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Signal Opinion Expert
COMMENT
General Market Comment 

May 25, 2018

Defensive sectors offering big yieds and some growth have underperformed of late, but they're starting to look okay, especally if you have a long-term view. However, consumer staples are the worst sector, stocks like P&G and Colgate.
But he likes Couche-Tard. He owns only two Canadian banks, TD and Scotia, because they are the least "Canadian" banks given their foreign operations. The banks have been discounted given rate hikes and the cloudy real estate market in Canada.

Defensive sectors offering big yieds and some growth have underperformed of late, but they're starting to look okay, especally if you have a long-term view. However, consumer staples are the worst sector, stocks like P&G and Colgate.
But he likes Couche-Tard. He owns only two Canadian banks, TD and Scotia, because they are the least "Canadian" banks given their foreign operations. The banks have been discounted given rate hikes and the cloudy real estate market in Canada.

Unknown
Bruce Campbell (1)

President, Campbell and Lee Inv...

PricePrice
$0.020
Owned Owned
Unknown

COMMENT
General Market Comment 

May 25, 2018

Market Outlook. Looking ahead for a positive return for the TSX for the year. 6-7% and half of that dividends so no enthusiastic. The economic background is positive. We haven’t even seen the economic impact of the tax cuts in the US. With the new depreciation rules – writing off everything – would be surprised to see growth below 4%. On NAFT he changes his mind from day to day on what is going to happen. But in North America things are OK. Europe is another story. More concerned about what is going on there. He wouldn’t be surprise if the whole Brexit s turned and the UK decides to stay.

Market Outlook. Looking ahead for a positive return for the TSX for the year. 6-7% and half of that dividends so no enthusiastic. The economic background is positive. We haven’t even seen the economic impact of the tax cuts in the US. With the new depreciation rules – writing off everything – would be surprised to see growth below 4%. On NAFT he changes his mind from day to day on what is going to happen. But in North America things are OK. Europe is another story. More concerned about what is going on there. He wouldn’t be surprise if the whole Brexit s turned and the UK decides to stay.

Unknown
David Cockfield

Managing Director, Northland Wealth Man...

PricePrice
$0.020
Owned Owned
_N/A

COMMENT
General Market Comment 

May 25, 2018

Holding ETFs vs individual stocks. The ETF advantage is that you are getting diversification. The problem is that they have multiplied like rabbits. So many now that you have to be careful. Stay with the ones that give you representation to the larger space.

Holding ETFs vs individual stocks. The ETF advantage is that you are getting diversification. The problem is that they have multiplied like rabbits. So many now that you have to be careful. Stay with the ones that give you representation to the larger space.

Unknown
David Cockfield

Managing Director, Northland Wealth Man...

PricePrice
$0.020
Owned Owned
_N/A

COMMENT
Air Canada(AC-T) 

May 25, 2018

It's likely benefitting from the current Westjet strike so it should have a good upcoming coming. AC has had a slight pullback, so be careful. 

Transportation

It's likely benefitting from the current Westjet strike so it should have a good upcoming coming. AC has had a slight pullback, so be careful. 

Transportation
Bruce Campbell (1)

President, Campbell and Lee Inv...

PricePrice
$24.470
Owned Owned
Unknown

DON'T BUY
Air Canada(AC-T) 

May 25, 2018

Stay away of the industry. Too cyclical. The amazing thing is that it is trading at an unbelievable low multiple. It had a good run. Looks cheap but could be one of those traps.

Transportation

Stay away of the industry. Too cyclical. The amazing thing is that it is trading at an unbelievable low multiple. It had a good run. Looks cheap but could be one of those traps.

Transportation
David Cockfield

Managing Director, Northland Wealth Man...

PricePrice
$24.470
Owned Owned
No

STRONG BUY

A utility with a lot of growth. He really likes this. It's come off with the utilities group over interest rate hike fears, but he sees 8-10% dividend growth in AQN for a few years. They've been buying U.S. companies. He's been buying in the low- $12's recently.

electrical utilities

A utility with a lot of growth. He really likes this. It's come off with the utilities group over interest rate hike fears, but he sees 8-10% dividend growth in AQN for a few years. They've been buying U.S. companies. He's been buying in the low- $12's recently.

electrical utilities
Bruce Campbell (1)

President, Campbell and Lee Inv...

PricePrice
$12.820
Owned Owned
Yes

COMMENT

The stock has been sideways. They're rebranding to Circle K, the U.S. branding, here in Canada and eventually in Europe. The stock hasn't done anything wrong, but it's a consumer stock lumped into the consumer sector, which is struggling. He's worried about their next report--they may be squeezed on margins due to rising oil, but overall he likes this stock for the long term.

food stores

The stock has been sideways. They're rebranding to Circle K, the U.S. branding, here in Canada and eventually in Europe. The stock hasn't done anything wrong, but it's a consumer stock lumped into the consumer sector, which is struggling. He's worried about their next report--they may be squeezed on margins due to rising oil, but overall he likes this stock for the long term.

food stores
Bruce Campbell (1)

President, Campbell and Lee Inv...

