STOCKCHASE

19.060

(Up 10.8% since September 2006) When he had picked it they had just made a substantial acquisition, in the mortgage brokerage services. Since then the market has softened.

2007-10-19

BUY

Newalta Corp

NAL-T

19.670

good quality assets.

2007-10-19

HOLD

Rogers Sugar Inc

RSI-T

4.830

They are making more profit then they have historically. There is two sugar companies (Rogers and Atlantic) that have been able to effectively raise prices on refining which is pretty unusual. They have duopoly, which allows them to set the prices.

2007-10-19

HOLD

TransForce Inc.

TFI-T

11.410

Cheap valuation, tough industry fundamentals.

2007-10-19

HOLD

A Comment -- General Comments From an Expert

13.780

It is a high quality asset. The company has been moving to an online business model and doing fairly well. Believes it is fairly valued and slightly expensive. He doesn't think they will make a lot of money but thinks they will do fine.

2007-10-19

DON'T BUY

Strongco Corp

SQP-T

6.800

Was hit with the income trust tax. Had a bad quarter, and is smaller then their competition.

2007-10-19

VAGUE

Big Rock Brewery

BR-T

18.100

Very stable demand, no debt, feels it is high. Constrained by production capacity.

2007-10-19

TOP PICK

Armtec Infrastructure

ARF-T

18.400

This company makes drains and just bought a cement company. Infrastructures and roads across the country are up. He believes that it has a lot of upside and has bought some himself. Believes it may go 20% higher. Currently has a 9.3% yield.

2007-10-19

Comment

A Commentary

0.020

Believes that in the next 52 weeks there will be continueing change in the space and more take outs will occur. Business trusts are not being helped by the high Canadian dollar.

2007-10-19

Comment

A Comment -- General Comments From an Expert

A Commentary

0.020

The Alberta economy is slowing down. Their electricity use is lower, because they have less manufacturing companies. Less people are moving out there, the moving companies aren't as busy as they were.

2007-10-19

VAGUE

Keystone North America Inc.

KNA-T (Dead)

7.900

Be patient, may take a year or two.

2007-10-19

TOP PICK

Altus Group

AIF-T

15.060

The company does real estate services eg. property taxes, evaluations etc. The demand profile looks fantastic. The company just bought a large, busines property in the UK. The company will benefit when the banks are doing evaluation of assets.

2007-10-19

VAGUE

Wajax Corp

WJX-T

35.760

Much stronger then Strongco, and have been able to maintain their revenues, in particular the mining sector. Which has offset the weaknesses in the forestry.

2007-10-19

TOP PICK

Canadian Helicopters Group

CHL.A-T

11.600

He likes this trust a lot. He has bought some recently and is happy to own it. He only buys when he thinks he can make 20% or higher. Canadian Helicopters brings people up to remote sites in the mining industry by helicopters. The demand profile looks great.

2007-10-19

PAST TOP PICK

Sterling Shoes Inc

SSI-T (Dead?)

16.890

(Up 21.7% since Sept. 2006)He does not own any more. He likes the shoe store. Believes it is a reasonable place to have money invested. Also, believes it is fairly valued. 8.5% yield

2007-10-19

PAST TOP PICK

Premium Brands Holdings Corp

11.650

(Up 22.4% since Sept. 25 2006) He owns it currently and thinks it is great. Management team has a good reputation. It is down for now, but feels it will go higher.

2007-10-19

VAGUE

Futuremed Healthcare

FMD-T

11.750

It's appropriately priced. A fairly stable business. They do the distribution of medical products.

2007-10-19

BUY

PBH-T

14.150

They've done a great job on shifting their product mix.

2007-10-19

BUY

Holloway Lodging REIT

HLR.UN-T

4.050

It is slowing down because it's in the oil field services and is in the small cap reach. It has extraordinary value for long term is an excellent place to put some money.

2007-10-19

SELL

AutoCanada Inc.

ACQ-T

10.220

Demand in Alberta is going to soften and they are going to have a hard time with the exchange rates.

2007-10-19

BUY

Progressive Waste Solutions Inc

BIN-T

28.720

Long-term outlook is very good. Great organic growth. A large portion of their business is in the US, so there is currency risk.

2007-07-13

DON'T BUY

Contrans Group Inc

CSS-T

11.650

Trucking. Will be difficult making money owning this one right now. Freight traffic is going to decline. Multiple is pretty rich.

2007-07-13

DON'T BUY

EnerCare Inc

ECI-T

17.150

Doesn't think there is a chance this will ever be purchased by private equity because it is not an operating business, just a securitization vehicle.

