Bill Harris, CFA
Member since: Jun '03
Portfolio Manager at
Avenue Investment Management
Avenue Investment Management
1415 Opinions
Latest Top Picks
(A Top Pick Apr 13/18, Up 24%) Reality is that the pipeline infrastructure is full. Toll booth business. Reasonable rate of return. Not expecting a huge amount of growth, but it will be incremental going forward.
(A Top Pick Apr 13/18, Down 9%) Had been hoping the differential would recover. It's a political problem. Consolidated into CNQ instead, as it's generating a ton of cash and that's a safe way to be in the space.
(A Top Pick Apr 13/18, Down 13%) Got cheap and sat there. Projecting huge amounts of money for the size of the company. In motion to build up to a mid-size gold company.
A way to get into beaten up western Canada. Natural gas business. Processing plants. Stock's been hit. Have put in a pipe to tie all their assets together. Great piece of infrastructure, growing dividend. Yield is 5.58%. (Analysts’ price target is $39.50)
A unique story. Closed their mine to buy on the spot market to deliver into their contracts. Cleaned up inventory. Given time, they hope to move the spot market. Yield is 0.58%. (Analysts’ price target is $17.73)
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HOLD
HOLD
June 14, 2019
Technology infrastructure. Cost is actually going down. Franchise value. Sports' emotion gets played out in the stock market. Likes it as a core holding, great dividend, stable, extremely well managed. All this is really hard to replicate. With patience, great long-term rate of return.
Technology infrastructure. Cost is actually going down. Franchise value. Sports' emotion gets played out in the stock market. Likes it as a core holding, great dividend, stable, extremely well managed. All this is really hard to replicate. With patience, great long-term rate of return.
telephone utilities
WAIT
WAIT
June 14, 2019
specialty stores
COMMENT
COMMENT
June 14, 2019
precious metals
COMMENT
COMMENT
June 14, 2019
For gold companies, go with junior, mid-size, or senior? Have to have gold investments in Canada. If you buy the actual gold, only way to make money is for the price to go up. If you own a business, you make money if you end up with more gold than you started with.
For gold companies, go with junior, mid-size, or senior? Have to have gold investments in Canada. If you buy the actual gold, only way to make money is for the price to go up. If you own a business, you make money if you end up with more gold than you started with.
Bill Harris, CFA
Portfolio Manager, Avenue Investment Management
BUY
BUY
June 14, 2019
Just bought it. Loves it. Great Canadian success story. Core of earnings is about maintaining buses. Extremely high free cash flow, which allows them to do acquisitions like the recent one. Yield is 4.49%. (Analysts’ price target is $43.57)
Just bought it. Loves it. Great Canadian success story. Core of earnings is about maintaining buses. Extremely high free cash flow, which allows them to do acquisitions like the recent one. Yield is 4.49%. (Analysts’ price target is $43.57)
Automotive
DON'T BUY
DON'T BUY
June 14, 2019
Great business in Canada, and then they levered up to buy a gas company. No one in the market today likes debt. Numbers have stalled. There are more stable opportunities elsewhere.
Great business in Canada, and then they levered up to buy a gas company. No one in the market today likes debt. Numbers have stalled. There are more stable opportunities elsewhere.
oil/gas
BUY
BUY
June 14, 2019
Core position. Stable, really likes it. Reserves will be there for a long time. Has best long-term contracts for ancillary pipelines in the oil sands. You're getting their new plastics plant for nothing. Oil sands revenue underpins the dividend. In 2022, should get a 25% hike in dividend and earnings. Part of Alberta is being given away right now.
Core position. Stable, really likes it. Reserves will be there for a long time. Has best long-term contracts for ancillary pipelines in the oil sands. You're getting their new plastics plant for nothing. Oil sands revenue underpins the dividend. In 2022, should get a 25% hike in dividend and earnings. Part of Alberta is being given away right now.
oil pipelines
PAST TOP PICK
PAST TOP PICK
June 14, 2019
(A Top Pick Apr 13/18, Up 24%) Reality is that the pipeline infrastructure is full. Toll booth business. Reasonable rate of return. Not expecting a huge amount of growth, but it will be incremental going forward.
(A Top Pick Apr 13/18, Up 24%) Reality is that the pipeline infrastructure is full. Toll booth business. Reasonable rate of return. Not expecting a huge amount of growth, but it will be incremental going forward.
oil/gas pipelines
PAST TOP PICK
PAST TOP PICK
June 14, 2019
(A Top Pick Apr 13/18, Down 9%) Had been hoping the differential would recover. It's a political problem. Consolidated into CNQ instead, as it's generating a ton of cash and that's a safe way to be in the space.
(A Top Pick Apr 13/18, Down 9%) Had been hoping the differential would recover. It's a political problem. Consolidated into CNQ instead, as it's generating a ton of cash and that's a safe way to be in the space.
oil/gas
PAST TOP PICK
PAST TOP PICK
June 14, 2019
(A Top Pick Apr 13/18, Down 13%) Got cheap and sat there. Projecting huge amounts of money for the size of the company. In motion to build up to a mid-size gold company.
(A Top Pick Apr 13/18, Down 13%) Got cheap and sat there. Projecting huge amounts of money for the size of the company. In motion to build up to a mid-size gold company.
precious metals
SELL
SELL
June 14, 2019
Should be a core position that you just tuck away. Very stable income stream. Believes the dividend is sustainable. It was expensive, and all the other stuff got so cheap, so they redeployed the money into ARC.
Should be a core position that you just tuck away. Very stable income stream. Believes the dividend is sustainable. It was expensive, and all the other stuff got so cheap, so they redeployed the money into ARC.
oil/gas
COMMENT
COMMENT
June 14, 2019
Time horizon for beaten up stocks. Two things to think of. One is how much a rate of return do you expect to get, or timing, but don't try to get both. Tries to compound consistently in the portfolio, and as long as that's happening, he doesn't care how long it takes. Be patient, and don't put pressure on the timing.
Time horizon for beaten up stocks. Two things to think of. One is how much a rate of return do you expect to get, or timing, but don't try to get both. Tries to compound consistently in the portfolio, and as long as that's happening, he doesn't care how long it takes. Be patient, and don't put pressure on the timing.
Bill Harris, CFA
Portfolio Manager, Avenue Investment Management
WAIT
WAIT
June 14, 2019
The pieces of BAM are less expensive and have more compounding power than owning BAM. Not a swinging deal right now. But this is a development company and gets a good rate of return. He's waiting to buy. Longer term, you could probably buy it today. If there's another inflation wave in the fall, that would be a good time.
The pieces of BAM are less expensive and have more compounding power than owning BAM. Not a swinging deal right now. But this is a development company and gets a good rate of return. He's waiting to buy. Longer term, you could probably buy it today. If there's another inflation wave in the fall, that would be a good time.
REAL ESTATE
COMMENT
COMMENT
June 14, 2019
Perception that western Canada is uninvestible. He owns the bonds at 6.5% instead, and he doesn't have to take the equity risk.
Perception that western Canada is uninvestible. He owns the bonds at 6.5% instead, and he doesn't have to take the equity risk.
oil/gas
WATCH
WATCH
June 14, 2019
One of the top 5 mid-cap great western Canadian companies. He bought ARC instead. TOU isn't over-dividending. Going to be almost 30% LNG going forward. You'd want some sort of technical bounce before going in. (Analysts’ price target is $27.00)
One of the top 5 mid-cap great western Canadian companies. He bought ARC instead. TOU isn't over-dividending. Going to be almost 30% LNG going forward. You'd want some sort of technical bounce before going in. (Analysts’ price target is $27.00)
oil/gas
Comments
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