STOCKCHASE

325.300

(A Top Pick Oct 15/20. Up 0.18%.) Not expensive. Appears the product cycle is to extend it with new products.

2011-06-21

DON'T BUY

Northern Dynasty Minerals Ltd

18.810

If you want to buy it for a trade today, that is one thing but he would not be an owner of shares right now. Some of their businesses are doing really well but there are a bunch that are not particularly doing very well.

2011-06-21

Comment

JP Morgan Chase & Co

JPM-N

40.910

Being fined more than $150 million for allegedly misleading investors in connection with a collateralized debt obligation. Expect there will be other banks that will see similar fines. Meaningless in the grand scheme of things.

2011-06-21

DON'T BUY

Manulife Financial

MFC-T

16.400

Having a great day today because the markets are up a lot but unfortunately this has become a pretty high beta stock. Believes we will continue to see downside pressure on yields in the US, which is not good for this company.

2011-06-21

Comment

Magna Int'l. (A)

MG-T

48.230

Very well positioned. Have a great balance sheet. Decent yield. There are some challenges that we have to see to get some clear sailing in the stock. European margins where disappointing last quarter and are they going to pick up? Understands that Mr. Stronach is now out of the stock. Feels this would be a better buy than the auto companies.

2011-06-21

DON'T BUY

Research In Motion

RIM-T

25.410

Given what we have seen Nokia go through, it is far from clear that this company may not be a value trap. Would prefer Apple (AAPL-Q).

2011-06-21

BUY

Rio Tinto

RIO-N

66.370

Solid blue-chip company. He would prefer BHP Billiton (BHP-N) because of the mix of products. This company is a major player in aluminum and iron ore where BHP has oil and copper, which he would prefer.

2011-06-21

BUY

Toronto Dominion

TD-T

78.920

Company is in great shape. Really likes what they are doing in the US and will probably be a third of their business a couple of years down the road. Good Canadian franchise. This is definitely a long-term buy and hold for a portfolio.

2011-06-21

BUY

Wi-Lan Inc.

WIN-T

7.030

Expect to see some catalysts in the back half of the year, especially on the patent side of chips going into televisions. Have about $1.70 in cash. Bulletproof balance sheet. Expect they will earn $.70-$.75 this year.

2011-06-21

DON'T BUY

NDM-T

8.980

Have a project in Alaska called Pebble. This is a massive, massive copper deposit. Very controversial because of environmental issues and stock price indicates they are not going to get it approved.

2011-06-21

Comment

0.020

Market. Volatile market and it's all about Europe. Whether it's geopolitical risk in the middle east, the sovereign debt traces in Europe or the US economy. Expect it will be a turbulent several months.

2011-06-21

PAST TOP PICK

BioExx Specialty Proteins Ltd.

0.010

(A Top Pick Oct 15/20.) Still likes. Trading at 10X earnings.

2011-06-21

TOP PICK

BXI-T

1.000

(A Top Pick Oct 15/10. Down 65.03%.) Extracting protein out of canola. Moving in the right direction, but they slipped on the time element and they got pounded. Believes the market potential is large.

2011-06-21

TOP PICK

CVR Energy

CVI-N

23.300

Owned 2 businesses. Nitrogen fertilizer and a refinery. Spun off the nitrogen fertilizer in April, which will declare a dividend of $1.92 a share. An 8% yield on the spin-off would be worth about $24 a share. CVR has a $1.3 billion position in the spin-off. CVR market cap is $2 billion and subtracting $1.3 billion gets you $0.7 billion for the refinery business. Current crack spreads generate $600 million in EBITDA this year with the replacement value of $2.8 billion.

2011-06-21

TOP PICK

CenturyLink Inc

CTL-N

40.060

An old line telephone company that came out of the ashes of US West. They had just closed the acquisition of Quest. They should be able to reap merger synergies of several hundred million dollars. Trades at about a 16X free cash flow yield and offers a dividend of 7.25%.

2011-06-21

TOP PICK

Barrick Gold

ABX-T

48.220

Bought this when it un-hedged its gold book. Market didn’t like their copper acquisition but copper will only be about 22% of their revenues. Stock has been pounded in the last week and is now a timely purchase.

