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HOLD
Warming up to it. Concentrated heavily in Quebec. Mostly industrial, retail, office. Was overexposed to fashion in the malls. Can't change this quickly. New management team is good. Building condos on top of assets, to some success. Reframe how you look at it, from will it get back to a certain level, to will it go higher from here. Payout ratio not too onerous. Dividend is safe. Can hold it comfortably.
investment companies / funds
SELL
Afflicted by the same thing afflicting all the other nat gas producers. They're at the end of the pipe. Selling at a deep discount. Not making money, but continuing to spend. Dividend is at risk. Producers are going to be in the penalty box until the LNG plant gets built off the west coast. Could fall further.
oil / gas
SELL
Arizona mine hung up in admin for at least another year. Copper prices rolled over. Don't want to own a marginal commodity producer admidst slowing global growth.
precious metals
WEAK BUY
Great company. Beta is between 0.8-1, so more defensive than broad market. In a choppy market, things with high yields and low beta tend to do better, though not immune to a downturn altogether. Could do worse, but could do better. Not your best horse in terms of asset management. Dividend yield is about 6%.
mngmnt / diversified
PAST TOP PICK
(A Top Pick Oct 24/18, Up 33%) Good dividend yield, defensive business, mid-single digit level of growth. When the market gives you a gift, sometimes you need to lock it in. Valuation is now stretched, because though stock price has appreciated, earnings have not kept pace.
electrical utilities
PAST TOP PICK
(A Top Pick Oct 24/18, Up 22%) There's a lot more gas in the tank. Preferred horse in the life insurance sector. 13% ROE. Trades at 7.5x earnings. Should have a "3" handle on it. Yield is 4.2%.
insurance
PAST TOP PICK
(A Top Pick Oct 24/18, Up 5%) Has been flattish. Frustrated with it. Used to be a compelling retail story. Earnings stalled, and share price stuck in a trading range. Didn't like their acquisition of an airline.
merchandising / lodging