STOCKCHASE

58.390

(A Top Pick May 8/08. Up 7.27%.) One of the largest telecoms globally. 8.3% dividend yield is expected to go up over the next 5 years. Down 40% year-to-date because it has been tarred and feathered with all the other Spanish names of more than 40% of their revenues are from outside of Europe. Biggest growth is Brazil, their biggest asset on the wireless side.

2010-06-24

TOP PICK

Toromont Industries

TIH-T

23.470

Compression of natural gas and Caterpillar (CAT-N) dealerships in Ontario/Quebec. Acquired Enerflex giving them exposure to Asia. Because of the acquisition, dividend is staying at 2.5%. An investment for the next 5-10 years.

2010-06-24

TOP PICK

BHP Billiton Ltd.

BHP-N

67.980

The one resource stock that can cover everything such as iron ore, zinc, copper, lead, gold, diamonds etc. Good long-term hold. Have a lot of cash and can be aggressive if the economy turns sour. Dividend of 3.5%. Only Buy half position at this time.

2010-06-24

Comment

0.020

Not buying anything right now and hasn't for 6 months. Has about 10%-20% cash depending on the asset mix of the portfolio. He is looking for a signal of global de-leveraging before buying. Would like to Buy when there is capitulation but hasn't seen it yet. Will watch to see what happens when the Q2 and Q3 earnings coming out in the fall.

2010-06-24

PAST TOP PICK

Foment Economico Mexican

FMX-N

45.480

(A Top Pick May 8/08. Up 46.62%.) Sold their beer assets so are now left with Coca-Cola bottler and convenience stores, the high margin business. Would consider buying in the low $40's. 1.4% dividend.

2010-06-24

PAST TOP PICK

48.230

(A Top Pick May 8/08. Up 38.71%.)

2010-06-24

BUY on WEAKNESS

Caterpillar

CAT-N

63.370

Will be very cyclical, so take your time and look for a good entry point.

2010-06-24

DON'T BUY

15.080

Industrial products division has been a little sluggish but starting to see some long-term improvement. Problem is their capital market side which is no longer an AAA credit. 2.6% dividend. Not a fan.

2010-06-24

DON'T BUY

United States Steel

X-N

50.280

Depends if and when the economy recovers and demand is going to be huge. Would be more inclined to look at companies providing the iron ore for the steel manufacturing. Very risky.

2010-06-24

DON'T BUY

Schlumberger Ltd.

SLB-N

57.140

Has side tracked the British Petroleum (BP-N) situation whereas their rivals Halliburton (HAL-N) and Transocean (RIG-N) are caught in the middle of everything. Trading at 20X earnings, which is too expensive for him in this environment.

2010-06-24

WAIT

Banco Santander SA

STD-N

10.870

50% of revenues are coming from outside of Spain. Although stock price is down 40% (the same as Spanish index) you have to understand it is not where they are domiciled but where they are doing business. Doing very well in Mexico and South America. Wait to see what credit quality will look like among all the banks over the next couple of quarters.

2010-06-24

WAIT

Banco Bilbao Vizcaya

BBVA-N

10.770

2010-06-24

BUY on WEAKNESS

Teva Pharmaceutical

TEVA-Q

51.990

Leading generic drug manufacturer globally. Good growth profile. Valuations in the $40-$50 range would be decent. Growth rate is in the high mid-teens too low $20's.

2010-06-24

PARTIAL BUY

Cameco Corporation

CCO-T

23.180

Depends on whether commodity prices will be sustainable over the short run. If not, prices will continue to fall. As a long-term investment, big issue uranium and a little bit of copper and gold. For a long-term investment of 5-10 years, there's nothing wrong with this one.

2010-06-24

TOP PICK

Uni-Select Inc

UNS-T

27.290

Wholesale auto parts distributor. Price is down because they had a really crappy quarter. Got rid of their heavy-duty wholesale division, which had always been a huge drag on profitability. People tend to hold their cars longer. Good valuation. Clean balance sheet. Good dividend.

