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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
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

Must be logged in to use chart
Showing 1 to 60 of 768 entries
<< < 1 2 3 4 5 > >>

No Comments.


You must be logged in to comment.

Successfully Saved Company