Opinions by Paul Gardner, CFA | StockChase
1292
Paul Gardner, CFA

Partner and Portfolio Manager

ON STOCKCHASE SINCE Dec 2004

Avenue Investment Management
47 Colborne StreetSuite 300Toronto, ONM5E 1P8
T: 416.482.2004 F: 416.482.0007 pgardner@avenueinvestment.com
http://www.avenueinvestment.com/

1292
Paul Gardner, CFA

Partner and Portfolio Manager

ON STOCKCHASE SINCE Dec 2004

Avenue Investment Management
47 Colborne StreetSuite 300Toronto, ONM5E 1P8
T: 416.482.2004 F: 416.482.0007 pgardner@avenueinvestment.com
http://www.avenueinvestment.com/


Opinions by Paul Gardner, CFA


Signal Opinion Expert Chart
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General Market Comment 

December 29, 2004

Bonds and fixed income is difficult and of little interest to us. Nothing came up tonight that was of any value for this site. Sorry.
Bonds and fixed income is difficult and of little interest to us. Nothing came up tonight that was of any value for this site. Sorry.
Unknown
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$0.020
Owned Owned
Unknown

Must be logged in to use chart
BUY
Bank of Montreal(BMO-T) 

July 28, 2005

Financials have rallied because interest rates have stayed stable. The question is will bank stocks get cheaper when interst rates rise. Doesn't thinks so because they are still trading at reasonable valuations of 12/13 X earnings. You are still earning 3/4%.
banks
Financials have rallied because interest rates have stayed stable. The question is will bank stocks get cheaper when interst rates rise. Doesn't thinks so because they are still trading at reasonable valuations of 12/13 X earnings. You are still earning 3/4%.
banks
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$61.960
Owned Owned
Unknown

Must be logged in to use chart
BUY
Financials have rallied because interest rates have stayed stable. The question is will bank stocks get cheaper when interst rates rise. Doesn't thinks so because they are still trading at reasonable valuations of 12/13 X earnings. You are still earning 3/4%.
banks
Financials have rallied because interest rates have stayed stable. The question is will bank stocks get cheaper when interst rates rise. Doesn't thinks so because they are still trading at reasonable valuations of 12/13 X earnings. You are still earning 3/4%.
banks
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$42.220
Owned Owned
Unknown

Must be logged in to use chart
BUY
Financials have rallied because interest rates have stayed stable. The question is will bank stocks get cheaper when interst rates rise. Doesn't thinks so because they are still trading at reasonable valuations of 12/13 X earnings. You are still earning 3/4%.
banks
Financials have rallied because interest rates have stayed stable. The question is will bank stocks get cheaper when interst rates rise. Doesn't thinks so because they are still trading at reasonable valuations of 12/13 X earnings. You are still earning 3/4%.
banks
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$80.800
Owned Owned
Unknown

Must be logged in to use chart
TOP PICK
A leading producer of horticultural growing medium. Own a quasi monopoly on peat moss. Was hurt a couple of years ago by the strong Cdn$. They actually cut their distributions. They are one of the few companies that can raise prices. About a 11% yield.
agriculture
A leading producer of horticultural growing medium. Own a quasi monopoly on peat moss. Was hurt a couple of years ago by the strong Cdn$. They actually cut their distributions. They are one of the few companies that can raise prices. About a 11% yield.
agriculture
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$7.800
Owned Owned
Yes

Must be logged in to use chart
BUY
Royal Bank(RY-T) 

July 28, 2005

Financials have rallied because interest rates have stayed stable. The question is will bank stocks get cheaper when interst rates rise. Doesn't thinks so because they are still trading at reasonable valuations of 12/13 X earnings. You are still earning 3/4%.
banks
Financials have rallied because interest rates have stayed stable. The question is will bank stocks get cheaper when interst rates rise. Doesn't thinks so because they are still trading at reasonable valuations of 12/13 X earnings. You are still earning 3/4%.
banks
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$78.470
Owned Owned
Yes

Must be logged in to use chart
BUY
Toronto Dominion(TD-T) 

July 28, 2005

Financials have rallied because interest rates have stayed stable. The question is will bank stocks get cheaper when interst rates rise. Doesn't thinks so because they are still trading at reasonable valuations of 12/13 X earnings. You are still earning 3/4%.
banks
Financials have rallied because interest rates have stayed stable. The question is will bank stocks get cheaper when interst rates rise. Doesn't thinks so because they are still trading at reasonable valuations of 12/13 X earnings. You are still earning 3/4%.
banks
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$56.720
Owned Owned
Yes

