Stock Opinions by David Burrows - Stockchase Experts
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David Burrows @

On Stockchase since : Jun 2001

President & Chief Investment Strategist at Barometer Capital Management

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Stock Opinions by David Burrows - Stockchase Experts

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General Market Comment 

February 7, 2019

Market. Multi asset funds have struggled over the last while. Last year was a whip saw year where we were up and down dramatically. He focuses on structural long term themes. In 1994 he learned not to get too aggressive on the sell side because the recovery comes so quickly. This is playing out again. He made a call to stay with his positions into year end and then they rallied back. Last December's exit from the markets dwarfed the worst 4 week period in 2008.
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Market. Multi asset funds have struggled over the last while. Last year was a whip saw year where we were up and down dramatically. He focuses on structural long term themes. In 1994 he learned not to get too aggressive on the sell side because the recovery comes so quickly. This is playing out again. He made a call to stay with his positions into year end and then they rallied back. Last December's exit from the markets dwarfed the worst 4 week period in 2008.
Unknown
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David Burrows

President , Barometer Capital Ma...

Price Price
$0.000
Owned Owned
_N/A

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HOLD
Hess Corp.(HES-N) 

February 7, 2019

It is interesting because they have some very large finds. One is about as large an oil find as there has been in the last 20 years. It has rallied off the lows and has come back quite nicely although not rallying as well as others in the group. It is not one of the leadership groups.
integrated oils
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It is interesting because they have some very large finds. One is about as large an oil find as there has been in the last 20 years. It has rallied off the lows and has come back quite nicely although not rallying as well as others in the group. It is not one of the leadership groups.
integrated oils
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David Burrows

President , Barometer Capital Ma...

Price Price
$53.250
Owned Owned
Unknown

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BUY
CGI Group (A)(GIB.A-T) 

February 7, 2019

There is a secular theme where companies will continue to spend on IT development. The industry is growing between 5 and 6%, roughly twice the growth rate of the economy. They can now make another acquisition and he is watching for potential catalysts.
consulting
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There is a secular theme where companies will continue to spend on IT development. The industry is growing between 5 and 6%, roughly twice the growth rate of the economy. They can now make another acquisition and he is watching for potential catalysts.
consulting
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David Burrows

President , Barometer Capital Ma...

Price Price
$88.610
Owned Owned
Unknown

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BUY
On a 12 months basis it is better than 85% of the companies in the NYSE. Healthcare has come back quite nicely. This is trading well above a rising 150 day average. This is a theme you can depend on. Managed Healthcare. Continue to hold it.
medical services
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On a 12 months basis it is better than 85% of the companies in the NYSE. Healthcare has come back quite nicely. This is trading well above a rising 150 day average. This is a theme you can depend on. Managed Healthcare. Continue to hold it.
medical services
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David Burrows

President , Barometer Capital Ma...

Price Price
$268.160
Owned Owned
Unknown

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BUY
Waste Connections(WCN-T) 

February 7, 2019

This selloff in the fall was a correction and not a transition. The US economy is in good shape. This one is in a good industry. It is trading at a new relative high. If you believe we have a soft landing this year, you want to own things focused on the US domestic economy.
Transportation & Environmental Services
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This selloff in the fall was a correction and not a transition. The US economy is in good shape. This one is in a good industry. It is trading at a new relative high. If you believe we have a soft landing this year, you want to own things focused on the US domestic economy.
Transportation & Environmental Services
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David Burrows

President , Barometer Capital Ma...

Price Price
$111.340
Owned Owned
Unknown

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BUY
Enbridge(ENB-T) 

February 7, 2019

It has been really good at executing within their industry. They have strong metrics that they judge their operations against. They have grown their dividend over time. We are seeing a reflation in the economy and we need a rising stream of dividends going forward, which this has.
oil/gas pipelines
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It has been really good at executing within their industry. They have strong metrics that they judge their operations against. They have grown their dividend over time. We are seeing a reflation in the economy and we need a rising stream of dividends going forward, which this has.
oil/gas pipelines
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David Burrows

President , Barometer Capital Ma...

