Stock Opinions by David Schaffner - Stockchase Experts
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David Schaffner

On Stockchase since : Aug 2009

President & CEO at Leith Wheeler

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Stock Opinions by David Schaffner - Stockchase Experts

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COMMENT
General Market Comment 

August 4, 2009

Government bonds. Currently rates vary from just over 1% to a high of 4% in the longest bonds. If you are looking for higher rates, you have to wait for inflation to rise considerably. This is not likely in the next 1 to 2 years.
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Government bonds. Currently rates vary from just over 1% to a high of 4% in the longest bonds. If you are looking for higher rates, you have to wait for inflation to rise considerably. This is not likely in the next 1 to 2 years.
Unknown
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David Schaffner

President , Leith Wheeler...

Price Price
$0.020
Owned Owned
Unknown

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COMMENT
Bank of Montreal(BMO-T) 

August 4, 2009

Capital Trust II 10% bonds. The legal maturity is almost a century from now but is structured to be redeemed in 10 years. If the bank lets the bond remain outstanding they will have to pay a government bond yield +10%.
banks
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Capital Trust II 10% bonds. The legal maturity is almost a century from now but is structured to be redeemed in 10 years. If the bank lets the bond remain outstanding they will have to pay a government bond yield +10%.
banks
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David Schaffner

President , Leith Wheeler...

Price Price
$54.550
Owned Owned
Yes

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COMMENT
Yellow Media Inc(Y-T) 

August 4, 2009

Has been a very acquisitive company for the past few years and bond investors typically don't like this. There have been quite a few bonds issued by the holding company and he prefers bonds that are issued by the actual operating company. Also, some of their advertising revenue is starting to migrate to other media. Thinks there are better opportunities for the same value but the ones with the shorter maturity are not too bad.
communications/media
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Has been a very acquisitive company for the past few years and bond investors typically don't like this. There have been quite a few bonds issued by the holding company and he prefers bonds that are issued by the actual operating company. Also, some of their advertising revenue is starting to migrate to other media. Thinks there are better opportunities for the same value but the ones with the shorter maturity are not too bad.
communications/media
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David Schaffner

President , Leith Wheeler...

Price Price
$5.090
Owned Owned
No

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COMMENT
Fixed income fund so advantage is lower volatility and lower management fees. On the other hand, there could be a fun that is actively managed and even though it has a higher MER it could be worthwhile.
E.T.F.'s
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Fixed income fund so advantage is lower volatility and lower management fees. On the other hand, there could be a fun that is actively managed and even though it has a higher MER it could be worthwhile.
E.T.F.'s
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David Schaffner

President , Leith Wheeler...

Price Price
$29.390
Owned Owned
Unknown

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COMMENT
General Market Comment 

August 4, 2009

Real Return Bonds are a different asset class than the normal corporate bonds. Value is determined by inflation and real return. More of an insurance policy. If you are concerned that inflation will rise and are willing to accept a lower return.
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Real Return Bonds are a different asset class than the normal corporate bonds. Value is determined by inflation and real return. More of an insurance policy. If you are concerned that inflation will rise and are willing to accept a lower return.
Unknown
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David Schaffner

President , Leith Wheeler...

Price Price
$0.020
Owned Owned
Unknown

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BUY
Bonds maturing 2017. Price of these bonds has gone from 100 cents on the dollar to about $.87. If an experienced investor with a long time horizon, these could be looked at. Company has a lot of high-quality assets so can raise a lot of money by selling some of these. Assets throw off pretty stable cash flows for the long-term.
management/diversified
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Bonds maturing 2017. Price of these bonds has gone from 100 cents on the dollar to about $.87. If an experienced investor with a long time horizon, these could be looked at. Company has a lot of high-quality assets so can raise a lot of money by selling some of these. Assets throw off pretty stable cash flows for the long-term.
management/diversified
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David Schaffner

President , Leith Wheeler...

Price Price
$20.640
Owned Owned
No

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TOP PICK
Toronto Dominion(TD-T) 

August 4, 2009

TD Capital Trust IV bonds callable in 10 years with a 9.5% coupon yielding about 6.2%. One of the top banks for management. Very solid bank and very profitable. 2.5% better than the government bond.
banks
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TD Capital Trust IV bonds callable in 10 years with a 9.5% coupon yielding about 6.2%. One of the top banks for management. Very solid bank and very profitable. 2.5% better than the government bond.
banks
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David Schaffner

President , Leith Wheeler...

Price Price
$64.850
Owned Owned
Yes

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TOP PICK
Manulife Financial(MFC-T) 

August 4, 2009

Senior insurance bond maturing in 10 years, 7.768% coupon yielding 5.4%, about 1.8% more than the government. Canadian financial system is very strong. Very well capitalized and he expects it to return to profitability soon.
insurance
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Senior insurance bond maturing in 10 years, 7.768% coupon yielding 5.4%, about 1.8% more than the government. Canadian financial system is very strong. Very well capitalized and he expects it to return to profitability soon.
insurance
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David Schaffner

President , Leith Wheeler...

Price Price
$26.130
Owned Owned
Yes

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TOP PICK
General Market Comment 

August 4, 2009

MLFA 2002 bond. A pool of Canadian commercial mortgages secures interest and principal. The mortgages are well diversified across Canada. Short maturity of 2 or 3 years. AAA rated. Trading with a yield of 4% or more of a Canada government bond.
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MLFA 2002 bond. A pool of Canadian commercial mortgages secures interest and principal. The mortgages are well diversified across Canada. Short maturity of 2 or 3 years. AAA rated. Trading with a yield of 4% or more of a Canada government bond.
Unknown
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0 comments
David Schaffner

President , Leith Wheeler...

Price Price
$0.020
Owned Owned
Yes

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