Opinions by Bill Harris, CFA | StockChase
1371
Bill Harris, CFA

Portfolio Manager

ON STOCKCHASE SINCE Jun 2003

Avenue Investment Management


Opinions by Bill Harris, CFA


Signal Opinion Expert Chart
COMMENT
General Market Comment 

April 13, 2018

Market. Since November, the run up in interest rate expectations has impacted many of the stable companies they like to invest in.  These firms tend to hold slightly higher levels of debt, but it is part of their business and he is not concerned.  He is now looking where to engage their cash position.  He would be looking at pipelines.  Owing Canadian real estate in general is great value – offering 7-8% rates of return. 

Market. Since November, the run up in interest rate expectations has impacted many of the stable companies they like to invest in.  These firms tend to hold slightly higher levels of debt, but it is part of their business and he is not concerned.  He is now looking where to engage their cash position.  He would be looking at pipelines.  Owing Canadian real estate in general is great value – offering 7-8% rates of return. 

Unknown
Bill Harris, CF

Portfolio , Avenue Investment Ma...

Price Price
$0.020
Owned Owned
_N/A

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COMMENT
General Market Comment 

April 13, 2018

Gold. Given all the chaos over the last two years, he would have thought gold would not be so stable.  Cryptocurrencies are creating conspiracies that gold is out of favour.  He looks at the price to see if it is profitable to run a business, at this level it looks fine. 

Gold. Given all the chaos over the last two years, he would have thought gold would not be so stable.  Cryptocurrencies are creating conspiracies that gold is out of favour.  He looks at the price to see if it is profitable to run a business, at this level it looks fine. 

Unknown
Bill Harris, CF

Portfolio , Avenue Investment Ma...

Price Price
$0.020
Owned Owned
_N/A

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COMMENT
General Market Comment 

April 13, 2018

Government ownership of TransMountain Pipeline. As an investor, he sees the issue as a regulatory issue and sees no room for government ownership.  He thinks it highlights how the government has no idea how investment decisions are made in the market.  He thinks it is crazy and is afraid it may chase money away from our country.  He could accuse the government of forcing the project to drop in value and then buying it at the bottom -- hinting at securities fraud. 

Government ownership of TransMountain Pipeline. As an investor, he sees the issue as a regulatory issue and sees no room for government ownership.  He thinks it highlights how the government has no idea how investment decisions are made in the market.  He thinks it is crazy and is afraid it may chase money away from our country.  He could accuse the government of forcing the project to drop in value and then buying it at the bottom -- hinting at securities fraud. 

Unknown
Bill Harris, CF

Portfolio , Avenue Investment Ma...

Price Price
$0.020
Owned Owned
_N/A

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COMMENT
Altagas Ltd(ALA-T) 

April 13, 2018

He loved how the company has done the transformational acquisition.  They have taken on a lot of debt, but in a low interest rate environment.  He did sell out thinking there was a 20% risk of real inflation and the company may not be able to sell assets to pay for the acquisition. 

oil/gas

He loved how the company has done the transformational acquisition.  They have taken on a lot of debt, but in a low interest rate environment.  He did sell out thinking there was a 20% risk of real inflation and the company may not be able to sell assets to pay for the acquisition. 

oil/gas
Bill Harris, CF

Portfolio , Avenue Investment Ma...

Price Price
$24.780
Owned Owned
No

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BUY on WEAKNESS

He sees this as a great Canadian success story.  He sees this as a cornerstone for his portfolio, but felt it had become too expensive.  He bought BlackRock instead when it was cheap.

management/diversified

He sees this as a great Canadian success story.  He sees this as a cornerstone for his portfolio, but felt it had become too expensive.  He bought BlackRock instead when it was cheap.

management/diversified
Bill Harris, CF

Portfolio , Avenue Investment Ma...

Price Price
$49.310
Owned Owned
Yes

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WATCH
Cascades Inc(CAS-T) 

April 13, 2018

This company makes recycling products.  Online purchasing is leading to higher needs for cardboard and recycling.  This is still a little expensive, but would buy it at lower levels. 

east coast forestry

This company makes recycling products.  Online purchasing is leading to higher needs for cardboard and recycling.  This is still a little expensive, but would buy it at lower levels. 

east coast forestry
Bill Harris, CF

Portfolio , Avenue Investment Ma...

Price Price
$13.700
Owned Owned
No

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PAST TOP PICK

(A Top Pick January 23/17 Up 17%) This is the elephant in the industry.  It is a high-quality company.  The heavy oil differential has still hurt them despite the improvement in oil prices.  Still a core position.  He thinks the differential discount will get fixed, especially once Line 3 is completed on Enbridge.

oil/gas

(A Top Pick January 23/17 Up 17%) This is the elephant in the industry.  It is a high-quality company.  The heavy oil differential has still hurt them despite the improvement in oil prices.  Still a core position.  He thinks the differential discount will get fixed, especially once Line 3 is completed on Enbridge.

oil/gas
Bill Harris, CF

Portfolio , Avenue Investment Ma...

