DON'T BUY
11.2% return, but could come under pressure. Could be 2 years before drilling returns to where it was last year. The silver lining is that there are a lot of takeovers of trusts by private equity, which could give you a decent yield while you wait.
BUY
Likes the uranium producers. Well positioned to benefit from the lack of new production globally.
COMMENT
Recent environmental policy decisions seem to penalize the people who have done the most. They're going to have to reduce emissions. Pretty solid value at 8 X cash flow.
BUY
Very strong company with good assets.
BUY
Likes the zinc business generally. There is a possibility that it gets bought in with the acquisition of Noranda. Good solid business. 9% distribution.
BUY
Very positive on this company. Had gotten a little ahead of itself. Very solid in Canada and think they will find their way in the US.
BUY
Of all the oil service companies, this would be at the top of his list. Good value.
DON'T BUY
Wouldn't consider it a bargain right now. Almost all of their assets are new. A good team, but their portfolio is unproven. A good organization. Probably won't make you much money for a while. Has to prove itself and mature.
TOP PICK
The whole sector has been under pressure. Post and beam downtown office Toronto and Montreal. The market is tight and there is good demand for all their office space. Good portfolio. Payout ratio of about 89%. Growing and well managed.
DON'T BUY
This is closest to a bond of any REIT around. It has slow growth with long-term leases and very high-quality portfolio. They have not insulated their debt and there is concern that the cost of money is going up.
HOLD
Think they will be OK on the taxes because they are an apartment company. Very good portfolio. Good dividend. Probably won't make a lot of money on this. Long term it will be positive.
TOP PICK
Has a lot of big closed in shopping centres. Best shopping centres in a secondary market. Stock price has dropped more than it should. 7.3% yield.
BUY ON WEAKNESS
This whole sector in the US has declined a lot. Very high-quality portfolio. Long-term leases.
TOP PICK
Price has dropped a lot. Structured as a REIT in Canada but it's all US assets. Has been oversold.
HOLD
Huge Alberta play with secondary quality product. Depends on the economy stained really strong. Recently made a series of acquisitions of higher-quality properties.