Stock Opinions by Christine Poole - Stockchase Experts
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Christine Poole @

On Stockchase since : Jul 2009

CEO & Managing Director at GlobeInvest Capital Management

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Stock Opinions by Christine Poole - Stockchase Experts

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COMMENT
General Market Comment 

January 10, 2019

Market Outlook - The Market got oversold on December due to negative sentiment. Concerns about US trade war with China, flat yield curve flattening and oil price collapsing and a misinterpretation from the market on what Powell said about raising rates regardless of what was going on weighted on sentiment. Powell then talked again and he said that he was data dependent. The Bank of Canada said the same recently. That provided relieve to the market. The preliminary holiday sales estimates indicate that it was a strong season. Unemployment is still low. It is too early to say.
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Market Outlook - The Market got oversold on December due to negative sentiment. Concerns about US trade war with China, flat yield curve flattening and oil price collapsing and a misinterpretation from the market on what Powell said about raising rates regardless of what was going on weighted on sentiment. Powell then talked again and he said that he was data dependent. The Bank of Canada said the same recently. That provided relieve to the market. The preliminary holiday sales estimates indicate that it was a strong season. Unemployment is still low. It is too early to say.
Unknown
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$0.000
Owned Owned
Unknown

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DON'T BUY
FedEx(FDX-N) 

January 10, 2019

They had to reduce guidance. They are seeing a global slowdown particularly in Europe. A couple of years ago they invested in an express delivery company in Europe. They lower their operating profits target for this company. Another overhang on the stock is Amazon (AMZN-Q) that is trying to build their own delivery network. Stay on the sidelines.
Transportation
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They had to reduce guidance. They are seeing a global slowdown particularly in Europe. A couple of years ago they invested in an express delivery company in Europe. They lower their operating profits target for this company. Another overhang on the stock is Amazon (AMZN-Q) that is trying to build their own delivery network. Stay on the sidelines.
Transportation
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$170.120
Owned Owned
No

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BUY
Xylem Inc.(XYL-N) 

January 10, 2019

Pure play on water. They transport and treat and test water. As a scarce resource this is a good long term play. They tend to operate locally. At this level after the pullback they are adding to clients' portfolios. Good entry point.
environmental
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Pure play on water. They transport and treat and test water. As a scarce resource this is a good long term play. They tend to operate locally. At this level after the pullback they are adding to clients' portfolios. Good entry point.
environmental
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$68.910
Owned Owned
Yes

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COMMENT
BCE Inc.(BCE-T) 

January 10, 2019

If Canada bans Huawei would this company be hurt as they are using Huawei equipment to build the 5G network - They do have a lot of their equipment from Huawei. They would have to replace this equipment. It might cost them some money but eventually it will be passed through to the consumer. It is an incremental expense but will be manageable.
telephone utilities
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If Canada bans Huawei would this company be hurt as they are using Huawei equipment to build the 5G network - They do have a lot of their equipment from Huawei. They would have to replace this equipment. It might cost them some money but eventually it will be passed through to the consumer. It is an incremental expense but will be manageable.
telephone utilities
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$55.140
Owned Owned
Unknown

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HOLD
Telus Corp(T-T) 

January 10, 2019

If Canada bans Huawei would this company be hurt as they are using Huawei equipment to build the 5G network - They do have a lot of their equipment from Huawei. They would have to replace this equipment. It might cost them some money but eventually it will be passed through to the consumer. It is an incremental expense but will be manageable. Attractive yield. Nothing wrong with this company as part of an income bucket.
telephone utilities
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If Canada bans Huawei would this company be hurt as they are using Huawei equipment to build the 5G network - They do have a lot of their equipment from Huawei. They would have to replace this equipment. It might cost them some money but eventually it will be passed through to the consumer. It is an incremental expense but will be manageable. Attractive yield. Nothing wrong with this company as part of an income bucket.
telephone utilities
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$45.350
Owned Owned
Unknown

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BUY
Johnson & Johnson(JNJ-N) 

January 10, 2019

Would the hiccup they had with the baby powder be a problem for the company and it is safe to step in? - Still own this company. They had it for a couple of years. The company said the product is safe and they said that the evidence is in their side. It is a triple A rated company. Their pharmaceutical division is doing very well. The dividend is very attractive and with the pullback it is good to step in.
biotechnology/pharmaceutical
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Would the hiccup they had with the baby powder be a problem for the company and it is safe to step in? - Still own this company. They had it for a couple of years. The company said the product is safe and they said that the evidence is in their side. It is a triple A rated company. Their pharmaceutical division is doing very well. The dividend is very attractive and with the pullback it is good to step in.
biotechnology/pharmaceutical
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$129.710
Owned Owned
Yes

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DON'T BUY
Altagas Ltd(ALA-T) 

January 10, 2019

They bought a large operation in the US and then sold some assets to finance it. The market did not like it and eventually they cut the dividend. She likes other infrastructure companies that have more visibility in terms of cash flow and better growth profiles.

oil/gas
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They bought a large operation in the US and then sold some assets to finance it. The market did not like it and eventually they cut the dividend. She likes other infrastructure companies that have more visibility in terms of cash flow and better growth profiles.

oil/gas
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$14.100
Owned Owned
No

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BUY
Very well managed company. Attractive space. We all live longer and there will be increasing demand for what they offer. They don't do any home care that is more open to potential liability. They have a good pipeline to grow over the next couple of years with an attractive distribution yield of around 4%. This is actually a good entry point for this stock.
property mngmnt/investment
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Very well managed company. Attractive space. We all live longer and there will be increasing demand for what they offer. They don't do any home care that is more open to potential liability. They have a good pipeline to grow over the next couple of years with an attractive distribution yield of around 4%. This is actually a good entry point for this stock.
property mngmnt/investment
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$14.030
Owned Owned
Yes

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DON'T BUY
BlackBerry(BB-T) 

January 10, 2019

It has transitioned out of hardware into software. They have a lot of cash and they make software acquisitions. There is not enough visibility in their top line growth yet.

electrical/electronic
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It has transitioned out of hardware into software. They have a lot of cash and they make software acquisitions. There is not enough visibility in their top line growth yet.

electrical/electronic
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$9.960
Owned Owned
No

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HOLD
United Technologies(UTX-N) 

January 10, 2019

The stock came off because they announced the split in three parts ( Aerospace, Otis Elevators and Chubb and Carrier Division) but it will take up to 18 months to wait until a recent acquisition closes. All three business are great with recurring revenue streams. But the spinoff  is an overhang on the stock. You will be paid to hold here.

mngmnt/diversified
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The stock came off because they announced the split in three parts ( Aerospace, Otis Elevators and Chubb and Carrier Division) but it will take up to 18 months to wait until a recent acquisition closes. All three business are great with recurring revenue streams. But the spinoff  is an overhang on the stock. You will be paid to hold here.

mngmnt/diversified
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$110.410
Owned Owned
Yes

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PAST TOP PICK
Nutrien Ltd.(NTR-T) 

January 10, 2019

(A Top Pick Jan 09/18, Up 4%) They merged with Potash a year ago. Well positioned as crop prices have held. The largest potash producer and there is increasing demand for it. Their retail side is around 35% of their operations. Attractive yield of 3.5% and they are doing some share buy backs. Attractive entry point.

agriculture
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(A Top Pick Jan 09/18, Up 4%) They merged with Potash a year ago. Well positioned as crop prices have held. The largest potash producer and there is increasing demand for it. Their retail side is around 35% of their operations. Attractive yield of 3.5% and they are doing some share buy backs. Attractive entry point.

agriculture
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$66.280
Owned Owned
Yes

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PAST TOP PICK
Walt Disney(DIS-N) 

January 10, 2019

(A Top Pick Jan 09/18, Up 4%) It is going to be a big year for this company as they launch their direct to consumer platform. Great content. ESPN is part of their media network that is doing well. The theme park is doing well both domestically and internationally. Firing on all cylinders. Attractive entry point.
entertainment services
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(A Top Pick Jan 09/18, Up 4%) It is going to be a big year for this company as they launch their direct to consumer platform. Great content. ESPN is part of their media network that is doing well. The theme park is doing well both domestically and internationally. Firing on all cylinders. Attractive entry point.
entertainment services
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$112.800
Owned Owned
Yes

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PAST TOP PICK
Fortis Inc.(FTS-T) 

January 10, 2019

(A Top Pick Jan 09/18, Up 6%) Boring utility. Everybody should own any of these. Yield of 4%. She has a target price of $48. Regulated with operations in the US. She thinks they are going to grow their dividend by 6% every year for the next 5 years. Safe, defensive income stock.

electrical utilities
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(A Top Pick Jan 09/18, Up 6%) Boring utility. Everybody should own any of these. Yield of 4%. She has a target price of $48. Regulated with operations in the US. She thinks they are going to grow their dividend by 6% every year for the next 5 years. Safe, defensive income stock.

electrical utilities
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$45.460
Owned Owned
Yes

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COMMENT
General Market Comment 

January 10, 2019

Are we in a bear market? - How do you define a bear market? She doesn't think we are in a bear market. Some people say that a 20% threshold is how you define a bear market. The S&P 500 dropped from a high of September 20 to the low on December 24 19.4%. She doesn't see a recession in the near future. There is a slow down in 2019 with GDP growth being lower than 2018 but still positive. Same with corporate profit growth as the 2018 profits had been boosted by tax incentives.

