Opinions by Lyle Stein | StockChase
768
Lyle Stein

Sr. Portfolio & Managing Director

ON STOCKCHASE SINCE Mar 2008

Vestcap Investment Management

768
Lyle Stein

Sr. Portfolio & Managing Director

ON STOCKCHASE SINCE Mar 2008

Vestcap Investment Management


Opinions by Lyle Stein


Signal Opinion Expert Chart
N/A
General Market Comment 

December 1, 2017

Market.  Trading is one thing and investing is another.  He wants to acquire things that are on sale.  If he finds something that he likes and it is on sale, then that is wonderful.  The current volatility is troubling as we have seen an absence of buyers on the downside.  It is hard to do his job as a Canadian guy right now.  To perform globally you need the kinds of sectors that we just don’t have enough of: tech, healthcare, & industrial.  He looks for names.  If you disappoint, you get killed.  The market is driven by ETF buying and is overcrowded. 

Market.  Trading is one thing and investing is another.  He wants to acquire things that are on sale.  If he finds something that he likes and it is on sale, then that is wonderful.  The current volatility is troubling as we have seen an absence of buyers on the downside.  It is hard to do his job as a Canadian guy right now.  To perform globally you need the kinds of sectors that we just don’t have enough of: tech, healthcare, & industrial.  He looks for names.  If you disappoint, you get killed.  The market is driven by ETF buying and is overcrowded. 

Unknown
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$0.020
Owned Owned
_N/A

Must be logged in to use chart
COMMENT
General Market Comment 

December 1, 2017

Times change.  The ETF world is a new creation and a cheaper way of getting mutual funds.  They are used by institutions to get into sectors without buying a particular stock.  He is always cautious about who are you selling to on the way up and who are you buying from on the way down.  The opportunities are more on the short side rather than the long side in recent years. 

Times change.  The ETF world is a new creation and a cheaper way of getting mutual funds.  They are used by institutions to get into sectors without buying a particular stock.  He is always cautious about who are you selling to on the way up and who are you buying from on the way down.  The opportunities are more on the short side rather than the long side in recent years. 

Unknown
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$0.020
Owned Owned
Unknown

Must be logged in to use chart
DON'T BUY
General Market Comment 

December 1, 2017

Oil Stocks.  He gave up years ago on the junior oil business.  Now we are sitting at $50 oil.  We are at the end of the pipe.  Egress from Alberta is becoming much more difficult.  It’s going to be tough for Canadian companies to make money.  Productivity and wells does not differentiate companies.  He owns prairie sky (PSK-T) for the dividend and royalty stream.

Oil Stocks.  He gave up years ago on the junior oil business.  Now we are sitting at $50 oil.  We are at the end of the pipe.  Egress from Alberta is becoming much more difficult.  It’s going to be tough for Canadian companies to make money.  Productivity and wells does not differentiate companies.  He owns prairie sky (PSK-T) for the dividend and royalty stream.

Unknown
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$0.020
Owned Owned
Unknown

Must be logged in to use chart
BUY
Altagas Ltd(ALA-T) 

December 1, 2017

He owns it in income oriented accounts for the yield.  They are paying, and recently increased, the dividend.  They announced the acquisition of WGL-N and would have to raise capital, which spooked the market.     After this they will become a significant player n the US. 

oil/gas

He owns it in income oriented accounts for the yield.  They are paying, and recently increased, the dividend.  They announced the acquisition of WGL-N and would have to raise capital, which spooked the market.     After this they will become a significant player n the US. 

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$29.400
Owned Owned
Yes

Must be logged in to use chart
WATCH
CAE Inc(CAE-T) 

December 1, 2017

He is looking at it because it has a significant component of its revenues from aerospace. It could be a potential target from south of the boarder.  He thinks this one is overlooked.  There is a pilot shortage.

transportation equip & components

He is looking at it because it has a significant component of its revenues from aerospace. It could be a potential target from south of the boarder.  He thinks this one is overlooked.  There is a pilot shortage.

transportation equip & components
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$22.690
Owned Owned
No

Must be logged in to use chart
BUY
Cineplex Inc(CGX-T) 

December 1, 2017

There is a secular story and a cyclical story and the two have converged.  It is well run.  The problem is the movies.  He is looking at it.  It is attractive in the $50 range after tax loss selling.

other services

There is a secular story and a cyclical story and the two have converged.  It is well run.  The problem is the movies.  He is looking at it.  It is attractive in the $50 range after tax loss selling.

other services
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$38.250
Owned Owned
Unknown

Must be logged in to use chart
BUY on WEAKNESS

He did not look at CM-T as an acquisition play.  It was a great place in the banking space.  This quarter they showed the benefits of their cost cutting measures.  It still trades at a very low multiple.  He likes the yield that they will grow.  He would not buy it today but he still thinks it has legs to run.

banks

He did not look at CM-T as an acquisition play.  It was a great place in the banking space.  This quarter they showed the benefits of their cost cutting measures.  It still trades at a very low multiple.  He likes the yield that they will grow.  He would not buy it today but he still thinks it has legs to run.

banks
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$121.200
Owned Owned
Unknown

Must be logged in to use chart
COMMENT
Descartes(DSG-T) 

December 1, 2017

It has been a good performing company because they executed well.  They have a unique position.  He missed this one.  59 times forward earnings vs. an industry average of 26.

computer software/processing

It has been a good performing company because they executed well.  They have a unique position.  He missed this one.  59 times forward earnings vs. an industry average of 26.

computer software/processing
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$34.680
Owned Owned
No

Must be logged in to use chart
TOP PICK
Electronics Arts Inc(EA-Q) 

December 1, 2017

You go out and spend extra money to get an extra weapon and you win at the video game.  It is cheap on a multiple basis.  He thinks there is more sex appeal coming with FIFA.  The company is growing.  (Analysts’ target: $130.00).

computer software/processing

You go out and spend extra money to get an extra weapon and you win at the video game.  It is cheap on a multiple basis.  He thinks there is more sex appeal coming with FIFA.  The company is growing.  (Analysts’ target: $130.00).

computer software/processing
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$106.020
Owned Owned
Yes

Must be logged in to use chart
TOP PICK
Enbridge(ENB-T) 

December 1, 2017

It is one of those great Canadian companies that fell on hard times.  Pipelines are not getting completed as fast as the market expected.  They have projects coming up that support their growth.  The stock got tanked because of concerns about raising equity.  They fixed the balance sheet.  This is wonderful – better than a bank.  (Analysts’ target: $60.00).

oil/gas pipelines

It is one of those great Canadian companies that fell on hard times.  Pipelines are not getting completed as fast as the market expected.  They have projects coming up that support their growth.  The stock got tanked because of concerns about raising equity.  They fixed the balance sheet.  This is wonderful – better than a bank.  (Analysts’ target: $60.00).

oil/gas pipelines
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$48.630
Owned Owned
Yes

Must be logged in to use chart
PAST TOP PICK
Goldcorp Inc(G-T) 

December 1, 2017

(A Top Pick Nov 30/16, Down 7.8%)  He sold because he wanted to reduce gold exposure.  It had been the laggard and but now showing some luster.  $13 to $14.50 could be a place to buy it back.

precious metals

(A Top Pick Nov 30/16, Down 7.8%)  He sold because he wanted to reduce gold exposure.  It had been the laggard and but now showing some luster.  $13 to $14.50 could be a place to buy it back.

precious metals
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$16.140
Owned Owned
No

Must be logged in to use chart
COMMENT
Manulife Financial(MFC-T) 

December 1, 2017

Banks? or lifecos?  He sold MFC-T about a year ago.  They are a great play on rising interest rates.  He did not think they would go up as fast as they did and so he allocated to bank shares. 

insurance

Banks? or lifecos?  He sold MFC-T about a year ago.  They are a great play on rising interest rates.  He did not think they would go up as fast as they did and so he allocated to bank shares. 

insurance
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$26.990
Owned Owned
No

Must be logged in to use chart
HOLD

As a retiree, your retirement income just got you an extra 3% growth.  Before you sell ask what you will buy that will equal the income and growth.  Watch what is taxable.  It is a domestic bank.  It had a really good run.  Don’t expect the same returns because the fear factor came off.  The dividend is attractive.

banks

As a retiree, your retirement income just got you an extra 3% growth.  Before you sell ask what you will buy that will equal the income and growth.  Watch what is taxable.  It is a domestic bank.  It had a really good run.  Don’t expect the same returns because the fear factor came off.  The dividend is attractive.

banks
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$63.710
Owned Owned
Unknown

Must be logged in to use chart
PAST TOP PICK
Northland Power Inc(NPI-T) 

December 1, 2017

(A Top Pick Nov 30/16, Up 14%)  He still likes it.  He believes the dividend can grow substantially.  He is concerned about the Canadian dollar and that the economy is slowing.  The drivers of energy, housing and new legislation are slowing it down.  This is a great way to hold assets in northern Europe.  These cash flows will continue to grow. 

Utilities

(A Top Pick Nov 30/16, Up 14%)  He still likes it.  He believes the dividend can grow substantially.  He is concerned about the Canadian dollar and that the economy is slowing.  The drivers of energy, housing and new legislation are slowing it down.  This is a great way to hold assets in northern Europe.  These cash flows will continue to grow. 

Utilities
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$23.760
Owned Owned
Yes

Must be logged in to use chart
BUY
Open Text(OTEX-T) 

December 1, 2017

He would own it.  He recently acquired it.  There are not a lot of tech stocks in Canada.  It is a good cash generator and you don’t pay a lot for it.  It has stability.  They are a consolidator for smaller tech companies.  He really likes the name.

computer software/processing

He would own it.  He recently acquired it.  There are not a lot of tech stocks in Canada.  It is a good cash generator and you don’t pay a lot for it.  It has stability.  They are a consolidator for smaller tech companies.  He really likes the name.

computer software/processing
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$41.160
Owned Owned
Yes

Must be logged in to use chart
SELL
Pure Technologies Ltd(PUR-T) 

December 1, 2017

It is a great story.  Fixing pipelines as well as oil and water pipelines.  They have not really delivered and that is the frustration.  Execution has not been there.  You and do better elsewhere.

INDUSTRIAL PRODUCTS

It is a great story.  Fixing pipelines as well as oil and water pipelines.  They have not really delivered and that is the frustration.  Execution has not been there.  You and do better elsewhere.

INDUSTRIAL PRODUCTS
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$4.560
Owned Owned
No

Must be logged in to use chart
HOLD
Telus Corp(T-T) 

December 1, 2017

He likes the yield but does not think the growth will continue.  Is this the best way to generate 4.2% returns - look to the Top Picks.

telephone utilities

He likes the yield but does not think the growth will continue.  Is this the best way to generate 4.2% returns - look to the Top Picks.

telephone utilities
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$47.700
Owned Owned
Yes

Must be logged in to use chart
BUY
Trevali Mining Corp(TV-T) 

December 1, 2017

Zinc inventories have gone through the pinch point.  This is at the top of his list of precious metals.  It is a pure play. 

