| TOP PICK | | Telefonica S.A. | TEF-N | 82.500 | More money is going into telecom right now and this is the largest Spanish telecom but they've also got wireless throughout Brazil and Latin America. 25% increase in dividend in the last year. | 2008-07-04 | |
| TOP PICK | | Massmart Holdings | MSM-SJ | 0.001 | (South African exchange.) Like a Costco in North America without any Wal-Mart competition. When he goes into an emerging market he likes to use a financial or consumer stock because it gives quick access to the entire economy. Revenue growth in South Africa is about 15% versus 4% in North America. Yield of about 5.5%. | 2008-07-04 | |
| TOP PICK | | Unilever NV | UN-N | 28.190 | Consumer products. Where Procter & Gamble has China, this company has India. Big growth in consumer products in India right now. Attractive yield at about 3.5%. | 2008-07-04 | |
| DON'T BUY | | ICICI Bank Ltd. | IBN-N | 27.130 | Inflation in India is running close to 11% right now. The government is trying to hold back on lending practices for the banks and this is bringing down the PE multiple. $15-$17 might be a decent entry point. | 2008-07-04 | |
| SELL | | Barclays Bank PLC | BCS-N | 23.080 | From a quality standpoint, this bank has problems. Dividend will not be able to be held at 15.5%. Things will continue to be pretty iffy. | 2008-07-04 | |
| BUY | | Banco Santander SA | STD-N | 18.600 | Trading at 5X cash flow. Spanish banks are down 20% because the Spanish economy is expected to slow. | 2008-07-04 | |
| DON'T BUY | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Canadian banks are still expensive at 10X cash flow basis. He prefers buying when they are trading at 5Xs. He owns Toronto Dominion (TD-T). | 2008-07-04 | |
| BUY | | Diageo PLC | DEO-N | 71.490 | 4.3% yield is getting very attractive. Trading near its lows because it is a consumer's discretionary and people are starting to cut back. Starting to show very good guy you at these levels. | 2008-07-04 | |
| Comment | | Walgreen Co | WAG-N | 31.450 | Sold his holdings because he is getting rid of some of the lighter yielders. In the pharmacy industry, the front end of the store is not doing as well. In 5 or 10 years after they have stopped building stores, they will be able to bump up the dividend. | 2008-07-04 | |
| BUY | | Sanofi-Aventis | SNY-N | 35.200 | Many of the health care stocks have started to recover or they are not down as much as the market this year. 4% yield and decent growth over time. | 2008-07-04 | |
| DON'T BUY | | Fortis NV | FORSY-NL | 0.001 | Has heartburn from its ABN Amro acquisition last June. Had another $2 billion write-down on CDO exposure and also had to sell assets to appease regulators. Scrapped the dividend and paid stock instead. This will create a huge dilution and earnings will probably be flat for the next couple of years. He sold his holdings. | 2008-07-04 | |
| DON'T BUY | | Syngenta AG | SYT-N | 58.220 | Trading at about 17X cash flow. Would like to see the price 25% to 30% lower. At these levels it is very hard to justify on a valuation basis. If you own, consider rebalancing your portfolio. | 2008-07-04 | |
| TOP PICK | | Technip | TEC-Paris | 70.660 | French engineering firm in the energies services business, primarily in Europe and the middle east. Compelling value. | 2008-06-09 | |
| TOP PICK | | Banco Bilbao | BBVA-SM | 0.000 | Spanish bank with interests in Mexico and the US. Just made a 10% investment in Citi Bank (?) of China. Strong free cash flow and is trading at 4.5X cash flow. 5% dividend yield. Making acquisitions during the slowdown of the economy, which creates pressure on the stock price. | 2008-06-09 | |
| TOP PICK | | Telefonica S.A. | TEF-SM | 0.000 | Largest telecom in Spain but also has exposure in Latin America and South America. Just introduced Internet phone service in Brazil. Yields about 4%. Trading at less than 3X cash flow. Likes the demographics of rising per capita income in South America and Latin America. | 2008-06-09 | |
