STOCKCHASE

RioCan Real Estate Investment

37.580

A lot of growth from water flood from Bakken and Shaunevon sites. Because it was a trust, it still has a pretty high dividend. Stock is temporarily depressed because they did a couple of issues to pay for acquisitions. Now have 10 years of drilling.

2010-09-02

TOP PICK

REI.UN-T

21.010

Largest and oldest REIT. Shopping centres. So big in Canada that they’re starting to dip their toe into Texas and Pennsylvania. These are accretive acquisitions. About 7% yield. Great place to hide in this environment.

2010-09-02

TOP PICK

Toronto Dominion

TD-T

73.170

Just reported very solid numbers. Likes the US where they are quite profitable. Could see $80. About 3% yield and is almost certain they will raise the dividend in 2011.

2010-09-02

DON'T BUY

Yamana Gold Inc.

YRI-T

10.870

Had problems in the last couple of years and traded at a discount because they over promised and under delivered. Better places to be such as Allied Nevada (ANV-T), which has better growth.

2010-09-02

Comment

33.780

After Petrocan acquisition they’re selling gas and non-core assets and retreating to being primarily oil sands. Very good at it and one of the lowest cost producers. If oil prices get back to oscillating between $70 and $85, this will probably go back to the $39-$40 level. (See Top Picks.)

2010-09-02

Comment

0.355

Has rebounded off the bottom with a potash speculation of being a good takeover. In negotiations with the Chinese company Complant (?) to finance their plans for their Congo mine. Stock is $.70 if a deal is signed and $.25 if they don't. Speculative.

2010-09-02

BUY

Potash Corp of Saskatchewan

12.860

There will be some tax loss selling, which will put pressure on the stock. Disclosed last quarter that not only does it have equity risk because of lack of hedging, but also have US treasury interest rate risk if rates go down. A Buy at these prices.

2010-09-02

Comment

Bell Aliant

BA.UN-T

25.460

Reasonable dividend. Announced what the dividend cut will be after they convert and there is probably not a lot of danger. Lack of growth but because they are a wire line business, there could actually be a slow decline. Doesn't expect BCE (BCE-T) are in any particular hurry to acquire them. 11.4% yield.

2010-09-02

DON'T BUY

Canadian Oil Sands Trust

COS.UN-T

25.770

Isn't that much growth but pays a decent dividend. Would rather own Suncor (SU-T) where you don't get quite the dividend but you know you have a growing production base. (See Top Picks.)

2010-09-02

BUY

Research In Motion

RIM-T

46.500

Thinks it is oversold but has not been adding to his holdings. Has become sort of a classic value trap. Sentiment probably can't get much more negative. Growing revenues and earnings at 25% and trades at 8X earnings. If you have the stomach for the volatility, it will probably work out.

2010-09-02

BUY

Great West Lifeco

GWO-T

25.030

This is his favourite insurance company. He would prefer to buy it at $24 but it doesn't have the same leverage and credit issues that Manulife (MFC-T) and Sun (SLF-T) have. It is the most likely to raise its dividend sooner. Good ROE. $28-$29 in 1 year.

2010-09-02

HOLD

Uranium One Inc.

UUU-T

3.540

A special dividend of $1.06 will be paid because of the Kazakh deal and the stock will drop to about $2.50 which is the asset value. From there it becomes 1) a consolidating play or 2) at play on the price of uranium.

2010-09-02

PARTIAL SELL

POT-T

156.250

BHP Billiton (BHP-N) would like to acquire them but the market is indicating the price should be closer to $160-$165. If you own, you could sell half your holdings at the current price and hope for a higher takeover on the balance.

2010-09-02

Comment

Royal Bank

RY-T

52.300

2 concerns. They are most highly levered to capital markets but he can live with that. His biggest concern is that they're losing money on their US retail side. This needs some fixing. (See Top Picks.)

2010-09-02

Comment

Kinross Gold

K-T

17.930

Thinks it got oversold and has started to pick back up. Acquiring Red Back Mining (RBI-T). If they didn't overpay and they can prove up reserves and you like the price of gold, this is the cheapest senior gold by far.

2010-09-02

HOLD

Telus Corp

T-T

43.860

Good solid hold and won't go down much in the correction. His favourite is Rogers (RCI.B-T), which has better growth and almost the same dividend.

2010-09-02

BUY

Nexen Inc

NXY-T

20.640

Has had a lot of trouble with Long Lake. Coming but it's slow. A statistically cheap oily stock that, if it can fix the problem, will have a lot of opportunity. Not fixable in 1 quarter. Trading at a discount to NAV.

