Michael Sprung
Member since: Oct '00
President at
Sprung Investment Management
Sprung Investment Management
3595 Opinions
Latest Top Picks
(A Top Pick Jul 16/18, Up 7%) He still recommends it and the insurance space in general. It trades just over book value and has a yield of 4%. There is good growth in Asia and they have expanded into Euroasia as well. A well run company that has managed well since the 2008 crisis. One of his favorites.
(A Top Pick Jul 16/18, Down 52%) It really should not be down. He does not think the dividend is under threat as the balance sheet is strong. It has light crude exposure. He would look to buy more here. He thinks they should buy back their stock. Yield 9.4%
(A Top Pick Jul 16/18, Up 26%) Diversified across several regulatory fronts in the US in power generation and origination. Well financed. Well valued. He continues to hold it.
Yield 3.5%.
They just don't get any respect. A leading North American producer in Montney and the Permian. Their Newfield acquisition created some controversy at a very good price. They are already increasing the asset's efficiency and creating good cash flow. Yield 1.58% (Analysts’ price target is $8.59)
They will be reporting earnings today. Thinks they are on their way back after having some difficulty. They invest in a diversified range of private companies with a strategy to grow dividends. Could see dividends increase over the next 2 years. They have deployed capital into a new and existing business that should yield good cash flow in the next few years. Great yield 8.14% which he believes is really sustainable. (Analysts’ price target is $21.22)
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COMMENT
COMMENT
July 24, 2019
Market Outlook He is watching for the US Fed to potentially cut rates, but he wonders how much longer it can go on -- especially at this late stage of the business cycle. Trade disputes and geopolitical issues are creating a time for investors to be cautious. Another rate cut would boost the market, but the bond market is telling us rates are getting too low. We will see increasing volatility on equities going forward as a result. He has been more of a net seller than buyer these days as he prefers to hold more cash. Inflation is rising in real estate, but that does not seem to be registering and consumer debt is rising making him think a bubble may be forming.
Market Outlook He is watching for the US Fed to potentially cut rates, but he wonders how much longer it can go on -- especially at this late stage of the business cycle. Trade disputes and geopolitical issues are creating a time for investors to be cautious. Another rate cut would boost the market, but the bond market is telling us rates are getting too low. We will see increasing volatility on equities going forward as a result. He has been more of a net seller than buyer these days as he prefers to hold more cash. Inflation is rising in real estate, but that does not seem to be registering and consumer debt is rising making him think a bubble may be forming.
Michael Sprung
President, Sprung Investment Management
COMMENT
COMMENT
July 24, 2019
He thinks there could be very serious legal ramifications for the management team if allegations prove to be true. He worries this may be going on in other companies as well. He thinks the lack of involvement in the space by Indigenous interests may also become an issue in the future.
He thinks there could be very serious legal ramifications for the management team if allegations prove to be true. He worries this may be going on in other companies as well. He thinks the lack of involvement in the space by Indigenous interests may also become an issue in the future.
PARTIAL SELL
PARTIAL SELL
July 24, 2019
He thinks their investment into cannabis will be phased in over time, but could be interesting. They have expanded well. It trades at 4 times book and close to 19 times earnings, which creates a high bar for future growth. He wonders if the margins and volumes in the convenience stores has the ability to sustain that growth. He would be taking profit here.
He thinks their investment into cannabis will be phased in over time, but could be interesting. They have expanded well. It trades at 4 times book and close to 19 times earnings, which creates a high bar for future growth. He wonders if the margins and volumes in the convenience stores has the ability to sustain that growth. He would be taking profit here.
food stores
COMMENT
COMMENT
July 24, 2019
He has never been a gold bug, but they keep 3-5% exposure to it. He prefers to pick individual producers with good production growth profiles and strong balance sheets. The recent run to $1450 per ounce has been a good push and he is not sure if that is sustainable. He likes Newmont.
He has never been a gold bug, but they keep 3-5% exposure to it. He prefers to pick individual producers with good production growth profiles and strong balance sheets. The recent run to $1450 per ounce has been a good push and he is not sure if that is sustainable. He likes Newmont.
E.T.F.'s
BUY
BUY
July 24, 2019
Is it cheap? Of all the big banks, CM-T is at very good value. It has the highest yield of the majors. The concern may be their exposure to Canadian housing markets -- they lack some of the international diversification. This is one of his largest holdings in the financial space.
