Bruce Campbell (1)
Member since: May '01
President at
Campbell and Lee InvMngmnt
Campbell and Lee InvMngmnt
3955 Opinions
Latest Top Picks
It's up 11% YTD, and has lagged TC Energy because of line 3 problems in the States. This will resolve itself eventually. Meanwhile, ENB has fixed its balanced sheet in the past year. It pays a 6.14% yield vs. 4% historic yield. (Analysts’ price target is $55.03)
It trades at a good 10x earnings with fine growth ahead. They're particularly growing in Asia. They're serial dividend inceasers, currently paying 4.1%. (Analysts’ price target is $28.74)
A pure growth story. It's been a stellar performer for him. Though it trades at over 30x earnings and pays only a 0.56% yield, you buy this for growth in the coming years. Visa is also in a tech ETF in the U.S. which helps the stock. (Analysts’ price target is $184.84)
(A Top Pick Jun 26/18, Down 2%) It's a little cheap vs. its peers and will catch up to the others over time. It needs to digest recent acquisitions, as their international operations come along. He's a little worried about Canadian mortgages, but a 5-7% return is respectible.
(A Top Pick Jun 26/18, Down 13%) He sold this at over $10, because it had run up so much for him and he didn't expect the China tariffs to get resolved anytime soon. Now, HBM is worth considering again as they transition to a new CEO.
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COMMENT
COMMENT
July 12, 2019
Maybe step into Canntrust, now that it's near its cash value, but he doesn't know the specific values and he is only marginally invested in cannabis.
Maybe step into Canntrust, now that it's near its cash value, but he doesn't know the specific values and he is only marginally invested in cannabis.
Bruce Campbell (1)
President, Campbell and Lee InvMngmnt
BUY WEAKNESS
BUY WEAKNESS
July 12, 2019
He owns this and CSX, because he wants U.S. exposure (and doesn't own CP, because it's more east-west Canadian). The rails offer good exposure to the general economy. Given the lack of pipelines in Canada, shipping oil by rail adds 3-4% to earnings in the next few years. Around $130 is his target. Buy at $120.
He owns this and CSX, because he wants U.S. exposure (and doesn't own CP, because it's more east-west Canadian). The rails offer good exposure to the general economy. Given the lack of pipelines in Canada, shipping oil by rail adds 3-4% to earnings in the next few years. Around $130 is his target. Buy at $120.
Transportation
BUY WEAKNESS
BUY WEAKNESS
July 12, 2019
He looked very hard at it when Shaw sold the block at $6.80. He expected a clean-up trade with Shaw at $6.25, but he still passed. Under $6 has a lot of value. Their radio business was declining and now very small. So, you're buying a TV business with some growth at 5.5x EV to EBITDA vs. comparables at 7-8x. This is at least a trade to the $6.80 level. TV growth is positive but only 3-4%.
He looked very hard at it when Shaw sold the block at $6.80. He expected a clean-up trade with Shaw at $6.25, but he still passed. Under $6 has a lot of value. Their radio business was declining and now very small. So, you're buying a TV business with some growth at 5.5x EV to EBITDA vs. comparables at 7-8x. This is at least a trade to the $6.80 level. TV growth is positive but only 3-4%.
entertainment services
WEAK BUY
WEAK BUY
July 12, 2019
The Canadian telcos offer 1-3% growth + 5% dividend yield. The sector has done okay this year as people seek safety and yield. You can hold this for the dividend.
The Canadian telcos offer 1-3% growth + 5% dividend yield. The sector has done okay this year as people seek safety and yield. You can hold this for the dividend.
telephone utilities
DON'T BUY
DON'T BUY
July 12, 2019
Among Canadian car-parts-makers, they have the most exposure to Daimler, which just issued a weak earnings report. This sector appear to have bottomed, so maybe consider it now. He prefers Linamar, which is cheaper (offers a lower valuation) and it is not purely into cars, but also some industrial production.
Among Canadian car-parts-makers, they have the most exposure to Daimler, which just issued a weak earnings report. This sector appear to have bottomed, so maybe consider it now. He prefers Linamar, which is cheaper (offers a lower valuation) and it is not purely into cars, but also some industrial production.
Automotive
BUY WEAKNESS
BUY WEAKNESS
July 12, 2019
It's gone up so much that it's natural to have a pullback now, down $10 today. He can't see a specific reason, likely profit-taking. It is expensive. He wouldn't buy it now. SHOP needs to pullback to $350 before he steps in.
It's gone up so much that it's natural to have a pullback now, down $10 today. He can't see a specific reason, likely profit-taking. It is expensive. He wouldn't buy it now. SHOP needs to pullback to $350 before he steps in.
