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Signal Opinion Expert
BUY
JP Morgan Chase & Co(JPM-N) 

September 25, 2018

He likes US banks and prefers them to Canadian banks. US household debt is lower than Canada’s. Interest rates are likely to rise faster in the US than in Canada, which is good for US bank stocks. When 10-year bond rates finally rose higher than 3%, US banks started rising again. He owns two regional US banks and is currently looking at a large US bank. Overall, he likes the sector, including JP Morgan, but he is not planning to buy that particular bank. 

Financial Services

He likes US banks and prefers them to Canadian banks. US household debt is lower than Canada’s. Interest rates are likely to rise faster in the US than in Canada, which is good for US bank stocks. When 10-year bond rates finally rose higher than 3%, US banks started rising again. He owns two regional US banks and is currently looking at a large US bank. Overall, he likes the sector, including JP Morgan, but he is not planning to buy that particular bank. 

Financial Services
Norman Levine

Managing D, Portfolio Management...

Price Price
$116.390
Owned Owned
No

TOP PICK

He’s using instead of cash. Floating rate, doesn’t move around much. If interest rates in Canada rise, this will track up with them. Another defensive play.

E.T.F.'s

He’s using instead of cash. Floating rate, doesn’t move around much. If interest rates in Canada rise, this will track up with them. Another defensive play.

E.T.F.'s
Terry Shaunessy

President , Shaunessy Investment...

Price Price
$20.150
Owned Owned
Yes

DON'T BUY

Has done fantastically, owning apartment buildings mainly in Ontario. Largest landlord in Toronto region, and benefiting from high rents. Biggest issue is that it’s very expensive, trading about 28x AFFO, compared to most REITs at 16-18x. Large cap spend on older units, but they’re developing so there’s growth. Question as to what new Ontario government will do with rent control.

investment companies/funds

Has done fantastically, owning apartment buildings mainly in Ontario. Largest landlord in Toronto region, and benefiting from high rents. Biggest issue is that it’s very expensive, trading about 28x AFFO, compared to most REITs at 16-18x. Large cap spend on older units, but they’re developing so there’s growth. Question as to what new Ontario government will do with rent control.

investment companies/funds
Paul Gardner, C

Partner an, Avenue Investment Ma...

Price Price
$43.350
Owned Owned
Unknown

BUY
Bank of Montreal(BMO-T) 

July 20, 2018

They own Royal Bank (RY-T) and TD (TD-T). They changed the CEO recently. It has done a good job in the last while. The problem with Canadian Banks is the they are not as cheap as the US banks. The good thing is that they continue to grow their dividends and are very well capitalized. Owning here it is fine. Great ROE. 

banks

They own Royal Bank (RY-T) and TD (TD-T). They changed the CEO recently. It has done a good job in the last while. The problem with Canadian Banks is the they are not as cheap as the US banks. The good thing is that they continue to grow their dividends and are very well capitalized. Owning here it is fine. Great ROE. 

banks
Paul Harris, CF

Portfolio , Avenue Investment Ma...

Price Price
$103.660
Owned Owned
No

COMMENT
Altagas Ltd(ALA-T) 

July 18, 2018

He owns it personally. The WGL acqusition has been approved. High yield of 10%, but it carries a lot of debt on the acqusition side, so he didn't buy it for his client portfolios. This will probably move up from the current $28.

oil/gas

He owns it personally. The WGL acqusition has been approved. High yield of 10%, but it carries a lot of debt on the acqusition side, so he didn't buy it for his client portfolios. This will probably move up from the current $28.

oil/gas
Rick Stuchberry

Portfolio , Wellington-Altus Pri...

Price Price
$28.010
Owned Owned
Yes

TOP PICK

He's been underweight energy for a long time. CJ just bought Devon Energy in the U.S., loading the balance sheet do do it. He's been averaging down on this stock and would still buy it. Buy this if you think oil will hold at current prices or rise. Pays a 7.6% dividend, which is safe. He sees lots of upside. (Analysts' price target: $6.73)

oil/gas

He's been underweight energy for a long time. CJ just bought Devon Energy in the U.S., loading the balance sheet do do it. He's been averaging down on this stock and would still buy it. Buy this if you think oil will hold at current prices or rise. Pays a 7.6% dividend, which is safe. He sees lots of upside. (Analysts' price target: $6.73)

oil/gas
Rick Stuchberry

Portfolio , Wellington-Altus Pri...

Price Price
$5.520
Owned Owned
Yes

TOP PICK
ING Groep NV(ING-N) 

July 18, 2018

A past pick. What's holding this back is also holding back all European banks--negative  or no interest rates. But when rates normalize, like they did in America in 2016, they will take off. Euro banks are a step behind American ones. 7.1% dividend. (Analysts' price target: $20.20)

investment companies/funds

A past pick. What's holding this back is also holding back all European banks--negative  or no interest rates. But when rates normalize, like they did in America in 2016, they will take off. Euro banks are a step behind American ones. 7.1% dividend. (Analysts' price target: $20.20)

investment companies/funds
Rick Stuchberry

Portfolio , Wellington-Altus Pri...

Price Price
$14.450
Owned Owned
Yes

WATCH

He likes it.  He believes it has a $6 one year target.  He is waiting because of concerns on the oil price.  They have minimal debt.  We are trading below book value.  They are buying back a lot of shares.  The buyback price suggests the company thinks their stock is cheap.  When oil gets below $60 he thinks the stock will get down to $2.80 and it would be a buy then.

oil/gas field services

He likes it.  He believes it has a $6 one year target.  He is waiting because of concerns on the oil price.  They have minimal debt.  We are trading below book value.  They are buying back a lot of shares.  The buyback price suggests the company thinks their stock is cheap.  When oil gets below $60 he thinks the stock will get down to $2.80 and it would be a buy then.

oil/gas field services
Josef Schachter

President, Schachter Asset Mana...