Is it cheap? Of all the big banks, CM-T is at very good value. It has the highest yield of the majors. The concern may be their exposure to Canadian housing markets -- they lack some of the international diversification. This is one of his largest holdings in the financial space.
banks
HOLD
HOLD
July 24, 2019
There has been a slow down in the global auto market -- especially in China. It looks reasonably valued at only 6 times earnings and a yield of 3%. It trades at 1.3 times book. He would continue to hold.
There has been a slow down in the global auto market -- especially in China. It looks reasonably valued at only 6 times earnings and a yield of 3%. It trades at 1.3 times book. He would continue to hold.
Automotive
HOLD
HOLD
July 24, 2019
integrated oils
HOLD
HOLD
July 24, 2019
oil/gas
PARTIAL BUY
PARTIAL BUY
July 24, 2019
A well managed company and he is looking to purchase it soon. He would consider it a hold and maybe adding to a position at this point.
A well managed company and he is looking to purchase it soon. He would consider it a hold and maybe adding to a position at this point.
oil/gas
PARTIAL SELL
PARTIAL SELL
July 24, 2019
Airlines have not been a choice for him for years, due to high capital requirements, involvement with unions and commodity price exposure. He would take profits at these levels as it looks expensive here.
Airlines have not been a choice for him for years, due to high capital requirements, involvement with unions and commodity price exposure. He would take profits at these levels as it looks expensive here.
Transportation
PARTIAL BUY
PARTIAL BUY
July 24, 2019
It pays $1.70 per share in distribution with cash flow near $3.00 per share so the payout ratio is reasonable. The company has been hard hit lately and he was taking some profit at $50 per share. Much of their orders are based on municipal budgets, which makes their orders unpredictable in this economic environment. He thinks it is more of a buy than a sell today.
It pays $1.70 per share in distribution with cash flow near $3.00 per share so the payout ratio is reasonable. The company has been hard hit lately and he was taking some profit at $50 per share. Much of their orders are based on municipal budgets, which makes their orders unpredictable in this economic environment. He thinks it is more of a buy than a sell today.
Automotive
PAST TOP PICK
PAST TOP PICK
July 24, 2019
(A Top Pick Jul 16/18, Up 7%) He still recommends it and the insurance space in general. It trades just over book value and has a yield of 4%. There is good growth in Asia and they have expanded into Euroasia as well. A well run company that has managed well since the 2008 crisis. One of his favorites.
(A Top Pick Jul 16/18, Up 7%) He still recommends it and the insurance space in general. It trades just over book value and has a yield of 4%. There is good growth in Asia and they have expanded into Euroasia as well. A well run company that has managed well since the 2008 crisis. One of his favorites.
insurance
PAST TOP PICK
PAST TOP PICK
July 24, 2019
(A Top Pick Jul 16/18, Down 52%) It really should not be down. He does not think the dividend is under threat as the balance sheet is strong. It has light crude exposure. He would look to buy more here. He thinks they should buy back their stock. Yield 9.4%
(A Top Pick Jul 16/18, Down 52%) It really should not be down. He does not think the dividend is under threat as the balance sheet is strong. It has light crude exposure. He would look to buy more here. He thinks they should buy back their stock. Yield 9.4%
oil/gas
PAST TOP PICK
PAST TOP PICK
July 24, 2019
(A Top Pick Jul 16/18, Up 26%) Diversified across several regulatory fronts in the US in power generation and origination. Well financed. Well valued. He continues to hold it.
Yield 3.5%.
(A Top Pick Jul 16/18, Up 26%) Diversified across several regulatory fronts in the US in power generation and origination. Well financed. Well valued. He continues to hold it.
Yield 3.5%.
electrical utilities
SPECULATIVE BUY
SPECULATIVE BUY
July 24, 2019
It is very inexpensive and he continues to own it. Their backlog is growing, which is a good sign. It has been regarded as a pure construction business that focused on Alberta. He sees this as higher risk for higher reward. It may become a take out target going forward.
It is very inexpensive and he continues to own it. Their backlog is growing, which is a good sign. It has been regarded as a pure construction business that focused on Alberta. He sees this as higher risk for higher reward. It may become a take out target going forward.
REAL ESTATE
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