Opinions by Larry Berman CFA, CMT, CTA | StockChase
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Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner

ON STOCKCHASE SINCE Jul 2002

ETF Capital Management Inc.
5160 Yonge St. Suite 1860Toronto, ONM2N 6L9
T: 888-383-9753 F: 888-383-9753
www.etfcm.com


Opinions by Larry Berman CFA, CMT, CTA


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2017-11-20

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

[Today's show was pre-empted by BNN's coverage of the Nabraska vote on Keystone XL Pipeline.]

Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Management Inc.

Price: $0.020
Owned: _N/A

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2017-11-13

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

Market.  GE-N announced a dividend cut.  It is not the company it was years ago.  It was like IBM 25 years ago when they reengineered it.  There will be tax loss selling to come and the dividend cut is probably not the first to come.  At some point it will probably be a bargain.  They won’t rebuild the dividend any time soon.  If this goes down to $15 then you are back to an attractive dividend.  We are starting to have to deal with BREXIT.  It will be disruptive.  All trade deals being broken by Trump will be so also.  The US is being very disruptive and this will be a negative for the world.  Tax reforms in the US:  It will be difficult to reconcile the state vs. federal taxs.  It will be a disappointing bill that will give you a sell-the-news affect.

Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Management Inc.

Price: $0.020
Owned: _N/A

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2017-11-13

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

Educational Segment.  Bitcoin: He thinks it is speculative.  It is a crypto currency.  It is money:  a store of value, a unit of account and a medium of exchange (the definition of money).  The intrinsic value of Bitcoin is nothing.  It is more likely to be zero than anything else.  GBTC-N is a fund that trades in Bitcoin as the underlying asset.  From a risk perspective, it is the highest risk category you could imagine.  GBTC-N trades at a 49% premium to the underlying currency.  Expect volatile ups and down.  He is negative on the outlook.  It could keep going up for years but it is a speculative vehicle and you should leave it alone unless you are a big risk taker as you are not owning the underlying technology.  It has no underlying value.

Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Management Inc.

Price: $0.020
Owned: _N/A

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2017-11-13

WEAK BUY
Healthcare Leaders Income Fund (HHL-T)

He loves covered call strategies.  They are very active managers and he thinks they do a very good job of it.  The last few years have been an up market in the healthcare market.  XLV-N is the broad US healthcare market.  You have a much better return with HHL-T because of the dividend as well.  It is a good way to hold healthcare late in the cycle.

E.T.F.'s
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Management Inc.

Price: $8.300
Owned: No

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2017-11-13

COMMENT
Income Financial Trust (INC.UN-T)

It is trading at double the NAV.  He does not know enough about it to say why it is trading at such a premium.  It has all the banks and US financials.  He thinks there is something wrong here.  He would want to do some homework on it.

REAL ESTATE
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Management Inc.

Price: $19.250
Owned: Unknown

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2017-11-13

COMMENT
SPDR S&P 500 ETF (SPY-N)

SPY-N vs. ZSP-T.  They should be identical except ZSP-T trades in Toronto but has exposure to the US$.  If the US$ gets stronger it should help the ETF.  SPY-N has underperformed dramatically because it is in US$.  They would be identical if you converted the dollars.  There is foreign tax withholdings of about 30 basis points on SPY-N.  ZSP-T gives you a foreign tax withholding also but you get a tax credit.

E.T.F.'s
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Management Inc.

Price: $258.330
Owned: Unknown

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2017-11-13

SELL
Toronto Dominion (TD-T)

Analysts are looking for some upside.  He would hit the sell button.  He has no direct exposure to the Canadian banks.  He thinks we’ll come back to the $62 level.  Wait on the sidelines for a correction within the next year.  There is nothing wrong with TD-T specifically.

banks
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Management Inc.

Price: $72.810
Owned: No

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2017-11-13

WEAK BUY
Verizon Communications (VZ-N)

Analysts generally have it as a hold.  Telecom is cheap to him.  They have been underperforming for almost a year.  IYZ-N reflects the telecom sector and he has been buying it.  He likes it here and is in an accumulation here.  He prefers the ETF to one company.  He does not know if VZ-N will be a winner over the boarder sector.

telephone utilities
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Management Inc.