Price Price
$49.310
Owned Owned
Unknown

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BUY
XIC-T vs. SPY-N vs. VT-N. After a sharp decline after a rally you are likely to retest lows. The thrust off the bottom was so significant. 10 of the last 12 corrections never went back to retest the lows. Positioning is so defensive that people are not likely to get the retesting of the lows they are waiting for. The commodity complex could see strength. All three should do well.
E.T.F.'s
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XIC-T vs. SPY-N vs. VT-N. After a sharp decline after a rally you are likely to retest lows. The thrust off the bottom was so significant. 10 of the last 12 corrections never went back to retest the lows. Positioning is so defensive that people are not likely to get the retesting of the lows they are waiting for. The commodity complex could see strength. All three should do well.
E.T.F.'s
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David Burrows

President , Barometer Capital Ma...

Price Price
$24.990
Owned Owned
Unknown

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BUY
SPDR S&P 500 ETF(SPY-N) 

February 7, 2019

XIC-T vs. SPY-N vs. VT-N. After a sharp decline after a rally you are likely to retest lows. The thrust off the bottom was so significant. 10 of the last 12 corrections never went back to retest the lows. Positioning is so defensive that people are not likely to get the retesting of the lows they are waiting for. The commodity complex could see strength. All three should do well.
E.T.F.'s
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XIC-T vs. SPY-N vs. VT-N. After a sharp decline after a rally you are likely to retest lows. The thrust off the bottom was so significant. 10 of the last 12 corrections never went back to retest the lows. Positioning is so defensive that people are not likely to get the retesting of the lows they are waiting for. The commodity complex could see strength. All three should do well.
E.T.F.'s
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David Burrows

President , Barometer Capital Ma...

Price Price
$270.170
Owned Owned
Unknown

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BUY
XIC-T vs. SPY-N vs. VT-N. After a sharp decline after a rally you are likely to retest lows. The thrust off the bottom was so significant. 10 of the last 12 corrections never went back to retest the lows. Positioning is so defensive that people are not likely to get the retesting of the lows they are waiting for. The commodity complex could see strength. All three should do well.
E.T.F.'s
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0 comments
XIC-T vs. SPY-N vs. VT-N. After a sharp decline after a rally you are likely to retest lows. The thrust off the bottom was so significant. 10 of the last 12 corrections never went back to retest the lows. Positioning is so defensive that people are not likely to get the retesting of the lows they are waiting for. The commodity complex could see strength. All three should do well.
E.T.F.'s
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David Burrows

President , Barometer Capital Ma...

Price Price
$70.570
Owned Owned
Unknown

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SELL
Inter Pipeline(IPL-T) 

February 7, 2019

It is a bit of a poor cousin to ENB-T. Despite the fact that defensives sectors did well through the fall, it is still at a 52 week low relative to the market so its been signifncantly under performing. He would stay in ENB-T, but look even more for dividend growth. He suggests looking more to dividend growth like financials vs the big pipes.

oil pipelines
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It is a bit of a poor cousin to ENB-T. Despite the fact that defensives sectors did well through the fall, it is still at a 52 week low relative to the market so its been signifncantly under performing. He would stay in ENB-T, but look even more for dividend growth. He suggests looking more to dividend growth like financials vs the big pipes.

oil pipelines
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David Burrows

President , Barometer Capital Ma...

Price Price
$20.680
Owned Owned
Unknown

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COMMENT
What comes screaming back is the previous leaders. There is persistence. Internet retail is the first one to break down and the first one to reverse. Basic materials are the area starting to make a turn. It would be complimentary to add some Canada.
E.T.F.'s
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What comes screaming back is the previous leaders. There is persistence. Internet retail is the first one to break down and the first one to reverse. Basic materials are the area starting to make a turn. It would be complimentary to add some Canada.
E.T.F.'s
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David Burrows

President , Barometer Capital Ma...