Price Price
$2.990
Owned Owned
Unknown

TOP PICK

Contains the S&P 500 equal weight, not hedged. De-emphasizes technology, while still being in the S&P 500. Equal weighted, big cap portfolios tend to perform better than S&P 500 market caps over long periods of time. Keep this as the anchor for American exposure. 

Contains the S&P 500 equal weight, not hedged. De-emphasizes technology, while still being in the S&P 500. Equal weighted, big cap portfolios tend to perform better than S&P 500 market caps over long periods of time. Keep this as the anchor for American exposure. 

0
Terry Shaunessy

President , Shaunessy Investment...

Price Price
$21.050
Owned Owned
Yes

BUY

Is this time different for airlines? They've consolidated and they say they won't fight each other about capacity this time. Delta and the others look pretty good now. But rising oil prices forced Delta to issue guidance to limit expectations. This is trading at 8.5x earnings. He thinks this time is indeed different for the airlines. Delta generates a lot of money from its credit cards (air miles). Good dividend and they're buying back stock.

Transportation

Is this time different for airlines? They've consolidated and they say they won't fight each other about capacity this time. Delta and the others look pretty good now. But rising oil prices forced Delta to issue guidance to limit expectations. This is trading at 8.5x earnings. He thinks this time is indeed different for the airlines. Delta generates a lot of money from its credit cards (air miles). Good dividend and they're buying back stock.

Transportation
Barry Schwartz

CIO & Port, Baskin Wealth Manage...

Price Price
$50.600
Owned Owned
Unknown

COMMENT
General Market Comment 

July 4, 2018

Market. Fourth of July is not a good day to trade in Canada, with the lack of liquidity from the closure of US markets.  If you can, wait a day.  As the mid-term elections in the US approach, he thinks much of this trade war rhetoric is positioning ahead of the elections.  There is nothing worse for economies and stock markets than protectionism, he says.  A 25% tariffs on cars, for example, would kill the auto market in North America.  He has been a seller recently to shore up cash just in case in his portfolios.  He is not foreseeing a recession just yet, but he is being cautious.  He expects the Bank of Canada to raise rates by 0.25% next week.  

Market. Fourth of July is not a good day to trade in Canada, with the lack of liquidity from the closure of US markets.  If you can, wait a day.  As the mid-term elections in the US approach, he thinks much of this trade war rhetoric is positioning ahead of the elections.  There is nothing worse for economies and stock markets than protectionism, he says.  A 25% tariffs on cars, for example, would kill the auto market in North America.  He has been a seller recently to shore up cash just in case in his portfolios.  He is not foreseeing a recession just yet, but he is being cautious.  He expects the Bank of Canada to raise rates by 0.25% next week.  

Unknown
Norman Levine

Managing D, Portfolio Management...

Price Price
$0.020
Owned Owned
_N/A

BUY

Formerly, Cara Operations.  It has been a turnaround stock that faced headwinds with falling oil prices in Alberta.  They have improved with a good acquisition in Quebec and recently purchased Hy’s Steak Houses across Canada.  Same restaurant sales have been growing and they have invested in the ambience of the locations and he thinks that will attract patrons.  

food services

Formerly, Cara Operations.  It has been a turnaround stock that faced headwinds with falling oil prices in Alberta.  They have improved with a good acquisition in Quebec and recently purchased Hy’s Steak Houses across Canada.  Same restaurant sales have been growing and they have invested in the ambience of the locations and he thinks that will attract patrons.  

food services
Norman Levine

Managing D, Portfolio Management...

Price Price
$27.020
Owned Owned
No

COMMENT
General Market Comment 

July 4, 2018

Canadian vs. U.S. stocks: Given the exchange rate, is it worth buying U.S. stocks? He gets this question a lot. He says it's not a loss necessary. The U.S. has performed better than Canada in the past decade. He still likes the U.S. and holds most of his equities there. Tax reform and fiscal stimulus are tailwinds. NAFTA will be tougher on Canada than America. The S&P has returned twice as much than the TSX over the past two years.

Canadian vs. U.S. stocks: Given the exchange rate, is it worth buying U.S. stocks? He gets this question a lot. He says it's not a loss necessary. The U.S. has performed better than Canada in the past decade. He still likes the U.S. and holds most of his equities there. Tax reform and fiscal stimulus are tailwinds. NAFTA will be tougher on Canada than America. The S&P has returned twice as much than the TSX over the past two years.

Unknown
Stan Wong

Director &, Private Wealth Manag...

Price Price
$0.020
Owned Owned
Unknown

COMMENT
General Market Comment 

June 27, 2018

Market. He sees the market being in a tug of war with the Trump Administration creating volatility with trade tariffs globally.  He thinks the market is continuing to bet this is all just short term noise.  A year ago he was very cautious about interest rate sensitive stocks, which conflicts with the need for yield by investors.  They were lightening up on telcos and utilities and feels there is still pain to come in these sectors.    

Market. He sees the market being in a tug of war with the Trump Administration creating volatility with trade tariffs globally.  He thinks the market is continuing to bet this is all just short term noise.  A year ago he was very cautious about interest rate sensitive stocks, which conflicts with the need for yield by investors.  They were lightening up on telcos and utilities and feels there is still pain to come in these sectors.    

Unknown
Kash Pashootan

Sr. VP & P, First Avenue Advisor...

