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Stock Opinions by Philip Doyle

TOP PICK
Trading at a discount to Canadian National (CNR-T) on a number of metrics. Interesting way to play recovery in volume in bulk, particularly grain and coal. Management has committed to lowering costs. Sold off recently.
Transportation
TOP PICK
Stock has suffered he thinks because of the Redback purchase. 63 million ounces so looks cheaper than all the other majors, except fo Barrick (ABX-T). Could have further discoveries in some of their less expored properties.
precious metals
TOP PICK
Feels the company is under appreciated. With all the focus on wireless, mobile and the Cloud, market has overlooked the fact that the whole back office of all those areas are going to be running desktops that are going to run on Windows servers. Pays 9.5X next year’s earnings.
computer software / processing
DON'T BUY
Comex Copper Bull+ ETF. There is a strong story for copper demand however calling the direction of a volatile commodity in the short term is a difficult game. This ETF with the double leverage applied to it becomes highly volatile. Best for short term focused traders. Would prefer Claymore Broad Commodity ETF (CBR-T).
E.T.F.'s
DON'T BUY
Highly leveraged to uranium prices. He prefers the more established and more profitable players such as Cameco (CCO-T). He would hold fire until the nuclear situation in Japan clarifies itself. As long as the news flow is as negative as it has been, it will be difficult for projects to continue to go ahead.
non-base metal mining
BUY on WEAKNESS
All banks are a tricky call right now. Interesting with its exposure to western Canada. A smaller bank so may have more limited growth compared to the majors. He would wait and watch the banks and pick them up as they come down a little. They are pretty much trading at fair value right now.
banks
COMMENT
Global Infrastructure ETF. Convenient way to get access to the global infrastructure theme, especially as it ties into emerging markets and global growth. 45% is US and 30% is Europe so he would prefer the PowerShare Emerging Market Infrastructure ETF (PXR-N) or iShares MSCI Emerging Mrkts Financial (EMFN-Q).
E.T.F.'s
BUY
Volatility is probably due to the broad market as opposed to anything specific to the company. Cheap compared to its peers because of past operational issues. Has started to nibble on this one as the price has come down. Likes copper.
metal mines
BUY
Gold. Not a gold bug but if there is ever a time to hold gold, this may well be it. Recently governments have started to aggressively print money. (See Top Picks.)
Unknown
COMMENT
Shorting Bonds. Good strategy? In Canada you would look at HBP US 30 Year Bond Bear+ ETF (HTD-T). This is effectively creating Short exposures to instruments that pay coupons so you have to cover them. You would hold this for a relatively short period of time.
Unknown
BUY
Has been nibbling on this one. Very interesting story. Chinese government has decided to clean up the coal industry and this company now has access to go into coal mining versus just washing coal as in the past. Very strong balance sheet and very strong cash flow.
other mines
PAST TOP PICK
(A Top Pick Dec 18/09. Up 27.9%.)
other services
PAST TOP PICK
(A Top Pick Dec 18/09. Up 20.24%.)
integrated oils
PAST TOP PICK
(A Top Pick Dec 18/09. Up 14.81%.)
oil / gas pipelines
PAST TOP PICK
(A Top Pick Feb 5/10. Up 8.5%.) Closed end fund that holds a portfolio managed by a fixed income manager known for expertise in high yield. Overlay this with a macro perspective of interest rates, currency and credit to manage risks. About 6.5% distribution.
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