Price Price
$215.120
Owned Owned
Unknown

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WAIT
Manulife Financial(MFC-T) 

February 7, 2019

The problem is that life insurance companies are having a tough time. You are dealing with a tough sector back drop.
insurance
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The problem is that life insurance companies are having a tough time. You are dealing with a tough sector back drop.
insurance
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David Burrows

President , Barometer Capital Ma...

Price Price
$21.090
Owned Owned
Unknown

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BUY on WEAKNESS
Magna Int'l. (A)(MG-T) 

February 7, 2019

The auto and auto sector rolled over early last year with a mid-cycle slow down. This sector is relatively outperforming now. He thinks we have seen a turn. We need a pull back. Then they will perform well over the next year.
Automotive
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The auto and auto sector rolled over early last year with a mid-cycle slow down. This sector is relatively outperforming now. He thinks we have seen a turn. We need a pull back. Then they will perform well over the next year.
Automotive
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David Burrows

President , Barometer Capital Ma...

Price Price
$67.480
Owned Owned
Unknown

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PAST TOP PICK
Microsoft(MSFT-Q) 

February 7, 2019

(A Top Pick Jan 31/18, Up 13%) There is a secular theme in software as a service, as well as the cloud and this one is right in the middle of this. They are the absolute leader in their space. It pulled off its highs, but as one of the last stocks to sell off, it is a company you can buy here and hold it for 2 to 3 years.
computer software/processing
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(A Top Pick Jan 31/18, Up 13%) There is a secular theme in software as a service, as well as the cloud and this one is right in the middle of this. They are the absolute leader in their space. It pulled off its highs, but as one of the last stocks to sell off, it is a company you can buy here and hold it for 2 to 3 years.
computer software/processing
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David Burrows

President , Barometer Capital Ma...

Price Price
$105.210
Owned Owned
Yes

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PAST TOP PICK
Charles Schwab Corp(SCHW-N) 

February 7, 2019

(A Top Pick Jan 31/18, Down 14%) Even if you look at a turn in rates, themes have an interruption. This one was 2-4 months long. We had that last fall. He would buy it here, or IAI-N. It is a great entry point.
investment companies/funds
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(A Top Pick Jan 31/18, Down 14%) Even if you look at a turn in rates, themes have an interruption. This one was 2-4 months long. We had that last fall. He would buy it here, or IAI-N. It is a great entry point.
investment companies/funds
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David Burrows

President , Barometer Capital Ma...

Price Price
$45.180
Owned Owned
No

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PAST TOP PICK
United Rentals(URI-N) 

February 7, 2019

(A Top Pick Jan 31/18, Down 29%) It is a proxy for the broad US economy and also for the cycle itself. We will have to see if the numbers re-accelerate.
Financial Services
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(A Top Pick Jan 31/18, Down 29%) It is a proxy for the broad US economy and also for the cycle itself. We will have to see if the numbers re-accelerate.
Financial Services
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David Burrows

President , Barometer Capital Ma...

Price Price
$127.960
Owned Owned
Unknown

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DON'T BUY
Parkland Fuel Corp(PKI-T) 

February 7, 2019

They have done a good job of operating the business over time. Dividend growth has been slow. He prefers ATD.B-T.
merchandising/lodging
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They have done a good job of operating the business over time. Dividend growth has been slow. He prefers ATD.B-T.
merchandising/lodging
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David Burrows

President , Barometer Capital Ma...

Price Price
$37.040
Owned Owned
No

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WEAK BUY
TransCanada Corp(TRP-T) 

February 7, 2019

The energy space was tough last year. This has been rising since September, relative to the energy space. It has performed well through the recovery. Nice dividend, growing at about 6% annually. If you took at three year period in the market it will under-perform but be more stable.
oil/gas pipelines
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The energy space was tough last year. This has been rising since September, relative to the energy space. It has performed well through the recovery. Nice dividend, growing at about 6% annually. If you took at three year period in the market it will under-perform but be more stable.
oil/gas pipelines
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David Burrows

President , Barometer Capital Ma...

