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| DON'T BUY | Agnico-Eagle Mines | AEM-T | 38.680 | Losing their mine in Québec to ground failure essentially has caused them to lose about 10% in production plus their premium valuation. To get that back, takes years. Doesn't feel it will go higher than competitors as gold prices go up. | 2012-01-03 | ||
| SELL | AGF Management (B) | AGF.B-T | 16.080 | Replace this with Power Financial (PWF-T)? This one has never been his favourite. If you make this trade, you are getting Investors Group as well as a big piece of Great West Life (GWO-T) at a good entry point. He would make this trade very | 2012-01-03 | ||
| Comment | BCE Inc. | BCE-T | 42.190 | It's not too late to buy to own and collect the dividend but probably too late to be able to repeat his performance. Will probably move sideways. If we are going to have decent growth and Europe gets fixed, this stock will underperform as it is viewed as a safety stock. | 2012-01-03 | ||
| HOLD | Cameco Corporation | CCO-T | 19.000 | (Market Call Minute.) Making progress on Cigar Lake, but uranium prices are not cooperating. A Hold at best. | 2012-01-03 | ||
| Comment | Canadian Oil Sands | COS-T | 23.980 | Is this a possible take-out by the Chinese since they already own a part of Syncrude? Great question. This is a place where the Canadian government might stick its hand in as Syncrude is the oldest, most profitable oil sands plant. For a takeover, you are likely to find it in something smaller. | 2012-01-03 | ||
| DON'T BUY | Canadian Pacific Rail | CP-T | 69.580 | As good as management is, they will never be able to get operating ratios to the level where Canadian National (CNR-T) is. The geography has a major place in this. Feels the stock is getting fully valued. | 2012-01-03 | ||
| Comment | Empire Company (A) | EMP.A-T | 59.230 | Dividend is only 0.9% and would like to see this raised to 3%-4%. Trades at a pretty big discount to asset value and there would probably be a higher stock price with a higher dividend. | 2012-01-03 | ||
| Comment | First Capital Realty | FCR-T | 17.590 | (Market Call Minute.) Well-managed. Very REIT like but is actually a real estate corporation with a pretty good dividend. He doesn't own the stock but does own a convertible debenture issue. | 2012-01-03 | ||
| BUY | Goldcorp Inc | G-T | 45.980 | Dividend will probably go up as the stock price goes up, in other words they're going to increase it as gold/silver prices increase. Has really good production growth. Good price. (See Top Picks.) | 2012-01-03 | ||
| HOLD | Inter Pipeline Fund | IPL.UN-T | 18.670 | Has done well like all pipeline stocks. The one thing about them is that they are oil sands and are basically taking stuff from northern Canada and are perceived a little bit less risky than others. Looking pretty fully valued but you can collect the dividend for sure. Pipe are trading at 20 plus times earnings so are fully valued. | 2012-01-03 | ||
| PARTIAL SELL | Keyera Corp | KEY-T | 50.480 | In an RRSP, he would be tempted to trim some because it has done so well. If you like pipelines, diversify into another one, just don't have too much specific risk. Valuations are getting to the point where it would be pretty normal to see some kind of pullback. If it's over 25% of your portfolio, sell a quarter. | 2012-01-03 | ||
| DON'T BUY | Kinross Gold | K-T | 12.420 | When gold wasn't doing well, of the seniors this one was doing the worst. They have political risks. Has really good growth coming, but it is a couple of years away. A “show me” story. (See Top Picks.) | 2012-01-03 | ||
| HOLD | Pembina Pipeline Corp | PPL-T | 29.930 | (Market Call Minute.) Likes all the other pipelines. Has done very well but not particularly cheap. Hold for the dividend, but don't expect the stock price to continue to go up. | 2012-01-03 | ||
| DON'T BUY | Power Corp | POW-T | 24.230 | This owns a large part of Power Financial (PWF-T) as well as some European communication and financial businesses and the European outlook is not so great. | 2012-01-03 | ||
