| STRONG BUY | | Microsoft | MSFT-Q | 29.620 | Started buying in 2005. Likes it. Vista sales have been strong and corporate units are strong. Moving into the Server market.
| 2007-06-07 | |
| DON'T BUY | | HSBC Holdings P L C | HBC-N | 91.600 | Stock has had a mixed year.
Don't own because a large bank, cannot have much growth.
He has bought developing market banks though because they will participate in the growth of their economy. | 2007-06-07 | |
| DON'T BUY | | Brookfield Asset Management Inc. | BAM-N | 38.470 | Moving out of forestry and into infrastructure. He isn't going into it because it's a Canadian stock, in that pension plans only have a few things they can go into, and this stock is getting bumps because the market is small. Not a particularly compelling values at this point.
However management is very strong, and he wouldn't advise not to buy, but he says that he has recommendations that are better. | 2007-06-07 | |
| DON'T BUY | | Nomura Hold\ings | NMR-N | 20.130 | This type of bank gives leveraged exposure to the equity market and volumes in the equity market.
They've had a good run, and is currently fairly valued.
He feels that Japan isn't bullish.
| 2007-06-07 | |
| BUY | | Fortis NV | FORSY-NL | 0.001 | Under a new management team and is extremely well done. Shares have come off, because they are attempting a takeover, but is well worth it at this level.
dividend is 5.3. | 2007-06-07 | |
| HOLD | | Colgate Palmolive | CL-N | 66.210 | Is fully valued at current levels. Something like 20 times current earnings.
| 2007-06-07 | |
| BUY | | S&P 500 Index | SPX-I | 1.000 | Despite it's assent is still very reasonable at the current price. He can't imagine a long term decline. | 2007-06-07 | |
| DON'T BUY | | CanWest Global Comm. | CGS-T | 10.510 | None voting shares are never a deal breaker, but there is an additional risk that should be compensated for.
Thinks that canwest management is being clever, but he's not buying. | 2007-06-07 | |
| PAST TOP PICK | | Massmart Holdings | MSM-SJ | 0.001 | Jan 9 2007.
24.5 % rise.
A leading South African retailer. Very little credit sales.
Great cash flow generator.
He's still holding it. | 2007-06-07 | |
| PAST TOP PICK | | Banco Bilbao | BFR-N | 10.790 | Then $24.15
A very well run bank. They bought a large bank in the states which has lowered their shares a bit.
They continue to hold it. | 2007-06-07 | |
| PAST TOP PICK | | March Networks Corp | MN-T | 10.850 | Lost their sales to Walmart.
Value the stock at around $12 $13.
Fairly valued at these levels.
Still holds, feels that the price reflects nothing but bad news, which means it's a pretty good time to buy.
| 2007-06-07 | |
| Comment | | Bank of Nova Scotia | BNS-T | 51.280 | Canadian banks on a long term investment are great. They like TD, because they are the best at retail banking.Scotia Bank is the only bank in a position to profit from growth, all other Canadian banks are saturated. However Scotia is heavily invested in the automotive industry.Feels that Scotia is fine for a long term investment, but all Canadian banks will be treading water for the rest of the year. | 2007-06-07 | |
| DON'T BUY | | Genentech | DNA-N | 74.901 | One of the largest bio-tech firms in the world.
He thinks there is not enough control, in knowing how research is going to be able to proceed. (phase 1 through phase 6).
Instead he uses PBE-A which is a portfolio. Less exciting but more rewarding long term. | 2007-06-07 | |
| STRONG BUY | | Nokia | NOK-N | 27.670 | Caller asked about Motorola and he started talking about NOKIA. (really pushing it).
| 2007-06-07 | |
| WEAK BUY | | Motorola | MOT-N | 17.690 | New product portfolio isn't strong enough to get the stock moving. They've tried to expand into India and China, but Nokia has that market already.
Even so he says it's a strong stock, but he thinks you should buy Nokia instead. | 2007-06-07 | |
| BUY | | Glaxosmithkline PLC | GSK-N | 51.340 | Their patent expires this year. Are being evaluated, will probably sell.
Recommends Johnson & Johnson instead. JNJ-N
| 2007-06-07 | |
| BUY | | Johnson & Johnson | JNJ-N | 62.000 | Thinks the shares should be selling at $75.
| 2007-06-07 | |
| SPECULATIVE BUY | | Uranium One Inc. | UUU-T | 14.460 | Have a lot of near term production based on brown field assests, so there isn't a lot of exploration risks.