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Are we in a bear market? - How do you define a bear market? She doesn't think we are in a bear market. Some people say that a 20% threshold is how you define a bear market. The S&P 500 dropped from a high of September 20 to the low on December 24 19.4%. She doesn't see a recession in the near future. There is a slow down in 2019 with GDP growth being lower than 2018 but still positive. Same with corporate profit growth as the 2018 profits had been boosted by tax incentives.

Unknown
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$0.000
Owned Owned
Unknown

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BUY

Bought it a year and a half ago. Very well managed. They have four verticals: infrastructure, renewables, property and private equity. Very global. Long term secular. Great investment.

management/diversified
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Bought it a year and a half ago. Very well managed. They have four verticals: infrastructure, renewables, property and private equity. Very global. Long term secular. Great investment.

management/diversified
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$40.690
Owned Owned
Yes

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COMMENT
General Market Comment 

January 10, 2019

Is it a good moment to convert CAD into USD? - It is always very difficult to call on currency. She sees the CAD in a range of 1.25 to 1.35. We are kind of at the high end of that end of that range. Having said that she doesn't see the CAD appreciating as there is no reason for that.
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Is it a good moment to convert CAD into USD? - It is always very difficult to call on currency. She sees the CAD in a range of 1.25 to 1.35. We are kind of at the high end of that end of that range. Having said that she doesn't see the CAD appreciating as there is no reason for that.
Unknown
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$0.000
Owned Owned
Unknown

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BUY
Microsoft(MSFT-Q) 

January 10, 2019

Just added on the recent pull back. Well positioned in terms of the cloud services and they did a good job in terms of transitioning to a subscription model for their Office programs. Lots of cash in their balance sheet and recurring revenue streams.
computer software/processing
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Just added on the recent pull back. Well positioned in terms of the cloud services and they did a good job in terms of transitioning to a subscription model for their Office programs. Lots of cash in their balance sheet and recurring revenue streams.
computer software/processing
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$103.600
Owned Owned
Yes

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HOLD
Raytheon(RTN-N) 

January 10, 2019

The multiple contracted with the pull in the market. A defensive name. All defensive names came off in 2018.
electrical/electronic
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The multiple contracted with the pull in the market. A defensive name. All defensive names came off in 2018.
electrical/electronic
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$159.580
Owned Owned
No

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SELL
Celgene Corp(CELG-Q) 

January 10, 2019

Having issues in terms of competition. They wanted to merge with Bristol. She doesn't think the combination makes it a better company. She would sell on the announcement (as the stock lifted).
Consumer Products
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Having issues in terms of competition. They wanted to merge with Bristol. She doesn't think the combination makes it a better company. She would sell on the announcement (as the stock lifted).
Consumer Products
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$86.950
Owned Owned
No

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BUY
Enbridge(ENB-T) 

January 10, 2019

They held it for a couple of years. She would buy now. They decided to sell assets to deleverage their balance sheet. Attractive yield of 6.4% and it is going to grow. All the pipeline got hit with the pullback on the energy price of collapsed even though their business model is very different to the producers.
oil/gas pipelines
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They held it for a couple of years. She would buy now. They decided to sell assets to deleverage their balance sheet. Attractive yield of 6.4% and it is going to grow. All the pipeline got hit with the pullback on the energy price of collapsed even though their business model is very different to the producers.
oil/gas pipelines
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$45.900
Owned Owned
No

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COMMENT
Vermilion Energy Inc(VET-T) 

January 10, 2019

Is this a good stock as a long term income hold? - Energy producers are not income stocks as they rely on the price of the commodity. (Analysts’ price target is $44.03)
oil/gas
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Is this a good stock as a long term income hold? - Energy producers are not income stocks as they rely on the price of the commodity. (Analysts’ price target is $44.03)
oil/gas
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$31.560
Owned Owned
Unknown

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WAIT
General Electric(GE-N) 

January 10, 2019

In their watch list but it is going to take a while to restructure the company. Still to early. Would wait until the CEO has an investor call.
electrical/electronic
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In their watch list but it is going to take a while to restructure the company. Still to early. Would wait until the CEO has an investor call.
electrical/electronic
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$8.940
Owned Owned
No

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TOP PICK
Toronto Dominion(TD-T) 

January 10, 2019

Canadian Banks didn't do well in 2018. But the multiple contracted dramatically trading below 10x earnings now. Valuation is very attractive. Yield of 3.9%. Good growth in the US. They are still 70% retail. Capital markets (that tends to be more volatile) is only 8% of their revenues. They are deposit based. They can grow their earnings by 6-7% this year. Banks have a target payout ratio of 40 to 50% of earnings. (Analysts’ price target is $83.93)
banks
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Canadian Banks didn't do well in 2018. But the multiple contracted dramatically trading below 10x earnings now. Valuation is very attractive. Yield of 3.9%. Good growth in the US. They are still 70% retail. Capital markets (that tends to be more volatile) is only 8% of their revenues. They are deposit based. They can grow their earnings by 6-7% this year. Banks have a target payout ratio of 40 to 50% of earnings. (Analysts’ price target is $83.93)
banks
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$68.800
Owned Owned
Yes

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TOP PICK
Abbott Labs(ABT-N) 

January 10, 2019

They owned for a number of years. 35% of their business is in the US and 40% emerging markets. Well diversified. They have four divisions: nutritionals, established pharmaceuticals, generics and medical devices and diagnostics. She sees double digit growth in earnings. (Analysts’ price target is $78.57)
biotechnology/pharmaceutical
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They owned for a number of years. 35% of their business is in the US and 40% emerging markets. Well diversified. They have four divisions: nutritionals, established pharmaceuticals, generics and medical devices and diagnostics. She sees double digit growth in earnings. (Analysts’ price target is $78.57)
biotechnology/pharmaceutical
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$69.080
Owned Owned
Yes

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TOP PICK
Visa Inc.(V-N) 

January 10, 2019

Leading global payment platform. As more and more people buy online they benefit. Under penetrated in Europe. They bought Visa Europe a couple of years ago that was run before as a not for profit. Good secular growth in the space. She thinks that they can grow their earnings at a 15% - 20% rate. Valuation very attractive. (Analysts’ price target is $161.35)
other services
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Leading global payment platform. As more and more people buy online they benefit. Under penetrated in Europe. They bought Visa Europe a couple of years ago that was run before as a not for profit. Good secular growth in the space. She thinks that they can grow their earnings at a 15% - 20% rate. Valuation very attractive. (Analysts’ price target is $161.35)
other services
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$138.670
Owned Owned
Yes

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COMMENT
General Market Comment 

December 11, 2018

Corporate profits need to lift this market. U.S. ones have had a strong YTD at over 20%. In 2019, they will increase 8%. That's positive if that happens. Markets will be higher a year from now, but the trade war is a serious overhang. Seeing car tariffs removed will certainly be positive. The detainment of the Huawei CFO is an obvious negative, so we must keep an eye on that. Executives are now hesitant to travel. Consensus is that Powell will raise U.S. interest rates next week and three times in 2019. But Powell has said factors could slow the economy and he'll be data-dependent. Now, the BOC has adopted a dovish tone. This means that interest rates in both countries will not rise as quickly as expected.
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Corporate profits need to lift this market. U.S. ones have had a strong YTD at over 20%. In 2019, they will increase 8%. That's positive if that happens. Markets will be higher a year from now, but the trade war is a serious overhang. Seeing car tariffs removed will certainly be positive. The detainment of the Huawei CFO is an obvious negative, so we must keep an eye on that. Executives are now hesitant to travel. Consensus is that Powell will raise U.S. interest rates next week and three times in 2019. But Powell has said factors could slow the economy and he'll be data-dependent. Now, the BOC has adopted a dovish tone. This means that interest rates in both countries will not rise as quickly as expected.
Unknown
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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$0.000
Owned Owned
Unknown

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DON'T BUY
Goldman Sachs(GS-N) 

December 11, 2018

Brokerages are more volatile than banks or insurance companies, because they rely so much on capital markets. In the late-cycle, there's a lot of general uncertainty. If you want exposure to the U.S. financial sector, buy a bank of lifeco which are more stable.
investment companies/funds
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Brokerages are more volatile than banks or insurance companies, because they rely so much on capital markets. In the late-cycle, there's a lot of general uncertainty. If you want exposure to the U.S. financial sector, buy a bank of lifeco which are more stable.
investment companies/funds
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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$176.800
Owned Owned
No

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DON'T BUY
3M Co.(MMM-N) 

December 11, 2018

A diversified industrial company across consumer, industrials and materials, but they have weak topline growth. About 18 months ago, they bought back stock, but added debt, when interest rates were low. Not her first choice in this space. Others have better top- and bottom-line growth.
mngmnt/diversified
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A diversified industrial company across consumer, industrials and materials, but they have weak topline growth. About 18 months ago, they bought back stock, but added debt, when interest rates were low. Not her first choice in this space. Others have better top- and bottom-line growth.
mngmnt/diversified
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$197.460
Owned Owned
No

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DON'T BUY
Has copper, zinc and oil exposure. She's not buying resources, because of global uncertainty. China is a big buyer of these. TECK is good at paying down their debt, though. Wait to see how the tarriffs play out.
precious metals
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Has copper, zinc and oil exposure. She's not buying resources, because of global uncertainty. China is a big buyer of these. TECK is good at paying down their debt, though. Wait to see how the tarriffs play out.
precious metals
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$29.320
Owned Owned
No

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COMMENT
Cineplex Inc(CGX-T) 

