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| Ara Nalbandian of Highwater Capital Management |
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| Comment | Barrick Gold | ABX-T | 43.820 | Kinross (K-T) or Barrick (ABX-T)? Kinross acquired Red Back mining and the market punished it. Management is confidant that the resource is very large so are bullish on the project. Barrick just acquired a copper complex. He would prefer Kinross. | 2011-05-11 | ||
| DON'T BUY | Bombardier Inc (B) | BBD.B-T | 6.690 | Signing incredibly strong contracts on the transportation side. Aerospace side is starting to see a turnaround. Business jets inventory is starting to get worked down. Making a significant investment in their C series to compete against Boeing and Airbus. An ambitious goal. Wait to see better orders on the C series. | 2011-05-11 | ||
| Comment | Cisco | CSCO-Q | 17.780 | CEO announced significant issues and the stock dropped. This was followed by a relief rally. Announced significant restructuring, which is what the market is waiting for, Hedged his positions for a 5% decline so he is partially protected. | 2011-05-11 | ||
| TOP PICK | Dell Computers | DELL-Q | 16.730 | Aggressively trying to transition to more of a services and software driven company. Early on but have been quite successful. Trading at less than 7X forward earnings, net of cash. Attractive Risk/Reward. A lot of insider buying also. | 2011-05-11 | ||
| BUY | Kinross Gold | K-T | 13.970 | Kinross (K-T) or Barrick (ABX-T)? Kinross acquired Red Back mining and the market punished it. Management is confidant that the resource is very large so are bullish on the project. Barrick just acquired a copper complex. He would prefer Kinross. | 2011-05-11 | ||
| PAST TOP PICK | Microsoft | MSFT-Q | 25.360 | (A Top Pick June 23/10. Up 1.78%.) Trading at 8X forward earnings net of cash. Still likes. | 2011-05-11 | ||
| TOP PICK | Newalta Corp | NAL-T | 12.600 | (A Top Pick June 23/10. Up 43.7%.) Largest Canadian industrial recycler. Big project now is the recycling of wastes from the oil drilling processes. Improving margins. Undervalued. | 2011-05-11 | ||
| BUY on WEAKNESS | Onex Corp | OCX-T | 36.570 | Selling the Husky International Molding business at a very good price. Have a couple of other businesses that are potentially for sale. Trading around NAV right now. You'll have to be very patient to see more shareholder valuation.Try to buy in the low $30s. | 2011-05-11 | ||
| BUY on WEAKNESS | Potash Corp of Saskatchewan | POT-T | 50.200 | Long term outlook for agriculture and potash is very strong. Recently had a significant pull back. Long-life asset. Looks interesting here. Be patient when accumulating. | 2011-05-11 | ||
| WATCH | Research In Motion | RIM-T | 42.480 | Have had a couple of months of earnings downgrades. Market has given up on them and doesn't think the $7.50 projected earnings is going to happen. At this price becomes interesting on a risk/reward basis. Wait for it to form a base and move in the right direction. | 2011-05-11 | ||
| BUY | Shaw Communication (B) | SJR.B-T | 19.900 | Prefers their competitor Telus (T-T). Competitive environment between these two has been fairly reasonable so far. Both are exceptionally well managed. This company has been very patient in building out their wireless, which he feels is a smart move. | 2011-05-11 | ||
| SELL ON STRENGTH | TorstarCorp (B) | TS.B-T | 12.850 | Recent earnings report were very disappointing. EBITDA margins are coming down quite significantly. Recently sold their CTV shares, which helped the balance sheet and paid a dividend as a result of that. Margins are aggressively declining. Two thirds of sales are newspapers and one third is publishing. If you own consider selling on any strength. | 2011-05-11 | ||
| HOLD | George Weston Ltd. | WN-T | 70.800 | Loblaws (L-T) reported earnings that were very strong. Technological efficiencies and cost cutting at Loblaws could continue to be a positive. Margins could be a problem. | 2011-05-11 | ||
