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| PAST TOP PICK | | Apple | AAPL-Q | 93.960 | (A Top Pick Aug 9/06. Up 48%.) Still likes. Well-positioned and make good products. | 2007-03-22 | |
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| PAST TOP PICK | | Alaska Comm Systems Group | ALSK-Q | 15.280 | (A Top Pick Aug 9/06. Up 25.1%.) Yield at the time he bought was over 7%. Took profits when the stock went up making the yield drop and replaced it with Windstream (WIN-N) that yields close to 7%. | 2007-03-22 | |
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| PAST TOP PICK | | SPDR Technology E.T.F. | XLK-A | 23.630 | (A Top Pick Aug 9/06. Up 19.7%.) This was his way of getting exposure to the technology sector. | 2007-03-22 | |
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| TOP PICK | | Laboratory Corp. of American Holdings | LH-N | 71.730 | Clinical labs. 2 big players own most of the market. Expects volume will increase because of aging population needing more and more tests. Very profitable. | 2007-03-22 | |
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| TOP PICK | | AllianceBernstein Holding LP | AB-N | 85.500 | An institutional money manager. Whatever money they make each quarter, they give it back to you in the form of a dividend. Very profitable. International. | 2007-03-22 | |
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| TOP PICK | | Windstream Corporation | WIN-N | 14.800 | A rural telephone company. Generates a pretty stable stream of cash flow and pays virtually all of it out in the form of a dividend, which is close to 7%. | 2007-03-22 | |
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| BUY | | Valero Energy Corp | VLO-N | 62.700 | Refinery capacity in the US is rather constrained. This is one of the biggest refineries. | 2007-03-22 | |
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| Comment | | Coca-Cola Company | KO-N | 48.250 | Doesn't particularly like the Company. With young people getting Type II diabetes, it is getting pulled from schools. The stock is a play on a weaker US dollar as most of their sales are outside of the US. If the US dollar is strong, he buys Pepsi (PEP-N) which is more US$ centric. | 2007-03-22 | |
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| BUY | | Medtronic Inc | MDT-N | 49.790 | PE of about 20 and anticipated growth rate of about 14%. Have a lot of intellectual property. Reasonably attractive. | 2007-03-22 | |
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| BUY | | Royal Bank | RY-T | 57.820 | One of the best run operations. ROE is extremely high. They give a continuing increased dividend. | 2007-03-22 | |
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| BUY | | Toronto Dominion | TD-T | 69.750 | Likes this bank. Canadian banks have no US sub-prime mortgage exposure. There is now a big valuation spread between the two. Could be at a point where Canadian banks may be sold in order to buy US ones. | 2007-03-22 | |
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| BUY | | Bank of Nova Scotia | BNS-T | 53.840 | Good international exposure. Canadian banks have no US sub-prime mortgage exposure. There is now a big valuation spread between the two. Could be at a point where Canadian banks may be sold in order to buy US ones. | 2007-03-22 | |
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| DON'T BUY | | Ford Motor | F-N | 8.080 | This is a tricky stock for a retail investor. There is a possibility that Ford could be out of business someday and upside is very limited. | 2007-03-22 | |
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| HOLD | | IPSCO Inc | IPS-T | 130.030 | Has gone up because of a rampant consolidation in the materials sector, specifically steel and metals. Big dividend yield. Have some really good businesses. | 2007-03-22 | |
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| BUY | | CitiGroup | C-N | 51.840 | Had a big jump in December with a correction in February. Was attractive at that point with a 4% yield. | 2007-03-22 | |
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| BUY | | A T & T US | T-N | 20.350 | Nice dividend yield. There is room for the stock to go higher. Getting some price increases in their enterprise business. Starting to push out a TV service that is having some traction. Looking for a dividend increase this year. | 2007-03-22 | |
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| DON'T BUY | | Pfizer Inc | PFE-N | 25.790 | Doesn't like many of the big pharmaceuticals. Has a great deal of revenue at risk with Lipitor coming off patent and they don't have a lot to replace it. | 2007-03-22 | |
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| BUY | | Pan American Silver | PAA-T | 34.190 | Demand for silver and gold is increasing with foreign economies becoming more wealthy. | 2007-03-22 | |