Mining

Zinc inventories have gone through the pinch point.  This is at the top of his list of precious metals.  It is a pure play. 

Mining
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$1.390
Owned Owned
Unknown

Must be logged in to use chart
DON'T BUY

He is concerned about the debt they have carried and the legacy of it.  Management has done a good job of paying it down and refocusing the company, but a lot of people are looking at the price of 3 years ago and it is not getting back there.  He does not own any but is looking at JNJ-N and GILD-Q.

Consumer Products

He is concerned about the debt they have carried and the legacy of it.  Management has done a good job of paying it down and refocusing the company, but a lot of people are looking at the price of 3 years ago and it is not getting back there.  He does not own any but is looking at JNJ-N and GILD-Q.

Consumer Products
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$21.920
Owned Owned
No

Must be logged in to use chart
PAST TOP PICK
Wells Fargo(WFC-N) 

December 1, 2017

(A Top Pick Nov 30/16, Up 8%)  Tax reform is more important that Wall Street reform.  He bought this when he got wind of the whole scandal of sales practices.  He thought it was a good entry point.  He uses the dip as an opportunity to buy more.

investment companies/funds

(A Top Pick Nov 30/16, Up 8%)  Tax reform is more important that Wall Street reform.  He bought this when he got wind of the whole scandal of sales practices.  He thought it was a good entry point.  He uses the dip as an opportunity to buy more.

investment companies/funds
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$56.200
Owned Owned
Yes

Must be logged in to use chart
TOP PICK
Whirlpool Corp(WHR-N) 

December 1, 2017

It is a global franchise.  It has gone through a tough period.  Unit sales projection slipped.  It is 10 times earnings and 9 times future earnings.  The risk is taken out of this stock.  There is a 10 year recycling of appliances.  (Analysts’ target: $187.00).

household goods

It is a global franchise.  It has gone through a tough period.  Unit sales projection slipped.  It is 10 times earnings and 9 times future earnings.  The risk is taken out of this stock.  There is a 10 year recycling of appliances.  (Analysts’ target: $187.00).

household goods
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$167.460
Owned Owned
No

Must be logged in to use chart
N/A
General Market Comment 

September 26, 2017

Market.He is seeing cracks in the Trump scenario. A lot of things we were expecting such as lower taxes and increased infrastructure spending didn’t happen. The only thing that we kind of got was a move to reduce regulatory red tape in Washington. As investors, we are not as aware of the risks as we should be. There has been a real complacency. Last week, the S&P 500 had the least volatility it has had in 45 years. On average, earnings came in okay, not as good as expected 12 months ago in terms of growth, but were okay. However, if you missed, you got nailed. In this kind of environment, he wants to have a little more cash than usual, to buy those kinds of dips. We haven’t had a correction though. This market has gone on so long without having a material correction.

Market.He is seeing cracks in the Trump scenario. A lot of things we were expecting such as lower taxes and increased infrastructure spending didn’t happen. The only thing that we kind of got was a move to reduce regulatory red tape in Washington. As investors, we are not as aware of the risks as we should be. There has been a real complacency. Last week, the S&P 500 had the least volatility it has had in 45 years. On average, earnings came in okay, not as good as expected 12 months ago in terms of growth, but were okay. However, if you missed, you got nailed. In this kind of environment, he wants to have a little more cash than usual, to buy those kinds of dips. We haven’t had a correction though. This market has gone on so long without having a material correction.

Unknown
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$0.020
Owned Owned
_N/A

Must be logged in to use chart
COMMENT
Altagas Ltd(ALA-T) 

September 26, 2017

This has gone through a pretty brutal year. He owns this in certain accounts for the income. Pays a 7.2% yield, and that dividend is safe. They have power plants in California that they need to get contracts for, which is a bit of an overhang. But then they made the GWL acquisition, a gas distributor on the east coast. It is going to take time to settle. The stock went down on no news, which is an interesting signal, physically saying that Selling is done. That is an interesting time to pick up the stock. You are getting paid while you wait.

oil/gas

This has gone through a pretty brutal year. He owns this in certain accounts for the income. Pays a 7.2% yield, and that dividend is safe. They have power plants in California that they need to get contracts for, which is a bit of an overhang. But then they made the GWL acquisition, a gas distributor on the east coast. It is going to take time to settle. The stock went down on no news, which is an interesting signal, physically saying that Selling is done. That is an interesting time to pick up the stock. You are getting paid while you wait.

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$28.870
Owned Owned
Yes

Must be logged in to use chart
COMMENT
BCE Inc.(BCE-T) 

September 26, 2017

A good dividend growth story. Well-managed from the perspective that it generates cash to the owners. They are very good to their shareholders. He would attribute the last $5 decline more to the fear of rising interest rates than anything specifically material to the company. Close to a 5% dividend yield is pretty darned good.

telephone utilities

A good dividend growth story. Well-managed from the perspective that it generates cash to the owners. They are very good to their shareholders. He would attribute the last $5 decline more to the fear of rising interest rates than anything specifically material to the company. Close to a 5% dividend yield is pretty darned good.

telephone utilities
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$57.980
Owned Owned
Yes

Must be logged in to use chart
TOP PICK
Cineplex Inc(CGX-T) 

September 26, 2017

He likes to look at contrarian opportunities. This is a monopoly movie distribution business in Canada. It had a lousy quarter, and is going to have a lousy quarter coming up. He looks at this like a commodity. Movie cycles come and go. There is good hope on the screen looking forward. It has become a wonderful value opportunity to buy a depressed stock. Dividend yield of 4.4%. (Analysts’ price target is $48.)

other services

He likes to look at contrarian opportunities. This is a monopoly movie distribution business in Canada. It had a lousy quarter, and is going to have a lousy quarter coming up. He looks at this like a commodity. Movie cycles come and go. There is good hope on the screen looking forward. It has become a wonderful value opportunity to buy a depressed stock. Dividend yield of 4.4%. (Analysts’ price target is $48.)

other services
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$38.010
Owned Owned
Yes

Must be logged in to use chart
COMMENT

Prefers High Liner (HLF-T) because of protein and the ability to get protein to market. Also, it is a bit of a currency play.

Financial Services

Prefers High Liner (HLF-T) because of protein and the ability to get protein to market. Also, it is a bit of a currency play.

Financial Services
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$9.000
Owned Owned
No

Must be logged in to use chart
COMMENT
Canadian Natural Rsrcs(CNQ-T) 

September 26, 2017

Recently sold this as he trimmed oil stocks. He likes the company and its management. They are buying assets at what he thinks are cheap prices from distressed sellers. Likes the way it’s managed and the exposure they have. A well-run company, but he is a little concerned about the oil patch today. Prefers PrairieSky Royalty (PSK-T) which doesn’t have any operational risks.

oil/gas

Recently sold this as he trimmed oil stocks. He likes the company and its management. They are buying assets at what he thinks are cheap prices from distressed sellers. Likes the way it’s managed and the exposure they have. A well-run company, but he is a little concerned about the oil patch today. Prefers PrairieSky Royalty (PSK-T) which doesn’t have any operational risks.

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$42.070
Owned Owned
No

Must be logged in to use chart
COMMENT
Encana Corp(ECA-T) 

September 26, 2017

Got hurt in the oil/gas downturn, because they made asset acquisitions at high prices. The assets are working, which is the good news side, but had to do a lot of house cleaning. He just wants to avoid bad balance sheets.

oil/gas

Got hurt in the oil/gas downturn, because they made asset acquisitions at high prices. The assets are working, which is the good news side, but had to do a lot of house cleaning. He just wants to avoid bad balance sheets.

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$14.290
Owned Owned
No

Must be logged in to use chart
TOP PICK
Enbridge(ENB-T) 

September 26, 2017

This has a dividend yield of 4.8%, the highest it has been since 2001. It got punished with the oil sector, and because of all the politics involved. This is a growth business. They are going to grow the dividend at double digits for the next couple of years, and thinks it can continue to grow at double digits beyond that. (Analysts’ price target is $62.)

oil/gas pipelines

This has a dividend yield of 4.8%, the highest it has been since 2001. It got punished with the oil sector, and because of all the politics involved. This is a growth business. They are going to grow the dividend at double digits for the next couple of years, and thinks it can continue to grow at double digits beyond that. (Analysts’ price target is $62.)

oil/gas pipelines
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$50.940
Owned Owned
Yes

Must be logged in to use chart
COMMENT

How do you get your income? A nice way to get it is to own a monthly income ETF, you have to pay a fee for that. The issue is, do you buy your bank shares directly or own a bank ETF, and pay the manager 45 or 50 basis points to have the privilege of getting monthly checks. If you don’t have a lot of capital and you still need it, then it may be a better way than buying individual bank shares.

E.T.F.'s

How do you get your income? A nice way to get it is to own a monthly income ETF, you have to pay a fee for that. The issue is, do you buy your bank shares directly or own a bank ETF, and pay the manager 45 or 50 basis points to have the privilege of getting monthly checks. If you don’t have a lot of capital and you still need it, then it may be a better way than buying individual bank shares.

E.T.F.'s
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$7.230
Owned Owned
Unknown

Must be logged in to use chart
WAIT
Freshii Inc(FRII-T) 

September 26, 2017

Slashed its store opening forecast and the shares fell 35%. This hasn’t been seasoned enough to test the mettle of the management team. He would wait to see.

food services

Slashed its store opening forecast and the shares fell 35%. This hasn’t been seasoned enough to test the mettle of the management team. He would wait to see.

food services
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$5.750
Owned Owned
No

Must be logged in to use chart
PAST TOP PICK
Goldcorp Inc(G-T) 

September 26, 2017

(A Top Pick Nov 30/16. Down 10%.) Gold is up, but this stock isn’t. They changed the CEO 1.5 years ago, and he made changes. Feels it is now a “show me” stock. He sold his holdings.

precious metals

(A Top Pick Nov 30/16. Down 10%.) Gold is up, but this stock isn’t. They changed the CEO 1.5 years ago, and he made changes. Feels it is now a “show me” stock. He sold his holdings.

precious metals
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$15.920
Owned Owned
No

Must be logged in to use chart
BUY
Hudbay Minerals Inc.(HBM-T) 

September 26, 2017

This has zinc and copper. The stock hit $11.50 and then came down. Did an issue at $10, which he thinks caught the street by surprise. This is a good time to own this. In commodities, he prefers base metals to gold stocks, etc. The best way to do this is to buy this company.

precious metals

This has zinc and copper. The stock hit $11.50 and then came down. Did an issue at $10, which he thinks caught the street by surprise. This is a good time to own this. In commodities, he prefers base metals to gold stocks, etc. The best way to do this is to buy this company.

precious metals
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$8.730
Owned Owned
Unknown

Must be logged in to use chart
COMMENT
Inter Pipeline(IPL-T) 

September 26, 2017

Likes this, but likes others better. He likes the area because it has been forgotten. Energy is probably putting in a bottom. We’ve seen a lot of selling pressure in the oil patch, and thinks all midstream type players should do okay. Dividend yield of 6.5%. (See Top Picks.)

