Advertising
HOLD

(Market Call Minute.) Likes the business.

Telecommunications
BUY

(Market Call Minute.) Probably a Buy, but if it sees the low $30s, it’s a Sell.

Mining
HOLD

(Market Call Minute.) Have done a good job and paying a good dividend. Getting big and will start becoming more of a problem.

Oil and Gas (Integrated Oils)
HOLD

(Market Call Minute.) This housing market recovery is just beginning, but it’s a very competitive industry.

east coast forestry
BUY

(Market Call Minute.) They are swimming upstream here because long-term coal is going to be a problem, and there’s a big push to replace with natural gas.

other mines
N/A

Markets. Longer-term, you are going to continue to see a gradual appreciation of wealth in China but there are regional disparities. Anything to do with staples is going to run. Recently announced policy changes are going to be supportive. Going through Hong Kong or some of the US ADRs will give some opportunities to look at. He is seeing big gains in his European portfolios as capital flows to Europe on the back of an expected recovery. The recovery is still very slow. Staying away from South America. Latin America has some big challenges. After a decade of big commodity growth, apart from a couple of isolated markets, you have some government interference and big inflation problems, and once those issues are fully dealt with, there will be some big opportunities, but right now he is definitely staying away.

Unknown
HOLD

A pension consulting business. Tends to look after benefits packages. An outsource relationship. Relatively slow growing company, but has a decent dividend. Very defensive. A little expensive here.

Business Services