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| Charles Lannon of Toron Capital Markets |
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| SELL | Manulife Financial | MFC-T | 14.010 | Would recommend selling and as a replacement stock, consider Great West Life (GWO-T). (See Top Picks.) For a financial institution, risk management is a basic core competency in this company does not have a good track record. | 2010-08-10 | ||
| DON'T BUY | Bankers Petroleum | BNK-T | 7.270 | Midsized, Calgary-based E&P oil company. This area will be driven by the price of oil and it is difficult to have a bull market view of oil in the near term of 12-18 months. Would suggest something more diversified geographically, product and also downstream activity. | 2010-08-10 | ||
| DON'T BUY | Lloyds TSB Group PLC | LYG-N | 4.800 | British bank that was partially nationalized. Still a lot of balance sheet risks. Other British banks, such as Standard Chartered (STAN-LSE) and HSBC (HBC-N) whose balance sheets are much stronger. | 2010-08-10 | ||
| BUY | BHP Billiton Ltd. | BHP-N | 73.940 | Probably the best run mining company globally. Largest by market capitalization with a large diversity in mining products. Proposed Australian mining tax is not a slam-dunk and expects the industry will be successful in putting pressure on. Even if it were to go through, any price increases could be passed on. | 2010-08-10 | ||
| BUY on WEAKNESS | Tata Motors Ltd. | TTM-N | 20.670 | Well run company and stock is often used as a proxy for the Indian market. Vehicle demand in countries like India is growing at a huge clip. Stock is fairly valued at these levels. | 2010-08-10 | ||
| DON'T BUY | HBP NYMEX Oil Bull+ E.T.F. | HOU-T | 6.930 | NYMEX Oil Bull+ ETF. Great vehicle for promoters of them but really a raw deal for too many investors. Many of the prices commodities have been in “contango” and commodity traders know contracts have to be rolled every month. Instead find a basket of quality stocks that you like and you will be far better off. | 2010-08-10 | ||
| DON'T BUY | HBP NYMEX Nat'l Gas Bull+ | HNU-T | 5.270 | NYMEX Natural Gas Bull+ ETF. Great vehicle for promoters of them but really a raw deal for too many investors. Many of the prices commodities have been in “contango” and commodity traders know contracts have to be rolled every month. Instead find a basket of quality stocks that you like and you will be far better off. | 2010-08-10 | ||
| TOP PICK | Power Financial Corp | PWF-T | 28.080 | Gets about three quarters of its business from Great West Life (GWO-T) with the remaining from Investors Group (IGM-T). 5% dividend yield. | 2010-08-10 | ||
| TOP PICK | Cisco | CSCO-Q | 24.310 | Outlook for handset industry is pretty murky because of intensity of competition but the demand for data is a trend that is not going away. This company offers one of the best risk/reward outlook. Good long-term investment. | 2010-08-10 | ||
| TOP PICK | Johnson & Johnson | JNJ-N | 59.430 | Good way to diversify your portfolio. Nice blend of businesses in terms of pharmaceutical and medical devices. Stock has had a lot of headline problems that has really taken the shares down. Good record of dividend increases and strong balance sheet. | 2010-08-10 | ||
| PAST TOP PICK | Thomson Reuters Corp | TRI-T | 37.560 | (A Top Pick June 12/09. Up 11.68%.) Still likes. | 2010-08-10 | ||
| PAST TOP PICK | Microsoft | MSFT-Q | 25.070 | (A Top Pick June 12/09. Up 11.87%.) Still likes. | 2010-08-10 | ||
| PAST TOP PICK | Smith & Nephew PLC | SNN-N | 45.880 | (A Top Pick June 12/09. Up 18.92%.) Still likes. | 2010-08-10 | ||
| TOP PICK | Cisco | CSCO-Q | 27.530 | In a sweet spot with a product that is well suited towards telcos that need to upgrade networks to handle the volume of data that high-definition/wireless video demands. Fantastic balance sheet. Cut costs significantly so that when revenue comes back he expects earnings to grow materially. | 2010-04-29 | ||
| TOP PICK | Teva Pharmaceutical | TEVA-Q | 58.510 | Largest manufacturer of generic drugs. Have a pipeline potential of over $100 billion over the next 5 years as patents come off from large pharmaceuticals. Seriously undervalued. | 2010-04-29 | ||