2007-07-13

DON'T BUY

Fording Canadian Coal Trust (Inc Trust)

19.410

Rock solid asset but a bit expensive at 9.5 X EBITDA.

2007-07-13

SELL

FDG.UN-T

36.390

The metallurgical coal has been doing very well. You will do a lot better with almost any of the other coal producers.

2007-07-13

Comment

InnVest Reit

INN.UN-T

12.500

One of the cheaper, larger hotel REITs. With the acquisition of Legacy (LGY.UN-T) they will own 11 hotels and will have about 26% of the acquisition. Expect all the hotel REITs will be taken out over the next couple of years.

2007-07-13

HOLD

Legacy Hotels

LGY.UN-T

12.450

Being acquired by Caisse de depot.

2007-07-13

DON'T BUY

CML Healthcare

CLC-T

16.470

Very good quality asset. Trades at a pretty substantial premium to its overall assets. There are others at a lower price.

2007-07-13

WEAK BUY

TerraVest Income Fund

TI.UN-T

5.720

Half of their business is in oilfield services, which has not quite bottomed yet. The other half is in several derivative forms attached to the housing market. Really cheap at 5 X pro forma EBITDA. OK with a basket of risks.

2007-07-13

TOP PICK

Keystone North America Inc.

KNA-T (Dead)

9.190

Funeral home operator. This is an industry that consolidates from time to time. Substantial US exposure, so there is currency risk.

2007-07-13

DON'T BUY

Mullen Group Ltd

MTL-T

21.290

60% of their business is oilfield services and 40% is in trucking. Oilfield services have softened because the government has made it harder for oil/gas complex capital so there is less activity. Oilfield services hasn't touched bottom yet and it is too early to get into it.

2007-07-13

TOP PICK

Canadian Helicopters Group

CHL.A-T

10.320

Services the mining industry. There is a lot of demand so the activity is very good. 10% yield. Could be worth 30%-40% more if somebody else where to buy it.

2007-07-13

TOP PICK

11.770

A commercial printer that prints bank statements, concert tickets and annual reports. Doubled in size last year. Dirt-cheap. 10% yield.

2007-07-13

DON'T BUY

Newport Inc

NP-T (DEAD)

6.360

Might be OK for mad money. An amalgamation of privately held businesses created a little holding company. 15.75% yield. Has above average business risks from time to time. Have increased their distributions a couple of times.

2007-07-13

BUY

Colabor Group Inc.

GCL-T

10.360

Food distribution in Quebec province. Have reasonable business prospects. Won't be a high grower.

2007-07-13

BUY

Boston Pizza Royalties

BPF.UN-T

14.850

Resturant royalty trusts are a beautiful thing. You won't find a better more stable cash flow anywhere. He will buy at $15.10 He thinks they are fairly valued but will be rock solid during the coming turbulence.

2007-06-08

PAST TOP PICK

Sun Gro Horticultural Inc

19.160

Then $18.75 Up 2% which is good from the prospect of Oct's.

2007-06-08

SELL

GRO-T(dead)

7.550

Get peat moss out of Canada and ship to the US. Double whammy is 1. Foreign exchange exposure. 2. Peat moss is used for landscaping and US housing is going down. Thinks is should be $4 -$4.5 per unit.

2007-06-08

DON'T BUY

Timberwest Forest

TWF.UN-T (Dead)

16.150

Forest products Very cautious on it.

2007-06-08

DON'T BUY

Total Energy Services Inc

13.800

Is the most expensive of this type of business. It's out of favor. Thinks it's going to pull back further and faster.

2007-06-08

DON'T BUY

Sleep Country Canada

Z.UN-T

24.240

Sleep Country is a fantastic retailer. Not sure that it's a good play right now. Thinks sterling shoes might be better.

2007-06-08

TOP PICK

Keycorp

KEY-N

35.440

Has appreciation written all over it. Plenty of room. "If it get's big it will get big well."

2007-06-08

DON'T BUY

Strongco Corp

SQP-T

8.030

Is a bit of a "gong show" right now. Have some debt issues right now. hold rating of $8.50

2007-06-08

Comment

Cinergy Corp

CIN-N

45.410

Manufacture DVD's and CD's. Heavily owned by US hedge funds. Hstory of company is that they would invest a lot of money in new plants, and he's not sure they have the money to do that this time.Doesn't know why it's gone up so well recently.