Price Price
$0.020
Owned Owned
_N/A

DON'T BUY
Dollarama Inc.(DOL-T) 

June 22, 2018

He thinks this is massively overvalued, given it sells “junk” items.  It has a 30 times multiple.  He would rather buy McDonald’s with a 20 times earnings multiple. 

Consumer Products

He thinks this is massively overvalued, given it sells “junk” items.  It has a 30 times multiple.  He would rather buy McDonald’s with a 20 times earnings multiple. 

Consumer Products
Wolfgang Klein

Senior inv, Canaccord Genuity We...

Price Price
$53.630
Owned Owned
No

N/A
General Market Comment 

June 21, 2018

Market.  He sees governments running big deficits and worries about it.  When employment is high, that is when governments have to run surpluses to pay down the debt.  Politicians don’t want to lose voters so what is good for the economy is bad for voters.  There's going to eventually be a recession and the only way to fight it is to spend and increase the deficit.

Market.  He sees governments running big deficits and worries about it.  When employment is high, that is when governments have to run surpluses to pay down the debt.  Politicians don’t want to lose voters so what is good for the economy is bad for voters.  There's going to eventually be a recession and the only way to fight it is to spend and increase the deficit.

Unknown
Benj Gallander

President, Contra the Heard Inv...

Price Price
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

June 21, 2018

The Canada banks are great dividend stocks.  They regularly increase the dividends.  Capital appreciation is much iffier.  Banks are an interesting sector to be in.  Keep in mind preferred shares.  He is moving more and more into them.  Some of them are riskier companies, however. 

The Canada banks are great dividend stocks.  They regularly increase the dividends.  Capital appreciation is much iffier.  Banks are an interesting sector to be in.  Keep in mind preferred shares.  He is moving more and more into them.  Some of them are riskier companies, however. 

Unknown
Benj Gallander

President, Contra the Heard Inv...

Price Price
$0.020
Owned Owned
_N/A

N/A
General Market Comment 

June 21, 2018

Block chain.  In November/December, everyone was asking about this and Marijuana.  The insanity did not make sense to him.  Now you have so many companies entering the field.  It is not whether block chain and crypto currency works.  You have to know which companies are going to survive.

Block chain.  In November/December, everyone was asking about this and Marijuana.  The insanity did not make sense to him.  Now you have so many companies entering the field.  It is not whether block chain and crypto currency works.  You have to know which companies are going to survive.

Unknown
Benj Gallander

President, Contra the Heard Inv...

Price Price
$0.020
Owned Owned
_N/A

COMMENT
General Market Comment 

June 20, 2018

TSX makes an all-time high today: This is the first time he has such a low allocation to American markets. Capital is finding cheap investments, and Canada is the place. He's bullish oil, foreseeing good returns between now and the end of the year. This will bring money into the Canadian market, and passive money will come back. Trump is a classic high-anchor negotiator. He himself would let Trump win a couple of topics, but then demand the others. He owns almost no consumer staples or discretionary. Bond proxies like utilities and telecoms, have seen a bloodbath this year and this won't change, given rising interest rates and inflation. That said, those stocks are looking cheap now. If you're skeptical about a high-dividend stock, then look at its fresh cash flow, like Altagas. Canadian housing won't be the best investment in the coming decade and will go sideways.

TSX makes an all-time high today: This is the first time he has such a low allocation to American markets. Capital is finding cheap investments, and Canada is the place. He's bullish oil, foreseeing good returns between now and the end of the year. This will bring money into the Canadian market, and passive money will come back. Trump is a classic high-anchor negotiator. He himself would let Trump win a couple of topics, but then demand the others. He owns almost no consumer staples or discretionary. Bond proxies like utilities and telecoms, have seen a bloodbath this year and this won't change, given rising interest rates and inflation. That said, those stocks are looking cheap now. If you're skeptical about a high-dividend stock, then look at its fresh cash flow, like Altagas. Canadian housing won't be the best investment in the coming decade and will go sideways.

Unknown
Steve DiGregori

Portfolio , Canoe Financial...

Price Price
$0.020
Owned Owned
Unknown

DON'T BUY
Altagas Ltd(ALA-T) 

June 20, 2018

Many ask him about this stock. He sold his shares recently. Altagas sold its crown jewel asset in BC and replaced it with a lower-case one, which they're now pushing for closure. Their free cash flow isn't impressive. This could grind higher to $28. They will likely sell more assets and borrow more to complete their WGL acquisition.

oil/gas

Many ask him about this stock. He sold his shares recently. Altagas sold its crown jewel asset in BC and replaced it with a lower-case one, which they're now pushing for closure. Their free cash flow isn't impressive. This could grind higher to $28. They will likely sell more assets and borrow more to complete their WGL acquisition.

oil/gas
Steve DiGregori

Portfolio , Canoe Financial...

Price Price
$26.820
Owned Owned
No

COMMENT
General Market Comment 

June 20, 2018

Trading Stops. He has two prices for when to sell a stock.  He sells 50% on the first tranche and 100% on the second.  He selects it visually – no algorithm.  His portfolios are concentrated so he needs to be disciplined.  He sticks to the process religiously.   This has helped him avoid massive drawdowns.

Trading Stops. He has two prices for when to sell a stock.  He sells 50% on the first tranche and 100% on the second.  He selects it visually – no algorithm.  His portfolios are concentrated so he needs to be disciplined.  He sticks to the process religiously.   This has helped him avoid massive drawdowns.

Unknown
Jason Del Vicar

Portfolio , HollisWealth...