| PAST TOP PICK | | Macquarie Group | MQG-AU | 0.001 | (A Top Pick Aug 16/07. Down 5%.) One of the largest investment banks in Asia. When deal making slows down, earnings slow down. Just increased its dividend. No financing issues in play. Continue to Hold. | 2008-06-09 | |
| PAST TOP PICK | | Rayonier Inc. | RYN-N | 45.580 | (A Top Pick Aug 16/07. Up 18%.) Timberland REIT. If you can’t get prices for real estate or timber, you just let the trees grow. 5% dividend. | 2008-06-09 | |
| PAST TOP PICK | | Deutsche Wohnenag | DWNI-GR | 0.000 | (A Top Pick Aug 16/07. Down 42%.) Concept was right because German real estate had not been rising. Housing prices are starting to fall. They acquired another REIT, took on debt and cancelled dividends. Sold his holdings. | 2008-06-09 | |
| DON'T BUY | | Chico's FAS | CHS-N | 7.080 | Women's fashion retailer. Had been very successful through the 90s. High-end fashions in the US. Sold his holdings about a year ago when management stubbed its toe by moving into accessories for the younger crowd. | 2008-06-09 | |
| DON'T BUY | | Lehman Brothers Holdings | LEH-N | 29.480 | Never been a big fan of investment banks because earnings are so volatile. Even at these valuations, he is not sure how much faith you can put into their books. What will the economic outlook be next year when deals are slowing? | 2008-06-09 | |
| DON'T BUY | | Agrium | AGU-T | 96.650 | Investment has been great and earnings are expanding at huge double digits. If you own don’t let your percentage weightings get too large. You could buy a small portion to play with and in the doubles in price, take some profits. | 2008-06-09 | |
| DON'T BUY | | McDonalds | MCD-N | 59.310 | He has concerns about their US stores being open 24 hours a day. Doesn't know how they can grow beyond this. Getting their growth internationally, but not sure the US market can offset this. There are better opportunities. | 2008-06-09 | |
| DON'T BUY | | Cisco | CSCO-Q | 26.430 | Usually goes back to its previous highs anytime there is a business turnaround. Suffered because US business has been dwarfing what they have been doing internationally, even though 60% of revenues is outside of the US. Outlook is very strong because of their high definition products. Not a fan of tech stocks currently, as they don't usually pick up until August. | 2008-06-09 | |
| DON'T BUY | | Cemex SA | CX-N | 27.300 | 3rd largest cement manufacturer globally. Has been hurt because 30%-40% of revenues is from the US. Dividend yield of 3%-3.5%. Wait until it gets to $18-$21 before buying. | 2008-06-09 | |
| DON'T BUY | | CitiGroup | C-N | 19.600 | This is not on his list of US banks that he would like to own because they parts of the business that are risky are much riskier than those that create wealth. Still under a cloud. | 2008-06-09 | |
| BUY | | United Technologies | UTX-N | 67.550 | Large conglomerate. Has no financials like General Electric (GE-N) does, so over time it should do very well. The market slowdown gives you an opportunity for cost averaging. High-quality company. | 2008-06-09 | |
| DON'T BUY | | Barclays Bank PLC | BCS-N | 25.230 | Difficult to make an assessment of what its true value is. In the midst of an acquisition and are still figuring on how to fund it. | 2008-06-09 | |
| DON'T BUY | | Mitsui & Co. Ltd. | MITSY-Q | 461.160 | Large conglomerate. Japanese market has been terrible in the last 2 years because the forecasted economic recovery did not happen. Important to look at the breakdown of each business in the conglomerate to see which is export driven, which has price power as well as what the Japanese economic outlook is going to be. | 2008-06-09 | |
