The December low changed his mind about US stocks. It haunts him. He's gone from green to yellow. That said, the Fed is on our side and so is the US dollar. Now, if the US can get out out of its own way (re: China trade deal)... Value stocks continue to implode--they are so cheap.
Is there any growth in the investment business? AGF's balance sheet is too big for what they earn. Potential write-offs must happen to bring that down. Asset management businesses are being killed. $10.84 is his target price--lots of upside and they can cover their dividend.
investment companies / funds
$45.27 is his model price, and it's close to this. He would buy at $41.
oil / gas pipelines
It's overvalued relative to its earnings. $38.50 is his model price, far below its current price. Pays a 4.26% yield. Telus can cover its dividend, but it is way too expensive. He would buy at $40, not now.
telephone utilities
He models only $48.88. It pays a meager dividend. This is way overpriced. Gold is having a good run though, but he holds little gold.
precious metals
Their balance sheet is a mystery. What happened in 2017? Was something spun off? $35.69 is his model price, far below current pricing. He doesn't follow EMA. Their earnings relative to balance sheet are way overpriced (and so are their peers). You had a good ride, so sell it now. This has gone too far, too fast, after hitting an all-time high.
mngmnt / diversified
The balance sheet is impaired and there should be write-offs, which he hasn't seen. He sees 32% upside with a $64 model price, but he'd be happy seeing this at $53.80. He would recommend this stock above this price. He has recommended MET before, but MET just can't get going. The balance sheet is ugly. Also, if interest rates fall to zero, all insurance companies will get hit.