oil pipelines

Likes this, but likes others better. He likes the area because it has been forgotten. Energy is probably putting in a bottom. We’ve seen a lot of selling pressure in the oil patch, and thinks all midstream type players should do okay. Dividend yield of 6.5%. (See Top Picks.)

oil pipelines
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$24.960
Owned Owned
No

Must be logged in to use chart
COMMENT
Linamar Corp(LNR-T) 

September 26, 2017

Auto parts have climbed a wall of worry. Everybody was waiting for the auto cycle to end, to roll over from 17.5 million and go down to 16 million, which it appears to be doing. However, these stocks haven’t done anything, they just continue to make money. Generates lots and lots of cash. The multiple has gone from a very low level to a still cheap basis, because of fears. You want to buy a stock when everybody is afraid. As long as they keep spinning cash, it’s a wonderful business to own. He wouldn’t be adding to new clients accounts today.

transportation equip & components

Auto parts have climbed a wall of worry. Everybody was waiting for the auto cycle to end, to roll over from 17.5 million and go down to 16 million, which it appears to be doing. However, these stocks haven’t done anything, they just continue to make money. Generates lots and lots of cash. The multiple has gone from a very low level to a still cheap basis, because of fears. You want to buy a stock when everybody is afraid. As long as they keep spinning cash, it’s a wonderful business to own. He wouldn’t be adding to new clients accounts today.

transportation equip & components
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$74.350
Owned Owned
No

Must be logged in to use chart
PAST TOP PICK
Northland Power Inc(NPI-T) 

September 26, 2017

(A Top Pick Nov 30/16. Up 11%.) He still likes this. They are in the electric generation business. A year ago, they were just finishing up the first project. Now they’ve finished the construction of the last turbine, and it should be in full operation by the end of this year. For the next 10-15 years, they’ll just be spinning cash. Thinks they’ll raise the distribution in 2018. A well-run company.

Utilities

(A Top Pick Nov 30/16. Up 11%.) He still likes this. They are in the electric generation business. A year ago, they were just finishing up the first project. Now they’ve finished the construction of the last turbine, and it should be in full operation by the end of this year. For the next 10-15 years, they’ll just be spinning cash. Thinks they’ll raise the distribution in 2018. A well-run company.

Utilities
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$23.350
Owned Owned
Yes

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COMMENT
Open Text(OTEX-T) 

September 26, 2017

Recently bought this. Had been looking at names that were unduly hurt or had not participated in this big rally, and this one was a screaming opportunity. Had some struggles lately, as the market is trying to digest its recent acquisitions. They have a bit of a tax issue with respect to the US. A good fundamental company with a reasonable amount of earnings. Their acquisition makes sense and will allow them to continue to grow.

computer software/processing

Recently bought this. Had been looking at names that were unduly hurt or had not participated in this big rally, and this one was a screaming opportunity. Had some struggles lately, as the market is trying to digest its recent acquisitions. They have a bit of a tax issue with respect to the US. A good fundamental company with a reasonable amount of earnings. Their acquisition makes sense and will allow them to continue to grow.

computer software/processing
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$38.840
Owned Owned
Yes

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COMMENT
Shopify Inc.(SHOP-T) 

September 26, 2017

This has been a good Canadian story. The issue for him is, what do you pay for a good story today. It has very, very high expectations, and is part of the whole disruption world. What they do for businesses is wonderful, and they have a good lock, as proved by the fact that Amazon (AMZN-Q) uses their technology. The issue for him is valuation.

This has been a good Canadian story. The issue for him is, what do you pay for a good story today. It has very, very high expectations, and is part of the whole disruption world. What they do for businesses is wonderful, and they have a good lock, as proved by the fact that Amazon (AMZN-Q) uses their technology. The issue for him is valuation.

0
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$140.060
Owned Owned
No

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COMMENT
Suncor Energy Inc(SU-T) 

September 26, 2017

Had owned this for a long time, but recently sold it. A bigger portion of their business is tied to heavy oil. Prefers Canadian Natural Resources (CNQ-T).

integrated oils

Had owned this for a long time, but recently sold it. A bigger portion of their business is tied to heavy oil. Prefers Canadian Natural Resources (CNQ-T).

integrated oils
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$42.660
Owned Owned
No

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TOP PICK
Tricon Capital Group(TCN-T) 

September 26, 2017

A play on the US single family home market. Made an acquisition earlier this year of the Silver Bay portfolio of about 9000 single-family homes, adding to their portfolio of about 8000 homes. This is a back-door way to get US exposure into a Canadian portfolio. Also, the supply of single-family homes in the US has been light. Dividend yield of 2.5%. (Analysts’ price target is $13.63.)

REAL ESTATE

A play on the US single family home market. Made an acquisition earlier this year of the Silver Bay portfolio of about 9000 single-family homes, adding to their portfolio of about 8000 homes. This is a back-door way to get US exposure into a Canadian portfolio. Also, the supply of single-family homes in the US has been light. Dividend yield of 2.5%. (Analysts’ price target is $13.63.)

REAL ESTATE
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$10.040
Owned Owned
Yes

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COMMENT
Toronto Dominion(TD-T) 

September 26, 2017

One of his favourite banks. They’ve done an exceptional job of moving into the US market place. A well-known bank brand, and he sees that continuing. It is a back-door way of getting US exposure into a Canadian portfolio. He sees the dividend continuing to grow. A well-managed bank and they don’t make missteps.

banks

One of his favourite banks. They’ve done an exceptional job of moving into the US market place. A well-known bank brand, and he sees that continuing. It is a back-door way of getting US exposure into a Canadian portfolio. He sees the dividend continuing to grow. A well-managed bank and they don’t make missteps.

banks
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$69.380
Owned Owned
Yes

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COMMENT

Looking at the commodity spectrum, this one comes right to the top of the list, because of the 3 stools, metallurgical coal, zinc and copper. Met coal tanked 2-3 years ago and had a remarkable recovery at over $300 a ton. Collapsed to $150 a ton, and is now trading at around $200 with a bias to probably going lower. That kind of spooked the street. What was forgotten is that this is probably the largest zinc producer, and is trading at multiyear highs. Inventory of zinc globally is about 11 days. Where zinc is a play today, copper should be the play 2-3 years from now. The price is pretty attractive. He would be looking to Buy more than to Sell today.

precious metals

Looking at the commodity spectrum, this one comes right to the top of the list, because of the 3 stools, metallurgical coal, zinc and copper. Met coal tanked 2-3 years ago and had a remarkable recovery at over $300 a ton. Collapsed to $150 a ton, and is now trading at around $200 with a bias to probably going lower. That kind of spooked the street. What was forgotten is that this is probably the largest zinc producer, and is trading at multiyear highs. Inventory of zinc globally is about 11 days. Where zinc is a play today, copper should be the play 2-3 years from now. The price is pretty attractive. He would be looking to Buy more than to Sell today.

precious metals
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$26.070
Owned Owned
Yes

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COMMENT
Trevali Mining Corp(TV-T) 

September 26, 2017

A pure play in zinc. He likes what they did on the acquisition of the Glencore assets, with respect to the share issues they made. Zinc is very, very tight. Supply has been very tight, and he thinks zinc is going to have to get to $1.50-$1.60 soon. Too small for his holdings.

Mining

A pure play in zinc. He likes what they did on the acquisition of the Glencore assets, with respect to the share issues they made. Zinc is very, very tight. Supply has been very tight, and he thinks zinc is going to have to get to $1.50-$1.60 soon. Too small for his holdings.

Mining
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$1.380
Owned Owned
No

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PAST TOP PICK
Wells Fargo(WFC-N) 

September 26, 2017

(A Top Pick Nov 30/16. Up 4%.) Bought this just prior to the Trump bump, but after they made the first announcement with respect to the deposit issue. He got a good price and a good dividend. The dividend will continue to grow. Trading at 1.2X Book, which is really, really cheap.

investment companies/funds

(A Top Pick Nov 30/16. Up 4%.) Bought this just prior to the Trump bump, but after they made the first announcement with respect to the deposit issue. He got a good price and a good dividend. The dividend will continue to grow. Trading at 1.2X Book, which is really, really cheap.

investment companies/funds
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$53.800
Owned Owned
Yes

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COMMENT
Whirlpool Corp(WHR-N) 

September 26, 2017

He continues to like this. Trading at only 14X earnings. Had some recent disappointments. Anticipated the appliance market would grow 4%-6% this year, but it looks like it is going to grow at only 3.5%. This market doesn’t like disappointments. He likes that he is getting a global franchise that has a reasonable currency play because of the weakness in the US$. A well-run company.

household goods

He continues to like this. Trading at only 14X earnings. Had some recent disappointments. Anticipated the appliance market would grow 4%-6% this year, but it looks like it is going to grow at only 3.5%. This market doesn’t like disappointments. He likes that he is getting a global franchise that has a reasonable currency play because of the weakness in the US$. A well-run company.

household goods
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$181.630
Owned Owned
Yes

Must be logged in to use chart
N/A
General Market Comment 

August 8, 2017

Market. The TSX has had a very difficult year. 2016 was a banner year, and we are giving that back this year in terms of relative underperformance. However, you can forget the impact of the currency. That was the big surprise coming out of the 2nd quarter to now, with the Bank of Canada announcing they were not going to raise interest rates. There was a huge Short covering rally that took the loonie up to $.80. That nips into those returns. As an investor, as opposed to a trader, he suggests we just hold our positions. Had felt that at $.75, the Cdn$ was probably undervalued. As it got closer to $.80, he was looking to add more US names, particularly in those areas we don’t have in Canada. Feels the US market is overvalued and the Canadian market is undervalued, and that tends to correct over time.

Market. The TSX has had a very difficult year. 2016 was a banner year, and we are giving that back this year in terms of relative underperformance. However, you can forget the impact of the currency. That was the big surprise coming out of the 2nd quarter to now, with the Bank of Canada announcing they were not going to raise interest rates. There was a huge Short covering rally that took the loonie up to $.80. That nips into those returns. As an investor, as opposed to a trader, he suggests we just hold our positions. Had felt that at $.75, the Cdn$ was probably undervalued. As it got closer to $.80, he was looking to add more US names, particularly in those areas we don’t have in Canada. Feels the US market is overvalued and the Canadian market is undervalued, and that tends to correct over time.

Unknown
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$0.020
Owned Owned
_N/A

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COMMENT
General Market Comment 

August 8, 2017

Gold companies. There are 2 kinds of gold companies. Operating companies, the ones that build and operate mines, and royalty companies. He owns Goldcorp (G-T) and Agnico-Eagle (AEM-T). Agnico has been an outstanding operating company, and if you have to buy an operator, you won’t go wrong owning this. If you want an operator and get some leverage to the upside, buy when sentiment is negative, and Goldcorp is clearly the name. If you just want a safe, stable name on the price of gold, then Franco Nevada (FNV-T) is the right way to deal.