| DON'T BUY | | General Electric | GE-N | 30.060 | Its financial business makes up a large portion of its holdings. The stock is basically like owning a proxy for the Dow. Can't think of any compelling reason to own this one. | 2008-06-09 | |
| Comment | | Sims Group Limited | SMS-N | 36.740 | Australian stock market hasn’t done very well and metal recycle prices have been very up and down. Good company. Decent dividend. Wonderful growth stock for the last 10-15 years. Could be a possibility for a long-term hold but he hasn't looked at it lately. | 2008-06-09 | |
| BUY on WEAKNESS | | Russel Metals | RUS-T | 28.860 | This one has always been a difficult call. It all depends on what steel prices are doing. Dividend is quite good. Well run, well-managed company. Would be interested on any kind of a weakness. | 2008-06-09 | |
| DON'T BUY | | Pfizer Inc | PFE-N | 18.020 | Its problem, along with many of the health care companies in the US, is the pipeline. Lipitor, which is a large portion of their revenues, comes off patent next year. Have lots of cash flow but haven't been able to take advantage to develop anything. Would buy Novo-Nordisk (NVO-N) instead. | 2008-06-09 | |
| BUY | | Novo-Nordisk | NVO-N | 67.030 | Insulin maker out of Denmark. Good pipeline and good patent protection. Diabetic patients will double over the next 10 to 20 years. | 2008-06-09 | |
| HOLD | | Teleflex Inc. | TFX-N | 57.840 | (Market Call Minute.) Wouldn't buy it as they are at the bottom of the totem pole. They manufacture products for OEM equipment and pricing pressures are a huge problem for them right now. | 2008-06-09 | |
| BUY on WEAKNESS | | Luxottica | LUX-N | 26.150 | (Market Call Minute.) Buy below $25. Cyclical. Consumer discretionary. | 2008-06-09 | |
| BUY on WEAKNESS | | Foment Economico Mexican | FMX-N | 42.900 | (Market Call Minute.) Coca-Cola bottler and beer maker out of Mexico/Latin America. Of all the beverage makers he feels this is the best. $40 would be the entry point. | 2008-06-09 | |
| BUY on WEAKNESS | | ICICI Bank Ltd. | IBN-N | 34.670 | (Market Call Minute.) If it gets below $30, it's worth buying. | 2008-06-09 | |
| TOP PICK | | Uni-Select Inc | UNS-T | 21.440 | Wholesale distributor of auto parts. This is a contrarian pick as a stock is down around its 2003 lows and is #6 in North America. Revenues last year would have been 9% if the US$ hadn't been weak. If there is any kind of a rebound in the US$, the stock will start to pick up. Trading around 9X earnings. Strong free cash flow and very little debt. | 2008-04-23 | |
| TOP PICK | | Shin-Etsu Chemical | 4063-JP | 0.000 | Japanese chemical company. Silicon and PBC piping. US housing market has slipped, but this company sells worldwide. There has been a pickup in the semiconductor market. If there is any kind of a NASDAQ rally, this company will follow. | 2008-04-23 | |
| TOP PICK | | Nokia | NOK-N | 29.170 | This company and Research in Motion (RIM-T) are leading the way and he likes this because they are paying a nice dividend of 2.7%. A contrarian play. | 2008-04-23 | |
| PAST TOP PICK | | Deutsche Wohnenag | DWNI-GR | 0.000 | (A Top Pick June 22/07. Down 59%.) Real estate index in Europe is down about the same amount. Made an acquisition that they probably overpaid for. Sold his shares about a month ago when they declared no dividend would be paid. | 2008-04-23 | |
| PAST TOP PICK | | Fortis NV | FORSY-NL | 0.001 | (A Top Pick June 22/07. Down 40%.) Belgian bank. Started buying more shares when the dividend was increased about 3 weeks ago. Still a Buy. | 2008-04-23 | |
| PAST TOP PICK | | Walgreen Co | WAG-N | 35.670 | (A Top Pick June 22/07. Down 22%.) Dropped because it is a US consumer stock in the US economy has gone in the dumps. Same-store sales are rising. Still a Buy. | 2008-04-23 | |