2010-09-02

Comment

A Comment -- General Comments From an Expert

A Commentary

0.020

Market. He is looking for a 5% correction in the market.

2010-09-02

TOP PICK

Cineplex Galaxy Income Fund

34.470

Looking for 5 to 7 years of 10% per year good production growth. Relatively low risk. About 12X earnings, 6.5X cash flow and asset value in the mid-$40's. Thinks the stock is undervalued by about 20%.

2010-08-04

TOP PICK

CGX.UN-T

19.880

Basically an income pick. Anything under $20 is a buy. Converting to a Corp on Jan 1st. Payout ratio is low enough that they can maintain their dividend. Almost 7% yield. 3-D movie trend is going to go higher.

2010-08-04

TOP PICK

SNC-Lavalin Group Inc.

SNC-T

47.140

Owns 30% of highway 407 and if you value this and take it out, then the rest of the business is trading at about a 15% discount to its peers. Should be trading in the low $50's.

2010-08-04

BUY

Agrium

AGU-T

67.410

Fertilizer group looks pretty cheap and should move up. Prefers this over Potash (POT-T), which is just one product. This one also has nitrogen and ammonia plus retail. Did well this quarter. $75-$80 is a good 1-year target.

2010-08-04

BUY

Cenovus Energy

CVE-T

28.590

Analysts had raised estimates from mid to upper $30’s and stock moved up. When they reported earnings, there was a slight disappointment so the stock has dropped. Still likes and can see $33-$34 over the next year.

2010-08-04

BUY

38.010

Payout ratio is about 50% and dividend is very secure. They make acquisitions and do equity and the stock goes sideways for a few months while it absorbs that. Very successful drilling track record and have 5-10 years of fantastic growth coming. Looking for mid to high $40's, possibly in a year. Good yield.

2010-08-04

SELL

Canadian Oil Sands Trust

COS.UN-T

27.250

Likes oil sands but this is not one of his favourites. If you own, consider selling and buying something else on a market pullback. (See Top Picks.)

2010-08-04

HOLD

Progress Energy Resources

0.380

Potash in western Africa. Asset value of well over $1 if they can get the deal with China National Company Plant Import (Complant) signed, which is extremely close. Surprised the stock has not been moving up.

2010-08-04

Comment

Sunlife Financial

SLF-T

28.600

Over a 2-3 year time frame, it is fine but doesn't know if there are any short-term catalysts. Have some equity and credit exposure where he expects some non-cash write-downs to show up in tonight's reporting. Looks cheap. Almost 5% yield. Earnings are close to Book Value.

2010-08-04

Comment

BCE Inc.

BCE-T

31.600

Had reached a 52 week high and had upped their dividends twice so he sold his holdings. There is a rumour of a 3rd dividend increase but if there is one, he expects it will be fairly minor. If you want this strictly for yield, it is okay.

2010-08-04

Comment

Red Back Mining Inc

RBI-T

28.050

Caller wants to replace because she is not happy with Kinross’s (K-T) recent connection. To get something similar, you are looking for something with growth over the next few years. He likes Allied Nevada Gold (ANV-T) and Iamgold (IMG-T).

2010-08-04

PAST TOP PICK

Kinross Gold

K-T

16.090

(A Top Pick Aug 10/09. Down 21.63%.) Decided to continue to hold because when their new Red Back (RBI-T) connection, which could possibly give them a lot of growth between now and 2015

2010-08-04

PAST TOP PICK

Trans Canada Corp

TRP-T

36.810

(A Top Pick Aug 10/09. Up 21.44%.)

2010-08-04

PAST TOP PICK

Aecon Group Inc

ARE-T

11.120

(A Top Pick Aug 10/09. Up 1.05%.)

2010-08-04

TOP PICK

Research In Motion

RIM-T

54.840

Low valuation at 4.4X EBITDA and 9X earnings with earnings growth of 24% in a quarter. There is concern it will start losing some of their business enterprise side and Apple (AAPL-Q) has the biggest share on the consumer side. Consumer side will be saved by international usage. Strong expectation of new products.

2010-06-28

TOP PICK

Allied Nevada Gold

ANV-T

22.270

Sold his Eldorado (ELD-T) when it traded up to 2.5X the value of the gold in the ground. This one is the cheapest trading at 1.1X asset value. In Nevada. Looking for great growth up to 300,000 ounces.

2010-06-28

TOP PICK

Legacy Oil + Gas Inc.

LEG-T

11.750

Oily Bakken and Cardium play. Smaller growth company at a cheaper valuation. Drilled 22 oil wells last quarter and were 22 for 22.