| TOP PICK | Power Financial Corp | PWF-T | 30.940 | Insurers generally have not done as well as banks as the market has recovered. This is a holding company with 70% of Great West Life (GWO-T) and a little over half of Investors Group (IGM-T). As the economy improves and interest rates rise, both of those businesses should do really well. 4.5% dividend is quite solid. Great track record of increased dividends. | 2010-04-29 | ||
| PAST TOP PICK | NextEra Energy | NEE-N | 50.690 | (A Top Pick Apr 23/09. No change.) Regulated utility in Florida as well as largest generator of wind/solar power in the US. Stock fell because of an adverse ruling. Still likes. One of the highest growth utilities globally. Good balance sheet. Above 4% yield. Long-term hold. | 2010-04-29 | ||
| PAST TOP PICK | Telus Corp | T-T | 37.940 | (A Top Pick Apr 23/09. Up 24.9% excluding dividends.) Core market is in Alberta and BC so it doesn't have to compete with Rogers (RCI.B-T). | 2010-04-29 | ||
| PAST TOP PICK | Link REIT | 823 - HK | 0.000 | (A Top Pick Apr 23/09. Up 25.8% excluding distributions.) Unusual REIT in that its assets are twofold. #1 in asset share in terms of Hong Kong parking lots as well as about 3 dozen shopping malls between Hong Kong subway system and residential housing. A lower risk way of playing the Chinese economy. | 2010-04-29 | ||
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| DON'T BUY | Vodafone Group PLC | VOD-Q | 22.330 | Likes telcos. Haven't participated in the rally and many high quality ones are available at 4-5 times cash flow and dividend yields well north of 6%. Knock on this one is that it operates in markets that are very competitive and doesn't consistently have a wire line in the different countries. Would suggest Telefonica (TEF-N), which 2/5 operating profits are out of Brazil with a yield in excess of 7%. | 2010-04-29 | ||
| BUY | Telefonica S.A. | TEF-N | 66.340 | 2/5 operating profits are out of Brazil with a yield in excess of 7%. Have wire line (Internet access and IPOD access (?)) across their markets. | 2010-04-29 | ||
| Comment | Brookfield Asset Management (A) | BAM.A-T | 26.360 | Doesn't own the common shares, but in most of his fixed income accounts, he owns senior debt or preferred shares. Great capital allocators. Very cyclical financial because they are wholesale finance as opposed to deposit based finance. Expect the stock will continue to do well. | 2010-04-29 | ||
| Comment | Anglo American PLC | AAUKY.PK (OTC) | 16.120 | (Pink Sheets.) This is the kind of mining stock he would own. Very diversified with assets in coal, iron ore and specialty metals. He would prefer BHP Billiton (BHP-N). | 2010-04-29 | ||
| Comment | CVS Corp. | CVS-N | 37.260 | Likes drugstore retailing in the US but prefers Walgreen (WAG-N) because it is more focused on drugstore real estate. | 2010-04-29 | ||
| BUY | Johnson & Johnson | JNJ-N | 65.010 | Has a good presence in emerging markets both in its Pharma business and medical devices. One of the few healthcare firms where management has an overall financial objective. Have raised dividends for 50 some odd years. | 2010-04-29 | ||
| DON'T BUY | Yahoo! | YHOO-Q | 16.970 | Company is stressed. Did a deal with Microsoft (MSFT-Q) about a year ago but in the meantime, their main search engine has been losing ground to competition. | 2010-04-29 | ||
| DON'T BUY | Petrobras Energia SA | PZE-N | 16.410 | One of the 3 largest emerging market stocks globally. A favourite globally because it is assumed to have a very high growth profile as offshore production comes online over the next several years. Wouldn't be his favourite because 1) not particularly cheap and 2) significant government influence. Would prefer Royal Dutch Shell (RDS.A-N). | 2010-04-29 | ||
| DON'T BUY | Lloyds TSB Group PLC | LYG-N | 4.220 | Domestically oriented British bank and the UK government own about 2/5 of the shares. A number of analysts can see rapid improvement in the loan book. Wouldn't be overly keen to own this one. | 2010-04-29 | ||
| PARTIAL BUY | Novo-Nordisk | NVO-N | 82.440 | Danish pharmaceutical company. Top market share in insulin. Expensive health-care stock but unique in that it doesn't face a patent cliff. Long-term growth profile. With financial problems in Europe, space your purchases over 6 months with 2 or 3 Buys. | 2010-04-29 | ||