| Comment | Provident Energy Ltd | PVE-T | 9.930 | A kind of hybrid facility type company that has sold off production. He owns the convertible debenture, which is a safer way and still has pretty good yield. Good way to get some yield and have protection in case anything happens. | 2012-01-03 | ||
| PAST TOP PICK | Royal Bank | RY-T | 52.780 | (A Top Pick Jan 6/11. Up 5.54%.) At the time, it had come off and looked quite cheap. Reported a good quarter shortly after and ran but, like all the banks, has pulled back. Good dividend. | 2012-01-03 | ||
| DON'T BUY | Sunlife Financial | SLF-T | 19.500 | Yield of 7.6%. Insurance companies have had the double whammy of low interest rates and poor stock markets. Has been overly discounted. Market feels they are still going to cut their dividend. If you like the stock market, Manulife (MFC-T) has more leverage. He prefers Manulife. This one would be slightly more defensive. | 2012-01-03 | ||
| TOP PICK | SNC-Lavalin Group Inc. | SNC-T | 52.680 | Infrastructure is a nice safe way to play growth. You don't have to worry bout any one production play. They are international in all kinds of countries and owns 30% of a toll highway above Toronto as well as a couple of other larger projects. The engineering/construction side is only trading at around 12X earnings. Expect you will see a 20% increase on the stock plus a dividend increase sometime during the year. | 2012-01-03 | ||
| Comment | Sherritt International Corp. | S-T | 5.870 | (Market Call Minute.) Roughly a 3rd coal, 3rd oil and a 3rd nickel. He is hoping that the Madagascar project comes on stream and on budget in the next 3 to 6 months. If so, the stock is very cheap. | 2012-01-03 | ||
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| PAST TOP PICK | Suncor Energy Inc | SU-T | 31.000 | (A Top Pick Jan 6/11. Down 16.35%.) Underperformed the group slightly just being big and liquid. Well held in the US so when they abandoned energy this is the 1st one they sell. Incredibly cheap so he is still holding. About 30% undervalued. | 2012-01-03 | ||
| BUY | Trican Well Service Ltd. | TCW-T | 18.190 | (Market Call Minute.) Service companies look very cheap but have not acted particularly well. Trades at under 10X earnings. | 2012-01-03 | ||
| Comment | Toronto Dominion | TD-T | 76.580 | Prefers this bank as it is a little bit safer and a little more plain vanilla, which is what you want in this environment. Canadian with a bit of US retail. | 2012-01-03 | ||
| Comment | Teck Resources Ltd. (B) | TCK.B-T | 38.370 | Pretty cheap. On his watch list. It might be something that if he gets more confident he could come to although he already has BHP Billiton (BH-N). | 2012-01-03 | ||
| Comment | UEX Corp. | UEX-T | 0.700 | Poised for a takeover? If you have a longer-term view, there are values in these uranium companies if you can project a $60-$70 uranium price again. You would have to hold a basket hoping that one of them would get taken over. | 2012-01-03 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Markets were up today because a lot of China, India, Europe and even the US Purchasing Manufacturing Indexes were up. This is a sign of economic expansion. This was combined with some year-end window dressing being reversed. Also, you generally find the 1st day of the new year is higher. Europe is still the wild card that needs to be solved and thinks we are in a European recession but North America avoids a recession. | 2012-01-03 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Silver. Good time to get in? He treats this as a poor man's gold. At least in gold you have some feeling that it is a form of insurance, alternative currency, safety, etc. He prefers companies with high production growth, such as Tahoe (THO-T), rather than just own silver. | 2012-01-03 | ||
| TOP PICK | AvenEx Energy Corp | AVF-T | 5.290 | About 70% oil/gas producer and 30% butane/propane marketing. Nice stable marketing business that just sort of cash flows year in and year out. Good hedges on gas but as they royal off, all the new spending is on oil. Trading at a 10% yield just because no one follows it. Payout ratio is only about 60%. | 2012-01-03 | ||