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| BUY | | Qualcom | QCOM-Q | 43.350 | Likes the trend towards 3G phones and CDMA technology. A very profitable company. | 2007-03-22 | |
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| DON'T BUY | | Motorola | MOT-N | 17.500 | Just warned and the stock dropped over 6%. Chinese handset manufacturers are coming out with $25 phones, which is tough to compete with. | 2007-03-22 | |
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| BUY | | Bank of America | BAC-N | 51.640 | Likes this bank. Have very little exposure to sub-prime mortgages. | 2007-03-22 | |
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| HOLD | | CBS Corp | CBS-N | 30.750 | A good company. Prospects are good. | 2007-03-22 | |
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| PAST TOP PICK | | Alaska Comm Systems Group | ALSK-Q | 14.900 | (A Top Pick Aug 9/06. Up 22.6%.) Wireless in Alaska. Not much competition and they can grow their dividend. Had a nice run, so would treat it as a Hold. Good dividend. | 2006-12-11 | |
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| TOP PICK | | Caremark RX | CMX-N | 49.620 | Pharmacy Benefit Manager. Manage drug plans of big companies. Dropped from $60 in September. Caused by Wal-Mart’s $4 generic program, which he thinks is a non-issue. Good value. | 2006-12-11 | |
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| TOP PICK | | Laboratory Corp. of American Holdings | LH-N | 72.380 | Clinical testing lab. About 40% of US tests by doctors go to either this or Quest Diagnostics (DGX-N). With an aging population, there is more testing giving more revenue. Very predictable, high cash flow driven model. | 2006-12-11 | |
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| TOP PICK | | Motorola | MOT-N | 21.230 | Cell phones. Very cheap at 13 X 2007 earnings estimates. Produces a lot of cash and has a good deal on its balance sheet. | 2006-12-11 | |
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| PAST TOP PICK | | Apple | AAPL-Q | 88.750 | (A Top Pick Aug 9/06. Up 39.1%.) Picked it when technology took a big dip in July. Still has a long way to go over the next several years. Not cheap. | 2006-12-11 | |
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| PAST TOP PICK | | SPDR Technology E.T.F. | XLK-A | 23.530 | (A Top Pick Aug 9/06. Up 19.3%.) Had picked as a call on the technology sector. | 2006-12-11 | |
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| BUY | | Caterpillar | CAT-N | 63.070 | Very cheap at this price. A loot of its demand comes from outside North America. Concerns on US housing and economy has pushed it lower. Global demand will move it higher. | 2006-12-11 | |
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| BUY | | Target Corp | TGT-N | 58.340 | A retailer that plays against Wal-Mart, but a little bit more upscale. Same-store sales are growing. | 2006-12-11 | |
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| Comment | | Precision Drilling Corp. | PD.UN-T | 28.890 | Not an expert on this specific driller, but his view on oil is very positive and this stock, along with other drillers, service companies, etc. will follow the price of oil. | 2006-12-11 | |
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| WAIT | | Archer Daniels Midland Company | ADM-N | 33.690 | Manufactures a lot of agricultural products, especially chemicals. Potentially levered to the growing business of making fuel from biomass, such as corn, soybeans, etc. Has been dropping. Would like to see a bit of a turn before getting interested in it. | 2006-12-11 | |
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| Comment | | Cameco Corporation | CCO-T | 44.500 | Flooding of their Cigar Lake mine created a sell off which was where he bought the stock. The assets are still there in spite of the flood. Demand for uranium will continue to grow. | 2006-12-11 | |
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| Comment | | Brookfield Asset Management (A) | BAM.A-T | 54.840 | Made an expensive acquisition and to help pay for it, issued $30 million of shares. Excellent well managed company. Has had a good move and could be a time to take some profits. | 2006-12-11 | |
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| Comment | | IPSCO Inc | IPS-T | 119.900 | Has had a pretty good run since October. What’s moving the steel sector is the prospect that private equity might get involved with some of the cheap companies, or that they might buy each other. | 2006-12-11 | |