| PARTIAL BUY | | Cemex SA | CX-N | 26.930 | Long-term outlook for the company is extremely strong, as are all of the cement companies. There is sluggishness right now because of the US housing market of which they have 46% sales. Dominate the Mexican and Latin American markets and are paying off the debt from their Rinker (?) acquisition. Expect the dividend to stay the same or rise. Fairly cheap. Start with a half position. | 2008-04-23 | |
| BUY | | Babcock & Brown Infrastructure | BBI-AU | 0.001 | Infrastructure fund. Owns ports globally but not cities’ as well as some Australian utilities. Acquisitions they made have not been expensive. Stock is off because of the carry trade between Australia and Japan.(It was cheap to borrow in Japan to buy Australian securities that are yielding quite a bit until they Australian$ began to fall.) Recently increased its dividend to about 13%. | 2008-04-23 | |
| Comment | | Brookfield Asset Management (A) | BAM.A-T | 29.870 | Common stocks or preferred shares? Depends on whether you are looking for growth or income. Preferreds give you yields of about 6%. The dividend tax credit of about 40% (Ont) gives a pre-tax yield of about 8.4%. On the stock side you are taking a longer-term view of the overall management Corporation. If you think there is a turn coming, it can offer you a much greater capital appreciation. | 2008-04-23 | |
| BUY on WEAKNESS | | CSX Corp | CSX-N | 59.360 | Likes all the North American railroads. This one has started to move in a big way since February because of a pickup in reduction of expenses and their ability to offset higher fuel costs by hedging strategies. Would also buy Canadian National (CNR-T) at this level. | 2008-04-23 | |
| BUY | | Canadian National R.R. | CNR-T | 51.860 | Likes all the North American railroads. Likes the Prince Rupert port potential for the next 3 or 4 years. Good price. | 2008-04-23 | |
| Comment | | Visa Inc. | V-N | 70.080 | A crapshoot simply because of the IPO. They benefit from the move to plastic from writing cheques. There will be a lot of volatility in the near term, so treat this as a trading stock and use limits. | 2008-04-23 | |
| Comment | | Sherrit | S-T | 14.890 | At these levels, it all depends on if there is any capitulation in the commodities market. They do have a wide body of resources in their portfolio, so there is a little bit more diversification. Would hold off on this one. | 2008-04-23 | |
| BUY on WEAKNESS | | Diageo PLC | DEO-N | 81.950 | Dividend of about 3%-3.25%. Growth in rising income and capital market keeps the demand in spirits on the rise. Have been looking at this one, but would like to see it come down another 10%. | 2008-04-23 | |
| Comment | | Altria Group Inc | MO-N | 22.300 | Good dividend. Have taken most of the cigarette assets out of the US so don’t pay for litigation anymore. Selling into Russia and China. | 2008-04-23 | |
| DON'T BUY | | Sunrise Assisted Living | SRZ-N | 20.750 | Sold his holdings about 2 years ago because they still had not come out with their audited financial papers. Demographics are perfect. Management team created their own accounting system and are under investigation right now. | 2008-04-23 | |
| DON'T BUY | | General Electric | GE-N | 32.360 | Financial services is its biggest corporation and is still having difficulty. They're trying to sell assets and they're taking discounts. This is a proxy for the global markets and if we are still in recession, the stock will probably go sideways for a while. Consider selling Puts against it. | 2008-04-23 | |
| WAIT | | Siemens | SI-N | 116.870 | One of the top European companies as far as quality is concerned. Their falloff has been standard along with all the other industrials. 2.2% yield. Free cash flow yield after interest rates so it is still attractive here. If there is another correction in the summer, you might get a better opportunity. | 2008-04-23 | |
