Columbian producer.  It is one of the energy stocks he managed to hold throughout the energy cycle.  The valuation is reasonable and they have a big backlog of exploration.  Really good net backs and a good quality management team that has really delivered.  (Analysts’ target: $23.00).

They got into trouble last year.  They paid a lot of money for an acquisition.  They have since sold a lot of assets and de-levered.  7% cash flow yield vs. 4% for the group.  They will have torque to an energy cycle that he feels in its early stages.  (Analysts’ target: $15.00).

It was a top pick in the past.  He likes it and it is held in his funds.  They had a miss-step when they missed on results then did a transformational acquisition.  We will have to see what this does for them. 

He was short this a year ago, then they had an earnings beat and he got shaken out of his short.  Now he is long.  There has not been a consistent trend.  It is a business that is transforming into a software and security business.

It has gotten ahead of itself on valuation.  It’s too expensive at this level. 

He won’t trade it.  When rates are rising, gold will be under pressure.  It is cheap on a book value basis but you have a very volatile stock with poor price momentum.  He would want to see a bottom. 

It is a bit small cap for what he does.  A reseller.  They had a big run-up and since then has treaded water.  It picked up some negative price momentum.  It has a high yield.  It has skinny margins so there is not a lot of room for error.