Gold companies. There are 2 kinds of gold companies. Operating companies, the ones that build and operate mines, and royalty companies. He owns Goldcorp (G-T) and Agnico-Eagle (AEM-T). Agnico has been an outstanding operating company, and if you have to buy an operator, you won’t go wrong owning this. If you want an operator and get some leverage to the upside, buy when sentiment is negative, and Goldcorp is clearly the name. If you just want a safe, stable name on the price of gold, then Franco Nevada (FNV-T) is the right way to deal.

Unknown
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$0.020
Owned Owned
Yes

Must be logged in to use chart
N/A
General Market Comment 

August 8, 2017

Canadian Banks share splits? Share splits are an interesting academic exercise. It typically occurs after a stock has moved, and they just want to make the shares more appealing to small investors. Feels share splits are meaningful in that suddenly more demand occurs.

Canadian Banks share splits? Share splits are an interesting academic exercise. It typically occurs after a stock has moved, and they just want to make the shares more appealing to small investors. Feels share splits are meaningful in that suddenly more demand occurs.

Unknown
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$0.020
Owned Owned
_N/A

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COMMENT

He likes the industrial REIT space. A wonderful way to play Amazon (AMZN-Q), which increasingly needs warehouses closer and closer to the customer. This REIT provides that kind of space. The recent weakness has been because of recent acquisitions and interest rate fears.

property mngmnt/investment

He likes the industrial REIT space. A wonderful way to play Amazon (AMZN-Q), which increasingly needs warehouses closer and closer to the customer. This REIT provides that kind of space. The recent weakness has been because of recent acquisitions and interest rate fears.

property mngmnt/investment
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$6.450
Owned Owned
Unknown

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DON'T BUY
Air Canada(AC-T) 

August 8, 2017

Airlines are stocks that you want to rent, not own. They are notoriously volatile. You have seen the good side of the volatility, but the question is, what can it do to continue. What is out there that we don’t know? Everything seems to be hitting right in this company’s case, but you are working with margins that are very thin, and if anything bad happens, down it goes.

Transportation

Airlines are stocks that you want to rent, not own. They are notoriously volatile. You have seen the good side of the volatility, but the question is, what can it do to continue. What is out there that we don’t know? Everything seems to be hitting right in this company’s case, but you are working with margins that are very thin, and if anything bad happens, down it goes.

Transportation
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$21.930
Owned Owned
No

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COMMENT

This has been a significant disappointment. He is looking at this more and more, because it has gotten hammered. The most recent investment by Fairfax got them out of a debt problem. We do pulses in Canada more than anyone else in the world, and that is good. The bigger issue is the importation, which has really hit the stock. India has some issues with our pulses. Pulses are a wonderful long-term play on the protein story. If they can fix their balance sheet and get over the India problem, then you might have a really good upside opportunity.

agriculture

This has been a significant disappointment. He is looking at this more and more, because it has gotten hammered. The most recent investment by Fairfax got them out of a debt problem. We do pulses in Canada more than anyone else in the world, and that is good. The bigger issue is the importation, which has really hit the stock. India has some issues with our pulses. Pulses are a wonderful long-term play on the protein story. If they can fix their balance sheet and get over the India problem, then you might have a really good upside opportunity.

agriculture
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$24.770
Owned Owned
No

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COMMENT
Altagas Ltd(ALA-T) 

August 8, 2017

Had a good quarter, and the approval of their WGL acquisition is now just waiting for the regulatory side of things. One issue is commodity prices in Canada. Canadian gas production has been a headwind. Also, they made a foray into the US, to provide some natural gas infrastructure into the California grid. With the WGL acquisition they are looking to divest some of that and putting proceeds into the Washington DC area. Thinks this is just in “show me” mode. Dividend yield of 7.25%.

oil/gas

Had a good quarter, and the approval of their WGL acquisition is now just waiting for the regulatory side of things. One issue is commodity prices in Canada. Canadian gas production has been a headwind. Also, they made a foray into the US, to provide some natural gas infrastructure into the California grid. With the WGL acquisition they are looking to divest some of that and putting proceeds into the Washington DC area. Thinks this is just in “show me” mode. Dividend yield of 7.25%.

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$28.670
Owned Owned
Unknown

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BUY

Long-term hold? One of the characteristics of a great investment is that it generates cash and grows that cash. For a young investor, this company would suit well. A wonderful stock to hold for the next 20-25 years. 4.6% dividend yield.

electrical utilities

Long-term hold? One of the characteristics of a great investment is that it generates cash and grows that cash. For a young investor, this company would suit well. A wonderful stock to hold for the next 20-25 years. 4.6% dividend yield.

electrical utilities
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$13.210
Owned Owned
Unknown

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BUY
BCE Inc.(BCE-T) 

August 8, 2017

He owns this for the dividend and that the dividend has seen growth and will continue to see growth. An interest sensitive name, so there has been a little bit of weakness lately. This is bread-and-butter in any core investment portfolio in Canada. Its wireless business continues to show growth. The wire line is slowing down, but it is a cash generator.

telephone utilities

He owns this for the dividend and that the dividend has seen growth and will continue to see growth. An interest sensitive name, so there has been a little bit of weakness lately. This is bread-and-butter in any core investment portfolio in Canada. Its wireless business continues to show growth. The wire line is slowing down, but it is a cash generator.

telephone utilities
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$59.320
Owned Owned
Yes

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DON'T BUY
Baytex Energy Corp(BTE-T) 

August 8, 2017

They made an acquisition at the top of the oil market. Any company that makes a bad acquisition at the wrong price, will be carrying the consequence of that. They incurred a lot of debt. The management focus isn’t on getting the productivity out of the fields that they purchased, it is rather how do they unwind the mess they created. If looking for torque and you can stomach the fact that they have debt, this is a name that will get you the torque. If there is a continued down price in oil, this company is going to struggle. There are probably better names to own.

oil/gas

They made an acquisition at the top of the oil market. Any company that makes a bad acquisition at the wrong price, will be carrying the consequence of that. They incurred a lot of debt. The management focus isn’t on getting the productivity out of the fields that they purchased, it is rather how do they unwind the mess they created. If looking for torque and you can stomach the fact that they have debt, this is a name that will get you the torque. If there is a continued down price in oil, this company is going to struggle. There are probably better names to own.

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$3.520
Owned Owned
No

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TOP PICK
Cineplex Inc(CGX-T) 

August 8, 2017

There has been a very interesting change in their business model. We saw the negative consequences last week when they put their earnings out. They continue to grow revenue per client, which is a wonderful metric that works over time. There is an interesting morphing of their business model which he likes. This is a monopoly. A good time to pick this up. Dividend yield of 3.8%. (Analysts’ price target is $50.)

other services

There has been a very interesting change in their business model. We saw the negative consequences last week when they put their earnings out. They continue to grow revenue per client, which is a wonderful metric that works over time. There is an interesting morphing of their business model which he likes. This is a monopoly. A good time to pick this up. Dividend yield of 3.8%. (Analysts’ price target is $50.)

other services
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$43.100
Owned Owned
Yes

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BUY on WEAKNESS

There were a lot of Shorts between mid-July and the end of July, related to the closing of their US acquisition. This is probably the most domestic of the Canadian banks, and given all the concerns about the Canadian housing market, that has also caused problems. Dividend yield of 4.9% is a great income stream. This bank has an ability to grow, and you are not overpaying for it. He would like to get it in a bit more of a downturn.

banks

There were a lot of Shorts between mid-July and the end of July, related to the closing of their US acquisition. This is probably the most domestic of the Canadian banks, and given all the concerns about the Canadian housing market, that has also caused problems. Dividend yield of 4.9% is a great income stream. This bank has an ability to grow, and you are not overpaying for it. He would like to get it in a bit more of a downturn.

banks
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$109.280
Owned Owned
Yes

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COMMENT

Seniors’ homes is a growth market. There is not going to be enough places for baby boomers to retire, and this is a great way to participate. This has been weak lately on the basis of rising interest rates, which has hurt a lot of REITs. Ultimately, you own a hard asset with an ability to raise its prices down the road. Not a bad place to be.

property mngmnt/investment

Seniors’ homes is a growth market. There is not going to be enough places for baby boomers to retire, and this is a great way to participate. This has been weak lately on the basis of rising interest rates, which has hurt a lot of REITs. Ultimately, you own a hard asset with an ability to raise its prices down the road. Not a bad place to be.

property mngmnt/investment
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$15.190
Owned Owned
No

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BUY
Enbridge(ENB-T) 

August 8, 2017

Over time, this has probably been one of the best performing Canadian stocks over 50 years. They’ve had some difficult times, particularly with respect to their potential investments. To him, it is a great way to own the equivalent of what might be a railroad. No new pipelines are going to be built. They have the infrastructure in place. A good time to be picking this up. Dividend yield of 4.6%.

oil/gas pipelines

Over time, this has probably been one of the best performing Canadian stocks over 50 years. They’ve had some difficult times, particularly with respect to their potential investments. To him, it is a great way to own the equivalent of what might be a railroad. No new pipelines are going to be built. They have the infrastructure in place. A good time to be picking this up. Dividend yield of 4.6%.

oil/gas pipelines
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$51.730
Owned Owned
Unknown

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PAST TOP PICK
Goldcorp Inc(G-T) 

August 8, 2017

(A Top Pick Oct 3/16. Down 22.73%.) Had some difficulty with their mining, grades and production. Brought in a new CEO and are now putting this in a “show me” mode. When it turns, it will turn with a vengeance.

precious metals

(A Top Pick Oct 3/16. Down 22.73%.) Had some difficulty with their mining, grades and production. Brought in a new CEO and are now putting this in a “show me” mode. When it turns, it will turn with a vengeance.

precious metals
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$15.890
Owned Owned
Yes

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COMMENT
CGI Group (A)(GIB.A-T) 

August 8, 2017

He is looking at all the Canadian tech stocks, simply because they are down relative to the US ones. This one is reasonably valued and is a fine company. They do a nice job in their contract work and it is a stable producer.

consulting

He is looking at all the Canadian tech stocks, simply because they are down relative to the US ones. This one is reasonably valued and is a fine company. They do a nice job in their contract work and it is a stable producer.

consulting
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$64.060
Owned Owned
No

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COMMENT
Magna Int'l. (A)(MG-T) 

August 8, 2017

Is the auto sector coming to an end? Is it over? The decline in 2015-2016 reflected some of those concerns. The multiple got compressed, but earnings kept coming through. He is not a believer that the auto cycle is going to stage an immediate come back. A good company to own in the sense that it is cheap, and did remarkably well in taking costs out of the business. Thinks he can get more torque in an upside move from other sectors.

Automotive

Is the auto sector coming to an end? Is it over? The decline in 2015-2016 reflected some of those concerns. The multiple got compressed, but earnings kept coming through. He is not a believer that the auto cycle is going to stage an immediate come back. A good company to own in the sense that it is cheap, and did remarkably well in taking costs out of the business. Thinks he can get more torque in an upside move from other sectors.