2010-06-28

PAST TOP PICK

PRQ-T

12.850

(A Top Pick June 25/09. Up 27%.) Gassy. Acquire some assets from Suncor (SU-T). Have a lot of drilling coming. Nice dividend.

2010-06-28

PAST TOP PICK

Trans Canada Corp

TRP-T

36.340

(A Top Pick June 25/09. Up 23%.) Closer to full valuation now but is happy to hold safe stocks with a little bit of growth. 4% yield.

2010-06-28

PAST TOP PICK

Toronto Dominion

TD-T

70.690

(A Top Pick June 25/09. Up 25%.) His favourite bank.

2010-06-28

PARTIAL BUY

Cenovus Energy

CVE-T

28.030

This is the mostly oily assets of Encana (ECA-T). Under performed for the first little while and dropped to good value at the $24-$25 range. On days when oil is weak, you can pick away at it and get more aggressive if oil goes back to $70.

2010-06-28

Comment

Agrium

AGU-T

52.210

Seasonal element but thinks that will be overwhelmed by both market and yearly cycle. The one stock to buy in the fertilizer area because it is part potash, phosphate and ammonia. Also has a retail component to it. Expect the real big prices are going to be pushed to 2011.

2010-06-28

Comment

Biovail Corp.

BVF-T

20.380

Market seems to like the merger with Valeant (VRX-N). Making a bigger company and giving a much broader pipeline. The profitable US company gets to use the Barbados tax shield. It has gone up so much it might have been overdone. Prefers others such as Extendicare (EXE.UN-T).

2010-06-28

HOLD

PetroBakken Energy

PBN-T

22.030

Market feels they lost focus and made 2 or 3 acquisitions and got outside of the Bakken. Has pulled back to the point where it is cheap. Catalyst will be successful drilling over the next 2 or 3 quarters. Consider adding to it when it was under $22.

2010-06-28

BUY on WEAKNESS

Canadian Western Bank

CWB-T

24.200

Management has always delivered what they promised. Very efficient bank. Got hurt in a recession because of lending to small businesses in western Canada. Try to buy a $22 and just tuck it away for 5 years.

2010-06-28

Comment

Potash Corp of Saskatchewan

POT-T

95.020

Had tried to put a $10 price increase on the commodity but it didn't take. If you have a time horizon of over 18 months you can Hold or average down.

2010-06-28

DON'T BUY

Canadian Oil Sands Trust

COS.UN-T

28.030

You are buying the oil sands, which gives you growth, but this is not a growth company. You are really buying it for the dividend. Prefers Crescent Point (CPG-T) because he gets more of the dividend with a growth company.

2010-06-28

BUY

Manitoba Telecom Services

38.500

Has been going sideways but they have set themselves up with 5 years of great locations to drill and a large water flood project that they are piloting. Still has growth.

2010-06-28

BUY

Semafo Inc

SMF-T

8.430

Gold in Burkina Faso so it is inclined to trade at a discount. As long as they keep adding production and reserve growth it will rise.

2010-06-28

DON'T BUY

MBT-T

27.840

9% dividend but payout is more than 100% of earnings. Will probably cut their dividend to 6% and he then sees the stock moving sideways from there. If you are interested in this, via on the day they cut the distribution when the price drops.

2010-06-28

Comment

Teck Resources Ltd. (B)

TCK.B-T

33.680

Going forward this will be a very swinging stock. Market sentiment related. Net asset value is low $40's. A Buy in the low $30's and a Sell in the high $30's. If you are a trader, you can probably do that a few times.

2010-06-28

DON'T BUY

Athabaska Oil Sands Corp

ATH-T

11.700

The problem is that there is no production until 2014. The asset value is only $8 plus cash of about $1.

2010-06-28

BUY

Avenir Diversified Income Trust

AVF.UN-T

5.330

Just announced conversion plans. Dividend will be 11%. Intend to sell their Calgary real estate holdings so will in effect be a small Junior oil/gas company. New payout ratio is under 60%.

2010-06-28

Comment

16.250

Great Asian business. Growth looks decent. Fixed the balance sheet but to do so, alienated a bunch of investors by cutting the dividend in half. Cheap valuation. Doesn't expect an increase in dividends until late next year.

2010-06-28

BUY

Sherritt International Corp.

33.000

Will have a couple of quarters that will be flat. They are about $2.5 billion into a $4 billion program of selling non-core assets. Looking for 10%-12% production growth starting the end of the year, which is highly attractive.

2010-06-28

TOP PICK

Toronto Dominion

TD-T

71.980

Just made some US acquisitions. Concentrating on North American retail. A place to hide in uncertain markets. Decent earnings growth of 9% plus 3%-4% dividend gives a 12% return.

