Opinions by Irwin Michael, B.Com, MBA | StockChase
245
Irwin Michael, B.Com, MBA

Portfolio Manager

ON STOCKCHASE SINCE Sep 2006

ABC Funds
c/o I.A. Michael Investment Counsel Ltd.8 King Street East, Suite 700Toronto, ONM5C 1B5
T: 416-365-9696 F: 416-365-9705 iamich@abcfunds.com
http://www.abcfunds.com

245
Irwin Michael, B.Com, MBA

Portfolio Manager

ON STOCKCHASE SINCE Sep 2006

ABC Funds
c/o I.A. Michael Investment Counsel Ltd.8 King Street East, Suite 700Toronto, ONM5C 1B5
T: 416-365-9696 F: 416-365-9705 iamich@abcfunds.com
http://www.abcfunds.com


Opinions by Irwin Michael, B.Com, MBA


Signal Opinion Expert Chart
N/A
General Market Comment 

December 3, 2013

Markets. Value is a moving target.  He has to look at a lot more stocks to find one to buy right now.  Not into the banks. Below tangible book, hidden assets, etc. are what he looks for.  People are always looking over their shoulder even though markets have done so well.  Better economic news could be a catalyst.  Better earnings would be helpful.  Lots of M&A.  Weakness would be an indicator to buy.  It’s a trading market and a stock picking market.  Expects Santa Clause rally.  The rotation from bonds into equities is happening.

Markets. Value is a moving target.  He has to look at a lot more stocks to find one to buy right now.  Not into the banks. Below tangible book, hidden assets, etc. are what he looks for.  People are always looking over their shoulder even though markets have done so well.  Better economic news could be a catalyst.  Better earnings would be helpful.  Lots of M&A.  Weakness would be an indicator to buy.  It’s a trading market and a stock picking market.  Expects Santa Clause rally.  The rotation from bonds into equities is happening.

Unknown
Irwin Michael, B.Com, MBA

Portfolio Manager, ABC Funds...

PricePrice
$0.020
Owned Owned
_N/A

Must be logged in to use chart
BUY on WEAKNESS

Well run.  Involved in steel fabrication.  They stumbled but they turned it around.  He sold and is now out.  Likes management.  He may buy it again if it ever comes down.  A lot of institutions want to see a dividend.

metal fabricators

Well run.  Involved in steel fabrication.  They stumbled but they turned it around.  He sold and is now out.  Likes management.  He may buy it again if it ever comes down.  A lot of institutions want to see a dividend.

metal fabricators
Irwin Michael, B.Com, MBA

Portfolio Manager, ABC Funds...

PricePrice
$12.580
Owned Owned
No

Must be logged in to use chart
HOLD

He held it for 5 years but trimmed.  Normally he doesn’t buy high tech but he thought it was fundamentally cheap.  They turned around their business.  Management is excellent.  If it is a play company, it will go higher than $5, but the government will be very careful who is allowed to buy into it.

Telecommunications

He held it for 5 years but trimmed.  Normally he doesn’t buy high tech but he thought it was fundamentally cheap.  They turned around their business.  Management is excellent.  If it is a play company, it will go higher than $5, but the government will be very careful who is allowed to buy into it.

Telecommunications
Irwin Michael, B.Com, MBA

Portfolio Manager, ABC Funds...

PricePrice
$4.150
Owned Owned
Yes

Must be logged in to use chart
BUY
Capstone Mining Corp.(CS-T) 

December 3, 2013

Well run.  New operation has only been going for 6 weeks.  He likes it.  They have moved up from a small cap to more of a mid cap.  It is now 60% American but you buy in Canadian dollars.  Thinks it will go higher and it could be a takeover play.  With Copper, the wild card is China but he is comfortable.

precious metals

Well run.  New operation has only been going for 6 weeks.  He likes it.  They have moved up from a small cap to more of a mid cap.  It is now 60% American but you buy in Canadian dollars.  Thinks it will go higher and it could be a takeover play.  With Copper, the wild card is China but he is comfortable.

precious metals
Irwin Michael, B.Com, MBA

Portfolio Manager, ABC Funds...

PricePrice
$2.800
Owned Owned
Yes

Must be logged in to use chart
BUY
Equitable Group(EQB-T) 

December 3, 2013

Very well run.  He has taken some profits.  Done an excellent job of turning around the company.  Trading above tangible book (1.4 times).  Could be a merger or takeover target.  Have increased their dividend and returned earnings to shareholders.  1.5% dividend. 

Financial Services

Very well run.  He has taken some profits.  Done an excellent job of turning around the company.  Trading above tangible book (1.4 times).  Could be a merger or takeover target.  Have increased their dividend and returned earnings to shareholders.  1.5% dividend. 

Financial Services
Irwin Michael, B.Com, MBA

Portfolio Manager, ABC Funds...

PricePrice
$47.000
Owned Owned
Yes

Must be logged in to use chart
BUY

Likes it.  Likes management.  Company could be in play and could be a takeover candidate.  Likes the service side of this company.  3.9% dividend.

oil/gas

Likes it.  Likes management.  Company could be in play and could be a takeover candidate.  Likes the service side of this company.  3.9% dividend.

oil/gas
Irwin Michael, B.Com, MBA

Portfolio Manager, ABC Funds...

PricePrice
$3.090
Owned Owned
Yes

Must be logged in to use chart
BUY
Corning Inc(GLW-N) 

December 3, 2013

This is a large cap.  He tends to go for smaller.  He bought it and management turned the company around.  He views it as industrial rather than high tech, despite their glass for handhelds.  It might even be in play.  Have about 2000 patents.

misc industrial products

This is a large cap.  He tends to go for smaller.  He bought it and management turned the company around.  He views it as industrial rather than high tech, despite their glass for handhelds.  It might even be in play.  Have about 2000 patents.

misc industrial products
Irwin Michael, B.Com, MBA

Portfolio Manager, ABC Funds...