| TOP PICK | Allied Nevada Gold | ANV-T | 32.990 | Strictly Nevada with a producing mine. Expanding resources. Production is going to double again over the next couple of years. Attractive price. | 2012-01-03 | ||
| PAST TOP PICK | Argonaut Gold | AR-T | 7.300 | (A Top Pick Jan 6/11. Up 59.34%.) There is still more growth to come. Doubled production from 30,000 to 70,000 ounces in 2011 and thinks it goes to 100,000 or so this year and 200,000 by 2014. Expecting it to see $9.50-$10 this year. | 2012-01-03 | ||
| Comment | Bank of Montreal | BMO-T | 57.150 | Recently disappointed in earnings. Always finds their strategy a little bit muddled and didn’t like what was going on in Harrison in the US. Stock dropped so the dividend is now over 4%. | 2011-12-07 | ||
| TOP PICK | Bank of Nova Scotia | BNS-T | 49.030 | All the banks have reported in the last week. In a conference call they mentioned that with the Basil requirements, in 2013, they will need some outside equity and the stock suffered. Bought a half position and will wait until after the 9th and activate the other half if it should fall to $47. | 2011-12-07 | ||
| DON'T BUY | Cameco Corporation | CCO-T | 19.010 | Looks like a great entry point but the uranium outlook is a little muddled because of the tsunami of 8 months ago. Cameco’s break even costs are about $20 a pound and uranium prices are double that but it’s probably a couple of years before you get the Tsunami further behind you. | 2011-12-07 | ||
| Comment | Canadian Natural Rsrcs | CNQ-T | 38.250 | Stocks are not keeping up with the oil prices and that is due to skittishness as investors are not sure $100 oil is not going to stay. All the senior oils are great long term value. Stocks should rally somewhat. | 2011-12-07 | ||
| DON'T BUY | First Quantum Minerals | FM-T | 20.610 | With this you are buying copper in Africa. In a poor market this could drop to $15 in a heart beat because of the company’s risk profile. This is not a market to be going out on a limb to take risk. | 2011-12-07 | ||
| HOLD | Inter Pipeline Fund | IPL.UN-T | 18.920 | Has run a fair bit lately and is in the sweet spot of steady growth and a good dividend. Pretty fully valued. | 2011-12-07 | ||
| Comment | Nexen Inc | NXY-T | 15.660 | Continually disappointed, particularly on the Long Lake oil sands, which is a heat assisted way of processing. It’s high cost and disappointed a number of times in a row. Thinks they will be better on execution in the future. There are others that will do better sooner. | 2011-12-07 | ||
| Comment | Potash Corp of Saskatchewan | POT-T | 44.080 | Prefers Agrium (AGU-T). If buying, consider taking only a part position now and the balance on any pull back. | 2011-12-07 | ||
| BUY | Rogers Communcations (B) | RCI.B-T | 37.450 | Likes this and this is a pretty good entry point. Lots of free cash flow. Has underperformed Bell (BCE-T) and Telus (T-T). 4% yield and will probably have a dividend increase. | 2011-12-07 | ||
| WAIT | Research In Motion | RIM-T | 16.800 | Sold his holdings because of disappointment quarter after quarter. QNX system is due in February and will either be the saviour or not Stock will be either $22 or $12. | 2011-12-07 | ||
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| Comment | Sherritt International Corp. | S-T | 5.620 | Have a very large nickel project in Madagascar, which is to come on stream early in the new year. A laterite nickel project which is historically difficult. Market is not willing to believe they can handle it. If they are successful there will probably be a re-rating. Also trading at a discount because of their Cuban assets. | 2011-12-07 | ||
| SELL | Talisman Energy | TLM-T | 13.260 | Suffered worse than the group and hasn’t recovered. A little too gassy for the market. If you own, tax loss selling makes sense. Athabasca is too early yet. | 2011-12-07 | ||
| Comment | Trans Canada Corp | TRP-T | 42.570 | The Keystone project is worth about $3 a share. Fully valued at end the end of 2012, the stock would be $45. At this price, you could still buy and get 5% plus the dividend. Keystone probably won’t show earnings until 2014. | 2011-12-07 | ||
