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Stock Opinions by Bill Harris, CFA

TOP PICK
An industrial stock for them. A free cash flow generator where they roll up other businesses. Still has good run way, nice valuation and clean business model. Likes it for the space. The valuation is still depressed and has not yet participated in the rally. (Analysts’ price target is $50.14)
merchandising / lodging
TOP PICK
Private equity companies have really taken off. Trading at a discount to asset values. Can own private equity but at a discount. You get the benefit of the management company and holdings. A premier private equity company. (Analysts’ price target is $108.20)
mngmnt / diversified
TOP PICK

It is hard to predict the oil price in a year out. They are now making so much money and the debt is coming down. It's a massive company. Debt is a concern after the Husky purchase but debt is coming down quickly. (Analysts’ price target is $15.79)

oil / gas
PAST TOP PICK
(A Top Pick Aug 28/20, Down 33%) Gold is important as a hard asset. Gold has not moved with inflation expectations however. Would never have imagined gold would come down to these levels. Around $25, it is a good risk-reward payoff. Could go up 50% if interest comes back to this space.
precious metals
PAST TOP PICK
(A Top Pick Aug 28/20, Up 16%) A good return for a utility. A core part of the portfolio. Electricity demand will double and triple so must have exposure to a company like this.
mngmnt / diversified
PAST TOP PICK

(A Top Pick Aug 28/20, Up 94%) The stock market is discounting a lot of the recover happening. Has moved to CCL Industries now. It starts to get harder to hold in a cyclical business when it's runup this much.

steel
COMMENT
Prices may stay higher but if the economy does not recover, you can't buy anything. Wages will probably not go up but with inflation, people will just buy less. If we stay in this low interest rate environment for a while, stocks will remain at higher valuations. Markets are extremely expensive, but there is value in industrials and energy.
Unknown
BUY
Would like to be in copper since the economy will electrify. However, there is not a lot of investments out there. Have picked this as their company. Dividend was just announced. 5% dividend. Would double position at $8-$9 range. Copper price depends completely on China.
metal mines
BUY on WEAKNESS
Looking for asymmetric returns. A core position for him. Asset value is very stable and you are making a floating rate of return on top of the asset value. Slightly expensive to NAV right now. Hard to find something else with the same yield however.
Financial Services
DON'T BUY
Don't own any of the insurance companies. There are other things that are better. Portfolio yield has come down over the last year. Many companies are now buying back stocks rather than paying dividends.
insurance
DON'T BUY

Usually defaults to BCE for the telecom space. Telus is more aggressive. They are gunning it. The data analysis and AI is their big investment space, instead of content and legacy business. This is probably already priced in.

telephone utilities
BUY on WEAKNESS
The amount of silver in Fortuna is limited now since it is a diversified company. It got hit dramatically since the market needs to re-understand what the company is. At current level, it looks pretty good. Likes it and is probably good value here.
precious metals
BUY on WEAKNESS
Want to buy it when it is on a discount. Right now, it is fair priced. Want this as a core holding in a pension type account.
Financial Services
STRONG BUY
Really starting to anchor portfolios with Brookfield. Also holds Brookfield infrastructure and other subsidiaries. Core position. Institutional money is looking to be managed and BAM is a good choice. An extraordinary business in Canada.
management / diversified
BUY

Both CPA and AQN have some overlap. Doubled up on Algonquin Power when there was a pullback. Would own both if it was in an RRSP.

electrical utilities
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