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| David Baskin of Baskin Financial Services |
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| TOP PICK | BCE Inc. | BCE-T | 28.230 | Blew away the street with their wireless edition in the last quarter. Will have $2 billion of free cash flow. Earnings from operations that are not needed for capital expenditures will be given back to shareholders. Has been raising its dividend regularly. Trading at about 10X earnings. | 2010-02-08 | ||
| TOP PICK | Aecon Group Inc | ARE-T | 13.500 | A terrific growth story in the last few years. Benefiting enormously from infrastructure spending. Project backlog is now $2 billion and still growing. Low dividend but more of a growth story. Good management. | 2010-02-08 | ||
| TOP PICK | Brookfield Asset Management (A) | BAM.A-T | 22.460 | Views as his inflation protection play. Things that are protected are real estate, timber growing in the ground and power generation, which is what this company has. Manages $90 billion of assets and they do it very well. Making some very advantageous buys of real estate. Probably paying $.85 for $1 worth of assets. | 2010-02-08 | ||
| PAST TOP PICK | Fortis Inc. | FTS-T | 27.300 | (A Top Pick Feb 9/09. Up 13% excluding dividends.) The only company that has raised its dividends 37 years in a row. Blue chip good for long-term investors. | 2010-02-08 | ||
| PAST TOP PICK | Telus Corp | T-T | 32.530 | (A Top Pick Feb 9/09. Down 5% excluding dividends.) Likes the telcos and this one has a nice high yield. | 2010-02-08 | ||
| PAST TOP PICK | Royal Bank | RY-T | 53.060 | (A Top Pick Feb 9/09. Up 67.5% excluding dividends.) Had been way oversold. | 2010-02-08 | ||
| BUY | Suncor Energy Inc | SU-T | 31.280 | Needs $60 oil to make money and oil has dropped to $70. Keep having operating problems. In the long run, they have incredible asset in oil sands, which will eventually be worth a lot of money. Terrific company for a long-term investor. | 2010-02-08 | ||
| BUY | Emera Inc | EMA-T | 23.260 | Too boring to be a takeover candidate but that makes it attractive for him. 4.7% dividend. Relatively attractive price earnings ratio. (See Top Picks.) | 2010-02-08 | ||
| BUY | Canadian Natural Rsrcs | CNQ-T | 69.030 | Not looking for as big a year as it had last year. Expect oil will go back over $80 a barrel. Will be a steady performer. We'll be happy to get it up to $80 range. | 2010-02-08 | ||
| Comment | General Electric | GE-N | 15.600 | Bad news is already behind in that they have already cut their dividend. Have a number of very important businesses including turbine, jet aircraft and nuclear reactors. Will do very well selling stuff to emerging economies in Asia. Doesn't currently own because of concerns about the US$. | 2010-02-08 | ||
| BUY | Thompson Creek Metals | TCM-T | 12.280 | Molybdenum is a metal increasingly used as an alloy in quality steel so the price depends almost entirely on steel demand. If world demand for steel goes up, it will be good for this company. | 2010-02-08 | ||
| DON'T BUY | Biovail Corp. | BVF-T | 14.790 | Cut its dividend and expects they will make acquisitions. Good drugs in the pipeline. Doesn't follow this one closely since when they had management and legal problems. | 2010-02-08 | ||
| BUY | Teck Resources Ltd. (B) | TCK.B-T | 34.500 | This is now a coal and zinc story. Coal prices have been rising strongly, which is a good sign for steel demand. Zinc has come up quite strongly. | 2010-02-08 | ||
| BUY | Talisman Energy | TLM-T | 18.170 | Has largely converted itself in Canada to an unconventional gas story. Tremendous assets in shale gas but suffering from relatively low gas prices, which will probably not improve for a few years. On the plus side, they have exploration properties in South Asia, which are relatively inexpensive resources compared to Brazil or Gulf of Mexico. | 2010-02-08 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Bearish on the US$ versus the Cdn$. Feels the Cdn$ will rise above par. | 2010-02-08 | ||
| BUY | H&R Real Estate Inv Trust | HR.UN-T | 16.310 | Has come back nicely but still has some room to grow. Good yields. | 2010-02-08 | ||