| Comment | Cline Mining Corp. | CMK-T | 1.650 | Met coal. Have a big mine coming on stream in 2012, so there’s execution risk and the market doesn’t want to pay for it in advance. If everything goes OK the stock will probably be worth $3. If not, there will still be further downside. | 2011-12-07 | ||
| STRONG BUY | AvenEx Energy Corp | AVF-T | 5.030 | Was a holding company that is now 95% of the way to becoming a junior oil producer with a gas marketing side. Not followed and is way below the radar. Yield is 11% and paying about 60% of cash flow in dividends. | 2011-12-07 | ||
| Comment | Paladin Resources | PDN-T | 1.770 | Uranium. Producing deposits in Australia and Namibia. Catalyst for the uranium market is a little bit of time and undervaluation with people realizing that uranium is a clean energy product. | 2011-12-07 | ||
| TOP PICK | Crombie Real Estate Investment Trust | CRR.UN-T | 13.270 | This is the Sobey’s family REIT with strip malls anchored by Sobey stores. Mostly Atlantic Canada and a little Ontario and Quebec.. Has lagged REITs a little because it is illiquid. Almost 7% yield. The ship building contract in Halifax outs some real juice into the local economy. Looking for 3%-5% growth. | 2011-12-07 | ||
| PAST TOP PICK | Extendicare REIT | EXE.UN-T | 7.090 | (A Top Pick Nov 12/10. Down 28.03%.) Got hit when the US changed their Medicaid policy. Well managed. Now yielding 11%. Good entry point. | 2011-12-07 | ||
| PAST TOP PICK | Legacy Oil + Gas Inc. | LEG-T | 10.500 | (A Top Pick Nov 12/10. down 13.05%.) Had a really wet environment in the 2nd quarter. Now you can start to see production growth coming through. Still buying. | 2011-12-07 | ||
| TOP PICK | Renegade Petroleum Ltd. | RPL-X | 2.800 | Has doubled its production but because they are energy and not gold, the stock hasn’t reacted yet. Drilling locations are high. Trading at about $0.50 on the dollar NAV. Will be a $4 stock when the energy market picks up. | 2011-12-07 | ||
| PAST TOP PICK | Argonaut Gold | AR-T | 7.170 | (A Top Pick Nov 12/10. Up 87.14%.) Gold in Mexico. Doubling production this year and probably take a couple of more years to double it again. 1 year target of about $10. Well managed. | 2011-12-07 | ||
| BUY | Agnico-Eagle Mines | AEM-T | 45.050 | Traded at a premium and then a bunch of bad luck. The street has started taking the premium out of the price. Still sees $55-$60 targets that Bay Street has on it. You are in a ‘show-me’ stage for a while. | 2011-10-26 | ||
| HOLD | Aecon Group Inc | ARE-T | 8.510 | Announced a slew of contracts in the last week. It is quite cheap. 26% of expected backlog announced in the last 5 days. With upcoming results he expects large increase. | 2011-10-26 | ||
| BUY on WEAKNESS | Bank of Nova Scotia | BNS-T | 51.580 | In last couple of months he wanted to lower bank exposure and this was the one he sold. It had the most international exposure. He will probably buy it back on a dip. His only problem is that they have the worst capital ratio. They may have to issue equity, but it is not a compelling need. He owns TD, CM, & RY. | 2011-10-26 | ||
| DON'T BUY | Canadian Oil Sands | COS-T | 23.410 | Prefers Suncor. COS is a pure oil sands play. Not a bad yield. There isn’t really any growth. | 2011-10-26 | ||
| WEAK BUY | Eldorado Gold | ELD-T | 18.780 | He finds it a little more fully valued than some and there is country risk with China and Turkey. They have good management and the mines are working fine. Not his favourite, but it could go a little higher. | 2011-10-26 | ||
| BUY | Kinross Gold | K-T | 14.550 | Compelling valuation for sure. Within gold group you have had so much risk aversion over the last couple of months. They have a lot of money to spend, best growth outlook of the seniors over the next 4 years but a little country risk and capital risk. Thinks it will catch up eventually and all the risk is priced in. Rewarding in the long-term. | 2011-10-26 | ||
