Opinions by Stephen Groff | StockChase
126
Stephen Groff

Principal & Portfolio Manager

ON STOCKCHASE SINCE Apr 2016

Cambridge Global Asset Management

126
Stephen Groff

Principal & Portfolio Manager

ON STOCKCHASE SINCE Apr 2016

Cambridge Global Asset Management


Opinions by Stephen Groff


Signal Opinion Expert Chart
N/A
General Market Comment 

October 30, 2017

[Three Guests] Market.  [Groff] The 16k number is a nice physiological number but does not affect what he does.  He is bottom up.  There are parts of the market that are fully valued.  And parts that aren’t.  [Rohinton] The risk reward is not in your favour in banks today.  He does not think this is the day for this opportunity.  He prefers US banks and others outside of banks such as the payment sector.  [McNamee].  He does not think there is a bubble in the FANG stocks.  He has owned names within that group and still likes names like Google.  CSCO is not a name he has invested in.  He looks at other value players like MSFT-Q that are into new technology transitions such as ‘Cloud First’.  [Groff] There are pockets of real estate that are fully valued.

[Three Guests] Market.  [Groff] The 16k number is a nice physiological number but does not affect what he does.  He is bottom up.  There are parts of the market that are fully valued.  And parts that aren’t.  [Rohinton] The risk reward is not in your favour in banks today.  He does not think this is the day for this opportunity.  He prefers US banks and others outside of banks such as the payment sector.  [McNamee].  He does not think there is a bubble in the FANG stocks.  He has owned names within that group and still likes names like Google.  CSCO is not a name he has invested in.  He looks at other value players like MSFT-Q that are into new technology transitions such as ‘Cloud First’.  [Groff] There are pockets of real estate that are fully valued.

Unknown
Stephen Groff

Principal & Portfolio Manager, Cambridge Global Ass...

PricePrice
$0.020
Owned Owned
_N/A

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TOP PICK

It is all online.  He likes it because it has a terrific brand but de-rated significantly due to BREXIT, consumer confidence and residual values of cars in the UK.  You can buy it at a price where it makes sense.  (Analysts’ target: 430 pounds).

Automotive

It is all online.  He likes it because it has a terrific brand but de-rated significantly due to BREXIT, consumer confidence and residual values of cars in the UK.  You can buy it at a price where it makes sense.  (Analysts’ target: 430 pounds).

Automotive
Stephen Groff

Principal & Portfolio Manager, Cambridge Global Ass...

PricePrice
$0.000
Owned Owned
Yes

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BUY

He likes it long term and would own more if it was cheaper.  They are having to reinvest and it is hurting margins.  He does not know short term and it is reasonably fully valued, but he likes the business long term.  They are good at doing M&A and taking costs out.  They are a royalty model so they care about growth in absolute units.

food services

He likes it long term and would own more if it was cheaper.  They are having to reinvest and it is hurting margins.  He does not know short term and it is reasonably fully valued, but he likes the business long term.  They are good at doing M&A and taking costs out.  They are a royalty model so they care about growth in absolute units.

food services
Stephen Groff

Principal & Portfolio Manager, Cambridge Global Ass...

PricePrice
$82.840
Owned Owned
Yes

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DON'T BUY

It has been a soft performer (weak).  There is a concern about AMZN-Q getting over aggressive over time on Pharmacy.  But the business is not that simple and the retail chain adds a lot of value.  The process is very efficient and they have a lot of buying power.  AMZN-Q is absolutely a threat but if you look at the WBA-Q, a lot is baked in at today’s price.

specialty stores

It has been a soft performer (weak).  There is a concern about AMZN-Q getting over aggressive over time on Pharmacy.  But the business is not that simple and the retail chain adds a lot of value.  The process is very efficient and they have a lot of buying power.  AMZN-Q is absolutely a threat but if you look at the WBA-Q, a lot is baked in at today’s price.

specialty stores
Stephen Groff

Principal & Portfolio Manager, Cambridge Global Ass...

PricePrice
$66.260
Owned Owned
Unknown

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N/A
General Market Comment 

September 6, 2017

Market. Doesn’t believe this is a cheap stock market currently. He is holding cash and is very defensive. There is a lot of political noise, and is not something he spends an enormous amount of time on.

