Opinions by Jason Del Vicario | StockChase
205
Jason Del Vicario

Portfolio Manager

ON STOCKCHASE SINCE Jul 2016

HollisWealth

205
Jason Del Vicario

Portfolio Manager

ON STOCKCHASE SINCE Jul 2016

HollisWealth


Opinions by Jason Del Vicario


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General Market Comment 

December 4, 2017

Market.  Investors should pay attention to the short and long term yield curves.  10 of the last 11 recessions have started with a negative yield curve.  We don’t actually have a negative yield curve just yet but if raising rates could tip us to a negative yield curve then a recession could ensue.  This means they are not anticipating strong economic growth.  Since 2008 The US have not had a robust GDP growth.  The yield curve could start to flatten and go negative if they raise interest rates further.  We are late cycle, although we saw a pickup in GDP growth around the world.  This is typically what we see toward the end of a cycle.  He would not read too much into this but it is indicative of us being into late cycle.  The FED or BOC have not found a cure to the business cycle.  We are closer to the next recession than we are to the last one in 2008.  Leading indicators are not suggestion a recession is imminent, however. 

Market.  Investors should pay attention to the short and long term yield curves.  10 of the last 11 recessions have started with a negative yield curve.  We don’t actually have a negative yield curve just yet but if raising rates could tip us to a negative yield curve then a recession could ensue.  This means they are not anticipating strong economic growth.  Since 2008 The US have not had a robust GDP growth.  The yield curve could start to flatten and go negative if they raise interest rates further.  We are late cycle, although we saw a pickup in GDP growth around the world.  This is typically what we see toward the end of a cycle.  He would not read too much into this but it is indicative of us being into late cycle.  The FED or BOC have not found a cure to the business cycle.  We are closer to the next recession than we are to the last one in 2008.  Leading indicators are not suggestion a recession is imminent, however. 

Unknown
Jason Del Vicario

Portfolio Manager, HollisWealth...

PricePrice
$0.020
Owned Owned
_N/A

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COMMENT
Bank of America(BAC-N) 

December 4, 2017

It is up a bit.  If you were looking for a trade over the next couple of weeks, it would probably work out to get out of this.

banks

It is up a bit.  If you were looking for a trade over the next couple of weeks, it would probably work out to get out of this.

banks
Jason Del Vicario

Portfolio Manager, HollisWealth...

PricePrice
$29.060
Owned Owned
Unknown

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BUY
CCL Industries (B)(CCL.B-T) 

December 4, 2017

This is a core holding of his.  Fundamentally they are doing very well.  They have reasonable organic growth combined with strategic acquisitions.  Don’t worry too much about the price movement here.  He actually added the last time the stock tanked. 

packaging/containers

This is a core holding of his.  Fundamentally they are doing very well.  They have reasonable organic growth combined with strategic acquisitions.  Don’t worry too much about the price movement here.  He actually added the last time the stock tanked. 

packaging/containers
Jason Del Vicario

Portfolio Manager, HollisWealth...

PricePrice
$58.820
Owned Owned
Yes

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WATCH
CRH Medical Corp.(CRH-T) 

December 4, 2017

He was one of the first buyers.  He sold half his position when it was disproportionately high and then the rest on the way down.  The market has lost confidence in management, who also sold a lot of shares in the $7 range.  If it broke through $3.30 on heavy volume he would take a good look but there are better options until then.

biotechnology/pharmaceutical

He was one of the first buyers.  He sold half his position when it was disproportionately high and then the rest on the way down.  The market has lost confidence in management, who also sold a lot of shares in the $7 range.  If it broke through $3.30 on heavy volume he would take a good look but there are better options until then.

biotechnology/pharmaceutical
Jason Del Vicario

Portfolio Manager, HollisWealth...