| BUY | Rogers Communcations (B) | RCI.B-T | 35.930 | Like and own it. The numbers were ok but he was expecting higher churn from competition. On wireless side that was expected. Cable is a lower growth business than it used to be. All in all good free cash flow, relatively safe place to be. A good place to hide. | 2011-10-26 | ||
| BUY | SNC-Lavalin Group Inc. | SNC-T | 49.450 | Nice rebound. Owns a piece of the 407 toll road in Toronto. 12x earnings. Thought they lost some business in Libya but it will probably come back now. It’s a reasonable place to be because infrastructure needs to get built. | 2011-10-26 | ||
| BUY | Teck Resources Ltd. (B) | TCK.B-T | 37.330 | Is a core holding for most but he does not hold it. He prefers BHP Billiton. There is nothing wrong with Tck. You have to be fairly certain that growth in the world economy will happen. | 2011-10-26 | ||
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| HOLD | Trans Canada Corp | TRP-T | 43.680 | Keystone is a bit of an overhang, but it is still one of the 10 best stocks over the last 3 months. Enbridge grows earnings at 8-10%, twice TRP, but it is a good solid hold. | 2011-10-26 | ||
| SELL | Yellow Media Inc | YLO-T | 0.495 | They are reporting in a couple of weeks and he would be nervous. It probably wont be a great number. There is more risk that it could be a little weak. Thinks there were millions of shares when it went under a dollar and you can't short a stock under a dollar so there was probably a lot of covering. | 2011-10-26 | ||
| PAST TOP PICK | Crescent Point Energy Corp | CPG-T | 43.420 | (Top Pick Oct 6/10, Up 20.40%) Recently sold it. It was a macro call to take down some energy exposure. 6% dividend. Would buy back on market weakness at $40. | 2011-10-26 | ||
| TOP PICK | Calfrac Well Services Ltd | CFW-T | 29.750 | Chose this over other energy companies. 10x earnings, down quite a bit from its high. Are running flat out and see that until end of next year. It is just activity, which does not slow down. | 2011-10-26 | ||
| TOP PICK | Cineplex Inc | CGX-T | 25.990 | (Top Pick Oct 6/10, Up 32.77%) Going forward it is going to be solid. Steady Eddy, you get a dividend and you are happy. Bought more on the dip. Probably will raise dividend at year-end. People keep going to the movies even in a recession. | 2011-10-26 | ||
| SELL | Yamana Gold Inc. | YRI-T | 15.080 | Argentina wants its companies to repatriate their revenue from overseas. Have 20% of their profits from Argentina. ABX is the only significant one with significant production. It will probably get sorted out over time. It just means you have to reinvest the revenue in the country. | 2011-10-26 | ||
| BUY | BHP Billiton Ltd. | BHP-N | 78.040 | Likes the balance sheet. Have been buying back stock and raised dividend. They have lots of cash. Likes that they are closer to China. It is very large and so it has to be pretty nimble at making acquisitions. Expects above average growth. | 2011-10-26 | ||
| N/A | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Market: Valuations in some case look tremendous. You have to overlay the dicey macro overlook in Europe and get a comfort value. Enough agreement in Eu that we don’t get a banking credit crisis tomorrow like 2008. He has a lot of cash he would like to spend over the next little while. 20% of equity model is cash. | 2011-10-26 | ||
| PAST TOP PICK | AvenEx Energy Corp | AVF-T | 5.100 | (Top Pick Oct 6/10, Down 2.91%) 12% yield probably because it is small and Brice is probably the only guy that talks about it. Really good balance sheet. He is going to keep holding it. | 2011-10-26 | ||
| WAIT | Hudbay Minerals Inc. | HBM-T | 11.250 | Did analysis and liked what he saw. Their production in Flinflon did not come on and he will look at it again in 2012. Well run, good assets but a little early for him. | 2011-10-26 | ||
| SELL | Paladin Resources | PDN-T | 1.520 | Could be a takeover target. The largest one left that is independent and no controlling shareholder. Attractive longer term. He exited quite a while ago and wouldn’t go back in right now. | 2011-10-26 | ||