| Comment | Yellow Media Inc | YLO-T | 4.420 | 75% of their business is the print division, which is in long term decline. 25% is the on-line division. Trying to grow their on-line division faster than the decline in their print division. Until the on-line division approaches 50% of the over all revenues, you could be at risk. He likes their preferred shares. | 2011-05-11 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Commodities. A lot of speculation initiated last week by the decline in the silver price. Prices were spiking significantly and margin requirements were raised several times and this initiated a turn around. Inflation numbers out of China and US inventory numbers spooked the market.. | 2011-05-11 | ||
| BUY on WEAKNESS | Canadian Tire Corporation Ltd. (A) | CTC.A-T | 61.310 | Acquiring Forzani (FGL-T), which is interesting. Expected to be mildly accretive this year and more so next year. Has been very successful at acquiring and integrating. Trading at a discount to it's historical amounts and the headwinds are still in place. Would prefer in the mid to high $50s. | 2011-05-11 | ||
| BUY | Quadra FNX Mining Ltd | QUX-T | 13.190 | Recently reported disappointing numbers on both production and earnings. Trading at a fairly significant discount to its peers so could be a good level to start accumulating. | 2011-05-11 | ||
| BUY on WEAKNESS | Mosaic Company (The) | MOS-N | 68.700 | 2nd largest potash producer. There is speculation that this could be an acquisition target. Long term outlook for agriculture and potash is very strong. | 2011-05-11 | ||
| BUY on WEAKNESS | Visa Inc. | V-N | 79.340 | Started buying in the low to mid-$70 range. Doing all the things that he likes from a shareholder perspective. Hit recently with potential regulatory changes but quite an insignificant portion of their earnings. | 2011-05-11 | ||
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| TOP PICK | Diana Shipping Inc. | DSX-N | 11.240 | There is a lot of shipping capacity and a lot of new ships coming out and freight rates have been depressed. This one has the cleanest balance sheet in the industry, the youngest fleet and the best operating metrics and are able to make a profit. Strong clientele. Able to buy ships at depressed prices from the competition. | 2011-05-11 | ||
| PAST TOP PICK | Aeropostale Inc. | ARO-N | 21.670 | (A Top Pick June 23/10. Down 27.9%.) Got out last year with a very small profit. | 2011-05-11 | ||
| WAIT | Agrium | AGU-T | 90.620 | It is a cyclical market. Long-term secular factors are quite positive. He would look for quite a pullback to be interested. Wants 10-15% correction ($9). | 2011-01-19 | ||
| BUY | Bank of America | BAC-N | 14.370 | They are one of the banks that hurt their net equity position and is trading at a deep discount to book value (70% of book value). There is a reasonable opportunity for them to recover here. Retail side of business would drive things here. Need improvements in loan losses and we are starting to see that. | 2011-01-19 | ||
| BUY on WEAKNESS | Canadian Natural Rsrcs | CNQ-T | 42.310 | Is taking a look at it. Given fire at Horizon, thinks they might get an opportunity in the next couple of weeks to buy. They are a strong operator. He is looking for a pullback to $40 again. | 2011-01-19 | ||
| WAIT | Canadian Oil Sands | COS-T | 26.740 | Very, very long life asset in Canadian Oil Sands. They indicated their cap-x program will be higher than initially indicated. This caused a correction in the stock. It’s a good long-term hold. He is looking for opportunities in this one. | 2011-01-19 | ||
| BUY | Cisco | CSCO-Q | 20.820 | Earnings report a couple of months ago was quite a negative surprise to the investment community so he took this opportunity to accumulate more. Net of cash, forward earnings form a multiple of 10 times. The company has intentions to be more full service enterprise wide. | 2011-01-19 | ||
