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Signal Opinion Expert
N/A
General Market Comment 

August 8, 2017

Market. The TSX has had a very difficult year. 2016 was a banner year, and we are giving that back this year in terms of relative underperformance. However, you can forget the impact of the currency. That was the big surprise coming out of the 2nd quarter to now, with the Bank of Canada announcing they were not going to raise interest rates. There was a huge Short covering rally that took the loonie up to $.80. That nips into those returns. As an investor, as opposed to a trader, he suggests we just hold our positions. Had felt that at $.75, the Cdn$ was probably undervalued. As it got closer to $.80, he was looking to add more US names, particularly in those areas we don’t have in Canada. Feels the US market is overvalued and the Canadian market is undervalued, and that tends to correct over time.

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Market. The TSX has had a very difficult year. 2016 was a banner year, and we are giving that back this year in terms of relative underperformance. However, you can forget the impact of the currency. That was the big surprise coming out of the 2nd quarter to now, with the Bank of Canada announcing they were not going to raise interest rates. There was a huge Short covering rally that took the loonie up to $.80. That nips into those returns. As an investor, as opposed to a trader, he suggests we just hold our positions. Had felt that at $.75, the Cdn$ was probably undervalued. As it got closer to $.80, he was looking to add more US names, particularly in those areas we don’t have in Canada. Feels the US market is overvalued and the Canadian market is undervalued, and that tends to correct over time.

Unknown
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0 comments
Lyle Stein

Sr. Portfo, Vestcap Investment M...

Price Price
$0.020
Owned Owned
_N/A

COMMENT
General Market Comment 

August 8, 2017

Gold companies. There are 2 kinds of gold companies. Operating companies, the ones that build and operate mines, and royalty companies. He owns Goldcorp (G-T) and Agnico-Eagle (AEM-T). Agnico has been an outstanding operating company, and if you have to buy an operator, you won’t go wrong owning this. If you want an operator and get some leverage to the upside, buy when sentiment is negative, and Goldcorp is clearly the name. If you just want a safe, stable name on the price of gold, then Franco Nevada (FNV-T) is the right way to deal.

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Gold companies. There are 2 kinds of gold companies. Operating companies, the ones that build and operate mines, and royalty companies. He owns Goldcorp (G-T) and Agnico-Eagle (AEM-T). Agnico has been an outstanding operating company, and if you have to buy an operator, you won’t go wrong owning this. If you want an operator and get some leverage to the upside, buy when sentiment is negative, and Goldcorp is clearly the name. If you just want a safe, stable name on the price of gold, then Franco Nevada (FNV-T) is the right way to deal.

Unknown
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0 comments
Lyle Stein

Sr. Portfo, Vestcap Investment M...

Price Price
$0.020
Owned Owned
Yes

N/A
General Market Comment 

August 8, 2017

Canadian Banks share splits? Share splits are an interesting academic exercise. It typically occurs after a stock has moved, and they just want to make the shares more appealing to small investors. Feels share splits are meaningful in that suddenly more demand occurs.

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Canadian Banks share splits? Share splits are an interesting academic exercise. It typically occurs after a stock has moved, and they just want to make the shares more appealing to small investors. Feels share splits are meaningful in that suddenly more demand occurs.

Unknown
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0 comments
Lyle Stein

Sr. Portfo, Vestcap Investment M...

Price Price
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

August 8, 2017

Market. Investors seem to be wisely ignoring the melodrama of the Trump presidency. Clearly, the US has any number of plans for taking action against North Korea. There is one big issue for China, a huge refugee problem of 25-30 million refugees. It will also make the Japanese very nervous. One way or another the US is going to have to put a line in the sand, and it is probably not too far off. This would be a major, military mover of the market. He is normally and has been for the last 8 years, overweight the US. Probably 35% of his total portfolios is US equities, and about 20% Canadian. He is starting to take a look at the Canadian market, which is more undervalued.

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Market. Investors seem to be wisely ignoring the melodrama of the Trump presidency. Clearly, the US has any number of plans for taking action against North Korea. There is one big issue for China, a huge refugee problem of 25-30 million refugees. It will also make the Japanese very nervous. One way or another the US is going to have to put a line in the sand, and it is probably not too far off. This would be a major, military mover of the market. He is normally and has been for the last 8 years, overweight the US. Probably 35% of his total portfolios is US equities, and about 20% Canadian. He is starting to take a look at the Canadian market, which is more undervalued.

Unknown
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0 comments
John Hood

President , J. C Hood Investment...

Price Price
$0.020
Owned Owned
_N/A

COMMENT
General Market Comment 

August 8, 2017

High income ETFs? There are a few, basically junk bonds, such as iShares US High-Yield Bond Index (XHY-T) or BMO high-yield corporate Bond US Hedge to CAD (ZHY-T). You have to remember that they are junk bonds. They are higher yields, but don’t be too heavy in them. If he is going to have 5% on an ETF high-yield bond, he would rather have Covered Calls on Canadian banks.

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High income ETFs? There are a few, basically junk bonds, such as iShares US High-Yield Bond Index (XHY-T) or BMO high-yield corporate Bond US Hedge to CAD (ZHY-T). You have to remember that they are junk bonds. They are higher yields, but don’t be too heavy in them. If he is going to have 5% on an ETF high-yield bond, he would rather have Covered Calls on Canadian banks.

Unknown
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0 comments
John Hood

President , J. C Hood Investment...

Price Price
$0.020
Owned Owned
Unknown

N/A
General Market Comment 

August 8, 2017

How far out do you go when writing Calls on bank stocks?Normally when he does this, he is buying the stock in order to write the Calls. If he has stocks that he has held for a long time that has big capital gains, he is not going to write options, because he doesn’t want to get caught with capital gains for the sake of a couple of dollars of option premium. There is no point gaining 5% if you’re losing 25%. He tends to write stocks at the money, or as close as he can, and 6 months out. This is because it has cheaper trading costs, and his clients can understand it better if they see just one move instead of selling it out every 2 months, etc. You have to be careful when trading options to never let things expire on the expiry date. He buys them back.

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How far out do you go when writing Calls on bank stocks?Normally when he does this, he is buying the stock in order to write the Calls. If he has stocks that he has held for a long time that has big capital gains, he is not going to write options, because he doesn’t want to get caught with capital gains for the sake of a couple of dollars of option premium. There is no point gaining 5% if you’re losing 25%. He tends to write stocks at the money, or as close as he can, and 6 months out. This is because it has cheaper trading costs, and his clients can understand it better if they see just one move instead of selling it out every 2 months, etc. You have to be careful when trading options to never let things expire on the expiry date. He buys them back.

Unknown
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0 comments
John Hood

President , J. C Hood Investment...

Price Price
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

August 8, 2017

A stock for a first attempt at selling a Put? He would look at one of the banks. There are a couple of things to be aware of on selling Puts. A lot of people do this, not just to get the stock at a lower price, but they use it to generate income, quite often retirement income. You can get into some pretty good problems pretty fast. Make sure you are out of this before it reaches expiry. Be careful.

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A stock for a first attempt at selling a Put? He would look at one of the banks. There are a couple of things to be aware of on selling Puts. A lot of people do this, not just to get the stock at a lower price, but they use it to generate income, quite often retirement income. You can get into some pretty good problems pretty fast. Make sure you are out of this before it reaches expiry. Be careful.

Unknown
0 0 0 0 0
0 comments
John Hood

President , J. C Hood Investment...

Price Price
$0.020
Owned Owned
_N/A

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