| TOP PICK | Allied Nevada Gold | ANV-T | 37.770 | In Nevada only, so no jurisdiction risk. Going to double production and then double again in 2013. | 2011-10-26 | ||
| BUY | Legacy Oil + Gas Inc. | LEG-T | 9.140 | Favorite mid-cap oily producer in western Canada. Has rebounded lately. They had a wet second quarter and got behind on production. Production is going to be 30-40% over next couple of years. Great entry point if you have some patience. | 2011-10-26 | ||
| DON'T BUY | Barrick Gold | ABX-T | 49.710 | The acquisition of Equinox will make them 20% copper and 80% gold. Doesn't own this one because it is too big. Prefers Goldcorp (G-T), which also has a bit of silver. (See Top Picks.) | 2011-08-15 | ||
| HOLD | Aecon Group Inc | ARE-T | 7.950 | Disappointed on a large fire bag contract in Fort McMurray where they lost $50 million. Last quarter was the 1st one where they were a little bit better. | 2011-08-15 | ||
| Comment | Bank of Montreal | BMO-T | 59.580 | Fears have caused a flood to bonds and away from equities of all kinds. Thinks banks are undervalued. You will see mid-single digit solid growth for earnings and dividend increases. You can buy almost any bank stock and get a higher yield than a 5 year bond. | 2011-08-15 | ||
| Comment | Enbridge Income Fund Holdings | ENF-T | 18.890 | This is fine and the income is safer than Enbridge (ENB-T) but not as much growth. | 2011-08-15 | ||
| Comment | Laurentian Bank | LB-T | 42.320 | Had gotten ahead of itself so current weakness is partially adjusting valuation. In the world of de-risking, you want to own a Quebec bank mostly or a large Canadian bank that is big and broad, which is safer and has at some in 10 different pots. | 2011-08-15 | ||
| Comment | Linamar Corp | LNR-T | 15.340 | Most auto stocks have poor looking charts. The group is trading at less than 10X earnings. Prefers Magna (MG-T) because it is much more diversified but they all look statistically cheap. If there is no recession the stock should rebound. | 2011-08-15 | ||
| BUY on WEAKNESS | Precision Drilling | PD-T | 14.450 | This is the rig side of drilling in he is more interested in the fracers and pressure pumpers now i.e. the specialty drillers. These would include Calfrac (CFW-T) and Trican (TCW-T), especially on pullbacks. | 2011-08-15 | ||
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| PAST TOP PICK | RioCan Real Estate Investment | REI.UN-T | 25.250 | (A Top Pick Sept 2/10. Up 26.16%.) Strip shopping malls. Able to make cheap acquisitions in the US now. Good management. | 2011-08-15 | ||
| Comment | Russel Metals | RUS-T | 23.710 | Recently sold his holdings in order to de-risk the portfolio and raise cash. Well managed and he thinks the dividend is safe. 70% Canadian and 30% US and would be at risk in an economic dip. | 2011-08-15 | ||
| TOP PICK | SNC-Lavalin Group Inc. | SNC-T | 51.400 | Just struck a deal in Abu Dhabi, which will add $500-$600 millions of revenues in the next couple of years. Good entry point. | 2011-08-15 | ||
| WATCH | Sherritt International Corp. | S-T | 5.510 | One third oil (in Canada), one third coal and cobalt (in Cuba) and one third nickel with a big project in Madagascar. Market is skeptical about Madagascar until they prove otherwise. Had some operating cost overruns. It will be 1st quarter of 2012 before we really see. If they can do it, the stock could double. | 2011-08-15 | ||
| BUY | Suncor Energy Inc | SU-T | 32.430 | Current price is about as low as it is going to go. 8%-10% production growth for at least 10 years. Probably the best senior oil sands play. Highest percentage of US ownership of a Canadian oil so it tends to swing more as US investors trade more than we do. Cheap. | 2011-08-15 | ||
| TOP PICK | Toronto Dominion | TD-T | 76.880 | (A Top Pick Sept 2/10. Up 8.41%.) Likes the growth as a result of some of their acquisitions. Has the most profitable US retail system of any Canadian bank. Very well managed. Get 1.8 million new customers with their latest acquisition. | 2011-08-15 | ||
