Opinions by Mario Mainelli, CFA | StockChase
51
Mario Mainelli, CFA

Portfolio Manager

ON STOCKCHASE SINCE Feb 2018

Caldwell Investment Management

http://caldwellinvestment.ca/


Opinions by Mario Mainelli, CFA


Signal Opinion Expert Chart
COMMENT

Strong earnings from the SYP 500 and a strong economy bode well, but on the flipside are rising rates and expectations of inflation. This bull market is still going, but when does it end? Oil is holding above $70 a barrel and helps the Canadian market, but NAFTA uncertainty, mortgate rules and household debt are concerns. Add to this the Vancouver and Toronto housing bubbles. Higher volatility is actually good for stockpickers--opportunities. Watch the yield curve. There's no consensus about when a recession will happen.

Strong earnings from the SYP 500 and a strong economy bode well, but on the flipside are rising rates and expectations of inflation. This bull market is still going, but when does it end? Oil is holding above $70 a barrel and helps the Canadian market, but NAFTA uncertainty, mortgate rules and household debt are concerns. Add to this the Vancouver and Toronto housing bubbles. Higher volatility is actually good for stockpickers--opportunities. Watch the yield curve. There's no consensus about when a recession will happen.

Unknown
Mario Mainelli, CFA

Portfolio Manager, Caldwell Investment ...

PricePrice
$0.020
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

BUY
Apple(AAPL-Q) 

May 9, 2018

They have a massive amount of cash, repatriating a lot of it, and are doing a huge share buyback. They project strong growth in their services segment. Caveat: iPhones are still over 60% of what they make--how sustainable is this? Overall, you can do a lot worse than Apple. They've executed very well this past qurater. It won't hurt to own Apple.

electrical/electronic

They have a massive amount of cash, repatriating a lot of it, and are doing a huge share buyback. They project strong growth in their services segment. Caveat: iPhones are still over 60% of what they make--how sustainable is this? Overall, you can do a lot worse than Apple. They've executed very well this past qurater. It won't hurt to own Apple.

electrical/electronic
Mario Mainelli, CFA

Portfolio Manager, Caldwell Investment ...

PricePrice
$187.360
Owned Owned
No

Sign up or Log in to enjoy full view of charts.

TOP PICK

One of the three major US drug distributors. Partnered with Walgreens to buy drugs from manufacturers in bulk, then sell to pharmacies and hospitals at profit. Trades at a low multiple. The industry has challenges: generic pricing has been soft and declining, but that's stabilizing now to ABC's margins. ABC has the highest exposure among its peers to specialty pharmaceuticals which are growing faster at higher margins. Their contracts are set through 2020.   (Analysts' price target $103.87)

wholesale distributors

One of the three major US drug distributors. Partnered with Walgreens to buy drugs from manufacturers in bulk, then sell to pharmacies and hospitals at profit. Trades at a low multiple. The industry has challenges: generic pricing has been soft and declining, but that's stabilizing now to ABC's margins. ABC has the highest exposure among its peers to specialty pharmaceuticals which are growing faster at higher margins. Their contracts are set through 2020.   (Analysts' price target $103.87)

wholesale distributors
Mario Mainelli, CFA

Portfolio Manager, Caldwell Investment ...

PricePrice
$84.720
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

PAST TOP PICK

(Past Top Pick on Feb. 15, 2018, Up 3%) Still likes it, though it's been sideways. Had a nice pop today with good earnings. What's driving them is that globally farmers are under-invested in storage, so AFN can benefit in the next few years.

machinery

(Past Top Pick on Feb. 15, 2018, Up 3%) Still likes it, though it's been sideways. Had a nice pop today with good earnings. What's driving them is that globally farmers are under-invested in storage, so AFN can benefit in the next few years.

machinery
Mario Mainelli, CFA

Portfolio Manager, Caldwell Investment ...

PricePrice
$57.160
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

BUY
Amazon.com(AMZN-Q) 

May 9, 2018

There are many strong catalysts going forward: their Cloud, Amazon Prime and, especially now, advertising segments. A solid stock.

specialty stores

There are many strong catalysts going forward: their Cloud, Amazon Prime and, especially now, advertising segments. A solid stock.

specialty stores
Mario Mainelli, CFA

Portfolio Manager, Caldwell Investment ...

PricePrice
$1608.000
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

COMMENT

An auto supplier. The auto companies are trading well, so the suppliers will get rated up. Be careful of a value trap, since AXL trades at 4x forward earnings. Make sure they're well-positioned.

Automotive

An auto supplier. The auto companies are trading well, so the suppliers will get rated up. Be careful of a value trap, since AXL trades at 4x forward earnings. Make sure they're well-positioned.

Automotive
Mario Mainelli, CFA

Portfolio Manager, Caldwell Investment ...

PricePrice
$14.920
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

DON'T BUY
BCE Inc.(BCE-T) 

May 9, 2018

The telecoms are interest-rate senstitive so they have struggled lately. Also, this industry quickly changes: cable-cutting, cutting home phones. He avoids this space. He can't see what will happen in this industry in the future. BCE is a good dividend play, though.

telephone utilities

The telecoms are interest-rate senstitive so they have struggled lately. Also, this industry quickly changes: cable-cutting, cutting home phones. He avoids this space. He can't see what will happen in this industry in the future. BCE is a good dividend play, though.

telephone utilities
Mario Mainelli, CFA

Portfolio Manager, Caldwell Investment ...