| Comment | | Novartis AG | NVS-N | 49.530 | Good quality company. Came down similar to most pharmaceuticals. A lot of them are having pipeline problems in getting new products to market. Relative to the US, it has a far better portfolio. OK as an entry point but he believes the sector could drop further so he would suggest you use a limit order down in a $40 range. | 2008-04-23 | |
| Comment | | Caterpillar | CAT-N | 81.690 | If you are a long-term investor, it is probably a decent entry point. Infrastructure is a theme that will continue over the next decade or so. | 2008-04-23 | |
| PARTIAL BUY | | India Fund Inc. | IFN-N | 48.560 | Like many country funds it is a basket of stocks that foreign investors can’t buy because of restrictions. Usually trades at a discount. Indian economy has seen a lot of inflation and they have closed the doors to capital investment coming in. This is the reason for the drop. Not a bad entry level but there could be some more nastiness to come. Start with a half position. | 2008-04-23 | |
| Comment | | ICICI Bank Ltd. | IBN-N | 43.630 | He would be looking at this again if it got a little bit lower, into the $30's. Sold his holdings in November. | 2008-04-23 | |
| DON'T BUY | | Royal Bank of Scotland PLC | RBS-N | 6.990 | News came out yesterday that there were large write-downs and they were planning on issuing billions of dollars of new shares. Dividends will be in shares as opposed to cash. This will create a huge dilution effect at a time when loan loss provisions continue to rise. | 2008-04-23 | |
| Comment | | Migao Corp. | MGO-T | 6.600 | Recently did a share issue around $8. They are very tiny and don't have the critical mass that Potash (POT-T) or Agrium (AGU-T) have. However, they do have plants in China, so transportation will not be an issue for them. If you want a speculative purchase, this is appealing. | 2008-04-23 | |
| PARTIAL SELL | | Potash Corp of Saskatchewan | POT-T | 206.500 | Has a hard time justifying the stock price. Long-term growth rate has been about 14% and he gave them at 25 multiple and still couldn't reach their price. If you own, consider carrying back and rebalancing your portfolio. | 2008-04-23 | |
| BUY | | Luxottica | LUX-N | 25.650 | They own Sun Glass Hut, Pearl Vision, Lenscrafters, Oakley and they have the Ray-Ban line. Also moving heavily into China and hope to have 1000 outlets there. Just increase their dividend by 17%. | 2008-04-23 | |
| PARTIAL SELL | | Research In Motion | RIM-T | 122.680 | This is a stock that investors will have to trade because of volatility. Just announced the opening of a new manufacturing plant in Germany. Fairly valued at around $120. If you own, consider paring back and rebalancing your portfolio. | 2008-04-23 | |
| BUY | | Arcelor Mittal | MT-N | 90.910 | (Market Call Minute.) They own, through the Dafasco acquisition, iron core so they don't have to pay the feedstock costs giving them lower costs and higher earnings. | 2008-04-23 | |
| BUY | | Teck Cominco Ltd. (B) | TCK.B-T | 48.260 | (Market Call Minute.) Good long-term buy. | 2008-04-23 | |
| BUY | | Johnson & Johnson | JNJ-N | 67.260 | (Market Call Minute.) Have been held back by the pharmaceutical side of the business but the medical devices and consumer products is good. | 2008-04-23 | |
| BUY | | Coca-Cola Company | KO-N | 60.320 | (Market Call Minute.) Prefers Pepsi (PEP-N). Probably has decent growth and good dividend growth. | 2008-04-23 | |
| BUY | | Talisman Energy | TLM-T | 21.190 | (Market Call Minute.) One of the cheaper on a price to cash flow basis in the oil/gas sector. | 2008-04-23 | |
| HOLD | | Royal Bank | RY-T | 44.320 | Don’t sell, we’ll get through this bad market. Any of the big banks should not be going close to bankruptcy. There may be further weakness but hold. | 2008-03-17 | |
