BUY
Turning into one of the smaller stars in the North Sea. Has rigs availability and has been doing very well. Good entry point.
BUY
Was totally trashed, partly because 1) there were rumours it might be taken over by Hudbay (HBM-T) and 2) stories that zinc was an awful metal because the Chinese were exporting it like fury. The latter was true as exporters were going to lose a tax relief in January. Very dark days are over and it should go up.
HOLD
Disappointed that it hasn't done better. The company is continuing to expand its operations. Has some interesting divisions. Setting up in Wal-Mart. Has an industrial noise related division.
BUY
(Market Call Minute.) Very small cap and it is in the Bakken play in Saskatchewan.
BUY
(Market Call Minute.) A tremendous company and also has brilliance in Russia.
BUY
(Market Call Minute.) Uranium ought to get better.
HOLD
(Market Call Minute.) Rather focused with its clientele but it's top of its market.
HOLD
(Market Call Minute.) You're in with the Mongolian problem with this one.
DON'T BUY
For a long-term investor, a toe in the water of banks is not necessarily a bad thing, but there is no great hurry. Wait for the skies to clear a little bit.
DON'T BUY
One of the world’s largest banks. A great franchise. Thinks it could make $4 a share on operating earnings on an ongoing basis and it's trading at $30. When the skies clear he thinks there will be good opportunities. Don't make any assumption that dividends will not be cut. New CEO will be the catalyst on this.
COMMENT
Pharma as an industry as a model is really at a crossroads. The chemical-based side is giving way to the biology-side of science. They have a lot of money, but do not have a good pipeline. The biology side is just the opposite. They have the largest phase 2 pipeline that they've ever had and that could translate by 2009 into the biggest phase 3. They own some, but are tempted to pull the plug.
COMMENT
Been doing fairly well for quite a long time and yet stock hasn't. Been in a trading range. Valuations were growing at about 10%-12% but multiples were too high. Takes a long time for multiples to come back to reality but thinks they have now done so. If he had to choose amongst technology, he has a world of choice and this one probably would not be his top one.
DON'T BUY
This is a good company and has been doing fairly well. The difficulty he has with this one and a lot of the consumer staples is that they are fairly expensive.
TOP PICK
5-year growth targets are 10% to 12% on the earnings side. Doesn't have a lot of exposure to the financial problems. Trades at 8.5X earnings. Extremely cheap historically. Cheap because it's a financial and all financials are going out with the bathwater.
TOP PICK
A fantastically managed company. They target 2 and 3X to GDP for organic growth so that puts them in the 10% to 13% range. About 50% of the company is GE capital so is painted with the same brush as financials. Has a wonderful dividend.