| TOP PICK | Encana Corp | ECA-T | 31.350 | Is one of the largest operators with one of the most significant land basis in N.A. They can drive efficiencies down to where none of their competitors can. Doesn’t think the current price of Gas is sustainable. Any increase in Natural Gas will have a very positive impact. | 2011-01-19 | ||
| PAST TOP PICK | IBM | IBM-N | 155.690 | (Top Pick Feb 16/10, 26.04%) It approached a point where he was starting to exit the position, then earnings came out yesterday and they are firing on all cylinders. | 2011-01-19 | ||
| WEAK BUY | Imperial Oil | IMO-T | 42.250 | If you are worried about oil price, you are a little safer with this one. There is a modest growth profile. It is a quality name and he would be interested in it. They have some projects coming on that could potentially turn the company back into growth mode. | 2011-01-19 | ||
| DON'T BUY | Manitoba Telecom Services | MBT-T | 28.180 | Has had some trouble over the years. Was over distributing their dividend yields. On an absolute basis, it is not the one he would recommend – prefers Telus. | 2011-01-19 | ||
| BUY on WEAKNESS | Magna Int'l. (A) | MG-T | 58.500 | Auto parts companies have been really strong in terms of managing their balance sheet. Magna is in a position to make acquisitions. He doesn’t see it as a big growth stock. He would want a pull back to $50 for him to be interested. | 2011-01-19 | ||
| WAIT | Merck & Company | MRK-N | 33.910 | Recently dropped because they dropped trials of a blood thinner, one of the biggest products in their pipeline. He doesn’t know if this means there will be no sales from this product. He would look seriously at it if it based out at this level. He likes this one and it is reasonable at these levels. He has a small position and is looking to accumulate. | 2011-01-19 | ||
| WEAK BUY | Microsoft | MSFT-Q | 28.470 | Is his biggest holding. Has not added recently. Sees some drivers from product introduction. Strong net cash position. | 2011-01-19 | ||
| TOP PICK | Morgan Stanley | MS-N | 27.750 | Expects same as Goldman. Views this as an opportunity to buy on weakness. It is an attractive entry point with a strong franchise. Have been transitioning to a more sustainable business model. | 2011-01-19 | ||
| BUY on WEAKNESS | Pier 1 Imports | PIR-N | 10.110 | Has had some trouble through 2009. They survived and are posting some pretty strong sales numbers. They are working through issues. Is a reasonable value here. Would not initiate a position here. | 2011-01-19 | ||
| HOLD | Sunlife Financial | SLF-T | 31.150 | Trading just over book value, which is cheaper than the sector. Have a slower growth profile than others. There is a little bit of upside on the stock. He isn’t buying it. Prefers Power Corp. | 2011-01-19 | ||
| BUY | Stantec Inc | STN-T | 28.750 | An acquisition-driven company. Thinks it is a reasonable position to invest in. | 2011-01-19 | ||
| DON'T BUY | George Weston Ltd. | WN-T | 72.170 | Just paid out a $7 dividend and is why the stock is down. Nothing fundamentally wrong with the company. Is trading at about net asset value right now. He prefers Empire (Sobeys). | 2011-01-19 | ||
| DON'T BUY | Yellow Media Inc | YLO-T | 6.230 | In a long-term decline. They are transitioning into an Internet based business. Prefers the preferred shares. | 2011-01-19 | ||
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| PAST TOP PICK | Archer Daniels Midland Company | ADM-N | 33.930 | (Top Pick Feb 16/10, 16.45%) Saw some volatility numbers he wasn’t comfortable with and exited the position. | 2011-01-19 | ||
| N/A | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Shorter term he sees indicators that cause him to be more cautious. European debt yields are starting to move up fairly aggressively. Commodity price inflation in the developed world. Sentiment is extremely strong. He wants to be tactical and selective. He will be accumulating positions on a correction over the next 2 to 3 months. | 2011-01-19 | ||
