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COMMENT

Likes this gold company because it is so well-run, a fairly lower cost producer and has a fairly good production profile going forward. Tries to limit his holdings in gold to 5% or less.

precious metals
HOLD

Sell Bonavista (BNP-T) and buy Enerplus (ERF-T)? Bonavista has done relatively better and has always been a well-run company so he would hesitate to leave this one. Still pays a pretty decent dividend yield of a little over 6%. About 80% natural gas, so it has been penalized to some extent. Very good properties and extremely well managed.

oil / gas
COMMENT

Sell Bonavista (BNP-T) and buy Enerplus (ERF-T)? Bonavista has done relatively better and has always been a well-run company so he would hesitate to leave it.

oil / gas
COMMENT

Same-store sales, particularly in the US and to some extent in Canada, have been negative. Offset a little by some new bigger box wine stores they have been trying to open. However, this cannibalizes some of their other stores. Pays a very generous dividend of 7.68%. Unless things change around for them, he is not sure how long that dividend will be sustained.

merchandising / lodging
COMMENT

Just announced a 2-for-1 stock split. Feels we are in a very positive timber cycle right now, particularly with US housing beginning to pick up. These cycles tend to go for years. You could wait for a pullback, but over the next few years, timber stocks in general are going to do very well.

west coast forestry
PAST TOP PICK

(A Top Pick Dec 21/12. Up 50.16%.) Still sees value in this. Right now, the lifecos in particular, are in a cycle where, going forward, there is going to be more operating efficiencies. They are very cost conscious now. Also, expects there will be some operating leverages as the volume of business continues to expand. If interest rates start to rise, that is good for lifecos.

insurance
PAST TOP PICK

(A Top Pick Dec 21/12. Down 22.63%.) Still likes this. This is a case where the parts are worth more than the whole. Management has been divesting a lot of assets. Prices they have been getting have been pretty good. New Management is very focused on capital allocation and going to projects with more immediate returns.

oil / gas