Stock Opinions by Mike Philbrick - Stockchase Experts
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Mike Philbrick @

On Stockchase since : Jun 2018

President at ReSolve Asset Management

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Stock Opinions by Mike Philbrick - Stockchase Experts

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COMMENT
General Market Comment 

November 23, 2018

The current market dynamic tells him that the market is showing a lack of interest in bonds. Usually a sell off would have resulted in bonds rallying. ACWI and ACWV ETFs are indicative of global markets, and the current trends show we should be managing our portfolios in a very risk conscious way. We should expect higher volatility and lower returns on capital. The theme now is how to take a protective position with low volatility – reducing beta.
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The current market dynamic tells him that the market is showing a lack of interest in bonds. Usually a sell off would have resulted in bonds rallying. ACWI and ACWV ETFs are indicative of global markets, and the current trends show we should be managing our portfolios in a very risk conscious way. We should expect higher volatility and lower returns on capital. The theme now is how to take a protective position with low volatility – reducing beta.
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Mike Philbrick

President, ReSolve Asset Manage...

Price Price
$0.000
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_N/A

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COMMENT
ZEO-T vs XEG-T ETF – The difference between these two is concentration. The XEG is dominated 50% between CNQ-T and SU-T. In the equal weight portfolio (ZEO) these represent only 17%. There is a higher yield with XEG.
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ZEO-T vs XEG-T ETF – The difference between these two is concentration. The XEG is dominated 50% between CNQ-T and SU-T. In the equal weight portfolio (ZEO) these represent only 17%. There is a higher yield with XEG.
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Mike Philbrick

President, ReSolve Asset Manage...

Price Price
$8.560
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_N/A

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COMMENT
ZEO-T vs XEG-T ETF – The difference between these two is concentration. The XEG is dominated 50% between CNQ-T and SU-T. In the equal weight portfolio (ZEO) these represent only 17%. There is a higher yield with XEG.
E.T.F.'s
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ZEO-T vs XEG-T ETF – The difference between these two is concentration. The XEG is dominated 50% between CNQ-T and SU-T. In the equal weight portfolio (ZEO) these represent only 17%. There is a higher yield with XEG.
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Mike Philbrick

President, ReSolve Asset Manage...

Price Price
$9.580
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_N/A

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HOLD
This AI ETF functions well in the hard sciences – like the oil sands – where AI can assist in efficiencies. The challenge will be behavioural – a black box system investment – which will be difficult to stick with during periods of high volatility. A good compliment to a global equity portfolio.
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This AI ETF functions well in the hard sciences – like the oil sands – where AI can assist in efficiencies. The challenge will be behavioural – a black box system investment – which will be difficult to stick with during periods of high volatility. A good compliment to a global equity portfolio.
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Mike Philbrick

President, ReSolve Asset Manage...

Price Price
$23.800
Owned Owned
No

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DON'T BUY
Oil Services Vaneck ETF(OIH-N) 

November 23, 2018

This will be tied to the energy commodity market, which is in the steepest price decline ever, he thinks. He would be careful as he does not know if we are at the lows for oil prices. The trend is too well defined to the downside right now. He would be careful trying to pick the bottom.
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This will be tied to the energy commodity market, which is in the steepest price decline ever, he thinks. He would be careful as he does not know if we are at the lows for oil prices. The trend is too well defined to the downside right now. He would be careful trying to pick the bottom.
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Mike Philbrick

President, ReSolve Asset Manage...

Price Price
$18.190
Owned Owned
No

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COMMENT
Are the bonds of investment grade? This is a short-term corporate bond fund with some potential exposure to corporate credit duress. There is also interest rate exposure. If you need this to be rock solid, you might want to move to a government bond yield instead.
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Are the bonds of investment grade? This is a short-term corporate bond fund with some potential exposure to corporate credit duress. There is also interest rate exposure. If you need this to be rock solid, you might want to move to a government bond yield instead.
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Mike Philbrick

President, ReSolve Asset Manage...

Price Price
$77.700
Owned Owned
No

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DON'T BUY
Everyone loves the extra income from the covered calls. Remember that it will face all the market downside and cuts off the top on rallies. Be aware of a steep decline in the market as it will not participate as the market recovers, due to all the calls it has written on the way down. You end up giving away your winners and holding your losers.
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Everyone loves the extra income from the covered calls. Remember that it will face all the market downside and cuts off the top on rallies. Be aware of a steep decline in the market as it will not participate as the market recovers, due to all the calls it has written on the way down. You end up giving away your winners and holding your losers.
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Mike Philbrick

President, ReSolve Asset Manage...