2011-04-28

SELL

Sherritt International Corp.

20.600

Recent quarter appeared to be very good but when you peeled back the onion, it wasn’t as good. GE Capital was were they made the big gains. A lot of their industrial numbers were disappointing. If you own, Sell and Buy it back in a few months as it is not going anywhere.

2011-04-28

PAST TOP PICK

Golden Star Resources

GSC-T

3.040

(A Top Pick May 26/10. Down 32.81%.) Sold at $4.50 so was flat on this trade.

2011-04-28

HOLD

Rio Tinto

RIO-N

72.760

A lot of the large cap resource stocks are not doing anything. Based on his view of the market, if you are investing for the longer term these larger cap companies are safe places to be because they have bullet proof balance sheets and reasonable multiple of earnings.

2011-04-28

DON'T BUY

S-T

7.830

Results just came out and were kind of weak. Madagascar project is going to start to pour through some metals this summer and will ramp up to full production in about 2 full years. Geopolitical risks seem to have been somewhat tempered lately. This is only about 10% of the NAV. 40% is nickel in Cuba and he is not a fan of nickel.

2011-04-28

DON'T BUY

Suncor Energy Inc

SU-T

42.800

All large cap energy companies in North America ran out of gas several months ago not withstanding the price of oil. This company continues to have operating problems. Now that it owns PetroCanada, it is viewed as a quasi crown corporation. The marginal buyer is the American as Canadians are the major buyers and the American has a lot of other choices.

2011-04-28

PAST TOP PICK

Trans Canada Corp

TRP-T

40.350

(A Top Pick May 26/10. Up 22.56%.)

2011-04-28

BUY

Wi-Lan Inc.

WIN-T

5.980

Will be listing on NASDAQ. Risk/reward is skewed to the upside. Expects they will bump guidance again in early June quarterly results. Have about $1.60-$1.70 in cash Will earn about untaxed $0.75 this year and expects that will go a little higher. Expecting a few catalysts in the back half of the year. His target is $8.

2011-04-28

DON'T BUY

Crescent Point Energy Corp

CPG-T

43.100

Now a really big company and to get there, they issued a lot of paper, which is partly the problem with the stock. Have also had some problems on the drilling side. Great company and has a nice yield. Would suggest you look at Parallel Energy Trust (PLT.UN-T) instead, which has a nice yield of 8.4%. Also look at names that Crescent Point is likely to purchase in the future.

2011-04-28

DON'T BUY

Weyerhaeuser Co

WY-N

23.990

Have a whole bunch of nice timber assets in the northwest US but also have a whole bunch in the southeast that isn’t very attractive. 6th largest homebuilder in the US so hot hit with the US housing problems. Numbers are coming out tomorrow and he will be watching as a possible Short.

2011-04-28

Comment

0.020

Gold. Pricing is in a new paradigm. No longer the simple buying of gold when there is going to be inflation or the US$ is dropping. Universe of buyers has broadened enough that it has muddied the waters. Expect it will continue to be in decent shape for the foreseeable future, possibly another 18 months, but ultimately when interest rates start to rise, gold will peak and then start to pull back.

2011-04-28

Comment

0.020

Dividends. Will continue to be important. Large cap dividend paying stocks is definitely the place to be 1) because they have the dividends and 2) those tend to be the companies with offshore revenue growth.

2011-04-28

Comment

0.020

Market. Expects it to continue to move up in the first half of the year but believes it will have some challenges in the second half and will pull back. Cash is important to have so over the next few months increase your cash position.

2011-04-28

WAIT

Romarco Minerals

R-T

1.780

Was Short on this one but covered the call when bad news hit. Had permit problems and project delays. Believes they will ultimately resolve the issues but won’t be without some trials and tribulations. If you are not risk averse, wait and Buy at a higher price when their problems are solved.

2011-04-28

TOP PICK

Aura Gold Inc.

ORA-T

3.040

Gold and copper in South America with a little in Central America. (Spinout from Yamana (YRI-T)). Had some challenges operationally but only trading at about 40% of its NAV. Clean balance sheet. Expects there will be some corporate activity around this company and believes it’s a target. Target of $4-$4.50 in the next several months.