Management is good.
Good entry point for this, but it's a risk stock because it's in uranium. | 2007-06-07 | |
| Comment | | Wal-Mart Stores Inc. | WMT-N | 49.760 | A great time to buy non-Canadian assets, however.Walmart can only grow by same stores growth or opening new stores. Management is going to slow down superstore growth. Not a ton of downside, but wouldn't be his favorite bid for a US retail store.Is ambivalent about it. | 2007-06-07 | |
| STRONG BUY | | Chico's FAS | CHS-N | 25.500 | His pick of US retailing space. A turn around story, and are focusing on higher middle class, upper income women who are habitual spenders.
Has a small position in it. | 2007-06-07 | |
| BUY | | Nexen Inc | NXY-T | 31.840 | Likes the company. Is going to trade with the price of oil. If you think oil is going up then it will as well.
| 2007-06-07 | |
| BUY | | Nestle | NESN-VX | 0.001 | Nestlé is the largest food and beverage company in the world.
One of the highest organic growth rate.
Doesn't own it.
A great defensive stock, good pick. | 2007-06-07 | |
| TOP PICK | | Macquarie Group | MQG-AU | 0.001 | A re-pick. Thinks this is a fantastic entry point.
The stock is a bit expensive for a bank but it's growing it's income earnings and dividend earnings by 50% year over year.
| 2007-06-07 | |
| TOP PICK | | 3M Co. | MMM-N | 84.880 | value investing in action.
They've had a miserable 2006, a good entry point.
They sell 2/3'd of their product outside the states, so the State's dollar isn't as big a factor, highest margins in Asia.
Huge buyback program.
This stock is selling at a very steep discount to it's intrinsic value. | 2007-06-07 | |
| TOP PICK | | William Hill | WMH-LSE | 0.001 | Trades on the London Stock Exchange.
The largest bookie in England. If you are the type of person who doesn't go to Casino's but would like a share in Casino's this might be the next best thing.
| 2007-06-07 | |
| TOP PICK | | Foment Economico Mexican | FMX-N | 110.720 | A Mexican conglomerate. Emerging markets have been disproportionately hit in the sell off of the last few days. | 2007-03-01 | |
| TOP PICK | | Babcock & Brown Infrastructure | BBI-AU | 0.001 | Australian infrastructure fund. On global utilities, you want to consider what is the opportunity to increase the regulated rate base. This company has one of the best opportunities to do so. | 2007-03-01 | |
| TOP PICK | | Kose | 4922-JP | 0.001 | A Japanese cosmetic company. 90% of their business is from Japan. Very high-end goods. 20% of the share price is cash. Good price. | 2007-03-01 | |
| DON'T BUY | | Research In Motion | RIM-T | 165.440 | A great company with a really defensible position in serving the enterprise market. Pretty expensive at these levels. Look at Nokia (NOK-N) as an alternative. | 2007-03-01 | |
| Comment | | National Bank of Greece SA | NBG-N | 10.170 | Both Greece and Cyprus are two of the fastest growing financial services markets in Europe. Their earnings and balance sheet are growing at roughly 20%-25%. You could also look at the national Bank of Cyprus (sticker unknown), which is growing even faster. | 2007-03-01 | |
| HOLD | | Suez | SZE-N | 47.720 | French water utilities. Price has come off on talk of a pending merger where it is the acquirer. Could be potential price weakness ahead because the stock has got ahead of itself. | 2007-03-01 | |
| BUY | | Diageo PLC | DEO-N | 78.000 | Fantastically well run. Upscale drinking in the US and Asia has been beneficial. Good dividend yield of 3.7%. An attractive entry point. | 2007-03-01 | |
| DON'T BUY | | iShares MSCI Singapore E.T.F. | EWS-N | 11.390 | Views Singapore favourably. Big problem with global ETF’s is that indexes were never meant to be construed as well diversified portfolios. 55% financials is too heavy a weighting. | 2007-03-01 | |
| DON'T BUY | | Halliburton Co | HAL-N | 31.340 | His fear with oil is that there are all sorts of warning signs. This one is a bit rich. Suggests you look at Technip (TKP-N), a French engineering firm. | 2007-03-01 | |
| BUY | | Technip | TEC-Paris | 65.850 | French engineering firm. Recent numbers were very strong. Doing a special dividend. Very well poised to benefit from the huge capital expenditures of the oil/gas industry. | 2007-03-01 | |
| BUY | | Telefonica S.A. | TEF-N | 63.410 | Spanish telephone/wireless company. Good Latin America and South America exposure. The premier global telco. | 2007-03-01 | |