| DON'T BUY | Las Vegas Sands Corp. | LVS-N | 46.430 | An incredible facility. It was one of the most expensive facilities to build. You see a lot of strong growth. When you look at valuation it does not look attractive at these levels. He is not interested in this stock. | 2011-01-19 | ||
| Comment | Air Canada (B) | AC.B-T | 3.130 | Right now there are two factors affecting them. Positive: There is a lot of competition from airline manufacturers, depressing prices of planes. Negative: fuel prices. | 2011-01-19 | ||
| TOP PICK | Churchill Corporation (The) | CUQ-T | 19.430 | Has a great opportunity, focusing on Engineering and construction projects in Calgary region. Made a good recent acquisition. Trading at a really depressed level. Thinks margins will start to improve and company may potentially introduce a dividend plan. Cheap stock with positive momentum. | 2011-01-19 | ||
| PAST TOP PICK | KBR Inc. | KBR-N | 32.400 | (Top Pick Feb 16/10, 69.35%) | 2011-01-19 | ||
| HOLD | Aecon Group Inc | ARE-T | 12.290 | Very well run company in 2 distinct divisions. Infrastructure side is doing quite well with stimulus money but buildings division is weak with low margins. Company is building backlog ($2.7 billion) with some strong orders and have been making acquisitions in the West. Next growth driver is going to be building infrastructure in the oil sands. | 2010-09-15 | ||
| HOLD | Boeing | BA-N | 62.730 | Big story is the production of the 787 program. Had their ups and downs during the development phase. Most of that is behind them and you are going to start to see the cash flow come in. Significant backlog of orders for many years to come. Doesn't see compelling valuation but a strong holding at the current level. (See Top Picks.) | 2010-09-15 | ||
| TOP PICK | Bombardier Inc (B) | BBD.B-T | 4.880 | Transportation side is doing well and they keep adding contract wins. Expects the catalyst will be from the aerospace side, specifically the C series that is under development. Targeted to launch in 2013 and will be a significant driver on their free cash flow generation. | 2010-09-15 | ||
| BUY | BCE Inc. | BCE-T | 33.110 | Taking over CTV media and looking to create income right away. Make sense for them right now. Targeting 65%-75% towards dividends. | 2010-09-15 | ||
| DON'T BUY | BP PLC | BP-N | 38.180 | Since the spill, stock has recovered significantly partially because of oil prices. Situation will continue to have an overhang. Company is selling off about $30 billion in assets to pay for their liability but that could go up to 45 billion in the case of gross negligence. | 2010-09-15 | ||
| HOLD | Diageo PLC | DEO-N | 68.370 | A classic, defensive, recession resistant play. Earnings tend to be quite stable. Slow growth profile. Volumes are growing in the emerging market side. Pays over 4% dividend and consistently raised the dividends. Trading around 13X earnings, which is reasonable. | 2010-09-15 | ||
| Comment | Dow Chemical | DOW-N | 26.170 | Well managed company. Valuation is a little high for him. | 2010-09-15 | ||
| DON'T BUY | Hewlett-Packard Co | HPQ-N | 39.620 | Terribly undisciplined in their acquisitions in the last little while. At this level, it looks like it is pricing in no growth. Wants to see more clarity. | 2010-09-15 | ||
| BUY | IBM | IBM-N | 129.430 | Has done really well over the last 10 years transitioning into less commoditized areas. Earnings have been growing through the cycle and are shareholder friendly. | 2010-09-15 | ||
| BUY | Johnson & Johnson | JNJ-N | 61.050 | 3 distinct divisions. Pharmaceuticals, consumer products and medical devices. This translates them from the fluctuations from patent risks. Be cautious when looking at the Pharma sector that you don't look at trailing earnings and yield because forward earnings can look quite different when drugs come off patent. | 2010-09-15 | ||
| DON'T BUY | Manulife Financial | MFC-T | 13.220 | Gives you a leveraged play on equity markets and on movement in long dated treasury yields. Prefers companies that are not correlated to broad equity markets. If you have a bullish outlook on equities and feel that long dated treasuries are going to start to back up significantly, this would work positively for them. | 2010-09-15 | ||
