TOP PICK
Outstanding value creation. Return on capital close to 40%. 200 Million cash. Can expect big acquisitions to come in the next year or two. CEO is on the mend after an accident.
BUY
(Market Call Minute) Agri story is still in tact. Stock is cheap.
HOLD
(Market Call Minute) Great management team, but waiting for mortgage business to kick in.
SELL
(Market Call Minute) Business model will not come back strong any time soon.
BUY
(Market Call Minute) Great execution. Boring company.
SELL
(Market Call Minute) Too hard to analyze. Financials are too complex.
N/A
Market: We are grinding through things in Europe right now. Won’t have a long-term solution in place for some time but should have a policy in place within 90n days. Either a good one involves the ECB or a more muddled one from Germany are the two options. We will be in a better position next year. Stocks are cheap and dividends look good. Lots of diamonds and rubies out there. A lot of pessimism is priced into the marketplace. This is the second most attractive environment for valuations in his lifetime.
HOLD
Historically has a very good reputation. The gun is being re-loaded right now. Eventually they will get into some new technology. There is not a big worry about economic sensitivity but there’s not a short-term catalyst.
SELL
This is one that he missed. It is priced to perfection. He would take profits. Significant premium to the market. Better value elsewhere. Prefers MTY-T. Would not even be interested in DOL if it pulled back 15%.
DON'T BUY
There is a perception that they are not setting enough aside for insurance. It is hard to prove an insurance company is under funded.
BUY
Likes Canadian banks and this is one of the strongest. The depth of management is extremely strong in all the major banks so if one manager leaves, it is not a big issue.
HOLD
Fertility clinics. Based in Quebec, good management. No immediate need for financing. Just a really great health care company. There is certainly a need. Not looking to add or get out of.
DON'T BUY
His frustration is that the financial statements don’t lend themselves to a lot of analysis. It’s not a sell, but he recommends staying away.
DON'T BUY
One of his biggest shorts this year. A lot of promoters got into this thing and promoted the heck out of it. Not a lot more downside.
PAST TOP PICK
(Top Pick Dec 6/10, 43.66%) Thinks it is still undervalued. Everyone wants to change phone every 6-month as new technology comes out.