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The big problem they were having was tax rates and the royalty rate structure in Zambia. That just got reversed to a certain extent. It continues to be one of the premier growth copper producers globally. Expects that over the coming few years, we will have global recovery, and commodity prices will be recovering. He feels Hudbay (HBM-T) is a little better positioned as it has greater exposure to zinc, which he thinks is looking better over the next 12-24 months.
The big problem they were having was tax rates and the royalty rate structure in Zambia. That just got reversed to a certain extent. It continues to be one of the premier growth copper producers globally. Expects that over the coming few years, we will have global recovery, and commodity prices will be recovering. He feels Hudbay (HBM-T) is a little better positioned as it has greater exposure to zinc, which he thinks is looking better over the next 12-24 months.
This has been one of the better performing fertilizer stories. Has come off its highs recently, but it had a big run before that. Has earnings growth this year at about 13.5 times. Not super cheap, but not super expensive.
This has been one of the better performing fertilizer stories. Has come off its highs recently, but it had a big run before that. Has earnings growth this year at about 13.5 times. Not super cheap, but not super expensive.
The organic trend is one of the biggest ones in the world right now. It is a 1% trend right now, but if you look at consumer buying intent, it could be a 15%-20% trend. This is one of his new additions.
The organic trend is one of the biggest ones in the world right now. It is a 1% trend right now, but if you look at consumer buying intent, it could be a 15%-20% trend. This is one of his new additions.
Transferring their liquid gas business into their Enbridge Income Fund (ENF-T). Over 5 years, there has been a tremendous growth in liquids. The income fund is really more of a pure yield play, which is why it has done a little bit better. In both cases they are businesses that are tied to yields without a lot of volatility. Very richly valued. He would avoid these areas.
Transferring their liquid gas business into their Enbridge Income Fund (ENF-T). Over 5 years, there has been a tremendous growth in liquids. The income fund is really more of a pure yield play, which is why it has done a little bit better. In both cases they are businesses that are tied to yields without a lot of volatility. Very richly valued. He would avoid these areas.
Enbridge (ENB-T) is transferring their liquid gas business into this income fund. Over 5 years, there has been a tremendous growth in liquids. This is really more of a pure yield play, which is why it has done a little bit better. In both cases they are businesses that are tied to yields without a lot of volatility. Very richly valued. He would avoid these areas.
Enbridge (ENB-T) is transferring their liquid gas business into this income fund. Over 5 years, there has been a tremendous growth in liquids. This is really more of a pure yield play, which is why it has done a little bit better. In both cases they are businesses that are tied to yields without a lot of volatility. Very richly valued. He would avoid these areas.
All lifecos benefit from rising interest rates. Thinks this will do better. Had a terrific move in 2013 because of rates lifting off their lows. When you get the US long bond in the 2.5%-3% range, you will see a lift off in the life insurers.
All lifecos benefit from rising interest rates. Thinks this will do better. Had a terrific move in 2013 because of rates lifting off their lows. When you get the US long bond in the 2.5%-3% range, you will see a lift off in the life insurers.
Regarding the US recovery in the last 5 years, the main sector that has not been participating is the housing recovery. Expects this stems a lot from when housing had the big crash 5 years ago, so it is a sort of reluctant recovery that is going on. He is looking for the yield curve to steepen this year. The housing and job recovery has gone on long enough now that this sector in the economy is really going to start to go. Yield of 0.7%.
Regarding the US recovery in the last 5 years, the main sector that has not been participating is the housing recovery. Expects this stems a lot from when housing had the big crash 5 years ago, so it is a sort of reluctant recovery that is going on. He is looking for the yield curve to steepen this year. The housing and job recovery has gone on long enough now that this sector in the economy is really going to start to go. Yield of 0.7%.
