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Signal Opinion Expert
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, CFA

Portfolio Manager, Avenue Investment Ma...

PricePrice
$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 (2)

President & Portfolio Manager, Stone Castle Investm...

PricePrice
$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 & Portfolio Manager, Lorne Steinberg Weal...

PricePrice
$22.820
Owned Owned
No

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, CIM FCSI

Director & Portfolio Manager, Scotia Wealth Manage...

PricePrice
$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, CIM FCSI

Director & Portfolio Manager, Scotia Wealth Manage...

PricePrice
$40.180
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-Founder, Edgehill Patners...

PricePrice
$39.320
Owned Owned
Unknown

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 Manager, Arrow Capital Manage...

PricePrice
$20.000
Owned Owned
Yes

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 & Senior Portfolio Manager, Ninepoint Partners...

PricePrice
$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 & Managing Director, GlobeInvest Capital ...

PricePrice
$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 & Portfolio Manager, Scotia Wealth Manage...

PricePrice
$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...

PricePrice
$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 & Managing Director, GlobeInvest Capital ...

PricePrice
$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 & Senior Portfolio Manager, Ninepoint Partners...

PricePrice
$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 Investment Officer, Equium Capital Manag...

PricePrice
$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. Portfolio & Managing Director, Vestcap Investment M...

PricePrice
$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 President and Partner, Campbell Lee & Ross...

PricePrice
$1182.220
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 & Chief Investment Officer, Morgan Meighan & Ass...

PricePrice
$49.380
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 & Chief Investment Officer, Morgan Meighan & Ass...

PricePrice
$1.310
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 & Chief Investment Officer, The Murray Wealth Gr...

PricePrice
$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 Manager, Avenue Investment Ma...

PricePrice
$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 & Portfolio Manager, Aventine Management ...

PricePrice
$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...

PricePrice
$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 of Research, 5i Research Inc....

PricePrice
$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 of Research, 5i Research Inc....

PricePrice
$7.540
Owned Owned
Unknown

COMMENT

Very dubious about the whole marijuana sector. It's an area where you can sort of put your sign up saying we are now in the marijuana business, and away you go. There are some big legitimate companies that are going to do well, but we really don't know exactly how well they are going to do. He is not sure they will be very profitable.

E.T.F.'s

Very dubious about the whole marijuana sector. It's an area where you can sort of put your sign up saying we are now in the marijuana business, and away you go. There are some big legitimate companies that are going to do well, but we really don't know exactly how well they are going to do. He is not sure they will be very profitable.

E.T.F.'s
David Cockfield

Managing Director, Northland Wealth Man...

PricePrice
$15.210
Owned Owned
No

PAST TOP PICK
Aegon N.V.(AEG-N) 

December 8, 2017

(A Top Pick Dec 22/16. Up 17%.) A huge Dutch company that is in many, many countries. This could go up quite a bit. He can see it getting back over $20.

Financial Services

(A Top Pick Dec 22/16. Up 17%.) A huge Dutch company that is in many, many countries. This could go up quite a bit. He can see it getting back over $20.

Financial Services
Benj Gallander

President, Contra the Heard Inv...

PricePrice
$6.190
Owned Owned
Yes

COMMENT

An 8% dividend is about the point where he starts to get nervous about a company. If it is much higher than 8%, often the market is correct. The company has great management and a long history. If real estate gets hit, a lot of companies are going to take it on the chin. Dividend yield of 8.4%.

other services

An 8% dividend is about the point where he starts to get nervous about a company. If it is much higher than 8%, often the market is correct. The company has great management and a long history. If real estate gets hit, a lot of companies are going to take it on the chin. Dividend yield of 8.4%.

other services
Benj Gallander

President, Contra the Heard Inv...

PricePrice
$16.030
Owned Owned
No

BUY

He loves ZWB-T and it is a great way to hold the banks.  But he sold out, taking profits, putting it into ZWU-T.  This is a lot more interest rate sensitive.  ZWU-T will outperform in a market correction as utilities are more defensive.

E.T.F.'s

He loves ZWB-T and it is a great way to hold the banks.  But he sold out, taking profits, putting it into ZWU-T.  This is a lot more interest rate sensitive.  ZWU-T will outperform in a market correction as utilities are more defensive.

E.T.F.'s
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Manageme...

