DON'T BUY
Can't get too excited about this industry. You are a reliant on their movie releases which has too much volatility in it. Competitive.
BUY
Good quality holding. They have been effectively able to grow their asset base on an accretive basis. Off shore oil and gas. You could see a distribution increase later this year.
BUY
Made an acquisition that is primarily involved in the brokerage business. The stock has fallen off quite a bit. There should be continued growth and thinks the stock has been oversold. Good value at these prices.
BUY
Owns about 40% of the oilfield waste management industry in western Canada. Represents a more defensive play in the oil/gas business. Expanding into other types of waste industries which is a positive.
DON'T BUY
Manufacturer of transit buses. Most of their orders come from municipalities and they can be quite fickle. That has been a concern. There was recently a work stoppage at one of their plants and was closed for a number of weeks so guidance was reduced. Too risky for him.
COMMENT
As other trusts were running down their payout ratios, this one continued to pay on a relatively high level and relied on acquisitions to replace production. That model doesn't work any more. They are now changing. From a fundamental basis, they are improving.
TOP PICK
One of the better quality business trusts. 5th largest waste management company in North America. Made a number of tuck-in acquisitions but have also acquired some landfill companies. Should continue to see growth. Pullback gives a good buying opportunity.
TOP PICK
The senior care part of the REIT sector has been really hammered over the last few months. They know how to grow their asset base outside of Ontario and Canada. Sees some very positive trends in this company. Good price.
HOLD
An exceptionally well-run bank. Have a big exposure to the mortgage market and big lenders to the real estate market in the US. There could be some bumpy days ahead of them. A very attractive takeover candidate. Nice dividend.
HOLD
Have done a terrific job in building a very powerful franchise. Fairly defensive.
TOP PICK
3.75% yield. Has not gone anywhere over the last little while, but the underlying components have been good. The Great West (GWO-T) portion has been the part that has been languishing. The market has been overly negative on this. Very conservatively run business.
HOLD
All the Canadian banks are reasonably well run. Over the long term, they will make you some money. New management is being really careful with their capital. Quite happy to give it to shareholders through dividends. Have been pulling back from risks.
BUY
No underwriting risks, it is strictly a global broker. When it comes to globalization, a company that needs to get its insurance needs met, there are a limited number of players. Good price. Growth is at 6/8%.
TOP PICK
Has gone down over the last number of years from its peak. Trading at 15 X next year's earnings. Really a closed end fund of health care business. Good long-term hold. Ultimately, the market will value it for its good cash flow.
HOLD
Both Canadian Pacific (CP-T) and Canadian National (CNR-T) are exceptionally well-run businesses. If you believe commodities are going to continue to stay strong, then you should stay put.