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Market. There is a bull market in the US currency. He sees the US dollar way outperforming any other currency. Going forward we only need a couple of pieces of good news and it will take off. After five years of negative yields in Europe, the whole banking sector is putting that into effect. It is a mess. Japan is a tough spot to be. The US dollar is the place to be going forward. All assets priced in US dollars will do very well. There is a countdown for the recession. Once the US dollar starts to go up it suck up funds from all over the world. The US market may 'melt up'. Canada is setting up to be the laggard. If the TSX doubled it would still be a laggard in the world.
PARTIAL BUY
Model price is $98.36 or 124% upside. He has seen it go down the last two and a half years. It will bottom at $38.20. He sees a little bit of down side so if you are a long term holder, buy half and if it goes down then buy the other half or do so if it goes up to $46.80.
DON'T BUY
He would not buy here. His model price is $17.96 or -5%. This valuation is stretched. At $13 it would be an excellent buy.
BUY ON WEAKNESS
At the end of the day, the FED is just printing money. They are trying to focus on the REPO market. He is positive about the stock. It is in the top 100 of the S&P 500. This stock ticks all the boxes. Model price is $75.28, -11% but certainly on a pullback would be a buyer.
HOLD

He owns this as well as SU-T. His model price is a 2.5% upside at $38.37 for CNQ-T. The fundamentals and price action are really squeezing it here. $31.50 would make him a buyer. Otherwise it has to show him by breaking through at $38.40.

HOLD
He went all in on US banks when Trump was elected. After last year they traced back. He still has positions in two others but there is nothing wrong with this one.
DON'T BUY
He said to get out last year and he still feels you should get out. -61% in terms of value from his model price. The dividend is not safe. There are no earnings here and it could fall another 50% again next year.
BUY ON WEAKNESS
$111.65 is his structural level. It will stay where it is until there is some news. He would add here as his model price is $135.44 or an 18% upside. He would nibble here.
HOLD
We have had a big run up. His model price is $79.37 so he would look more at Walgreens now.
BUY
He recommends it and still owns it. It will take a while for the acquisition to be digested.
PAST TOP PICK
(A Top Pick Feb 08/19, Down 4%) This one has ever been cheaper. This is a value/contrarian play. It is one of the best managed companies in the world.
PAST TOP PICK
(A Top Pick Feb 08/19, Down 7%) All the drugs have been moving spectacularly. There is a lot of value. His model price is 48.79 or a 28% upside. If we have a fall, these stocks will do very well.
PAST TOP PICK
(A Top Pick Feb 08/19, Up 17%) His model price is $95.50, or a 70% upside. It is cheap by his metrics.
DON'T BUY
The dividend is far greater than its earnings. Part of the yield is return of capital. Model price is $22.12 or a 2% upside.
DON'T BUY
The issue is that it is a cyclical. Fundamentals have been going down. Model price is $40.74, or a 13% downside.