Opinions by Jeff Black | StockChase
125
Jeff Black

President & CIO

ON STOCKCHASE SINCE Oct 2008

Crestridge Asset Management


Opinions by Jeff Black


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2012-09-25

N/A
A Comment -- General Comments From an Expert 

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.

Jeff Black

President & CIO, Crestridge Asset Management

Price: $0.020
Owned: _N/A

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2012-09-25

N/A
A Comment -- General Comments From an Expert 

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.

Jeff Black

President & CIO, Crestridge Asset Management

Price: $0.020
Owned: _N/A

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2012-09-25

HOLD
Abbott Labs (ABT-N)

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 Management

Price: $69.570
Owned: Yes

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2012-09-25

HOLD
Agrium (AGU-T)

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 Management

Price: $100.050
Owned: Yes

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2012-09-25

COMMENT
Alimentation Couche-Tard (B) (ATD.B-T)

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 Management

Price: $45.550
Owned: No

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2012-09-25

DON'T BUY
Bank of America (BAC-N)

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 Management

Price: $8.925
Owned: No

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2012-09-25

COMMENT
Brookfield Infrastucture Partners (BIP.UN-T)

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 Management

Price: $34.800
Owned: No

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2012-09-25

TOP PICK
CASH (CASH)

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

N/A
Jeff Black

President & CIO, Crestridge Asset Management

Price: $0.010
Owned: Yes

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2012-09-25

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

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 Management

Price: $5.590
Owned: Unknown

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2012-09-25

HOLD
Cisco (CSCO-Q)

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 Management

Price: $18.665
Owned: Unknown

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2012-09-25

TOP PICK
Fairfax Financial (FFH-T)

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 Management

Price: $376.200
Owned: Yes

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2012-09-25

SELL
Hewlett-Packard Co (HPQ-N)

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 Management

Price: $16.710
Owned: No

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2012-09-25

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

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 Management

Price: $40.550
Owned: No

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2012-09-25

PAST TOP PICK
Novartis AG (NVS-N)

(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 Management

Price: $61.450
Owned: Yes

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2012-09-25

DON'T BUY
PepsiCo (PEP-N)

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 Management

Price: $70.350
Owned: No

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