Price: $44.750
Owned: Unknown

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2017-11-13

COMMENT
BMO S&P 500 Index ETF (ZSP-T)

SPY-N vs. ZSP-T.  They should be identical except ZSP-T trades in Toronto but has exposure to the US$.  If the US$ gets stronger it should help the ETF.  SPY-N has underperformed dramatically because it is in US$.  They would be identical if you converted the dollars.  There is foreign tax withholdings of about 30 basis points on SPY-N.  ZSP-T gives you a foreign tax withholding also but you get a tax credit.

E.T.F.'s
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Management Inc.

Price: $36.240
Owned: Unknown

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2017-11-06

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

Market.  If you look at the big names in The Paradise Papers, it is like a year ago when a similar list of offshore account holders was released.  It should not be surprising to anyone that people with lots of money look to minimize tax burden.  When the government starts taking more than 50% in total tax, it is not ‘fair’ anymore and it tells you governments are not efficient and take more than they should.  This does not mean much to the markets but the governments are going to have to dodge this one.  The issues in Saudi Arabia will have implications for those doing business in that part of the world.  If you look at the ETF KSA-N it trades into Saudi Arabia, it is unchanged although there was volatility over the weekend.  In 3 to 5 years he feels oil will still be anchored to $50 so he would sell oil.

Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Management Inc.

Price: $0.020
Owned: _N/A

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2017-11-06

BUY
A Comment -- General Comments From an Expert 

ETFs started in the early ‘90s.  It is rare where the ETF provider is creating an index.  Big name indexes bring you a way to do long term holdings.  Actively managed ETFs bring you lower costs.  Larry is biased toward ETFs for good reasons.

Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Management Inc.

Price: $0.020
Owned: Yes

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2017-11-06

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

WTI vs. Brent.  The quality of oil has changed.  Alaska oil is at $63 and WTI is $55.  You have delivery costs higher with some sources of oil than others.  Since about 2010 since the US started fracking, supply went up and so domestic supply increase in the US force prices down in Europe.

Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Management Inc.

Price: $0.020
Owned: _N/A

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2017-11-06

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

Educational Segment.  Volume on ETFs.  Consider ZEB-T which is high volume.  The underlying stocks each trade way more volume and especially the value.  ZJN-T is low volume, about 3k shares a day.  The top volume stocks in its holdings trade at quite large volumes in comparison.  If an ETF provider creates a unit, it is priced according to what it costs them to go out and buy all the stocks within it.  This concept is not well understood by the investing public.

Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Management Inc.

Price: $0.020
Owned: _N/A

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2017-11-06

HOLD
Arc Resources Ltd (ARX-T)

Natural Gas.  He does not have big exposure to the natural gas space.  He thinks it will be an increasingly important way going forward to replace coal.  There are huge, huge supplies.  It will probably range trade for years.  He does not see a huge upside.  He would hold now but if over the winter we get a cold spell and it shoots up gas prices, then it would be a time to liquidate.  Oil will trade at a discount to the North American market due to a lack of pipeline capacity.

oil/gas
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Management Inc.

Price: $17.280
Owned: Unknown

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2017-11-06

WEAK BUY
A&W Revenue Royalties Income Fund (AW.UN-T)

It is an income trust, a revenue trust.  It is a stream of revenue, not profit.  It is not exposed to costs or a jump up in taxes.  He sees no evidence of distribution cuts.  They seem to raise them once a year and pay them once a month.  You have to look at the underlying franchise.  Are hamburger sales going to continue?  He is at a loss because he does not go to these kinds of restaurants.  A downtrend has broken.  You may buy this for stability and distribution.  As long as it is in a diversified portfolio.  You need to decide if consumptions of these kinds of meals are increasing or not.

investment companies/funds
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Management Inc.

Price: $35.520
Owned: Unknown

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1 Comment

raziel

April 3rd 2015 at 5:48am

My preferrers have come down substantially as a result of lowered bank rates, I believe. Shouldn't an instrument with a fixed rate go UP when bank rates are lowered?


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