Latest Expert Opinions

Signal
Opinion
Expert
TOP PICK
TOP PICK
December 17, 2008
Bell Canada Bonds 4.64% maturing 2016. These bonds are lagging and should trade much more expensive in the next 2 months.
BCE Inc. (BCE-T)
December 17, 2008
Bell Canada Bonds 4.64% maturing 2016. These bonds are lagging and should trade much more expensive in the next 2 months.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$21.700
Owned
Yes
TOP PICK
TOP PICK
December 17, 2008
One of the few REITs that reissued guidance that funds from operations (FFO) is solid. Apartment buildings out west won't necessarily hurt you. Great management and they get funding through CMHC. As the interest rate market gets lower, they go lower to so the spreads haven't blown out on them for funding.
Boardwalk REIT (BEI.UN-T)
December 17, 2008
One of the few REITs that reissued guidance that funds from operations (FFO) is solid. Apartment buildings out west won't necessarily hurt you. Great management and they get funding through CMHC. As the interest rate market gets lower, they go lower to so the spreads haven't blown out on them for funding.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$22.660
Owned
Yes
TOP PICK
TOP PICK
December 17, 2008
GE Capital Bonds 5.37% maturing in 2037. Usually you don't want to lend to anybody for more than 5 to 7 years but this is extraordinary. Gives you about 383 basis points over long Canada. Rated AAA, the highest bond rating possible. When the world becomes normal, spreads will come right in and you'll get a massive gain.
General Electric (GE-N)
December 17, 2008
GE Capital Bonds 5.37% maturing in 2037. Usually you don't want to lend to anybody for more than 5 to 7 years but this is extraordinary. Gives you about 383 basis points over long Canada. Rated AAA, the highest bond rating possible. When the world becomes normal, spreads will come right in and you'll get a massive gain.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$17.390
Owned
Yes
PAST TOP PICK
PAST TOP PICK
December 17, 2008
(A Top Pick Dec 28/07. Down 53%.) Sold out at around $10-$11. Replaced their real estate with unsecured bonds.
(A Top Pick Dec 28/07. Down 53%.) Sold out at around $10-$11. Replaced their real estate with unsecured bonds.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$7.950
Owned
No
COMMENT
COMMENT
December 17, 2008
Disappointing guidance as they lowered wireless growth for Q4 of 08. This put pressure on the stock. Looking at this vs. BCE (BCE-T) he doesn't think BCE could have a strategic plan in place yet. They are more concerned about cutting costs and catching up to the telcos. Telus wireless could be more vulnerable because Vancouver and Calgary are suffering most of the slowdown in commodities and real estate but it is still a stable cash flow business. Both have to spend on GSM technology to compete with Rogers (RCI.B-T).
Telus Corp (T-T)
December 17, 2008
Disappointing guidance as they lowered wireless growth for Q4 of 08. This put pressure on the stock. Looking at this vs. BCE (BCE-T) he doesn't think BCE could have a strategic plan in place yet. They are more concerned about cutting costs and catching up to the telcos. Telus wireless could be more vulnerable because Vancouver and Calgary are suffering most of the slowdown in commodities and real estate but it is still a stable cash flow business. Both have to spend on GSM technology to compete with Rogers (RCI.B-T).
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$33.500
Owned
Unknown
COMMENT
COMMENT
December 17, 2008
One of the premier banks globally. The whole Canadian banking sector will have headwinds going forward. Still worthwhile to own banks but doesn't think it's going to go anywhere.
Royal Bank (RY-T)
December 17, 2008
One of the premier banks globally. The whole Canadian banking sector will have headwinds going forward. Still worthwhile to own banks but doesn't think it's going to go anywhere.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$34.660
Owned
Unknown
COMMENT
COMMENT
December 17, 2008
Hit hard partially because of the Bow building in Calgary. In this environment, you have to look for the strongest balance sheets. The feeling is that REITs will not be able to grow distributions.
Hit hard partially because of the Bow building in Calgary. In this environment, you have to look for the strongest balance sheets. The feeling is that REITs will not be able to grow distributions.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$6.200
Owned
Unknown