WEAK BUY
It hasn't done much lately. Boring. Little volatility. They have a great vaccine business and some exposure to Africa. Slow growth, but you get a great dividend. A conservative play.
TOP PICK
A diversified drugmaker that generates consistent returns. Patent declines are offset by a deep pipeline of new drugs from acquisitions. Also boast and organic R&D. MRK pays an attractive yield and has a decent balance sheet. Positive developments continue from Keytruda, an immuno-oncology therapy. MRK trades at 15x earnings. (Analysts’ price target is $91.73)
TOP PICK
A higher-risk/return play. This biotech has several core products generating good free cash flow. They’re partnering with Sanofi on Dupixent to treatment severe atopic dermatitis and potentially severe asthma. They also have another drug to treat specific eye diseases. REGN boasts various late-stage drug trials. Regeneron is a new Top Pick for us, driven by the valuation having compressed significantly on concerns over U.S. Medicare Part B drug pricing policy proposals. We believe these are more than reflected in the current price.Their dermatitis drug is getting traction. This stock has been beat up for the wrong reasons. This (Analysts’ price target is $389.38)
TOP PICK
They report tomorrow. UnitedHealth the largest health insurer in the U.S. It has diversified operations. They acquired of pharmacy benefits manager, Catamaran, that'll give them competitive positioning. No matter who wins the next U.S. election, U.S. healthcare will still need UNH's business. (Analysts’ price target is $291.44)
COMMENT
The aesthetics business of this Botox maker account for over 40% of company revenues and this the top player in the business. They also have clinical drugs for application like urinary, psychiatric and migraines.
COMMENT
Market Outlook The US-China trade dispute plays a major role in base metals. However, gold has benefited from the uncertainty. He thinks $1500 is possible for gold. The US Fed might look for a 50 point drop within two cuts. This might be an insurance move by the Fed as earnings have been a little less than stellar.
HOLD
A darling four years ago, that is oil weighted. The took criticism for the last few acquisitions. He still considers it a core holding and sees a 5% growth outlook along with a 5% yield.
HOLD
An intermediate, oil focused company. Conservative management that under-promises and over delivers. Yield is over 8%. A nice growth profile that is sustainable when WTI is over $50. Their market cap, being only around $1 billion, does limit broader investor interest. A core holding for him.
COMMENT

Gran Tierra (GTE-T) vs Parex Resources (PXT-T). A tale of comparing two brothers. Both are in South America with Columbian core assets. Parex being a pure play vs Gran Tierra having ventured into Peru and Brazil and have exited these areas and now looking at Mexico and so forth. Prefers Parex as a South American play, very consistant. Gran Tierra has had its misteps, still has very good core Columbian assets.

DON'T BUY
His single most disappointing holding as a zinc miner. They have great assets -- they are the largest non-senior zinc producer. This is a wait and see turnaround opportunity, so he would look for something else.
WATCH
He does not currently own this. They have a billion dollar joint venture to explore the Duvernay and a similar venture with Statoil and also in thermal development. This may be creating some angst with investors. He is watching this to see how this develops, but is not ready to step in yet.
HOLD
A premiere gas producer with good critical scale. He owns it, but it will take some patience. It has 20% in liquids and their gas pricing is non-AECO and non-Station 2 (BC), moving into the Chicago market.
WATCH
A junior producer in the Americas, within Mexico. A higher cost producer than most that he owns. There are concerns over an Ontario investment they are considering that would require several hundred million dollar capex. It has great NAV leverage to gold price increases.
PAST TOP PICK
(A Top Pick Sep 28/18, Down 22%) A core holding that is liquids rich as a natural gas producer. The second largest natural gas producer in Canada, producing over 300,000 barrels per day equivalent. They are keeping natural gas production flat, buy growing the liquids output by over 30% this year. This will generate improved cash flow.
PAST TOP PICK
(A Top Pick Sep 28/18, Down 55%) A liquids rich natural gas producer. It is still transitioning through 1000 sections of land in the Montney. They intent to watch development in the area and focus on best-practices in the most prolific areas.