BUY
BUY
July 12, 2019
If China doesn't buy Canadian fertilizer He likes it, but will have a poor quarter due to a lot of rain in the midwest, delaying planting, not due to China. This may fall a further dollar. The stock is now cheap and he would buy it.
If China doesn't buy Canadian fertilizer He likes it, but will have a poor quarter due to a lot of rain in the midwest, delaying planting, not due to China. This may fall a further dollar. The stock is now cheap and he would buy it.
agriculture
COMMENT
COMMENT
July 12, 2019
The impact of U.S. debt on markets It comes back to the US dollar, which is up $6 this year vs. world currencies. Some US companies will miss Q2 earnings and those with overseas business will get hurt by that strong dollar. That said, the US dollar is still the default currency, even though rates are really low and this massive deficit. Everyone else is highly indebted as well, so there's no other choice.
The impact of U.S. debt on markets It comes back to the US dollar, which is up $6 this year vs. world currencies. Some US companies will miss Q2 earnings and those with overseas business will get hurt by that strong dollar. That said, the US dollar is still the default currency, even though rates are really low and this massive deficit. Everyone else is highly indebted as well, so there's no other choice.
Bruce Campbell (1)
President, Campbell and Lee InvMngmnt
COMMENT
COMMENT
July 12, 2019
The impact of U.S. debt on markets It comes back to the US dollar, which is up $6 this year vs. world currencies. Some US companies will miss Q2 earnings and those with overseas business will get hurt by that strong dollar. That said, the US dollar is still the default currency, even though rates are really low and this massive deficit. Everyone else is highly indebted as well, so there's no other choice.
The impact of U.S. debt on markets It comes back to the US dollar, which is up $6 this year vs. world currencies. Some US companies will miss Q2 earnings and those with overseas business will get hurt by that strong dollar. That said, the US dollar is still the default currency, even though rates are really low and this massive deficit. Everyone else is highly indebted as well, so there's no other choice.
Bruce Campbell (1)
President, Campbell and Lee InvMngmnt
COMMENT
COMMENT
July 12, 2019
The share price keeps falling. Why? The biggest thing recently is in Cuba where they have assets and deal with the government to repatriate cash flow, not related to that quarter's cash flow. A quarter ago, Cuba didn't pay. Two weeks ago, they announced a solution, a deal with the Cuban government which is cash-strapped, especially as it deals with the costs of hurricanes that have hit Cuba. Cuba has to pay or else it will scare off other Western companies.
The share price keeps falling. Why? The biggest thing recently is in Cuba where they have assets and deal with the government to repatriate cash flow, not related to that quarter's cash flow. A quarter ago, Cuba didn't pay. Two weeks ago, they announced a solution, a deal with the Cuban government which is cash-strapped, especially as it deals with the costs of hurricanes that have hit Cuba. Cuba has to pay or else it will scare off other Western companies.
integrated mines
HOLD
HOLD
July 12, 2019
He owns the bonds and convertible debentures which pay an attractive 6%. Doesn't own the stocks. SPB will report a good Q2 after fixing its problems. It's returning to its 2015 levels and approaching full value. He has a $14 stock target.
He owns the bonds and convertible debentures which pay an attractive 6%. Doesn't own the stocks. SPB will report a good Q2 after fixing its problems. It's returning to its 2015 levels and approaching full value. He has a $14 stock target.
wholesale distributors
COMMENT
COMMENT
July 12, 2019
A TFSA: If one spouse dies, can both TFSAs be rolled into one? Yes. It can't rollover to another family member, but it can to a spouse. Each case is different and unique though, so due some diligence.
A TFSA: If one spouse dies, can both TFSAs be rolled into one? Yes. It can't rollover to another family member, but it can to a spouse. Each case is different and unique though, so due some diligence.
Bruce Campbell (1)
President, Campbell and Lee InvMngmnt
DON'T BUY
DON'T BUY
July 12, 2019
For a long-term investor The stock has been sideways for a decade, though it pays a decent, safe dividend. The same goes with POW-T. It's a defensive stock during a recession. Otherwise, don't expect growth going forward.
For a long-term investor The stock has been sideways for a decade, though it pays a decent, safe dividend. The same goes with POW-T. It's a defensive stock during a recession. Otherwise, don't expect growth going forward.
finance/leasing
COMMENT
COMMENT
July 12, 2019
It's very cheap and profitable. The balance sheet has gotten better. This should trade at $4, though he can't see it happening. The current price is a good entry, but the oil sector needs a catalyst (i.e. pipelines) for this--and other energy stocks--to really move.
It's very cheap and profitable. The balance sheet has gotten better. This should trade at $4, though he can't see it happening. The current price is a good entry, but the oil sector needs a catalyst (i.e. pipelines) for this--and other energy stocks--to really move.
oil/gas
TOP PICK
TOP PICK
July 12, 2019
oil/gas pipelines
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