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Today, James Telfser commented about whether A-N, KXS-T, ATS-T, FOOD-T, USO-N, LSPD-T, BB-T, FFH-T, TFII-T, KL-T, NMC-T, AKU-T, CTC.A-T, CCL.B-T, OTEX-T, EMA-T, ITB-N, CM-T, DOC-X, TRP-T, ENB-T, ZQQ-T, QQQ-Q, BOS-T, ARE-T, BAM.A-T are stocks to buy or sell.

COMMENT
Market Outlook He thinks the last 4 weeks have shown a shift towards opening and the market is responding. Volatility has backed down below 26, the lowest level since February. We are seeing broader gains in value and industrial and even banking stocks. He thinks there will be a shift in supply chains. There will be on-shoring and tightening up of supply chains. This quarter is expected to be weak and there will be still be a couple weaker quarters yet to come. But after that we should begin to see good organic growth.
Unknown
COMMENT

BAM vs ARE? He likes BAM and it is a core holding. They are involved in infrastructure with great cash flowing assets. In a low interest rate environment it will continue to do well. ARE is benefiting from taking on fixed pay contracts, which he views as being a little more risky. He would favour BAM.

management / diversified
COMMENT
Aecon Group Inc

BAM vs ARE? He likes BAM and it is a core holding. They are involved in infrastructure with great cash flowing assets. In a low interest rate environment it will continue to do well. ARE is benefiting from taking on fixed pay contracts, which he views as being a little more risky. He would favour BAM.

contractors
WATCH
Airboss of America
This is a name he has held for a long time. It is a rubber compounding business and they are getting good contracts as a result of the pandemic. It is a non-recurring revenue, so it may be a bit expensive here. He would not chase it as the momentum may not be sustainable. Definitely worth a watch.
transportation equip & components
COMMENT

QQQ vs ZQQ? He thinks the Canadian dollar has over shot its real value here, so that factors into a Canadian hedged ETF. On an annual basis you should expect subdued growth for the next while. Having a decent weight in the NASDAQ makes sense.

E.T.F.'s
COMMENT

QQQ vs ZQQ? He thinks the Canadian dollar has over shot its real value here, so that factors into a Canadian hedged ETF. On an annual basis you should expect subdued growth for the next while. Having a decent weight in the NASDAQ makes sense.

E.T.F.'s
COMMENT
Canadian Insurance and low interest rates? He thinks the valuations of these holdings, trading at 0.6 times book value, and 6 times earnings are good value. Premiums continue to come out of people's accounts, so he would not count them out. He likes the solid yields. You could buy and tuck it away, along with a good dividend.
Unknown
COMMENT
Enbridge

ENB vs TRP? He believes having one of these holdings is key to your portfolio. It is getting harder to put pipe in the ground, so existing assets are valuable. He owns ENB, due to the amount of oil they move and the pricing power they have with tolls.

oil / gas pipelines
COMMENT
TC Energy

ENB vs TRP? He believes having one of these holdings is key to your portfolio. It is getting harder to put pipe in the ground, so existing assets are valuable. He owns ENB, due to the amount of oil they move and the pricing power they have with tolls.

oil / gas pipelines
WATCH
CloudMD
Tele-medicine? He likes this space. When they looked at what sectors will benefit post-pandemic, this was one. PM Trudeau has committed to putting government money into this space. What worries him about Canadian holdings, is that they are small fish in a big pond. Other companies already have over 50 million subscribers. Valuations are pretty stretched, so he would watch for good opportunities.
Healthcare
BUY
There is a nice recovery in the Canadian banking sector. This shows they have likely over reserved for credit losses. There are a lot of moving parts and he is surprised about how agreeable the banks are to deferrals of mortgages. Higher oil prices is helping as well. Now is a decent time to pick a bank for your portfolio.
banks
BUY
Home Construction? These go in cycles and he thinks we are at the bottom of the current one and he is back looking. You have to think if demand increases and interest rates remain low, there will be pent up demand, especially when people return to work. Plus there is a good boom in the home renovation space. He thinks the sector has legs going forward.
E.T.F.'s
PAST TOP PICK
Emera Inc
(A Top Pick May 07/19, Up 14%) He still likes it and it is a decent weighting in his portfolios. It hasn't been a huge gainer in the market bounce back, but he likes the stability. They cleaned up the balance sheet on selling a large assets. Earnings expected to grow 5% annually. Yield 4.5%
Utilities
PAST TOP PICK
Open Text
(A Top Pick May 07/19, Up 12%) At the time he thought they would make an acquisition and they did, adding a cloud based company. They install and sell cloud services. As they continue moving into the cloud the multiples will continue to rise.
computer software / processing
PAST TOP PICK
(A Top Pick May 07/19, Down 15%) The made an acquisition that was slow to yield returns for a couple of quarters. When they reported a slow down in Asia earlier this year, it may have been an early victim to effects of the upcoming pandemic. He thinks this may mean they are an earlier beneficiary to a post-pandemic recovery. He continues to like it.
packaging / containers