Price Price
$0.020
Owned Owned
_N/A

TOP PICK
Nvidia Corp(NVDA-Q) 

June 19, 2018

Ten percent of their business (or substantially more) goes into crypto mining operations. Their financials are good. A competitor is about to go public with an $8 billion valuation and this will be a catalyst for the stock (Analyst’s price target is $24)

computer software/processing

Ten percent of their business (or substantially more) goes into crypto mining operations. Their financials are good. A competitor is about to go public with an $8 billion valuation and this will be a catalyst for the stock (Analyst’s price target is $24)

computer software/processing
Genevieve Roch-

Portfolio , LDIC Inc. ...

Price Price
$260.170
Owned Owned
Yes

COMMENT
General Market Comment 

June 12, 2018

Overview Corporate earnings were terrific in the first quarter. The stocks that he buys are driven by corporate earnings. He looks for value stocks that have lower growth but are steady. There's a big appetite for risk in the market and so the high-growth stocks are doing well.

Overview Corporate earnings were terrific in the first quarter. The stocks that he buys are driven by corporate earnings. He looks for value stocks that have lower growth but are steady. There's a big appetite for risk in the market and so the high-growth stocks are doing well.

Unknown
David Baskin

President, Baskin Wealth Manage...

Price Price
$0.020
Owned Owned
_N/A

COMMENT
General Market Comment 

June 12, 2018

Comment on long term bonds as a stabilizing investment for seniors. He thinks these are a wise investment to reduce risk in a portfolio. Currently, a good quality corporate bond (BBB or BBB+) in Canada that will mature in 5 to 7 years earns about 3.4%. The real return, after inflation, is about 1.5% before inflation. No one will get rich from these. However, in the event of an adverse stock market, investors will be happy to have these. He recommends against buying bonds that mature more than 6 years from now because they do not compensate investors for the extra duration risk, especially in a rising interest rate environment.

Comment on long term bonds as a stabilizing investment for seniors. He thinks these are a wise investment to reduce risk in a portfolio. Currently, a good quality corporate bond (BBB or BBB+) in Canada that will mature in 5 to 7 years earns about 3.4%. The real return, after inflation, is about 1.5% before inflation. No one will get rich from these. However, in the event of an adverse stock market, investors will be happy to have these. He recommends against buying bonds that mature more than 6 years from now because they do not compensate investors for the extra duration risk, especially in a rising interest rate environment.

Unknown
David Baskin

President, Baskin Wealth Manage...

Price Price
$0.020
Owned Owned
_N/A

COMMENT
Rogers Sugar Inc(RSI-T) 

June 12, 2018

This is an interesting stock to consider in the face of current discussions of tariffs. The United States sugar industry is heavily protected, and Rogers is protected in Canada. It is one of two main producers, a duopoly behind a tariff wall. He has wondered how long that wall would stand. With Trump in power, he thinks this wall will stay up for longer, making this stock more attractive. However, sugar is a low-growth or no-growth commodity. The social trend is against it and the younger generation consumes less of it. The yield is high (about 6%) and will probably not come down, but it is strictly a yield play. (Analysts' price target is $6.25)

Consumer Products

This is an interesting stock to consider in the face of current discussions of tariffs. The United States sugar industry is heavily protected, and Rogers is protected in Canada. It is one of two main producers, a duopoly behind a tariff wall. He has wondered how long that wall would stand. With Trump in power, he thinks this wall will stay up for longer, making this stock more attractive. However, sugar is a low-growth or no-growth commodity. The social trend is against it and the younger generation consumes less of it. The yield is high (about 6%) and will probably not come down, but it is strictly a yield play. (Analysts' price target is $6.25)

Consumer Products
David Baskin

President, Baskin Wealth Manage...

Price Price
$5.360
Owned Owned
Unknown

TOP PICK
Wharf Holdings(0004-HK) 

June 12, 2018

He is a fan of properties in Asia.  As long as people move up that wealth curve, their properties continue to be worth more and more.  (Analysts’ target: 29.76).

property mngmnt/investment

He is a fan of properties in Asia.  As long as people move up that wealth curve, their properties continue to be worth more and more.  (Analysts’ target: 29.76).

property mngmnt/investment
Thomas George

, TD Asset Management...

Price Price
$0.010
Owned Owned
Yes

PAST TOP PICK

(A Top Pick Sep. 1/17, Down 6%)  It had a nice yield but lost some altitude.  Mall REITs have been doing this because of the AMZN-Q tsunami of the retail industry.  They are mostly in Quebec now and it is the strongest province we have right now.  CUF.UN-T is trading at a nice discount to book value.  He is staying with it.

investment companies/funds

(A Top Pick Sep. 1/17, Down 6%)  It had a nice yield but lost some altitude.  Mall REITs have been doing this because of the AMZN-Q tsunami of the retail industry.  They are mostly in Quebec now and it is the strongest province we have right now.  CUF.UN-T is trading at a nice discount to book value.  He is staying with it.

investment companies/funds
Ross Healy

Chairman, Strategic Analysis C...

Price Price
$12.070
Owned Owned
_N/A

COMMENT
General Market Comment 

May 30, 2018

Market. Value is coming back into equity markets, albeit with higher volatility than last year.  Economic growth has been tepid for the past 10 years, but at least it is still growing.  He feels we are in a much more positive environment than before.  This is a good time to be choosy when buying stocks – look for good management and balance sheets. 

Market. Value is coming back into equity markets, albeit with higher volatility than last year.  Economic growth has been tepid for the past 10 years, but at least it is still growing.  He feels we are in a much more positive environment than before.  This is a good time to be choosy when buying stocks – look for good management and balance sheets. 