PricePrice
$54.590
Owned Owned
Unknown

HOLD

Complicated background. But things are working out for the company. He would wait to buy. Will it survive without government assistance? has been the question for years.

transportation equip & components

Complicated background. But things are working out for the company. He would wait to buy. Will it survive without government assistance? has been the question for years.

transportation equip & components
David Cockfield

Managing Director, Northland Wealth Man...

PricePrice
$4.370
Owned Owned
No

PAST TOP PICK
BCE Inc.(BCE-T) 

May 25, 2018

(A Top Pick May 18/17 - Down 9%.) They bought it for the dividend. The dividend is safe and waiting for dividend increases. It is good for people that need cash flow.

 

telephone utilities

(A Top Pick May 18/17 - Down 9%.) They bought it for the dividend. The dividend is safe and waiting for dividend increases. It is good for people that need cash flow.

 

telephone utilities
David Cockfield

Managing Director, Northland Wealth Man...

PricePrice
$54.600
Owned Owned
No

BUY

He likes the company and what they do. The concept is good and Management team quite capable. He believes the infrastructure side is going to do well. 

INDUSTRIAL PRODUCTS

He likes the company and what they do. The concept is good and Management team quite capable. He believes the infrastructure side is going to do well. 

INDUSTRIAL PRODUCTS
David Cockfield

Managing Director, Northland Wealth Man...

PricePrice
$49.460
Owned Owned
No

PAST TOP PICK

(Past Top Pick on May 15, 2017, Up 10%) They've had some good quarters and he expects the next one to be too. He sees another 10% return in the next 12 months. He likes it for its low Canadian exposure, becase he's worried about the Canadian consumer.

banks

(Past Top Pick on May 15, 2017, Up 10%) They've had some good quarters and he expects the next one to be too. He sees another 10% return in the next 12 months. He likes it for its low Canadian exposure, becase he's worried about the Canadian consumer.

banks
Bruce Campbell (1)

President, Campbell and Lee Inv...

PricePrice
$80.030
Owned Owned
Yes

COMMENT

One of the heavy oil producers. They made an acqusition of Aurora at the wrong time, so they got stuck with bad oil prices and wound up with a rocky balance sheet. The oil differentials have recently narrowed in their favour, but analysts expect them to expand back over the summer. The balance sheet has improved.

oil/gas

One of the heavy oil producers. They made an acqusition of Aurora at the wrong time, so they got stuck with bad oil prices and wound up with a rocky balance sheet. The oil differentials have recently narrowed in their favour, but analysts expect them to expand back over the summer. The balance sheet has improved.

oil/gas
Bruce Campbell (1)

President, Campbell and Lee Inv...

PricePrice
$5.370
Owned Owned
Unknown

COMMENT
CAE Inc(CAE-T) 

May 25, 2018

Name that he follows even if he doesn’t own it. A junior. Shows good upward movement. They are at the right place at the right time.

transportation equip & components

Name that he follows even if he doesn’t own it. A junior. Shows good upward movement. They are at the right place at the right time.

transportation equip & components
David Cockfield

Managing Director, Northland Wealth Man...

PricePrice
$26.570
Owned Owned
No

DON'T BUY
Cineplex Inc(CGX-T) 

May 25, 2018

He held it for years and sold it at $53, because it was getting expensive. Also, there was nothing left to do in the Canadian cinema industry after acquiring Famous Players, etc. They have a smart CEO. The Recroom and their new golfing game are good moves. But these new operations need time to raise the share price. By 2020, they want cinemas to occupy only 60% of their operations. It's still trades at a higher multiple than American counterparts.

other services

He held it for years and sold it at $53, because it was getting expensive. Also, there was nothing left to do in the Canadian cinema industry after acquiring Famous Players, etc. They have a smart CEO. The Recroom and their new golfing game are good moves. But these new operations need time to raise the share price. By 2020, they want cinemas to occupy only 60% of their operations. It's still trades at a higher multiple than American counterparts.

other services
Bruce Campbell (1)

President, Campbell and Lee Inv...

PricePrice
$29.680
Owned Owned
No

COMMENT

They're pulling back along with today's slide in oil prices. Well-managed. It's geographically diverse, and has 20-30% gas operations and fewer operations in the oil sands than, say, Suncor. Diversity gives you protection. He used to own CNQ. If CNQ went back to $40, he'd look at this again.

oil/gas

They're pulling back along with today's slide in oil prices. Well-managed. It's geographically diverse, and has 20-30% gas operations and fewer operations in the oil sands than, say, Suncor. Diversity gives you protection. He used to own CNQ. If CNQ went back to $40, he'd look at this again.

oil/gas
Bruce Campbell (1)

President, Campbell and Lee Inv...

PricePrice
$44.570
Owned Owned
No

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