PricePrice
$13.980
Owned Owned
Yes

HOLD
CCL Industries (B)(CCL.B-T) 

November 30, 2017

It stumbled a bit in the last 6 months since their last acquisition.  They have a tremendous track record with acquisitions and adding to cash flow.  He does not see much multiple expansion in their future.

packaging/containers

It stumbled a bit in the last 6 months since their last acquisition.  They have a tremendous track record with acquisitions and adding to cash flow.  He does not see much multiple expansion in their future.

packaging/containers
Don Lato

President, Padlock Investment M...

PricePrice
$59.790
Owned Owned
Yes

BUY
Capital Power(CPX-T) 

November 30, 2017

It is a good entry point.  Their legacy business was coal powered generation.  They are transforming these plants to natural gas and collecting a termination payment from the province.  The yield is close to 7% and the dividend has grown steadily.  The strategy is sound and the entry point looks good.

electrical utilities

It is a good entry point.  Their legacy business was coal powered generation.  They are transforming these plants to natural gas and collecting a termination payment from the province.  The yield is close to 7% and the dividend has grown steadily.  The strategy is sound and the entry point looks good.

electrical utilities
Brian Madden

Senior VP & Portfolio Manager, Goodreid Investment ...

PricePrice
$24.370
Owned Owned
Unknown

TOP PICK
Quarterhill Inc(QTRH-T) 

November 24, 2017

Revenues last year were $93 million. Last quarter, they were $85 million. Made about $22 million, and the stock price, which he thought would really jump, came down. One of the reasons could be that a bulletin board  “Stock House” had said he had “pumped and dumped” this stock, which is something he never does. Dividend yield of 2.3%. (Analysts’ price target is $2.75.)

electrical/electronic

Revenues last year were $93 million. Last quarter, they were $85 million. Made about $22 million, and the stock price, which he thought would really jump, came down. One of the reasons could be that a bulletin board  “Stock House” had said he had “pumped and dumped” this stock, which is something he never does. Dividend yield of 2.3%. (Analysts’ price target is $2.75.)

electrical/electronic
Benj Gallander

President, Contra the Heard Inv...

PricePrice
$2.170
Owned Owned
Yes

COMMENT
TorstarCorp (B)(TS.B-T) 

November 24, 2017

Prem Watsa owns about 40.1% of the common shares. Do you buy this for capital appreciation, the dividend, or perhaps for the breakup value later on? That is definitely a good signal. It could be a good contrarian pick now. They have no debt, and the dividend is over 6%. The high dividend is a danger signal. This is risky.

publishing/printing

Prem Watsa owns about 40.1% of the common shares. Do you buy this for capital appreciation, the dividend, or perhaps for the breakup value later on? That is definitely a good signal. It could be a good contrarian pick now. They have no debt, and the dividend is over 6%. The high dividend is a danger signal. This is risky.

publishing/printing
Benj Gallander

President, Contra the Heard Inv...

PricePrice
$1.550
Owned Owned
No

COMMENT
Emera Inc(EMA-T) 

November 22, 2017

Long-term hold? Canada has a number of Public utility companies, and a couple of them, such as this one and Fortis (FTS-T), are what he would call growth utility companies, where they don’t just stick to the market they are in, but are active acquirers and growers in other geographies, mostly in the US. He looks at this as being the leading Canadian growth utility company, and sees them continuing to grow their earnings in Canada, and more so outside Canada. Interest rate sensitive, so if interest rates go down, the stock does better. For a long-term investor, companies like this should be a part of your portfolio.

mngmnt/diversified

Long-term hold? Canada has a number of Public utility companies, and a couple of them, such as this one and Fortis (FTS-T), are what he would call growth utility companies, where they don’t just stick to the market they are in, but are active acquirers and growers in other geographies, mostly in the US. He looks at this as being the leading Canadian growth utility company, and sees them continuing to grow their earnings in Canada, and more so outside Canada. Interest rate sensitive, so if interest rates go down, the stock does better. For a long-term investor, companies like this should be a part of your portfolio.

mngmnt/diversified
Norman Levine

Managing Director, Portfolio Management...

PricePrice
$48.420
Owned Owned
Unknown

PAST TOP PICK
Knight Therapeutics(GUD-T) 

November 17, 2017

(A Top Pick Dec 14/16. Down 19%.) Jonathan Goodman is a man of great patience and enormous wealth, which he got out of his first company. You have to be patient with this. 

(A Top Pick Dec 14/16. Down 19%.) Jonathan Goodman is a man of great patience and enormous wealth, which he got out of his first company. You have to be patient with this. 

