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Markets. Value is a moving target. He has to look at a lot more stocks to find one to buy right now. Not into the banks. Below tangible book, hidden assets, etc. are what he looks for. People are always looking over their shoulder even though markets have done so well. Better economic news could be a catalyst. Better earnings would be helpful. Lots of M&A. Weakness would be an indicator to buy. It’s a trading market and a stock picking market. Expects Santa Clause rally. The rotation from bonds into equities is happening.

Unknown
BUY

Likes it. An Irish company but Canadian in name only. Company is fundamentally cheap. Has a NAV of $1.50 he believes. They have a good spread on the oil price. Likes management.

oil / gas
BUY

5.25% dividend yield. Well run. They want to take on a few more ships. It is not well followed. Management nixed the deal and raised the money in another way. He likes the company. Believes the global economies are improving and that this company should benefit.

Transportation
BUY

Likes it. Likes management. Company could be in play and could be a takeover candidate. Likes the service side of this company. 3.9% dividend.

oil / gas
DON'T BUY

Used to own it. Likes management and liked what they were doing. Tangible book value is about $5.75. he has no intention of going back in until everything about the law suit is settled. Prefers SUP-N. He is finding a lot of value in US micro-cap.

metal fabricators
SELL ON STRENGTH

Buy at $2 and sell at $2.75-$3. The Street loves it. Trading well below NAV. It could be in play. Take a little profit above $2.60.

oil / gas
BUY

There is a new player in the space right now, but he believes the Canadian dollar will improve as well as the economy. You will see greater employment down the road and this company will benefit. They have done an excellent job, dividend increase, share buyback. People expected the Canadian market to collapse. 4.1% dividend.

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