| PAST TOP PICK | Merck & Company | MRK-N | 36.510 | (A Top Pick Aug 19/09. Up 15.9%.) Merged with Schering-Plough and the combination produced a pipeline that is incomparable in the Pharma sector. Will have sustainable growth for many years to come. | 2010-09-15 | ||
| TOP PICK | Microsoft | MSFT-Q | 25.115 | Generates $20 billion in free cash flow this year and $23 billion next year. Trading at a very low multiple. Returning the free cash flow in the form of share buybacks and dividend increases. | 2010-09-15 | ||
| HOLD | Potash Corp of Saskatchewan | POT-T | 150.520 | BHP Billiton (BHP-N) has an offer on the table at $130 and there is speculation that another bid could be coming in. Long life asset and wouldn't be concerned about continuing to hold. He expects a deal will go through. | 2010-09-15 | ||
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| Comment | Research In Motion | RIM-T | 46.710 | 2 key factors. On the enterprise side Google Android (GOOG-Q) and iPhone (AAPL-Q) devices threaten them. On the flip side, they are gaining a lot of market share from Nokia and the international market. At current valuation a very negative scenario has been priced in. You could play this through LEAPS or call options. | 2010-09-15 | ||
| Comment | Shaw Communication (B) | SJR.B-T | 22.220 | Well run and strong free cash flow producer. Been introducing content into their model. This and Rogers (RCI.B-T) and BCE (BCE-T) are in a comparable space. This one intends to launch its own wireless content late next year. Having a bundled product has a positive impact. Too rich for him. | 2010-09-15 | ||
| BUY | Teva Pharmaceutical | TEVA-Q | 54.260 | One of the world's largest generic drug manufacturers. 25% global market share. Expect they can consistently grow earnings in the 10%-12% range. His target would be $55. | 2010-09-15 | ||
| PAST TOP PICK | George Weston Ltd. | WN-T | 79.620 | (A Top Pick Aug 19/09. Up 41.4%.) His way of being invested in Loblaws (L-T). Discount to NAV is now gone so he sold at about $72-$73 (25%) and moved into the preferred shares. | 2010-09-15 | ||
| BUY on WEAKNESS | Cineplex Inc | CGX-T | 21.020 | Virtual monopoly in Canada with 70%-80% of the revenues. 6% yield, paying out 60% of distributable cash flow. Doesn't see a dividend cut since they have about $600 million of tax pools. About 9X enterprise value EBITDA so is reasonably valued. Would like it in the $19-$20 range. | 2010-09-15 | ||
| TOP PICK | Atrium Innovations. | ATB-T | 14.070 | (A Top Pick Aug 19/09. Up 2.3%.) Premium nutritional products manufacturer. Trading around 8X earnings. Well managed. Had a couple of tough quarters with the weakness in the euro but that has turned around. Hoping to have 20% of the US market. Organic and acquisition growth. | 2010-09-15 | ||
| BUY | Mastercard Inc. | MA-N | 210.180 | Credit card companies have been extremely weak recently primarily due to US regulatory changes regarding fees. This one gives you more emerging market non-US growth profile. Will be buying back shares. | 2010-09-15 | ||
| DON'T BUY | Bank of America | BAC-N | 15.430 | Has a small position and has been writing options on this. Pulled back with risks of regulatory reforms and capital requirements changing in the industry. Would prefer others in the US banking sector such as Morgan Stanley (MS-N) | 2010-06-23 | ||
| Comment | Canadian Natural Rsrcs | CNQ-T | 36.930 | Probably the best long-term hold in the energy sector. Management has proven over and over again operational strength. Horizon project is fully ramped up now and they are talking about in the next phase having a diverse proof of assets that they can draw on with very high returns. Generating significant free cash flow. Buying back shares and reducing debt. Buy when oil prices are pulling back. | 2010-06-23 | ||