December 11, 2018

Pays a good 6% dividend. It's a long-term play. The box office accounts for 80% of their profits and have been diversifying into areas like the Rec Room--but this will take time. They sell tickets when the movies are popular. Steps like the VIP cinemas and serving alcohol are positive. The dividend should hold up, unless the movie business collapses, which she doesn't see. Don't see a dividend increase, though. Also, people watch movies during recessions.
other services
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0 comments
Pays a good 6% dividend. It's a long-term play. The box office accounts for 80% of their profits and have been diversifying into areas like the Rec Room--but this will take time. They sell tickets when the movies are popular. Steps like the VIP cinemas and serving alcohol are positive. The dividend should hold up, unless the movie business collapses, which she doesn't see. Don't see a dividend increase, though. Also, people watch movies during recessions.
other services
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$24.500
Owned Owned
Unknown

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BUY
REITs you recommend? Earlier this year, interest-sensitives moved down because interest rates were rising. Then, this fall, the Canadian economy looked shaky as oil fell, so rates held, and so THIS benfitted interest-sensitives. Now, there are fears of a recession (which she doesn't see), so investors bought these stocks again. You should hold 5-7% in REITS. She likes H&R REIT with a yield of 6%. It's diversified across commercial and industrial properties with some in Canada but got out of that in America. They'll benefit when Amazon builds another HQ in Long Island where HR has some residential property.
property mngmnt/investment
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REITs you recommend? Earlier this year, interest-sensitives moved down because interest rates were rising. Then, this fall, the Canadian economy looked shaky as oil fell, so rates held, and so THIS benfitted interest-sensitives. Now, there are fears of a recession (which she doesn't see), so investors bought these stocks again. You should hold 5-7% in REITS. She likes H&R REIT with a yield of 6%. It's diversified across commercial and industrial properties with some in Canada but got out of that in America. They'll benefit when Amazon builds another HQ in Long Island where HR has some residential property.
property mngmnt/investment
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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$21.380
Owned Owned
Yes

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DON'T BUY
BlackBerry(BB-T) 

December 11, 2018

The CEO has made good moves, but he hasn't said how he'll grow their topline. Also a general pullback in U.S. tech means better stocks to buy elsewhere, stocks that boast better growth.
electrical/electronic
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0 comments
The CEO has made good moves, but he hasn't said how he'll grow their topline. Also a general pullback in U.S. tech means better stocks to buy elsewhere, stocks that boast better growth.
electrical/electronic
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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$10.520
Owned Owned
No

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BUY
Alphabet Inc. (A)(GOOGL-Q) 

December 11, 2018

Still buying it during this pullback. Their online advertising, which they dominate, is still growing and they hold a lot of cash so that can finance their growth without taking on a lot of debt. Their self-driving division will launch sometime in 2019 and has good potential. Google is growing their topline by 22% for a few years, which she believes they can sustain.
Business Services
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0 comments
Still buying it during this pullback. Their online advertising, which they dominate, is still growing and they hold a lot of cash so that can finance their growth without taking on a lot of debt. Their self-driving division will launch sometime in 2019 and has good potential. Google is growing their topline by 22% for a few years, which she believes they can sustain.
Business Services
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$1061.650
Owned Owned
Yes

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DON'T BUY
Why is it so low? Canadian energy suffers from very negative sentiment, though the WCS spread has narrowed (which is good). CPG management is finally getting the point that investors don't want them to keep issuing equity. So, CPG is trying to do asset sales, but so are peers. Also, we're in tax-loss selling season. She owns very few energy producers.
oil/gas
0 0 0 0 0
0 comments
Why is it so low? Canadian energy suffers from very negative sentiment, though the WCS spread has narrowed (which is good). CPG management is finally getting the point that investors don't want them to keep issuing equity. So, CPG is trying to do asset sales, but so are peers. Also, we're in tax-loss selling season. She owns very few energy producers.
oil/gas
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$4.220
Owned Owned
No

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BUY
The biggest U.S. mall owner. But they also own industrial and commercial. Diversified. They're good at re-purposing malls by including condos and gyms. The stock is cheap here. They've been buying back stock. She owns this through the Brookfield parent.
REAL ESTATE
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0 comments
The biggest U.S. mall owner. But they also own industrial and commercial. Diversified. They're good at re-purposing malls by including condos and gyms. The stock is cheap here. They've been buying back stock. She owns this through the Brookfield parent.
REAL ESTATE
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$22.430
Owned Owned
No

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WATCH
Emerson Electric(EMR-N) 

December 11, 2018

A quality industrial and is on her watch list. General uncertainty, trade wars and their exposure to oil has held her back from buying. She owns other industrials, but all have come down in valuation. Wait to see how the trade war plays out before stepping into this sector.
machinery
0 0 0 0 0
0 comments
A quality industrial and is on her watch list. General uncertainty, trade wars and their exposure to oil has held her back from buying. She owns other industrials, but all have come down in valuation. Wait to see how the trade war plays out before stepping into this sector.
machinery
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$62.280
Owned Owned
No

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PAST TOP PICK
Unilever PLC(UL-N) 

December 11, 2018

(A Top Pick Dec 12/17, Down 0.2%) They operate in personal and beauty care, where margins are growing. This is a core consumer staple holding, because 60% of revenues come from emerging markets which offers more growth than in developed markets. This is a long-term secular play. Reasonably valued. A good defensive that pays over a 3% dividend.
food processing
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0 comments
(A Top Pick Dec 12/17, Down 0.2%) They operate in personal and beauty care, where margins are growing. This is a core consumer staple holding, because 60% of revenues come from emerging markets which offers more growth than in developed markets. This is a long-term secular play. Reasonably valued. A good defensive that pays over a 3% dividend.
food processing
0 0 0 0 0
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$54.150
Owned Owned
Yes

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PAST TOP PICK
Enbridge(ENB-T) 

December 11, 2018

(A Top Pick Dec 12/17, Down 8%) They did what they promised: completed $7 billion in asset sales, and de-levering their balance sheet, post-Spectra deal, and simplifying their corporate structure. They'll grow their dividend 10% annually to 2020. They have a backlog of projects to support this growth. Payout ratio is 60%. The stock is attractively priced now. Line 3 pipeline should come on in late-2019.
oil/gas pipelines
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0 comments
(A Top Pick Dec 12/17, Down 8%) They did what they promised: completed $7 billion in asset sales, and de-levering their balance sheet, post-Spectra deal, and simplifying their corporate structure. They'll grow their dividend 10% annually to 2020. They have a backlog of projects to support this growth. Payout ratio is 60%. The stock is attractively priced now. Line 3 pipeline should come on in late-2019.
oil/gas pipelines
0 0 0 0 0
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$42.120
Owned Owned
Yes

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PAST TOP PICK
(A Top Pick Dec 12/17, Down 2%) Pays over 4% yield. It slipped because of rising interest rates. They built somer supply in Ontario and Quebec, so occupancy in Ontario has temporarily slipped to 88% vs. 91% 18 months ago. The demand is definitely there to absorb these new rooms. She likes the play on aging demographics, so there'll be a growing need for seniors housing. CSH is well-positioned to grow in Canada and is the leader.
property mngmnt/investment
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0 comments
(A Top Pick Dec 12/17, Down 2%) Pays over 4% yield. It slipped because of rising interest rates. They built somer supply in Ontario and Quebec, so occupancy in Ontario has temporarily slipped to 88% vs. 91% 18 months ago. The demand is definitely there to absorb these new rooms. She likes the play on aging demographics, so there'll be a growing need for seniors housing. CSH is well-positioned to grow in Canada and is the leader.
property mngmnt/investment
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$14.650
Owned Owned
Yes

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COMMENT
Sun Life Financial Inc(SLF-T) 

December 11, 2018

The lifecos are attractive after this correction. Solid businesses. SLF has a big U.S. asset management operation. But she prefers (and owns) MFC which has a better valuation. In the past. SLF's earnings have outgrown MFC's, but MFC's should outpace SLF's going forward. MFC trades at a discount to SLF.
insurance
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0 comments
The lifecos are attractive after this correction. Solid businesses. SLF has a big U.S. asset management operation. But she prefers (and owns) MFC which has a better valuation. In the past. SLF's earnings have outgrown MFC's, but MFC's should outpace SLF's going forward. MFC trades at a discount to SLF.
insurance
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$45.010
Owned Owned
No

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BUY
Manulife Financial(MFC-T) 

December 11, 2018

The lifecos are attractive after this correction. Solid businesses. SLF has a big U.S. asset management operation. But she prefers (and owns) MFC which has a better valuation. In the past. SLF's earnings have outgrown MFC's, but MFC's should outpace SLF's going forward. MFC trades at a discount to SLF.
insurance
0 0 0 0 0
0 comments
The lifecos are attractive after this correction. Solid businesses. SLF has a big U.S. asset management operation. But she prefers (and owns) MFC which has a better valuation. In the past. SLF's earnings have outgrown MFC's, but MFC's should outpace SLF's going forward. MFC trades at a discount to SLF.
insurance
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$19.850
Owned Owned
Yes

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COMMENT
She doesn't invest in ETFs and isn't familiar with this. If you want to play US banks, then an ETF could work though this one is hedged to the CAD, which she doesn't like. She prefers individual U.S. banks like JPM.
E.T.F.'s
0 0 0 0 0
0 comments
She doesn't invest in ETFs and isn't familiar with this. If you want to play US banks, then an ETF could work though this one is hedged to the CAD, which she doesn't like. She prefers individual U.S. banks like JPM.
E.T.F.'s
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$25.010
Owned Owned
Unknown