| BUY | RioCan Real Estate Investment | REI.UN-T | 19.080 | Has the best portfolio of shopping centre properties in Canada. Good yields. | 2010-02-08 | ||
| DON'T BUY | Ford Motor | F-N | 10.970 | Toyota problems. Use this as a speculative buy for 3-4 months? Toyota will recover simply because its reputation for quality is so strong and long lasting. Ford is certainly the strongest US manufacturer with the best line-up and innovative cars as well as the strongest balance sheet. He wouldn't buy because developing countries are making cars a lot cheaper. | 2010-02-08 | ||
| Comment | Canadian Oil Sands Trust | COS.UN-T | 28.050 | Believes they have tax pools that will shelter it for 3-5 years when they convert to a corp. Before investing in these types of trusts, this is a very important element that you have to check on. | 2010-02-08 | ||
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| Comment | Pepsi | PEP-N | 58.960 | True multinational and have more earnings outside of the US than inside. If the US$ goes down, their earnings actually go up. A blue chip stock that is not going to go away. | 2010-02-08 | ||
| BUY | Manulife Financial | MFC-T | 18.970 | Dividend being cut in half took him by surprise, but once it happened he decided to stick with the stock. Dividend will increase over time. Very well positioned in the life business, particularly with its growing business in Asia. Expects more upside in 2010 than what the banks will have. | 2010-02-08 | ||
| DON'T BUY | Finning Int | FTT-T | 17.580 | Sold his holdings a few months ago because he felt it had been treading water for a long time. Had thought there were real catalysts for growth, which just didn’t materialize, and the company just didn't perform. | 2010-02-08 | ||
| SELL | TSX Group | X-T | 28.490 | He is finding that less than 50%, sometimes only 25% of his trades are going through this exchange. Recently cut its listing fees. Neither of these things is good for the stock. | 2010-02-08 | ||
| BUY | Pengrowth Energy Trust | PGF.UN-T | 10.860 | Has 3 to 4 years of tax pools so 7.7% yield is sustainable as long as oil stays above $70 a barrel. Have terrific properties. | 2010-02-08 | ||
| BUY | Potash Corp of Saskatchewan | POT-T | 109.340 | Inexpensive. There is a world grain shortage and because grain prices fell so sharply during the recession, grain was not planted very much at all and fertilizer prices fell. There is bound to be a rebound. | 2010-02-08 | ||
| WAIT | Agrium | AGU-T | 62.020 | Will be reporting earnings very soon and he would wait until that is finished. Vertically integrated with everything from producing fertilizers to selling and distributing a whole range of agricultural products. Inexpensive. | 2010-02-08 | ||
| BUY | Rogers Communcations (B) | RCI.B-T | 33.210 | Has been greatly oversold when people got nervous about new competition. An entrenched company with tremendous marketing machines and a huge base of installed customers. A cash flow machine. | 2010-02-08 | ||
| BUY | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Dividend paying stocks. He feels 2010 is going to be the year of dividends. You want to have equal weighting in banks, pipelines, utilities (energy producers and distributors) and telcos. | 2010-02-08 | ||
| Comment | Uranium One Inc. | UUU-T | 3.210 | (Market Call Minute.) He believes in uranium and nuclear power but he prefers to play it with the senior producer, Cameco (CCO-T). | 2010-02-08 | ||
| DON'T BUY | Transalta Corp | TA-T | 22.230 | (Market Call Minute.) Not his favourite utility because they produce a lot of electricity using dirty coal and have a lot of facilities that need replacing. | 2010-02-08 | ||
| BUY | Penn West Energy Trust | PWT.UN-T | 18.340 | (Market Call Minute.) Not a bad company. Believes they have tax shelters for when they convert to a corp but check it out first. | 2010-02-08 | ||
| HOLD | IBM | IBM-N | 121.880 | (Market Call Minute.) Had a great quarter. Largely a software and solutions company now. Stable. | 2010-02-08 | ||
| BUY | Cameco Corporation | CCO-T | 27.800 | (Market Call Minute.) China is going to build somewhere between 80 and 100 reactors in the next 15 or 20 years. The world does not have that much uranium. | 2010-02-08 | ||
