Opinions by Mark Grammer | StockChase
656
Mark Grammer

Managing Dir. & Portfolio Manager

ON STOCKCHASE SINCE Sep 2002

Gluskin Sheff & Associates

656
Mark Grammer

Managing Dir. & Portfolio Manager

ON STOCKCHASE SINCE Sep 2002

Gluskin Sheff & Associates


Opinions by Mark Grammer


Signal Opinion Expert Chart
TOP PICK

They are a global distribution system that allows airline reservations.  That market is growing in leaps and bounds in China.  They can’t be competed with by North American systems.  (Analysts’ target: HK$24.58).

They are a global distribution system that allows airline reservations.  That market is growing in leaps and bounds in China.  They can’t be competed with by North American systems.  (Analysts’ target: HK$24.58).

0
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Asso...

PricePrice
$0.000
Owned Owned
Yes

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TOP PICK

There are one and a half offers for every candidate.  You also have women entering into the workforce.  Companies need to hire HR firms.  He expects double digit growth.  They can help you source temporary workers including foreigners.  (Analysts’ target: 2745.).

There are one and a half offers for every candidate.  You also have women entering into the workforce.  Companies need to hire HR firms.  He expects double digit growth.  They can help you source temporary workers including foreigners.  (Analysts’ target: 2745.).

0
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Asso...

PricePrice
$0.000
Owned Owned
Yes

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PAST TOP PICK

(A Top Pick Dec 16/16, Up 59%)  He thinks it will continue to be a great performer.  There were two lost decades and he thinks they are exiting the lost decade.  They have great exposure to growth in their economy. 

(A Top Pick Dec 16/16, Up 59%)  He thinks it will continue to be a great performer.  There were two lost decades and he thinks they are exiting the lost decade.  They have great exposure to growth in their economy. 

0
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Asso...

PricePrice
$0.000
Owned Owned
Yes

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N/A
General Market Comment 

November 20, 2017

Market.  The economies around the world are in synchrony and are good.  It has helped the international markets.  The emerging markets have led the ride.  They have been the best performers.  It is partly driven by a strong economy in China.  The big question is what happens in normalization of interest rates and lack of stimulation.  The macroeconomic text books were wrong and have to be re-written after we see what happens in 10 years.  Inflated real estate is a global phenomenon.  Prices are much higher than they have been in the past.  Sweden is a signal of what comes afterwards.  House prices are starting to decline and it will give us a road map as to what happens as housing prices around the world start to decline. 

Market.  The economies around the world are in synchrony and are good.  It has helped the international markets.  The emerging markets have led the ride.  They have been the best performers.  It is partly driven by a strong economy in China.  The big question is what happens in normalization of interest rates and lack of stimulation.  The macroeconomic text books were wrong and have to be re-written after we see what happens in 10 years.  Inflated real estate is a global phenomenon.  Prices are much higher than they have been in the past.  Sweden is a signal of what comes afterwards.  House prices are starting to decline and it will give us a road map as to what happens as housing prices around the world start to decline. 

Unknown
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Asso...

PricePrice
$0.020
Owned Owned
_N/A

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COMMENT
General Market Comment 

November 20, 2017

Oil and gas is an area he does not focus on because his Canadian investors can get it here.  He has only owned TOT-N, which he thinks is the best and number two is RDS.A-N.  Tot-N is fully integrated and has the best growth profile of all the majors in Europe.

Oil and gas is an area he does not focus on because his Canadian investors can get it here.  He has only owned TOT-N, which he thinks is the best and number two is RDS.A-N.  Tot-N is fully integrated and has the best growth profile of all the majors in Europe.

Unknown
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Asso...

PricePrice
$0.020
Owned Owned
Yes

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BUY
China Mobile Hong Kong(CHL-N) 

November 20, 2017

He thinks it is attractively priced right now and would recommend it.  They have an 80% market share. They are a leader in the world in terms of ecommerce through WeChat usage.  We are starting to see them increasing their dividend.

Telecommunications

He thinks it is attractively priced right now and would recommend it.  They have an 80% market share. They are a leader in the world in terms of ecommerce through WeChat usage.  We are starting to see them increasing their dividend.

Telecommunications
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Asso...

PricePrice
$50.230
Owned Owned
Unknown

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DON'T BUY
Deutsche Bank AG(DB-N) 

November 20, 2017

It is too complicated for him to invest in.  It is too difficult to analyze.

banks

It is too complicated for him to invest in.  It is too difficult to analyze.

banks
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Asso...

PricePrice
$19.170
Owned Owned
No

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PAST TOP PICK
Diageo PLC(DEO-N) 

November 20, 2017

(A Top Pick Dec 16/16, Up 29%)  Spirits have been very strong.  Demand for scotch has increased.  They have Guinness which is not growing very fast.  China has come back for them.

food processing

(A Top Pick Dec 16/16, Up 29%)  Spirits have been very strong.  Demand for scotch has increased.  They have Guinness which is not growing very fast.  China has come back for them.

food processing
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Asso...