0
Michael Smedley

Exec VP & Chief Investment Officer, Morgan Meighan & Ass...

PricePrice
$8.070
Owned Owned
Yes

N/A
General Market Comment 

November 15, 2017

Energy. He made the decision to leverage up earlier this year and buy some oil stocks, on the belief that the macro for oil was and is continuing to improve with the continued drawdown in the oil glut. With the passage in time due to strong demand growth, compliance by OPEC and by faltering US production growth, means inventories will draw, and would normalize towards a more normal oil market. At the end of October, the OEC inventory glut fell by 60% and should continue. Oil is up on the year, and yet his fund is still down 38%, a huge disconnect between the commodity price and stocks. This is because energy has been the worst performing sector on the planet. There is an OPEC meeting on the 30th and an element of uncertainty as to whether the agreement will be extended to the end of 2018. Oil is up 2 days ago, making a two-year high. Inventories are falling at the fastest pace in history. He is hoping that in the next couple of weeks buyers will come back, recognizing the opportunities that are available.

Energy. He made the decision to leverage up earlier this year and buy some oil stocks, on the belief that the macro for oil was and is continuing to improve with the continued drawdown in the oil glut. With the passage in time due to strong demand growth, compliance by OPEC and by faltering US production growth, means inventories will draw, and would normalize towards a more normal oil market. At the end of October, the OEC inventory glut fell by 60% and should continue. Oil is up on the year, and yet his fund is still down 38%, a huge disconnect between the commodity price and stocks. This is because energy has been the worst performing sector on the planet. There is an OPEC meeting on the 30th and an element of uncertainty as to whether the agreement will be extended to the end of 2018. Oil is up 2 days ago, making a two-year high. Inventories are falling at the fastest pace in history. He is hoping that in the next couple of weeks buyers will come back, recognizing the opportunities that are available.

Unknown
Eric Nuttall

Partner & Senior Portfolio Manager, Ninepoint Partners...

PricePrice
$0.020
Owned Owned
_N/A

COMMENT
Torc Oil & Gas Ltd(TOG-T) 

November 15, 2017

This company runs a very good shop when it comes to keeping the cost structure low and declines in check. The team is at the top of his list. He is looking for a little more torque to the coming inflection and sentiment towards oil, so would rather find names that are a little more beaten down. Dividend yield of 3.7%, which is sustainable at today’s oil prices.

oil/gas

This company runs a very good shop when it comes to keeping the cost structure low and declines in check. The team is at the top of his list. He is looking for a little more torque to the coming inflection and sentiment towards oil, so would rather find names that are a little more beaten down. Dividend yield of 3.7%, which is sustainable at today’s oil prices.

oil/gas
Eric Nuttall

Partner & Senior Portfolio Manager, Ninepoint Partners...

PricePrice
$6.490
Owned Owned
Unknown

COMMENT
Yangarra Resources(YGR-T) 

November 15, 2017

For a small-cap Canadian oil stock, this has done phenomenally well. It’s one of the names that you always find an excuse not to own, and then kick yourself a couple of months later. One of the few oil names that is actually up this year. He would just stick this one aside, forget that you own, and look at it a couple of years from now.

For a small-cap Canadian oil stock, this has done phenomenally well. It’s one of the names that you always find an excuse not to own, and then kick yourself a couple of months later. One of the few oil names that is actually up this year. He would just stick this one aside, forget that you own, and look at it a couple of years from now.

0
Eric Nuttall

Partner & Senior Portfolio Manager, Ninepoint Partners...

PricePrice
$4.340
Owned Owned
Unknown

COMMENT
Quarterhill Inc(QTRH-T) 

November 14, 2017

When they changed, he thought they might be able to get rid of the WiLan issues. They couldn’t put a consistent quarter together if their life depended on it. The quarter before, blew out estimates because they had some really big settlements with patent litigations. However, the recent quarter was not great, missing estimates and not doing what people expected. A pretty cheap company. Diversifying into an Internet of Things company, and he kind of likes the space they are trying to get into. It’s very hard to get excited about this company.

electrical/electronic

When they changed, he thought they might be able to get rid of the WiLan issues. They couldn’t put a consistent quarter together if their life depended on it. The quarter before, blew out estimates because they had some really big settlements with patent litigations. However, the recent quarter was not great, missing estimates and not doing what people expected. A pretty cheap company. Diversifying into an Internet of Things company, and he kind of likes the space they are trying to get into. It’s very hard to get excited about this company.

electrical/electronic
Ryan Modesto

Managing Partner, 5i Research...