Must be logged in to use chart
TOP PICK
InnVest Reit(INN.UN-T (Dead)) 

November 17, 2005

Owns half of Choice Hotels. Likes it for the downside protection. A good defensive REIT. Yield of 9.1%. Suffered some margin compression in the last quarter because of higher energy costs, wages and salaries. His only concern is the distributions over weighs the funds from operations.
investment companies/funds
Owns half of Choice Hotels. Likes it for the downside protection. A good defensive REIT. Yield of 9.1%. Suffered some margin compression in the last quarter because of higher energy costs, wages and salaries. His only concern is the distributions over weighs the funds from operations.
investment companies/funds
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$12.150
Owned Owned
Yes

Must be logged in to use chart
BUY
A premier REIT. The largest REIT in Canada. Their history has been incredible. They don't overdo their distributions and retain about 10% of them. The question is, they are getting so large can they continue their growth.
property mngmnt/investment
A premier REIT. The largest REIT in Canada. Their history has been incredible. They don't overdo their distributions and retain about 10% of them. The question is, they are getting so large can they continue their growth.
property mngmnt/investment
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$20.650
Owned Owned
No

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BUY
A great strategy if you want to get into the bonds. The bond market is incredibly inefficient and illiquid. The problem with bond funds is that the management fees are around 1.5%.
E.T.F.'s
A great strategy if you want to get into the bonds. The bond market is incredibly inefficient and illiquid. The problem with bond funds is that the management fees are around 1.5%.
E.T.F.'s
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$29.320
Owned Owned
Unknown

Must be logged in to use chart
DON'T BUY
Believes the Bank Of Canada is going to raise interest rates so thinks the outperforms will come in at the longer end of the bond curve.
E.T.F.'s
Believes the Bank Of Canada is going to raise interest rates so thinks the outperforms will come in at the longer end of the bond curve.
E.T.F.'s
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$28.840
Owned Owned
No

Must be logged in to use chart
TOP PICK
One of the smaller REITs. Class i buildings, i.e. brick and beam, in the Toronto, Montréal and Quebec areas. They renovate old buildings into office quarters. The payout ratio is hovering around 100% which is a good ratio. Yield is about 7%.
investment companies/funds
One of the smaller REITs. Class i buildings, i.e. brick and beam, in the Toronto, Montréal and Quebec areas. They renovate old buildings into office quarters. The payout ratio is hovering around 100% which is a good ratio. Yield is about 7%.
investment companies/funds
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$16.770
Owned Owned
Yes

Must be logged in to use chart
DON'T BUY
BCE Inc.(BCE-T) 

December 29, 2005

Has been pretty flat for a year or two. This goes back to the telecommunication problems in the industry. There is tremendous competition. Tremendous liquidity. They are still an A rated Bond so the dividend will probably stay in place. There will be pressure over the next 2/3 years to keep the dividend going.
telephone utilities
Has been pretty flat for a year or two. This goes back to the telecommunication problems in the industry. There is tremendous competition. Tremendous liquidity. They are still an A rated Bond so the dividend will probably stay in place. There will be pressure over the next 2/3 years to keep the dividend going.
telephone utilities
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$27.980
Owned Owned
No

Must be logged in to use chart
DON'T BUY
Dream Office REIT(D.UN-T) 

December 29, 2005

Focus on core office and light industrialsin Toronto/Montréal. A concern was 130% payout but that has now dropped over the last 2/3 years. Making accretive acquisitions. Lower interest rates have helped their bottom line. Their structure is pretty complicated and he would prefer a simpler one so he would shy away from this one.
property mngmnt/investment
Focus on core office and light industrialsin Toronto/Montréal. A concern was 130% payout but that has now dropped over the last 2/3 years. Making accretive acquisitions. Lower interest rates have helped their bottom line. Their structure is pretty complicated and he would prefer a simpler one so he would shy away from this one.
property mngmnt/investment
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$25.710
Owned Owned
No

Must be logged in to use chart
PAST TOP PICK
(A Top Pick July 28/05. Down 17%.) A quasi-monopoly. It takes the bogs and uses the peat moss to create mixes for home growers. It had about 45% gross margins and pricing power. Because it sells mostly in the US, the stronger Canadian dollar as well as transportation costs hurt them. Sold his holdings.
agriculture
(A Top Pick July 28/05. Down 17%.) A quasi-monopoly. It takes the bogs and uses the peat moss to create mixes for home growers. It had about 45% gross margins and pricing power. Because it sells mostly in the US, the stronger Canadian dollar as well as transportation costs hurt them. Sold his holdings.
agriculture
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$6.500
Owned Owned
No

Must be logged in to use chart
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