PricePrice
$2.610
Owned Owned
No

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PAST TOP PICK

(A Top Pick Oct 20/16, Up 26%) one of his largest holdings.  The best capital allocator in Canada.  They upped their acquisition game, typically smaller companies.  As they get bigger they either need to be acquiring larger or more companies to keep up with their growth rate.  A tremendously run company.  He still likes them.

computer software/processing

(A Top Pick Oct 20/16, Up 26%) one of his largest holdings.  The best capital allocator in Canada.  They upped their acquisition game, typically smaller companies.  As they get bigger they either need to be acquiring larger or more companies to keep up with their growth rate.  A tremendously run company.  He still likes them.

computer software/processing
Jason Del Vicario

Portfolio Manager, HollisWealth...

PricePrice
$749.230
Owned Owned
Yes

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PAST TOP PICK

(A Top Pick Oct 20/16, Down 74%)  This is a turnaround story.  The chart is ugly and he was early.  Print ad mail is in decline.  They are getting into the large print type world like the ads on the side of busses.  He thinks their upside is tremendous.

(A Top Pick Oct 20/16, Down 74%)  This is a turnaround story.  The chart is ugly and he was early.  Print ad mail is in decline.  They are getting into the large print type world like the ads on the side of busses.  He thinks their upside is tremendous.

0
Jason Del Vicario

Portfolio Manager, HollisWealth...

PricePrice
$1.330
Owned Owned
Yes

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WEAK BUY
Enbridge(ENB-T) 

December 4, 2017

He has no idea where oil is going to go.  There are so many competing forces.  In the next recession we will see oil go to $20 - $30.  In 2018 he guesses it will be between $50 and $75 a barrel.  He likes pipelines more than exploration companies as they are less reliant on the price of oil.  He would not be adverse to adding ENB-T at this point.

oil/gas pipelines

He has no idea where oil is going to go.  There are so many competing forces.  In the next recession we will see oil go to $20 - $30.  In 2018 he guesses it will be between $50 and $75 a barrel.  He likes pipelines more than exploration companies as they are less reliant on the price of oil.  He would not be adverse to adding ENB-T at this point.

oil/gas pipelines
Jason Del Vicario

Portfolio Manager, HollisWealth...

PricePrice
$48.680
Owned Owned
Yes

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DON'T BUY

BitCoin.  The rise has been unbelievable.  The primary concern right now is that it is unregulated.  He is concerned about how regulation could affect it.  He can’t see the central banks sitting back and doing nothing.  Block Chain technology ad BicCoin are two different things.  Block Chain is a way for people to make transactions.

E.T.F.'s

BitCoin.  The rise has been unbelievable.  The primary concern right now is that it is unregulated.  He is concerned about how regulation could affect it.  He can’t see the central banks sitting back and doing nothing.  Block Chain technology ad BicCoin are two different things.  Block Chain is a way for people to make transactions.

E.T.F.'s
Jason Del Vicario

Portfolio Manager, HollisWealth...

PricePrice
$0.000
Owned Owned
No

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SELL
Home Capital Group(HCG-T) 

December 4, 2017

It has been on his radar for a long time.  It has always been puzzling that they traded at a high single digit PE ratio.  They seem to be chronically undervalued.  He regretted not owning it and then everything blew up.  Warren Buffet is now a large equity holder of it.  There is obviously something they like but he thinks there are better opportunities.  He would steer clear for now, although he is impressed with the concept of the space.

investment companies/funds

It has been on his radar for a long time.  It has always been puzzling that they traded at a high single digit PE ratio.  They seem to be chronically undervalued.  He regretted not owning it and then everything blew up.  Warren Buffet is now a large equity holder of it.  There is obviously something they like but he thinks there are better opportunities.  He would steer clear for now, although he is impressed with the concept of the space.

investment companies/funds
Jason Del Vicario

Portfolio Manager, HollisWealth...

PricePrice
$17.160
Owned Owned
No

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TOP PICK

The CEO has been an excellent creator of shareholder wealth.  They went through a period of consolidation and have not broken through the 250 day moving average.  They are a stead grower.  (Analysts’ target: $272.50).

food processing

The CEO has been an excellent creator of shareholder wealth.  They went through a period of consolidation and have not broken through the 250 day moving average.  They are a stead grower.  (Analysts’ target: $272.50).

food processing
Jason Del Vicario

Portfolio Manager, HollisWealth...

