Robert Lauzon
Member since: Dec '04
Deputy Chief Investment Officer at
Middlefield Capital Corporation
Middlefield Capital Corporation
1276 Opinions
Latest Top Picks
(A Top Pick Jun 25/18, Up 17%) A needed commodity and the existing infrastructure is very important, as it is difficult to put more pipelines in the ground. The stock is attractive. It's constantly in the news, and there is headwind from environmental groups. They also have more supply than output capacity, so pipelines are full. They are going through a recontracting of the mainline and it should make their earnings more stable with longer term contracts.
(A Top Pick Jun 25/18, Up 51%) A spin-off of HP. Does test and measurement equipment, and does well in a new cycle in telecom. The 5G cycle will help them get stronger than normal earnings. Probably has another year for growth, but the easy money has probably been made.
(A Top Pick Jun 25/18, Down 50%) Was more bullish on energy then. LNG permits and approvals were happening, but the funds have not been flowing into energy. Should probably look into integrated major like Suncor right now. Need to see LNG facilities operating before the stock can take off. Good dividend with low cost and low debt. Energy has been a tough sector.
An infrastructure asset. A cold terminal that is used to load ships to Asia. Trading at a low multiple. They had faced headwinds with one of their customers going bankrupt but they were bought up so they are now good. Pays a good dividend around 3%. Has performed poorly but it is a good entry point right now.
It's always a good time to buy Amazon. It is always expensive. They are rolling out prime in 20 countries, and the stock should continue to grow 20% per year. AWS, e-commerce and their other businesses are all growing.
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COMMENT
COMMENT
August 21, 2019
Bank earnings. Bank index in Canada has underperformed compared to the broad index, which is a first in 9 years. They usually trade around 9 - 11x earnings. They are currently closer to the 9x earnings range, so it is a good entry point. However, banks have changed and there are headwinds to bank earnings, such as fee compression and fintech encroachment. Still have 5% yield and growing dividends so it is good for dividend investors. Doesn't expect it to outperform largely.
Bank earnings. Bank index in Canada has underperformed compared to the broad index, which is a first in 9 years. They usually trade around 9 - 11x earnings. They are currently closer to the 9x earnings range, so it is a good entry point. However, banks have changed and there are headwinds to bank earnings, such as fee compression and fintech encroachment. Still have 5% yield and growing dividends so it is good for dividend investors. Doesn't expect it to outperform largely.
Robert Lauzon
Deputy Chief Investment Officer, Middlefield Capital Corporation
COMMENT
COMMENT
August 21, 2019
RBC didn't blow away investors with their earnings, and doesn't expect any of the others to either. The quality of the earnings were good, so have to look at each bank individually. Isn't expecting any exciting things from banks this quarter.
RBC didn't blow away investors with their earnings, and doesn't expect any of the others to either. The quality of the earnings were good, so have to look at each bank individually. Isn't expecting any exciting things from banks this quarter.
Robert Lauzon
Deputy Chief Investment Officer, Middlefield Capital Corporation
COMMENT
COMMENT
August 21, 2019
Investors haven't been touching Canadian equities, particularly energy, and there is no big upcoming Canadian tech IPOs so there is little money coming into the Canadian equity market.
Investors haven't been touching Canadian equities, particularly energy, and there is no big upcoming Canadian tech IPOs so there is little money coming into the Canadian equity market.
Robert Lauzon
Deputy Chief Investment Officer, Middlefield Capital Corporation
BUY
BUY
August 21, 2019
department stores
BUY
BUY
August 21, 2019
Really a healthcare conglomerate that has medtech and health devices. They also have medical and household products. They are currently trading at a lower multiple, due to the sector being under pressure from legislation. They also have the baby powder lawsuit, which shouldn't be too much of a problem, but the stock price takes a hit when news comes out.
Really a healthcare conglomerate that has medtech and health devices. They also have medical and household products. They are currently trading at a lower multiple, due to the sector being under pressure from legislation. They also have the baby powder lawsuit, which shouldn't be too much of a problem, but the stock price takes a hit when news comes out.
biotechnology/pharmaceutical
COMMENT
COMMENT
August 21, 2019
Preferred bank shares. Given the rates are low, and if the security is a rate reset, you should be careful. Preferred shares are equity and not bonds, so it could be better to buy the individual stock at these evaluation.
Preferred bank shares. Given the rates are low, and if the security is a rate reset, you should be careful. Preferred shares are equity and not bonds, so it could be better to buy the individual stock at these evaluation.