Unknown
Michael Sprung

President, Sprung Investment Ma...

Price Price
$0.020
Owned Owned
_N/A

COMMENT

 Despite an earnings beat the share price is down almost 2%.  The concern today is about mortgage origination.  CM-T has large exposure to the residential mortgage market.  This trend is scary for the sector as a whole.

banks

 Despite an earnings beat the share price is down almost 2%.  The concern today is about mortgage origination.  CM-T has large exposure to the residential mortgage market.  This trend is scary for the sector as a whole.

banks
Brooke Thackray

Research A, Horizons ETFs (Canad...

Price Price
$115.090
Owned Owned
No

BUY
Aphria Inc(APH-T) 

May 10, 2018

It pulled back recently and he thinks there is more light shed on the recent transactions they were a part of.  It has bottomed and is moving up.

agriculture

It pulled back recently and he thinks there is more light shed on the recent transactions they were a part of.  It has bottomed and is moving up.

agriculture
Bruce Campbell

President , Stone Castle Investm...

Price Price
$11.090
Owned Owned
Unknown

DON'T BUY
Altagas Ltd(ALA-T) 

May 7, 2018

An 8% dividend yield – Ask yourself why.  The reason is that the company has been jacking up the dividend, increasing debt and issuing stock over the last few years.  The dividend is talking to you.  They really should be paying down debt.  Buyer beware.

oil/gas

An 8% dividend yield – Ask yourself why.  The reason is that the company has been jacking up the dividend, increasing debt and issuing stock over the last few years.  The dividend is talking to you.  They really should be paying down debt.  Buyer beware.

oil/gas
Lorne Steinberg

President , Lorne Steinberg Weal...

Price Price
$25.010
Owned Owned
Unknown

BUY

It has its problems. The balance sheet debt is 4.3 times 2017 EBITDA. Smaller cap. 11% growth. Yield 7.8%. A good time to be buying it in taxable accounts.

investment companies/funds

It has its problems. The balance sheet debt is 4.3 times 2017 EBITDA. Smaller cap. 11% growth. Yield 7.8%. A good time to be buying it in taxable accounts.

investment companies/funds
Greg Newman

Director &, Scotia Wealth Manage...

Price Price
$15.290
Owned Owned
No

PAST TOP PICK

(A Past Top Pick on April 17, 2017, Down 14%) Had a rough year, though Q# and Q4 earnings were good. They gave guidance for 10% revenue growth and 15% earnings growth in 2018. They have a 5-7-year plan to double earnings and are doing acqusitions to achieve this. Lots of free cash flow with a decent yield. They make tapes that bind packages for the thriving e-commerce space. 

packaging/containers

(A Past Top Pick on April 17, 2017, Down 14%) Had a rough year, though Q# and Q4 earnings were good. They gave guidance for 10% revenue growth and 15% earnings growth in 2018. They have a 5-7-year plan to double earnings and are doing acqusitions to achieve this. Lots of free cash flow with a decent yield. They make tapes that bind packages for the thriving e-commerce space. 

packaging/containers
Barry Schwartz

CIO & Port, Baskin Wealth Manage...

Price Price
$19.650
Owned Owned
Yes

DON'T BUY
Bank of Montreal(BMO-T) 

April 16, 2018

TD-T vs. BMO-T.  Canadian banks have been underperforming the US.  There are still some challenges here in Canada, such as less interest rate increases.  The changes in real estate laws are still working through the market place.  He would underweight Canadian banks.

banks

TD-T vs. BMO-T.  Canadian banks have been underperforming the US.  There are still some challenges here in Canada, such as less interest rate increases.  The changes in real estate laws are still working through the market place.  He would underweight Canadian banks.

banks
Larry Berman CF

Chief Inve, ETF Capital Manageme...

Price Price
$95.170
Owned Owned
No

COMMENT

It is a big company with better growth opportunities.  Every time he compares to Inter Pipe, he can’t convince himself to move to Pembina.  The fear of higher interest rates is hurting this sector as a whole. 

pipelines

It is a big company with better growth opportunities.  Every time he compares to Inter Pipe, he can’t convince himself to move to Pembina.  The fear of higher interest rates is hurting this sector as a whole. 

pipelines
Bill Harris, CF

Portfolio , Avenue Investment Ma...

Price Price
$40.370
Owned Owned
No

TOP PICK
AltaGas Ltd(ALA.R-T) 

April 11, 2018

They issued them at $31 for the WGL deal in the U.S. If the WGL deal fails, you collect the dividend and receive your $31 back. If the deals does pass, there'll be a lot of upside with AltaGas. ALA say they have their financing ready, but will need to seel assets. We should hear later this year if WGL gets final regulatory approval.

Energy

They issued them at $31 for the WGL deal in the U.S. If the WGL deal fails, you collect the dividend and receive your $31 back. If the deals does pass, there'll be a lot of upside with AltaGas. ALA say they have their financing ready, but will need to seel assets. We should hear later this year if WGL gets final regulatory approval.

Energy
Bruce Campbell

President , Stone Castle Investm...

Price Price
$25.860
Owned Owned
Yes

DON'T BUY
Inter Pipeline(IPL-T) 

April 9, 2018

Pipeline companies are not great growers and do poorly when rates rise. Investors buy them for the dividends. Like all utilities, rates are set and don't move according to supply and emand, so earnings are limited.

oil pipelines

Pipeline companies are not great growers and do poorly when rates rise. Investors buy them for the dividends. Like all utilities, rates are set and don't move according to supply and emand, so earnings are limited.

oil pipelines
Lorne Steinberg

President , Lorne Steinberg Weal...

