STOCKCHASE

Raise dividend every year. He likes the beverage industry. They are trading at a slight premium. Low single digit growth this year.

2010-03-04

WAIT

63.350

Andrew McCreath

Have had a few operating issues that are increasingly getting priced into the security. Quarter results are due Feb 11.

2010-02-05

BUY

67.760

World’s biggest liquor company. Stock hurt somewhat because people traded down from premium liquor with higher margins. It’s a very shareholder-friendly company. 4.3% yield.

2009-12-08

PARTIAL BUY

61.680

Karl Berger

One of the premier global distributors of liquor brands. Fantastic marketers. Reasonably defensive. Could be a market pullback and might get it 5%-10% cheaper so consider buying a 1/2 position in buying the balance later.

2009-10-14

TOP PICK

62.130

Worlds biggest liquor company. It is recession resistant. As economy gets its feet back, people will move toward premium brands. Nice yield.

2009-10-13

PAST TOP PICK

63.300

Andrew Guy, CFA

(A Top Pick Oct 14/08. Up 2.82%.) Largest liquor company globally. Very disciplined approach to return on capital. Paying down debt and increasing dividends.

2009-09-04

BUY on WEAKNESS

63.500

Karl Berger

Distributor of spirits and alcohol. Reasonably recession proof but have had some challenges from their higher end booze. Fantastic market innovators. Will need to cut costs over the next little while in order to offset some of their margin compressions. Not expensive but would try to get it at a lower price.

2009-08-25

TOP PICK

59.560

Largest liquor company in the world. Inexpensive on a multiple basis. Pays about 3% yield and raises its dividend regularly. Has a lot of share repurchases.

2009-07-22

TOP PICK

56.420

Karl Berger

Suffered a little in the 1st quarter due to an inventory draw down among their purchasing base in the US but this will correct itself. Good suite of products and geographic distribution. Very good marketers. Good solid dividend yield.

2009-07-14

BUY

53.640

Very good company. Great geographic and brand diversification. Have always created great value for their shareholders over time. Almost 4.5% yield.

2009-05-28

PAST TOP PICK

51.870

(A Top Pick April 30/08. Down 34.69%.) Has exposure to both top brands and lower brands. Margins are less on lower brands. Parent company is in England and trades in pounds sterling, which has affected the share price. Cash machine. Good long-term hold. 3.2% yield.

2009-05-06

TOP PICK

47.260

Andrew Guy, CFA

Bought brands from Seagram’s. We drink in good times and in bad. Strong discipline on cost reductions and share money with shareholders and increased dividends. Some of their brands are the cheaper ones if you move down to cheaper brands.

2009-04-17

PAST TOP PICK

41.140

(A Top Pick Aug 25/08. Down 41.6%.) (He hedged on the sterling, so only down 25%.) The key is to buy these names in their native exchange and to hedge out the rest. Will recover with the market.

2009-03-09

BUY

50.210

Gavin Graham

Alcohol. Surprisingly it has come down 36%. 5.5% dividend so you get paid to wait. Probably a fairly safe place to stay on a relative basis. Good balance sheet.

2009-02-13

PAST TOP PICK

52.820

(A Top Pick Aug 25/08. Down 28%.) Actually outperformed the S&P 500 by 32%. 6% yield. He holds it in British £ and hedged it back to Cdn $’s so has been a pretty good performer for him.

2009-01-21

BUY on WEAKNESS

56.470

Drinking goes up during recessions. Sales year-over-year have increased. 4% yield. $45 would be a good entry point.

2008-12-12

PAST TOP PICK

63.660

(A Top Pick Aug 25/08. Down 14%.) Still adding to his position. Market is down 30% plus and this is only down 14%. Dividend yield is secure and strong. A great China play. The one commodity that you have to love in a downturn is alcohol.

2008-11-04

VAGUE

57.650

David Burrows

A weaker performer in the group, partly because of currency conversion. It is the type of business that should perform well in this environment.

2008-10-15

TOP PICK

62.400

Andrew Guy, CFA

Worlds biggest alcoholic drink company. Strong positing. Lots free cash flow, grows dividends steadily (6-7%/year), very stable business. Stock a bit weak because of concerns about switch people may make to lower brands. Growing demand in China, Africa, and Asia. Excellent balance sheet, no debt.

2008-10-14

PAST TOP PICK

70.100

(Top Pick Aug 25/2008, Down 6%) Good play on international growth. Stable cash flow and wonderful yield. Thinks dividends will grow. Can’t find a better commodity than alcohol when the middle class is growing, such as in China and India.

2008-10-01

Comment

72.590

Charles Bobrinskoy

Surprised that the alcohol/average stocks have not done better. Input costs have been high with a grain going up. Long-term this is a defensive stock but probably without a lot of massive growth.

2008-08-27

TOP PICK

73.760

Earnings are growing by 14%. A good stock to own in a flat market. If inflation hits, sin stocks have pricing power. Good yield.