Robert Lauzon
Deputy Chief Investment Officer, Middlefield Capital Corporation
COMMENT
COMMENT
August 21, 2019
Fairfax in general is a good contrarian play, and it is hedged. This means that it could go up when the market is down. India is currently out of favour. Would invest in the parent company.
Fairfax in general is a good contrarian play, and it is hedged. This means that it could go up when the market is down. India is currently out of favour. Would invest in the parent company.
E.T.F.'s
WEAK BUY
WEAK BUY
August 21, 2019
U.S. telcos are still an oligopoly even with the Sprint merger. Still has attractive yield. They will probably participate in 5G which could incur high costs. Would probably buy AT&T instead for the content, higher yield, and diversification.
U.S. telcos are still an oligopoly even with the Sprint merger. Still has attractive yield. They will probably participate in 5G which could incur high costs. Would probably buy AT&T instead for the content, higher yield, and diversification.
telephone utilities
COMMENT
COMMENT
August 21, 2019
Would sell UPS and buy Fedex. Fedex is better managing headwinds from Amazon. They also have more areas that Amazon won' tackle. Wouldn't invest in either due to high cost in order to compete. Their current infrastructure is not ready to compete in the e-commerce world, and will eat up their free cashflow.
Would sell UPS and buy Fedex. Fedex is better managing headwinds from Amazon. They also have more areas that Amazon won' tackle. Wouldn't invest in either due to high cost in order to compete. Their current infrastructure is not ready to compete in the e-commerce world, and will eat up their free cashflow.
Transportation
COMMENT
COMMENT
August 21, 2019
Would sell UPS and buy Fedex. Fedex is better managing headwinds from Amazon. They also have more areas that Amazon won' tackle. Wouldn't invest in either due to high cost in order to compete. Their current infrastructure is not ready to compete in the e-commerce world, and will eat up their free cashflow.
Would sell UPS and buy Fedex. Fedex is better managing headwinds from Amazon. They also have more areas that Amazon won' tackle. Wouldn't invest in either due to high cost in order to compete. Their current infrastructure is not ready to compete in the e-commerce world, and will eat up their free cashflow.
Transportation
BUY
BUY
August 21, 2019
Transportation & Environmental Services
DON'T BUY
DON'T BUY
August 21, 2019
More focused in London, but also in the Eurozone, where there is a negative interest rate. There could be more downside on the pound if there is a hard Brexit. Would look into U.S. banks.
More focused in London, but also in the Eurozone, where there is a negative interest rate. There could be more downside on the pound if there is a hard Brexit. Would look into U.S. banks.
banks
COMMENT
COMMENT
August 21, 2019
Rate reset vs Rate reset with a floor. The stock is down because of the credit risk. Should look at the bond, and the prefs will perform. Altagas is trading weakly, even with a floor due to this.
Rate reset vs Rate reset with a floor. The stock is down because of the credit risk. Should look at the bond, and the prefs will perform. Altagas is trading weakly, even with a floor due to this.
oil/gas
PAST TOP PICK
PAST TOP PICK
August 21, 2019
(A Top Pick Jun 25/18, Up 17%) A needed commodity and the existing infrastructure is very important, as it is difficult to put more pipelines in the ground. The stock is attractive. It's constantly in the news, and there is headwind from environmental groups. They also have more supply than output capacity, so pipelines are full. They are going through a recontracting of the mainline and it should make their earnings more stable with longer term contracts.
(A Top Pick Jun 25/18, Up 17%) A needed commodity and the existing infrastructure is very important, as it is difficult to put more pipelines in the ground. The stock is attractive. It's constantly in the news, and there is headwind from environmental groups. They also have more supply than output capacity, so pipelines are full. They are going through a recontracting of the mainline and it should make their earnings more stable with longer term contracts.
oil/gas pipelines
PAST TOP PICK
PAST TOP PICK
August 21, 2019
(A Top Pick Jun 25/18, Up 51%) A spin-off of HP. Does test and measurement equipment, and does well in a new cycle in telecom. The 5G cycle will help them get stronger than normal earnings. Probably has another year for growth, but the easy money has probably been made.
(A Top Pick Jun 25/18, Up 51%) A spin-off of HP. Does test and measurement equipment, and does well in a new cycle in telecom. The 5G cycle will help them get stronger than normal earnings. Probably has another year for growth, but the easy money has probably been made.
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