Automotive
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$61.440
Owned Owned
No

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TOP PICK
Open Text(OTEX-T) 

August 8, 2017

The stock has fallen. They made some acquisitions, and feels the market is concerned that the steady progression of cash might not quite be as steady as they go through the digestion of these acquisitions. He likes that they can grow and that it trades at a multiple of earnings, not a multiple of cash flow, revenues, etc. Likes the stability and the growth by acquisition. Dividend yield of 1.5%. (Analysts’ price target is $40.)

computer software/processing

The stock has fallen. They made some acquisitions, and feels the market is concerned that the steady progression of cash might not quite be as steady as they go through the digestion of these acquisitions. He likes that they can grow and that it trades at a multiple of earnings, not a multiple of cash flow, revenues, etc. Likes the stability and the growth by acquisition. Dividend yield of 1.5%. (Analysts’ price target is $40.)

computer software/processing
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$41.550
Owned Owned
Yes

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TOP PICK
J. M. Smuckers Co.(SJM-N) 

August 8, 2017

This is another of those boring US consumer product names. We now have an $.80 dollar that is good for purchasing US stocks. Good discipline with their balance sheet. A quality company. Dividend yield of 2.5%. (Analysts’ price target is $131.)

food processing

This is another of those boring US consumer product names. We now have an $.80 dollar that is good for purchasing US stocks. Good discipline with their balance sheet. A quality company. Dividend yield of 2.5%. (Analysts’ price target is $131.)

food processing
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$121.790
Owned Owned
Yes

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COMMENT

This and Manulife (MFC-T) are both good names, and both have benefited from the anticipated rise in interest rates. They’ve lagged the banks and there is a valuation adjustment that can occur. Prefers Manulife (MFC-T) because of its opportunities in Asia.

insurance

This and Manulife (MFC-T) are both good names, and both have benefited from the anticipated rise in interest rates. They’ve lagged the banks and there is a valuation adjustment that can occur. Prefers Manulife (MFC-T) because of its opportunities in Asia.

insurance
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$48.690
Owned Owned
No

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PAST TOP PICK

(A Top Pick Oct 3/16. Up 13.13%.) This did well up to the last 2 months. He looks at this simply for its ownership of US single-family dwellings. In February, they made a much bigger acquisition of another 7000 homes. The stock has come down, and thinks it is because it is being rated as a Canadian REIT, which it isn’t. A really interesting entry point. Dividend yield of 2.5%.

REAL ESTATE

(A Top Pick Oct 3/16. Up 13.13%.) This did well up to the last 2 months. He looks at this simply for its ownership of US single-family dwellings. In February, they made a much bigger acquisition of another 7000 homes. The stock has come down, and thinks it is because it is being rated as a Canadian REIT, which it isn’t. A really interesting entry point. Dividend yield of 2.5%.

REAL ESTATE
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$10.460
Owned Owned
Yes

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BUY on WEAKNESS

Had a huge downdraft in 2015 and recovered nicely in 2016 with a huge run, and then finally gave up the ghost. It has 3 commodities, metallurgical coal, zinc and copper. Met coal hit $300, fell back to $150, and is now rallying up to $200. Commodity stocks are hard to investment in unless you buy right. The nice thing about this one is that for the near term you have met coal which has stabilized at much higher prices than anyone anticipated and generates lots of cash. Most important though, over the next 6 months, zinc looks very, very tight. Then when you get out to 2020, 2021 and 2022, copper looks to be in significant shortfall, and this company will play that, especially with their 2nd project of QB2. Also, the company has fixed the balance sheet. He would like to see a bit of a pullback.

precious metals

Had a huge downdraft in 2015 and recovered nicely in 2016 with a huge run, and then finally gave up the ghost. It has 3 commodities, metallurgical coal, zinc and copper. Met coal hit $300, fell back to $150, and is now rallying up to $200. Commodity stocks are hard to investment in unless you buy right. The nice thing about this one is that for the near term you have met coal which has stabilized at much higher prices than anyone anticipated and generates lots of cash. Most important though, over the next 6 months, zinc looks very, very tight. Then when you get out to 2020, 2021 and 2022, copper looks to be in significant shortfall, and this company will play that, especially with their 2nd project of QB2. Also, the company has fixed the balance sheet. He would like to see a bit of a pullback.

precious metals
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$29.060
Owned Owned
Yes

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COMMENT
TransCanada Corp(TRP-T) 

August 8, 2017

Headlines today are all about Brascan Keystone. As a long-term investor, you want to ask yourself if you want to own a major North American mover of an energy commodity. This company fills that bill quite nicely. With their most recent acquisition of Columbia, they have a really good play on the whole North American energy infrastructure. Reasonably hedged between oil and natural gas. A great place to play in the dividend growth we have seen for 50 years, and will probably see down the road as well. A little pricey relative to Enbridge (ENB-T), but this is a great long-term ownership, particularly since we are not going to build a lot of new pipelines. Dividend yield of 3.9%.

oil/gas pipelines

Headlines today are all about Brascan Keystone. As a long-term investor, you want to ask yourself if you want to own a major North American mover of an energy commodity. This company fills that bill quite nicely. With their most recent acquisition of Columbia, they have a really good play on the whole North American energy infrastructure. Reasonably hedged between oil and natural gas. A great place to play in the dividend growth we have seen for 50 years, and will probably see down the road as well. A little pricey relative to Enbridge (ENB-T), but this is a great long-term ownership, particularly since we are not going to build a lot of new pipelines. Dividend yield of 3.9%.

oil/gas pipelines
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$63.440
Owned Owned
Yes

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PAST TOP PICK
Whirlpool Corp(WHR-N) 

August 8, 2017

(A Top Pick Oct 3/16. Up 12.13%.) He likes its discipline and its discipline of returning money to shareholders. The balance sheet continues to get better. A great, global franchise.

household goods

(A Top Pick Oct 3/16. Up 12.13%.) He likes its discipline and its discipline of returning money to shareholders. The balance sheet continues to get better. A great, global franchise.

household goods
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$178.540
Owned Owned
Yes

Must be logged in to use chart
N/A
General Market Comment 

June 27, 2017

Market. It has been a really tough year for the Canadian marketplace. Looking back to 2016, things were going right. Commodities were firmer coming off that terrible 2015, and the bank stocks were moving. In 2017, bank stocks are not moving and energy is down, down and down. The market is treating commodity stocks like there is a recession, but there is no risk on the horizon. That is a great dichotomy that will come unwound as the year unfolds. US technology stocks have been the darlings. The big cap names have seen all the money flowing. The bond market keeps going as if there is going to be a recession. There is a decline in long bond yields, which is a bit of a shock. He wants to protect his clients’ capital and the best way to do that is by being careful of high growth names, those trading at very, very high multiples, and look for value in downtrodden areas. When the market comes back, it will be good for the Canadian market, and Canadian resource stocks in particular.

Market. It has been a really tough year for the Canadian marketplace. Looking back to 2016, things were going right. Commodities were firmer coming off that terrible 2015, and the bank stocks were moving. In 2017, bank stocks are not moving and energy is down, down and down. The market is treating commodity stocks like there is a recession, but there is no risk on the horizon. That is a great dichotomy that will come unwound as the year unfolds. US technology stocks have been the darlings. The big cap names have seen all the money flowing. The bond market keeps going as if there is going to be a recession. There is a decline in long bond yields, which is a bit of a shock. He wants to protect his clients’ capital and the best way to do that is by being careful of high growth names, those trading at very, very high multiples, and look for value in downtrodden areas. When the market comes back, it will be good for the Canadian market, and Canadian resource stocks in particular.

Unknown
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$0.020
Owned Owned
_N/A

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COMMENT
General Market Comment 

June 27, 2017

Gold. Gold shares haven’t done much. We’ve been seeing higher lows and higher highs, so we may be in a bit of an up channel. The trend is positive. He would recommend you have some gold in your portfolio. Has 5% of client’s portfolios in gold stocks. As the US$ continues to weaken with euro strength, gold could go up with an upward bias. It would be great to see it break $1300.

Gold. Gold shares haven’t done much. We’ve been seeing higher lows and higher highs, so we may be in a bit of an up channel. The trend is positive. He would recommend you have some gold in your portfolio. Has 5% of client’s portfolios in gold stocks. As the US$ continues to weaken with euro strength, gold could go up with an upward bias. It would be great to see it break $1300.

Unknown
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$0.020
Owned Owned
Yes

Must be logged in to use chart
N/A
General Market Comment 

June 27, 2017

Cdn$? A lower Cdn$ historically has been good for Canada, particularly in manufacturing and resources. It makes energy producers and mining companies that much more profitable, because they sell products in the US$. It used to be much more beneficial when we had a manufacturing economy, but we no longer have the manufacturing strength that we used to, and that is going to be a headwind going forward.

Cdn$? A lower Cdn$ historically has been good for Canada, particularly in manufacturing and resources. It makes energy producers and mining companies that much more profitable, because they sell products in the US$. It used to be much more beneficial when we had a manufacturing economy, but we no longer have the manufacturing strength that we used to, and that is going to be a headwind going forward.

Unknown
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$0.020
Owned Owned
_N/A

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PAST TOP PICK

(A Top Pick July 5/16. Down 14.54%.) This is a time to be in gold stocks, and this is the premier “go to” name in the Canadian gold patch. The pipeline on this looks really interesting on a go forward basis.

precious metals

(A Top Pick July 5/16. Down 14.54%.) This is a time to be in gold stocks, and this is the premier “go to” name in the Canadian gold patch. The pipeline on this looks really interesting on a go forward basis.

precious metals
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$60.650
Owned Owned
Yes

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COMMENT
Altagas Ltd(ALA-T) 

June 27, 2017

Thinks this will continue to tread water. They are digesting the WG Washington Gas/Light US acquisition. This has cleared shareholder approval, but now they are waiting for the regulators. Pays a nice yield of 7%, and he believes that the dividend is safe. Doesn’t see a lot of action coming because of regulatory uncertainty. However, this company is pretty well postured in energy markets, not just in Canada, but also in California. The cash that is going to come from that will keep the company in good stead. It is more like a utility than it has ever been and WGL will make it even more like a utility.

oil/gas

Thinks this will continue to tread water. They are digesting the WG Washington Gas/Light US acquisition. This has cleared shareholder approval, but now they are waiting for the regulators. Pays a nice yield of 7%, and he believes that the dividend is safe. Doesn’t see a lot of action coming because of regulatory uncertainty. However, this company is pretty well postured in energy markets, not just in Canada, but also in California. The cash that is going to come from that will keep the company in good stead. It is more like a utility than it has ever been and WGL will make it even more like a utility.