Price Price
$22.820
Owned Owned
No

DON'T BUY

The challenge with the pipes is that they are sensitive to rates and are caught up in transpiration issues.

pipelines

The challenge with the pipes is that they are sensitive to rates and are caught up in transpiration issues.

pipelines
Jason Mann

CIO & Co-F, Edgehill Patners...

Price Price
$39.320
Owned Owned
Unknown

COMMENT
SoftBank Corp(9984-JP) 

April 5, 2018

One of the world's biggest tech investors, based in Japan. Stock has been so-so lately. They have $100 billion invested in innovations like self-driving cars and AI. A great name. His only concern is they're heavily indebted, but are trying to create income streams from an insurance business they want to partner with.

Telecommunications

One of the world's biggest tech investors, based in Japan. Stock has been so-so lately. They have $100 billion invested in innovations like self-driving cars and AI. A great name. His only concern is they're heavily indebted, but are trying to create income streams from an insurance business they want to partner with.

Telecommunications
Mike S. Newton,

Director &, Scotia Wealth Manage...

Price Price
$0.000
Owned Owned
Yes

WATCH
Enbridge(ENB-T) 

April 5, 2018

One of the most widely held names in Canada and disappointing to many. They bought Spectra, and there are concerns about their debt level. Enbridge has some enticing value now, but has a dividend near 7%, which gives him pause. He needs to see the price fix itself, then he'll pounce on it.

oil/gas pipelines

One of the most widely held names in Canada and disappointing to many. They bought Spectra, and there are concerns about their debt level. Enbridge has some enticing value now, but has a dividend near 7%, which gives him pause. He needs to see the price fix itself, then he'll pounce on it.

oil/gas pipelines
Mike S. Newton,

Director &, Scotia Wealth Manage...

Price Price
$40.180
Owned Owned
No

DON'T BUY

19% yield. The street expects a cut here. Change in the media business is affecting them as an old-time media business. They look cheap now. Hasn’t done a lot of work on this name. There is risk here.

entertainment services

19% yield. The street expects a cut here. Change in the media business is affecting them as an old-time media business. They look cheap now. Hasn’t done a lot of work on this name. There is risk here.

entertainment services
Alex Ruus

Portfolio , Arrow Capital Manage...

Price Price
$6.050
Owned Owned
No

TOP PICK

Providing power in Central America. They are bringing down the price of power in Nicaragua. Management is doing an outstanding job. 17% cash flow yield so lots of upside here. Dividend Yield if 4.2% (Analysts’ price target is $26.00)

INDUSTRIAL PRODUCTS

Providing power in Central America. They are bringing down the price of power in Nicaragua. Management is doing an outstanding job. 17% cash flow yield so lots of upside here. Dividend Yield if 4.2% (Analysts’ price target is $26.00)

INDUSTRIAL PRODUCTS
Alex Ruus

Portfolio , Arrow Capital Manage...

Price Price
$20.000
Owned Owned
Yes

DON'T BUY
North West Company(NWC-T) 

March 28, 2018

It's retail in the far north. Unlike retail outside the far north, NWC has customers scattered geographically who depend on their goods. But he thinks revenue and dividend growth will be weak. You're not getting much return. He's not a fan of retail anyway. Higher costs to retail in the far north where they operate, namely transportation of goods on snowy roads.

merchandising/lodging

It's retail in the far north. Unlike retail outside the far north, NWC has customers scattered geographically who depend on their goods. But he thinks revenue and dividend growth will be weak. You're not getting much return. He's not a fan of retail anyway. Higher costs to retail in the far north where they operate, namely transportation of goods on snowy roads.

merchandising/lodging
David Driscoll

President , Liberty Internationa...

Price Price
$26.750
Owned Owned
No

DON'T BUY

They're okay from an asset base, but their debt-to-cash ratio is a high five. He's bearish on nat gas, so he wouldn't buy natural gas names like this. Generally, he's biased in favour of oil.

oil/gas

They're okay from an asset base, but their debt-to-cash ratio is a high five. He's bearish on nat gas, so he wouldn't buy natural gas names like this. Generally, he's biased in favour of oil.

oil/gas
Eric Nuttall

Partner & , Ninepoint Partners...

Price Price
$1.380
Owned Owned
Unknown

COMMENT
General Market Comment 

March 8, 2018

If forced to choose between Amazon and Alibaba, which one would you choose? As a value investor wouldn’t pick any but if forced she would choose Amazon because of their cloud service sector that is basically subsidizing the entire company.

If forced to choose between Amazon and Alibaba, which one would you choose? As a value investor wouldn’t pick any but if forced she would choose Amazon because of their cloud service sector that is basically subsidizing the entire company.

Unknown
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$0.020
Owned Owned
_N/A

TOP PICK
Inter Pipeline(IPL-T) 

February 23, 2018

Pipeline operator. Moves 2.3 million barrels a day. Yield of 7.4% Very cheap and good stable dividend. (Analysts’ price target is $28.5)

oil pipelines

Pipeline operator. Moves 2.3 million barrels a day. Yield of 7.4% Very cheap and good stable dividend. (Analysts’ price target is $28.5)

oil pipelines
Greg Newman

Director &, Scotia Wealth Manage...

Price Price
$22.880
Owned Owned
Yes

SELL

Take the money and run.  It is an all stock deal.  He is not bullish on the sector.  His issue with the sector is valuation.  There is very little growth here except by acquisition.

investment companies/funds

Take the money and run.  It is an all stock deal.  He is not bullish on the sector.  His issue with the sector is valuation.  There is very little growth here except by acquisition.

investment companies/funds
John Zechner

Chairman, J. Zechner & Assoc...

