Opinions by Jeff Black | StockChase
125
Jeff Black

President & CIO

ON STOCKCHASE SINCE Oct 2008

Crestridge Asset Management

125
Jeff Black

President & CIO

ON STOCKCHASE SINCE Oct 2008

Crestridge Asset Management


Opinions by Jeff Black


Signal Opinion Expert Chart
N/A
General Market Comment 

September 25, 2012

Markets. Has been quite conservative for a while and had his concerns on terms of equity exposure at the lower end of his policy ranges. Bond market portends weaker times. We wouldn’t be getting the QE 3 to the degree we have if there wasn’t a lot of concerns. Has a large cap bias versus small caps. Expects to see more earnings revisions. Cash holdings for clients is in the 25%-40% range.

Markets. Has been quite conservative for a while and had his concerns on terms of equity exposure at the lower end of his policy ranges. Bond market portends weaker times. We wouldn’t be getting the QE 3 to the degree we have if there wasn’t a lot of concerns. Has a large cap bias versus small caps. Expects to see more earnings revisions. Cash holdings for clients is in the 25%-40% range.

Unknown
Jeff Black

President & CIO, Crestridge Asset Man...

PricePrice
$0.020
Owned Owned
_N/A

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N/A
General Market Comment 

September 25, 2012

Natural gas. Has had a bit of a rebound. Certainly influenced by the weather. There is an enormous supply which would point to prices being stable to down. Doesn’t think there is any strong catalyst to suggest that you are going to see a material movement in price going forward.

Natural gas. Has had a bit of a rebound. Certainly influenced by the weather. There is an enormous supply which would point to prices being stable to down. Doesn’t think there is any strong catalyst to suggest that you are going to see a material movement in price going forward.

Unknown
Jeff Black

President & CIO, Crestridge Asset Man...

PricePrice
$0.020
Owned Owned
_N/A

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HOLD
Abbott Labs(ABT-N) 

September 25, 2012

Great quality company. They are splitting their medical devices and pharmaceuticals but if you own, stay the course. Likes the space. Have executed well.

biotechnology/pharmaceutical

Great quality company. They are splitting their medical devices and pharmaceuticals but if you own, stay the course. Likes the space. Have executed well.

biotechnology/pharmaceutical
Jeff Black

President & CIO, Crestridge Asset Man...

PricePrice
$69.570
Owned Owned
Yes

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HOLD
Agrium(AGU-T) 

September 25, 2012

This is in a good sector and very well-positioned to benefit from Viterra assets which it is acquiring. Company is currently having a Dutch auction but he wouldn’t sell into it. The fact that they want to buy back stocks is not a bad thing.

chemicals

This is in a good sector and very well-positioned to benefit from Viterra assets which it is acquiring. Company is currently having a Dutch auction but he wouldn’t sell into it. The fact that they want to buy back stocks is not a bad thing.

chemicals
Jeff Black

President & CIO, Crestridge Asset Man...

PricePrice
$100.050
Owned Owned
Yes

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COMMENT

Have executed well. Grown through acquisitions, mostly in North America. Made their 1st foray into Europe recently. Bought well and partnered well with the Norwegians. Not an industry that he sees with a lot of low risks.

food stores

Have executed well. Grown through acquisitions, mostly in North America. Made their 1st foray into Europe recently. Bought well and partnered well with the Norwegians. Not an industry that he sees with a lot of low risks.

food stores
Jeff Black

President & CIO, Crestridge Asset Man...

PricePrice
$45.550
Owned Owned
No

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DON'T BUY
Bank of America(BAC-N) 

September 25, 2012

Thinks they did well in buying Merrill Lynch and acquiring some good financial assets. Like all US financials they benefited from all the stimulus, Tarp programs, etc. There is a risk element in their debts.

banks

Thinks they did well in buying Merrill Lynch and acquiring some good financial assets. Like all US financials they benefited from all the stimulus, Tarp programs, etc. There is a risk element in their debts.

banks
Jeff Black

President & CIO, Crestridge Asset Man...

PricePrice
$8.925
Owned Owned
No

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COMMENT

Feels the infrastructure space is a good one. Reasonable income here and conservative growth going forward. He prefers to participate through the parent Brookfield Asset Management (BAM.A-T).

INDUSTRIAL PRODUCTS

Feels the infrastructure space is a good one. Reasonable income here and conservative growth going forward. He prefers to participate through the parent Brookfield Asset Management (BAM.A-T).

INDUSTRIAL PRODUCTS
Jeff Black

President & CIO, Crestridge Asset Man...

PricePrice
$34.800
Owned Owned
No

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TOP PICK
CASH(CASH) 

September 25, 2012

(A Top Pick Oct 14/11.) His clients have from 25% to 40% in cash positions.

N/A

(A Top Pick Oct 14/11.) His clients have from 25% to 40% in cash positions.

N/A
Jeff Black

President & CIO, Crestridge Asset Man...

