BUY
Sell TRP to diversify?

KEY works well from here, and PPL slightly better. Lightening up on TRP to diversify makes sense, as long as you aren't paying capital gains tax and it's in a registered account.

BUY
Sell TRP to diversify?

KEY works well from here, and PPL slightly better. Lightening up on TRP to diversify makes sense, as long as you aren't paying capital gains tax and it's in a registered account.

PARTIAL SELL
Sell TRP to diversify?

Lightening up on TRP to diversify makes sense, as long as you aren't paying capital gains tax and it's in a registered account. KEY works well from here, and PPL slightly better.

BUY

The area's been hurt badly by competition of 4 carriers, lack of population growth, increased cost of capital. Dividend is probably safe. Well-run company. Buy great stocks when they're down. Can't guarantee it won't go lower. Consider adding an options overlay strategy.

WEAK BUY
Looking for an oil & gas producer, with long-term dividend growth.

The price of oil always gets pulled around. He likes the natural gas side a bit more -- it's been through a bear market for years and now coming out of that. Over time, increased ability to get nat gas offshore and the world needs it.

But if you go 100% natural gas it's more risky. So, be more diversified but with a tilt to gas. He likes names that are cheaper than they ought to be. For him that's ARX or, for more torque, AAV.

WEAK BUY
Looking for an oil & gas producer, with long-term dividend growth.

The price of oil always gets pulled around. He likes the natural gas side a bit more -- it's been through a bear market for years and now coming out of that. Over time, increased ability to get nat gas offshore and the world needs it.

But if you go 100% natural gas it's more risky. So, be more diversified but with a tilt to gas. He likes names that are cheaper than they ought to be. For him that's ARX or, for more torque, AAV.

HOLD

Huge move up on Trump bump. Yield curve's in better shape than it's been for a long time. Net interest margins are better. The space will see lots more M&A. Will go higher if the space does. Trades at 13x for only 7% growth, not a good deal for a bank. He'd look at Citi instead.

Highest quality, Jamie Dimon, gold standard. Don't buy at these prices.

BUY

Yield curve's in better shape than it's been for a long time. The space will see lots more M&A. Attractive valuation, looking at 23% growth over the next few years and trading at 8x PE.

PAST TOP PICK
(A Top Pick Jan 04/24, Up 22%)

Q3 banged out another 7% YOY. Inflation-linked revenues. Deal pipeline continues to grow. Hit capital recycling targets for 2024. Modelling 15% AFFO growth rate, yet trading at 9.68%. Still likes it, thinks it'll go higher. Yield is 5%.

PAST TOP PICK
(A Top Pick Jan 04/24, Down 31%)

Value story turned into a value trap. Whole sector's seen pressure. Is he freaking out over it being down? No. It's part of a balanced portfolio. Analogous to planting a garden -- not everything grows at the same time.

This wasn't his plan for the stock, but these things happen. You'll find that the stocks that are very unpopular become purged, especially on tax-loss selling. Then, when there is a catalyst, they do start to go higher and can do so quickly because they're under-owned. More importantly, it can give you some stability if markets come down; this one won't get sold, because everyone who wanted to sell already has.

PAST TOP PICK
(A Top Pick Jan 04/24, Down 9%)

Worked for much of the year, then disappointing. He trimmed some. Thought China would do a bit better. Thought there'd be a green agenda, but now there's Trump. Earnings this morning seem weaker at first glance. Very whippy. Should be higher due to the AI buildout. Traded at a wide price to NAV, a risk if copper didn't do well or execution was poor.

You don't need to own this one forever.

WEAK BUY
WCP vs. TVE vs. VRN -- looking for best total return from capital appreciation plus dividends.

If you assume oil prices go up, and assume they all execute well, which is the buy right now? He likes the upfront dividend. VRN is cheapest on price and financial metrics. Production outlook posted a few days ago is quite positive.

Not sure if the easiest thesis is to buy energy right now with Trump trying to attack the price of oil. But within the group, this is a name that works pretty well.

DON'T BUY
WCP vs. TVE vs. VRN -- looking for best total return from capital appreciation plus dividends.

If you assume oil prices go up, and assume they all execute well, which is the buy right now? He likes the upfront dividend. VRN is cheapest on price and financial metrics. Production outlook posted a few days ago is quite positive.

Not sure if the easiest thesis is to buy energy right now with Trump trying to attack the price of oil. But within the group, VRN is a name that works pretty well.

DON'T BUY
WCP vs. TVE vs. VRN -- looking for best total return from capital appreciation plus dividends.

If you assume oil prices go up, and assume they all execute well, which is the buy right now? He likes the upfront dividend. VRN is cheapest on price and financial metrics. Production outlook posted a few days ago is quite positive.

Not sure if the easiest thesis is to buy energy right now with Trump trying to attack the price of oil. But within the group, VRN is a name that works pretty well.

SELL
Averaged in ~$19 per share.

Riskier than most people assume. Massive projects. Suffers when energy pivots from clean to traditional. He used to own and liked the dividend, though it's not as much a slam-dunk as a bank dividend. Pricey PE, doesn't see good risk/reward.