BUY
Trading about .50¢ off a long term low. Fair market value is around $18, so not a bad investment.
HOLD
Fair market value is quite a bit higher than the current price. Even though global shipping rates have been moving strongly, their earnings have not reflected this. Would like to see more bullishness by the analysts.
DON'T BUY
Beyond his fair market value calculation. An interesting company in that it dominates the derivative business globally, so should be doing fairly well. Exposure to derivatives in a volatile market can create losses.
SELL
As a rule, he sells banks at a 3% dividend and buys them at a 4½% dividend. This bank is now at 2.9% so would get out. All the banks have now caught up with their fair market value.
DON'T BUY
Fair market value is about $40 so there seems to be upside. They are diversifying out of the PC market because margins are coming under pressure. High techs are steadily weakening, so not an area he would want to be in.
TRADE
Fair market value has been bouncing back quite strongly recently. Seems to be turning the corner. FMV = about $12.
TRADE
Fair market value is well over $30, which is the next strong technical resistance. Gold may be weakening, but their other metals are doing very well. Long-term fundamentals are working for metals.
DON'T BUY
Discount brokers will do well as long as there are high volumes and a rising market but, if there is a reversal, they'll start to fail. Because he is bearish, not a stock he is interested in.
DON'T BUY
Fair market value is about $4½. This stock is cruising on the hope that there will be a further and big recovery.
TOP PICK
(A top pick Dec 19/03. Up 10½%.) Seems to go from strength to strength. Came in with a lovely 4th quarter and the outlook remains strong. Fair market value is over $65.
TOP PICK
Top Short (A top short Dec 19/03. No change.) Came in with some pretty lousy numbers in the 4th quarter. Fair market value on very optimistic estimates is only about $14/15.
HOLD
Fair market value is a good deal higher than its present price. The negative side is that the stock has had quite a recovery, so would hold but not buy.
DON'T BUY
Fair market value is about $30/31, so not a lot of upside left. Trading at about 2X book value, which is an absolute maximum. What's holding it at this price is the 4½% dividend.
BUY
Upside is quite a bit higher because nickel pricing has been extremely strong, so Falconbridge and Inco have quite a bit of potential. Trading at 3X book value compared to Inco's 2X so likes Inco a little better.
BUY
Upside is quite a bit higher because nickel pricing has been extremely strong, so Falconbridge and Inco have quite a bit of potential. Trading at 2X book value compared to Falconbridge's 3X so likes Inco a little better.

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