| BUY | Veolia Environnement | VE-N | 31.530 | Large French utility that specializes in water treatment, provision of water to households, water plants and waste management. This is a sector that has not participated in the market rally. Well managed. | 2010-04-29 | ||
| BUY | Walt Disney | DIS-N | 37.220 | Reasonably well run. Not only own films but also broadcast networks such as ABC and ESPN plus theme parks in California and Florida. Consumer discretionary stocks so it does exhibit cyclicality with the economy. Not expensive with a dividend yield of about 3%. | 2010-04-29 | ||
| DON'T BUY | Telecom Italia SPA | TI-N | 13.910 | Decent presence in emerging markets but the balance sheet isn't great and the core franchise in Italy isn't that great. Prefers others. | 2010-04-29 | ||
| BUY | ABB Ltd. | ABB-N | 19.340 | Large Swiss industrial conglomerate. Industrial is have done well this year but not as well as consumer stocks or financials. Very well run. | 2010-04-29 | ||
| DON'T BUY | Viterra Inc | VT-T | 8.390 | (Market Call Minute.) Always brag about how good their cash flows are but they don't pay a dividend so he is not interested. | 2010-04-29 | ||
| BUY | Talisman Energy | TLM-T | 17.100 | (Market Call Minute.) Likes the company and the new management. A long-term Buy as the outlook for natural gas in North America is in great but the stock is very cheap. | 2010-04-29 | ||
| DON'T BUY | China Mobile Hong Kong | CHL-N | 49.290 | (Market Call Minute.) Their decision to pursue North America technology (?) standard is incredibly shortsighted. | 2010-04-29 | ||
| DON'T BUY | Philip Morris International | PM-N | 49.580 | (Market Call Minute.) Not sure you could put a price tag on the regulatory risks that the industry faces. | 2010-04-29 | ||
| N/A | A Comment -- General Comments From an Expert | A Commentary | 0.020 | In recent weeks, the tone has changed. If investors can maintain a time horizon of 2 to 3 years, the market will do quite well for them. Emerging markets are potentially in a valuation bubble. Regulatory risk can move to dampen things. Pessimistic on outlook for emerging markets. Healthcare, utilities present many opportunities, otherwise it is a stock by stock basis. | 2010-01-26 | ||
| DON'T BUY | Uranium Participation Corp. | U-T | 5.890 | Wouldn’t look at this. Prefers more traditional miners. | 2010-01-26 | ||
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| DON'T BUY | Tata Motors Ltd. | TTM-N | 16.160 | Brutally competitive industry with tones of excess capacity. A better entry price would be south of $10. He would ‘consider’ buying less than $10. | 2010-01-26 | ||
| BUY | Reitmans (Canada) Ltd. (A) | RET.A-T | 15.970 | Had a pretty good ’09. He keeps an eye on this because it has a nice dividend. They proved to be good retail operators and good at managing inventory. | 2010-01-26 | ||
| BUY | Apple | AAPL-Q | 205.940 | Fairly valued at these levels. The success has been about revenue growth and gross margin expansion. Yesterday’s release showed a slip in gross margin growth. If you see this happen repeatedly, the stock could slip. The key to go from here is to show they can maintain those margins. | 2010-01-26 | ||
| BUY | Telefonica S.A. | TEF-N | 75.690 | Has owned for years. Telecom is at the top of the list of sectors that lagged behind last year. This is a way of using a northern hemisphere stock to access emerging markets (Brazil). Debt load is not unusually high and being paid down aggressively. Entry price is a decent entry point. It’s a well run company. | 2010-01-26 | ||
| DON'T BUY | Vale S.A. | VALE-N | 26.740 | Brazilian stocks are too expensive right now. Fantastic resource base. Consider BHP instead. | 2010-01-26 | ||
| DON'T BUY | American International Group | AIG-N | 24.400 | Is a speculation. There are so many moving parts and so little transparency. Is not a foundation to build a next egg on. | 2010-01-26 | ||
| PAST TOP PICK | Diageo PLC | DGE-LN | 0.000 | (Top Pick Feb 17/09, 23% capital gain) Lots of brands that can be sold internationally. Suffered in recent months because of rumours of they intention to do a buy out, but rumours have subsided. | 2010-01-26 | ||
| PAST TOP PICK | Trans Canada Corp | TRP-T | 34.650 | (Top Pick Feb 17/09, 6% capital gain) Investor base had to digest all the equity issues. Thinks this is really an attractive stock. | 2010-01-26 | ||
