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(Market Call Minute.) He has been looking at this. Uranium prices moves like it is in quicksand. Attracted by the valuation, but maybe not just yet.

If looking to get into gold, this is a problem because everything has moved a fair bit. This company just declared commercial production at the ELG mine in Mexico. It is roughly 200,000 ounces at a cost of about $5.35. It goes to 350,000 ounces next year and the costs go down. It is the re-rating that he finds really attractive. Although it was moving up, it was lagging the group. It also did a 1 for 10 consolidation last week, which makes it more institutional. Thinks this could see $35 in one year.

Just reported. The consensus was 38 and they were 39, versus 25 a year ago, so are growing pretty nicely. You can buy this at about 18X earnings, where a year ago the multiple was 22X. There are more acquisitions to do. Management is great. Dividend yield of 0.54%.

Real estate is going to be its own GICS sector in August, away from financial services. Thinks this probably gets added to the TSX 60 along with RioCan (REI.UN-T). Trading at a 30% discount to the other large REITs, primarily because they have the Encana office building, but that looks okay now. Dividend yield of 5.75%.

Markets. The Dow and the S&P 500 have been hitting new all-time record highs. There was a knee-jerk reaction to BREXIT and that negativity was quickly reversed. Feels the market may be a little ahead of itself. Going into earnings season it is really important to focus on what the companies are saying, and how they are seeing the different geographies. It is really too early to know what the impact may have on the UK, the US and on the global economy. When looking at fundamentals, Europe is not getting worse, but is bumbling along and the US recovery is on track. We had that really strong halo number on Friday, but it is probably not sustainable. With all Central Banks indicating they are going to keep rates low, especially the US Fed, (the only central bank that was going to raise rates) the US economy is on track, so it seems rates will stay lower for longer, which she thinks may have been the catalyst for this rally across all markets. Inflation is one metric we have to really watch carefully, but so far she doesn’t see it rising sharply. As long as inflation stays benign, there is no urgency to raise rates. Thinks the markets are going to be sensitive to any economic releases that come out.

Listed in Toronto, but all their assets are in the US. An operating manager of garden style multi-family communities in the Sunbelt states of Texas, Florida and Arizona. All revenue and income are in US$, whereas the stock is in Cdn$, so you have to be aware of the exchange rate. The distribution can be taken in either currency. Very good operators. Yield of about 3.5%. She would add on a pullback.

All airline stocks, even though they have been making money, share prices have been pulling back. They’ve been adding a lot of capacity. Haven’t been passing through the benefits of lower fuel costs when energy prices were going down, but instead have been expanding their international routes at the same time that global GDP has been slowing. A lot of air traffic is predicated upon GDP growth. She doesn’t buy airlines because they are very cyclical and don’t have a control over their major costs.

The stock has been pulling back. Smart phone penetration in developed markets is already very high. In the emerging markets, where there is more competition, there are very little phone subsidies. Their phones are quite expensive, so they are not seeing the pickup in demand there. Next quarter might be a bit soft. The catalyst may be when their new phone comes out next year. This is transitioning from a growth company to more of a value stock.

This has rallied quite strongly this past year, because it got oversold when it got below $5. When the US$ was weakening, that was positive for commodities. Also, this is involved in an oil sands project with Suncor (SU-T), and with the improvement in energy prices, they are participating in that as well. When there are questions about global growth, this will pull back and that is when she would pick up the stock. Over the long-term, it is a good name to own. They are in copper, iron ore as well as zinc, which is going to have a more favourable demand over the next few years.

Made a major acquisition in the US, which will help their growth profile going forward for the next few years. All pipeline companies are having difficulty building greenfield pipelines because of environmental reasons. There is nothing wrong with this one.

This was down about 10%, because they reported their numbers which were very weak. They acquired Safeway a few years ago, and have had difficulty in integrating that. Safeway is very dominant in Western Canada, and with crude oil prices coming down, the Alberta economy has been weak. CEO stepped down, and when there is a senior management change, there might be a write down of goodwill. She would wait to see what evolves at the senior management level. (See Top Picks.)

This has not done well. There are a lot of headwinds in terms of energy loans in their energy bonds. Interest rates not going up is not good for lifecos. It’s a cheap stock. Longer-term, she likes their positioning in Asia, and about a 3^rd of their revenues are from there. This is one you might be open to pick at and build a position in. Pretty cheap now.

(A Top Pick July 14/15. Up 41.47%.) A senior housing operator. Sold off their US assets, and the money they made on that has been reinvested in Canada. Post the recession, the occupancy rate of a lot of their homes were lower, because of the overbuilding of seniors housing. That is now bouncing back up. Dividend yield of about 3.5%.

(A Top Pick July 14/15. Up 11.29%.) The stock had been around $63-$64 and has now pulled back. About 50% of their revenues are from Europe, and about 13% specifically to the UK. The depreciation of the £ is a headwind, but is still too early to say. 14% of their revenue comes from France. She still likes it.

(A Top Pick July 14/15. Down 13.07%.) One of the best managed US banks. Energy is only about 2% of their loan portfolio and is fairly manageable. She still likes this. Trading at about 1.3X Book. Their ROEs are consistently above 11%-12%. Still a Buy. Dividend yield of 3.5%.