2010-04-07

TOP PICK

Manitoba Telecom Services

TEF-SM

0.000

(Also trades on the NYST under TEF-N.) Huge player in both Europe and South America. Dividend increase could be from 20%-40% this year, which would put the yield close to 8%. Brazil is going gangbusters in this company have the wireless assets. Also selling Pay TV. Very cheap.

2010-04-07

TOP PICK

Goldcorp Inc

G-T

40.060

Lowest cash cost of all seniors at about $350 so with gold where it is, it is all free cash flow to them and will allow them to fund future exploration. Penasquito mine in Mexico is getting started and will give them a lot of flexibility. No debt or political risks. Anywhere in the $30-$35 range is a good price.

2010-04-07

PAST TOP PICK

Sigma Aldrich Corp.

SIAL-Q

54.830

(A Top Pick Mar 20/09. Up 52.7% excluding dividends.) Specialty chemical maker in the pharmaceutical/biotech. Have increased the dividend twice since then.

2010-04-07

PAST TOP PICK

Lindt & Spruengli

LISP-SW

0.000

(A Top Pick Mar 20/09. Up 53%.) High-end chocolate/confectionery's. Just increased the dividend by 11%. Stock recently moved higher on expectations on earnings growth in emerging markets, especially India, China and Brazil.

2010-04-07

PAST TOP PICK

BHP Billiton Ltd

BHP-AU

0.000

(A Top Pick Mar 20/09. Up 38.5%.) Bought it through the Australian Stock exchange with Australian dollars which was 50% lower than the US$ so his gain was about 60%. (Also available on the NYST.)

2010-04-07

PARTIAL SELL

ICICI Bank Ltd.

IBN-N

44.520

A lot of the banks have gotten extremely rich because of coming off huge bottoms. If you own, consider taking some money off the table as inflation is rising in India right now sold the banks will be forced to increase their reserves.

2010-04-07

BUY

Verizon Communications

VZ-N

30.240

Verizon and AT&T (T-N) performances are very much the same but this one has a much higher wireless exposure. If they ever get AT&T's exclusive contract with Apple broken they would probably perform better. Stock is okay for long-term purchase.

2010-04-07

BUY

Agrium

AGU-T

68.530

Because the deal with C. F. Industries didn't go through, they are in much better shape financially leaving a cleaner balance sheet. If there is a selloff in the market, they can look for possible acquisitions without overpaying.

2010-04-07

Comment

Suncor Energy Inc

SU-T

34.590

Have to be patient with this because of their Petrocan acquisition plus all of the cost overruns in their heavy oil sands projects. Trading at about 6X cash flow, which is a little rich for the seniors. If you can hold it for the next 5 or 10 years, it should be fine.

2010-04-07

DON'T BUY

Lloyds TSB Group PLC

LYG-N

3.960

Would prefer buying a basket, such as an ETF of the undervalued banks rather than cherry picking each one. This one had to do a rights issue last November on a 3 to 1 basis, which diluted the earnings 3 times so learning Zen are going to be growing at a steady clip.

2010-04-07

PARTIAL SELL

CitiGroup

C-N

4.360

If they get the TARP payment paid than it is back to business as usual. All depends on what kind of recovery the US economy is going to make. If you own, consider taking some profits.

2010-04-07

DON'T BUY

Paychex

PAYX-Q

30.650

Makes money on processing pay cheques. They get to bank money overnight or over a weekend prior to remitting payroll taxes. Probably too pricey right now simply because interest rates do not look like they are going to be rising on the Horizon.

2010-04-07

Comment

Syngenta AG

SYT-N

52.780

This is the Swiss seed and agriculture stock. Have struggled because farmers have not been buying as much fertilizer. His choice would be Dupont (DD-N), which gives him more than just agriculture. Has no problem with this one except you will have to be very patient.