PricePrice
$252.000
Owned Owned
Yes

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BUY
Microsoft(MSFT-Q) 

December 4, 2017

Tech stocks are all down today.  It was interesting to note that MA-N is also down today as they are also a tech company.  We are seeing a rotation out of tech into financials, and resources.  This part of the Trump tax cut.  This is short term noise.  These companies have tremendous franchises.  This is an appropriate place to wade in.  They are a tremendously run company.

computer software/processing

Tech stocks are all down today.  It was interesting to note that MA-N is also down today as they are also a tech company.  We are seeing a rotation out of tech into financials, and resources.  This part of the Trump tax cut.  This is short term noise.  These companies have tremendous franchises.  This is an appropriate place to wade in.  They are a tremendously run company.

computer software/processing
Jason Del Vicario

Portfolio Manager, HollisWealth...

PricePrice
$81.080
Owned Owned
Unknown

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TOP PICK
MTY Food Group(MTY-T) 

December 4, 2017

Relatively under the radar but one of the top performing companies on the TSX over the last 10-15 years.  They went thought a period of consolidation and broke out on the announcement of an acquisition.  They have a nice dividend.  They have 55 brands.  (Analysts’ target: $51.38).

food services

Relatively under the radar but one of the top performing companies on the TSX over the last 10-15 years.  They went thought a period of consolidation and broke out on the announcement of an acquisition.  They have a nice dividend.  They have 55 brands.  (Analysts’ target: $51.38).

food services
Jason Del Vicario

Portfolio Manager, HollisWealth...

PricePrice
$52.050
Owned Owned
No

Must be logged in to use chart
TOP PICK

Not a particularly exciting industry.  They did an acquisition in 2012 and it has been a transformational one.  They made another today and the stock price reacted favorably.  He thinks this announcement just solidifies his opinion of this being a great company.  They have a nice dividend.  (Analysts’ target: $62.00).

income trust

Not a particularly exciting industry.  They did an acquisition in 2012 and it has been a transformational one.  They made another today and the stock price reacted favorably.  He thinks this announcement just solidifies his opinion of this being a great company.  They have a nice dividend.  (Analysts’ target: $62.00).

income trust
Jason Del Vicario

Portfolio Manager, HollisWealth...

PricePrice
$51.020
Owned Owned
Yes

Must be logged in to use chart
BUY
Open Text(OTEX-T) 

December 4, 2017

He does not have a large position.  It is a neutral size (3%).  He is looking for technical strength before adding or he might exit if it showed weakness.  They are digesting recent acquisitions.  This is at a reasonable level to enter a position.  On a long term they have a good track record and is the kind of company they like to own.

computer software/processing

He does not have a large position.  It is a neutral size (3%).  He is looking for technical strength before adding or he might exit if it showed weakness.  They are digesting recent acquisitions.  This is at a reasonable level to enter a position.  On a long term they have a good track record and is the kind of company they like to own.

computer software/processing
Jason Del Vicario

Portfolio Manager, HollisWealth...

PricePrice
$40.940
Owned Owned
Yes

Must be logged in to use chart
BUY

REITs are an interesting option to get income from investments.  There is the option for the stock price to increase as well.  He has HR.UN-T and SRU.UN-T.  He has not done a recent analysis but his two holdings were the two that stood out when he last did.  REI.UN-T would also be a good conservative option.

property mngmnt/investment

REITs are an interesting option to get income from investments.  There is the option for the stock price to increase as well.  He has HR.UN-T and SRU.UN-T.  He has not done a recent analysis but his two holdings were the two that stood out when he last did.  REI.UN-T would also be a good conservative option.

property mngmnt/investment
Jason Del Vicario

Portfolio Manager, HollisWealth...

PricePrice
$24.770
Owned Owned
No

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