2008-08-25

BUY

71.490

4.3% yield is getting very attractive. Trading near its lows because it is a consumer's discretionary and people are starting to cut back. Starting to show very good guy you at these levels.

2008-07-04

TOP PICK

73.020

World's biggest liquor company. Very investor friendly. Pays most of its money in dividend or does share buybacks. Stock hasn't been acting well lately but thinks it is just because of the UK market itself.

2008-06-24

TOP PICK

81.900

Biggest liquor company in the world. Very investor friendly. Pays out a big share of its earnings in dividends or does massive share buybacks. The major scotch player in the world.

2008-04-30

BUY on WEAKNESS

81.950

Dividend of about 3%-3.25%. Growth in rising income and capital market keeps the demand in spirits on the rise. Have been looking at this one, but would like to see it come down another 10%.

2008-04-23

WEAK BUY

82.100

It’s a good space to be in. people will always want to drink, maybe now mores so.

2008-03-18

BUY

79.820

Liquor. In this environment, people tend to go to stories like tobacco, alcohol, etc. It is a stable business over long periods of time. Well run. Very cost conscious. Have some of the best brands in the industry. Generates lots of free cash flow.

2008-01-24

BUY

87.310

Very good value right now. Trading at a PE multiple that is a little higher than its growth rate. Good quality stock and worth owning in the long run. Dividend growth and as the dividend grows the price will follow. Good exposure into Asia.

2007-12-06

BUY

87.310

Likes the industry. This is the biggest player in the market. Have a strong business in both North America and Europe and are building their business in China.

2007-12-06

TOP PICK

89.580

(All 3 Top Picks are defensive, have good dividends, solid earnings and limited downside.) Based in England and the largest liquor company in the world. Constantly increases dividends. Huge share buybacks.

2007-11-20

HOLD

90.620

Expensive now. Yielding about 3.6%. Don’t see any slow don’t in spirits.

2007-10-25

BUY

84.040

He is thinking of buying the stock now. At this level, you're getting a good growth story, especially in Asia because of the big expansion of high-end spirits.

2007-06-22

BUY

84.830

There is good growth in this sector. Likes the management. They are moving into China. High margins, for drinks, in China.

2007-06-06

PAST TOP PICK

85.080

(A Top Pick June 13/06. Up 30%.) World's largest liquor/spirits company. Extremely shareholder friendly with stock buyback and increased dividends. Throws off huge amounts of cash. Still a Buy.

2007-05-30

BUY

78.000

Charles Lannon

Fantastically well run. Upscale drinking in the US and Asia has been beneficial. Good dividend yield of 3.7%. An attractive entry point.

2007-03-01

BUY

79.430

Likes the booze business. Very good secular growth. Overall, the industry is growing well. Good exposure to the emerging markets.

2007-02-28

BUY

82.230

As long as consumers have more per capita income, then spirits and distillers will do well. Dividend continues to grow because the free cash flow is strong. Have the right branding and are international.

2007-02-15

PAST TOP PICK

78.770

(A Top Pick Oct 31/06. Up 6.2%.) Biggest liquor company in the world. If you throw in the English pound versus the Canadian dollar your return is even better. Good dividends. Long-term hold.

2007-02-12

BUY

79.300

A very interesting company right now because its competition is under some pressure and this company has a great opportunity to speed ahead.

2007-01-15

PAST TOP PICK

77.310

(A Top Pick Oct 31/06. Up 3.7%.) Generous yield. Cdn$ has weakened considerably giving it an even bigger win.

2007-01-09

BUY

77.310

Charles Lannon

Key brands are Guinness, Johnnie Walker, etc. Multiple is about 16 X next year's earnings. Likes the growth they are having in their spirits business throughout Asia.

2007-01-09

TOP PICK

74.470

The world's biggest liquor company. Huge margins and huge cash flows. Regularly buy back large amounts of stock. Raise their dividend regularly.

2006-10-31

BUY

67.550

Undervalued. Management is making an effort to grow their existing brands. Lots of free cash flow. Good price.

2006-06-30

TOP PICK

65.330

A British company. World's largest liquor/food company. Has over a quarter of the world's premium brand. Good defensive name. 7% organic growth. 3.5% yield. Throws off huge cash which it uses to buy back stock.

2006-06-13

TOP PICK

59.900

World's largest liquor company. Bought a lot of the Seagrams' brands. Shows good annual growth in sales and earnings. Throws off lots of cash and uses the cash to increase dividends regularily, buy back shares and to make acquisitions. Not terribly expensive here.

2005-06-22

BUY

55.880

Likes the outlook for the spirits companies. He likes and owns Pernod (?). There seems to be a surge in demand for spitrits. The one big problem for these companies is the strong Euro. Believes the US$ is turning around, and if so, this is a good time to pick up the spirits companies.

2005-02-08

BUY

49.630

This is the world's largest liquor company. Liquor business gives much cash which helps to increase the dividend.

2004-08-27

TOP PICK

53.660

Nicholas Sargen

2004-03-19

TOP PICK

55.660