Latest Expert Opinions

Signal
Opinion
Expert
PAST TOP PICK
PAST TOP PICK
August 28, 2018

(A Top Pick June 23, 2017. Up 3%). This is the biggest position in his small-cap fund. He likes it from the fundamental change perspective and as a possible takeover..

(A Top Pick June 23, 2017. Up 3%). This is the biggest position in his small-cap fund. He likes it from the fundamental change perspective and as a possible takeover..

James Hodgins
Chief Investment Officer, Curvature Hedge Strategies
Price
$1.950
Owned
Yes
PAST TOP PICK
PAST TOP PICK
August 28, 2018

(A Top Pick June 23, 2017. Down 35%). All the junior golds were a disaster. It got a takeover bid and he is glad to be out of it.

(A Top Pick June 23, 2017. Down 35%). All the junior golds were a disaster. It got a takeover bid and he is glad to be out of it.

James Hodgins
Chief Investment Officer, Curvature Hedge Strategies
Price
$3.070
Owned
No
PAST TOP PICK
PAST TOP PICK
August 28, 2018

(A Top Pick June 23, 2017). The central bank cycle was turning against liquidity. He also thought the market was significantly overvalued and thinks the US market (but not the Canadian one) has gotten more overvalued. He thinks the interest-rate increases have done damage and that business will slow down. He doesn’t know how far the market will go down, but looking at Shiller PE ratio, the market looks 40% to 50% overvalued. In addition, in every 10 year period, there has been at least one 30% correction. He sees a potential for that type of correction now, but can’t predict when it will happen. A different bubble triggers the correction each time. This time, he is watching emerging markets. The US market might continue to do well even if there is a big correction in emerging markets, partially because of the tax cut, but at some point that sugar high will wear off.

CASH (CASH)
August 28, 2018

(A Top Pick June 23, 2017). The central bank cycle was turning against liquidity. He also thought the market was significantly overvalued and thinks the US market (but not the Canadian one) has gotten more overvalued. He thinks the interest-rate increases have done damage and that business will slow down. He doesn’t know how far the market will go down, but looking at Shiller PE ratio, the market looks 40% to 50% overvalued. In addition, in every 10 year period, there has been at least one 30% correction. He sees a potential for that type of correction now, but can’t predict when it will happen. A different bubble triggers the correction each time. This time, he is watching emerging markets. The US market might continue to do well even if there is a big correction in emerging markets, partially because of the tax cut, but at some point that sugar high will wear off.

James Hodgins
Chief Investment Officer, Curvature Hedge Strategies
Price
$0.010
Owned
_N/A
DON'T BUY
DON'T BUY
August 28, 2018

Everything moved up on Monday, it felt like a compulsory buy. He used to own it but owns only debentures and warrants now. It’s a plain vanilla cannabis company--growers. They don’t plan to retail, they plan to sell to retailers. They seem to know what they’re doing, but in terms of new investments, there are others that he likes better.

Everything moved up on Monday, it felt like a compulsory buy. He used to own it but owns only debentures and warrants now. It’s a plain vanilla cannabis company--growers. They don’t plan to retail, they plan to sell to retailers. They seem to know what they’re doing, but in terms of new investments, there are others that he likes better.

James Hodgins
Chief Investment Officer, Curvature Hedge Strategies
Price
$1.840
Owned
No
DON'T BUY
DON'T BUY
August 28, 2018

The first few quarters since the GTA bundle blew the doors off, but there isn’t much transparency to that agreement. Some analysts have a sell on it because they believe that there is a tipping point in the agreement, so that if revenue goes down a little bit, cash flow drops near zero. He believes that he has a small short position in the company, mainly from a valuation perspective. There is also ongoing risk from an ongoing investigation into money laundering in BC. Nothing incriminating of Great Canadian has come from this so far, but it is a risk that is not publicized enough, creating a basis for a short.

The first few quarters since the GTA bundle blew the doors off, but there isn’t much transparency to that agreement. Some analysts have a sell on it because they believe that there is a tipping point in the agreement, so that if revenue goes down a little bit, cash flow drops near zero. He believes that he has a small short position in the company, mainly from a valuation perspective. There is also ongoing risk from an ongoing investigation into money laundering in BC. Nothing incriminating of Great Canadian has come from this so far, but it is a risk that is not publicized enough, creating a basis for a short.

James Hodgins
Chief Investment Officer, Curvature Hedge Strategies
Price
$46.850
Owned
No
BUY
BUY
August 28, 2018

It has had a big run-up but has recently pulled back on a weaker quarter. He owns a little bit and likes the trend.

It has had a big run-up but has recently pulled back on a weaker quarter. He owns a little bit and likes the trend.

James Hodgins
Chief Investment Officer, Curvature Hedge Strategies
Price
$37.260
Owned
Yes
BUY
BUY
August 28, 2018

This is one of his biggest positions. They report growth quarter after quarter. They were a challenged company but they changed management, changed focus to health care sector and cleaned up the balance sheet. They have no net debt. The stock has had a big run-up but the fundamentals have been going up at least as fast. It trades at a discount to US peers even though it has a much better balance sheet. It trades at about 12x EBITDA and peers trade in the mid-teens.

ATS Automation (ATA-T)
August 28, 2018

This is one of his biggest positions. They report growth quarter after quarter. They were a challenged company but they changed management, changed focus to health care sector and cleaned up the balance sheet. They have no net debt. The stock has had a big run-up but the fundamentals have been going up at least as fast. It trades at a discount to US peers even though it has a much better balance sheet. It trades at about 12x EBITDA and peers trade in the mid-teens.

James Hodgins
Chief Investment Officer, Curvature Hedge Strategies
Price
$21.480
Owned
Yes