22/16. Up 17%.) A small regional bank, but with reasonable insider ownership. Well-managed. Trades at around BV. He can see this doubling from here.

Financial Services
Benj Gallander

President, Contra the Heard Investment Letter

Price: $11.530
Owned: Yes

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2017-11-03

PAST TOP PICK
Innodata Isogen Inc. (INOD-Q)

(A Top Pick Sept 22/16. Down 46%.) Has been horrible, but this has a tendency to pop about every 3 years. They do digitalization for e-books, etc. When you listen to conference calls, it always sounds like they are going to be doing really well. Unfortunately, on the last conference call, they seemed to lose their confidence to some degree. There is a reasonable chance it could come down further in the tax loss season. Remains on his watch list, and he continues to buy it. Wouldn't be buying this today or tomorrow, but would wait to see if there is more tax loss selling.

Business Services
Benj Gallander

President, Contra the Heard Investment Letter

Price: $1.250
Owned: Yes

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