| DON'T BUY | | Talisman Energy | TLM-T | 19.790 | Today's numbers where a bit disappointing in terms of cash flow generated. At this point in the cycle, he would not put new money into the energy space. | 2007-03-01 | |
| Comment | | Novartis AG | NVS-N | 55.100 | One of the more expensive healthcare stocks, which reflects the quality of its pipeline. Would prefer Johnson & Johnson (JNJ-N). | 2007-03-01 | |
| DON'T BUY | | Suncor Energy Inc | SU-T | 82.310 | Probably the premier oil sands play. Has a huge US institutional following. The best time to buy these stocks is when we are deep into a recession, so would be reluctant to go into it at this time. | 2007-03-01 | |
| BUY | | Royal Bank of Scotland PLC | RBS-N | 0.001 | Yield is around 4%. Fantastic operators in terms of their cost structure. Good ability to make accretive acquisitions. | 2007-03-01 | |
| DON'T BUY | | Google | GOOG-Q | 448.230 | Great company, but the stock is overvalued. Even though their core business of online base advertising is growing at a fantastic clip, it is still heavily cyclical. | 2007-03-01 | |
| HOLD | | Barclays Bank PLC | BCS-N | 57.390 | Generally speaking, he avoids the “money centred banks”. 2 exceptions would be Macquarie (MBL-AU) of Australia and this one. | 2007-03-01 | |
| DON'T BUY | | Industrie Natuzzi-SPA | NTZ-N | 8.750 | Suffering from tremendous competition from Chinese manufacturers. Also a big discrepancy on management’s communication in terms of capital they were going to commit to specific stores. | 2007-03-01 | |
| PAST TOP PICK | | Banco Bilbao | BFR-N | 10.790 | (A Top Pick Jan 9/07. Up 1.4%.) Half of its profits are from Spain and the rest is from Mexico. Trades at only 11 X estimated earnings. Still a Buy. | 2007-03-01 | |
| PAST TOP PICK | | March Networks Corp | MN-T | 11.340 | (A Top Pick Jan 9/07. Down 43%.) Lost a large amount of business from Wal-Mart. At these levels, he would continue to Buy and Hold. | 2007-03-01 | |
| PAST TOP PICK | | Massmart Holdings | MSM-SJ | 0.001 | (A Top Pick Jan 9/07. Up 17%.) A South African retailer. A play on the black growing middle class. Continues recommending to Buy. | 2007-03-01 | |
| BUY | | Cisco | CSCO-Q | 25.850 | It's rare to come across a company that is so dominant in all of its businesses. Acquisition of Scientific Atlanta is really starting to pay dividends. Generates a tremendous amount of free cash. Fantastic balance sheet. Buying back its shares at a phenomenal rate. | 2007-03-01 | |
| HOLD | | Empresa Nacional de Electrisidad Endesa | ELE-N | 51.420 | Has had a huge run, but is still not particularly demanding in its growth profile. As an alternative, check his top pick | 2007-03-01 | |
| DON'T BUY | | HSBC Holdings P L C | HBC-N | 90.090 | One of the 10 largest banks in the world. Whenever a bank gets that large, organic growth becomes increasingly difficult. Valuation is good and has a very handsome dividend yield. Unfortunately, it has exposure to some of the riskier borrowers in the US. | 2007-01-09 | |
| DON'T BUY | | NYSE Group | NYX-N | 104.580 | Stock exchanges are fantastic assets as they have reoccurring revenues from the regulatory part of their business. Businesses of huge operating leverage as fixed costs are so low that for every $1 of revenue that comes in, go straight into the pre-tax profit line. Valuation is a bit steep at this time. | 2007-01-09 | |
| DON'T BUY | | Nasdaq Stock Market | NDAQ-Q | 33.830 | To rich at this time. If valuations were lower, it would be something he would be interested in for its cash flow properties. | 2007-01-09 | |
| Comment | | China Mobile Hong Kong | CHL-N | 41.850 | Largest mobile phone company in China. EBITDA multiple is about 6.5 X calendar 2007. Given the growth profile, valuation is not particularly demanding. Major risk would be regulatory. Chinese government is in the process of issuing 3G licenses and there is fear that this company's present advantages could be compromised. | 2007-01-09 | |
| BUY | | Telefonica S.A. | TEF-N | 65.490 | One of the few stocks in the world that the dividend growth is so visible. Broadband penetration in the Spanish market is only around 28%. Its Latin American market is only 10%. Have incurred tremendous costs to get these networks out and are now sitting back and enjoying the cash flows. Company's commitment is to double the dividend by 2010. | 2007-01-09 | |