| BUY | Methanex Corp | MX-T | 25.060 | One product company with methanol, a gasoline additive and feedstock for a lot of industrial chemicals. In 2008, people drove less, which cut back in methanol use. Also chemical industry fell off. Opposite is now happening with China being the biggest market globally for new cars. Opening a new low-cost plant in Egypt. Good price. | 2010-01-14 | ||
| TOP PICK | Fortis Inc. | FTS-T | 28.660 | (A Top Pick Feb 9/09. Up 21.55%.) Recently raised its dividend for the 37th consecutive year. | 2010-01-14 | ||
| TOP PICK | Cameco Corporation | CCO-T | 31.910 | China, a laggard environmentally because of coal usage, will be building between 20 and 40 nuclear plants in the next 25 years and doesn't have enough uranium. Cigar Lake is now being successfully de-watered, making it the biggest global producer. A story for the next 2 decades. | 2010-01-14 | ||
| TOP PICK | Tim Hortons | THI-T | 31.010 | Not been a whiz-bang since becoming public but has increased earnings, dividends, market share and footprint in the US. Thinks the stock is behind the news and has some catching up to do. | 2010-01-14 | ||
| PAST TOP PICK | Telus Corp | T-T | 33.900 | (A Top Pick Feb 9/09. Up 4.72%.) The panic over the new entrants in the wireless market is a little overdone. | 2010-01-14 | ||
| PAST TOP PICK | Royal Bank | RY-T | 55.750 | (A Top Pick Feb 9/09. Up 80.51%.) | 2010-01-14 | ||
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| Comment | Abbott Labs | ABT-N | 55.350 | Not hot on pharmaceuticals because of generic manufacturing and litigation risks. This one is a pretty good choice in pharmaceuticals with a pretty good product line up going forward. A lower risk way to play pharmaceuticals is through Johnson & Johnson (JNJ-N) that has both pharmaceuticals and branded consumer products. | 2010-01-14 | ||
| Comment | Western Canadian Coal Corp. | WTN-T | 3.860 | Local paper had an article on a 211 million Dollar class-action suit because of insider trading. Hadn't heard anything about it so not sure it has gone out over the wire. (Ed note: Googled and couldn't find anything. Bill.) There is a lot of renewed demand for coal coming from Asia. Coal prices and loading seemed to be going in the right direction. | 2010-01-14 | ||
| DON'T BUY | Berkshire Hathaway Inc. (B) | BRK.B-N | 3.000 | Hasn't been the sort of engine of shareholder value that it was years ago. If you are buying this now, you're basically buying the reinsurance business, not Warren Buffett's expertise. You can probably do better with other insurance companies or other industrial conglomerates. As a conglomerate, Onex (OCX-T) represents more value per share. | 2010-01-14 | ||
| BUY | National Bank of Canada | NA-T | 59.100 | What do you focus on when looking at a company? Has to like a sector and does like Cdn banking sector. Dividend yield is important. PE and ROE are important. Likes this one because of its protected market position inside Quebec. Wise traders and good wealth managers. There is room for dividend growth. Best earnings of any of the Cdn banks for 2009. | 2010-01-14 | ||
| Comment | Crescent Point Energy Corp | CPG-T | 38.660 | Great success story. Reasonable companies that stray from the core business and start buying shares of other companies. This one will thrive almost directly from the price of oil. Good quality light oil. | 2010-01-14 | ||
| BUY | CI Financial Corp | CIX-T | 22.300 | Likes the company and the sector. A tremendous amount of money on the sidelines in Canada. A lot of it is parked in money market funds, brokerage and savings accounts. That will move back into the market and fund companies will see their profit margins increase. Good dividend. | 2010-01-14 | ||
| DON'T BUY | Wells Fargo | WFC-N | 28.990 | One of the better banks in the US. One of the unknown questions on US banks is if they will suffer from the coming crash in commercial real estate. Came through the recent crisis better than any of their competitors. | 2010-01-14 | ||