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DON'T BUY
Martinrea(MRE-T) 

December 11, 2018

She doesn't follow this closely. She owns nothing in auto parts, because the U.S. auto cycle has likely peaked and things in Europe are slowing.
metal fabricators
0 0 0 0 0
0 comments
She doesn't follow this closely. She owns nothing in auto parts, because the U.S. auto cycle has likely peaked and things in Europe are slowing.
metal fabricators
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$9.980
Owned Owned
No

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DON'T BUY
Qualcomm(QCOM-Q) 

December 11, 2018

She used to own it. They've had issues of reinforcing royalty payments in China, and now have a dispute with Apple. Too much uncertainty over how they protect their patents.
Telecommunications
0 0 0 0 0
0 comments
She used to own it. They've had issues of reinforcing royalty payments in China, and now have a dispute with Apple. Too much uncertainty over how they protect their patents.
Telecommunications
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$57.350
Owned Owned
No

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BUY
Toronto Dominion(TD-T) 

December 11, 2018

Will this correction in Canadian banks continue? They've all been down 5-10% this year. TD just reported strongly with earnings up 13% YOY. TD was questioned about energy and residential loans. The former are well-contained, and mortgage growth is in the single-digits. TD is attractively valued; all the Canadian banks are below historic price-to-earnings or -book. In 2019, she expects all the Canadian banks to catch-up to these metrics. All have increased their dividends. TD has a 45% payout ratio. This year, the banks have been reflecting a lot of bad news, but next year she expects them to catch up. She'd buy TD now.
banks
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Will this correction in Canadian banks continue? They've all been down 5-10% this year. TD just reported strongly with earnings up 13% YOY. TD was questioned about energy and residential loans. The former are well-contained, and mortgage growth is in the single-digits. TD is attractively valued; all the Canadian banks are below historic price-to-earnings or -book. In 2019, she expects all the Canadian banks to catch-up to these metrics. All have increased their dividends. TD has a 45% payout ratio. This year, the banks have been reflecting a lot of bad news, but next year she expects them to catch up. She'd buy TD now.
banks
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$69.390
Owned Owned
Yes

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COMMENT
Power Financial Corp(PWF-T) 

December 11, 2018

POW or PWF for income? Owns PWF for the yield. Neither stock has done much. PWF owns Investors Group and GWL, a solid insurance company. IG had to disclose their fee structure, which was a negative, but is now slowly improving. You can own PWF for the yield, but there's been little price movement. POW owns PWF. The discounts to NAV are wide; she's unsure what the catalyst will be to narrow that. Both dividends are safe.
finance/leasing
0 0 0 0 0
0 comments
POW or PWF for income? Owns PWF for the yield. Neither stock has done much. PWF owns Investors Group and GWL, a solid insurance company. IG had to disclose their fee structure, which was a negative, but is now slowly improving. You can own PWF for the yield, but there's been little price movement. POW owns PWF. The discounts to NAV are wide; she's unsure what the catalyst will be to narrow that. Both dividends are safe.
finance/leasing
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$26.490
Owned Owned
Yes

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COMMENT
Power Corp(POW-T) 

December 11, 2018

POW or PWF for income? Owns PWF for the yield. Neither stock has done much. PWF owns Investors Group and GWL, a solid insurance company. IG had to disclose their fee structure, which was a negative, but is now slowly improving. You can own PWF for the yield, but there's been little price movement. POW owns PWF. The discounts to NAV are wide; she's unsure what the catalyst will be to narrow that. Both dividends are safe.
mngmnt/diversified
0 0 0 0 0
0 comments
POW or PWF for income? Owns PWF for the yield. Neither stock has done much. PWF owns Investors Group and GWL, a solid insurance company. IG had to disclose their fee structure, which was a negative, but is now slowly improving. You can own PWF for the yield, but there's been little price movement. POW owns PWF. The discounts to NAV are wide; she's unsure what the catalyst will be to narrow that. Both dividends are safe.
mngmnt/diversified
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$24.890
Owned Owned
No

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DON'T BUY
Magna Int'l. (A)(MG-T) 

December 11, 2018

She doesn't own this sector because of concerns (peak auto, tariffs, GM closings). But if she were to buy this sector, this would be her choice, because they have a global presence, especially Europe where they can improve their margins.
Automotive
0 0 0 0 0
0 comments
She doesn't own this sector because of concerns (peak auto, tariffs, GM closings). But if she were to buy this sector, this would be her choice, because they have a global presence, especially Europe where they can improve their margins.
Automotive
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$60.230
Owned Owned
No

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DON'T BUY
Cisco(CSCO-Q) 

December 11, 2018

Transitioning from hardware to software and seeing some growth. The valuation is attractive, but other names in this tech space are better.
electrical/electronic
0 0 0 0 0
0 comments
Transitioning from hardware to software and seeing some growth. The valuation is attractive, but other names in this tech space are better.
electrical/electronic
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$47.090
Owned Owned
No

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TOP PICK
Pembina Pipeline Corp(PPL-T) 

December 11, 2018

A defensive play. They're well-positioned in western Canada even with the low oil prices; they're still drilling there. They operates pipelines, processing plants, midstream operations. This year, they enjoyed strong cash flow growth and they believe they can continue to grow that by 10% annually over the next few years, and grow their dividend by 10%. Strong balance sheet with a 53% payout ratio. (Analysts’ price target is $54.11)
pipelines
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A defensive play. They're well-positioned in western Canada even with the low oil prices; they're still drilling there. They operates pipelines, processing plants, midstream operations. This year, they enjoyed strong cash flow growth and they believe they can continue to grow that by 10% annually over the next few years, and grow their dividend by 10%. Strong balance sheet with a 53% payout ratio. (Analysts’ price target is $54.11)
pipelines
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$43.390
Owned Owned
Yes

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TOP PICK
Microsoft(MSFT-Q) 

December 11, 2018

She bought it during the October pullback. Their cloud service is second only behind Amazon. They've transitioned their Office products to become a recurring revenue stream. Definite growth will continue. Strong balance sheet with $7 net cash/share. They can fund their growth without taking on debt. (Analysts’ price target is $125.63)
computer software/processing
0 0 0 0 0
0 comments
She bought it during the October pullback. Their cloud service is second only behind Amazon. They've transitioned their Office products to become a recurring revenue stream. Definite growth will continue. Strong balance sheet with $7 net cash/share. They can fund their growth without taking on debt. (Analysts’ price target is $125.63)
computer software/processing
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$108.590
Owned Owned
Yes

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TOP PICK
Xylem Inc.(XYL-N) 

December 11, 2018

A pure water player--transpor and treat water, a scare commodity. It's pulled back to a good entry point now. Good growth in the U.S. where they refurbish their water infrastructure Emerging markets are 20% of their revenues where they are still building their infrastructure, so that's another plus. (Analysts’ price target is $78.47)
environmental
0 0 0 0 0
0 comments
A pure water player--transpor and treat water, a scare commodity. It's pulled back to a good entry point now. Good growth in the U.S. where they refurbish their water infrastructure Emerging markets are 20% of their revenues where they are still building their infrastructure, so that's another plus. (Analysts’ price target is $78.47)
environmental
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$65.420
Owned Owned
Yes

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COMMENT
CAE Inc(CAE-T) 

November 13, 2018

Flight simulation is a good space because air travel is increasing. CAE has alot of existing relationships. Reasonably price, but she doesn't see a compelling reason to buy it.
transportation equip & components
0 0 0 0 0
0 comments
Flight simulation is a good space because air travel is increasing. CAE has alot of existing relationships. Reasonably price, but she doesn't see a compelling reason to buy it.
transportation equip & components
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$24.440
Owned Owned
No

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BUY
Home Depot(HD-N) 

November 13, 2018

She has owned this for years. They had a great quarter, just announced this morning. She listened on the call. The market is concerned with future housing starts. But HD looks at GDP growth, unemployment (low), consumer confidence (high) and other metrics. HD shows good growth and they predict U.S. housing price appreciation in 2019. HD sees momentum in their business. HD has been unduly punished by the market, she feels.
specialty stores
0 0 0 0 0
0 comments
She has owned this for years. They had a great quarter, just announced this morning. She listened on the call. The market is concerned with future housing starts. But HD looks at GDP growth, unemployment (low), consumer confidence (high) and other metrics. HD shows good growth and they predict U.S. housing price appreciation in 2019. HD sees momentum in their business. HD has been unduly punished by the market, she feels.
specialty stores
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$179.000
Owned Owned
Yes

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COMMENT
DowDuPont Inc.(DWDP-N) 

November 13, 2018

The company will spin off into three businesses: chemicals, materials and agriculture likely in 2019. She'd rather wait for the company to spin off these sections and not own all three now. Then, she'll look at the structure and valuation. Analysts feel the sum of the parts isn't reflected in the share price, which is why they're spinning off.
chemicals
0 0 0 0 0
0 comments
The company will spin off into three businesses: chemicals, materials and agriculture likely in 2019. She'd rather wait for the company to spin off these sections and not own all three now. Then, she'll look at the structure and valuation. Analysts feel the sum of the parts isn't reflected in the share price, which is why they're spinning off.
chemicals
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$57.470
Owned Owned
No

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DON'T BUY
Bombardier Inc (B)(BBD.B-T) 

