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Stock Opinions by Chris Stuchberry

COMMENT
Market Outlook The S&P500 run up does not worry him. The bull market was in place all last year until the latter half. The market is really going sideways in his mind. He tends to look at US stocks more frequently as Canada lacks the fundamental liquidity. Strength in the US dollar may hurt Canadian holdings, because of the currency, it does help to add to the profitability of US holdings in general.
Unknown
DON'T BUY

He used to own a lot of Ford and GM. Auto sales have not really increased since the 1990s. Now with the disruptive forces of Uber and Lyft, the space is that much more challenging. Transport is changing. Owning a car is not always part of the assets one owns anymore.

Automotive
BUY
The Canadian banks are a buy as long as you don't get too over weighted. If interest rates are cut in the US, it will be tough for financials as whole. The 10 year bond yield has dropped a third this year, taking away a lot of profitability for the banks.
banks
BUY on WEAKNESS
One of the largest companies in the world, but there is a political head wind they are facing. Longer term, he believes the ad revenues will grow and this is a world leader in the space. He would look for a pull back to enter into a new holding.
Business Services
COMMENT

He does not own SU-T and remains underweight in energy. If the US dollar weakens, this could result in a higher oil price and good value for SU-T. There are just too many secular issues that are beyond the company's control. He owns VET-T because of its international assets.

integrated oils
COMMENT

He does not own SU-T and remains underweight in energy. If the US dollar weakens, this could result in a higher oil price and good value for SU-T. There are just too many secular issues that are beyond the company's control. He owns VET-T because of its international assets.

oil / gas
DON'T BUY
There are so many issues facing this company presently. If you want to be in the engineering space, this could be a good value entry. He does not see, however, a clear path to growth. He would look elsewhere.
contractors
WAIT
He does own some right now, but he is challenged as to whether to add more. He is concerned about European Central Bank policy that is not creating a profitable long term yield curve. There is no rush to be buying these financials at the moment.
investment companies / funds
COMMENT
He has been avoiding the utilities as they get compared to the yield curve. However as the yield curve has narrowed, profitability has increased and the share price this year reflects that. Looking out 5 years, if rates go up it may hurt them.
oil / gas pipelines
HOLD
A lower risk exposure to the tech space. It has become mostly an iPhone play. He thinks 2018 was the first decline in iPhone sales. They should continue to have dividend growth and good a continuation of recurring revenues. He just doesn't see the same level of growth in the past. They have been impacted by the China-US trade war as well. Yield 1.6%
electrical / electronic
PAST TOP PICK
(A Top Pick Jun 29/18, Down 32%) The flat yield curve, along with a riskier play resulted in this holding being stopped out. A collapse of a proposed merger also hurt them.
banks
PAST TOP PICK

(A Top Pick Jun 29/18, Down 12%) He still owns it and really likes it. Longer term, China still has an absurd amount of future growth. You want to have an allocation in this space. It has been impacted by the trade war between China and the US, even though their business is really all Chinese domestic.

0
PAST TOP PICK
(A Top Pick Jun 29/18, Up 8%) A very simple company. An older US housing market needs a lot of work and the population demographics of millennials becoming home owners. Yield 2.6%
specialty stores
BUY on WEAKNESS
A well run company. He is interested because it is difficult to find quality at a good valuation. He would be a buyer in the low $50s.
packaging / containers
COMMENT
US Home builders. The US home builders market is still way behind from the peak, despite a rapid population growth. Existing home sales are also not substantially higher. He has chosen the play the space through a Home Dept instead.
Unknown
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