N/A
The newspapers are saying that in the last two years the first quarter was good and the second was not. There is cash on the sidelines ready to catch the rally on the second time round. Stocks aren’t expensive. He has about 10% in cash and 10% in corporate debt to be deployed if he would like to. He wants to accumulate more the names he is already in.
BUY
Just came up with good quality earnings. You are seeing a return of the consumer. Loan reserves going back into earnings. Well run company. Large investment bank. May not be as stable as Wells Fargo. 2.7% dividend.
WEAK BUY
Have de-risked their portfolio. Should not pay the pre-2008 multiple. It used to be a much more stable business when they were growing through acquisitions. It will now slowly go up. 3.5% yield will do fine.
BUY
Don’t take any credit risk. You could buy Visa or MasterCard. They equally as good. Very well run companies. Their volumes have increased over the last little while. They are very good stories because of the secular tailwinds. More and more people are using debit and credit card. Visa has less of a global franchise than MasterCard.
BUY
Don’t take any credit risk. You could buy Visa or MasterCard. They equally as good. Very well run companies. Their volumes have increased over the last little while. They are very good stories because of the secular tailwinds. More and more people are using debit and credit card. Visa has less of a global franchise than MasterCard.
BUY
A restructuring story; a good value story and a nice dividend, which they can pay easily. Printer business is a very good business. You get the rest of HP for free of you put a good multiple on the printer business. Will not go up a lot here but as the restructuring tapes place it will increase in price.
BUY
Slowly changing. PC market was slowing down and Windows 8 is not coming out until the summer. Better growth with new products coming. Cheap at these levels with a good balance sheet.
TOP PICK
Cheap. Likes the story. Great balance sheet. 11x earnings, 2.6% yield. April 19 numbers come out. You will get better PC demand, which will help them. Windows 8 coming out late summer or call but is a 2013 story. A lot of good products coming out and every one is concentrating on Apple. Made an effective job of changing their business.
TOP PICK
Great global investment banking franchise. Good global economic growth will allow them to do well. Great story you are getting cheap. Capital ratio is fantastic. 1.5% dividend.
TOP PICK
Great Canadian brand. No debt. 3.3% yield. Own a lot of the real estate their stores are on and this is almost the value of their market cap. Makes sense to buy it here. Their family has done a great job of running it and may pay a special dividend soon. Thinly traded.
PAST TOP PICK
(Top Pick Mar 24/11, Down 34.07%) A difficult story but maybe you should be buying it here. Only a third of revenue is from Spain. Latin America is growing for them quite rapidly. Management did a good job of cutting cost and growing franchise. They can easily pay their 11% dividend.
PAST TOP PICK
(Top Pick Mar 24/11, Down 33.56%)
PAST TOP PICK
(Top Pick Mar 24/11, Up 17.05%) He sold it and broke even
COMMENT
Octavian Advisors, out of the US, own a good chunk of this company now and they continue to buy. At last year's AGM meeting they were a little more aggressive than he would've liked. They want a director on the board and the company is saying no. Expect there will be a lot of fireworks at this year's AGM. If they were to offer $15-$18 a share for the whole company, he would be willing to listen to this.
DON'T BUY
Had a run in 2010 to about $1.70 but since then has not done very well. Trading volume for the last 3 months has been less than 1000 shares a day so there really is no interest in the company.