2007-06-08

BUY

Badger Daylighting

BAD-T

16.850

A beautiful business. Glorified vacuum trucks, which are used for non-invasive servicing. Does have some oil field services. Feels this is a very strong steady stock. "Hold forever, then wake up one day and cash out"

2007-06-08

DON'T BUY

TerraVest Income Fund

TI.UN-T

5.730

A mini holding company. Bought a variety of businesses related to housing, and oil field businesses. Thinks q2 will look pretty ugly. Yield is currently 17%, which he doesn't think is sustainable.

2007-06-08

HOLD

Wajax Corp

WJX-T

35.840

In the construction business. Housing in Canada is declining. They are also in the mining business, and have a pretty good balance sheet, so they will be okay.

2007-06-08

BUY

The Second Cup Ltd

SCU-T

10.460

$10.5 target price. Sales performance is extraordinary. Their cash flow goes up 1 for 1 with inflation. Not likely to be a buyout target.

2007-06-08

DON'T BUY

TOT-T

11.250

Oil field services exposure. Hard to see oil field services appreciating right now.

2007-06-08

SHORT

Pollard Banknote Ltd

PBL-T

10.540

Going against consensus. They print lottery tickets, and ship to Canada and US. Revenue is going down due to the US dollar. They have been loosing customers because they are no longer price competitive. He sees risk here.

2007-06-08

PAST TOP PICK

Sterling Shoes Inc

SSI-T (Dead?)

18.010

Then 14.85 It's a screamer. Consumer spending in Canada is very strong.

2007-06-08

PAST TOP PICK

10.950

From sept 25 2007 Then $10.25 Up a little over 7%, plus a special distribution as well, for a total of 17%.

2007-06-08

TOP PICK

Bird Construction Income Fund

10.950

Document management services. eg. Bank statements Closing plants, will earn 7 million dollars in profit from the cost savings.

2007-06-08

TOP PICK

BDT-T

18.440

Not in the housing market. Involved in infrastructure. This business is priced for very modest growth, but infastructure spending is up big.

2007-06-08

DON'T BUY

Resolve Business Outsourcing Income Fund

RBO.UN-T

8.910

Very little organic growth. They provide outsourcing. Grown through acquisition. Doesn't like their accounting practices.

2007-06-08

DON'T BUY

Drive Products Income Fund

DPI.UN-T (Dead)

6.060

A back end capital goods provider to a segment of the economy BC, which is now gone. The best days are behind it.

2007-06-08

BUY

AutoCanada Inc.

ACQ-T

11.850

AutoCanada is priced in line with other automotive retailers. They've got Dennis DeRosia on their board which is a huge win for them. (He's mister auto). For the next year it looks pretty good.

2007-06-08

Comment

Progressive Waste Solutions Inc

BIN-T

27.450

A great business with the ability to pass on price increases. Payout ratio of about 94%.

2007-02-09

Comment

Connors Bros. Income Fund

CBF.UN-T

11.500

Pretty solid where it is. May have little appreciation room, but not much. Has a fair amount of debt, but has the right currency exposure.

2007-02-09

DON'T BUY

Clearwater Seafoods Inc.

CLR-T

4.950

Has extraordinary foreign exchange exposure. Have Cdn$ labour. Have made substantial investments in their fleet giving them slightly superior products with lower labour costs. Feels the valuation is pretty high.

2007-02-09

PAST TOP PICK

Sun Gro Horticultural Inc

15.420

(A Top Pick Sept 25/06. Down 17.6%.) Thinks it will weaken further.

2007-02-09

HOLD

GRO-T(dead)

7.370

Reserve life of 50 years. Controls 70% of the market. Very cheap at 6.5 EBITDA.

2007-02-09

Comment

KCP Income Fund

KCP.UN-T

8.900

Have an extraordinary amount of currency exposure and stand to benefit from the weakening Cdn$. Had a pretty substantial price move over the last month. Have put them selves up for sale, but would be surprised if it sold for more than its current price. Expect it will weaken.

2007-02-09

BUY

Newalta Corp

NAL-T

26.160

Feel that this one will appreciate.

2007-02-09

Comment

Rogers Sugar Inc

RSI-T

3.970

Doesn't feel they will benefit from the ethanol cycle.

2007-02-09

BUY

Superior Plus Corp

SPB-T

11.720

Sold off their aluminum asset, which was a positive. They now have reasonable leverage. Chemical division is very reliant on the Ontario power market for supply. There has been a reduction in wholesale rates, which gives them underlying support. Thinks it will do very well here.

2007-02-09

TOP PICK

Swiss Water Decaf Coffee

SWS.UN-T (Dead)

9.710

Issued equity and then went out and did a major plant expansion. Customers didn't come. They cut distributions and the price dropped. At that point they were 5 X EBITDA. As of today they have no leverage and trade at 7.5 X EBITDA. The US coffee roasters have much higher EBITDA and someone could look at this as a possible takeover.

