SELL
(Market Call Minute)
SELL
(Market Call Minute) One of your big mining companies and one of the best performers in the Canadian market in years, but it’s breaking down here. Sell until you see a rally coming back in.
SELL
(Market Call Minute) Will be very volatile.
COMMENT
This bank is always getting hammered. There is a perception that you just can't trust their trading desk. They were one of the underwriters for the subprime market. It seems to be always one thing after another.
BUY
This one has performed the best out of the 5. Has exposure to the Latin American market and has done an amazing job there. Tremendously cheap and even though there is a lots of unknowns out there, this is a good time to get involved. Also, the interest curve is about to normalize which helps the banking sector.
BUY
Trades at a crazy 1.4X Book Value. A fantastic global bank. Technicals indicate that if it breaks $42, it will probably go down to $40 but probably no further.
HOLD
The REIT market has had a really bad year. Anchors are almost all Wal-Mart. Thinks REITs will either be flat or start going up in value. The only issue is that it will be hard for them to grow by buying property.
BUY
Suffering from the sector weakness. He considers this Best in Class. Good creative management. Leases are coming due so they will have a healthy bump up of rents.
TOP PICK
National Bank 4.7% bond maturing Nov 2/20. Will probably be called in 2015. For the first time, you are having bank bonds giving you value.
TOP PICK
Specialize in the old warehouse buildings in Montreal, Toronto and Winnipeg. They are great developers of these properties. As they get bigger, they could get taken out by a pension plan, et cetera.
TOP PICK
Great dividend yield. Dropped recently because one of the top small-cap managers left. Has not seen any redemptions from their fund and the performance has actually gotten better. Trades at a 12 X multiple. They're an institution money manager and their performances all through their offering are very good.
DON'T BUY
Got hurt because it came out with lower earnings, based mostly on Loblaws, which is having terrific troubles with its margins, restructuring. Could go lower. 2.7% dividend.