Price Price
$44.300
Owned Owned
Yes

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BUY

He has owned this for a long time. Because of the better infrastructure layout, he prefers them over CP. He just doubled their position recently, cognizant of the issues with the new management changes. The infrastructure cannot be replicated, but it still has to be run well.

Transportation

He has owned this for a long time. Because of the better infrastructure layout, he prefers them over CP. He just doubled their position recently, cognizant of the issues with the new management changes. The infrastructure cannot be replicated, but it still has to be run well.

Transportation
Bill Harris, CF

Portfolio , Avenue Investment Ma...

Price Price
$93.760
Owned Owned
Yes

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WATCH

As a non-engineer in Toronto, he thinks it has fallen from grace and should be fantastic to own.  It was the first company they bought when commodity prices fell – they got stopped out.  He does not know why it has not turned around – he likes the business and management.  It may take a while for the company to get fixed, but the investors have moved away from this whole space. 

oil/gas

As a non-engineer in Toronto, he thinks it has fallen from grace and should be fantastic to own.  It was the first company they bought when commodity prices fell – they got stopped out.  He does not know why it has not turned around – he likes the business and management.  It may take a while for the company to get fixed, but the investors have moved away from this whole space. 

oil/gas
Bill Harris, CF

Portfolio , Avenue Investment Ma...

Price Price
$10.020
Owned Owned
No

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TOP PICK
Cenovus Energy(CVE-T) 

April 13, 2018

He expects the heavy oil differential to have recovered in a year’s time.  Yield %.  (Analysts’ price target is $ )

oil/gas

He expects the heavy oil differential to have recovered in a year’s time.  Yield %.  (Analysts’ price target is $ )

oil/gas
Bill Harris, CF

Portfolio , Avenue Investment Ma...

Price Price
$12.720
Owned Owned
Yes

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TOP PICK
Enbridge(ENB-T) 

April 13, 2018

He thinks the resource space if very good value. Controversial now, but the cash flow is very stable if you are patient. Yield 6.6%. (Analysts’ price target is $52.85 )

oil/gas pipelines

He thinks the resource space if very good value. Controversial now, but the cash flow is very stable if you are patient. Yield 6.6%. (Analysts’ price target is $52.85 )

oil/gas pipelines
Bill Harris, CF

Portfolio , Avenue Investment Ma...

Price Price
$40.390
Owned Owned
Yes

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DON'T BUY

As a base metal company, he does not see anything compelling to drive them to the next level.  He chose Cameco (CCO-T) instead.

precious metals

As a base metal company, he does not see anything compelling to drive them to the next level.  He chose Cameco (CCO-T) instead.

precious metals
Bill Harris, CF

Portfolio , Avenue Investment Ma...

Price Price
$9.070
Owned Owned
No

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PAST TOP PICK
Keyera Corp(KEY-T) 

April 13, 2018

(A Top Pick January 23/17 Down 6%).  He wants to own gas infrastructure for years to come, but there is no sex appeal in holding this now.  A year ago it made sense.  Going forward he thinks they are in great shape. 

oil/gas

(A Top Pick January 23/17 Down 6%).  He wants to own gas infrastructure for years to come, but there is no sex appeal in holding this now.  A year ago it made sense.  Going forward he thinks they are in great shape. 

oil/gas
Bill Harris, CF

Portfolio , Avenue Investment Ma...

Price Price
$34.860
Owned Owned
Yes

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COMMENT

It is a big company with better growth opportunities.  Every time he compares to Inter Pipe, he can’t convince himself to move to Pembina.  The fear of higher interest rates is hurting this sector as a whole. 

pipelines

It is a big company with better growth opportunities.  Every time he compares to Inter Pipe, he can’t convince himself to move to Pembina.  The fear of higher interest rates is hurting this sector as a whole. 

pipelines
Bill Harris, CF

Portfolio , Avenue Investment Ma...

Price Price
$40.370
Owned Owned
No

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DON'T BUY

He thinks their assets in the US are minimal.  The parent company thought this was too expensive to roll into its portfolio in conversations he had with management recently.  This is a real rat’s nest of complexity and he would prefer to not own it. 

Energy Infrastructure, Industrials & Utilities

He thinks their assets in the US are minimal.  The parent company thought this was too expensive to roll into its portfolio in conversations he had with management recently.  This is a real rat’s nest of complexity and he would prefer to not own it. 

Energy Infrastructure, Industrials & Utilities
Bill Harris, CF

Portfolio , Avenue Investment Ma...

Price Price
$11.650
Owned Owned
No

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