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| DON'T BUY | | Nortel | NT-T | 26.140 | Starting to get more interested in this. Stock has gone sideways since June. Did some cost cutting and have sold some product lines. It’s an industry that is consolidating, so the prospect that they could be a acquisition target is out there. Still need to improve. | 2006-12-11 | |
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| DON'T BUY | | Wal-Mart Stores Inc. | WMT-N | 46.000 | Could be a Buy at $44. Doesn’t like their prospects. Its gigantic, located everywhere and slow. Dropping prices only attracts existing customers, and doesn’t help their balance sheet. Their typical customer is under financial pressures. | 2006-12-11 | |
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| BUY | | Precision Castparts Corp. | PCP-N | 76.030 | Manufacture parts out of titanium, specialty steels, etc for the aerospace industry. Have long-term contracts. Really well managed. | 2006-12-11 | |
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| DON'T BUY | | Talisman Energy | TLM-T | 20.110 | Trimmed his position a bit to put into companies with longer reserve life assets, for e.g. oil sands. Not 100% convinced that oil goes a lot higher in the next 6 to 9 months. Lots of inventory and temperatures have been mild in the northeast US. Potential for troops to be withdrawn from Iraq can increase possible problems on oil supplies. | 2006-12-11 | |
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| BUY | | Valero Energy Corp | VLO-N | 55.740 | Refinery with most assets in the southern US. Has dropped since August. The fight centres on how expensive gasoline will be. Refining is in short supply. Gasoline demand goes up about 1.5% per year. | 2006-12-11 | |
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| HOLD | | Teck Cominco Ltd. (B) | TCK.B-T | 74.230 | Good management. A lot of cash on the balance sheet. | 2006-08-09 | |
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| DON'T BUY | | Time Warner Inc | TWX-N | 15.840 | Not a fan of this company. Would prefer Disney (DSN-N). With the AOL property, they just don't have as much going for them. Doesn't like this sector that well. | 2006-08-09 | |
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| BUY | | Canadian Natural Rsrcs | CNQ-T | 62.650 | What drives the sector now is the “forward price” of oil. Oil and stock prices now have about a 95% correlation. This is a very valuable property in the oil sands. Arguably the lowest cost producer. | 2006-08-09 | |
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| DON'T BUY | | Alcan Aluminum | AL-T | 51.430 | Aluminum has lagged all the other metals as there is a significant amount available. A very high cost metal to smelt which results in poorer cash flow. They could continue to lag. Would prefer to own copper, zinc and nickel related stocks. | 2006-08-09 | |
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| SELL | | Pfizer Inc | PFE-N | 26.150 | Big issue is 20% of revenue and a larger % of profits comes from one drug, Lipitor, which will get generic competition. Sold their consumer business and have other products in the pipeline and they are buying back mountains of its own stock. Dividend share is significant. | 2006-08-09 | |
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| HOLD | | 3M Co. | MMM-N | 68.300 | Had a huge drop from its peak in March and a really huge drop in July. This was because they missed earnings expectations. At this price, you get a pretty good dividend yield. Good management. | 2006-08-09 | |
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| PAST TOP PICK | | Cisco | CSCO-Q | 19.780 | (A Top Pick May 11/06. Down 4.5%.) Expect it will work its way a bit higher from here. | 2006-08-09 | |
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| PAST TOP PICK | | Aetna Inc. | AET-N | 34.650 | (A Top Pick May 11/06. Down the 11.5%.) Has been very disappointing. | 2006-08-09 | |
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| PAST TOP PICK | | Alcoa | AA-N | 28.840 | (A Top Pick May 11/06. Down 20%.) Expect it will eventually merge with some large international player. Not a great short-term pick here. | 2006-08-09 | |
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| TOP PICK | | Alaska Comm Systems Group | ALSK-Q | 12.230 | A defensive play. Yield of about 6.9%. Phone company in Alaska with very little competition. Have a wireless business, which gives some growth. Good cash flow. | 2006-08-09 | |
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| TOP PICK | | Apple | AAPL-Q | 63.590 | Have a lot of cash. Expect market share to go their way a little bit. Have a whole new fleet of iPods coming later this year. | 2006-08-09 | |