PricePrice
$2.110
Owned Owned
Unknown

PAST TOP PICK
Spin Master Corp(TOY-T) 

November 14, 2017

(A Top Pick Sept 30/16. Up 56%.) A great Canadian story. He still likes this. They are very innovative. Last year they had Hatchimals, which was a blockbuster product, but doesn’t expect them to have the same sales this year. There is also the Toys “R” Us bankruptcy issues which might create some disruption in the short-term. Wait for 3 months until their holiday results come through.

(A Top Pick Sept 30/16. Up 56%.) A great Canadian story. He still likes this. They are very innovative. Last year they had Hatchimals, which was a blockbuster product, but doesn’t expect them to have the same sales this year. There is also the Toys “R” Us bankruptcy issues which might create some disruption in the short-term. Wait for 3 months until their holiday results come through.

0
Ryan Modesto

Managing Partner, 5i Research...

PricePrice
$15.150
Owned Owned
No

WEAK BUY

He loves covered call strategies.  They are very active managers and he thinks they do a very good job of it.  The last few years have been an up market in the healthcare market.  XLV-N is the broad US healthcare market.  You have a much better return with HHL-T because of the dividend as well.  It is a good way to hold healthcare late in the cycle.

E.T.F.'s

He loves covered call strategies.  They are very active managers and he thinks they do a very good job of it.  The last few years have been an up market in the healthcare market.  XLV-N is the broad US healthcare market.  You have a much better return with HHL-T because of the dividend as well.  It is a good way to hold healthcare late in the cycle.

E.T.F.'s
Larry Berman CFA, CMT, CTA

Chief Investment Officer, Partner, ETF Capital Manageme...

PricePrice
$8.300
Owned Owned
No

COMMENT
KKR & Co. LP(KKR-N) 

November 8, 2017

Has been a strong performer. The story hasn't changed for a number of years. When credit spreads blew out in the 1st part of 2016, this company did a good job of clawing its way back. A lot of good things are happening in the company. They still have the ability to raise a lot of capital. Assets under management year-over-year has very strong growth. Performance has been very good, which leads to performance fees they've been collecting. This is a core holding in her portfolio.

Has been a strong performer. The story hasn't changed for a number of years. When credit spreads blew out in the 1st part of 2016, this company did a good job of clawing its way back. A lot of good things are happening in the company. They still have the ability to raise a lot of capital. Assets under management year-over-year has very strong growth. Performance has been very good, which leads to performance fees they've been collecting. This is a core holding in her portfolio.

0
Jennifer Radman

VP & Sr. Portfolio Manager, Caldwell Investment ...

PricePrice
$19.760
Owned Owned
Yes

TOP PICK
Fairfax Financial(FFH-T) 

October 31, 2017

Has been watching this for a very long time. He likes Prem Watsa and the company, but Prem was doing some goofy things with hedging, etc. and it showed in the stock price. He just bought this and thinks there is a lot more room to go. Prem has got back to the basics of investing, and he thinks this is going right back to the top of its trading range of around $750. (Analysts' price target is $699.16.)

insurance

Has been watching this for a very long time. He likes Prem Watsa and the company, but Prem was doing some goofy things with hedging, etc. and it showed in the stock price. He just bought this and thinks there is a lot more room to go. Prem has got back to the basics of investing, and he thinks this is going right back to the top of its trading range of around $750. (Analysts' price target is $699.16.)

insurance
Keith Richards

Portfolio Manager, ValueTrend Wealth Ma...

PricePrice
$679.410
Owned Owned
Yes

COMMENT
Novartis AG(NVS-N) 

October 26, 2017

This has 3 things going for it. It is an international stock being Swedish, and European stocks have been stronger than US stocks for the 1st time in 10 years, and that should continue. Secondly, it is in healthcare which he likes. Thirdly, they’ve been doing a lot of research in immune boosting therapy, helping people fight cancer. This is going to be huge as we have so much further to go in fighting this scourge.

biotechnology/pharmaceutical

This has 3 things going for it. It is an international stock being Swedish, and European stocks have been stronger than US stocks for the 1st time in 10 years, and that should continue. Secondly, it is in healthcare which he likes. Thirdly, they’ve been doing a lot of research in immune boosting therapy, helping people fight cancer. This is going to be huge as we have so much further to go in fighting this scourge.

biotechnology/pharmaceutical
John Burke

CEO & CIO, Burke Financial Stra...