| DON'T BUY | Lloyds TSB Group PLC | LYG-N | 3.390 | Canadian banking industry is the most attractive. Standard Chartered would be a better choice internationally. | 2010-01-26 | ||
| VAGUE | Archer Daniels Midland Company | ADM-N | 29.630 | Cash flow does not exceed earnings so he doesn’t like this one, but has bought it for snowbirds for its income. | 2010-01-26 | ||
| DON'T BUY | Valero Energy Corp | VLO-N | 19.020 | While oil price has been going up, demand has not. This one is not attractive enough over the long term to be in it. | 2010-01-26 | ||
| WEAK BUY | Syngenta AG | SYT-N | 51.430 | Swiss based company. Likes it. Second to MON. Should follow the price of corn and soybean over the next few months. | 2010-01-26 | ||
| WAIT | Coca-Cola Femsa | KOF-N | 57.670 | Latin and south American Coca-Cola. Price is a little excessive. Phase capital in over 9 months. | 2010-01-26 | ||
| BUY | TSX Group | X-T | 30.820 | The monopoly is going away. Big traders are trading off-market to save fees. Likes business. Recommends sticking with it. | 2010-01-26 | ||
| BUY | 3M Co. | MMM-N | 81.630 | Some segments will respond more quickly to a change in the economy. Fantastically well run. Some of the highest margins and organic growth rates. Has higher margins in Europe than in the US. | 2010-01-26 | ||
| SELL | ICICI Bank Ltd. | IBN-N | 34.560 | (Market Call Minute) | 2010-01-26 | ||
| SELL | Potash One Inc. | KCL-T | 2.840 | (Market Call Minute) Prefer MON | 2010-01-26 | ||
| DON'T BUY | Cemex SA | CX-N | 10.730 | (Market Call Minute) Too highly valued | 2010-01-26 | ||
| DON'T BUY | Freeport McMoran Copper & Gold | FCX-N | 71.990 | (Market Call Minute) Too highly valued | 2010-01-26 | ||
| DON'T BUY | Western Canadian Coal Corp. | WTN-T | 3.450 | (Market Call Minute) Speculative | 2010-01-26 | ||
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| TOP PICK | Microsoft | MSFT-Q | 29.500 | In the mist of benefiting from a structural reset in margins through cost cutting. Thinks it has plenty of room to run. Shares are worth high $30s. It doubled earnings over the last 5 years. Risk/reward tradeoff is compelling. | 2010-01-26 | ||
| TOP PICK | Johnson & Johnson | JNJ-N | 62.790 | Indicative of why investors need to invest outside of Canada. Has a multi-decade record of dividend increases. Regulatory issues are behind it. Low double-digit earnings growth over the next couple of months. Well run. Business: 2/5ths from pharma 2/5ths medical devices and 1/5th consumer health care. | 2010-01-26 | ||
| PAST TOP PICK | Link REIT | 823 - HK | 0.000 | (Top Pick Feb 17/09, 24% Capital Gain) Still own. In Hong Kong, containing shopping malls and parking lots. Small investments gave dramatic increases in revenue. Distributions increasing. | 2010-01-26 | ||
| TOP PICK | Fairfax Financial | FFH-T | 25.970 | FFH.PR.C-T: Attractive alternative because of 5.5% yield and protection against inflation over the next 5 years. The pick of the litter. It’s a ‘reset’ preferred share. | 2010-01-26 | ||
| TOP PICK | Thomson Reuters Corp | TRI-T | 35.900 | Dividends critically important in this market. Great free cash flow generator that is expected to ramp up when they finalize the Reuters integration. Dividend of about 3.5% and expected growth will be quite attractive over the next several years. | 2009-09-30 | ||
| TOP PICK | NextEra Energy | NEE-N | 55.230 | One of the best dividend growth profiles in North America. Strong balance sheet. 3.5% dividend. Expect earnings and dividends will rise by at least single-digit rate for years to come. | 2009-09-30 | ||
| TOP PICK | Shin-Etsu Chemical | 4063-JP | 0.000 | Shin-Etsu Chemical. Japan is one of the cheapest equity markets in the world right now. This is one of the largest manufacturers of silicon globally. Pristine balance sheet. Cash on the balance sheet it was about 1/8 of the share price. | 2009-09-30 | ||
| PAST TOP PICK | Link REIT | 823 - HK | 0.000 | (A Top Pick Feb 17/09. Up 15.24%.) | 2009-09-30 | ||
| PAST TOP PICK | Diageo PLC | DGE-LN | 0.000 | (A Top Pick Feb 17/09. Up 16.71%.) | 2009-09-30 | ||
| PAST TOP PICK | Trans Canada Corp | TRP-T | 33.370 | (A Top Pick Feb 17/09. Up 5.51%.) | 2009-09-30 | ||