Price Price
$36.710
Owned Owned
Unknown

BUY

She owns Brookfield Asset Management, which is the parent. This gives her exposure to the success of BRE and to the broader set of assets held by the parent. BRE invest in property management across the globe, owns commercial malls and retail malls. It is diversified geographically. They have a very long-term perspective, buy assets that are distressed and repurposes them, such as repurposing failing retail malls into condos.

other services

She owns Brookfield Asset Management, which is the parent. This gives her exposure to the success of BRE and to the broader set of assets held by the parent. BRE invest in property management across the globe, owns commercial malls and retail malls. It is diversified geographically. They have a very long-term perspective, buy assets that are distressed and repurposes them, such as repurposing failing retail malls into condos.

other services
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$17.070
Owned Owned
No

PAST TOP PICK

(A Top Pick March 23/17 – Down 31%) A player in fracking sand. Sometimes you are wrong on the stock even if you are right on the fundamentals. A space that is not exciting anymore. Q4 is probably going to be very bad for them.

oil/gas field services

(A Top Pick March 23/17 – Down 31%) A player in fracking sand. Sometimes you are wrong on the stock even if you are right on the fundamentals. A space that is not exciting anymore. Q4 is probably going to be very bad for them.

oil/gas field services
Eric Nuttall

Partner & , Ninepoint Partners...

Price Price
$4.470
Owned Owned
No

PAST TOP PICK
Alphabet Inc. (A)(GOOGL-Q) 

February 8, 2018

(A Top Pick Feb 8/17, Up 24%)  It has been a great place to be.  Their other areas are a drag, like autonomous driving and so on.  It would be nice to see them get the ‘other’ bets’ size down and give more disclosure.  They have enormous cash to repatriate.

Business Services

(A Top Pick Feb 8/17, Up 24%)  It has been a great place to be.  Their other areas are a drag, like autonomous driving and so on.  It would be nice to see them get the ‘other’ bets’ size down and give more disclosure.  They have enormous cash to repatriate.

Business Services
Cameron Hurst

Chief Inve, Equium Capital Manag...

Price Price
$1007.710
Owned Owned
Yes

DON'T BUY

It suffered like most Canadian oil and gas producers.  They have increasing production in the US but are quite levered to Canada.  There is the $30 differential in oil prices against the US.  He owns PSK-T only.

oil/gas

It suffered like most Canadian oil and gas producers.  They have increasing production in the US but are quite levered to Canada.  There is the $30 differential in oil prices against the US.  He owns PSK-T only.

oil/gas
Lyle Stein

Sr. Portfo, Vestcap Investment M...

Price Price
$9.840
Owned Owned
No

DON'T BUY
Alphabet Inc. (A)(GOOGL-Q) 

January 31, 2018

FANG stocks have very expensive valuations, and in many cases, it is indicative of the light stage in the market where the economy is flowing through the higher growth names. They are also the natural fund flows for a lot of ETF's. If we get a correction, the very expensive stocks tend to come under pressure significantly. He recognizes this is a great company, but would tend not to buy it here. As an alternative, consider Infosys Technologies (INFY-N).

Business Services

FANG stocks have very expensive valuations, and in many cases, it is indicative of the light stage in the market where the economy is flowing through the higher growth names. They are also the natural fund flows for a lot of ETF's. If we get a correction, the very expensive stocks tend to come under pressure significantly. He recognizes this is a great company, but would tend not to buy it here. As an alternative, consider Infosys Technologies (INFY-N).

Business Services
Darren Sissons

Vice Presi, Campbell Lee & Ross...

Price Price
$1182.220
Owned Owned
Unknown

COMMENT

Recently did a debt issuance, a little odd in that it was diluted and didn't reduce the debt much. If people know there is an issue coming, it tends not to do well. He likes that this company has world beating, historic competence in high-end nickel technology. Has a sense that the high-end they are capable of is something that can actually reduce the cobalt content in a battery. Trading at $1.30. With a very, very big portion of their debt solved, they have been taken down from 30% to 12% of Ambatovy. They’re still strong in Cuba. Also has nickel and cobalt in both places.

integrated mines

Recently did a debt issuance, a little odd in that it was diluted and didn't reduce the debt much. If people know there is an issue coming, it tends not to do well. He likes that this company has world beating, historic competence in high-end nickel technology. Has a sense that the high-end they are capable of is something that can actually reduce the cobalt content in a battery. Trading at $1.30. With a very, very big portion of their debt solved, they have been taken down from 30% to 12% of Ambatovy. They’re still strong in Cuba. Also has nickel and cobalt in both places.

integrated mines
Michael Smedley

Exec VP & , Morgan Meighan & Ass...

Price Price
$1.310
Owned Owned
Unknown

BUY
Enbridge(ENB-T) 

January 18, 2018

Probably a Buy, unless interest rates start accelerating. He would certainly feel it is a long-term hold. As long as you don't need your capital in the next 5 years, then you are going to earn money that you can't possibly earn in the banks. A very strongly backed company. 7.8% dividend yield.

oil/gas pipelines

Probably a Buy, unless interest rates start accelerating. He would certainly feel it is a long-term hold. As long as you don't need your capital in the next 5 years, then you are going to earn money that you can't possibly earn in the banks. A very strongly backed company. 7.8% dividend yield.

oil/gas pipelines
Michael Smedley

Exec VP & , Morgan Meighan & Ass...

