Stock Opinions by Bruce Campbell (1) - Stockchase Experts
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Bruce Campbell (1)

On Stockchase since : May 2001

President at Campbell and Lee InvMngmnt

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Stock Opinions by Bruce Campbell (1) - Stockchase Experts

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COMMENT
General Market Comment 

March 19, 2019

The budget was announced today. Apart from a measure to help Millennials (especially in hot markets like Toronto and Vancouver) buy their first home, the budget was market-neutral. Notley called the Alberta election for April 16. Surprisingly, she's done well to help Alberta during this oil crisis, and is likely calling the election now to take advantage of the high price of WCS. She could win. The China-US trade negotiations saw a hiccup late today and the market slid as a result. Hiccups are expected in negotiations.
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The budget was announced today. Apart from a measure to help Millennials (especially in hot markets like Toronto and Vancouver) buy their first home, the budget was market-neutral. Notley called the Alberta election for April 16. Surprisingly, she's done well to help Alberta during this oil crisis, and is likely calling the election now to take advantage of the high price of WCS. She could win. The China-US trade negotiations saw a hiccup late today and the market slid as a result. Hiccups are expected in negotiations.
Unknown
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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$0.000
Owned Owned
Unknown

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DON'T BUY
Imperial Oil(IMO-T) 

March 19, 2019

The outlook and performance of the integrateds have done better than the oil producers. IMO yesterday postponed their Aspen Project for a year. IMO is fully valued now and he prefers CNQ or Suncor.
integrated oils
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The outlook and performance of the integrateds have done better than the oil producers. IMO yesterday postponed their Aspen Project for a year. IMO is fully valued now and he prefers CNQ or Suncor.
integrated oils
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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$36.670
Owned Owned
Unknown

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DON'T BUY
Inter Pipeline(IPL-T) 

March 19, 2019

7.7% dividend yield at 60% payout ratio--sustainable? Often, a high yield means the market expects it be cut, but he doesn't think this will happen here. All pipeline yields are high. IPL has so-so growth and is quite oily. He prefers something geographically diverse of product diverse.
oil pipelines
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7.7% dividend yield at 60% payout ratio--sustainable? Often, a high yield means the market expects it be cut, but he doesn't think this will happen here. All pipeline yields are high. IPL has so-so growth and is quite oily. He prefers something geographically diverse of product diverse.
oil pipelines
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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$22.020
Owned Owned
No

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HOLD
Telus Corp(T-T) 

March 19, 2019

The telcos have rebounded well and pay good yields. Nothing wrong with Telus. He owns BCE for its higher yield and defence.
telephone utilities
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The telcos have rebounded well and pay good yields. Nothing wrong with Telus. He owns BCE for its higher yield and defence.
telephone utilities
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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$48.310
Owned Owned
No

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DON'T BUY
It was a darling for a while, and is now off quite a bit (it's halved to $30). They make buses, so once you sell them, you must wait for cities to order more. They need to show one or two quarters of growth for this to rise to the high-$30s.
Automotive
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It was a darling for a while, and is now off quite a bit (it's halved to $30). They make buses, so once you sell them, you must wait for cities to order more. They need to show one or two quarters of growth for this to rise to the high-$30s.
Automotive
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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$30.880
Owned Owned
Unknown

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BUY on WEAKNESS
Fortis Inc.(FTS-T) 

March 19, 2019

Which utility to buy? Utilities have recently done well with a rotation to safety (like telcos). He likes Fortis, but it's trading at a 52-week high, so wait for a pullback, unless you have a 10-year horizon.
electrical utilities
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Which utility to buy? Utilities have recently done well with a rotation to safety (like telcos). He likes Fortis, but it's trading at a 52-week high, so wait for a pullback, unless you have a 10-year horizon.
electrical utilities
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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$48.830
Owned Owned
Unknown

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BUY on WEAKNESS
Open Text(OTEX-T) 

March 19, 2019

A company tech company. A good serial acquirer in Europe and North America. He's waiting for a pullback, say to $45.
computer software/processing
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A company tech company. A good serial acquirer in Europe and North America. He's waiting for a pullback, say to $45.
computer software/processing
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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$51.040
Owned Owned
No

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BUY on WEAKNESS
BCE Inc.(BCE-T) 