| BUY | Suncor Energy Inc | SU-T | 37.520 | Likes the merger with Petrocan. Because of the downstream assets, they have become an integrated company. Tremendous assets and tremendous production capability and costs keep going down. Should be a core holding for all Canadians. | 2010-01-14 | ||
| BUY | Trans Canada Corp | TRP-T | 35.980 | Stock is going up because of a rotation away from the cyclicals towards a more stable utility kind of names. Still has room to go and expects a dividend increase in 2010. | 2009-12-15 | ||
| Comment | NAL Oil & Gas Trust | NAE.UN-T | 13.500 | Everything with gas in the name is having a good week. | 2009-12-15 | ||
| BUY | General Electric | GE-N | 15.750 | Great company with some terrific businesses, particularly in power generation and aircraft, both of which will be boom businesses in the next 20 years. Good time to start building a position in this company. | 2009-12-15 | ||
| DON'T BUY | Air Canada (B) | AC.B-T | 1.210 | Doesn't like airline stocks. Very difficult to make money in this industry. | 2009-12-15 | ||
| TOP PICK | Bank of Nova Scotia | BNS-T | 48.400 | Quarterly and annual results were very good. Not as dependent as other banks on trading revenues and capital markets activity, which makes them more sustainable. Expecting a dividend increase in 2010. | 2009-12-15 | ||
| TOP PICK | Empire Company (A) | EMP.A-T | 45.750 | Has Sobey stores, Empire Theatres and part of Crombie REIT (CRR.UN-T). Suffers from a holding company discount. An analysis said that the Sobeys alone is worth $65. | 2009-12-15 | ||
| TOP PICK | Onex Corp | OCX-T | 24.000 | Holding company whose individual parts are probably worth high $30's. Expect there will be dispositions in 2010. | 2009-12-15 | ||
| PAST TOP PICK | BCE Inc. | BCE-T | 26.360 | (A Top Pick Jan 5/09. Up 16.25%.) Still a buy. | 2009-12-15 | ||
| PAST TOP PICK | Saputo Inc. | SAP-T | 30.030 | (A Top Pick Jan 5/09. Up 42.2%.) Still a buy. | 2009-12-15 | ||
| PAST TOP PICK | Shoppers Drug Mart Corp | SC-T | 43.510 | (A Top Pick Jan 5/09. Down 3.59%.) This has been a disappointment. Has had really good earnings and have done all the right things in terms of renewing their stores and opening new real estate but hasn't had any respect from the market. Really cheap and still a buy. | 2009-12-15 | ||
| BUY | Manulife Financial | MFC-T | 18.750 | The hits just keep coming. First they cut the dividend and then issued a massive share issue, which was dilutive. Thinks the worst is behind it. Has been oversold. | 2009-12-15 | ||
| BUY | Enbridge | ENB-T | 48.320 | Very stable business. Prefers TransCanada (TRP-T) because of better upside but this is a very solid pick for income seekers who are seeking durable and rising dividends. | 2009-12-15 | ||
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| Comment | Encana Corp | ECA-T | 32.280 | Natural gas faces some interesting challenges from increasing shipments of LNG and record storage across North America. On the other hand, as oil goes up gas becomes more attractive. Not on his buy list. | 2009-12-15 | ||
| BUY | Franco-Nevada Corp. | FNV-T | 27.540 | Looking to acquire International Royalty (IRC-T). Very smart company that knows the industry very well. Great track record of adding value for shareholders. | 2009-12-15 | ||
| TOP PICK | Onex Corp | OCX-T | 23.470 | Deep value stock with about $8 a share in cash. Has a bunch of public companies that you can value, private companies that are harder to value and management contracts for a whole whack of money. Add it all up and he thinks it's worth $40 a share. Thinks they will monetize some of their investments. | 2009-11-19 | ||
| TOP PICK | Methanex Corp | MX-T | 18.850 | One trick pony with Methanol. Methanol is a precursor chemical to all kinds of industrial products. When global economy went into recession, demand went down. Methanol prices are now starting to pick up again. Have a plant in Egypt that is coming online. 3.6% yield. | 2009-11-19 | ||
| TOP PICK | Cineplex Galaxy Income Fund | CGX.UN-T | 16.630 | Makes money Movie tickets, refreshments and advertising. Looking for them to do very well on 3-D movies. Own a lot of real estate and will be sheltered from tax for 3 or 4 years when they convert to a corporation. About 60% payout. 7.6% distribution. | 2009-11-19 | ||