PricePrice
$0.010
Owned Owned
Yes

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DON'T BUY
Canaccord Financial Inc(CF-T) 

September 25, 2012

Cutting back a little and being prudent looking at their operations and where they are getting return on capital. A tough business, both on the wealth management side and a lot of their core franchise, in terms of capital markets. No near-term catalyst to buy this.

investment companies/funds

Cutting back a little and being prudent looking at their operations and where they are getting return on capital. A tough business, both on the wealth management side and a lot of their core franchise, in terms of capital markets. No near-term catalyst to buy this.

investment companies/funds
Jeff Black

President & CIO, Crestridge Asset Man...

PricePrice
$5.590
Owned Owned
Unknown

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HOLD
Cisco(CSCO-Q) 

September 25, 2012

Has had a pretty good move of late and has initiated a dividend, which is a good thing. Generating free cash flow. Good management. He sees challenges for the tech sector in general.

electrical/electronic

Has had a pretty good move of late and has initiated a dividend, which is a good thing. Generating free cash flow. Good management. He sees challenges for the tech sector in general.

electrical/electronic
Jeff Black

President & CIO, Crestridge Asset Man...

PricePrice
$18.665
Owned Owned
Unknown

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TOP PICK
Fairfax Financial(FFH-T) 

September 25, 2012

Preferred Series I. This is the re-set preferred which will either be called by the company for redemption in 2015 or re-set and the dividend going forward at that juncture will be the five-year Canada bond +2.85%.

insurance

Preferred Series I. This is the re-set preferred which will either be called by the company for redemption in 2015 or re-set and the dividend going forward at that juncture will be the five-year Canada bond +2.85%.

insurance
Jeff Black

President & CIO, Crestridge Asset Man...

PricePrice
$376.200
Owned Owned
Yes

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SELL
Hewlett-Packard Co(HPQ-N) 

September 25, 2012

Price is significantly lower than it has been for a number of years. But the company has materially changed as well. Significant change in operations. Have a new CEO. There are a lot of headwinds in the space they are in. Not participating that much in the convergence to mobile. Thinks they will be economically sensitive in a weaker macro environment. If you own, consider triggering a loss. You only have to be out of it 30 days to reposition at a new ACB and be patient for a turnaround over the next few years.

electrical/electronic

Price is significantly lower than it has been for a number of years. But the company has materially changed as well. Significant change in operations. Have a new CEO. There are a lot of headwinds in the space they are in. Not participating that much in the convergence to mobile. Thinks they will be economically sensitive in a weaker macro environment. If you own, consider triggering a loss. You only have to be out of it 30 days to reposition at a new ACB and be patient for a turnaround over the next few years.

electrical/electronic
Jeff Black

President & CIO, Crestridge Asset Man...

PricePrice
$16.710
Owned Owned
No

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DON'T BUY
JP Morgan Chase & Co(JPM-N) 

September 25, 2012

He is basically out of all US financials. This has been on a pretty strong run, aided and abetted by all the US policy moves. Feels there is still a number of risks in US financials.

Financial Services

He is basically out of all US financials. This has been on a pretty strong run, aided and abetted by all the US policy moves. Feels there is still a number of risks in US financials.

Financial Services
Jeff Black

President & CIO, Crestridge Asset Man...

PricePrice
$40.550
Owned Owned
No

Must be logged in to use chart
PAST TOP PICK
Novartis AG(NVS-N) 

September 25, 2012

(A Top Pick Oct 14/11. Up 10.17%.) Good dividend and last year they did increase it. Likes the sector for its defensive nature. With the Cdn$ above par, it is not a bad time to accumulate this one. Important to have healthcare exposure.

biotechnology/pharmaceutical

(A Top Pick Oct 14/11. Up 10.17%.) Good dividend and last year they did increase it. Likes the sector for its defensive nature. With the Cdn$ above par, it is not a bad time to accumulate this one. Important to have healthcare exposure.

biotechnology/pharmaceutical
Jeff Black

President & CIO, Crestridge Asset Man...

PricePrice
$61.450
Owned Owned
Yes

Must be logged in to use chart
DON'T BUY
PepsiCo(PEP-N) 

September 25, 2012

Great global company and very diversified with their beverages and their snacks side. Good exposure and growth to emerging markets. Reasonable dividend. However, any company is not immune to economic slow down. Not a screaming buy based on valuation metrics. With anything consumer/retail oriented, earnings could be challenged and lower valuations could be at hand.

food processing

Great global company and very diversified with their beverages and their snacks side. Good exposure and growth to emerging markets. Reasonable dividend. However, any company is not immune to economic slow down. Not a screaming buy based on valuation metrics. With anything consumer/retail oriented, earnings could be challenged and lower valuations could be at hand.

food processing
Jeff Black

President & CIO, Crestridge Asset Man...

PricePrice
$70.350
Owned Owned
No

Must be logged in to use chart
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