Stock Opinions by Pat Naccarato - Stockchase Experts
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118
Pat Naccarato @

On Stockchase since : Apr 2007

Vice President and Portfolio Manager at AIC Limited

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Pat Naccarato Latest Top Picks...

Stock Opinions by Pat Naccarato - Stockchase Experts

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TOP PICK
Legg Mason Inc.(LM-N) 

September 10, 2008

(A Top Pick Nov 30/07. Down 43%.) Investment management firm. Value style equity managers got hit but should rebound. They are #3 fixed income managers globally and had short-term performance issues. Valuation is so compelling that you will ultimately do well.
investment companies/funds
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(A Top Pick Nov 30/07. Down 43%.) Investment management firm. Value style equity managers got hit but should rebound. They are #3 fixed income managers globally and had short-term performance issues. Valuation is so compelling that you will ultimately do well.
investment companies/funds
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Pat Naccarato

Vice Presi, AIC Limited...

Price Price
$42.750
Owned Owned
Yes

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TOP PICK
3rd largest global advertising agency. New management are in the process of restoring margins and profitability. Stock was impacted by the economic turndown. Fundamentals are turning upward. Good price.
Advertising Agencies
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3rd largest global advertising agency. New management are in the process of restoring margins and profitability. Stock was impacted by the economic turndown. Fundamentals are turning upward. Good price.
Advertising Agencies
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Pat Naccarato

Vice Presi, AIC Limited...

Price Price
$8.850
Owned Owned
Yes

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TOP PICK
Neustar Inc.(NSR-N) 

September 10, 2008

Gets paid whenever anyone wants to move a phone number from one carrier to another. It is a monopoly and has a contract until 2015. Expanding globally. Has not been affected by the economy. Enormous free cash flow and no debt. Other business is SMS on cell phones. Transitioning into instant messaging, which has been slow to take off.
Telecommunications
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Gets paid whenever anyone wants to move a phone number from one carrier to another. It is a monopoly and has a contract until 2015. Expanding globally. Has not been affected by the economy. Enormous free cash flow and no debt. Other business is SMS on cell phones. Transitioning into instant messaging, which has been slow to take off.
Telecommunications
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Pat Naccarato

Vice Presi, AIC Limited...

Price Price
$20.770
Owned Owned
Yes

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PAST TOP PICK
Regis Corp.(RGS-N) 

September 10, 2008

(A Top Pick Nov 30/07. No change.) Hair cutting franchise with 13,500 locations from Wal-Mart to higher salons. Also have Trade Secrets products. Recession resistant. Have never had negative same-store sales in 80 years.
specialty stores
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(A Top Pick Nov 30/07. No change.) Hair cutting franchise with 13,500 locations from Wal-Mart to higher salons. Also have Trade Secrets products. Recession resistant. Have never had negative same-store sales in 80 years.
specialty stores
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Pat Naccarato

Vice Presi, AIC Limited...

Price Price
$29.520
Owned Owned
Yes

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PAST TOP PICK
(A Top Pick Nov 30/07. Up 11%.) Acquired by Macrovision (MVSN-Q).
publishing/printing
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(A Top Pick Nov 30/07. Up 11%.) Acquired by Macrovision (MVSN-Q).
publishing/printing
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Pat Naccarato

Vice Presi, AIC Limited...

Price Price
$4.410
Owned Owned
No

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COMMENT
Copy protection. Not a bad business, especially if the phenomena of Blu-ray technology starts to gain. Studios are paying for this service.
computer software/processing
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Copy protection. Not a bad business, especially if the phenomena of Blu-ray technology starts to gain. Studios are paying for this service.
computer software/processing
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Pat Naccarato

Vice Presi, AIC Limited...

Price Price
$16.740
Owned Owned
Yes

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BUY
Johnson & Johnson(JNJ-N) 

September 10, 2008

Diversified medical supply and pharmaceutical. Hitting new highs but valuation is still among the cheapest at 15X earnings. Double-digit growth through many years. 2.6% yield. Has a little bit of upside left. Long-term hold.
biotechnology/pharmaceutical
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Diversified medical supply and pharmaceutical. Hitting new highs but valuation is still among the cheapest at 15X earnings. Double-digit growth through many years. 2.6% yield. Has a little bit of upside left. Long-term hold.
biotechnology/pharmaceutical
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Pat Naccarato

Vice Presi, AIC Limited...

