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HOLD

No dividend, focussed on cardiac equipment like pacemakers. Have made many acqusitions in past years. Fabulous management. Have driven cost synergies consistently. Beat estimates recently. Forward earnings are 20x. A solid hold.

biotechnology / pharmaceutical
COMMENT

Fabulous stock. He took profits, but still likes this. Valuation has risen, currently at 27x earnings, which is why he exited.

Consumer Products
COMMENT

Dialysis equipment amounts to 40% of their business. Sold his shares too early. They've had a great run. High 24x forward earnings. But the stock warrants a second look. Dividend just under 1% with negative growth and could
continue downward. Nine consecutive quarterly beats.

biotechnology / pharmaceutical
BUY

Long-term, this is the one to own. A dominant player in medtech and pharma. 10% of their revenue has been from one drug. Competition is weak. A well-run, large company. Valuations are okay. An anchor in his portfolio. Their diversified
portolio of drugs can withstand the failure of one.

biotechnology / pharmaceutical
COMMENT

Market. He thinks interest rate increases in the US caused a pullback in utility stocks recently. Overall he sees an increase in defensive equities. There is a rotation towards value stocks and he expects interest rate sensitive sectors such as utilities, real estate, food and tobacco will face headwinds. He thinks the market is stretched and would expect a rotation into value stocks, which for Canada, he thinks, would mean mining stocks. They presently hold 18% cash and expect that to increase towards 25% at month’s end.

Unknown
COMMENT

CNQ-T versus SU-T. They both rank well in his model. In a rising interest rate world, energy stocks do well. CNQ ranks slightly higher as share earnings will grow 100% in 2018 with a 16 times P/E. He does not own either stock.

oil / gas
COMMENT

CNQ-T versus SU-T – They both rank well in his model. In a rising interest rate world, energy stocks do well. CNQ ranks slightly higher as share earnings will grow 100% in 2018 with a 16 times P/E. He does not own either stock.

integrated oils