Mark Carpani
Senior Vice President at Ridgewood Capital
Member since: Jun '07 · 203 Opinions
Rating
Big Win
Win
Neutral
Loss
Big Loss
Stock Opinions by Mark Carpani
N/A
If ECB wasn’t there or Germany wasn’t there there wouldn’t be much demand for Spanish bonds, Market is telling you there you won’t get back 100 cents on the dollar. There is definitely going to be a hair cut. Most of investors in these countries are the banks. He would stay out of Europe until it settles down.
DON'T BUY
If rates gradually rise in the short term, then this fund will suffer. He thinks rates will rise modestly over this year. The coupon may not be enough to offset the loss in capital. The market expects 100 basis points be his firm expects somewhat (50-75) less.
E.T.F.'s
BUY
Saw 5.7% bonds: Good franchise in the west. Change in CEO is good for bonds. Making money and executing and drama doesn’t’ concern him.
BUY
Bonds will out perform cash. Cash – 1%, bonds 5-6% or more. Bonds are better than cash right now.
0
TOP PICK
Yellow Media 7.75 % 3/2/2020. High investment grade, generating good free cash flow. Deleveraging and paying down debt. Converted from income trust in November without any fall out. Doesn’t have a problem with the equity. Biggest risk is a big slowdown in the economy.
communications
media
TOP PICK
5.16% bond callable May 24/22. Trading at a discount. Yielding over 7%. Feels they have made the transformation out of the government’s hands and have divested a lot of non-core assets. Good global franchise.
banks
TOP PICK
Cara Operations: 9.15% due 12/01/2015. Widely known for Swiss Chalet and milestones, Kelsey’s, Montana’s. Biggest risk is downturn in restaurants.
PAST TOP PICK
(Top Pick Dec 29/09, Up 14.67)
Utilities
PAST TOP PICK
(Top Pick Dec 29/09, Up 19.01%) Reach his targets that he set for it.
oil
gas
PAST TOP PICK
(Top Pick Dec 29/09, Up 6.53%) Case New Holland FRN 12/15/12
WEAK BUY
Not a bad sector. A good place to be instead of cash or GICs
E.T.F.'s
N/A
Not a lot has changed since 2009 except overnight bank rates. The Canadian yield curve has rallied. There is not really any value at the short end and the risk is too high. At the short end, rates are as low as they are going to go. Prefers corporate bonds. Investment grade bonds are very attractive. Ireland or Greek credit problems will cause volatility.
TOP PICK
Aeroplan Bonds: 6.95% 01/26/2017 The improving economic theme and the Aeroplan card attached to purchases. Broad customer base, deep penetration. Not all miles get redeemed (over 20%). Good cash flow, modest debt, and good franchise, higher income individuals.
TOP PICK
Citigroup Bonds: 5.16% 05/24/2027 Thinks they have gone through the worst. Very, very good turnaround. Not super liquid so it takes time to get into this position. Have a good franchise. Have proven they can cut costs – management is doing a good job.
banks
TOP PICK
Manulife Bonds: 7.405% 12/31/2019 They have gone through the worst. This bonds represents good value on the yield curve.
insurance
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