Price Price
$71.230
Owned Owned
Yes

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COMMENT
He currently has no energy exposure in his fund, but natural gas is an area he is starting to look into. Breakeven amount for making money in production is over the present price of natural gas. Producers will have to cut supplies, which will ultimately restore the balance. Could take a little while.
E.T.F.'s
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He currently has no energy exposure in his fund, but natural gas is an area he is starting to look into. Breakeven amount for making money in production is over the present price of natural gas. Producers will have to cut supplies, which will ultimately restore the balance. Could take a little while.
E.T.F.'s
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Pat Naccarato

Vice Presi, AIC Limited...

Price Price
$34.020
Owned Owned
No

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DON'T BUY
Mastercard Inc.(MA-N) 

September 10, 2008

MasterCard (MA-N) and Visa (V-N) are phenomenal franchises and basically a global duopoly. Not tied to spending but transaction growth. PE multiple for both companies is somewhere in the mid-20s, which is very rich. On a 5-year time horizon, they will grow into that multiple. Would consider buying at a sub-20 PE.
other services
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MasterCard (MA-N) and Visa (V-N) are phenomenal franchises and basically a global duopoly. Not tied to spending but transaction growth. PE multiple for both companies is somewhere in the mid-20s, which is very rich. On a 5-year time horizon, they will grow into that multiple. Would consider buying at a sub-20 PE.
other services
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Pat Naccarato

Vice Presi, AIC Limited...

Price Price
$213.320
Owned Owned
No

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DON'T BUY
Visa Inc.(V-N) 

September 10, 2008

MasterCard (MA-N) and Visa (V-N) are phenomenal franchises and basically a global duopoly. Not tied to spending but transaction growth. PE multiple for both companies is somewhere in the mid-20s, which is very rich. On a 5-year time horizon, they will grow into that multiple. Would consider buying at a sub-20 PE.
other services
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0 comments
MasterCard (MA-N) and Visa (V-N) are phenomenal franchises and basically a global duopoly. Not tied to spending but transaction growth. PE multiple for both companies is somewhere in the mid-20s, which is very rich. On a 5-year time horizon, they will grow into that multiple. Would consider buying at a sub-20 PE.
other services
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Pat Naccarato

Vice Presi, AIC Limited...

Price Price
$69.040
Owned Owned
No

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DON'T BUY
Seagate Technology(STX-Q) 

September 10, 2008

Not a fan of this. A commodity product. Ups and downs are very violent. Too much competition. Would rather own Intel (INTC-Q), which is the dominant franchise.
computer software/processing
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Not a fan of this. A commodity product. Ups and downs are very violent. Too much competition. Would rather own Intel (INTC-Q), which is the dominant franchise.
computer software/processing
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Pat Naccarato

Vice Presi, AIC Limited...

Price Price
$14.350
Owned Owned
Unknown

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DON'T BUY
Nokia(NOK-N) 

September 10, 2008

Not a fan of this. A commodity product. Ups and downs are very violent. Too much competition. Would rather own Intel (INTC-Q), which is the dominant franchise.
Telecommunications
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Not a fan of this. A commodity product. Ups and downs are very violent. Too much competition. Would rather own Intel (INTC-Q), which is the dominant franchise.
Telecommunications
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Pat Naccarato

Vice Presi, AIC Limited...

Price Price
$20.050
Owned Owned
Unknown

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BUY
Intel(INTC-Q) 

September 10, 2008

A dominant franchise with a very reasonable PE. Fantastic entry point.
electrical/electronic
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A dominant franchise with a very reasonable PE. Fantastic entry point.
electrical/electronic
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Pat Naccarato

Vice Presi, AIC Limited...

Price Price
$20.160
Owned Owned
Unknown

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DON'T BUY
Hovnanian Enterprises(HOV-N) 

September 10, 2008

We are currently under-building and homebuilders are very attractive. They are now generally trading below book value. This wouldn't be his first choice because of the leverage they have.
contractors
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0 comments
We are currently under-building and homebuilders are very attractive. They are now generally trading below book value. This wouldn't be his first choice because of the leverage they have.
contractors
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Pat Naccarato

Vice Presi, AIC Limited...

Price Price
$7.050
Owned Owned
No

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BUY
Toll Brothers Inc.(TOL-N) 

September 10, 2008

The dominant high-end builder. Fantastic franchise.
contractors
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0 comments
The dominant high-end builder. Fantastic franchise.
contractors
0 0 0 0 0
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Pat Naccarato

Vice Presi, AIC Limited...

Price Price
$24.710
Owned Owned
Unknown

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