| BUY | | Blue Pearl Mining Ltd., has changed ticker to TCM-T | BLE-T | 8.960 | Long-term Outlook is quite bright. There is good demand for molybdenum. It will exhibit tremendous price volatility. | 2007-01-09 | |
| BUY | | iUnits REIT's | XRE-T | 15.670 | Generally speaking when you invest in a REIT you want to look to where interest rates are going. He is concerned that the Canadian economy will be slowing down a bit and lease renewals will not be as robust as they have been. On the flip side, the refinancing business is very, very bright. | 2007-01-09 | |
| BUY | | Australia & New Zealand Bank G | ANZ-N | 108.420 | One of the top Australian banks. Expects that towards the latter half of this year and into 2008, it could be the happy recipient of some interest rate tail winds. | 2007-01-09 | |
| BUY | | Manulife Financial | MFC-T | 39.080 | In terms of using financial services to access greater Asian exposure this is a company you might want to consider. | 2007-01-09 | |
| BUY | | Royal Bank of Scotland PLC | RBS-N | 0.001 | When a bank gets to this size, organic growth becomes increasingly difficult, however this is arguably the best bank in this lot. Fantastic allocators of capital. Dividend yield is getting close to 4%. | 2007-01-09 | |
| DON'T BUY | | ICICI Bank Ltd. | IBN-N | 42.020 | At its 52-week high because the Colombian economy has consistently been high single-digit for several quarters. As had a bit of a run and there are better risk adjusted opportunities in terms of global banks. | 2007-01-09 | |
| PARTIAL BUY | | Standard Life | SL-LSE | 0.001 | British diversified insurer with global operations. Long-term outlook is good. Well-run company and is benefiting from the strong demographic push. His concern is that UK insurance companies have got a bit ahead of themselves in valuation. Phase in your purchases. | 2007-01-09 | |
| STRONG BUY | | Cemex SA | CX-N | 32.400 | #3 global cement company. Bulk of its revenue is from outside of Mexico but still suffers from an emerging market discount. Short-term outlook will be a little mixed because of concerns on its US housing exposure. Long-term Outlook is going to be fantastic. | 2007-01-09 | |
| BUY | | Uranium One Inc. | UUU-T | 13.080 | Stock has been whacked over the last couple of days and this is a pretty good entry point. | 2007-01-09 | |
| DON'T BUY | | Korea Electric Power Corp | KEP-N | 21.750 | The incumbent electric utility in South Korea. Would prefer Chung Kong (?) Infrastructure on the Hong Kong Stock exchange (1028). | 2007-01-09 | |
| BUY | | Diageo PLC | DEO-N | 77.310 | Key brands are Guinness, Johnnie Walker, etc. Multiple is about 16 X next year's earnings. Likes the growth they are having in their spirits business throughout Asia. | 2007-01-09 | |
| HOLD | | Pfizer Inc | PFE-N | 26.170 | They have a great balance sheet and a yield over 4%. If you own, he would stick with it at this time. | 2007-01-09 | |
| HOLD | | Thomson Reuters Corp | TRI-T | 47.350 | A high-quality Canadian company that always enjoys really rich multiples. Shares are fully valued at this time. | 2007-01-09 | |
| SELL | | Mitsubishi Tokyo Financial Grp | MTU-N | 12.640 | The big banks in Japan are losing shares to the regional ones. | 2007-01-09 | |
| SELL | | Ciena | CIEN-Q | 29.270 | Would sell and buy Cisco (CSCO-Q) instead. | 2007-01-09 | |
| BUY | | ICICI Bank Ltd. | IBN-N | 42.020 | It will be volatile, but is growing at about 10 X Canadian banks. | 2007-01-09 | |
| SELL | | ING Canada Inc. | IIC-T | 52.840 | A lower margin business. Its parent has been suffering lower margins as well. They'll struggle to retain share going forward. | 2007-01-09 | |
| TOP PICK | | Massmart Holdings | MSM-SJ | 0.001 | Retail sales came in at 15% year-over-year in South Africa. Great cash flow generator. Great dividend growth track record. | 2007-01-09 | |
| TOP PICK | | Banco Bilbao | BFR-N | 10.790 | A good way to access an emerging-market growth through a first world stock. | 2007-01-09 | |
| TOP PICK | | March Networks Corp | MN-T | 19.650 | A provider of Internet protocol based digital surveillance hardware and software. The need for security is very obvious. Tremendously undervalued. | 2007-01-09 | |