2010-04-07

DON'T BUY

Bell Aliant

BA.UN-T

25.470

11% distribution because they have a lot of tax write-offs they can use. Feels that the distribution will drop drastically when it converts back to a corporation.

2010-04-07

BUY

Unilever NV

UN-N

30.800

New management has gotten very prudent and very strict. Will not raise the dividend until they cut the costs to a degree where they can start paying down some of the debt. Will get pricing pressure in the US and Europe but pretty much have free reign in India.

2010-04-07

Comment

Teva Pharmaceutical

TEVA-Q

63.510

Generics continue to get wins in terms of shortened time frames as to pharmaceuticals staying on patents.

2010-04-07

Comment

Telus Corp

T-T

38.740

Dividend yield of nearly 5% is looking at little rich right now. Stock has been overbought.

2010-04-07

HOLD

MBT-T

32.890

Gives you a consistent dividend but not a rise in the dividend and the stock price has not been doing very well because there is less growth than its competitors. Management has said they are going to do everything they can to support the dividend over time.

2010-04-07

Comment

Luxottica

LUX-N

26.790

Dominate eyeglasses/sunglasses sector. Their competition is very fragmented globally. Growth in China and other emerging markets is going to grow over time. Just moved into South America. Stock is a little rich right now.

2010-04-07

DON'T BUY

Bank of America

BAC-N

18.620

(Market Call Minute.) Still a work in progress. Speculative.

2010-04-07

SELL

McDermott International Inc.

18.500

(Market Call Minute.) Still has the GE Capital situation hanging over them. Have been selling assets to raise cash.

2010-04-07

HOLD

MDR-N

27.500

(Market Call Minute.) Planning to split the company into 2 by spinning off the nuclear side. Will keep the engineering for oil and gas.

2010-04-07

SELL

Nokia

NOK-N

12.920

Smart phone is being commoditzed. If you are into Apples or Rim, you have to trade.

2009-12-29

DON'T BUY

Sino-Forest Corp

TRE-T

19.330

If lumber pries remain stable it can rise from its current price. Return on capital and operating margins are good. Selling lumber into this environment is tough. You will have to be patient since you are buying a company is that is close to commodity prices.

2009-12-29

DON'T BUY

Manulife Financial

MFC-T

19.220

Earnings will be sluggish for the next couple of years because of equity raising recently. Dilution of earnings could keep price within this range.

2009-12-29

PAST TOP PICK

Diageo PLC

DGE-LN

0.000

(Top Pick Jan 30, 2009, Up 20.2) It went up near the end of the term. Drinkers have gone down to lower items, but the drinkers still continue to buy them.

2009-12-29

PAST TOP PICK

William Hill

WMH-LSE

0.001

(Top Pick Jan 30, 2009, Up 16%) Exercised rights that they issued. The rights issue diluted earnings. Management team has proven inept.

2009-12-29

SELL

Cemex SA

CX-N

12.000

Prior to meltdown, they were on an acquisition binge. They have been selling assets to raise cash. He sold a year ago because of balance sheet impairment.

2009-12-29

DON'T BUY

iShares Xinhua China 25 ETF

15.350

Almost identical to Siemens. He has a problem in that it will take a couple of years to get things going again. Prefers Siemens.

2009-12-29

DON'T BUY

Agrium

AGU-T

65.810

Canadian Agribusiness firms are a little pricey right now. They can come down a little more before they are interesting. Has a premium built in because of take-over rumors.

2009-12-29

WEAK BUY

Rogers Communcations (B)

RCI.B-T

32.630

Telecoms are getting increased competition. Consumer discretionary demand is starting to come down. Subsidization of smart phones has margins coming down. Bit a time to sell. Buy half a position and wait to see what happens in 6 months.

2009-12-29

WEAK BUY

FXI-N

42.010

20% of his revenues come from Asia, but they don’t have to be domiciled in China. Make sure it is no more than 5% of your portfolio. China fell 70% last year.