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$29.500
Owned Owned
Unknown

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HOLD
BlackBerry(BB-T) 

June 27, 2017

This had been a great story, but had to reinvent itself, so your time frame is really important. John Chen decided to change this into a software company, and it is going in a totally different direction. The market liked that their software, particularly in the automobile sector, is widely used, and there are lots of applications for that great software. The problem is, they have to change the business. Their unit sales are not really profitable relative to the share price, so it trades at a valuation level that doesn’t make any sense. You buy this because you believe that their software will be in vehicles or something else, 5-10 years from now.

electrical/electronic

This had been a great story, but had to reinvent itself, so your time frame is really important. John Chen decided to change this into a software company, and it is going in a totally different direction. The market liked that their software, particularly in the automobile sector, is widely used, and there are lots of applications for that great software. The problem is, they have to change the business. Their unit sales are not really profitable relative to the share price, so it trades at a valuation level that doesn’t make any sense. You buy this because you believe that their software will be in vehicles or something else, 5-10 years from now.

electrical/electronic
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$13.140
Owned Owned
No

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PAST TOP PICK
Cineplex Inc(CGX-T) 

June 27, 2017

(A Top Pick July 5/16. Up 4.70%.) Pretty close to a monopoly in showing films in Canada. He is buying it, not so much for the films, but for the popcorn and the things happening outside of the films. A great name to hold for the long-term.

other services

(A Top Pick July 5/16. Up 4.70%.) Pretty close to a monopoly in showing films in Canada. He is buying it, not so much for the films, but for the popcorn and the things happening outside of the films. A great name to hold for the long-term.

other services
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$53.100
Owned Owned
Yes

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BUY

This has not done well now that the new acquisition of Private Bank Corp has gone through. To him this is the most interesting bank, simply because it is down the most in context to where it was relative to their $120 high. What we are seeing right now is the backflow of US holders of Private Bank Corp questioning what is this “CIBC” thing, with a natural inclination to Sell. That is actually a very good time to look at a stock. He would put new money into this today.

banks

This has not done well now that the new acquisition of Private Bank Corp has gone through. To him this is the most interesting bank, simply because it is down the most in context to where it was relative to their $120 high. What we are seeing right now is the backflow of US holders of Private Bank Corp questioning what is this “CIBC” thing, with a natural inclination to Sell. That is actually a very good time to look at a stock. He would put new money into this today.

banks
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$104.980
Owned Owned
Unknown

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DON'T BUY
Cenovus Energy(CVE-T) 

June 27, 2017

This has been particularly hit with the acquisition they made, which they had funded with debt, and now have to figure out what to do with the assets they have to sell. As crude prices come down, the value of the assets they had hoped to sell, isn’t what it used to be. Be wary of companies that have too much debt. There are a lot better plays in the oil patch with a relative higher risk/reward.

oil/gas

This has been particularly hit with the acquisition they made, which they had funded with debt, and now have to figure out what to do with the assets they have to sell. As crude prices come down, the value of the assets they had hoped to sell, isn’t what it used to be. Be wary of companies that have too much debt. There are a lot better plays in the oil patch with a relative higher risk/reward.

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$9.550
Owned Owned
No

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TOP PICK
CVS Health Corp(CVS-N) 

June 27, 2017

A play on demographics. It’s a cheap stock, trading at 13X next year’s earnings. A free cash generator. A great way to get diversification in a kind of sector we don’t have in Canada. Dividend yield of 2.5%. (Analysts’ price target is $88.00.)

specialty stores

A play on demographics. It’s a cheap stock, trading at 13X next year’s earnings. A free cash generator. A great way to get diversification in a kind of sector we don’t have in Canada. Dividend yield of 2.5%. (Analysts’ price target is $88.00.)

specialty stores
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$80.490
Owned Owned
Yes

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COMMENT
Enbridge(ENB-T) 

June 27, 2017

An RESP for a 1-year-old? He would recommend this. A great kind of name for a 20-year investment, who will need the money in 18 years when they go off to school. This company pays a wonderful dividend of 4.7%.

oil/gas pipelines

An RESP for a 1-year-old? He would recommend this. A great kind of name for a 20-year investment, who will need the money in 18 years when they go off to school. This company pays a wonderful dividend of 4.7%.

oil/gas pipelines
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$52.750
Owned Owned
Unknown

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PAST TOP PICK
Equitable Group(EQB-T) 

June 27, 2017

(A Top Pick July 5/16. Up 14.74%.) The whole alternative lending sector took big tumbles on the Home Capital (HCG-T) situation. This is in a much better shape in this group.

Financial Services

(A Top Pick July 5/16. Up 14.74%.) The whole alternative lending sector took big tumbles on the Home Capital (HCG-T) situation. This is in a much better shape in this group.

Financial Services
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$60.950
Owned Owned
Yes

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COMMENT
Fortis Inc.(FTS-T) 

June 27, 2017

Because this has had a steady increase in their dividend year after year, the stock has been climbing. As interest rates go down, stocks go up. One of the premier electric utilities to own. Dividend yield of 3.4%.

electrical utilities

Because this has had a steady increase in their dividend year after year, the stock has been climbing. As interest rates go down, stocks go up. One of the premier electric utilities to own. Dividend yield of 3.4%.

electrical utilities
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$46.530
Owned Owned
No

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BUY

This, like all material stocks, has been punished as the world has been concerned about a Chinese slow down. Zinc is looking really, really interesting as inventories are hitting 7-10 year lows. Copper is going to get tight as we go into 2020. You have to have a timeframe that is 10 years, as you have to get a cycle. Has a good balance sheet.

precious metals

This, like all material stocks, has been punished as the world has been concerned about a Chinese slow down. Zinc is looking really, really interesting as inventories are hitting 7-10 year lows. Copper is going to get tight as we go into 2020. You have to have a timeframe that is 10 years, as you have to get a cycle. Has a good balance sheet.

precious metals
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$7.370
Owned Owned
Yes

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DON'T BUY

Warren Buffett’s announcement came out and the stock rallied, which he contributed to Short rallying. Now the question comes down to valuation. This company has a BV of about $19, and currently seems to be settling down below that. He is not interested in the stock at this price.

investment companies/funds

Warren Buffett’s announcement came out and the stock rallied, which he contributed to Short rallying. Now the question comes down to valuation. This company has a BV of about $19, and currently seems to be settling down below that. He is not interested in the stock at this price.

investment companies/funds
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$16.220
Owned Owned
No

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COMMENT

Something he is not looking at closely. The rise in marijuana stocks is new, and reminds him a lot of the rise of some of the emerging technology stocks back in 1999. It may pay off well, but the industry is so uncertain at this point. The rules on marijuana have yet to be put in place. This is a trader’s vehicle, not necessarily an investor’s vehicle. Not an area he would be investing in.

E.T.F.'s

Something he is not looking at closely. The rise in marijuana stocks is new, and reminds him a lot of the rise of some of the emerging technology stocks back in 1999. It may pay off well, but the industry is so uncertain at this point. The rules on marijuana have yet to be put in place. This is a trader’s vehicle, not necessarily an investor’s vehicle. Not an area he would be investing in.

E.T.F.'s
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$8.570
Owned Owned
No

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COMMENT
Inter Pipeline(IPL-T) 

June 27, 2017

This has suffered along with the decline in oil price. It is much more directly related to energy prices. Has a good yield, which he thinks is safe and stable. At these prices, this is looking more and more attractive. 6.5% dividend yield.

oil pipelines

This has suffered along with the decline in oil price. It is much more directly related to energy prices. Has a good yield, which he thinks is safe and stable. At these prices, this is looking more and more attractive. 6.5% dividend yield.

oil pipelines
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$25.170
Owned Owned
No

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COMMENT
Magna Int'l. (A)(MG-T) 

June 27, 2017

Auto sales have gone up, up, up and have peaked at around 17.5-18 million vehicles. This is cheap, because it is selling all the products to a world of 17.5 million vehicles. The question is, what is 2018, and more importantly 2019-2020 going to look like. This could then be followed by vehicles driven by robots. His view is that manufacturing will probably go below 17 million vehicles in 12-18 months.

Automotive

Auto sales have gone up, up, up and have peaked at around 17.5-18 million vehicles. This is cheap, because it is selling all the products to a world of 17.5 million vehicles. The question is, what is 2018, and more importantly 2019-2020 going to look like. This could then be followed by vehicles driven by robots. His view is that manufacturing will probably go below 17 million vehicles in 12-18 months.

Automotive
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$58.870
Owned Owned
No

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HOLD

He likes what they are doing, and how the North American fleet is expanding, and how they are participating. The basic business model makes sense.

income trust

He likes what they are doing, and how the North American fleet is expanding, and how they are participating. The basic business model makes sense.

income trust
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$54.680
Owned Owned
Unknown

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TOP PICK

Big wind generator in the North Sea. He likes the assets. It started as an alternative energy provider in Ontario and then spread across Canada, followed by a big foray into Europe about 10 years ago. This is now starting to pay off big time. Their 1st wind plant, Gemini, is now generating cash. Nordsee will be generating cash by the end of this year. Just announced a 3rd offshore wind plant that will be coming on in a couple of years. Dividend yield of 4.6%. (Analysts’ price target is $26.50.)

Utilities

Big wind generator in the North Sea. He likes the assets. It started as an alternative energy provider in Ontario and then spread across Canada, followed by a big foray into Europe about 10 years ago. This is now starting to pay off big time. Their 1st wind plant, Gemini, is now generating cash. Nordsee will be generating cash by the end of this year. Just announced a 3rd offshore wind plant that will be coming on in a couple of years. Dividend yield of 4.6%. (Analysts’ price target is $26.50.)

Utilities
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$23.320
Owned Owned
Yes

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HOLD

Canadian gas has not been the most popular place to be, but this has been one of the great gas plays. When gas comes into favour, this company moves. The gas story is not as dead as the market makes it out. The US is now an exporter of gas, which is a big change. The petrochemical industry in the Houston area is a huge consumer of gas, and will be because they are building plants left, right and centre. Mexico is getting gas exports from the US. Even Canada is getting some. The market is changing, and at some point, the favourable sentiment will change to the gas industry.

oil/gas

Canadian gas has not been the most popular place to be, but this has been one of the great gas plays. When gas comes into favour, this company moves. The gas story is not as dead as the market makes it out. The US is now an exporter of gas, which is a big change. The petrochemical industry in the Houston area is a huge consumer of gas, and will be because they are building plants left, right and centre. Mexico is getting gas exports from the US. Even Canada is getting some. The market is changing, and at some point, the favourable sentiment will change to the gas industry.