November 13, 2018

They've gotten out of some businesses, but they still have their business jet, plus another one coming on. But the transit side of their business continues to disappoint. BBD warned that they will miss margin targets in their transit production, and said their free cash flow is below expectations. They need cash flow because they carry debt. She'd rather buy a peer.
transportation equip & components
0 0 0 0 0
0 comments
They've gotten out of some businesses, but they still have their business jet, plus another one coming on. But the transit side of their business continues to disappoint. BBD warned that they will miss margin targets in their transit production, and said their free cash flow is below expectations. They need cash flow because they carry debt. She'd rather buy a peer.
transportation equip & components
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$2.250
Owned Owned
No

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BUY
They have quality office buildings with high occupancy. The REIT acts like a long-term bond, so it lags as rates rise. They're streamlining what it's doing in the US, getting out of retail to focus on multi-family housing units. Defensive stocks are starting to hold in, which is good. It's attractively valued. She's holding it for the yield and predicts price appreciation.
property mngmnt/investment
0 0 0 0 0
0 comments
They have quality office buildings with high occupancy. The REIT acts like a long-term bond, so it lags as rates rise. They're streamlining what it's doing in the US, getting out of retail to focus on multi-family housing units. Defensive stocks are starting to hold in, which is good. It's attractively valued. She's holding it for the yield and predicts price appreciation.
property mngmnt/investment
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$20.880
Owned Owned
Yes

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DON'T BUY
Keyera Corp(KEY-T) 

November 13, 2018

Likes this space, because of its exposure to interest-sensitive stocks, though the group has lagged a bit. She prefers others in this space because of better cash flow growth, project backlog and dividend growth, like Pembina.
oil/gas
0 0 0 0 0
0 comments
Likes this space, because of its exposure to interest-sensitive stocks, though the group has lagged a bit. She prefers others in this space because of better cash flow growth, project backlog and dividend growth, like Pembina.
oil/gas
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$28.720
Owned Owned
No

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DON'T BUY
It's been trending down because orders are off and investors fears of weaker future earnings. She thinks that, yes, things will slow in bus orders, considering where we are in the cycle.
Automotive
0 0 0 0 0
0 comments
It's been trending down because orders are off and investors fears of weaker future earnings. She thinks that, yes, things will slow in bus orders, considering where we are in the cycle.
Automotive
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$36.740
Owned Owned
No

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DON'T BUY
Apple(AAPL-Q) 

November 13, 2018

Reported last week. Their volume shipments have been trending down, yet they're increasing prices. They are transitioning to a software-service company. Also, they won't disclose future unit shipment volumes, which the market doesn't like--people want more transparency. Apple has a lot of cash though. They haven't innovated in a big way in recent years, just relaunches. A financially sound company though. Wait for it to stabilize.
electrical/electronic
0 1 0 0 0
0 comments
Reported last week. Their volume shipments have been trending down, yet they're increasing prices. They are transitioning to a software-service company. Also, they won't disclose future unit shipment volumes, which the market doesn't like--people want more transparency. Apple has a lot of cash though. They haven't innovated in a big way in recent years, just relaunches. A financially sound company though. Wait for it to stabilize.
electrical/electronic
0 1 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$192.230
Owned Owned
No

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PAST TOP PICK
Cineplex Inc(CGX-T) 

November 13, 2018

(A Top Pick Nov 10/17, Up 4%) Stock price has been flat and has made basically only the yield. They're diversifying their revenues (Rec Room, e-gaming) away from the box office which accounts for 70%. When the movie slate is strong, people do come and spend money at the concession counter. Younger people still go to theatres, even to the VIP cinemas. Movies have been strong, and people are spending once they get in there.
other services
0 1 0 0 0
0 comments
(A Top Pick Nov 10/17, Up 4%) Stock price has been flat and has made basically only the yield. They're diversifying their revenues (Rec Room, e-gaming) away from the box office which accounts for 70%. When the movie slate is strong, people do come and spend money at the concession counter. Younger people still go to theatres, even to the VIP cinemas. Movies have been strong, and people are spending once they get in there.
other services
0 1 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$36.050
Owned Owned
Yes

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PAST TOP PICK
CGI Group (A)(GIB.A-T) 

November 13, 2018

(A Top Pick Nov 10/17, Up 20%) Long owned this and still likes it. They do half-IT outsourcing and half IT-consulting. The former is long-term with a stable revenue stream. Diversified around Europe and Canada. Good organic growth. She'd buy it around $80 during this pullback. They don't pay a dividend, but they buy back stock. They're introducing more intellectual property in their software which is higher margin.
consulting
0 0 0 0 0
0 comments
(A Top Pick Nov 10/17, Up 20%) Long owned this and still likes it. They do half-IT outsourcing and half IT-consulting. The former is long-term with a stable revenue stream. Diversified around Europe and Canada. Good organic growth. She'd buy it around $80 during this pullback. They don't pay a dividend, but they buy back stock. They're introducing more intellectual property in their software which is higher margin.
consulting
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$81.590
Owned Owned
Yes

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PAST TOP PICK
Mondelez International(MDLZ-Q) 

November 13, 2018

(A Top Pick Nov 10/17, Up 8%) They make candies and chocolates. They have 40% in emerging markets where there will be growth, unlike developed markets which will be flat. In recent years they are reducing costs and widening margins. They've done this, so they are now improving their topline. You want more defensive names in this stage of the cycle and MDLZ is a good choice, long-term.
Consumer Products
0 0 0 0 0
0 comments
(A Top Pick Nov 10/17, Up 8%) They make candies and chocolates. They have 40% in emerging markets where there will be growth, unlike developed markets which will be flat. In recent years they are reducing costs and widening margins. They've done this, so they are now improving their topline. You want more defensive names in this stage of the cycle and MDLZ is a good choice, long-term.
Consumer Products
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$44.080
Owned Owned
Yes

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BUY on WEAKNESS
Xylem Inc.(XYL-N) 

November 13, 2018

It got ahead of itself above $80 so she wasn't surprised it pulled back. You can buy it on weakness. She likes the water sector and this is a pure-water play. 20% of revenues are in emerging markets which are still building water infrastructure. XYL has local operations there and growing demand in the U.S. She likes this long-term, because water is a scare resource.
environmental
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0 comments
It got ahead of itself above $80 so she wasn't surprised it pulled back. You can buy it on weakness. She likes the water sector and this is a pure-water play. 20% of revenues are in emerging markets which are still building water infrastructure. XYL has local operations there and growing demand in the U.S. She likes this long-term, because water is a scare resource.
environmental
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$68.780
Owned Owned
Yes

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WATCH
Dollarama Inc.(DOL-T) 

November 13, 2018

They had a few weak quarters based on weak same-store growth. They haven't had much competition in Canada, so it's traded at a premium vs. U.S. peers. It's been punished badly for missing recent reports. She's watching it. DOL is increasing price points beyond $1. A recent short report countered that DOL will become like any other retailer. Valuation is looking more attraction, but they could face competition from Miniso.
Consumer Products
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0 comments
They had a few weak quarters based on weak same-store growth. They haven't had much competition in Canada, so it's traded at a premium vs. U.S. peers. It's been punished badly for missing recent reports. She's watching it. DOL is increasing price points beyond $1. A recent short report countered that DOL will become like any other retailer. Valuation is looking more attraction, but they could face competition from Miniso.
Consumer Products
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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$35.480
Owned Owned
Unknown

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COMMENT
Canada Goose Holdings(GOOS-T) 

November 13, 2018

Trades at a huge multiple, though they are experiencing good growth and the brand is strong. Never bought this, but she'll pay attention when they report tomorrow.
clothing
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0 comments
Trades at a huge multiple, though they are experiencing good growth and the brand is strong. Never bought this, but she'll pay attention when they report tomorrow.
clothing
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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$77.490
Owned Owned
No

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DON'T BUY
Canadian banks haven't done well, but they're undervalued now. CIBC is more domestic than its peers, which is why she doesn't own it. The housing market and trade (less of a concern now) are overhangs, but they have been oversold.
banks
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0 comments
Canadian banks haven't done well, but they're undervalued now. CIBC is more domestic than its peers, which is why she doesn't own it. The housing market and trade (less of a concern now) are overhangs, but they have been oversold.
banks
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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$114.480
Owned Owned
No

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WAIT
Facebook(FB-Q) 

November 13, 2018

Privacy issues and spending increases have dragged down this stock. Instagram and Whatsapp are doing well and are offsetting weakness in FB. She won't step into this yet, and will see what happens with it in 2019.
0 0 0 0 0
0 comments
Privacy issues and spending increases have dragged down this stock. Instagram and Whatsapp are doing well and are offsetting weakness in FB. She won't step into this yet, and will see what happens with it in 2019.
0
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$142.160
Owned Owned
No

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COMMENT
General Market Comment 

November 13, 2018

The trade war and the pace of US interest rate raises are key worries. The latter will continue because the U.S. economy is growing and healthy with unemployment at a 50-year low. It's difficult to determine what'll happen in the US-China trade war. In the Q4, though, US companies are starting to see pressure on costs (transportation, wages), so will this slow corporate growth? Tax cuts, that have helped corporations, will moderate next year. Earnings will continue though. We are at the latter part of the cycle, but she doesn't see a pending recession. Trade wars are not good for economies; they increase costs and inflation. In turn, the Fed could raise rates even faster.
0 0 0 0 0
0 comments
The trade war and the pace of US interest rate raises are key worries. The latter will continue because the U.S. economy is growing and healthy with unemployment at a 50-year low. It's difficult to determine what'll happen in the US-China trade war. In the Q4, though, US companies are starting to see pressure on costs (transportation, wages), so will this slow corporate growth? Tax cuts, that have helped corporations, will moderate next year. Earnings will continue though. We are at the latter part of the cycle, but she doesn't see a pending recession. Trade wars are not good for economies; they increase costs and inflation. In turn, the Fed could raise rates even faster.
Unknown
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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$0.000
Owned Owned
Unknown