2009-12-29

DON'T BUY

Encana Corp

ECA-T

34.260

Likes oil and gas stocks at no more than 5 times cash flow. ECA is there. Cold weather is helping gas prices right now. He prefers Toromont TIH-T, which is less volatile.

2009-12-29

VAGUE

Canadian Imperial Bank of Commerce

CM-T

67.920

Capital markets have been hot, vs. retail markets.

2009-12-29

TOP PICK

Sigma Aldrich Corp.

SIAL-Q

51.400

Specialty chemical maker. Has been fairly recession proof. Revenues, Profits and Dividend continue to rise. 55% of revenues are outside of US. Very little debt. Wonderfully stable business because very time a scientist squirts something into a petri dish, stock makes money. Has been building a base for 3-6 months so he thinks there may be some breakout here. It may take a couple of years.

2009-12-29

TOP PICK

Novo-Nordisk

NVO-N

64.560

Has been more stable than the rest of the pharmaceuticals. Is an insulin producer, which pretty much dominates the market. Diabetic cases will rise 2-4 hundred million over the next 20 years, predominantly because Indians tend to be very susceptible to it. Return on capital is very high – 25-30% range. Very little debt. Dividend increased almost 20% last year.

2009-12-29

TOP PICK

51.380

Has the least invasive of all the hip and knee replacements out there. Leaders in wound care management for burn and fire victims. A third business is endoscopy components. People have been putting off getting their hips repaired, but eventually they have to step up to the plate. Recovery time is faster. Stock trading at 9-10 times earnings. They came out with blow out margins but some analysts think this is a one-time thing.

2009-12-29

N/A

0.020

He is thinking of an ‘L’ shaped recovery. The market came back too far too fast. Wont re-visit March lows. 0-2% GDP growth, slightly more globally. 10-20% cash. Three areas: 1. Emerging Markets - Brazil, India, China; 2. Commodities - Canada, Mexico, Australia; and 3. Laggards – US, Europe and Japan, where the growth will be slower.

2009-12-29

DON'T BUY

FedEx

FDX-N

85.170

PE multiple is way too high. Any time the consumer falls back, Fedex will have a problem. 15 times or less would make it a buy.

2009-12-29

DON'T BUY

Intel

INTC-Q

20.590

It’s a bit on the rich side. It’s had a big run. Doesn’t expect a lot of chips sales to continue. Would prefer some of the other chip stocks.

2009-12-29

Comment

0.020

Biggest Green investors: Spain – real estate bubble has burst. Spain has leaders in solar panel manufacturers and some utilities are among largest of the green spaces. German, Denmark, and Spain are leaders for wind and solar power.

2009-12-29

PAST TOP PICK

SN-LSE

0.000

(Top Pick Jan 30, 2009, Up 28%) Hip and Knees. Has just started to wake up. Trading at 9 or 10 times earnings. Cheap in it’s sector.

2009-12-29

HOLD

Royal Bank

RY-T

56.140

(Market Call Minute) for all Canadian banks

2009-12-29

SELL

Bell Aliant

BA.UN-T

27.950

(Market Call Minute) Sell because long distance revenues being generated in Maritimes.

2009-12-29

BUY

Berkshire Hathaway Inc. (B)

83.990

(Market Call Minute) Good wireless exposure in Brazil.

2009-12-29

HOLD

Precision Drilling

PD-T

7.680

(Market Call Minute)

2009-12-29

SELL

Thomson Reuters Corp

TRI-T

33.810

(Market Call Minute) Has done nothing in last year.

2009-12-29

SELL

ICICI Bank Ltd.

IBN-N

37.810

(Market Call Minute) Come up too far too fast and Indian Gov’t has tried to put more cushions in which will drag earnings.

2009-12-29

BUY on WEAKNESS

Paychex

PAYX-Q

30.370

Automated payroll deposit company. Service companies with 15 employees or less in the US plus a little bit of exposure to the German market. Likes them because they are a net cash flow positive firm where they get bank money every 2 weeks for payroll/taxes over the weekend. Current problem is high unemployment and zero interest rates. About 4.5% yield. Wait for a correction before buying.

