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Today, Bruce Campbell (1) commented about whether BPY.UN-T, NTR-T, BNS-T, ENB-T, WSP-T, PPL-T, NPI-T, BAM.A-T, MFC-T, POU-T, TD-T, XGD-T, BCE-T, OTEX-T, FTS-T, NFI-T, T-T, IPL-T, IMO-T are stocks to buy or sell.

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DON'T BUY

Gold has come back nicely, but Trump can always pressure it. The US dollar was strong, so that hurt gold. He's not a fan of gold and doesn't see gold rising to $1,400. The ETF is a little safer than owning gold itself.

PAST TOP PICK

(A Top Pick May 25/18, Up 2%) TD is the best of the big 5 banks. It's been a tough environment for the whole group. He likes this for the US exposure.

PAST TOP PICK

(A Top Pick May 25/18, Down 49%) He sold it a while ago and now owns no energy.

PAST TOP PICK

(A Top Pick May 25/18, Down 2%) MFC will come back. It trades at 10x earnings and pays over 4% yield. Peers trade at 20x earnings. The lawsuit is now gone, so this will now rise. Even now is a good entry point even though it rose 1.5% today alone.

COMMENT

You can own any Brookfield stock and BAM is at the top. Smart managers. With this you're buying the international economy, not just Canada. But instead of buying BAM, look at its AGM notes to see what subsidiary they talk up the most--that's the one they feel is most undervalued. This year, it's BPY (Brookfield Property). BPY pays a good yield. He'd rather buy that than BAM itself.

COMMENT

Today, the chairman did a secondary offering of $750 million at $23.35/share. The stock dropped 9.5% today. Should I be worried or will this be accretive? Because the chairman is doing the offering, the company is not getting the proceeds, so this is the worst kind of seconday offering, because it's going to him--the Chairman. So, you got to absorb $750 million that is going to estate planning. It's fine; the chairman has a right to do it, but the market has to absorb $750 million in the market. It got absorbed today--barely. That's why the stock is soft. Eventually, the offering will get absorbed and that's fine.

HOLD

He sold it a year ago because it got fully valued. They've made some good acquisitions. Now, it's fully valued. Hold.

COMMENT

The just-announced federal budget: $1.25 billion assistance from the CMHC to buy a first home. Millennials will be happy, but the assistance is creating only 25,000 new homeowners. On the deficit side, they had a bit of a windfall, so they will give it back to Canadians, which is what happens in an election year. Projected growth is 1.8% and 1.6% in 2020--these numbers will likely be wrong. We may have a recession in that time.

BUY ON WEAKNESS

A global industrial stock, since investors are shunning SNC now. But WSP is enjoying a 52-week high, so this is the wrong time to enter. This is a long-term buy, and definitely a good hold.

TOP PICK

small Pays over 5% dividend that'll grow. The line 3 delay is a small hiccup; the stock has already recovered from that announcement. He sees 8-10% annual dividend and earnings growth for 5 years. (Analysts’ price target is $54.45)

TOP PICK

Often the worst bank one year does the best the next. BNS is 50% Canada and 50% foreign operations. (Analysts’ price target is $79.17)

TOP PICK

The third-largest resource company on the TSX. Pays a 3.3% dividend and 16x earnings. It's a free-cash flow generator of over $4 billion in the next 12 months. They'll raise the dividend, buy a company and/or buy back shares. (Analysts’ price target is $81.54)

BUY

BAM.A-T? You can own any Brookfield stock and BAM is at the top. Smart managers. With this you're buying the international economy, not just Canada. But instead of buying BAM, look at its AGM notes to see what subsidiary they talk up the most--that's the one they feel is most undervalued. This year, it's BPY (Brookfield Property). BPY pays a good yield. He'd rather buy that than BAM itself.

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The just-announced federal budget: $1.25 billion assistance from the CMHC to buy a first home.(A Commentary)

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