Market. Doesn’t believe this is a cheap stock market currently. He is holding cash and is very defensive. There is a lot of political noise, and is not something he spends an enormous amount of time on.

Unknown
Stephen Groff

Principal & Portfolio Manager, Cambridge Global Ass...

PricePrice
$0.020
Owned Owned
_N/A

Must be logged in to use chart
COMMENT
General Market Comment 

September 6, 2017

Auto parts maker with the best dividend? There are a number of suppliers in the 2%-3% dividend range, but this is a dangerous strategy. He would not seek out auto part suppliers based upon dividend yield. These are very cyclical, capital intensive businesses, and expecting them to provide a stable source of income without considering other factors, could be a little dangerous.

Auto parts maker with the best dividend? There are a number of suppliers in the 2%-3% dividend range, but this is a dangerous strategy. He would not seek out auto part suppliers based upon dividend yield. These are very cyclical, capital intensive businesses, and expecting them to provide a stable source of income without considering other factors, could be a little dangerous.

Unknown
Stephen Groff

Principal & Portfolio Manager, Cambridge Global Ass...

PricePrice
$0.020
Owned Owned
Unknown

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HOLD
General Market Comment 

September 6, 2017

Royal Bank (RY-T), Toronto Dominion (TD-T) and Bank of Nova Scotia (BNS-T) have been dropping. Why? Higher interest rates do help the banks, but on the flipside you have to be mindful of the people who are paying the interest payments. He doesn’t own any Canadian banks. With the risk/reward, there are better places to put money in Canada. Canadians have taken on too much debt. Believes the dividends are safe.

Royal Bank (RY-T), Toronto Dominion (TD-T) and Bank of Nova Scotia (BNS-T) have been dropping. Why? Higher interest rates do help the banks, but on the flipside you have to be mindful of the people who are paying the interest payments. He doesn’t own any Canadian banks. With the risk/reward, there are better places to put money in Canada. Canadians have taken on too much debt. Believes the dividends are safe.

Unknown
Stephen Groff

Principal & Portfolio Manager, Cambridge Global Ass...

PricePrice
$0.020
Owned Owned
No

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COMMENT
General Market Comment 

September 6, 2017

US banks? Prior to the election, these were his largest holdings. They have enormous amounts of value given where they were trading. Post the election, interest rates moved higher and they became a very consensus Long and the shares revalued substantially. He sold the vast majority of his holdings. They’ve been pulling back and are getting more interesting today.

US banks? Prior to the election, these were his largest holdings. They have enormous amounts of value given where they were trading. Post the election, interest rates moved higher and they became a very consensus Long and the shares revalued substantially. He sold the vast majority of his holdings. They’ve been pulling back and are getting more interesting today.

Unknown
Stephen Groff

Principal & Portfolio Manager, Cambridge Global Ass...

PricePrice
$0.020
Owned Owned
Unknown

Must be logged in to use chart
N/A
General Market Comment 

September 6, 2017

An index fund that represents the S&P 500 in Cdn or US dollars? You can buy these in various forms, and there are all types of passive products you can buy, that mimic the index. He is an active management firm, so this is not what he does. He would rather own the companies that he believes in rather than an index.

An index fund that represents the S&P 500 in Cdn or US dollars? You can buy these in various forms, and there are all types of passive products you can buy, that mimic the index. He is an active management firm, so this is not what he does. He would rather own the companies that he believes in rather than an index.

Unknown
Stephen Groff

Principal & Portfolio Manager, Cambridge Global Ass...

PricePrice
$0.020
Owned Owned
_N/A

Must be logged in to use chart
COMMENT
General Market Comment 

September 6, 2017

Telecom stocks? A typical reason to own these stocks are the dividends, and he doesn’t own any. Has nothing against the model, it is really just a function of valuation. He views all these companies as just free cash flow machines. Hasn’t got comfortable with the valuations. They are well-run.

Telecom stocks? A typical reason to own these stocks are the dividends, and he doesn’t own any. Has nothing against the model, it is really just a function of valuation. He views all these companies as just free cash flow machines. Hasn’t got comfortable with the valuations. They are well-run.

Unknown
Stephen Groff

Principal & Portfolio Manager, Cambridge Global Ass...

