Stock Opinions by David Driscoll - Stockchase Experts
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2029
David Driscoll @

On Stockchase since : Oct 2000

President & CEO at Liberty International Investment Management Inc

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Stock Opinions by David Driscoll - Stockchase Experts

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COMMENT
General Market Comment 

December 7, 2018

The markets slid today and this week. If you have the proper portfolio in place, don't worry. If you were chasing the flavour of the day, like the FAANGs, then you're bleeding. But if you're fully diversified, you're fine because those winners offset those stocks that fell. He's up (in his portfolio) for the year. He's seen gains in Europe and Asia. He avoids stocks that correlate with each other. So, if he owns TD, then that covers US and Canadian banks, and he will hold no other Canadian bank. He holds 20% cash. For bonds, he builds laddered-bond portfolios of 10 years or more. As interest rates have risen, something matures each year that is rolled over into a higher coupon. He's in corporate U.S. bonds.
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The markets slid today and this week. If you have the proper portfolio in place, don't worry. If you were chasing the flavour of the day, like the FAANGs, then you're bleeding. But if you're fully diversified, you're fine because those winners offset those stocks that fell. He's up (in his portfolio) for the year. He's seen gains in Europe and Asia. He avoids stocks that correlate with each other. So, if he owns TD, then that covers US and Canadian banks, and he will hold no other Canadian bank. He holds 20% cash. For bonds, he builds laddered-bond portfolios of 10 years or more. As interest rates have risen, something matures each year that is rolled over into a higher coupon. He's in corporate U.S. bonds.
Unknown
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David Driscoll

President , Liberty Internationa...

Price Price
$0.000
Owned Owned
Unknown

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DON'T BUY
Buy it for the dividend? No. Earnings are not growing. Their vape products are flat and falling; volumes are decreasing. The dividend isn't growing much either, at only 5% yearly vs. 8% for the wider market. If they don't execute on their plans, you could get more pain down the road. The dividend is outgrowing their free cash flow, so down the road their payout ratio will become too high.
tobacco
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Buy it for the dividend? No. Earnings are not growing. Their vape products are flat and falling; volumes are decreasing. The dividend isn't growing much either, at only 5% yearly vs. 8% for the wider market. If they don't execute on their plans, you could get more pain down the road. The dividend is outgrowing their free cash flow, so down the road their payout ratio will become too high.
tobacco
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David Driscoll

President , Liberty Internationa...

Price Price
$84.560
Owned Owned
Unknown

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HOLD
A.O. Smith(AOS-N) 

December 7, 2018

The future is still bright, despite the current noise. Small caps are always volatile. A slowdown in U.S. housing and steel tariffs are headwinds. Nothing wrong with owning this; don't worry about the price fluctuations. Remember, it offers 20% dividend growth yearly. They're also in the water purification business which hasn't hit its bottom line yet.
misc industrial products
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The future is still bright, despite the current noise. Small caps are always volatile. A slowdown in U.S. housing and steel tariffs are headwinds. Nothing wrong with owning this; don't worry about the price fluctuations. Remember, it offers 20% dividend growth yearly. They're also in the water purification business which hasn't hit its bottom line yet.
misc industrial products
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David Driscoll

President , Liberty Internationa...

Price Price
$43.910
Owned Owned
Yes

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BUY
Saputo Inc.(SAP-T) 

December 7, 2018

Their earnings report was weak with adjusted net earnings down 12%. They own assets in the US and Canada, so cross-border shipping is not a problem. Also have an Australian business which will serve Chinese demand for milk later. Dividend has grown 10% a year over past year and has slowed down a bit lately as they've made acquisitions. You can buy this for your TFSA and tuck it away.
food processing
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Their earnings report was weak with adjusted net earnings down 12%. They own assets in the US and Canada, so cross-border shipping is not a problem. Also have an Australian business which will serve Chinese demand for milk later. Dividend has grown 10% a year over past year and has slowed down a bit lately as they've made acquisitions. You can buy this for your TFSA and tuck it away.
food processing
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David Driscoll

President , Liberty Internationa...