| DON'T BUY | Louisiana Pacific Corp | LPX-N | 6.670 | Will track with the economy. Because he thinks the economy is going largely sideways the same will happen with this rail. Balance sheet is not great. Management is somewhat mediocre. | 2009-09-30 | ||
| SELL | Merck & Company | MRK-N | 31.630 | Finalizing the merger with Schering-Plough (SGP-N). Good dividend yield and low PE ratio, which is a value trap because of huge headwinds ahead of them as drugs go off patent protection. Growth will be difficult. Prefers Johnson & Johnson (JNJ-N) because of the medical devices and consumer healthcare. Also Abbott Labs (ABT-N) would be another consideration. | 2009-09-30 | ||
| DON'T BUY | American International Group | AIG-N | 44.110 | This is not investing, it is speculating. US government owns over 3/4 of the shares outstanding. Management team that is left is just going through the motions of selling off whatever business units they can. | 2009-09-30 | ||
| Comment | Banco Santander SA | STD-N | 16.150 | This and Banco Bilbao (BBVA-SM) are well run Spanish banks. He prefers and owns Banco Bilbao because their M & A track record is a bit better. Surprised how well they have held up with the poor Spanish economy. Worst is still to come and the next 12 months can be choppy. Had a bounce back over 50% since its March lows. If you own, consider taking some off the table. | 2009-09-30 | ||
| DON'T BUY | Canadian Oil Sands Trust | COS.UN-T | 30.750 | Popular trust because of the long life of their assets but they don't have a low-cost structure. Prefers Vermilion (VET.UN-T), which has a much cleaner balance sheet as well as a good balance between natural gas and oil and the dividend is much safer. | 2009-09-30 | ||
| Comment | ICICI Bank Ltd. | IBN-N | 38.560 | Indian banks have fantastic growth profiles in terms of adding to their own books. This one also has a very attractive insurance business. Growth is reflected in the current price and there is good upside if your outlook is 5 years. He is wary of emerging markets generally at these levels. If you own, consider taking some profits. | 2009-09-30 | ||
| SELL | Bank of America | BAC-N | 16.920 | Not a fan of this bank. The long-term track record of value creation is suspect. Grown to be the largest bank in the US through acquisitions and the timing and the price they paid hasn't been great. | 2009-09-30 | ||
| Comment | MetroPCS Communications | PCS-N | 9.360 | Although it is going to be a pretty tepid economy, telecoms are the least worst way to get a growing dividend stream right now. | 2009-09-30 | ||
| DON'T BUY | United States Steel | X-N | 44.370 | Steel sector is very difficult to invest in. He would steer clear of this one at this time. | 2009-09-30 | ||
| DON'T BUY | BCE Inc. | BCE-T | 24.100 | Owns the bonds but no shares. Not a particular fan of the equity. As a couple of problems. 1) Has some difficult competition in Ontario and Quebec. 2) Wire exposure is not as good as Telus (T-T). Would prefer Telus instead. | 2009-06-12 | ||
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| HOLD | Colgate Palmolive | CL-N | 71.380 | Large consumer staples stocks but also have a small pet food business. For years it has been the most expensive in its sector because it had the best organic growth rate and its exposure to emerging markets. Try to get it in the low $60's. | 2009-06-12 | ||
| DON'T BUY | Cemex SA | CX-N | 11.340 | Did own but exited because of a possible refinancing issue. Doesn't think this will be the case but there is a very high risk that they will have to issue some common equity to shore up the balance sheet. | 2009-06-12 | ||
| DON'T BUY | Opti Canada Inc. | OPC-T | 3.350 | On resource stocks he looks for asset diversity as well as a low-cost structure so that they can ride the inevitable oscillations in such a cyclical industry. This one is the absolute antithesis of that. | 2009-06-12 | ||
| PARTIAL BUY | Husky Energy | HSE-T | 35.150 | Well diversified energy company with offshore production as well as refining and marketing assets. Always had a sensible cash return policy. Paid generous dividends but haven't levered up the balance sheet to do it. Thinks oil has gotten ahead of itself and there needs to be a rebound in global demand. Phase in purchases over 9 or 10 months as he expects there will be a pullback. | 2009-06-12 | ||