| DON'T BUY | | Boeing | BA-N | 88.000 | The contract for the next fleet of fighter jets has not been awarded as yet. There is a stock is too richly valued right now. Aerospace has tremendous cyclicality to it. | 2007-01-09 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | In the US, small caps have been significantly overpriced compared to large caps for a number of years. For the past several quarters, for the first time in a long time, there have been a number of very high quality large caps at prices below what their intrinsic value suggests. Large cap is quite timely right now. | 2006-11-17 | |
| BUY | | Microsoft | MSFT-Q | 29.400 | Have the ability to grow at a rate in excess of GDP and is at a very attractive price. | 2006-11-17 | |
| DON'T BUY | | IBM | IBM-N | 93.810 | Had a pretty good earnings per share in this most recent quarter. The data that stuck out like a sore thumb was their global services, their consulting division, which comprises about 50%, only grew by 3%. Makes you wonder where the organic growth is going to come from. | 2006-11-17 | |
| BUY | | ICICI Bank Ltd. | IBN-N | 38.070 | His top pick in the Indian market, and participating in their growth, for the last couple of years. | 2006-11-17 | |
| DON'T BUY | | General Motors Corporation | GM-N | 35.370 | Pushing for the China market, but, every other automotive company in the world is looking at China for sales. Toyota and Honda, the two premier operators in the auto industry, have barely begun to scratch the surface in China. | 2006-11-17 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | The Japanese market is one of the few markets in the world where small-cap stocks are cheaper given their relative growth opportunity, relative to large-cap stocks. The Japanese consumer stock should lead the way in the next few years. | 2006-11-17 | |
| Comment | | Tata Motors Ltd. | TTM-N | 17.970 | A large Indian motor company. One of the interesting things about the automotive industry in India is that the local brands don't suffer from any stigma, as they do in China. A very competitive industry in India. | 2006-11-17 | |
| HOLD | | Home Depot | HD-N | 38.280 | American retailers generally, have been hit hard this year, as fears of the slowdown in the US economy. A very well run company, rational competitor, and dominant in geographic areas of the States. Great cash flow generator. | 2006-11-17 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | REITs: - Rational way to evaluate them is in terms of the income stream, the capitalization rate. What can happen in a boom is that rates can be bid up and up as investors speculate. Income stream from high-quality ones are assured and is tax efficient. Valuations have gotten a little ahead of themselves. | 2006-11-17 | |
| DON'T BUY | | Loblaws | L-T | 46.920 | Selling groceries pretty well anywhere in the northern hemisphere is a brutally competitive business, especially if Wal-Mart has their sights set on that market. Would steer clear of this one. | 2006-11-17 | |
| BUY | | Whole Foods Market Inc. | WFMI-Q | 49.400 | This is the one grocer in North America that is quite attractive. Stock sold off significantly after their earnings report. Opening of new stores will accelerate over the next 2 years. Has industry leading margins. | 2006-11-17 | |
| Comment | | HSBC Holdings P L C | HBC-N | 94.590 | A fantastic global reputation. Very handsome yield. His fear is that they have reached such a huge, massive size, growth is going to become increasingly challenging for them. | 2006-11-17 | |
| DON'T BUY | | BHP Billiton Ltd. | BHP-N | 40.210 | Austrian/British oil, mining and gas conglomerate. A fantastically run resource company. He has always preferred materials for which the price is always set by supply and demand versus speculation of the futures market. Very economically sensitive. | 2006-11-17 | |
| TOP PICK | | Telefonica S.A. | TEF-N | 60.900 | The incumbent Telco in Spain and also has assets in South America. In 2005, the Company undertook a transformative acquisition by acquiring 2 companies and financed them by debt. They are now paying down the debt. The dividend is going up. Current yield is 4%. | 2006-11-17 | |
| TOP PICK | | Macquarie Group | MQG-AU | 0.001 | An Australian investment bank. There is a need for global infrastructure investing. Good inflation protection in that they have real return characteristics. | 2006-11-17 | |