Price Price
$40.670
Owned Owned
Yes

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DON'T BUY
Dorel Industries(DII.B-T) 

December 7, 2018

Doesn't like the company. The stock has been suffering for the past decade. They're in furniture and bicycles, both businesses under pressure. Dividend hasn't grown.
Consumer Products
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Doesn't like the company. The stock has been suffering for the past decade. They're in furniture and bicycles, both businesses under pressure. Dividend hasn't grown.
Consumer Products
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David Driscoll

President , Liberty Internationa...

Price Price
$17.540
Owned Owned
Unknown

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BUY
Steris Corp(STE-N) 

December 7, 2018

Pay a withholding tax in a TFSA? Not if it's in an RRSP, but yes in a TFSA. He likes this. They make medical devices. A small cap that's done very well with a dividend growing 10% a year for 20 years. Strong free cash flow. They're in the right industry as we head into a recession-type economy, because medical equipment companies will hold their own. They don't disappoint.
medical services
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Pay a withholding tax in a TFSA? Not if it's in an RRSP, but yes in a TFSA. He likes this. They make medical devices. A small cap that's done very well with a dividend growing 10% a year for 20 years. Strong free cash flow. They're in the right industry as we head into a recession-type economy, because medical equipment companies will hold their own. They don't disappoint.
medical services
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David Driscoll

President , Liberty Internationa...

Price Price
$113.940
Owned Owned
Yes

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COMMENT
General Market Comment 

December 7, 2018

What ETF to buy that focuses in on industrials, particularly something in Japan? Can't afford stocks, just ETFs. Buy 1 Canada, 1 U.S. and 1 international, the latter for Japan exposure. Make them all big indexes to avoid price slippage that you'd find in a more concentrated ETF.
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What ETF to buy that focuses in on industrials, particularly something in Japan? Can't afford stocks, just ETFs. Buy 1 Canada, 1 U.S. and 1 international, the latter for Japan exposure. Make them all big indexes to avoid price slippage that you'd find in a more concentrated ETF.
Unknown
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David Driscoll

President , Liberty Internationa...

Price Price
$0.000
Owned Owned
Unknown

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PARTIAL BUY
Two-year outlook? He doesn't do two-years. He invests long, like Buffet. The US-China trade war is on, and tech stocks are under pressure. Those are two headwinds. And if interest rates continue to rise, we'll walk into a recession. Tech stocks have high beta, so don't buy them; too much volatility. Buy half a position in BABA and see what happens.
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Two-year outlook? He doesn't do two-years. He invests long, like Buffet. The US-China trade war is on, and tech stocks are under pressure. Those are two headwinds. And if interest rates continue to rise, we'll walk into a recession. Tech stocks have high beta, so don't buy them; too much volatility. Buy half a position in BABA and see what happens.
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David Driscoll

President , Liberty Internationa...

Price Price
$153.060
Owned Owned
Unknown

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PAST TOP PICK
Littelfuse Inc.(LFUS-Q) 

December 7, 2018

(A Top Pick Nov 01/17, Down 7%) A small-cap industrial (that makes fuses), so there'll be volatility. Demand is good and they are nicely diversified. They boast 15% earnings and dividend growths, with free cash flow growing 20% yearly. He still believes in this, and has long held it. Last quarter, profits were up 15%.
INDUSTRIAL PRODUCTS
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(A Top Pick Nov 01/17, Down 7%) A small-cap industrial (that makes fuses), so there'll be volatility. Demand is good and they are nicely diversified. They boast 15% earnings and dividend growths, with free cash flow growing 20% yearly. He still believes in this, and has long held it. Last quarter, profits were up 15%.
INDUSTRIAL PRODUCTS
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David Driscoll

President , Liberty Internationa...