Price Price
$18.380
Owned Owned
No

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DON'T BUY
This is 80/20 stocks to bonds. We have to remember that stock volatility in stocks is much greater than bonds. If the stock market falls the ETF will follow the market very closely -- .96 correlation or higher – he feels. For a long term investment this may be fine. He would wait.
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This is 80/20 stocks to bonds. We have to remember that stock volatility in stocks is much greater than bonds. If the stock market falls the ETF will follow the market very closely -- .96 correlation or higher – he feels. For a long term investment this may be fine. He would wait.
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Mike Philbrick

President, ReSolve Asset Manage...

Price Price
$23.670
Owned Owned
No

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COMMENT
This ETF hedges away the US dollar exposure. All the returns will be based on the market movement. Good if you want to protect away from currency movement.
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This ETF hedges away the US dollar exposure. All the returns will be based on the market movement. Good if you want to protect away from currency movement.
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Mike Philbrick

President, ReSolve Asset Manage...

Price Price
$31.280
Owned Owned
No

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COMMENT
This is short-term corporate bonds. As credit risk increases with higher market volatility along with interest rates going up, this has lost some value.
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This is short-term corporate bonds. As credit risk increases with higher market volatility along with interest rates going up, this has lost some value.
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Mike Philbrick

President, ReSolve Asset Manage...

Price Price
$18.810
Owned Owned
No

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DON'T BUY
These are high yield corporate junk bonds. It has a good yield, but it is exposed to more credit risk – many are in the energy sector. In times of crisis, this could be very dangerous. Be very careful here as this will trade like equity in a falling market. Yield 5.7%.
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These are high yield corporate junk bonds. It has a good yield, but it is exposed to more credit risk – many are in the energy sector. In times of crisis, this could be very dangerous. Be very careful here as this will trade like equity in a falling market. Yield 5.7%.
E.T.F.'s
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Mike Philbrick

President, ReSolve Asset Manage...

Price Price
$18.370
Owned Owned
No

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DON'T BUY
This ETF tracks Canadian oil prices. There is only $9 million of capital in this fund – be very, very careful.
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This ETF tracks Canadian oil prices. There is only $9 million of capital in this fund – be very, very careful.
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Mike Philbrick

President, ReSolve Asset Manage...

Price Price
$4.690
Owned Owned
No

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COMMENT
Bank stocks in the US have faced interest rate headwinds. As rates normalize these stocks should return to a higher level of profitability, but this also requires a supportive business cycle.
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Bank stocks in the US have faced interest rate headwinds. As rates normalize these stocks should return to a higher level of profitability, but this also requires a supportive business cycle.
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Mike Philbrick

President, ReSolve Asset Manage...

Price Price
$114.570
Owned Owned
No

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COMMENT
The pain on this may not be over. The current tightening cycle of rising rates and a stronger US dollar will not be good for emerging markets. This if further complicated by lower oil prices, where many of these countries are oil exporters. Be careful. You could add some diversification, but it may continue to weaken. You might consider XMM-T (a low volatility ETF).
E.T.F.'s
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The pain on this may not be over. The current tightening cycle of rising rates and a stronger US dollar will not be good for emerging markets. This if further complicated by lower oil prices, where many of these countries are oil exporters. Be careful. You could add some diversification, but it may continue to weaken. You might consider XMM-T (a low volatility ETF).
E.T.F.'s
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Mike Philbrick

President, ReSolve Asset Manage...

Price Price
$24.560
Owned Owned
No

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TOP PICK
He wants the US dollar exposure as he is worried about the risk-off mentality in the market. In 2008, this fund was up 30% -- as bonds went up and the US dollar strengthened. US bonds have a high negative correlation to a declining Canadian market.
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He wants the US dollar exposure as he is worried about the risk-off mentality in the market. In 2008, this fund was up 30% -- as bonds went up and the US dollar strengthened. US bonds have a high negative correlation to a declining Canadian market.
E.T.F.'s
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Mike Philbrick

President, ReSolve Asset Manage...

Price Price
$52.640
Owned Owned
Yes

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