2011-04-28

PAST TOP PICK

0.010

(A Top Pick May 26/10.)

2011-04-28

TOP PICK

Open Range Energy Corp.

ONR-T

4.970

Was a low liquids western Canadian gas play but have now got into the tank storage business called Poseidon and it’s on fire. There will be an update on Poseidon in the next week or two. Expecting EBITDA of $12 million in Q2 this year and probably 60-65 million next year. Target of $6.50-$7.00.

2011-04-28

PAST TOP PICK

348.630

(Top Pick Mar 22/10, Up 55.16%) and short Power Shares QQQ Down 20.48%. Apple had a lot of catalysts and would have superior earnings growth and outperform the NASDAQ. He shorted the tech market. He edged out the market and just profited on the earnings.

2011-03-30

HOLD

Bank of Montreal

BMO-T

62.920

Rock solid blue chip company with stable dividend that will probably grow over time. But his favourite is the Royal. Their US investment will probably hold them back. It will work out in the long-term. The banks take turns under and out performing each other.

2011-03-30

BUY

Deere & Co.

DE-N

94.450

Solid blue chip company. Long-term competition is going to come out of China. Will move with corn and wheat prices. If market has a tumble in the second half, it could come down with it.

2011-03-30

SELL

Potash Corp of Saskatchewan

20.110

Had a big move off the bottom. Are trying to transform themselves away from financial services. Track record of CEO is mixed. Get out of the stock for a month or two.

2011-03-30

WEAK BUY

IBM

IBM-N

163.600

Software is going to outperform hardware with respect to profits. IBM is bias to software so will be an out-performer in the tech world. Would not buy here because the multiple has expanded here. Would maintain position but not add to it. Will have challenges to input costs in second half of year in terms of labour only.

2011-03-30

TOP PICK

Magna Int'l. (A)

MG-T

47.190

It’s a cheap stock. 10 times earnings. 2%+ yield. Global leader in its space. New management is going to re-jig the balance sheet. They are going spend their cash on shareholder accretive actions like share buy backs.

2011-03-30

BUY

Niko Resources

NKO-T

92.020

Operating numbers in India have been disappointing as of late. Indonesian upside is potentially huge. There are a lot of catalysts on a go forward basis.

2011-03-30

WAIT

POT-T

56.590

It’s a good trade. He paired it with a short of IPI-N He was going to sell after the season’s planting season is over. He would not be a buyer now. He would add in the fall.

2011-03-30

DON'T BUY

Research In Motion

RIM-T

55.470

Stock is so volatile that you could right or wrong depending on the way you look at it. Tablet will not work on 3G network from day one. It could be a trading stock but not a buy and hold.

2011-03-30

SELL

Thomson Reuters Corp

TRI-T

38.370

A world-class company. Only once in the last 15 years has Thompson corp. had a big run. He would sell and go elsewhere for growth or yield.

2011-03-30

DON'T BUY

George Weston Ltd.

WN-T

65.430

He would see other places to deploy his capital. They are a solid company but he is not so comfortable some of the corporate moves on the M&A side. Thinks they will have some challenges.

2011-03-30

DON'T BUY

UEX Corp.

UEX-T

1.220

Nuclear is not going to go away, but he is more interested in a producer than an explorer. Prefers CCO – buy out of the money puts on it.

2011-03-30

N/A

Pacific Rubiales Energy Corp.

0.020

Market: He looks for lower volatility. Thinks we will continue having a pretty good first half of the year. Thinks that while jobs are coming back into the system, they are not coming back in a big enough way to allow companies to pass price increases through to cover rising input and labour costs that are rising. Thinks we will have a marked slowing in corporate earnings growth. Vast majority of population does not have the discretionary cash flow because of higher oil prices.

2011-03-30

SELL

Crocodile Gold Corp.

CRK-T

0.920

Not a big fan. There are a lot more interesting opportunities in the gold space.

2011-03-30

DON'T BUY

PRE-T

25.870

He was short and covered a couple of weeks ago. There was a significant decline in reserves added so stock declined. It will be a wounded warrior for a while, so wait on the sidelines.

2011-03-30

TOP PICK

GLG Life Tech

GLG-T

10.280

Speculative category. Recently did a financing. Based out of Vancouver but operations in China. They modified Stevia plant to be sweeter than what is otherwise available. Company could see revenues of $200 Million this year.