2007-02-09

BUY

TransForce Inc.

TFI-T

14.130

Trading at a discount to its comparables. Expect there is some money to be made with this company.

2007-02-09

BUY

Westshore Terminals Inc.

WTE.UN-T

11.930

Will stand to benefit from increasing trade over time.

2007-02-09

DON'T BUY

Richards Packaging Income Fund

12.920

If you run a leveraged buyout model and look at the current state of credit markets, the only positive argument you can make is that credit markets are offering more money today than they have offered in the last 5 years. Trading at 11.6 EBITDA. Doesn't see the stock price appreciating.

2007-02-09

BUY

Strongco Corp

SQP-T

12.500

Construction activity out west is pretty good.

2007-02-09

DON'T BUY

CML Healthcare

CLC-T

14.220

Very high quality business. Rock solid revenues and profitability. Trading at a premium to what he would consider comparables. He can find other laboratory businesses in the US with much higher growth rates for lower prices.

2007-02-09

WEAK BUY

The Brick Ltd

BRK-T

9.000

A marginally good place to put money. Has some basis for appreciation here.

2007-02-09

BUY

RPI.UN-T

8.750

Distributions are reasonably safe. Trades at a price that is consistent with a private equity transaction. There is some room for appreciation.

2007-02-09

TOP PICK

Altus Group

AIF-T

12.500

Provides valuation, appraisal and cost estimating services to the real estate industry. All of these fields have a good demand profile.

2007-02-09

DON'T BUY

Mullen Group Ltd

MTL-T

19.610

The pullback in price was going on through the entire year and was because of concern of the oil patch. Could be a decline in oil services activity, partly because of the decline in oil prices, but also because oil/gas trusts now have to conserve capital in order to expand.

2007-02-09

BUY

Hardwoods Distribution

HWD-T

5.730

Will be volatile because of its exposure to the housing cycle. A reasonable amount of leverage. Have a history of expanding their outlets. Statistically very cheap. 6 X distributable cash flow. If you can deal with the volatility, it has every reason to be able to appreciate.

2007-02-09

TOP PICK

SIR Royalty Income Fund

SRV.UN-T

9.480

One of the smallest restaurant trusts with concentration based in greater Toronto area and high-end restaurants. There is inflation protection and business is very good right now.

2007-02-09

PAST TOP PICK

Sterling Shoes Inc

SSI-T (Dead?)

15.000

(A Top Pick Sept 25/06. Down 1%.) A fantastic business. Pretty fully valued right now.

2007-02-09

PAST TOP PICK

Canwest Media Networks Income Fund

9.170

(A Top Pick Sept 25/06. Down 11.2%.) Recently bought some. A very good place to be. Could appreciate some.

2007-02-09

Comment

OFI Income Fund

OFB.UN-T

9.200

Trades at a price that is consistent with 1) going private transactions and 2) where other building manufacturers are trading today. Expect it will trade sideways for a couple of years. Have a substantial expansion under way that should lead to substantial increase in earnings. 14% yield and doesn't see any distribution cuts.

2007-02-09

HOLD

CWM.UN-T

8.200

The news is that Canwest Global (CGS-T) is considering a bid to take in the publicly traded stake. There will be a slight gain for trust owners.

2007-02-09

DON'T BUY

Genivar Inc

GNV-T

15.620

A very active acquisitor and, generally speaking, there is all sorts of activity in the infrastructure space. This is a good space to be. In this case, the unit price has increased substantially and you will find better value with other infrastructure names.

2007-02-09

SELL

Boston Pizza Royalties

BPF.UN-T

18.590

Fanastic trust, industry leader. Recommends selling though and taking money off the table.

2006-09-25

DON'T BUY

Connors Bros. Income Fund

CBF.UN-T

10.720

This trust has a lot of debt. Not a good time to get in.

2006-09-25

BUY

EnerCare Inc

ECI-T

15.760

Trading up at the present time. It is a very safe trust. The growth is low. It is a great place to put money because of the volatility of the market .

2006-09-25

TOP PICK

18.750

It has room to appreciate. It is cheap, safe and stable.

2006-09-25

DON'T BUY

Superior Plus Corp

SPB-T

12.280

It is not a good time to enter. Company is trying to sell J.W. Alluminum. It is a risky time to enter.

2006-09-25

BUY

Telus Corp

T-T

64.150

Telus is in the process of converting to a trust. He predicts it will be the name to choose.

2006-09-25

DON'T BUY