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Market. He is a bottom up fundamentalist. He is not as much focused on the macro. Small caps have underperformed so far this year. They often are not as big a dividend payer. People are pushing up valuations of REITs and utilities. The energy stocks are not doing better as you would think they would do on a day like today. There are a few mining stocks that have done well. As gold prices move up in US$, they are moving up much faster in Canada because of currency. He thinks there is better opportunity in the small cap space in gold.
Unknown
HOLD
It has really been crushed since the big financing on the stock. Now is probably the time to buy it. They had a lot of operational problems in their mine, but they have turned over the management team yet the stock continues to go down. He started to buy at $0.45. He would hold on. Don't sell.
Mining
BUY
It is a very strong earnings growth company at a very low growth multiple. It is a lender of almost last resort and have done a good job of making loan losses not too high. It is not that liquid. But he has not problem with the story.
merchandising / lodging
BUY
It has been a stellar performer. He exited it and then it went higher. People give them the benefit of the doubt in terms of acquisitions they may make.
computer software / processing
HOLD
He likes the story. It is not that big of a company. It would be hard for him to buy enough of it. They have not done that badly because they have not diluted much. Hold it if you have it.
oil / gas field services
WATCH
It has done well and just came off of its highs. They were not able to file their financials on time. He would like to see bigger contracts awarded to them this year.
Technology
BUY

It has gone up 100% since the IPO price. They are very bullish in terms of their last quarter. People look at this like SHOP-T. He has been trying to add but it ran away. He is not going to sell it. It could be an acquisition target.

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