| PAST TOP PICK | Trans Canada Corp | TRP-T | 33.000 | (A Top Pick Dec 2/08. Up 5.9%.) Picked as a low volatility with some value for a defensive play. Still likes its prospects. Huge book of projects. | 2009-11-19 | ||
| PAST TOP PICK | BCE Inc. | BCE-T | 27.540 | (A Top Pick Dec 2/08. Down 7%.) Picked as a low volatility with some value for a defensive play. 5.8% yield. Thinks the dividend will go up. | 2009-11-19 | ||
| PAST TOP PICK | Power Corp | POW-T | 26.210 | (A Top Pick Dec 2/08. Up 34%.) Picked as a low volatility with some value for a defensive play. Last quarter not so good as the insurance sector and Investors Group (IGM-T) tripped it up. Investors Group will add assets this year. | 2009-11-19 | ||
| HOLD | Manulife Financial | MFC-T | 18.950 | Announced a $2.5 billion share issue, which caught everybody by surprise. Hopes that they will use this for good acquisitions. Fundamentally it is worth more than $19 a share and expects it to trend upwards. | 2009-11-19 | ||
| Comment | Denison Mines Corp | DML-T | 1.510 | He prefers playing uranium through Cameco (CCO-T) because of stability. There will be a tremendous number of nuclear plants built but these take about 10 years. This will be a slow process for uranium. | 2009-11-19 | ||
| BUY | Inter Pipeline Fund | IPL.UN-T | 10.670 | Pipeline industry is very steady and distribution should be safe. When it converts into a corporation, it should have a tremendous amount of tax shelter through depreciation. 7.8% yield. | 2009-11-19 | ||
| BUY | Empire Company (A) | EMP.A-T | 45.040 | As with many conglomerates, the value of the assets is much higher than the value of the stocks. The value will come out over time. 1.6% dividend. | 2009-11-19 | ||
| DON'T BUY | Fairfax Financial | FFH-T | 383.470 | A black box company. He can't tell what's inside. Financial statements are opaque. | 2009-11-19 | ||
| Comment | Telus Corp | T-T | 34.560 | Income play, not growth. Spectrum auction created fear that foreign players with deep pockets would enter the Canadian market giving a lot of competition. They are finding it difficult to increase their wireless base and amount spent by their customers. | 2009-11-19 | ||
| BUY | General Electric | GE-N | 15.760 | Has fallen on tough times but still has a tremendous stable of wonderful businesses, particularly energy. Got sideswiped by the financial business but you have a chance now of buying one of the great global companies at a pretty reasonable price. | 2009-11-19 | ||
| BUY | Brookfield Asset Management (A) | BAM.A-T | 22.180 | Very smart asset managers. Just made an interesting move by raising a fund to buy distressed commercial US real estate. A classic contrarian play and thinks it's an opportunity for them to make a killing. 2.5% dividend. | 2009-11-19 | ||
| BUY | A T & T US | T-N | 20.350 | Very attractive stock. Stability of earnings. Over 6% dividend. Primarily a yield play. Expect there will be a lot of money sloshing out of the high beta stocks and into the low beta in 2010. | 2009-11-19 | ||
| BUY | Verizon Communications | VZ-N | 30.520 | Getting a smart phone but the whole iPhone market is getting a little bit crowded. 6.2% dividend. Primarily a yield play. Expect there will be a lot of money sloshing out of the high beta stocks and into the low beta in 2010. | 2009-11-19 | ||
| Comment | Canadian Tire Corporation Ltd. (A) | CTC.A-T | 55.400 | Good company. One of Canada's premier retailers. Always rumoured that they will do something with their real estate, which would free up a lot of value but not sure he believes this. Prefers Shoppers (SC-T). Doesn't expect a huge amount of growth in 2010. | 2009-11-19 | ||
| DON'T BUY | Research In Motion | RIM-T | 62.710 | Can't stand the volatility. Doesn't think their device is as good as the iPhone because it doesn't have the functionality on the Internet. He is worried about what happens to the next generation of users and the competition. | 2009-11-19 | ||
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| DON'T BUY | Apple | AAPL-Q | 200.510 | Expensive stock with a 31 PE. Thinks there will be a dogfight in the first smart phone space. | 2009-11-19 | ||
