Ted Macklin

A little cautious on banks overall. Any merger is probably on the back burner of the present government. A more defensive bank. A good holding.

Generally, is not fond of the steel industry. Has had a tough time passing on price increases because of a higher cost of scrap steel. Highly sensitive to the state of the economy.

The bulk of capital spending is behind them. Future expansion will be covered from free cash flow. Stock dropped because production levels were below expectations, but this is not a problem. A tremendous opportunity. Buy on pullbacks.

Have not delivered on the cost cutting as expected. Rail stocks have come under pressure especially in a higher interest rate environment. Have had a lot of weather problems in western Canada.

Operationally, they are having trouble with freight rates because of the weakness of the US dollar exports from the US have been weaker. Feels the stock will stall here for a little bit.

A good company. Very wall run. They are acquisition oriented and have commented that if they can't get acquisitions, we'll consider changing into an income trust.

A good company and good product. Concerned about tech stock valuations right now.

Has done tremendously well in the food retail space. Strong management and good balance sheet.

Sold their holdings because of lack of comfort with the clarity of their accounting and lacked confidence in their management. Under investigation.

(A top pick December 16/03. Up 8%.) Believe in the resources area. Aluminum has lagged the rally and China will be creating a big demand. The merger with Pecheny will be very accretive to their earnings.

(A top pick December 16/03. Up 11.5%.) They consolidate very well. Good earnings.

(A top pick December 16/03. Up 11.5%.) Announced a 12% increase in their reserves. Good management.

This stock has stalled and is frustrating. Can't see them getting 15% growth as they predicted.

A good company. A little bit expensive, but would buy on any pullback.

Good company. Tremendous franchise and properties. The downturn in business travel has hurt them but these are short-term considerations.