PricePrice
$16.780
Owned Owned
Unknown

Must be logged in to use chart
SELL ON STRENGTH

Buy at $2 and sell at $2.75-$3.  The Street loves it.  Trading well below NAV.  It could be in play.  Take a little profit above $2.60.

oil/gas

Buy at $2 and sell at $2.75-$3.  The Street loves it.  Trading well below NAV.  It could be in play.  Take a little profit above $2.60.

oil/gas
Irwin Michael, B.Com, MBA

Portfolio Manager, ABC Funds...

PricePrice
$2.580
Owned Owned
Yes

Must be logged in to use chart
BUY

Likes it.  An Irish company  but Canadian in name only.  Company is fundamentally cheap.  Has a NAV of $1.50 he believes.  They have a good spread on the oil price.  Likes management.

oil/gas

Likes it.  An Irish company  but Canadian in name only.  Company is fundamentally cheap.  Has a NAV of $1.50 he believes.  They have a good spread on the oil price.  Likes management.

oil/gas
Irwin Michael, B.Com, MBA

Portfolio Manager, ABC Funds...

PricePrice
$0.670
Owned Owned
Yes

Must be logged in to use chart
PAST TOP PICK
Kirkland Lake Gold(KL-T) 

December 3, 2013

(Top Pick Nov 16/12, Down 74.10%) Management stumbled several times and stock is in the penalty box.  By end of November, they had a large royalty deal, but they had under delivered.  There has been a management change.  New Management is very capable.  He thinks it is officially cheap.  He is sticking with it.  Nothing wrong with the company.

precious metals

(Top Pick Nov 16/12, Down 74.10%) Management stumbled several times and stock is in the penalty box.  By end of November, they had a large royalty deal, but they had under delivered.  There has been a management change.  New Management is very capable.  He thinks it is officially cheap.  He is sticking with it.  Nothing wrong with the company.

precious metals
Irwin Michael, B.Com, MBA

Portfolio Manager, ABC Funds...

PricePrice
$2.640
Owned Owned
Yes

Must be logged in to use chart
BUY

There is a new player in the space right now, but he believes the Canadian dollar will improve as well as the economy.  You will see greater employment down the road and this company will benefit.  They have done an excellent job, dividend increase, share buyback.  People expected the Canadian market to collapse.  4.1% dividend.

There is a new player in the space right now, but he believes the Canadian dollar will improve as well as the economy.  You will see greater employment down the road and this company will benefit.  They have done an excellent job, dividend increase, share buyback.  People expected the Canadian market to collapse.  4.1% dividend.

0
Irwin Michael, B.Com, MBA

Portfolio Manager, ABC Funds...

PricePrice
$34.120
Owned Owned
Unknown

Must be logged in to use chart
DON'T BUY
Martinrea(MRE-T) 

December 3, 2013

Used to own it.  Likes management and liked what they were doing.  Tangible book value is about $5.75.  he has no intention of going back in until everything about the law suit is settled.  Prefers SUP-N.  He is finding a lot of value in US micro-cap.

metal fabricators

Used to own it.  Likes management and liked what they were doing.  Tangible book value is about $5.75.  he has no intention of going back in until everything about the law suit is settled.  Prefers SUP-N.  He is finding a lot of value in US micro-cap.

metal fabricators
Irwin Michael, B.Com, MBA

Portfolio Manager, ABC Funds...

PricePrice
$8.970
Owned Owned
No

Must be logged in to use chart
TOP PICK

Debt free.  Hole in the ground in Vancouver.  Export sand and gravel.  Can move from $12/ton to $14 for gravel.  They have shipping agreements.

other mines

Debt free.  Hole in the ground in Vancouver.  Export sand and gravel.  Can move from $12/ton to $14 for gravel.  They have shipping agreements.

other mines
Irwin Michael, B.Com, MBA

Portfolio Manager, ABC Funds...

PricePrice
$1.750
Owned Owned
Yes

Must be logged in to use chart
PAST TOP PICK
Petrowest Corp(PRW-T (Dead)) 

December 3, 2013

(Top Pick Nov 16/12, Up 41.94%) Well positioned for western Canadian oil and gas services.  If you believe in LNG, they will do well.  Thinks it is fundamentally cheap. 

oil/gas

(Top Pick Nov 16/12, Up 41.94%) Well positioned for western Canadian oil and gas services.  If you believe in LNG, they will do well.  Thinks it is fundamentally cheap. 

oil/gas
Irwin Michael, B.Com, MBA

Portfolio Manager, ABC Funds...

PricePrice
$0.880
Owned Owned
Yes

Must be logged in to use chart
PAST TOP PICK

(Top Pick Nov 16/12, Down 25.74%)  It is a sum of the parts story.  It is the Madagascar project and people are looking at the nickel price.  If it stays down a long time a lot of their competitors will shut down.  Over 5% dividend.  He would like the company to buy back stock. 

integrated mines

(Top Pick Nov 16/12, Down 25.74%)  It is a sum of the parts story.  It is the Madagascar project and people are looking at the nickel price.  If it stays down a long time a lot of their competitors will shut down.  Over 5% dividend.  He would like the company to buy back stock. 

integrated mines
Irwin Michael, B.Com, MBA

Portfolio Manager, ABC Funds...

PricePrice
$3.330
Owned Owned
Yes

Must be logged in to use chart
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