2011-03-30

PAST TOP PICK

0.010

(Top Pick Mar 22/10)

2011-03-30

PAST TOP PICK

Colossus Minerals Inc.

CSI-T

8.110

(Top Pick Mar 22/10, Up 15.32%) Has owned for a good while. Better value today because they are a year closer to the 2012 opening of their mine to produce gold. Acquired property next to theirs and drill results are showing ore body continues.

2011-03-30

STRONG BUY

Avion Gold

AVR-T

1.700

Likes it a lot. Believes there will be a rising production profile for this company over the next couple of years. Sees serious upside potential in the exploration program that they are well funded to complete. No concern about the political risks.

2011-03-30

TOP PICK

Continental Gold Limited

CNL-T

8.660

Continues to add to the position today. $105 Million in cash. Very rich deposit in Columbia. Has very high grade gold showings and PGM credits. Will continue to drill this year and deliver this year. Deposit could grow a heck of a lot bigger over the next couple of years.

2011-03-30

TOP PICK

314.740

Best brand name globally. Have $50 in cash per share. Will deliver 20%-25% earnings growth next year. Expects it will go to $350-$400.

2010-10-15

SELL

Pacific Rubiales Energy Corp.

16.300

Met earnings but missed reasonably significantly on revenue. Have a number of segments that are not operating on all cylinders. Relative under performer versus the market. If you own, consider taking the loss before year-end and will be able to buy it back at the same price a few months from now.

2010-10-15

PARTIAL SELL

Corning Inc

GLW-N

18.780

Poor share price performance for quite some time. Good underlying growth in the key business segments that the company competes in but there is also lots of capacity. If you own, consider trimming.

2010-10-15

BUY

Niko Resources

NKO-T

100.000

Very expensive on current numbers, production and prospects however, they have massive elephant prospects. Balance sheet is fine and they have a good track record at finding elephants. A Buy and Hold.

2010-10-15

PAST TOP SHORT

Vale S.A.

VALE-N

32.340

(A Top Short Sept 28/09. Up 44.9%.) A pairs trade with Consolidated Thompson Iron (CLM-T). Collapsed the trade when the catalyst came.

2010-10-15

Comment

Bankers Petroleum

BNK-T

6.710

Stock has pulled back due to disappointing production guidance in Q4. Some investors are buying because of the reduced price.

2010-10-15

PAST TOP PICK

PRE-T

30.000

(A Top Pick Sept 28/09. Up 119.78%.) Now short this stock as he feels it is at ridiculous levels.

2010-10-15

Comment

Domtar Corp.

UFS-T

69.760

He is Short this stock. Pulp prices are starting to roll over and he thinks this will continue due to a softening economy and because China has been reducing its imports of pulp.

2010-10-15

TOP PICK

BioExx Specialty Proteins Ltd.

0.010

His fund has about 45% cash. Expects we will be in range-bound markets for the foreseeable future.

2010-10-15

TOP PICK

BXI-T

2.860

High-risk security. Has methodology to extract high purity protein from canola oil. Believes several catalysts over the next several months will move shares higher. Potential to hit $3.50 by year-end.

2010-10-15

PAST TOP PICK

Consolidated Thompson Iron Mines Ltd.

CLM-T (Dead)

9.520

(A Top Pick Sept 28/09. Up 83.46%.) A pairs trade with Vale (VALE-N). Collapsed the trade when the catalyst came.

2010-10-15

BUY

Arcan Resources Ltd.

ARN-X

5.040

Drills wells of about 500 barrels a day of light, sweet oil in Alberta and believe there is a 40% recovery factor. New financing will allow them to increase their drilling program. Expensive on current production but prospects are very good.

2010-10-15

TOP PICK

Golden Star Resources

GSC-T

4.480

Gold in Ghana. Several operational problems over the last few years so has been in the doghouse. High cost producer at about $650 so are currently generating about $500 in cash flow with minimal capital spending. Ploughing this free cash flow into the ground for the first time to develop more resources.