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| TOP PICK | | SPDR Technology E.T.F. | XLK-A | 19.740 | Sometimes buying a single stock in technology is fraught with idiosyncratic risks. This alleviates that risk. The technology sector has become very cheap. | 2006-08-09 | |
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| DON'T BUY | | Dell Computers | DELL-Q | 21.140 | Started dropping when IBM sold their personal PCs to a Chinese company, which started giving them stronger competition. They are still losing share and have to stabilize. | 2006-08-09 | |
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| BUY | | Seaspan Corp. | SSW-N | 20.870 | Have 24 containerships and had just added another four. 8% dividend which should be pretty safe as they sign long term contracts. High P/E ratio of 25, but this stock trades on its yield. | 2006-08-09 | |
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| BUY | | JP Morgan | JPM-N | 44.350 | Good dividend yield at a little over 3%. Have had a good turnaround. Well diversified financial. | 2006-08-09 | |
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| WEAK BUY | | Microsoft | MSFT-Q | 24.440 | Growth possibilities is limited, but it does have a monopoly position. Difficult to assess. Currently in a buyback position which will help support the shares. | 2006-08-09 | |
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| DON'T BUY | | Ford Motor | F-N | 7.330 | Expect they will offer employees an opportunity to retire early. This will give them a chance to restructure and the more competitive. Bonds are acting better. High risk. | 2006-08-09 | |
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| BUY | | Suncor Energy Inc | SU-T | 95.630 | A really good long-term holding. | 2006-08-09 | |
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| BUY on WEAKNESS | | Wallbridge Mining Company | WM-T | 0.280 | Has a lot of issues. Getting very big. Reducing prices every day is difficult. If you buy, don't make it a big position. Would probably buy at $41/42. | 2006-08-09 | |
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| BUY | | Manulife Financial | MFC-T | 35.520 | Likes this company. | 2006-08-09 | |
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| BUY | | Canadian National R.R. | CNR-T | 50.630 | Rails is a very good industry. Only 6 major rails in North America so there is no new competition coming and they raise prices at a pretty prodigious rate. This is the best rail with the best operating metrics globally. Good long-term investment but prefers Canadian Pacific (CP-T) or Burlington (BNI-N) right now. | 2006-05-11 | |
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| WEAK BUY | | Bank of Nova Scotia | BNS-T | 43.550 | Has dropped in the last month due to their exposure in Southern and Latin America. Prefers Toronto Dominion (TD-T) and the Royal (RY-T). | 2006-05-11 | |
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| BUY | | Staples | SPLS-Q | 26.980 | If you are going to be in the retail/consumer sector, this is a good one to be in. 75% of their revenue comes from spending by businesses which he likes. Not too expensive. | 2006-05-11 | |
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| DON'T BUY | | Petro-Canada | PCA-T | 51.800 | This is a huge company and if you are looking for a big lift, you won't get it out of this one. It is more likely to buy other companies. Diverse exposure including oil sands, refinery, etc. Prefers Marathon (MRO-N). You would be better off in a smaller company. | 2006-05-11 | |
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| WEAK BUY | | Du Pont | DD-N | 44.900 | Have quite an array of diverse products. He has a small weighting of this in his fund. | 2006-05-11 | |
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| HOLD | | Trans Canada Corp | TRP-T | 31.680 | Yield has increased to 4%. Utility stocks trade relative to the 10-year bond yield. As interest rates rise, it becomes less attractive and this is why it has dropped recently. The company is good and it will do better when the market has simmered down. | 2006-05-11 | |
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| BUY | | Encana Corp | ECA-T | 57.330 | Canada's large gas play. Natural gas prices have dropped because of a large amount of storage right now. You could bet that the coming hurricane season and a really hot summer will increased demand. | 2006-05-11 | |
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| BUY | | Potash Corp of Saskatchewan | POT-T | 111.330 | In a great position. Produces a lot of free cash flow. The situation currently is, will China agree to buy more and at what price. They’re negotiating now. | 2006-05-11 | |
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| PAST TOP PICK | | Precision Castparts Corp. | PCP-N | 65.780 | (A Top Pick Feb 9/06. Up 30%.) The aerospace cycle is one of the best things out there. Still a good price. | 2006-05-11 | |