2010-05-17

TOP PICK

Aecon Group Inc

ARE-T

11.150

Infrastructure and her big beneficiaries of the current construction season. Now has a record backlog. Others in the group also looked attractive at their prices.

2010-05-17

TOP PICK

Iamgold Corp

IMG-T

19.040

Gold is great for portfolio insurance when times are uncertain. Almost a de facto replacement of the euro in currency. If there was another 5%-10% pullback, gold will continue to outperform.

2010-05-17

BUY

S-T

6.750

Everybody positive on their large Madagascar nickel play. Stock is currently down because of risk aversion, not the company per se. If the Europe situation spreads this could go down but otherwise it's a good holding.

2010-05-17

PAST TOP PICK

Shoppers Drug Mart Corp

SC-T

36.830

(A Top Pick May 25/09. Down 14.48%.)

2010-05-17

PAST TOP PICK

Canadian National R.R.

CNR-T

60.730

(A Top Pick May 25/09. Up 35.6%.) Sold this one part way through the year but would buy back in the mid-$50's.

2010-05-17

PAST TOP PICK

BCE Inc.

BCE-T

31.520

(A Top Pick May 25/09. Up 36.86%.)

2010-05-17

Comment

Potash Corp of Saskatchewan

POT-T

104.620

6 months is a little iffy for agriculture stocks but has more confidence in 18 months. Around $100 you are starting to get valuations that are pretty attractive.

2010-05-17

PARTIAL BUY

Canadian Natural Rsrcs

CNQ-T

71.370

Doing a 2 for 1 stock split on May 21. Normally a positive move for 2-3 days after the split and then eventually, no impact. Positive in that retailer investors will be up to buy more readily. Good price to dip your toe in.

2010-05-17

Comment

0.365

Small-cap, very junior owner of a potash mine. Have a Memorandum of Understanding with a Chinese company and he is just waiting for the announcement.

2010-05-17

BUY

31.260

All global senior oil has pulled back today. Likes oil sands longer-term. Low-cost. Doing a good job on fairly aggressive selling of non-core Petrocan assets. Earnings this year will be relatively flat and will start to rise substantially in 2011. Anytime it is at this price, it is a buy.

2010-05-17

STRONG BUY

Manitoba Telecom Services

39.150

Expect the dividend will be maintained but not increased. Have done a bunch of acquisitions including Shelter Bay. Probably 5000 locations to drill in the Bakken over the next few years. Pilot tested a water flood successfully, which increases the recovery.

2010-05-17

Comment

MBT-T

28.790

The low price of the stock indicates they are going to cut the dividend. Payout ratio of 100%. Unlikely that any other telco will acquire this.

2010-05-17

HOLD

Bank of Montreal

BMO-T

64.190

All the banks have had a nice run and the return is probably 5% from here plus dividend gives you 7% or 8%. He prefers Bank of Nova Scotia (BNS-T) as this one is a little less clear as to a specific strategy but nothing wrong with it.

2010-04-19

HOLD

Bank of Nova Scotia

BNS-T

52.000

All the banks have had a nice run and the return is probably 5% from here plus dividend gives you 7% or 8%.

2010-04-19

BUY

Canadian Natural Rsrcs

CNQ-T

77.010

Feels oil is $75-$85 but could spike either above or below if something happens. Currently we are in the middle of the range. Their Horizons project keeps trucking in the oil sands and as it comes along, this stock looks cheap on a price to cash flow.

2010-04-19

Comment

CML Healthcare Income Fund

0.450

Small potash company with proven reserves on the west coast of Africa. Needs financing to bring it into production. Has a “memorandum of understanding” with a July deadline with a Chinese company. If that goes through there is a net asset value of $1.75.

2010-04-19

WATCH

CLC.UN-T

11.880

US side had a couple of poor quarters and would have to grow so they wouldn't have to cut distributions. That is now changed and now looks that they are going to have to cut, possibly 1st week in May. Recently exited but would reconsider purchasing if it went down enough.

2010-04-19

HOLD

Sunlife Financial

SLF-T

31.700

Lifecos lagged banks on the recent move. Feels dividend is safe. Probably 10% upside. This would be his least favourite of the Big 3. (See Top Picks.)

2010-04-19

HOLD

Great West Lifeco

GWO-T

27.990

Lifecos lagged banks on the recent move. If you think the market is going to recover, this one is probably the safest of the Big 3. If earnings come as he expects over the next few quarters it should be a small increase, which could propel it towards $30. (See Top Picks.)