2009-11-06

HOLD

Suncor Energy Inc

SU-T

35.400

One of the high quality stocks in the Canadian oil sector and can be an anchor to anyone's portfolio. Dividend will probably be maintained for the near-term because of the PetroCanada acquisition but as growth comes it will start to rise over time. If unemployment continues to rise and demand continues to fall something will have to give.

2009-11-06

DON'T BUY

BRK.B-N

3.000

Acquiring Burlington Railways. Also announced a 50 for 1 split in order to pay for the acquisition and current shareholders will have to face some kind of dilution because this will be a very expensive acquisition. Not a big fan because of 1) their succession plan and 2) because parts of their business are not doing well.

2009-11-06

DON'T BUY

Agrium

AGU-T

53.940

Trying to acquire CF Industries, contingent on this company dropping its bid for Viterra (VT-T). Usually with an acquisition stock price weakens because acquisition has to be paid for somehow. Agriculture businesses and fertilizer stocks are very expensive.

2009-11-06

DON'T BUY

Blockbuster Inc.

BBI-N (Dead)

0.860

Movies, DVDs and video game rentals. Too much competition. Doesn't think they have a winning formula to be able to do anything.

2009-11-06

Comment

Research In Motion

RIM-T

63.200

Long-term outlook for smart phones is good because of only 20% penetration. Didn't meet expectations last quarter and Apple (AAPL-Q) is starting to move into others territories. Have to integrate both business and customers and on more than 4 or 5 different platforms, squeezing margins. Trading at 15X earnings, which is more in line with what expectations are for the next couple of years.

2009-11-06

DON'T BUY

Pfizer Inc

PFE-N

16.960

The issue here is Lipitor patents coming off in 2010 and they have to fill the product pipeline with something that is going to be a blockbuster. Question that they can use their cash horde effectively to fill the R&D pipeline, get new products to market and get their profits up. (See Top Picks.)

2009-11-06

TOP PICK

Toromont Industries

TIH-T

26.240

Compression of natural gas and Caterpillar (CAT-N) dealerships in Ontario and Quebec. Trying to acquire Enerflex (EFX.UN-T), which would give them exposure to the Asian markets. Good diversification and good management team. History of increasing dividends for the last 20 years. Buy on weakness.

2009-11-06

TOP PICK

83.400

One of the biggest wireless providers in Brazil. Started paying dividends in 2002 and continues to increase. Brazilian profits were up 50%. With Olympics coming, per capita income rising and the infrastructure spending it should do very well going forward. Buy on weakness.

2009-11-06

TOP PICK

HBP NYMEX Nat'l Gas Bull+

44.790

Manufactures artificial hips and knees as well as bandages for fire victims and endoscopic devices. Revenues have been sluggish. Release their quarterly figures and revenues were flat but profits grew. People are delaying hips/knee surgeries but that is building a potential for down the road. Buy on weakness.

2009-11-06

SELL

HNU-T

10.180

Natural Gas Bull+ ETF. Hates investors to be involved with these.

2009-11-06

TOP PICK

Foment Economico Mexican

FMX-N

31.330

The largest bottler and distributor of Coke products throughout Latin America and South America. Sales and profits were up about 20% in Brazil in the last quarter. They also own a lot of convenience stores throughout Mexico. They are also 50% of the beer market in Mexico. A play on the demographic/economic growth in Latin America.

2009-05-08

TOP PICK

59.890

Got smoked in Spain but in Brazil and the rest of the world they are doing very well. Wireless growth in Latin America is up almost 20%. Dividend yield of 6.72%.

2009-05-08

TOP PICK

35.340

Hip, knee replacements and endoscopic equipment and wound care management. Equipment is less invasive than its peers. Trading at 10X earnings but growing at 15% to 20% so the PEG ratio is in his favour. People are holding back on getting hips replaced but at some point in time they will have to. 2.3% dividend.