| Comment | Teck Resources Ltd. (B) | TCK.B-T | 43.780 | Coal, copper and zinc. Trading at quite a cheap valuation. Based on where economies are going, he feels a value is now is probably in the low to mid $50’s. | 2011-08-15 | ||
| Comment | Sino-Forest Corp | TRE-T | 6.090 | Very hard to know the fundamentals. He would use an options travel on this one because it will be completely volatile. | 2011-08-15 | ||
| Comment | Yellow Media Inc | YLO-T | 1.210 | Looking at this to see what to do about their preferreds and bonds. Thinks it is possible they will eliminate the dividend down the road. Expects the company will survive and will be a free cash flow generator and pay back all their debt. Go to the short-term bonds if you want to be in this company. | 2011-08-15 | ||
| PAST TOP PICK | Crescent Point Energy Corp | CPG-T | 43.180 | (A Top Pick Sept 2/10. Up 22.33%.) Probably has the single best pipeline of locations to drill. Bakken was very wet this spring but have put that behind them now. Production number last week was a little above expectations. | 2011-08-15 | ||
| DON'T BUY | Uranium One Inc. | UUU-T | 3.060 | This is controlled by Kazakhstanis now, which is a relative market against it. Expect it will continue to lag. | 2011-08-15 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Market. There was a lot of fear last week. You could see it in prices as well as the way the market reacted. Almost everything was oversold. Friday and today felt quite a bit more normal. His equity portfolio has about 18% gold and 17% cash. Expect there will still be volatility over the next 3-4 months as Europe and the US economy is sorted out. | 2011-08-15 | ||
| Comment | Cline Mining Corp. | CMK-T | 2.080 | Coal. Has come down enough that it is looking interesting. All coal stocks have retreated quite a bit. Ramping up production. All Junior coals in Canada are incredibly cheap. Quite volatile. | 2011-08-15 | ||
| HOLD | AvenEx Energy Corp | AVF-T | 5.490 | Changing itself from a little bit of a conglomerate. In the process of selling off their real estate. This one is under the radar with no coverage on Bay Street, which is why it is cheap. 10% dividend. Just reported a quarter which was a little ahead of his expectations. | 2011-08-15 | ||
| DON'T BUY | Canadian Tire Corporation Ltd. (A) | CTC.A-T | 56.440 | Dual class share structure is a problem that he expects gets fixed in the next few years. Not his favourite. Not cheap enough for him. | 2011-08-15 | ||
| Comment | Osisko Exploration Ltd. | OSK-T | 13.850 | Look at this in the spring when it was under $14. Is back to this price again with much higher old prices. Some healthy skepticism on Bay Street that they can bring the mine into production on time and under budget but they have done it so far. A little perplexed why the stock doesn't perform better. | 2011-08-15 | ||
| Comment | Bell Aliant | BA-T | 27.300 | Doesn't feel growth prospects are great. Dividend is safe. If you're a yield player, it's a good solid hold. | 2011-08-15 | ||
| TOP PICK | Argonaut Gold | AR-T | 6.040 | Just reported good earnings. Three gold mines in Mexico. One is producing and had 35,000 ounces last year going up to 70,000 – 75,000 this year then 115,000 and than 155,000. | 2011-08-15 | ||
| DON'T BUY | Agnico-Eagle Mines | AEM-T | 62.200 | Had a problem with a kitchen fire in one of their mines, affecting 500 employees so mine was shut down while they rebuilt the kitchen. It will pass this quarter. He hasn’t particularly liked their profile. Now they are in the penalty and have to rebuild. Prefers others. | 2011-07-12 | ||
| BUY | Aecon Group Inc | ARE-T | 8.160 | He is going to wait on it. Like a small cap SNC. Had a problem with fixed price contracts abut that has passed so now all they have to do is deliver on backlogs. | 2011-07-12 | ||
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| SELL | Central Fund of Canada Ltd (A) | CEF.A-T | 20.920 | Buy it and you own bullion. Equities have been lagging the price recently so this has been a pretty good holding. So he would prefer the equities to the bullion. Some stocks are actually out performing bullion. There is about a 15% catch up. | 2011-07-12 |