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| PAST TOP PICK | | Johnson & Johnson | JNJ-N | 58.840 | (A Top Pick Feb 9/06. No change.) This was his insurance in case things got a little rocky. Still likes. | 2006-05-11 | |
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| PAST TOP PICK | | Genworth Financial Inc | GNW-N | 32.790 | (A Top Pick Feb 9/06. No change.) Has been at $33 for some time. Sold some of his holdings and is considering selling the rest. | 2006-05-11 | |
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| HOLD | | Bank of Montreal | BMO-T | 61.050 | Bank's trading at 14 X are expensive while those trading at 12 X are cheap and it looks like banks are heading back down towards that level. | 2006-05-11 | |
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| BUY | | Kinross Gold | K-T | 13.980 | Thinks there is more upside to go on gold. | 2006-05-11 | |
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| WAIT | | Dell Computers | DELL-Q | 24.510 | Has been a fantastic company over a long time, but the world changed. Their cost advantage has slipped away. Under heavy competition from Hewlett-Packard (HPQ-N). In the low $20’s, it will be hard to ignore. Would wait for it to stop going down before buying. | 2006-05-11 | |
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| TOP PICK | | Cisco | CSCO-Q | 20.050 | Has over $3 a share in cash. Was trading in a high teens multiple until recently, when it started to rise. He is betting that people will want more speed in their internet. Not expensive. | 2006-05-11 | |
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| TOP PICK | | Aetna Inc. | AET-N | 39.710 | At $52.50, it was getting to be expensive for an insurance company. Corrected viciously which he doesn't think was warranted. Trades at around 12 X earnings. Company is going to buy back a couple of billion $’s of stock this year. Generates huge amounts of cash. | 2006-05-11 | |
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| TOP PICK | | Alcoa | AA-N | 36.020 | A well diversified metal company. A lot of their customers are aerospace and they make a lot of highly engineered aluminum products for them. Has under performed other metal companies dramatically. | 2006-05-11 | |
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| BUY | | Enbridge | ENB-T | 32.530 | The utilities go up and down with yields. A great company. Dividend yield is 3.5%. Once people the side that interest rates in Canada are not going to continue to go up, money will come back in. A safe holding. | 2006-05-11 | |
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| BUY | | Qualcom | QCOM-Q | 49.400 | A lot of the large technology stocks have been hit which may be a shift by large funds. A good company. Revenue comes from chips that go into cell phones and it is a highly profitable company. Feels that the cell phone market has legs. | 2006-05-11 | |
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| BUY | | SPDR S&P 500 E.T.F. | SPY-A | 130.950 | This is an index unit so you're buying the whole S&P with one trade. Expects the S&P will hit $1400 by year-end. | 2006-05-11 | |
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| BUY | | Teck Cominco Ltd. (B) | TCK.B-T | 72.770 | Has just made a bid to buy Inco (N-T) in order to add nickel to their portfolio. However, Inco is in the process of trying to buy Falconbridge (FAL.LV-T). They are in a good position, for a good long while. | 2006-05-11 | |
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| BUY | | Hershy Foods Corp | HSY-N | 54.040 | The big food companies represent safety as a low return/low risk investment. Market has not been putting money there because of better returns elsewhere. Until the market changes, this won't move much. This would be the time to buy when it is so cheap. | 2006-05-11 | |
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| PAST TOP PICK | | XTO Energy Inc. | XTO-N | 43.190 | (A Top Pick Nov 14/05. Up 16%.) Recently cut his holdings in half and is now a little underweight in energy. | 2006-02-09 | |
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| PAST TOP PICK | | United Technologies | UTX-N | 56.710 | (A Top Pick Nov 14/05. Up 6%.) This is more of a defensive stock. If the market were to go through a correction, he would own more of this. One of the best run industrial companies there is. | 2006-02-09 | |
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| PAST TOP PICK | | Textron Inc | TXT-N | 82.800 | (A Top Pick Nov 14/05. Up 10%.) Manufacture business jets and armoured vehicles for the military as well as Bell helicopters. They all have tremendous demand. | 2006-02-09 | |