| DON'T BUY | Arc Energy Trust | AET.UN-T | 19.250 | Reserve life is probably the single most important impact on the stock. Oil/gas royalty trusts can no longer tap capital markets for secondary rounds of financing and are now saddled with pretty marginal assets and weak balance sheets. Would prefer Vermilion Energy (VET.UN-T) or Royal Dutch Shell (RDS.A-N), which pays 7%. | 2009-06-12 | ||
| DON'T BUY | Penn West Energy Trust | PWT.UN-T | 15.640 | Reserve life is probably the single most important impact on the stock. Oil/gas royalty trusts can no longer tap capital markets for secondary rounds of financing and are now saddled with pretty marginal assets and weak balance sheets. Would prefer Vermilion Energy (VET.UN-T) or Royal Dutch Shell (RDS.A-N), which pays 7%. | 2009-06-12 | ||
| BUY | Royal Dutch Shell PLC (A) | RDS.A-N | 54.410 | Pays 87% dividend. Even though he is expecting a retreat on the price of oil, he would still buy this because a large portion of their business is not cyclical. | 2009-06-12 | ||
| DON'T BUY | Pfizer Inc | PFE-N | 14.760 | Not a fan of big cap pharma and hasn't been for some time. One of the most difficult business models to operate. Regulatory issues are so difficult to overcome between patent expiries and increasingly stringent health regulations and registration processes. (See Top Picks.) | 2009-06-12 | ||
| TOP PICK | Thomson Reuters Corp | TRI-T | 35.020 | Strong cash flow generator. Offers some of the best dividend growth potential as we get out to 2010-2011. Financial services sector is going to stabilize. | 2009-06-12 | ||
| TOP PICK | Microsoft | MSFT-Q | 23.330 | Despite being the largest software company globally it is still growing at an impressive clip. Pristine balance sheet with $30 billion in cash. Generates $350 million cash a week. Has a very attractive suite of new offerings coming up in the next 12 months. | 2009-06-12 | ||
| TOP PICK | Smith & Nephew PLC | SNN-N | 38.720 | Manufactures replacement knees and joints as well as a technology “Mood Management”. Has been vastly oversold and this is a good entry point. | 2009-06-12 | ||
| WAIT | Wal-Mart Stores Inc. | WMT-N | 49.840 | Highly topical stock because of subdued consumer spending. What is really going to drive it are the organic revenue numbers so wait to see what they report in a few weeks. | 2009-06-12 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Canada’s decline in GDP is in line with the rest of the world. It’s going to take 3-4 years to take out the previous highs. Mediocre outlook for rest of this year. Concentrate on firms with good dividends and solid balance sheets. Financials and consumer discretionary stocks will lead us into the recovery. | 2009-04-23 | ||
| DON'T BUY | Denison Mines Corp | DML-T | 1.660 | Did well with unrestricted access to capital markets. You would now be far better off with others. | 2009-04-23 | ||
| BUY | BHP Billiton Ltd. | BHP-N | 46.560 | Building a position. Shares are attractive at these levels. | 2009-04-23 | ||
| BUY | Canadian National R.R. | CNR-T | 50.870 | Core holding for 10 years. Unique amongst railroad stocks in that it has north/south and east/west lines. Build into a position over a couple of months. Modest dividend and a buy back program. | 2009-04-23 | ||
| DON'T BUY | Precision Drilling | PD-T | 5.410 | Bad outlook for 12 months. Doesn’t suggest this. Distribution is not coming back any time soon. | 2009-04-23 | ||
| VAGUE | Unilever NV | UN-N | 19.230 | Entire UK stock market has been clobbered. General Lee is seeing heightened competition. Challenge for UN is costs. Supply some of the fastest consumer markets in the world. Dividend is safe. | 2009-04-23 | ||
| DON'T BUY | Allied Irish Bank PLC | AIB-N | 2.320 | Huge problems with its loan portfolios. Prefer Standard Chartered or HSBC. | 2009-04-23 | ||
| BUY | Yellow Pages Income Fund | YLO.UN-T | 5.750 | Distribution cuts will be the rule as we roll into 2011, but not this one. Would prefer their bonds at 8% | 2009-04-23 | ||
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| PAST TOP PICK | Macquarie Group | MQG-AU | 0.001 | (Top Pick Jun 07/07 Down 59%) Problem is growth from spinning out assets from their own balance sheets. | 2009-04-23 |