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BUY
Enbridge(ENB-T) 

November 13, 2018

It's executed on its plan to sell assets to reduce debt after an acquisition last year. They've streamlined corporate structure and, importantly, they got approval for line 3 in the U.S. This much-needed pipeline in western Canada will come online in the second half of 2019. This will be good for their future growth. Safe dividend that they can grow. She'd buy it here.
oil/gas pipelines
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It's executed on its plan to sell assets to reduce debt after an acquisition last year. They've streamlined corporate structure and, importantly, they got approval for line 3 in the U.S. This much-needed pipeline in western Canada will come online in the second half of 2019. This will be good for their future growth. Safe dividend that they can grow. She'd buy it here.
oil/gas pipelines
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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$43.250
Owned Owned
Yes

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COMMENT
Why such a big decline? It's on her radar. High valuation, but good managers. They grow by acquisition (small processed meat-makers). Their latest pullback was a result of the stock getting ahead of itself. They just had a conference that all that investors should listen to. Margins were lower (higher transportation costs) so they revised guidance. Are these costs temporary or get resolved? Is growth slowly only temporarily?
food processing
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Why such a big decline? It's on her radar. High valuation, but good managers. They grow by acquisition (small processed meat-makers). Their latest pullback was a result of the stock getting ahead of itself. They just had a conference that all that investors should listen to. Margins were lower (higher transportation costs) so they revised guidance. Are these costs temporary or get resolved? Is growth slowly only temporarily?
food processing
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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$72.830
Owned Owned
No

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BUY
Fortis Inc.(FTS-T) 

November 13, 2018

It was nice to see its recent pick-up. It's doing well in this defensive environment. It will increase its dividend 6-8% in coming years. Pays a yield of over 4%. A good, long-term income stock that'll do well when the market/economy slows.
electrical utilities
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It was nice to see its recent pick-up. It's doing well in this defensive environment. It will increase its dividend 6-8% in coming years. Pays a yield of over 4%. A good, long-term income stock that'll do well when the market/economy slows.
electrical utilities
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$46.200
Owned Owned
Yes

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TOP PICK
A nice income stock. 90% of revenue is from the U.S. and report in USD. 70% of its operations are regulated, so cash flows are stable. The rest are renewable power generation operations under long-term agreements. They pay a 4.9% yield that they can increase 10% annually to 2021. You need a dividend-grower in this environment. (Analysts’ price target is $15.16)
electrical utilities
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A nice income stock. 90% of revenue is from the U.S. and report in USD. 70% of its operations are regulated, so cash flows are stable. The rest are renewable power generation operations under long-term agreements. They pay a 4.9% yield that they can increase 10% annually to 2021. You need a dividend-grower in this environment. (Analysts’ price target is $15.16)
electrical utilities
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$13.970
Owned Owned
Yes

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TOP PICK
Toronto Dominion(TD-T) 

November 13, 2018

They've done better than their peers. Likes their 30% exposure to the U.S. where the economy is doing better than ours. Trades at a discount to historical valuations at a current 11x. Pays a 3.7% yield. Earnings will grow 15% . TD's payout ratio is 42%. Dividends will increase in mid-high-single digits in coming years. Seasonally, banks do well this quarter. (Analysts’ price target is $85.67)
banks
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They've done better than their peers. Likes their 30% exposure to the U.S. where the economy is doing better than ours. Trades at a discount to historical valuations at a current 11x. Pays a 3.7% yield. Earnings will grow 15% . TD's payout ratio is 42%. Dividends will increase in mid-high-single digits in coming years. Seasonally, banks do well this quarter. (Analysts’ price target is $85.67)
banks
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$73.070
Owned Owned
Yes

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TOP PICK
Microsoft(MSFT-Q) 

November 13, 2018

After watching it, she bought it during the recent pullback under $103. They're transitioning their Office business into a subscriber-based business. Then, there's Windows. The last third is their Cloud business, which is well-positioned, just behind Amazon. They have a global business. Companies are comfortable with Microsoft so there's security and confidence in MSFT. The Cloud has a lot of room to grow. Boasts a strong balance sheet and a stable, recurring revenue stream. Strong balance sheet; they are net cash positive, actually. They don't need the debt markets to finance growth. (Analysts’ price target is $125.69)
computer software/processing
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After watching it, she bought it during the recent pullback under $103. They're transitioning their Office business into a subscriber-based business. Then, there's Windows. The last third is their Cloud business, which is well-positioned, just behind Amazon. They have a global business. Companies are comfortable with Microsoft so there's security and confidence in MSFT. The Cloud has a lot of room to grow. Boasts a strong balance sheet and a stable, recurring revenue stream. Strong balance sheet; they are net cash positive, actually. They don't need the debt markets to finance growth. (Analysts’ price target is $125.69)
computer software/processing
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$106.940
Owned Owned
Yes

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COMMENT
Great West Lifeco(GWO-T) 

November 13, 2018

All lifecos have underperformed. GWL has great assets in Canada, but Putnam Investments in the U.S. has been a drag on them. That said, lifecos are steady and will benefit from rising interest rates. She prefers others in this space.

insurance
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All lifecos have underperformed. GWL has great assets in Canada, but Putnam Investments in the U.S. has been a drag on them. That said, lifecos are steady and will benefit from rising interest rates. She prefers others in this space.

insurance
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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$30.600
Owned Owned
No

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TOP PICK
Nutrien Ltd.(NTR-T) 

October 10, 2018

They're ahead of their cost synergies target after the potash merger. They have sold off some assets totalling $5 billion. They project $6-8 billion in free cash flow to grow their retail network to buyback 5% of the stocks and raise the dividend. They are seeing an uptick in the Nutrient business. They have signed contracts with China and India where pricing should improve next year and beyond. They will benefit from increased demand. (2.9% dividend, Analysts' price target: $81.90) 

agriculture
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They're ahead of their cost synergies target after the potash merger. They have sold off some assets totalling $5 billion. They project $6-8 billion in free cash flow to grow their retail network to buyback 5% of the stocks and raise the dividend. They are seeing an uptick in the Nutrient business. They have signed contracts with China and India where pricing should improve next year and beyond. They will benefit from increased demand. (2.9% dividend, Analysts' price target: $81.90) 

agriculture
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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$71.640
Owned Owned
Yes

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TOP PICK

She likes the alternative asset space, because there's a growing demand to invest in infrastructure. It's more of a growth company next to the other Brookfield stocks. They will raise new capital with new funds. Existing clients are committing more captiall to invest--a good sign. They're global. Management owns 20% of the stock. (1.4dividendAnalysts' price target$67.09) 

management/diversified
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She likes the alternative asset space, because there's a growing demand to invest in infrastructure. It's more of a growth company next to the other Brookfield stocks. They will raise new capital with new funds. Existing clients are committing more captiall to invest--a good sign. They're global. Management owns 20% of the stock. (1.4dividendAnalysts' price target$67.09) 

management/diversified
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$54.960
Owned Owned
Yes

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TOP PICK
Alphabet Inc. (A)(GOOGL-Q) 

October 10, 2018

Happy to still buy it. It's the largest online search company globally with an 80% share. Expects more secular growth in digital ads. They're also monetizing YouTube. Waymo could be a leader in self-driving cars in the future. (no dividend, Analysts' price target: $1,386.11

Business Services
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Happy to still buy it. It's the largest online search company globally with an 80% share. Expects more secular growth in digital ads. They're also monetizing YouTube. Waymo could be a leader in self-driving cars in the future. (no dividend, Analysts' price target: $1,386.11

Business Services
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$1092.160
Owned Owned
Yes

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SELL
Whirlpool Corp(WHR-N) 

October 10, 2018

Sold her shares recently. They're trying to grow in Europe and Asia with acquisitions, but actually lost market share in Europe. Got hurt by deep US steel tariffs. Look elsewhere and cut your losses.

household goods
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Sold her shares recently. They're trying to grow in Europe and Asia with acquisitions, but actually lost market share in Europe. Got hurt by deep US steel tariffs. Look elsewhere and cut your losses.

household goods
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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$104.970
Owned Owned
No

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BUY
Mastercard Inc.(MA-N) 

October 10, 2018

She likes this space--it's a play on e-commerce and in countries where cash and cheque dominate payments. Credit cards will continue to grow. She owns Visa, though MA has done better lately. Nothing wrong with buying either in this pullback. They were getting pricey vs. a few weeks ago. She prefers Visa because they brought in Visa Europe last year which will raise their international presence and introduce new products and grow the company.

other services
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0 comments

She likes this space--it's a play on e-commerce and in countries where cash and cheque dominate payments. Credit cards will continue to grow. She owns Visa, though MA has done better lately. Nothing wrong with buying either in this pullback. They were getting pricey vs. a few weeks ago. She prefers Visa because they brought in Visa Europe last year which will raise their international presence and introduce new products and grow the company.

other services
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$196.690
Owned Owned
No

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BUY
Visa Inc.(V-N) 

October 10, 2018

She likes this space--it's a play on e-commerce and in countries where cash and cheque dominate payments. Credit cards will continue to grow. Nothing wrong with buying in this pullback. They were getting pricey vs. a few weeks ago. She prefers Visa to MasterCard, because they brought in Visa Europe last year which will raise their international presence and introduce new products and grow the company.