PricePrice
$0.020
Owned Owned
No

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COMMENT

A gem of a business. They’ve a lot of ownership through various entities, but what gets him excited is the actual asset management business. Over time, that has been a huge creator of wealth. This is the top of the pyramid where the fees flow and where the insiders have the greatest financial stake. You always want to follow the money. Lately there have been concerns about particular properties and you have to be comfortable with that. He would like to get this a little cheaper.

management/diversified

A gem of a business. They’ve a lot of ownership through various entities, but what gets him excited is the actual asset management business. Over time, that has been a huge creator of wealth. This is the top of the pyramid where the fees flow and where the insiders have the greatest financial stake. You always want to follow the money. Lately there have been concerns about particular properties and you have to be comfortable with that. He would like to get this a little cheaper.

management/diversified
Stephen Groff

Principal & Portfolio Manager, Cambridge Global Ass...

PricePrice
$47.570
Owned Owned
Unknown

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PAST TOP PICK
CASH(CASH) 

September 6, 2017

(A Top Pick Sept 7/16.) This hasn’t been the best call. He is defensive by nature and his 1st and foremost goal over the long-term is to protect capital.

N/A

(A Top Pick Sept 7/16.) This hasn’t been the best call. He is defensive by nature and his 1st and foremost goal over the long-term is to protect capital.

N/A
Stephen Groff

Principal & Portfolio Manager, Cambridge Global Ass...

PricePrice
$0.010
Owned Owned
Yes

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COMMENT
CCL Industries (B)(CCL.B-T) 

September 6, 2017

A great company. You want to buy this when there are meaningful pullbacks and the underlying trends haven’t changed. They know what they are doing and they add a lot of value. They make smart, intelligent capital allocation decisions.

packaging/containers

A great company. You want to buy this when there are meaningful pullbacks and the underlying trends haven’t changed. They know what they are doing and they add a lot of value. They make smart, intelligent capital allocation decisions.

packaging/containers
Stephen Groff

Principal & Portfolio Manager, Cambridge Global Ass...

PricePrice
$56.930
Owned Owned
Yes

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COMMENT
Cargojet Inc(CJT-T) 

September 6, 2017

A very neat model in Canada. Their competitive position is very, very strong. However, part of the issue is that it is a business that had quite a bit of growth and very high embedded expectations. It takes a while for a company to grow into that. Over a long period, the stock has done quite well. He likes how they think about the business and are very well positioned to be able to add on incremental volumes at relatively low incremental costs, which gives a good drop-through into the business. It is very hard for someone to break into the business. Over time they are going to be able to generate quite a bit of cash as their fleet requirements wind down. Dividend yield of 1.6%.

Transportation & Environmental Services

A very neat model in Canada. Their competitive position is very, very strong. However, part of the issue is that it is a business that had quite a bit of growth and very high embedded expectations. It takes a while for a company to grow into that. Over a long period, the stock has done quite well. He likes how they think about the business and are very well positioned to be able to add on incremental volumes at relatively low incremental costs, which gives a good drop-through into the business. It is very hard for someone to break into the business. Over time they are going to be able to generate quite a bit of cash as their fleet requirements wind down. Dividend yield of 1.6%.

Transportation & Environmental Services
Stephen Groff

Principal & Portfolio Manager, Cambridge Global Ass...

PricePrice
$48.690
Owned Owned
Unknown

Must be logged in to use chart
COMMENT
Canadian National R.R.(CNR-T) 

September 6, 2017

An outstanding rail. Very well-run with a deep management bench. An excellent franchise in terms of where they touch on the coast. However, it is all about what you pay for a business. This is not cheap. There are other rails that are better value such as CSX Corp (CSX-Q), where expectations are not as high. They’ve had certain service issues and Hunter Harrison will truly enact the plan he has laid out and issues will be resolved. Dividend yield of 1.7%.

Transportation

An outstanding rail. Very well-run with a deep management bench. An excellent franchise in terms of where they touch on the coast. However, it is all about what you pay for a business. This is not cheap. There are other rails that are better value such as CSX Corp (CSX-Q), where expectations are not as high. They’ve had certain service issues and Hunter Harrison will truly enact the plan he has laid out and issues will be resolved. Dividend yield of 1.7%.

Transportation
Stephen Groff

Principal & Portfolio Manager, Cambridge Global Ass...

PricePrice
$99.220
Owned Owned
No

Must be logged in to use chart
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