Price Price
$172.580
Owned Owned
Yes

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PAST TOP PICK
Intertek Group plc(ITRK-LON) 

December 7, 2018

(A Top Pick Nov 01/17, Down 12%) A quality testing firm, like toys and clothines. Demand for this is growing because of stricter regulations around the world. Raising dividend at 20%. A huge cash-flow generator. Now is a good entry point. A UK company, but 60% of revenues are outside Europe. so if the UK economy slows down, they'll get paid in foreign currencies.
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(A Top Pick Nov 01/17, Down 12%) A quality testing firm, like toys and clothines. Demand for this is growing because of stricter regulations around the world. Raising dividend at 20%. A huge cash-flow generator. Now is a good entry point. A UK company, but 60% of revenues are outside Europe. so if the UK economy slows down, they'll get paid in foreign currencies.
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David Driscoll

President , Liberty Internationa...

Price Price
$0.000
Owned Owned
Yes

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PAST TOP PICK
Rollins Inc(ROL-N) 

December 7, 2018

(A Top Pick Nov 01/17, Up 33%) They kill insects, so they benefit from hurricanes, earthquakes, etc. ROL was shorted this week by a firm because ROL was trading at a high 50x earnings. They're growing nicely. Dividend has been growing at 25%.
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(A Top Pick Nov 01/17, Up 33%) They kill insects, so they benefit from hurricanes, earthquakes, etc. ROL was shorted this week by a firm because ROL was trading at a high 50x earnings. They're growing nicely. Dividend has been growing at 25%.
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David Driscoll

President , Liberty Internationa...

Price Price
$57.250
Owned Owned
Yes

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COMMENT
General Market Comment 

December 7, 2018

How to buy an ETF When you consider an ETF, look at its weightings, the tracking error (how the ETF moves vs. the stocks themselves) and the MER. He owns no ETFs. he prefers stocks; you make the return minus the fee.
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How to buy an ETF When you consider an ETF, look at its weightings, the tracking error (how the ETF moves vs. the stocks themselves) and the MER. He owns no ETFs. he prefers stocks; you make the return minus the fee.
Unknown
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David Driscoll

President , Liberty Internationa...

Price Price
$0.000
Owned Owned
Unknown

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DON'T BUY
ING Groep NV(ING-N) 

December 7, 2018

Europe is a basket case now, because interest rates are negative. ING's profit was lower this past quarter, because of a settlement with the Dutch government in September. ING is not growing as fast as he'd like.
investment companies/funds
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Europe is a basket case now, because interest rates are negative. ING's profit was lower this past quarter, because of a settlement with the Dutch government in September. ING is not growing as fast as he'd like.
investment companies/funds
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David Driscoll

President , Liberty Internationa...

Price Price
$11.410
Owned Owned
No

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SELL
Vodafone Group PLC(VOD-Q) 

December 7, 2018

Don't chase yield. Their dividend yield is high because the stock price is low. That yield is also not growing, because of European telecom competition; not to mention, 5G is coming so it'll be expensive for them to fund. Inflation over time will eat into their 6% dividend. VOD has been selling assets to cover this dividend. This is a tax-loss sell.
Telecommunications
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Don't chase yield. Their dividend yield is high because the stock price is low. That yield is also not growing, because of European telecom competition; not to mention, 5G is coming so it'll be expensive for them to fund. Inflation over time will eat into their 6% dividend. VOD has been selling assets to cover this dividend. This is a tax-loss sell.
Telecommunications
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David Driscoll

President , Liberty Internationa...

Price Price
$20.480
Owned Owned
Unknown

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SELL
Maxar Technologies(MAXR-T) 

December 7, 2018

They have fallen on hard times. They have deals on the table, but no guarantees, and the margins are thin in this business. This trades at a cheap multiple though at 5x forward earnings and 2x cash flow. They have to close deals and get wider margins. A tax-loss sell.
computer software/processing
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They have fallen on hard times. They have deals on the table, but no guarantees, and the margins are thin in this business. This trades at a cheap multiple though at 5x forward earnings and 2x cash flow. They have to close deals and get wider margins. A tax-loss sell.
computer software/processing
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David Driscoll

President , Liberty Internationa...

Price Price
$18.800
Owned Owned
Unknown

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