other services
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0 comments

She likes this space--it's a play on e-commerce and in countries where cash and cheque dominate payments. Credit cards will continue to grow. Nothing wrong with buying in this pullback. They were getting pricey vs. a few weeks ago. She prefers Visa to MasterCard, because they brought in Visa Europe last year which will raise their international presence and introduce new products and grow the company.

other services
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$135.520
Owned Owned
Yes

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WAIT
Manulife Financial(MFC-T) 

October 10, 2018

She has no more info about the Muddy Waters short report. Muddy is betting on the outcome of this trial. See what happens. It could drag on for years with appeals. She likes the new CEO who has segmented their legacy products, and likes their positioning in China. It's now trading close to book value.

insurance
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0 comments

She has no more info about the Muddy Waters short report. Muddy is betting on the outcome of this trial. See what happens. It could drag on for years with appeals. She likes the new CEO who has segmented their legacy products, and likes their positioning in China. It's now trading close to book value.

insurance
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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$20.970
Owned Owned
Yes

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WAIT
MEG Energy Corp(MEG-T) 

October 10, 2018

Trading slightly above the take-out price (Husky is doing a hostile takeover). Maybe Cenovus will step in. It's difficult to
buy the oil sands given the deep WCS discount. Wait.

oil/gas
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0 comments

Trading slightly above the take-out price (Husky is doing a hostile takeover). Maybe Cenovus will step in. It's difficult to
buy the oil sands given the deep WCS discount. Wait.

oil/gas
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$10.720
Owned Owned
Unknown

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WAIT
Intel(INTC-Q) 

October 10, 2018

They dominate this space, but are expanding into growthier areas. They are seeking a new CEO, so until then just wait. Need to know their strategy.

electrical/electronic
0 0 0 0 0
0 comments

They dominate this space, but are expanding into growthier areas. They are seeking a new CEO, so until then just wait. Need to know their strategy.

electrical/electronic
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$44.800
Owned Owned
No

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DON'T BUY

All tech stocks have come off, Alibaba's valuation was always excessive, and Jack Ma has stepped down so who will step in? She's looking at other tech stocks that have better fundamentals.

0 0 0 0 0
0 comments

All tech stocks have come off, Alibaba's valuation was always excessive, and Jack Ma has stepped down so who will step in? She's looking at other tech stocks that have better fundamentals.

0
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$138.290
Owned Owned
No

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BUY on WEAKNESS
Emerson Electric(EMR-N) 

October 10, 2018

Well-run. Maybe buy it during this pullback and she is certainly watching it. The U.S. has picked up oil demand, so Emerson's orders have grown.

machinery
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0 comments

Well-run. Maybe buy it during this pullback and she is certainly watching it. The U.S. has picked up oil demand, so Emerson's orders have grown.

machinery
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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$73.350
Owned Owned
No

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DON'T BUY

Their end markets aren't growing that quickly. They've made some acqusitions (buses and coaches) and are driven by cities ordering new buses. They're positioned in the U.S., so NAFTA's signing may have lifted an overhang. Valuation is okay, but not great. Nothing to compel her to own it.

Automotive
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0 comments

Their end markets aren't growing that quickly. They've made some acqusitions (buses and coaches) and are driven by cities ordering new buses. They're positioned in the U.S., so NAFTA's signing may have lifted an overhang. Valuation is okay, but not great. Nothing to compel her to own it.

Automotive
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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$45.410
Owned Owned
No

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PAST TOP PICK
Johnson & Johnson(JNJ-N) 

October 10, 2018

(Past Top Pick Oct.10, 2017,Up 10%) Their pharma is doing quite well. All health companies are facing patent losses, but J&J is positioned to weather this, because they're launching 10 new drugs in the next 18 months. In this defensive
environment, this should hold up well. Have been increasing their dividend for 56 years, now paying a 2.5% yield.

biotechnology/pharmaceutical
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0 comments

(Past Top Pick Oct.10, 2017,Up 10%) Their pharma is doing quite well. All health companies are facing patent losses, but J&J is positioned to weather this, because they're launching 10 new drugs in the next 18 months. In this defensive
environment, this should hold up well. Have been increasing their dividend for 56 years, now paying a 2.5% yield.

biotechnology/pharmaceutical
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$137.730
Owned Owned
Yes

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PAST TOP PICK

(Past Top Pick Oct. 10, 2017, Up 4%) Hasn't done much in the past year. A global leader in snacks, which grow faster than other consumer staples. Likes it as secular play for growth in emerging markets, with 40% of revenues there, and 60% outside North America. Starting to see some improvement, but watch the strength of the US dollar which pressure EM. Got a new CEO in December, who is reinvesting the business to grow the topline. 

Consumer Products
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0 comments

(Past Top Pick Oct. 10, 2017, Up 4%) Hasn't done much in the past year. A global leader in snacks, which grow faster than other consumer staples. Likes it as secular play for growth in emerging markets, with 40% of revenues there, and 60% outside North America. Starting to see some improvement, but watch the strength of the US dollar which pressure EM. Got a new CEO in December, who is reinvesting the business to grow the topline. 

Consumer Products
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$42.270
Owned Owned
Yes

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PAST TOP PICK
Pembina Pipeline Corp(PPL-T) 

October 10, 2018

(Past Top Pick Oct. 10, 2017, Up 9%) Still likes it. They're positioned well and should benefit from the BC LNG deal announced last week. Likes last year's Verison acquisition because of long-growth prospects like L&G in Oregon. Just raised their guidance. Yield over 5% and have been raising it. Good balance sheet and 53% payout ratio.

pipelines
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0 comments

(Past Top Pick Oct. 10, 2017, Up 9%) Still likes it. They're positioned well and should benefit from the BC LNG deal announced last week. Likes last year's Verison acquisition because of long-growth prospects like L&G in Oregon. Just raised their guidance. Yield over 5% and have been raising it. Good balance sheet and 53% payout ratio.

pipelines
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0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$44.110
Owned Owned
Yes

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WATCH
Dollarama Inc.(DOL-T) 

October 10, 2018

Never bought it because of high valuation. Had a weak quarter and reduced guidance. It's starting to look attractive if you have a long-term outlook. Still trades at a premium to its US peers, though it's better position in Canada. Also new competition coming, though DOL denies any impact. They could increase their price points. There could be tariff impacts since they source goods from China, though DOL they haven't felt it. She may buy it during this pullback.

Consumer Products
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0 comments

Never bought it because of high valuation. Had a weak quarter and reduced guidance. It's starting to look attractive if you have a long-term outlook. Still trades at a premium to its US peers, though it's better position in Canada. Also new competition coming, though DOL denies any impact. They could increase their price points. There could be tariff impacts since they source goods from China, though DOL they haven't felt it. She may buy it during this pullback.

Consumer Products
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$37.580
Owned Owned
No

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DON'T BUY
Newell Brands Inc(NWL-N) 

October 10, 2018

Catching a falling knife as they resposition, selling a few businesses and using some proceeds to buyback stock and de-lever. There's little growth in their existing businesses and they're facing tariffs from products they buy from China. A lot of uncertainy in the coming year. Not confident in their earnings numbers.

misc consumer products
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0 comments

Catching a falling knife as they resposition, selling a few businesses and using some proceeds to buyback stock and de-lever. There's little growth in their existing businesses and they're facing tariffs from products they buy from China. A lot of uncertainy in the coming year. Not confident in their earnings numbers.

misc consumer products
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$18.070
Owned Owned
No

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HOLD
Canadian Pacific Rail(CP-T) 

October 10, 2018

They lowered their operating ratio target, which is good, so the stock rose. She likes rails and actually owns CN Rail. Long-term, rails will do well, gaining business in crude oil. Rails will do well if the economy does well. They see good volume growth and pricing. Maybe not buy more but wait instead.

Transportation
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0 comments

They lowered their operating ratio target, which is good, so the stock rose. She likes rails and actually owns CN Rail. Long-term, rails will do well, gaining business in crude oil. Rails will do well if the economy does well. They see good volume growth and pricing. Maybe not buy more but wait instead.

Transportation
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$269.660
Owned Owned
Unknown

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BUY

She likes rails and owns CN Rail. Long-term, rails will do well, gaining business in crude oil. Rails will do well if the economy does well. They see good volume growth and pricing. 

Transportation
0 0 0 0 0
0 comments

She likes rails and owns CN Rail. Long-term, rails will do well, gaining business in crude oil. Rails will do well if the economy does well. They see good volume growth and pricing. 