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| SELL | | Encana Corp | ECA-T | 48.950 | Feels there are a better gas options than this. Would lighten up in some energy names. Cost of drilling has gone skyhigh. | 2006-02-09 | |
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| BUY | | Morgan Stanley | MS-N | 61.180 | Did a lot of restructuring which caused a drop in the stock last spring. Had been oversold. Feels that merger and acquisitions this year will be taking off which will create big revenues for them. | 2006-02-09 | |
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| BUY | | Dow Chemical | DOW-N | 41.400 | The stock looks like it has bottomed. Weaker natural gas over the last little while has helped on their input costs. They increased their dividend. A powerful cash generator. A bit of a defensive stock. | 2006-02-09 | |
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| BUY on WEAKNESS | | Apple | AAPL-Q | 64.950 | The consumer electronics world is changing and a lot of the hype around it has a great deal of merit. But, you have to be wary of what you pay for it. As a lot of new products coming out which are interesting. He sells on the days when there is a spike and would buy when it drops again. Has a ways to go yet. | 2006-02-09 | |
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| HOLD | | Time Warner Inc | TWX-N | 18.350 | AOL assets and the media assets are worth quite a bit but wouldn't expect a huge home run out of this company. | 2006-02-09 | |
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| HOLD | | BHP Billiton Ltd. | BHP-N | 36.860 | The largest miner in the world. Diversified in just about all metals. Also producing some oil in the Gulf of Mexico. Mining companies are being incredibly disciplined with their allocation of capital. Likes this for the long-term. | 2006-02-09 | |
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| HOLD | | Alcan Aluminum | AL-T | 55.560 | Aluminum has been a metal that has lagged the other metals. The costs part of the equation does not favour aluminum. A lot of capacity has been taken out because of the high cost of energy which is creating a deficit in aluminum in 2006. | 2006-02-09 | |
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| TOP PICK | | Johnson & Johnson | JNJ-N | 58.550 | Has had a rough go since last March. Trading at around 16 X earnings. Have $14 billion in cash and generate $1 billion in cash each month. Thinks it has bottomed out. | 2006-02-09 | |
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| TOP PICK | | Genworth Financial Inc | GNW-N | 32.750 | A life insurance company with a long track record of profitability. A spin out from General Electric. General Electric will be selling the last third in the next month. When/if this happens, there will probably be a dip which will be a good time to get into the stock. You might see it $1/2 lower. | 2006-02-09 | |
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| TOP PICK | | Precision Castparts Corp. | PCP-N | 52.060 | Manufacture titanium parts for airplanes. They have a 70% market share in some of the pieces that go into the landing gear for example. Fantastic management. Do a fair amount of acquisitions and are really good at integrating them. | 2006-02-09 | |
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| DON'T BUY | | eBay Inc | EBAY-Q | 39.530 | A decent company. Management is pretty good. Would be a little cautious as there are a lot of companies that are starting to get into their territory. | 2006-02-09 | |
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| WEAK BUY | | CitiGroup | C-N | 45.790 | They get more than half their income from outside North America, so they are levered up very nicely to what is going on in India and China. Over the long-term, that is a nice stable thing to have. The yield is pretty good. Growth will be slow. | 2006-02-09 | |
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| DON'T BUY | | Google | GOOG-Q | 358.770 | Changing the nature and the face of entertainment. The stock is too expensive and you have to be careful of what you pay for these things. | 2006-02-09 | |
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| HOLD | | General Electric | GE-N | 32.920 | Has been flat, and actually down in the last year. Its businesses are great. It's too late to throw in the towel on it. If there is a correction in the market, it will probably go up. | 2006-02-09 | |
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| BUY on WEAKNESS | | Shell Canada | SHC-T | 42.500 | The oil sands is the best natural asset in the world. As a long-term hold and a way to keep some holdings in the oil sands, this is a good company to have. May be a little rich at this point. | 2006-02-09 | |