PricePrice
$137.160
Owned Owned
Yes

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BUY
HSBC Holdings P L C(HSBC-N) 

November 20, 2017

It is a global bank, exposed to China, North America and the UK.  They are doing extraordinarily well in Asia.  They are very well placed for changes in banking in China.  He expects them to do well there.  We will see a new CEO coming in and it will be interesting to see what he does with the bank going forward.  It is a safe investment at these levels.

banks

It is a global bank, exposed to China, North America and the UK.  They are doing extraordinarily well in Asia.  They are very well placed for changes in banking in China.  He expects them to do well there.  We will see a new CEO coming in and it will be interesting to see what he does with the bank going forward.  It is a safe investment at these levels.

banks
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Asso...

PricePrice
$48.340
Owned Owned
No

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PAST TOP PICK
Intesa Sanpaolo(ISP-BIT) 

November 20, 2017

(A Top Pick Dec 16/16, Up 22%)  He works with a really strong credit team.  He came to the conclusion last year that the banks were in good shape in Europe.  European banks are now fully to over capitalized and can now grow loan demand. 

Financial Services

(A Top Pick Dec 16/16, Up 22%)  He works with a really strong credit team.  He came to the conclusion last year that the banks were in good shape in Europe.  European banks are now fully to over capitalized and can now grow loan demand. 

Financial Services
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Asso...

PricePrice
$0.000
Owned Owned
Unknown

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WEAK BUY
JD.com Inc(JD-Q) 

November 20, 2017

Ecommerce in China.  It is the ‘other’ internet ecommerce stock in China apart from BABA-N.  It is more like a store that has inventory, however.  BABA-N is through consignment.  JD is cheaper.  It is a good business and is leading edge in technology.  He may look at it in the future if it gets cheap enough.  He owns Tencent (TCEHY-5) but not BABA-N.

Ecommerce in China.  It is the ‘other’ internet ecommerce stock in China apart from BABA-N.  It is more like a store that has inventory, however.  BABA-N is through consignment.  JD is cheaper.  It is a good business and is leading edge in technology.  He may look at it in the future if it gets cheap enough.  He owns Tencent (TCEHY-5) but not BABA-N.

0
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Asso...

PricePrice
$39.200
Owned Owned
No

Must be logged in to use chart
SPECULATIVE BUY
Lloyds TSB Group PLC(LYG-N) 

November 20, 2017

The BREXIT effect will not have predictable impacts.  He has heard news that May is looking to increase divorce payments.  Until we know how BREXIT will turn out it is hard to say what it will do to the British economy.  This one is trading relatively low to book value.  It is starting to show enough discount to show the BREXIT risk.  It is an interesting investment if you are up to the risk.

banks

The BREXIT effect will not have predictable impacts.  He has heard news that May is looking to increase divorce payments.  Until we know how BREXIT will turn out it is hard to say what it will do to the British economy.  This one is trading relatively low to book value.  It is starting to show enough discount to show the BREXIT risk.  It is an interesting investment if you are up to the risk.

banks
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Asso...

PricePrice
$3.550
Owned Owned
Yes

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STRONG BUY
Nestles(NSRGY-OTC) 

November 20, 2017

It is his biggest holding.  He attended their investment day, talked to senior management and came away feeling quite confident in their future.  They are very focused on growth. 

food processing

It is his biggest holding.  He attended their investment day, talked to senior management and came away feeling quite confident in their future.  They are very focused on growth. 

food processing
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Asso...

PricePrice
$0.001
Owned Owned
Yes

Must be logged in to use chart
DON'T BUY

The stock has had a nice rebound.  The whole gaming space is on fire.  This is becoming a spectator sport.  They have great titles but it is a closed system.  If they ever opened their system you would see the stock double.  They are getting better online.  He is still not convinced.

entertainment services

The stock has had a nice rebound.  The whole gaming space is on fire.  This is becoming a spectator sport.  They have great titles but it is a closed system.  If they ever opened their system you would see the stock double.  They are getting better online.  He is still not convinced.

entertainment services
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Asso...

PricePrice
$0.010
Owned Owned
Unknown

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TOP PICK
Novartis AG(NVS-N) 

November 20, 2017

It is a very big company with a pipeline of 13 drugs that are close to approves that could be blockbusters.  They have drugs for heart failure that cardiologists are keen on.  They have an eye care drug.  They have a nice mixture of health care drugs.  Pharma is unloved but that is an opportunity he can see.  (Analysts’ target: $93.00).

biotechnology/pharmaceutical

It is a very big company with a pipeline of 13 drugs that are close to approves that could be blockbusters.  They have drugs for heart failure that cardiologists are keen on.  They have an eye care drug.  They have a nice mixture of health care drugs.  Pharma is unloved but that is an opportunity he can see.  (Analysts’ target: $93.00).

biotechnology/pharmaceutical
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Asso...

PricePrice
$83.220
Owned Owned
Yes

Must be logged in to use chart
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