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$23.740
Owned Owned
Unknown

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COMMENT
Transalta Corp(TA-T) 

June 27, 2017

You buy this because of its assets and the ability of those assets to generate cash flow. Feels the Alberta electric generation market is still subject to a lot of question marks. He would rather own wind power in Europe.

electrical/electronic

You buy this because of its assets and the ability of those assets to generate cash flow. Feels the Alberta electric generation market is still subject to a lot of question marks. He would rather own wind power in Europe.

electrical/electronic
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$8.010
Owned Owned
Unknown

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TOP PICK

This has met coal, copper, zinc and oil. People are forgetting the zinc story. Zinc is really, really tight and is just starting out to see a run. 3 years out, copper is going to be very tight. Met coal is $140, and their costs are $90. Dividend yield of 1%. (Analysts’ price target is $37.)

precious metals

This has met coal, copper, zinc and oil. People are forgetting the zinc story. Zinc is really, really tight and is just starting out to see a run. 3 years out, copper is going to be very tight. Met coal is $140, and their costs are $90. Dividend yield of 1%. (Analysts’ price target is $37.)

precious metals
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$21.760
Owned Owned
Yes

Must be logged in to use chart
N/A

Market. This market doesn’t want to give up. It is an interesting market from a lot of perspectives. He is Long equities, more so than normal, but still has a lot of cash. Doesn’t believe in the bond market. A lot of things have gone right; the volatility index VIX, is at an all-time low and markets are at an all-time high. Interest rates continue to creep up, which is typically is a headwind. Corporate earnings have been good, but are in the areas that nobody is buying. Canada, after having been the best performing market last year, has really lagged, not just in energy and materials, but financials as well. Today he is 80% in equities. Of that 80%, 16%-18% would be in the US.

Market. This market doesn’t want to give up. It is an interesting market from a lot of perspectives. He is Long equities, more so than normal, but still has a lot of cash. Doesn’t believe in the bond market. A lot of things have gone right; the volatility index VIX, is at an all-time low and markets are at an all-time high. Interest rates continue to creep up, which is typically is a headwind. Corporate earnings have been good, but are in the areas that nobody is buying. Canada, after having been the best performing market last year, has really lagged, not just in energy and materials, but financials as well. Today he is 80% in equities. Of that 80%, 16%-18% would be in the US.

Unknown
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$0.020
Owned Owned
_N/A

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PAST TOP PICK

(A Top Pick July 5/16. Down 12%.) At that time, this was running up and gold looked much better. Believes this is the premier company in Canada. They’ve been very good at bringing up mines. A growth business that happens to be in the gold mining industry.

precious metals

(A Top Pick July 5/16. Down 12%.) At that time, this was running up and gold looked much better. Believes this is the premier company in Canada. They’ve been very good at bringing up mines. A growth business that happens to be in the gold mining industry.

precious metals
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$63.480
Owned Owned
Yes

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COMMENT
Altagas Ltd(ALA-T) 

May 9, 2017

This has been quite active in acquisitions. They bought Washington Gas & Light company in the DC area, as a big foray into the US. They feel it provides them with some unique diversification, as well as a kind of rollup capacity in the market. It is going to be a “show me” story, and is going to take a long time. In the meantime, they’ve suffered with the oil/gas patch in general. It’s quite exposed to gas in its midstream operations. He believes the 6% dividend is safe. It probably won’t be growing as quickly as it has, because they have to absorb the WGL assets. They successfully raised capital. Thinks they are in OK shape, but doesn’t feel this is the best place to be in that space right now. Prefers others.

oil/gas

This has been quite active in acquisitions. They bought Washington Gas & Light company in the DC area, as a big foray into the US. They feel it provides them with some unique diversification, as well as a kind of rollup capacity in the market. It is going to be a “show me” story, and is going to take a long time. In the meantime, they’ve suffered with the oil/gas patch in general. It’s quite exposed to gas in its midstream operations. He believes the 6% dividend is safe. It probably won’t be growing as quickly as it has, because they have to absorb the WGL assets. They successfully raised capital. Thinks they are in OK shape, but doesn’t feel this is the best place to be in that space right now. Prefers others.

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$31.230
Owned Owned
No

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COMMENT

Has been dramatically underweight in the energy space. He started the year with a view that oil was going to be $45-$55 for this year. Bargains are starting to appear. In the oil patch, this is one of those names he would be looking at. It’s liquid and it is well run.

oil/gas

Has been dramatically underweight in the energy space. He started the year with a view that oil was going to be $45-$55 for this year. Bargains are starting to appear. In the oil patch, this is one of those names he would be looking at. It’s liquid and it is well run.

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$17.740
Owned Owned
No

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WAIT
BCE Inc.(BCE-T) 

May 9, 2017

A core holding for him, but wouldn’t buy it today. Has had a really, really nice move. It’s been a great portfolio investment, but it is now getting a little toppy. The RSI (relative strength indicator) shows a sense of enthusiasm. As it ran up to the mid-$60s, enthusiasm got quite high. He’d like to see that wane before he took another position. Great yield.

telephone utilities

A core holding for him, but wouldn’t buy it today. Has had a really, really nice move. It’s been a great portfolio investment, but it is now getting a little toppy. The RSI (relative strength indicator) shows a sense of enthusiasm. As it ran up to the mid-$60s, enthusiasm got quite high. He’d like to see that wane before he took another position. Great yield.

telephone utilities
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$61.880
Owned Owned
Yes

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COMMENT

Sell Baytex (BTE-T) and Crescent Point (CPG-T) and move into Teck Resources (TECK.B-T)? Crescent Point and Baytex had high dividends. When oil fell, the dividend strategy collapsed. From this, he learned don’t rely on commodity stocks to pay dividends. Both are down in the dumps, but both are good names. This one probably has a little more debt than he would like, but Crescent Point is really trying to remake itself. If looking for torque in a portfolio, you will probably get more in the near term, from a base metal stock that you would from an oil stock.

oil/gas

Sell Baytex (BTE-T) and Crescent Point (CPG-T) and move into Teck Resources (TECK.B-T)? Crescent Point and Baytex had high dividends. When oil fell, the dividend strategy collapsed. From this, he learned don’t rely on commodity stocks to pay dividends. Both are down in the dumps, but both are good names. This one probably has a little more debt than he would like, but Crescent Point is really trying to remake itself. If looking for torque in a portfolio, you will probably get more in the near term, from a base metal stock that you would from an oil stock.

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$4.430
Owned Owned
Unknown

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COMMENT

Preferred C. This will reset at the 5 year Canada rate, around 3.75%. Why is it at $18, instead of $25, which would normally be the issuance value? 5-6 years ago, the rage was Reset Preferreds because rates were low and if rates went up, there would be a higher yield when it reset. Instead of going up though, rates fell. Therefore at reset, at 3.75% over our Canada 5 year of about 80 basis points, it is going to be reset with a 4.5% yield. The risk doesn’t necessarily correspond with a 4.5% yield that you would get on other safer preferreds. The market doesn’t like that, so it is not going to pay you for value. As long as interest rates stay low, it is a great thing for the issuer because it is a cheap preferred. Unfortunately, it will trade at around $18 for a while.

investment companies/funds

Preferred C. This will reset at the 5 year Canada rate, around 3.75%. Why is it at $18, instead of $25, which would normally be the issuance value? 5-6 years ago, the rage was Reset Preferreds because rates were low and if rates went up, there would be a higher yield when it reset. Instead of going up though, rates fell. Therefore at reset, at 3.75% over our Canada 5 year of about 80 basis points, it is going to be reset with a 4.5% yield. The risk doesn’t necessarily correspond with a 4.5% yield that you would get on other safer preferreds. The market doesn’t like that, so it is not going to pay you for value. As long as interest rates stay low, it is a great thing for the issuer because it is a cheap preferred. Unfortunately, it will trade at around $18 for a while.

investment companies/funds
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$4.540
Owned Owned
Unknown

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PAST TOP PICK
Cineplex Inc(CGX-T) 

May 9, 2017

(A Top Pick July 5/16. Up 5%.) One of those monopolies he believes is a wonderful name to own in the Canadian consumer space. Bought it because they were getting more dollars of revenue for every visit. A great kind of growth name that you don’t have to pay extremely high values for.

other services

(A Top Pick July 5/16. Up 5%.) One of those monopolies he believes is a wonderful name to own in the Canadian consumer space. Bought it because they were getting more dollars of revenue for every visit. A great kind of growth name that you don’t have to pay extremely high values for.

other services
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$53.190
Owned Owned
Yes

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COMMENT

Regarding their US acquisition, they’ve gone at it 3 times saying this is the last offer. The US banks rallied, and the Canadian banks did not. He hopes they don’t jump their offer once again.

banks

Regarding their US acquisition, they’ve gone at it 3 times saying this is the last offer. The US banks rallied, and the Canadian banks did not. He hopes they don’t jump their offer once again.

banks
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$108.360
Owned Owned
Yes

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COMMENT

This has been one of the great investments in Canadian history. It is a great name to own. The railroad industry is a monopoly, because we are not going to build new railroads anywhere in North America. The number of investable rails has shrunk. You can pick any one. He finds them a little pricey in the current market. Their multiples are typically less than the markets, and are trading at kind of a market multiple today.

Transportation

This has been one of the great investments in Canadian history. It is a great name to own. The railroad industry is a monopoly, because we are not going to build new railroads anywhere in North America. The number of investable rails has shrunk. You can pick any one. He finds them a little pricey in the current market. Their multiples are typically less than the markets, and are trading at kind of a market multiple today.

Transportation
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$101.890
Owned Owned
No

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COMMENT

Sell Baytex (BTE-T) and Crescent Point (CPG-T) and move into Teck Resources (TECK.B-T)? Crescent Point and Baytex had high dividends. When oil fell, the dividend strategy collapsed. From this, he learned don’t rely on commodity stocks to pay dividends. Both are down in the dumps, but both are good names. Baytex probably has a little more debt than he would like, but this one is really trying to remake itself. If looking for torque in a portfolio, you will probably get more in the near term, from a base metal stock that you would from an oil stock.

oil/gas

Sell Baytex (BTE-T) and Crescent Point (CPG-T) and move into Teck Resources (TECK.B-T)? Crescent Point and Baytex had high dividends. When oil fell, the dividend strategy collapsed. From this, he learned don’t rely on commodity stocks to pay dividends. Both are down in the dumps, but both are good names. Baytex probably has a little more debt than he would like, but this one is really trying to remake itself. If looking for torque in a portfolio, you will probably get more in the near term, from a base metal stock that you would from an oil stock.

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$13.110
Owned Owned
Unknown

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COMMENT
Cenovus Energy(CVE-T) 

May 9, 2017

A really good time to be taking a look at this, because it is a great contrarian play. They stretched to make their acquisition and have to make dispositions of assets. Probably took on a little more debt than they probably might otherwise could, and diluted the equity down. That asset sale aspect is troubling at a time when oil prices are $45. Who are you going to sell those assets to.

oil/gas

A really good time to be taking a look at this, because it is a great contrarian play. They stretched to make their acquisition and have to make dispositions of assets. Probably took on a little more debt than they probably might otherwise could, and diluted the equity down. That asset sale aspect is troubling at a time when oil prices are $45. Who are you going to sell those assets to.

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$13.050
Owned Owned
No

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COMMENT

This as not an investable name. They borrowed money to make a UK acquisition and are having issues with that.

Pharma & Healthcare

This as not an investable name. They borrowed money to make a UK acquisition and are having issues with that.