2010-05-26

TOP PICK

Trans Canada Corp

TRP-T

34.300

(A Top Pick Sept 28/09. Up 7.02%.) Very secure dividend yield. Pre-funded the majority of the major cap-X program on their Keystone project. Expect it to be a 10%-15% grower beginning next year. Good defensive position for a portfolio.

2010-05-26

DON'T BUY

Western Canadian Coal Corp.

WTN-T (Dead)

4.770

Buying coal stocks depends on a view of the economy. This one is highly volatile. He prefers to be defensive at this point. Contract prices for metallurgical coal will be sent in the next 2-3 weeks and will probably be $225-$230, which implies a trade of around 5X next year's earnings.

2010-05-26

DON'T BUY

Grande Cache Coal Corp.

GCE-T

5.300

2010-05-26

DON'T BUY

0.020

Provincial Bonds. If dealing in government bonds, he would deal only with government of Canada bonds and not provincials and would stay with shorter terms of 5 years or less.

2010-05-26

SELL

Air Canada (B)

AC.B-T

1.880

Buying airline stocks is a lottery ticket. There is an interesting dynamic with Porter Airlines trying to go public. Westjet (WJA-T) have been using some of the bullets in their discount arsenal to go after Porter.

2010-05-26

TOP PICK

ProShare Ultra Short 20+ yr Treasury ETF

0.010

(A Top Pick Sept 28/09. N/A.) He is very defensive and is holding 45%-50% in cash in his fund. Risk of a double dip is low because we have China, India and Brazil continuing to grow very well.

2010-05-26

DON'T BUY

TBT-N

38.780

Ultra Short 20+ Yr Treasury ETF. Warning flag for him is that this is an ultra at 2X or 3X. Actual underlying bond may have a certain price movement that will not be correlated at all to what the ETF does. Do not get involved with doubles or triples.

2010-05-26

PAST TOP PICK

Consolidated Thompson Iron Mines Ltd.

CLM-T (Dead)

7.770

(A Top Pick Sept 28/09. Up 50.19%.) This was a Pair Trade with a Short on Vale S.A. (VALE-N). He saw a catalyst, did well, and exited both sides of his position.

2010-05-26

BUY

Ventana Gold Corp

VEN-T (Dead)

10.650

Ownership dispute has now been resolved. Potential for a fair bit of shareholder value creation. Speculative.

2010-05-26

TOP PICK

Western Canadian Coal Corp.

224.750

A pairs trade going Long Apple (AAPL-Q) and Short Power Share QQQQQ (QQQQ-Q). Trying to avoid market risk. Not bullish on S&P as it approaches $1200.

2010-03-22

BUY

Bombardier Inc (B)

BBD.B-T

5.830

Solid company that has had an incredible turnaround in the last 10 years. Best way to play the secular theme of passenger train business.

2010-03-22

DON'T BUY

Encana Corp

ECA-T

31.100

He is bearish on natural gas and he can see additional pressure on it. This company has not been enamoured itself with investors with its plan of growing gas production by 15% organically per year for the next 5 years.

2010-03-22

TOP SHORT

Power Share QQQQ ETF

QQQ-Q

47.920

A pairs trade going Long Apple (AAPL-Q) and Short Power Share QQQQQ (QQQQ-Q). Trying to avoid market risk. Not bullish on S&P as it approaches $1200.

2010-03-22

DON'T BUY

Talisman Energy

TLM-T

17.300

Management has disposed of more than $3 billion in assets in the last year so debt is less than 1% X forward cash flow. Reinvesting into the ground. A little too gassy for him. Not clear what management is going to do.

2010-03-22

BUY on WEAKNESS

WTN-T (Dead)

5.100

Metallurgical coal. Would wait for a pullback to perhaps $4 before entering. Decent company, but small enough that a pullback or disappointment in prices could result in some pressure on the shares.

2010-03-22

Comment

Cash Store Financial Services Inc.

0.020

Value Investing in Financials? Presuming Canadian securities. 3 parts 1) money managers 2) banks 3) insurance companies. A little early to be in insurers unless a long-term holder. Banks should outperform in a weak market and under perform in a strong one but expect they will go sideways for now. Money managers are a little expensive.

2010-03-22

TOP PICK

Colossus Minerals Inc.

