N/A
Market: We are lucky in Canada that we have opportunities for income stocks. You can get income yields in excess of 4,5 or 7%. US are saying they are keeping interest rates low for a couple of years.
BUY
Pretty good upside left. Retail locations. National tenants. Very good management team. Likes retain sector. Economy here is doing relatively well. Easiest to reach consumers in Canada with majority in 6 largest centers. They can increase cash flow over the next 5-10 years.
BUY
He is underweight financials. Good results from BMO this morning. Canadian banks in general had a pretty big tailwind lending to Canadians. And will now be a headwind with debt levels being so high now. Definitely a good place for along term outlook.
BUY
Strongest deposit base in Canada. Credit card receivables they recently got will give some accretion. Definitely likes TD.
BUY
Longer term he is bullish on oil equity prices. HSE represents compelling value. Good discount to net asset value and can increase production.
DON'T BUY
Not worth getting into. They are skating on thin ice. Management has a huge task ahead of them. Print business is in secular decline, down about 10% a year. It is harder to solicit ad sales for only part of business. Prefers the preferred. You will get capital gain and redemption in 2017 plus the dividend as long as they don’t go under.
BUY
Likes it. Just started buying. The apartment sector is somewhat defensive because if the economy goes down, demand for low rent housing increases. 3% increase allowed next year.
BUY
Immune from wireless issue the others are facing. Must build out its home network. Are spending billions to build out network. Taxable in 2013. Dividend is sustainable.
BUY
Energy infrastructure company. Huge increase in oil and gas production conventional and unconventional. Production expected to triple in the next 10 years. 6% yield.
HOLD
Will have to face reduced sales. Regulatory problem. Would sell if it pops a dollar or two.
BUY
Significant exposure to Canadian consumer. Recently acquired an investment company in the US, which will be accretive next year. You could see a very competitive environment in Canada and it could put pressure on the price.
TOP PICK
Own industrial, commercial and office properties. Strong development pipeline so can grow size of portfolio by 10-15% in next few years. Payout ratio is low so there is room for a payout increase.
TOP PICK
Apartment REIT, mostly on Ontario. Off the institutional radar screen. Occupancy increase of 10% over last couple of years. Will make acquisitions to grow. Nice yield.
TOP PICK
Middle man processor of energy, distribution. Power production. Strong development pipeline. Will benefit from higher power prices. Reasonable payout ratio and can increase dividends in future.
N/A
Market: Markets have been in a lot of turmoil. From the reaction in the markets, they seem to be discounting some sort of QE 3. The benefits from QE1 and 2 are getting less and less going forward so he is not sure how much benefit there will be going forward. We need to address structural issues occurring the US right now. Doesn’t put much stock in the triple bottom of 11,020. He has been doing some buying over the last months. He is a bargain hunter and is looking for them at this time. If one takes a more sober view and horizon is more than a year or two you can get some very compelling dividend yields that can make the fixed income market look poor. He hasn’t changed his philosophy or style since 2008.