Richard Stone

Restructured and has had a nice rally. A high beta stock that will move with the market. Have some underlying fundamental issues that will create excitement. The valuation/earnings model does not justify the prices.

Has weathered national problems very well. As dealt with its inventory issues. Solid management. The dominant box store player for sporting goods in Canada. Should have increasing same-store sales.

Doesn't understand the story. Valuation, in relation to its earnings and growth rate are way ahead of itself.

An event driven story and needs to find a partner. If it unfolds as it should, there should be a good upside play.

The John Hancock acquisition is a good platform for the US. Will take two years to consolidate so may not move very much. Should be a great core holding.

Doesn't like the corporate governance structure nor the multi-share structure. Into a lot of legal fights. Airline industry still has a lot of problems ahead of it.

(Top pick Sept 10/03. Down 8.8%.) The consolidation built a really big powerhouse. Has a great gas play.

(Top pick Sept 10/03. Up 0.8%.) Earnings are stable. Expects a P/E expansion.

(Top pick Sept 10/03. Down 3.3%.) The most cost effective way to get to Loblaws. Expects the margin squeeze on the US bakery will stop.

Outstanding management. Tons of cash. Chemical business is firing on all engines. A fairly attractive price and expects oil will hold a pretty high price.

Latest acquisition puts them in the very strong position. Continuing to see earnings expansions. Would like to buy at $20/22.

Have a ton of cash. The big overhang is that they are such major shareholders of Celestica. If you're not a fan of Celestica, you shouldn’t own this stock. Keep an eye on Celestica.

In an interesting situation. Need to really define their market share and decide what they want to do. Have to be comfortable with owning a regional bank in the Canadian market.

A premier pipeline. The question is, how much money are they going to have to spend to build out their pipeline in the Northwest Territories and are they going to be the dominant player. Dividend is safe. Pretty fully valued. Buy on corrections.

A pretty full stock price. Firing its engines really well. Same-store sales will be really strong. Would like it at a lower price.