| BUY on WEAKNESS | Canadian National R.R. | CNR-T | 62.000 | Canadian National Railway (CNR-T) and Canadian Pacific (CP-T). Both are coming in with strong numbers on volume/yield. More lower fruit with CNR on operational improvements/cost cuts. Bought a line in the Chicago area, which will help them bypass congestion. For a long-term hold, he would prefer CNR but would wait for a pullback on either. Below $60 would be a good entry point. | 2010-06-23 | ||
| BUY on WEAKNESS | Canadian Pacific Rail | CP-T | 60.020 | Canadian National Railway (CNR-T) and Canadian Pacific (CP-T). Both are coming in with very strong numbers on volume and yield. For a long-term hold, he would prefer CNR but would wait for a pullback on either. | 2010-06-23 | ||
| HOLD | Cisco | CSCO-Q | 22.860 | Dropping because market is seeing a competitive threat from companies such as Hewlett-Packard (HPQ-N). Has about $4 in cash per share. Trading around 13X forward earnings. | 2010-06-23 | ||
| BUY | Goldman Sachs | GS-N | 135.070 | Regulatory concerns are driving the stock down along with global credit concerns. Prefers other US financials such as Morgan Stanley (MS-N) that has a little less regulatory risk. Good entry point. | 2010-06-23 | ||
| PAST TOP PICK | Merck & Company | MRK-N | 35.420 | (A Top Pick May 15/09. Up 46.13%.) (Think this should be Aug 19 and up 12.2%, not May 15 as BNN shows. Bill) Starting to trim out of this one. | 2010-06-23 | ||
| TOP PICK | Microsoft | MSFT-Q | 25.308 | Really a poster child with their balance sheet, free cash flow and free cash flow growth. Have various new product introductions, cost cutting initiatives. 5% a year share buyback. 2% dividend. Starting to issue debt at extremely cheap levels so have access to cheap capital. | 2010-06-23 | ||
| BUY | Morgan Stanley | MS-N | 25.030 | Have just started accumulating an equity position on this. Undervalued. | 2010-06-23 | ||
| TOP PICK | Newalta Corp | NAL-T | 8.980 | Diversified waste management that turns all kinds of waste products into renewable/reusable products. Governments and individuals want more and more friendlier environment and resources. Have facilities that are very difficult to duplicate so are in a niche position. | 2010-06-23 | ||
| BUY | Power Financial Corp | PWF-T | 28.330 | All of its underlying assets have been coming down recently. Likes it here. Recently sold its parent company Power Corp. (POW-T) at $30 and buying back at $26.50. | 2010-06-23 | ||
| BUY | Research In Motion | RIM-T | 62.010 | At levels that are very hard to have a negative miss when they report earnings tomorrow. Sees catalysts that are coming out very well for them on their products. | 2010-06-23 | ||
| HOLD | Thomson Reuters Corp | TRI-T | 38.880 | The law side is a very stable cash flow stream. Good positive catalysts coming in. On the short term, it had a spike up and is now pulling back. Good dividend yield of over 4%. | 2010-06-23 | ||
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| PAST TOP PICK | George Weston Ltd. | WN-T | 74.530 | (A Top Pick May 15/09. Up 18.94%.) (Think this should be Aug 19 and up 27.1%, not May 15 as BNN shows. Bill) Sold his holdings through a covered call strategy with about 30% return and switched into preferreds. | 2010-06-23 | ||
| WATCH | CML Healthcare | CLC-T | 10.020 | Bulk of business is in Canadian laboratory testing, which is a very stable cash flow. US diagnostic business has been more challenging and he sees some risks there of operational improvements and has sent over senior management teams to alleviate it. Trading at a premium multiple and will have a cut when they convert to a Corp. | 2010-06-23 | ||
| PAST TOP PICK | Atrium Innovations. | ATB-T | 15.450 | (A Top Pick May 15/09. Up %.) (Think this should be Aug 19 and up 12.54%, not May 15 as BNN shows. Bill) Still likes this one. | 2010-06-23 | ||
| DON'T BUY | CBOE Holdings Inc. | CBOE-Q | 33.480 | Premier option exchange globally as well as equity trading and various other instance. Issuing new products. Feels the pricing is very aggressive. Likely outcome will be that it is taken out. Fully valued. | 2010-06-23 | ||