Pharma & Healthcare
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$2.850
Owned Owned
No

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PAST TOP PICK

(A Top Pick July 5/16. Down 15%.) Believed that the model was very good. He began selling it at $60, and by the time he was done it was trading at a little above $48-$49.

Financial Services

(A Top Pick July 5/16. Down 15%.) Believed that the model was very good. He began selling it at $60, and by the time he was done it was trading at a little above $48-$49.

Financial Services
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$48.370
Owned Owned
No

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COMMENT

This is a different mortgage player. They basically raise their own money and put that into mortgages. They service mortgages, as opposed to using capital as an intermediary to earn a spread. This has been a well-run company. Their software is 2nd to none. It got caught in the downdraft.

Financial Services

This is a different mortgage player. They basically raise their own money and put that into mortgages. They service mortgages, as opposed to using capital as an intermediary to earn a spread. This has been a well-run company. Their software is 2nd to none. It got caught in the downdraft.

Financial Services
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$25.190
Owned Owned
Unknown

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COMMENT
Fortis Inc.(FTS-T) 

May 9, 2017

If rates go up, typically utilities underperform. However, if rates are going up because of inflationary pressures, regulators typically raise the rate of return on the underlying assets. They have a big acquisition in the US which left them in good stead. They’ve done a good job in growing dividends and this is a good kind of core holding.

electrical utilities

If rates go up, typically utilities underperform. However, if rates are going up because of inflationary pressures, regulators typically raise the rate of return on the underlying assets. They have a big acquisition in the US which left them in good stead. They’ve done a good job in growing dividends and this is a good kind of core holding.

electrical utilities
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$44.190
Owned Owned
No

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COMMENT
Gibson Energy(GEI-T) 

May 9, 2017

You are basically looking at key infrastructure assets, that will do very, very well as we continue to expand the oil sands, tank storage in particular. Those are crucial assets that would be very, very difficult to replace. There are better names to own in the area, in between the pipeline and the producer. The dividend is high, and they are going to have to grow into that. At this stage, he thinks you can find companies that have already done the growing of the dividend.

pipelines

You are basically looking at key infrastructure assets, that will do very, very well as we continue to expand the oil sands, tank storage in particular. Those are crucial assets that would be very, very difficult to replace. There are better names to own in the area, in between the pipeline and the producer. The dividend is high, and they are going to have to grow into that. At this stage, he thinks you can find companies that have already done the growing of the dividend.

pipelines
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$18.590
Owned Owned
No

Must be logged in to use chart
TOP PICK

This has fallen from $12 to $7.67. He sold some recently at about $9.50, and is looking for an entry point right about here. The reason for this is zinc. The company is basically zinc/copper 50-50. He likes the near term potential for zinc. When zinc moves, we could be in a situation that is referred to as “the pinch point” where you get a spike up because inventories are so low. Zinc could go to $2, just like met coal went from $90-$300, when inventories get tight. Dividend yield of 0.26%. (Analysts’ price target is $11.)

precious metals

This has fallen from $12 to $7.67. He sold some recently at about $9.50, and is looking for an entry point right about here. The reason for this is zinc. The company is basically zinc/copper 50-50. He likes the near term potential for zinc. When zinc moves, we could be in a situation that is referred to as “the pinch point” where you get a spike up because inventories are so low. Zinc could go to $2, just like met coal went from $90-$300, when inventories get tight. Dividend yield of 0.26%. (Analysts’ price target is $11.)

precious metals
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$7.700
Owned Owned
Yes

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COMMENT

He owns this for 2 reasons. It began as a hotel for railroads. 1. It has some nice growth potential as they roll up smaller hotels in and across the US. 2. He likes its real estate outside of Canada, so you get exposure of the real estate sector, without having assets tied up in Canada. If the Cdn$ goes down, he has an asset that appreciates in value.

investment companies/funds

He owns this for 2 reasons. It began as a hotel for railroads. 1. It has some nice growth potential as they roll up smaller hotels in and across the US. 2. He likes its real estate outside of Canada, so you get exposure of the real estate sector, without having assets tied up in Canada. If the Cdn$ goes down, he has an asset that appreciates in value.

investment companies/funds
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$10.780
Owned Owned
Yes

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HOLD
Royal Bank(RY-T) 

May 9, 2017

Owning Canadian bank stocks has never really hurt. In years when stock performance is weak, you tend to get a little bit of a dividend, so you get paid while you wait.

banks

Owning Canadian bank stocks has never really hurt. In years when stock performance is weak, you tend to get a little bit of a dividend, so you get paid while you wait.

banks
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$92.940
Owned Owned
Yes

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TOP PICK
Starbucks(SBUX-Q) 

May 9, 2017

He likes consumer names in areas where the middle class is growing, which is Asia. About 14% of their stores are in Asia. The company is going to see nice, double digit earnings growth, driving high margin expansion. He likes their global exposure. Dividend yield of 1.6%. (Analysts’ price target is $66.)

food services

He likes consumer names in areas where the middle class is growing, which is Asia. About 14% of their stores are in Asia. The company is going to see nice, double digit earnings growth, driving high margin expansion. He likes their global exposure. Dividend yield of 1.6%. (Analysts’ price target is $66.)

food services
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$60.980
Owned Owned
Yes

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DON'T BUY
Shopify Inc.(SHOP-T) 

May 9, 2017

Up almost 110% this year. This has been a rocket ship. A great story about what Canadian technology can do, when it really works well. In investing, you have to have a view as to what something is intrinsically worth. If you think you can sell something to someone else, at a higher price, then you are speculating. Investing requires a discipline. He wouldn’t chase it at its current price.

Up almost 110% this year. This has been a rocket ship. A great story about what Canadian technology can do, when it really works well. In investing, you have to have a view as to what something is intrinsically worth. If you think you can sell something to someone else, at a higher price, then you are speculating. Investing requires a discipline. He wouldn’t chase it at its current price.

0
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$122.630
Owned Owned
No

Must be logged in to use chart
TOP PICK

He is dramatically underrepresented in the “energy producer” sector, and wants to get money back into oils. The best place to start is in a big cap liquid name that pays a dividend. He is not looking for torque yet, because he can’t quite see the beauty of the recovery, but he wants to have exposure, simply because on a value basis these things are cheap and this is levered to oil, and has actually outperformed oil in its existence. Dividend yield of 3%. (Analysts’ price target is $50.)

integrated oils

He is dramatically underrepresented in the “energy producer” sector, and wants to get money back into oils. The best place to start is in a big cap liquid name that pays a dividend. He is not looking for torque yet, because he can’t quite see the beauty of the recovery, but he wants to have exposure, simply because on a value basis these things are cheap and this is levered to oil, and has actually outperformed oil in its existence. Dividend yield of 3%. (Analysts’ price target is $50.)

integrated oils
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$43.110
Owned Owned
Yes

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COMMENT
Transalta Corp(TA-T) 

May 9, 2017

This, by default, is a contrarian company that happens to be in the utility space. This is coming back. They’ve had to do some major cost cutting. They’re converting some of their coal plants to natural gas in order to avoid some carbon tax. The beauty of utilities is that they do generate cash flow. The question becomes, how sustainable is that cash flow. Feels you can do better elsewhere.

electrical/electronic

This, by default, is a contrarian company that happens to be in the utility space. This is coming back. They’ve had to do some major cost cutting. They’re converting some of their coal plants to natural gas in order to avoid some carbon tax. The beauty of utilities is that they do generate cash flow. The question becomes, how sustainable is that cash flow. Feels you can do better elsewhere.

electrical/electronic
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$7.240
Owned Owned
Unknown

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COMMENT

The star of 2016. It began the year well, kind of rallied, and then tanked recently as metallurgical coal prices fell. Now trading at around $25 and is interesting value because of the zinc operations. When he looks at this, he looks at it as a zinc play in the near term. Medium term and longer-term would be copper. And then you get a kick in from metallurgical coal at some point. He hasn’t bought any lately, but it is quite attractive.

precious metals

The star of 2016. It began the year well, kind of rallied, and then tanked recently as metallurgical coal prices fell. Now trading at around $25 and is interesting value because of the zinc operations. When he looks at this, he looks at it as a zinc play in the near term. Medium term and longer-term would be copper. And then you get a kick in from metallurgical coal at some point. He hasn’t bought any lately, but it is quite attractive.

precious metals
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$24.850
Owned Owned
Yes

Must be logged in to use chart
N/A
General Market Comment 

March 20, 2017

Markets. YOMO (Year of Missing Out) is a great description of the Toronto housing market, but we are also starting to get this in equity markets. Stocks are moving, but simply because everyone is afraid to Sell as you don’t want to miss out, and valuations are starting to get stretched, and no one wants to get out of equities because Donald Trump is going to solve all the world’s problems. We have seen this great interest rate increase, which is usually a sign of good times, but investors are already paying for the tax that is going to get cut, and we are already paying for the regulations that are going to get cut. If people’s expectations are not filled, they tend to get disappointed, and the next response is to Sell.

Markets. YOMO (Year of Missing Out) is a great description of the Toronto housing market, but we are also starting to get this in equity markets. Stocks are moving, but simply because everyone is afraid to Sell as you don’t want to miss out, and valuations are starting to get stretched, and no one wants to get out of equities because Donald Trump is going to solve all the world’s problems. We have seen this great interest rate increase, which is usually a sign of good times, but investors are already paying for the tax that is going to get cut, and we are already paying for the regulations that are going to get cut. If people’s expectations are not filled, they tend to get disappointed, and the next response is to Sell.

Unknown
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$0.020
Owned Owned
_N/A

Must be logged in to use chart
N/A
General Market Comment 

March 20, 2017

When will Canadian banks have stock splits? The time is close. Once they get over the $100-$120 level, it is probably time for a split. Splits don’t matter. They are just basically creating more shares at less price.

When will Canadian banks have stock splits? The time is close. Once they get over the $100-$120 level, it is probably time for a split. Splits don’t matter. They are just basically creating more shares at less price.

Unknown
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$0.020
Owned Owned
_N/A

Must be logged in to use chart
COMMENT
General Market Comment 

March 20, 2017

Zinc. Inventories are down and supply is limited. Chinese are shutting some capacity in, in terms of the refining of the raw metal. Zinc is on a roll. It has been tight, and will probably stay tight as mines have shut down. There is no reason the price cannot spike up to the $2 levels. The best 3 plays in Canada are Teck Resources (TECK.B-T), the world’s largest net zinc producer; Hudbay Minerals (HBM-T) an intermediate play; Trevali Mining (TV-T) a more junior company.

Zinc. Inventories are down and supply is limited. Chinese are shutting some capacity in, in terms of the refining of the raw metal. Zinc is on a roll. It has been tight, and will probably stay tight as mines have shut down. There is no reason the price cannot spike up to the $2 levels. The best 3 plays in Canada are Teck Resources (TECK.B-T), the world’s largest net zinc producer; Hudbay Minerals (HBM-T) an intermediate play; Trevali Mining (TV-T) a more junior company.

Unknown
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$0.020
Owned Owned
Unknown

Must be logged in to use chart
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