PricePrice
$80.910
Owned Owned
Unknown

DON'T BUY
Enbridge(ENB-T) 

October 23, 2017

It is one of the quality companies.  The risk is that rates start rising and there is a fair amount of debt on the books.  They are professional managers and can handle that kind of debt increase.  The issue for them is that in this country we have an anti-pipe attitude.  He is worried about the growth on this one.  It is well managed although there will be some headwinds on rate rises.  He is not in the sector because he does not know where the growth comes from.

oil/gas pipelines

It is one of the quality companies.  The risk is that rates start rising and there is a fair amount of debt on the books.  They are professional managers and can handle that kind of debt increase.  The issue for them is that in this country we have an anti-pipe attitude.  He is worried about the growth on this one.  It is well managed although there will be some headwinds on rate rises.  He is not in the sector because he does not know where the growth comes from.

oil/gas pipelines
Rick Stuchberry

Portfolio Manager, Richardson GMP...

PricePrice
$49.380
Owned Owned
No

SELL
CCL Industries (B)(CCL.B-T) 

October 20, 2017

Specializes in labels and have been acquiring mom-and-pop operators. A very successful business model of acquisitions. Because it was getting a little pricey, he recently sold his holdings. If you own, take your profit and run.

packaging/containers

Specializes in labels and have been acquiring mom-and-pop operators. A very successful business model of acquisitions. Because it was getting a little pricey, he recently sold his holdings. If you own, take your profit and run.

packaging/containers
William Chin

Portfolio manager, Caldwell Investment ...

PricePrice
$63.580
Owned Owned
No

COMMENT
Linamar Corp(LNR-T) 

October 17, 2017

He sees a ceiling of $100. It is currently at $70.26. His model price is $132.82, a 70% potential upside, but this is a cyclical. The stock dropped so much because everyone thought we were at peak auto, but this company’s worked through that and has gone higher. He sees better potential elsewhere.

transportation equip & components

He sees a ceiling of $100. It is currently at $70.26. His model price is $132.82, a 70% potential upside, but this is a cyclical. The stock dropped so much because everyone thought we were at peak auto, but this company’s worked through that and has gone higher. He sees better potential elsewhere.

transportation equip & components
Brian Acker, CA

Chief Executive Officer, President and Chief Inves, Acker Finley Inc....

PricePrice
$78.980
Owned Owned
Unknown

COMMENT
Pembina Pipeline Corp(PPL-T) 

October 17, 2017

Closed at $42.91, and he has a model price of $53.25, a 24% premium over the current price. If it got $39.51, it would be interesting. Remember that in the 1st part of 2016, the stock was basically down to about $27. It’s had a good recovery. Feels that a lot of interest sensitive stocks are meeting a lot of competition as interest rates move higher.

pipelines

Closed at $42.91, and he has a model price of $53.25, a 24% premium over the current price. If it got $39.51, it would be interesting. Remember that in the 1st part of 2016, the stock was basically down to about $27. It’s had a good recovery. Feels that a lot of interest sensitive stocks are meeting a lot of competition as interest rates move higher.

pipelines
Brian Acker, CA

Chief Executive Officer, President and Chief Inves, Acker Finley Inc....

PricePrice
$42.390
Owned Owned
Unknown

DON'T BUY
Altagas Ltd(ALA-T) 

October 16, 2017

When you have an unusually high dividend, it is sometimes an opportunity but more often it is a sign that the market is selling off the stock thinking there is worse times coming.  ALA-T is in a down trend.  Until lower lows and lower highs stop, it is in a downward trend.  The market may be forecasting a cut in the dividend.

oil/gas

When you have an unusually high dividend, it is sometimes an opportunity but more often it is a sign that the market is selling off the stock thinking there is worse times coming.  ALA-T is in a down trend.  Until lower lows and lower highs stop, it is in a downward trend.  The market may be forecasting a cut in the dividend.

oil/gas
Keith Richards

Portfolio Manager, ValueTrend Wealth Ma...

PricePrice
$28.430
Owned Owned
Unknown

PAST TOP PICK
CSX Corp(CSX-Q) 

October 13, 2017

(A Top Pick Jan 27/17. Up 12%.) This is a Hunter Harrison story. He is turning the company around. The unions and clients were getting unhappy, and if he works his magic as he has done in the past, we should see continued upside from here. Still a Buy.