PricePrice
$53.280
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

BUY

All Canadian banks suffer uncertainty from housing bubble fears and so are performing weaker compared to the US banks. In Canada, he'd buy Bank of Nova Scotia for their Latin American exposure, because of the strong growth in those countries.

banks

All Canadian banks suffer uncertainty from housing bubble fears and so are performing weaker compared to the US banks. In Canada, he'd buy Bank of Nova Scotia for their Latin American exposure, because of the strong growth in those countries.

banks
Mario Mainelli, CFA

Portfolio Manager, Caldwell Investment ...

PricePrice
$80.000
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

COMMENT

He once owned it and did well for him. It's a big operator of auto-repair shops. They've been acquiring a lot and consolidating. But they trade at a high multiple. 

other services

He once owned it and did well for him. It's a big operator of auto-repair shops. They've been acquiring a lot and consolidating. But they trade at a high multiple. 

other services
Mario Mainelli, CFA

Portfolio Manager, Caldwell Investment ...

PricePrice
$105.930
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

COMMENT

It hasn't done well this year. A low-growth, low-multiple, high-dividend stock. They operate Jazz Airlines and recently lease regional planes--there's potential growth here. An overhang is whether Air Canada will cut Chorus out of its Jazz operations but that's locked into 2025. He thinks this is unlikely.

Transportation & Environmental Services

It hasn't done well this year. A low-growth, low-multiple, high-dividend stock. They operate Jazz Airlines and recently lease regional planes--there's potential growth here. An overhang is whether Air Canada will cut Chorus out of its Jazz operations but that's locked into 2025. He thinks this is unlikely.

Transportation & Environmental Services
Mario Mainelli, CFA

Portfolio Manager, Caldwell Investment ...

PricePrice
$7.830
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

DON'T BUY

They had a surge in volume, but suffered terrible weather and couldn't meet demand. The new CEO will attack these problems with new and more trains and tracks. Meanwhile, other rails like CSX are catching up. 

Transportation

They had a surge in volume, but suffered terrible weather and couldn't meet demand. The new CEO will attack these problems with new and more trains and tracks. Meanwhile, other rails like CSX are catching up. 

Transportation
Mario Mainelli, CFA

Portfolio Manager, Caldwell Investment ...

PricePrice
$102.200
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

DON'T BUY
Walt Disney(DIS-N) 

May 9, 2018

They get lumped in with other companies over with cord-cutting fears, but Disney is better positioned given their theme parks and movies. However, segments like ESPN have seen pressure. Overall, avoid this.

entertainment services

They get lumped in with other companies over with cord-cutting fears, but Disney is better positioned given their theme parks and movies. However, segments like ESPN have seen pressure. Overall, avoid this.

entertainment services
Mario Mainelli, CFA

Portfolio Manager, Caldwell Investment ...

PricePrice
$99.970
Owned Owned
Unknown

Sign up or Log in to enjoy full view of charts.

PAST TOP PICK

(Past Top Pick on Feb. 15, 2018, Down 4.5%) Good report today and enjoyed a pop. It's a misunderstood story Delphi split into two companies; this one is their powertrain unit where there are good growth drivers. Now, there's just noise in the stock. Be patient.

INDUSTRIAL PRODUCTS

(Past Top Pick on Feb. 15, 2018, Down 4.5%) Good report today and enjoyed a pop. It's a misunderstood story Delphi split into two companies; this one is their powertrain unit where there are good growth drivers. Now, there's just noise in the stock. Be patient.

INDUSTRIAL PRODUCTS
Mario Mainelli, CFA

Portfolio Manager, Caldwell Investment ...

PricePrice
$49.480
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

TOP PICK

It had a great report today. Strong secural growth drivers in reducing emissions for carmakers and the move to e-cars. Messy now with the recent spin-out, but they will do well in the next few years  (Analysts' price  target $60.13)

INDUSTRIAL PRODUCTS

It had a great report today. Strong secural growth drivers in reducing emissions for carmakers and the move to e-cars. Messy now with the recent spin-out, but they will do well in the next few years  (Analysts' price  target $60.13)

INDUSTRIAL PRODUCTS
Mario Mainelli, CFA

Portfolio Manager, Caldwell Investment ...

PricePrice
$49.480
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

BUY

Likes it. A lot of companies, like banks, have outdated computer systems--which CGI updated--so there's a long runway of growth for CGI. He's held this for a long while.

consulting

Likes it. A lot of companies, like banks, have outdated computer systems--which CGI updated--so there's a long runway of growth for CGI. He's held this for a long while.

consulting
Mario Mainelli, CFA

Portfolio Manager, Caldwell Investment ...

PricePrice
$77.780
Owned Owned
Yes

Sign up or Log in to enjoy full view of charts.

Showing 1 to 15 of 51 entries
<< < 1 2 3 4 > >>

No Comments.


You must be logged in to comment.

Successfully Saved Company