2010-04-19

BUY

Eldorado Gold

ELD-T

13.970

Gold in China and Turkey. Everything seems to be going well. Good production growth, low cost and good management. Likes it in the mid-$13's.

2010-04-19

PAST TOP PICK

Nexen Inc

NXY-T

26.140

(A Top Pick Apr 13/09. Up 9.38%.) Had a little trouble with the Long Lake but still likes.

2010-04-19

PAST TOP PICK

Enbridge

ENB-T

50.100

(A Top Pick Apr 13/09. Up 42.54%.)

2010-04-19

PAST TOP PICK

Rogers Communcations (B)

RCI.B-T

34.980

(A Top Pick Apr 13/09. Up 33.56%.)

2010-04-19

TOP PICK

Agrium

AGU-T

63.300

More diversified than Potash (POT-T). Their retail gives a little bit of cushion.

2010-04-19

TOP PICK

34.050

Oldest operator, the best and cheapest. Had a couple of fires lately and it will take them a year or so to sell off the Petrocan assets that don't fit. Expect they will come out the other end with growth and focus.

2010-04-19

TOP PICK

Sherritt International Corp.

19.600

Banks have had a run-up but lifecos have lagged this recent move. He expects the markets are going to recover.

2010-04-19

TOP PICK

PetroBakken Energy

PBN-T

26.890

Primarily Bakken but has diversified into a few Cardium plays. Stock price has retreated and is a great entry point. Good set of possible drill prospects. 4 or 5 years of really good growth prospects.

2010-03-15

TOP PICK

Research In Motion

RIM-T

77.170

Smart phone market is growing and recent studies indicate it is outgrowing Apple (AAPL-Q). Trading at a fairly discounted value for a growth stock.

2010-03-15

TOP PICK

Aecon Group Inc

ARE-T

13.640

Safe way of having some exposure to infrastructure. Acquired Lockerbie & Hole near the bottom of the market early 2009 and has turned out to be a great acquisition. He sees 2 or 3 years of baked in 15% growth that can't really get derailed.

2010-03-15

PAST TOP PICK

Nexen Inc

NXY-T

23.740

(A Top Pick Apr 13/09. No change.) Have the Long Lake oil sands project and keep having mildly disappointing numbers. Has an asset value of $34. Could be a takeover target. Buying at this price.

2010-03-15

PAST TOP PICK

Enbridge

ENB-T

48.560

(A Top Pick Apr 13/09. Up 33.6%.) Recently raised the dividend. Very safe place to be. Hold.

2010-03-15

PAST TOP PICK

Rogers Communcations (B)

RCI.B-T

35.100

(A Top Pick Apr 13/09. Up 30%.) Great free cash flow generator. Has room to increase dividends and buy backs stock. Hold.

2010-03-15

Comment

S-T

8.850

Essentially a third coal, a third nickel and a third oil with fairly heavy Cuban exposure on the nickel and oil side. Largest leaseholder in Alberta of coal. Very cheap stock on a net asset value. The real catalyst will be if Cuba eventually opens up.

2010-03-15

BUY on WEAKNESS

Fairborne Energy Ltd.

FEL-T

3.940

At $3.50, it's not bad value but not one of his favourites. Okay for a long-term purchase.

2010-03-15

Comment

A Comment -- General Comments From an Expert

0.460

Junior potash story on the west coast of Africa. Recently signed a Memorandum of Understanding for the 2nd time with a Chinese company. He calculates a NAV of about $1.75. Relatively higher risk play but the risk/reward looks really good.

2010-03-15

BUY on WEAKNESS

Onex Corp

OCX-T

28.060

Holding company with a great long-term track record. Recently purchased this at around $24. About $8 a share in cash and an asset value of about $38. We prefer it down $1 or $2..

2010-03-15

HOLD

Eldorado Gold

ELD-T

13.450

Because gold is volatile he would not use an automatic stoploss, but would keep an eye on it instead. Likes the production growth.

2010-03-15

BUY on WEAKNESS

Silver Wheaton

SLW-T

15.700

Has hung in pretty well even though silver/gold prices have retreated. Great way to play Silver in that they have a lot of contracts where they take the production at a cost with the floor of $3.90 an ounce. A little ahead of itself by $1 or so.

2010-03-15

Comment

A Commentary

0.020

Canadian banks. He owns 4 of the 5 banks excluding Bank of Montreal (BMO-T). His favourite is Toronto Dominion (TD-T). However, they all have run based on good 1st quarter earnings so expects they will pause and go sideways for a while. 2011 estimates are starting to look pretty good.

2010-03-15

BUY