Transportation

(A Top Pick Jan 27/17. Up 12%.) This is a Hunter Harrison story. He is turning the company around. The unions and clients were getting unhappy, and if he works his magic as he has done in the past, we should see continued upside from here. Still a Buy.

Transportation
Darren Sissons

Vice President and Partner, Campbell Lee & Ross...

PricePrice
$52.830
Owned Owned
Yes

TOP PICK
CCL Industries (B)(CCL.B-T) 

October 12, 2017

They make acquisitions, pulling costs out of the business.  They keep repeating.  They have organic growth.  The stock has been consolidating recently.  Executives have a decent amount of stock.  It looks like it is about to reaccelerate.

packaging/containers

They make acquisitions, pulling costs out of the business.  They keep repeating.  They have organic growth.  The stock has been consolidating recently.  Executives have a decent amount of stock.  It looks like it is about to reaccelerate.

packaging/containers
Bruce Campbell (2)

President & Portfolio Manager, Stone Castle Investm...

PricePrice
$63.960
Owned Owned
Yes

COMMENT
Bank of Nova Scotia(BNS-T) 

October 4, 2017

(Market Call Minute.) Bank of Canada is raising rates. Margins are starting to increase. They’ll probably take a write down or hit with their Caribbean operations.

banks

(Market Call Minute.) Bank of Canada is raising rates. Margins are starting to increase. They’ll probably take a write down or hit with their Caribbean operations.

banks
David Driscoll

President & CEO, Liberty Internationa...

PricePrice
$80.700
Owned Owned
Unknown

PAST TOP PICK
Goldcorp Inc(G-T) 

September 29, 2017

(A Top Pick Oct 19/16. Down 19%.) This was a call on the gold sector generally. The new CEO has a 20/20/20 plan of increasing reserves by 20%, increasing production by 20% and cutting costs by 20%. He is getting there. He still likes this.

precious metals

(A Top Pick Oct 19/16. Down 19%.) This was a call on the gold sector generally. The new CEO has a 20/20/20 plan of increasing reserves by 20%, increasing production by 20% and cutting costs by 20%. He is getting there. He still likes this.

precious metals
Gavin Graham

Trustee, Pointbreak ETFs...

PricePrice
$16.200
Owned Owned
Yes

COMMENT
Linamar Corp(LNR-T) 

September 29, 2017

Had recommended selling this about 18 months ago, because it looked like the auto cycle was peaking out. A wonderful company, but the major problem is that North American car sales have rolled over. You don’t want to be in this at the wrong cycle, which is where we now are.

transportation equip & components

Had recommended selling this about 18 months ago, because it looked like the auto cycle was peaking out. A wonderful company, but the major problem is that North American car sales have rolled over. You don’t want to be in this at the wrong cycle, which is where we now are.

transportation equip & components
Gavin Graham

Trustee, Pointbreak ETFs...

PricePrice
$76.140
Owned Owned
Unknown

HOLD
Diamcor Mining Inc.(DMI-X) 

September 28, 2017

South African mining.  It has been quite disappointing.  They had a hiccup in their production.  He still owns it.  They have been finding larger karats but have had a bit of a water issue.  You need to continue to hold it. 

Mining

South African mining.  It has been quite disappointing.  They had a hiccup in their production.  He still owns it.  They have been finding larger karats but have had a bit of a water issue.  You need to continue to hold it. 

Mining
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc...

PricePrice
$0.590
Owned Owned
Yes

COMMENT
Hudson Bay Co.(HBC-T) 

September 28, 2017

This one is hard. Missed on Q2 again, where they missed $.90. Margin compression was an issue again. There are headwinds for retail, especially for department stores. However Saks did beat their best comp in 2 years. HBC also had some pretty good comps. There are better trends in retail so far for Q3, and there is optimism for the 2nd half. This is a risky name. It is very hard to model, as they don’t have any clear earnings path. When stocks are really hard to model, often they are the best buy.

department stores

This one is hard. Missed on Q2 again, where they missed $.90. Margin compression was an issue again. There are headwinds for retail, especially for department stores. However Saks did beat their best comp in 2 years. HBC also had some pretty good comps. There are better trends in retail so far for Q3, and there is optimism for the 2nd half. This is a risky name. It is very hard to model, as they don’t have any clear earnings path. When stocks are really hard to model, often they are the best buy.

department stores
Greg Newman

Director & Portfolio Manager, Scotia Wealth Manage...