2009-05-08

PAST TOP PICK

Shin-Etsu Chemical

4063-JP

0.000

(A Top Pick April 23/08. Down 3.56%.) Specialty chemical maker that makes silicon for semiconductors and PVC piping. Stock was falling but was offset by the plunging Cdn$. Would like a weaker yen before buying more. 2% dividend.

2009-05-08

PAST TOP PICK

Uni-Select Inc

UNS-T

29.000

(A Top Pick April 23/08. Up 35.42%.) Auto parts supplier. Had a turnaround in their heavy-duty division, which have been a huge booster for the past 5 years. A little pricey at 10X earnings.

2009-05-08

PAST TOP PICK

Nokia

NOK-N

14.750

(A Top Pick April 23/08. Down 47.03%.) Phones/cable companies were working through their inventories so demand fell. Market share fell because they were not selling the high-end phones.

2009-05-08

DON'T BUY

Bombardier Inc (B)

BBD.B-T

4.160

Orders are down on the aerospace side but up on the rail car side. Price to cash flow looks attractive but debt to equity is about 180%. They'll have to muddle through with low margins until aircraft orders pick up again.

2009-05-08

BUY

Encana Corp

ECA-T

65.420

Like all the oils, they are starting to trade around 4X cash flow so this is usually an entry point en masse for oils. Because this is one of the senior producers, they will probably have a bigger following by institutions.

2009-05-08

Comment

0.020

Gold: Short term it could go anywhere but in the long-term it should trend higher because he expects inflation will be starting. He is guessing it will be anywhere between $900 and $1000 in the next 12 months.

2009-05-08

BUY

Barrick Gold

ABX-T

39.130

News that the new mine on the Argentina/Chile border will be coming into production at a cost of about $40 an ounce, which will reduce their overall costs from $405. Huge reserves. With wage and equipment prices coming down, it is becoming more economically viable. Good entry point.

2009-05-08

BUY

Anadarko Petroleum Corp

APC-N

51.960

Trading at 4X next year's cash flow. Operating margins are in line at 24%. Looking under priced.

2009-05-08

Comment

14.530

Looks like the worst is behind them however the financial side is still going to be a distraction. There are other companies that he would rather own.

2009-05-08

BUY

Talisman Energy

TLM-T

16.610

Have been turning itself around very quietly. Trading at next year's price to cash at about 3.8 times which is fairly cheap. Gotten involved with a big find in Kurdistan where the potential could be quite large.

2009-05-08

Comment

Thomson Reuters Corp

TRI-T

35.180

Several factors on whether you buy Canadian (TRI-T) or US ADR (TRIN-Q). 3.7% yield Canadian but 4.2% in the US. If you have a taxable account you are probably better off buying Canadian.

2009-05-08

DON'T BUY

Research In Motion

RIM-T

85.000

Difficulty for them is going to be competition from Apple's products coming down the pipe in North America. Their Storm did not turn out to be a great product but Pearl has done quite well. Trading at a very hefty multiple of around 20X earnings. He prefers Nokia (NOK-N).

2009-05-08

DON'T BUY

Walt Disney

DIS-N

25.460

Has 3 parts. Studio/automation/film, theme parks and television assets. 2 of them are not doing great and the other one is muddling along. Not a big fan of this one because demographics are going to hurt them in the long run.

2009-05-08

DON'T BUY

Tim Hortons

THI-T

28.590

In a trading range of probably $5 plus or minus. Yesterday's results were okay, but not great. He is not a buyer of this one right now.

2009-05-08

DON'T BUY

Biovail Corp.

BVF-T

13.080

Cutting dividends does not help any company. Entire pharmaceutical space is down year-to-date because of patent products rolling off. This is a very tiny player in a big pond. Wouldn't touch this one.

2009-05-08

Comment