| TOP PICK | Aeropostale Inc. | ARO-N | 29.880 | Over 170 stores that are doing over $800 per square foot. Incredible operating metrics and really beating out competition on all fronts. Revenues growing even in this difficult environment. Strong cash position and buying back shares. Trading at 12X earnings. | 2010-06-23 | ||
| BUY on WEAKNESS | Bombardier Inc (B) | BBD.B-T | 5.440 | Transportation side continues to exceed expectations. Looking for a pull back to buy a position. Fundamentals are moving in the right direction. Low $5 range. It’s just a little ahead of itself. | 2010-02-16 | ||
| WEAK BUY | General Electric | GE-N | 16.040 | Seeing some positives out of the last couple of quarters. Some positive indicators. Industrial services is strong and financial I starting some signs of recovery. For long term holders there is opportunity | 2010-02-16 | ||
| TOP PICK | IBM | IBM-N | 125.230 | Selling March put options at $121.15 strike price. Likes the name over the years and is great value at $121. At least $11 earnings this year and constantly conservative in their estimates. Very solid income stream. Not Cyclical. | 2010-02-16 | ||
| PAST TOP PICK | Johnson & Johnson | JNJ-N | 63.610 | (Top Pick Jul 3/09, Up 14.83%) Would still buy. | 2010-02-16 | ||
| DON'T BUY | Kingsway Financial Services | KFS-T | 1.670 | Even in the best of ties it has had quite a few challenges. The risk reward is negative. Doesn’t see a positive catalyst and risk of stock going to zero or near zero. | 2010-02-16 | ||
| PAST TOP PICK | Loblaw Companies Ltd | L-T | 36.920 | (Top Pick Jul 3/09, Up 6.72%) Moved into George Weston. | 2010-02-16 | ||
| DON'T BUY | Sunlife Financial | SLF-T | 30.200 | He is not adding to the financial service sector. Street is starting to get a little more positive. He hasn’t seen the catalyst for this one. Prefers Power Corp. | 2010-02-16 | ||
| HOLD | TSX Group | X-T | 29.240 | Market share loss from competitive stress. Trying to diversify their business. It will eventually pay off but not in the short term. It’s a strong cash flow generating company. | 2010-02-16 | ||
| TOP PICK | Archer Daniels Midland Company | ADM-N | 42.100 | (Preferred A.)Put option $29.56 on ADM-N. It’s a good way to gradually accumulate a position. He has been working this way for may years. Is a beneficiary of global agricultural demand. Volumes and margins are strong. Recently raised dividends. | 2010-02-16 | ||
| N/A | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Looking at individual companies for value. Using put options to create protection. They are partially edging their portfolio against decline. Telco sector is at 18% of portfolio. He is looking at technology pullbacks for opportunities. | 2010-02-16 | ||
| PAST TOP PICK | Allied Properties REIT | AP.UN-T | 18.790 | (Top Pick Jul 3/09, Up 57.95%) Aren’t buying any more but still like it. | 2010-02-16 | ||
| HOLD | Tim Hortons | THI-T | 31.200 | Operating profits are quite high in Canada and decent in the US. Doesn’t see a lot of upside in this one. Not a lot of upside in the next year. It‘s just the valuation. | 2010-02-16 | ||
| DON'T BUY | Bell Aliant | BA-T | 25.700 | It’s a good time to invest in the telecom sector , but not in this one. There is a dividend cut coming during the conversion to a corp. Eventually BCE might take it in. | 2010-02-16 | ||
| TOP PICK | KBR Inc. | KBR-N | 19.220 | Selling Puts $16.79. This is a trading position. Positive Catalysts over the next couple of quarters and then will trade out of it. Recently won an arbitration award $350 Million. A good cyclical position to get into. | 2010-02-16 | ||
| BUY | Barrick Gold | ABX-T | 41.510 | (Market Call Minute) Doesn’t generally invest in this sector, but good strategy | 2009-12-15 | ||
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| PAST TOP PICK | BCE Inc. | BCE-T | 26.360 | (Top Pick May 15/09, Up 11%) Still likes it. He trimmed his holdings by a third on recent strength, to accumulate Telus | 2009-12-15 |