Price Price
$55.730
Owned Owned
Unknown

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DON'T BUY
Imperial Oil(IMO-T) 

February 7, 2019

He would be looking for a turn relative to its group and relative to the market and neither of those two are happening. It has been having a difficult time generating a total return over the years. There are better places.
integrated oils
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He would be looking for a turn relative to its group and relative to the market and neither of those two are happening. It has been having a difficult time generating a total return over the years. There are better places.
integrated oils
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David Burrows

President , Barometer Capital Ma...

Price Price
$35.980
Owned Owned
Unknown

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DON'T BUY
XPO Logistics, Inc(XPO-N) 

February 7, 2019

In the last little while it has had a tough go. It has beaten only 6% of stocks on the S&P over the last year. He likes the transports but the rails more. You could buy IYT-N and that would be a better bet.
Transportation
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In the last little while it has had a tough go. It has beaten only 6% of stocks on the S&P over the last year. He likes the transports but the rails more. You could buy IYT-N and that would be a better bet.
Transportation
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David Burrows

President , Barometer Capital Ma...

Price Price
$59.660
Owned Owned
Unknown

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DON'T BUY
Keyera Corp(KEY-T) 

February 7, 2019

Energy infrastructure has bounced off the lows but is still an under-performer. They grew their dividend over 10% which is attractive but he would prefer to go more for market strength. Look at financials or apartment REITs. ENB-T would be better also.
oil/gas
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Energy infrastructure has bounced off the lows but is still an under-performer. They grew their dividend over 10% which is attractive but he would prefer to go more for market strength. Look at financials or apartment REITs. ENB-T would be better also.
oil/gas
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David Burrows

President , Barometer Capital Ma...

Price Price
$28.280
Owned Owned
Unknown

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BUY
It is a great company and has been well managed over time. They grew about 12% on the dividend over time. He prefers a higher dividend vs. a higher growth of the dividend. CNR-T has had great pricing power over time. This one has a really defendable position.
Transportation
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It is a great company and has been well managed over time. They grew about 12% on the dividend over time. He prefers a higher dividend vs. a higher growth of the dividend. CNR-T has had great pricing power over time. This one has a really defendable position.
Transportation
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David Burrows

President , Barometer Capital Ma...

Price Price
$109.970
Owned Owned
Unknown

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BUY
Organic LED devices for consumer electronics. He likes the tech group. These guys are a leading in their space. It held in much better since September, relative to their group. This one looks timely.
electrical/electronic
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Organic LED devices for consumer electronics. He likes the tech group. These guys are a leading in their space. It held in much better since September, relative to their group. This one looks timely.
electrical/electronic
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David Burrows

President , Barometer Capital Ma...

Price Price
$110.050
Owned Owned
Unknown

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BUY
Semi-conductors had a really hard fourth quarter. Skyworks provided a number that was weak and the stock took off, telling you that the market is looking beyond the current slowdown. It is a great way to play the components companies.
electrical/electronic
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Semi-conductors had a really hard fourth quarter. Skyworks provided a number that was weak and the stock took off, telling you that the market is looking beyond the current slowdown. It is a great way to play the components companies.
electrical/electronic
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David Burrows

President , Barometer Capital Ma...

Price Price
$81.560
Owned Owned
Unknown

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HOLD
Cameco Corporation(CCO-T) 

February 7, 2019

There is secular growth and they are cyclical. We are starting to make a turn. We are seeing good risk/reward in this area. He would be buying it here. He bought an EFT in the area just this week.
integrated mines
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There is secular growth and they are cyclical. We are starting to make a turn. We are seeing good risk/reward in this area. He would be buying it here. He bought an EFT in the area just this week.
integrated mines
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David Burrows

President , Barometer Capital Ma...