| HOLD | Teck Resources Ltd. (B) | TCK.B-T | 37.080 | Near-death experience after they look it up with Fording and an unbelievable amount of debt but since had a recovery of 600%. Believes a lot of metal stocks have had a tremendous run and won't repeat it in 2010. | 2009-11-19 | ||
| Comment | iUnits Gold S&P/TSX E.T.F. | XGD-T | 23.230 | Gold S&P/TSX ETF. Cdn$ and the price of gold move in sync with each other so if you are buying a company with a lot of US$ cost, you may get neutralized out. He prefers individual companies because with ETF’s you get the bad, good and the ugly. | 2009-11-19 | ||
| STRONG BUY | Canadian Natural Rsrcs | CNQ-T | 71.090 | (Market Call Minute.) Tremendous cash flow going forward. At $80, oil is pretty well fully priced but if it goes up this will follow. | 2009-11-19 | ||
| Comment | Western Lithium Canada Corp. | WLC-X | 1.510 | (Market Call Minute.) Lithium is all of a sudden the “hot” metal because of plug-in cars, which will use a tremendous amount of lithium for their batteries. (Remember what happened to uranium in 2007!) | 2009-11-19 | ||
| DON'T BUY | Air Canada (B) | AC.B-T | 1.290 | (Market Call Minute.) Wouldn't touch it. | 2009-11-19 | ||
| BUY | Fortis Inc. | FTS-T | 26.440 | (Market Call Minute.) Excellent value play. High income. Very stable company. | 2009-11-19 | ||
| HOLD | Penn West Energy Trust | PWT.UN-T | 19.010 | (Market Call Minute.) Not his favourite one but not so bad either. Reasonable play in the sector. | 2009-11-19 | ||
| BUY | Suncor Energy Inc | SU-T | 38.250 | (Market Call Minute.) 22 billion barrels of recoverable oil on their property. | 2009-11-19 | ||
| DON'T BUY | American International Group | AIG-N | 34.010 | On government life support and nobody knows what the stock is worth. Doesn't expect anyone will know for at least 5 years. Immensely complicated situation. Pure speculation. | 2009-10-27 | ||
| TOP PICK | Aecon Group Inc. | ARE.DB-T | 103.000 | 7% convertible debenture, which gives you both a high yield of 6.8% and capital gain through conversion into common shares. Infrastructure is very strong right now. Limited downside. | 2009-10-27 | ||
| TOP PICK | Crombie Real Estate | CRR.DB-T | 103.750 | 6.25% convertible debenture. Trading at around $10.50 and conversion is at $11 so that there is a strong chance that the conversion will fall in and it will then mirror the stock. | 2009-10-27 | ||
| TOP PICK | IGM Financial Inc. | IGM-T | 39.440 | Fell out of favour when the market went down so much and people were concerned that money was fleeing mutual funds. Starting to come back big time. 5% yield. | 2009-10-27 | ||
| PAST TOP PICK | Tim Hortons | THI-T | 31.300 | (A Top Pick Nov 6/08. Up 8.66%.) Still a Buy. | 2009-10-27 | ||
| PAST TOP PICK | Bank of Nova Scotia | BNS-T | 44.450 | (A Top Pick Nov 6/08. Up 19.85%.) Still a Buy. | 2009-10-27 | ||
| PAST TOP PICK | Talisman Energy | TLM-T | 19.200 | (A Top Pick Nov 6/08. Up 75.78%.) Still a Buy. | 2009-10-27 | ||
| DON'T BUY | Bank of America | BAC-N | 15.450 | There are a lot of off-balance sheet items that are hard to fathom. Thinks this one will be a survivor. There are safer bets. | 2009-10-27 | ||
| Comment | Viterra Inc | VT-T | 10.360 | Struggling because of low grain prices but in a tremendously strong position internationally. This one is worthwhile taking a hard look at. | 2009-10-27 | ||
| Comment | Caterpillar | CAT-N | 56.690 | Has benefited from the large amount of infrastructure spending in the US. Strong company with a global franchise. A weak US$ will help them tremendously. | 2009-10-27 | ||
| BUY | Rogers Communcations (B) | RCI.B-T | 30.460 | Converted themselves from a growth story to a value story over the last 2 years. Increased the dividend very sharply and toned down expectations for growth and started to fix the balance sheet. | 2009-10-27 | ||
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| BUY | BCE Inc. | BCE-T | 25.600 | There has been a real under evaluation of the telephone sector in Canada. From the start of the year, they have not done anything while the rest of the market has gone up 25%. Good, deep value Buy. | 2009-10-27 |