Transportation
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$111.850
Owned Owned
Yes

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BUY
CGI Group (A)(GIB.A-T) 

October 10, 2018

Has been buying during this pullback, which is an attractive entry point. Their outsourcing businees are long-recurring revenues, which are a defensive cash-flow stream. Seeing good growth in consulting as cybersecurity grows among companies. But pays no dividend. Positioned well, and about to make a purchase which will grow the company.

consulting
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Has been buying during this pullback, which is an attractive entry point. Their outsourcing businees are long-recurring revenues, which are a defensive cash-flow stream. Seeing good growth in consulting as cybersecurity grows among companies. But pays no dividend. Positioned well, and about to make a purchase which will grow the company.

consulting
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$77.390
Owned Owned
Yes

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BUY
Enbridge(ENB-T) 

October 10, 2018

They sold their non-core assets to de-lever, are simplifying their corporate structure and the Line 3 got approved. So, they fulfilled all their plans. But it's pressured by rising interest rates. Nice 6.3% yield which is safe and will grow. An income investor could buy it here.

oil/gas pipelines
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They sold their non-core assets to de-lever, are simplifying their corporate structure and the Line 3 got approved. So, they fulfilled all their plans. But it's pressured by rising interest rates. Nice 6.3% yield which is safe and will grow. An income investor could buy it here.

oil/gas pipelines
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$42.610
Owned Owned
Unknown

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COMMENT
General Market Comment 

October 10, 2018

We knew rates were going up last week and the US got good jobs numbers, so their economy is sound. I guess now the market realized that rates will ramp up. She's glad to see the 10-year yield curve rise to 3.2%, while the spread between the 2- and 10-year is now 3-4 basis points vs. 25 points last month. The US Fed said it would increase rates once more this year and three in 2019, so we need rates to rise to counter a recession down the road when the yield curve inverts. Earnings should be very good this quarter, and up 22% in 2018. We need that profit growth from the U.S. in Q3. The big question is what happens to the tariff impact. Friday we see the bank earnings and this will be critical. Tech stocks got ahead of themsleves, so this pullback is healthy. We need rates high enough to cut later when the recession hits.

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We knew rates were going up last week and the US got good jobs numbers, so their economy is sound. I guess now the market realized that rates will ramp up. She's glad to see the 10-year yield curve rise to 3.2%, while the spread between the 2- and 10-year is now 3-4 basis points vs. 25 points last month. The US Fed said it would increase rates once more this year and three in 2019, so we need rates to rise to counter a recession down the road when the yield curve inverts. Earnings should be very good this quarter, and up 22% in 2018. We need that profit growth from the U.S. in Q3. The big question is what happens to the tariff impact. Friday we see the bank earnings and this will be critical. Tech stocks got ahead of themsleves, so this pullback is healthy. We need rates high enough to cut later when the recession hits.

Unknown
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$0.020
Owned Owned
Unknown

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COMMENT
General Market Comment 

October 10, 2018

Pipeline or a bank for an RRSP? Buy an income stock in a non-registered account to get the dividend tax credit. Put growth stocks in an RRSP, so you can shield the capital gains for as long as possible. The pipelines pay a higher yield than banks. Put the banks in the RRSP and the pipelines in non-registered.

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Pipeline or a bank for an RRSP? Buy an income stock in a non-registered account to get the dividend tax credit. Put growth stocks in an RRSP, so you can shield the capital gains for as long as possible. The pipelines pay a higher yield than banks. Put the banks in the RRSP and the pipelines in non-registered.

Unknown
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$0.020
Owned Owned
Unknown

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DON'T BUY
Inter Pipeline(IPL-T) 

October 10, 2018

Building a chemical facility that will come online in a few years. She took money out of pipelines and put it into electric utilities and renewable energies, because the future is good in this space.

oil pipelines
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Building a chemical facility that will come online in a few years. She took money out of pipelines and put it into electric utilities and renewable energies, because the future is good in this space.

oil pipelines
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$21.990
Owned Owned
No

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BUY
Bank of Nova Scotia(BNS-T) 

October 10, 2018

Been adding to it. BNS has underperformed its peers. Recently did an equity issue to fund acqusition in the global management side. So, its been taking a breather in its stock. Likes Canadian banks which have a good year in reporting. Overhangs were NAFTA and real estate where rising interest rates pressure mortgages. Banks have diversified businesses and are performing well; and are investing in technology. All are raising dividends.

banks
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Been adding to it. BNS has underperformed its peers. Recently did an equity issue to fund acqusition in the global management side. So, its been taking a breather in its stock. Likes Canadian banks which have a good year in reporting. Overhangs were NAFTA and real estate where rising interest rates pressure mortgages. Banks have diversified businesses and are performing well; and are investing in technology. All are raising dividends.

banks
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$73.830
Owned Owned
Yes

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BUY

Still likes it and has been buying it during this pullback. REITs have been pressured by rising rates, but she likes the seniors housing space. Managed well and pays an attractive 4.2% yield. A good long-term hold and would buy it here.

property mngmnt/investment
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Still likes it and has been buying it during this pullback. REITs have been pressured by rising rates, but she likes the seniors housing space. Managed well and pays an attractive 4.2% yield. A good long-term hold and would buy it here.

property mngmnt/investment
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$13.970
Owned Owned
Yes

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BUY on WEAKNESS
Microsoft(MSFT-Q) 

October 10, 2018

Definitely on her radar. Today, it pulled back to $106 which is getting pretty close to her pulling the trigger. Before, it was too expensive. Been doing very well this year. Nice recurring revenue stream and their businesses are doing well. Their cloud business is growing. Gaming doing well.

computer software/processing
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Definitely on her radar. Today, it pulled back to $106 which is getting pretty close to her pulling the trigger. Before, it was too expensive. Been doing very well this year. Nice recurring revenue stream and their businesses are doing well. Their cloud business is growing. Gaming doing well.

computer software/processing
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$106.160
Owned Owned
No

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COMMENT
General Market Comment 

September 11, 2018

Markets. Are large international investors losing confidence in Canada as a place to make energy investments? She has seen many companies that made large investments in the oil sands have pulled out since the collapse of the price of oil a few years ago. And the Trans-Mountain Pipeline problems are highlighting the difficulty of solving Canada’s inadequate takeaway capacity. Even when the Government of Canada steps in, takeaway capacity still can’t be significantly improved and the oil gets trapped in Western Canada and can oil get out if it is sold at a large discount, reducing the value of the investments. Because of these issues, she has not bought any Canadian energy producers for the last year and a half or two years. In contrast, the US economy is growing and leading the growth globally. Growth has been moderating outside the United States, especially in emerging markets. Profits are still rising, wages are finally starting to rise, and she sees no indications of recession on the horizon. However, the trade war with China is a big unknown. In addition, US currency is strengthening, which creates a headwind for large companies with multinational markets. Profit growth is driving overall growth at this point, and anything that causes that to slow could cause the market to pull back.

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Markets. Are large international investors losing confidence in Canada as a place to make energy investments? She has seen many companies that made large investments in the oil sands have pulled out since the collapse of the price of oil a few years ago. And the Trans-Mountain Pipeline problems are highlighting the difficulty of solving Canada’s inadequate takeaway capacity. Even when the Government of Canada steps in, takeaway capacity still can’t be significantly improved and the oil gets trapped in Western Canada and can oil get out if it is sold at a large discount, reducing the value of the investments. Because of these issues, she has not bought any Canadian energy producers for the last year and a half or two years. In contrast, the US economy is growing and leading the growth globally. Growth has been moderating outside the United States, especially in emerging markets. Profits are still rising, wages are finally starting to rise, and she sees no indications of recession on the horizon. However, the trade war with China is a big unknown. In addition, US currency is strengthening, which creates a headwind for large companies with multinational markets. Profit growth is driving overall growth at this point, and anything that causes that to slow could cause the market to pull back.

Unknown
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$0.020
Owned Owned
_N/A

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DON'T BUY
Saputo Inc.(SAP-T) 

September 11, 2018

They had a soft quarter, the price environment for their products is weak. In addition, the supply managing negotiations in NAFTA are creating uncertainties for their business. An interview with Saputo’s president indicated that changing supply management rules would cause challenges for Saputo over the near term. However, Saputo is really good at expanding through acquisitions, they have a strong balance sheet and operations in several countries. Support for this stock will come as they expand within the new environment. The changes might also reduce their costs. She would not buy yet. She wants to wait to get a better sense of what will come out of NAFTA.

food processing
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They had a soft quarter, the price environment for their products is weak. In addition, the supply managing negotiations in NAFTA are creating uncertainties for their business. An interview with Saputo’s president indicated that changing supply management rules would cause challenges for Saputo over the near term. However, Saputo is really good at expanding through acquisitions, they have a strong balance sheet and operations in several countries. Support for this stock will come as they expand within the new environment. The changes might also reduce their costs. She would not buy yet. She wants to wait to get a better sense of what will come out of NAFTA.

food processing
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$38.010
Owned Owned
No

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DON'T BUY
Applied Materials(AMAT-Q) 

September 11, 2018

They make equipment for the semiconductor industry. She rarely invests in this sector. The sector is very volatile and recently, pricing across the industry has come down. She won’t consider investing in this until she sees stability in their end customers and the pricing environment that those customers face.

electrical/electronic
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They make equipment for the semiconductor industry. She rarely invests in this sector. The sector is very volatile and recently, pricing across the industry has come down. She won’t consider investing in this until she sees stability in their end customers and the pricing environment that those customers face.

electrical/electronic
0 0 0 0 0
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Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$39.180
Owned Owned
No

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COMMENT
Richelieu Hardware(RCH-T) 

September 11, 2018

She doesn’t follow this closely. This is a home improvement stock. She sees the sector as more Amazon-proof than other types of retailers, so she expects companies like Richelieu to fare better. Richelieu has done OK but her interest has shifted from the Canadian market to the US. She owns Home Depot because she thinks the housing market is stronger in the US.

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She doesn’t follow this closely. This is a home improvement stock. She sees the sector as more Amazon-proof than other types of retailers, so she expects companies like Richelieu to fare better. Richelieu has done OK but her interest has shifted from the Canadian market to the US. She owns Home Depot because she thinks the housing market is stronger in the US.

0
0 0 0 0 0
0 comments
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$31.030
Owned Owned
No

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DON'T BUY
Baxter International Inc(BAX-N) 

September 11, 2018

She owned this a few years ago. It has done well recently, as has the US health sector generally