PricePrice
$13.130
Owned Owned
Yes

HOLD
Linamar Corp(LNR-T) 

September 22, 2017

Historically this has done very well in the springtime from February to May of each year, but recently, the stock has done better than that. All auto stocks have been moving very, very strongly higher during the last few weeks, but is not related to seasonality. Technically, this is currently in an upward trend and just broke to new highs. Short-term momentum indicators are doing well also. Stick with it for now.

transportation equip & components

Historically this has done very well in the springtime from February to May of each year, but recently, the stock has done better than that. All auto stocks have been moving very, very strongly higher during the last few weeks, but is not related to seasonality. Technically, this is currently in an upward trend and just broke to new highs. Short-term momentum indicators are doing well also. Stick with it for now.

transportation equip & components
Don Vialoux

Research Analyst, TimingTheMarket.CA &...

PricePrice
$74.940
Owned Owned
Unknown

HOLD
Linamar Corp(LNR-T) 

September 21, 2017

Ten year investment?  This is tough.  They are great at execution and built a great business.  He likes the auto group but there is improvement happening in various parts of the world.  If he had a choice, he would buy MG-T (which he owns) over LNR-T, which is a hold.  There are no transmissions in an electric vehicle.

transportation equip & components

Ten year investment?  This is tough.  They are great at execution and built a great business.  He likes the auto group but there is improvement happening in various parts of the world.  If he had a choice, he would buy MG-T (which he owns) over LNR-T, which is a hold.  There are no transmissions in an electric vehicle.

transportation equip & components
David Burrows

President & Chief Investment Strategist, Barometer Capital Ma...

PricePrice
$73.850
Owned Owned
No

COMMENT

He likes this company. Real estate has headwinds, but this company has a tailwind because it is industrial. Also, they are buying assets in the US which has extensive corridors with a population base where there would be some desired locations to own in the Midwest and in secondary cities. Yield is around 5%. They are pretty good at what they do. He would like to own this, but at the right price.

property mngmnt/investment

He likes this company. Real estate has headwinds, but this company has a tailwind because it is industrial. Also, they are buying assets in the US which has extensive corridors with a population base where there would be some desired locations to own in the Midwest and in secondary cities. Yield is around 5%. They are pretty good at what they do. He would like to own this, but at the right price.

property mngmnt/investment
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$6.480
Owned Owned
No

TOP PICK
Altagas Ltd(ALA-T) 

September 13, 2017

Incredibly cheap, and mispriced. The market doesn’t like that they made a transformational acquisition of WGL, the US utility. It is going to have to go through a year’s worth of regulatory reviews, but it will double their earnings, and effectively their yields and dividends will increase in about a year’s time. They beat numbers last quarter. Dividend yield of 7.6%. (Analysts’ price target is $33.)

oil/gas

Incredibly cheap, and mispriced. The market doesn’t like that they made a transformational acquisition of WGL, the US utility. It is going to have to go through a year’s worth of regulatory reviews, but it will double their earnings, and effectively their yields and dividends will increase in about a year’s time. They beat numbers last quarter. Dividend yield of 7.6%. (Analysts’ price target is $33.)

oil/gas
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$27.590
Owned Owned
Yes

COMMENT
Microsoft(MSFT-Q) 

September 13, 2017

Had a great run. When he bought it, it was on a free cash flow yield basis of about 12%. Now it sits with a 5%-6% free cash flow yield. Their Cloud-based business has exploded upwards. Office Suite 65 has done incredibly well. The only issue is valuation. It used to trade at 10X earnings, but now trades at 25X. If you take out the cash, it is more like 15X. Thinks there is more upside, but he is cautious. He is going to look at this in the next couple of weeks as to what he is going to do with reallocating.

computer software/processing

Had a great run. When he bought it, it was on a free cash flow yield basis of about 12%. Now it sits with a 5%-6% free cash flow yield. Their Cloud-based business has exploded upwards. Office Suite 65 has done incredibly well. The only issue is valuation. It used to trade at 10X earnings, but now trades at 25X. If you take out the cash, it is more like 15X. Thinks there is more upside, but he is cautious. He is going to look at this in the next couple of weeks as to what he is going to do with reallocating.

computer software/processing
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Ma...

PricePrice
$75.210
Owned Owned
Yes

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