Price Price
$49.380
Owned Owned
Unknown

PARTIAL BUY
Cineplex Inc(CGX-T) 

January 15, 2018

This is a conundrum. You have strong management who bought up Canadian theatre chains, and did a great job of maximizing it. The valuation got to be very high. Then we had a tough movie season last year. That is what we are struggling with. Great management usually solves problems and figure out how to drive on. He wouldn't be afraid of this, but you might want to enter this on a series of purchases. Not a cheap stock.

other services

This is a conundrum. You have strong management who bought up Canadian theatre chains, and did a great job of maximizing it. The valuation got to be very high. Then we had a tough movie season last year. That is what we are struggling with. Great management usually solves problems and figure out how to drive on. He wouldn't be afraid of this, but you might want to enter this on a series of purchases. Not a cheap stock.

other services
Bruce Murray

CEO & Chie, The Murray Wealth Gr...

Price Price
$32.500
Owned Owned
Unknown

TOP PICK
Blackstone Group LP(BX-N) 

January 12, 2018

This is sort of a quasi-financial name. Just announced they are acquiring Pure Industrial REIT (AAR.UN-T). They are really in the sweet spot of the cycle. All their underlying funds are doing well. There is a huge opportunity for them to grow their infrastructure fund. Dividend yield of 6.7%. (Analysts' price target is $40.)

investment companies/funds

This is sort of a quasi-financial name. Just announced they are acquiring Pure Industrial REIT (AAR.UN-T). They are really in the sweet spot of the cycle. All their underlying funds are doing well. There is a huge opportunity for them to grow their infrastructure fund. Dividend yield of 6.7%. (Analysts' price target is $40.)

investment companies/funds
Bryden Teich

Portfolio , Avenue Investment Ma...

Price Price
$35.390
Owned Owned
Yes

BUY
Impact Silver Corp.(IPT-X) 

January 8, 2018

CCL.B-T A great label maker.  A fantastic story over the years.  He would never recommend selling it.  You also have IPT-T and have been selling weak with all the hurricanes in the last weeks.  They create a lot of value but there is better value with IPT-T.  He holds this over CCL.B-T because IPT-T are earlier in their life cycle of acquisitions.

precious metals

CCL.B-T A great label maker.  A fantastic story over the years.  He would never recommend selling it.  You also have IPT-T and have been selling weak with all the hurricanes in the last weeks.  They create a lot of value but there is better value with IPT-T.  He holds this over CCL.B-T because IPT-T are earlier in their life cycle of acquisitions.

precious metals
James Telfser

Partner & , Aventine Management ...

Price Price
$0.345
Owned Owned
Yes

BUY
Inter Pipeline(IPL-T) 

January 4, 2018

ENB-T vs. IPL-T.  Oil pipelines are not going away and pipelines are safer than rail.  The question is where interest rates are going because people buy them for the dividend.  He believes rates are not going up very far so the yields remain quite compelling.  A Pipeline should be a key part of every portfolio and ENB-T would be his preferred because it has been so beaten up and the yield is higher.

oil pipelines

ENB-T vs. IPL-T.  Oil pipelines are not going away and pipelines are safer than rail.  The question is where interest rates are going because people buy them for the dividend.  He believes rates are not going up very far so the yields remain quite compelling.  A Pipeline should be a key part of every portfolio and ENB-T would be his preferred because it has been so beaten up and the yield is higher.

oil pipelines
David Baskin

President, Baskin Wealth Manage...

Price Price
$26.110
Owned Owned
Unknown

COMMENT
Alaris Royalty(AD-T) 

December 15, 2017

He would put this in the so-so category. This year one of their largest investments got taken out. They made another investment, but also have 3 or 4 investee companies that are not doing so well. They are starting to deal with that, but investors are basically saying they are going to look at this company when all their problems are solved. Investors are also worried about the 8.5% dividend. He doesn't think it will be capped, but wouldn't call it 100% safe either. A very well-run company that is going through a problematic period of time. They earn 15%-16% royalties on their investment, and you don't get that type of return without some risk. Unfortunately, they hit 3 or 4 problems all in a short period of time.

Financial Services

He would put this in the so-so category. This year one of their largest investments got taken out. They made another investment, but also have 3 or 4 investee companies that are not doing so well. They are starting to deal with that, but investors are basically saying they are going to look at this company when all their problems are solved. Investors are also worried about the 8.5% dividend. He doesn't think it will be capped, but wouldn't call it 100% safe either. A very well-run company that is going through a problematic period of time. They earn 15%-16% royalties on their investment, and you don't get that type of return without some risk. Unfortunately, they hit 3 or 4 problems all in a short period of time.

Financial Services
Peter Hodson

CEO & Head, 5i Research Inc....

Price Price
$19.070
Owned Owned
Unknown

SELL

They've had a tough go recently. They missed earnings and sales have been disappointing. Also, doesn't like their balance sheet much, right now. Doesn't think it’s in jeopardy of going under, but they really have to turn around their earnings growth picture, and improve operating performance and drive down costs to get investors interested again. Thinks it is probably dead money for a period of time, until they get 3 or 4 quarters of consistent results. If you own, he would suggest getting out of it and looking at it later when everything looks better.

Financial Services

They've had a tough go recently. They missed earnings and sales have been disappointing. Also, doesn't like their balance sheet much, right now. Doesn't think it’s in jeopardy of going under, but they really have to turn around their earnings growth picture, and improve operating performance and drive down costs to get investors interested again. Thinks it is probably dead money for a period of time, until they get 3 or 4 quarters of consistent results. If you own, he would suggest getting out of it and looking at it later when everything looks better.

Financial Services
Peter Hodson

CEO & Head, 5i Research Inc....

Price Price
$7.540
Owned Owned
Unknown

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