Price Price
$16.890
Owned Owned
Unknown

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TOP PICK
Within the REIT sector, apartments are interesting because there is a real lack of rental space. Rental rates are really accelerating at just under 12%. They are growing cash to be distributed at about 8%. They have a 2.8% dividend that is growing faster than other apartment REITs. They have a strong balance sheet. They can get into more projects. They will add apartments in Toronto and Vancouver. It is one of his largest positions as a firm. (Analysts’ price target is $50.56)
investment companies/funds
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Within the REIT sector, apartments are interesting because there is a real lack of rental space. Rental rates are really accelerating at just under 12%. They are growing cash to be distributed at about 8%. They have a 2.8% dividend that is growing faster than other apartment REITs. They have a strong balance sheet. They can get into more projects. They will add apartments in Toronto and Vancouver. It is one of his largest positions as a firm. (Analysts’ price target is $50.56)
investment companies/funds
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David Burrows

President , Barometer Capital Ma...

Price Price
$48.750
Owned Owned
Yes

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TOP PICK
Mastercard Inc.(MA-N) 

February 7, 2019

It is a secular theme that goes beyond the business cycle. They are more focused on emerging markets, where the industry is growing faster than domestically. It does not matter if the business cycle slows down or not. (Analysts’ price target is $235.70)
other services
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It is a secular theme that goes beyond the business cycle. They are more focused on emerging markets, where the industry is growing faster than domestically. It does not matter if the business cycle slows down or not. (Analysts’ price target is $235.70)
other services
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David Burrows

President , Barometer Capital Ma...

Price Price
$213.970
Owned Owned
Yes

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TOP PICK
Servicenow(NOW-N) 

February 7, 2019

Software as a service. It is the strongest sector, period – in the last two years. It makes software that is used to manage workflow such as for companies that provide IT servicing. It is growing rapidly. 35% year over year. They have running room in front of them. (Analysts’ price target is $233.32)
Technology
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Software as a service. It is the strongest sector, period – in the last two years. It makes software that is used to manage workflow such as for companies that provide IT servicing. It is growing rapidly. 35% year over year. They have running room in front of them. (Analysts’ price target is $233.32)
Technology
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David Burrows

President , Barometer Capital Ma...

Price Price
$226.960
Owned Owned
Yes

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COMMENT
General Market Comment 

September 19, 2018

All the way through this bull market, people have been nervous. Bull markets die of excess, but that we have been in a cautious expansion. We are in the early stages of a reflation in the economy. There are no signs of recession on the horizon. The market is healthy. Tilray took off today: that's investing, not speculating. He'd be concerned about buying cannabis stocks, but if you have the stomach for it, all the power to you. He doesn't have the stomach for it. Some cannabis companies will do well and others will be wreckage.

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0 comments

All the way through this bull market, people have been nervous. Bull markets die of excess, but that we have been in a cautious expansion. We are in the early stages of a reflation in the economy. There are no signs of recession on the horizon. The market is healthy. Tilray took off today: that's investing, not speculating. He'd be concerned about buying cannabis stocks, but if you have the stomach for it, all the power to you. He doesn't have the stomach for it. Some cannabis companies will do well and others will be wreckage.

Unknown
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0 comments
David Burrows

President , Barometer Capital Ma...

Price Price
$0.020
Owned Owned
Unknown

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BUY
Canadian Natural Rsrcs(CNQ-T) 

September 19, 2018

Energy producers have been weak this summer, but strengthening in the last few weeks. He looks for companies that thrive through too patches. CNQ is better than the group. The sector is catching a bid; the cyclicals will do better in this next part of the cycle. They will generate a lot of cash and improve their multiples. CNQ will do well.

oil/gas
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Energy producers have been weak this summer, but strengthening in the last few weeks. He looks for companies that thrive through too patches. CNQ is better than the group. The sector is catching a bid; the cyclicals will do better in this next part of the cycle. They will generate a lot of cash and improve their multiples. CNQ will do well.

oil/gas
0 0 0 0 0
0 comments
David Burrows

President , Barometer Capital Ma...

Price Price
$42.470
Owned Owned
Unknown

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