CSI-T

7.050

Gold, platinum, palladium. Should be classified as a high-risk security because it is an emerging gold producer. Ridiculously super rich deposit in Brazil. Expects they will get a permit shortly and then strike a venture with Vale (VALE-N), which has an adjacent property. Very well financed.

2010-03-22

DON'T BUY

Ventana Gold Corp

VEN-T (Dead)

9.500

There questions on ownership, which he expects will be resolved in their favour but would not be a buyer at this time until there is better clarification.

2010-03-22

BUY

CSF-T

14.700

Payday loans. Likes the company and its underlying securities. Trades at about 10X fully taxed earnings for the fiscal year ending June/10. Expecting earnings to move up towards the $2 range by June/11. Clean balance sheet.

2010-03-22

TOP PICK

Bombardier Inc (B)

BBD.B-T

5.450

Believes there is a secular theme towards railways and he wants to own the companies that are making the trains.

2010-02-05

WAIT

Diageo PLC

DEO-N

63.350

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

2010-02-05

SELL

FNX Mining Company

FNX-T(Dead)

11.630

(Market Call Minute.) This is really a copper play and copper has some downward pressures.

2010-02-05

BUY

Great West Lifeco

GWO-T

25.750

Fundamentally this is a much safer stock than Manulife (MFC-T). Cdn$ is under pressure like all commodity-based currencies. If you are looking to Buy & Hold for the longer-term it's not a bad entry point. Otherwise you might consider a Canadian bank stock instead.

2010-02-05

HOLD

Husky Energy

HSE-T

26.840

(Market Call Minute.) Decent company in the integrated space. Would rather own a trust or a E & P company.

2010-02-05

DON'T BUY

Inmet Mining

IMN-T

53.100

Copper is arguably the most controversial commodity at this time. Bears are concerned about US housing and the inventory China is holding. Looking at China's foreign exchange reserves, which shows they have begun to diversify into oil sands companies, gold and he thinks they have started to buy some copper. He thinks Copper could come down a little and will get oversold. This one has not been a solid operator so he would look at something like First Quantum (FM-T).

2010-02-05

Comment

Potash Corp of Saskatchewan

POT-T

111.050

(Market Call Minute.) Sell for the short-term and Buy for the longer term.

2010-02-05

DON'T BUY

Rogers Communcations (B)

RCI.B-T

33.050

(Market Call Minute.) Would rather own a utility or a bank rather than a cable or telco.

2010-02-05

DON'T BUY

Shoppers Drug Mart Corp

SC-T

43.120

No need to own this now. Earnings will likely be fine based upon retail trends he has seen recently. However there is a lack of clarity in regards to the squabble they are having with the Ontario government. Until that is resolved, the stock will go nowhere.

2010-02-05

BUY

Suncor Energy Inc

SU-T

31.900

A chronic under performer from an operating perspective. Recently moved down to a 5 multiple cash flow on 2011 numbers. Just bought some as a Trade as oil is at the lower end of its band and he sees a bounce in oil causing this stock to go back up. Looking for 10%. There are other names he would be more interested in is a longer-term hold.

2010-02-05

PAST TOP PICK

Trans Canada Corp

TRP-T

34.440

(A Top Pick Aug 18/09. Up 9.33 excluding dividends.) Company had pre-funded a tremendous amount of capital spending that will deliver solid low double-digit earnings growth in the back half of 2010, 2011, 2012 and 2013. 4.4% yield. Still a Buy.

2010-02-05

Comment

Exxon Mobil

XOM-N

64.800

Marvellous stewards of their assets. Not done a bad job of finding oil and gas and has generated reasonable returns for shareholders but integrateds have never made people a lot of money.

2010-02-05

SELL

Opti Canada Inc.

OPC-T (Dead)

1.950

Owns bonds but wouldn't touch the stock with a 10 foot pole. He is not Short because it is too volatile. You probably have a window of opportunity to get out of the stock on Monday because they are giving an operational update on Tuesday. Thinks it will disappoint.

2010-02-05

Comment

0.020

Pair trading. If a trade happens to go against him by 15% (stoploss), he will exit both sides of the trade even if one side is working for him. The idea is to isolate the Beta from the Alpha

2010-02-05

Comment