March 19, 2019

They're good at finding ways to grow 2-4%. Slightly better and safer than Telus. By this on a dip like $56-57. Hold it if you own it.
telephone utilities
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They're good at finding ways to grow 2-4%. Slightly better and safer than Telus. By this on a dip like $56-57. Hold it if you own it.
telephone utilities
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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$58.920
Owned Owned
Yes

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DON'T BUY
Gold has come back nicely, but Trump can always pressure it. The US dollar was strong, so that hurt gold. He's not a fan of gold and doesn't see gold rising to $1,400. The ETF is a little safer than owning gold itself.
E.T.F.'s
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Gold has come back nicely, but Trump can always pressure it. The US dollar was strong, so that hurt gold. He's not a fan of gold and doesn't see gold rising to $1,400. The ETF is a little safer than owning gold itself.
E.T.F.'s
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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$11.940
Owned Owned
No

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PAST TOP PICK
Toronto Dominion(TD-T) 

March 19, 2019

(A Top Pick May 25/18, Up 2%) TD is the best of the big 5 banks. It's been a tough environment for the whole group. He likes this for the US exposure.
banks
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(A Top Pick May 25/18, Up 2%) TD is the best of the big 5 banks. It's been a tough environment for the whole group. He likes this for the US exposure.
banks
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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$75.820
Owned Owned
Yes

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PAST TOP PICK
(A Top Pick May 25/18, Down 49%) He sold it a while ago and now owns no energy.
oil/gas
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0 comments
(A Top Pick May 25/18, Down 49%) He sold it a while ago and now owns no energy.
oil/gas
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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$7.550
Owned Owned
No

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PAST TOP PICK
Manulife Financial(MFC-T) 

March 19, 2019

(A Top Pick May 25/18, Down 2%) MFC will come back. It trades at 10x earnings and pays over 4% yield. Peers trade at 20x earnings. The lawsuit is now gone, so this will now rise. Even now is a good entry point even though it rose 1.5% today alone.
insurance
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(A Top Pick May 25/18, Down 2%) MFC will come back. It trades at 10x earnings and pays over 4% yield. Peers trade at 20x earnings. The lawsuit is now gone, so this will now rise. Even now is a good entry point even though it rose 1.5% today alone.
insurance
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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$23.580
Owned Owned
Yes

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COMMENT
You can own any Brookfield stock and BAM is at the top. Smart managers. With this you're buying the international economy, not just Canada. But isntead of buying BAM, look at its AGM notes to see waht subsidiary they talk up the most--that's the one they feel is most undervalued. This year, it's BBY (Brookfield Property). BPY pays a good yield. He'd rather buy that than BAM itself.
management/diversified
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You can own any Brookfield stock and BAM is at the top. Smart managers. With this you're buying the international economy, not just Canada. But isntead of buying BAM, look at its AGM notes to see waht subsidiary they talk up the most--that's the one they feel is most undervalued. This year, it's BBY (Brookfield Property). BPY pays a good yield. He'd rather buy that than BAM itself.
management/diversified
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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$61.800
Owned Owned
Unknown

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COMMENT
Today, the chairman did a secondary offering of $750 million at $23.35/share. The stock dropped 9.5% today. Should I be worried or will this be accretive? Because the chairman is doing the offering, the company is not getting the proceeds, so this is the worst kind of seconday offering, because it's going to him--the Chairman. So, you got to absorb $750 million that is going to estate planning. It's fine; the chairman has a right to do it, but the market has to absorb $750 million in the market. It got absorbed today--barely. That's why the stock is soft. Eventually, the offering will get absorbed and that's fine.
Utilities
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Today, the chairman did a secondary offering of $750 million at $23.35/share. The stock dropped 9.5% today. Should I be worried or will this be accretive? Because the chairman is doing the offering, the company is not getting the proceeds, so this is the worst kind of seconday offering, because it's going to him--the Chairman. So, you got to absorb $750 million that is going to estate planning. It's fine; the chairman has a right to do it, but the market has to absorb $750 million in the market. It got absorbed today--barely. That's why the stock is soft. Eventually, the offering will get absorbed and that's fine.
Utilities
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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$23.360
Owned Owned
Unknown

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HOLD
He sold it a year ago because it got fully valued. They've made some good acquisitions. Now, it's fully valued. Hold.
pipelines
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He sold it a year ago because it got fully valued. They've made some good acquisitions. Now, it's fully valued. Hold.
pipelines
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Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$49.540
Owned Owned
No

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