| HOLD | | Pfizer Inc | PFE-N | 20.570 | They’ve got lots of cash, therefore their dividend is safe. Not sure if they are going to be able to build their business to have significant growth. | 2008-03-17 | |
| WEAK BUY | | Luxottica | LUX-N | 24.590 | Between $20-25 is a good entry point. They plan to build another 1000 stores in China. The long term outlook is very positive. | 2008-03-17 | |
| WATCH | | Paychex | PAYX-Q | 31.010 | Yielding 3.8%. Attractive if it gets down to $25. Decreasing in value because interest rates are lower. | 2008-03-17 | |
| WAIT | | Barclays Bank PLC | BCS-N | 32.270 | Not quite the time to buy. The yield is large. | 2008-03-17 | |
| WAIT | | ICICI Bank Ltd. | IBN-N | 35.160 | It will get interesting again once it gets around the $30 range. The Indian stock market is down 25%. | 2008-03-17 | |
| HOLD | | UBS AG | UBS-N | 24.660 | Big yield, 7.4%. Doubt about the CEO. Avoid owning this. Hold onto small positions. | 2008-03-17 | |
| HOLD | | Royal Bank of Scotland PLC | RBS-N | 6.280 | One of the more solvent banks. Balance sheet in alright space. Yield is around 7.3%. Keep your eye on it. | 2008-03-17 | |
| TOP PICK | | Brookfield Asset Management (A) | BAM.A-T | 26.620 | 4.75% coupon. Pays a dividend. Pre-tax yield is 8.4%. Call provision in December of 2011 in which they’ll pay $26. Beat GIC’s in a big way. | 2008-03-17 | |
| TOP PICK | | Babcock & Brown Infrastructure | BBI-AU | 0.001 | Infrastructure, owns utilities and ports worldwide. Increased their dividend at the last quarterly announcement from 14 to 15 cents (Aussie). It’s like an income trust. The payout ratio is about 50% on the stock. Their cash flows are rising. | 2008-03-17 | |
| TOP PICK | | Telefonica S.A. | TEF-N | 85.430 | Spanish telecom, also have assets in Latin America. Wants to get its dividend up to 2 euros in the next 5 years, which would imply a yield of 5-6%. | 2008-03-17 | |
| DON'T BUY | | Morgan Stanley | MS-N | 36.380 | Never been big fans of brokerage firms. Wouldn’t be interested in owning at these low levels. They will probably go sideways for quite a while. | 2008-03-17 | |
| DON'T BUY | | Morgan Stanley | MS-N | 42.860 | Never been big fans of brokerage firms. Wouldn’t be interested in owning at these low levels. They will probably go sideways for quite a while. | 2008-03-17 | |
| DON'T BUY | | Morgan Stanley | MS-N | 42.860 | Never been big fans of brokerage firms. Wouldn’t be interested in owning at these low levels. They will probably go sideways for quite a while. | 2008-03-17 | |
| TOP PICK | | Massmart Holdings | MSM-SJ | 0.001 | (Past Top Pick Feb 15/07. Down 8.5%.) General merchandise company. Dropped only because int. rates have been rising in South Africa where GDP growth is 6% to 8%. North America retail sales growth is 4% while theirs is 12%-15%. Stock trades at a PE of about 11. | 2007-12-06 | |
| TOP PICK | | Luxottica | LUX-N | 32.160 | Although they have sunglasses, eyewear, LensCrafters, Sunglass Hut and just acquired Oakley. Still in a growth phase. If we go into recession, luxury items may get hurt but they still have to buy eyeglasses. Have plans in the next 2 or 3 years of going from 200 outlets to 1000 in China. Good Buy for the long run of 10 to 15 years. | 2007-12-06 | |
| TOP PICK | | Cisco | CSCO-Q | 27.790 | The new thing coming out for them is Internet TV and they are right in the middle of video that is coming out to the computer and TV. Have been growing their profits by 37% and generating almost $1 billion a month in revenues. Huge cash flows. In the last 5 years they have bought back 20% of their float. It also looks like NASDAQ is about to turn to the high side. | 2007-12-06 | |
| PAST TOP PICK | | Oshkosh Truck Corp. | OSK-N | 50.580 | (Past Top Pick Feb 15/07. Down 11.7%.) Still confident. May move it from a strategic investment to a full corporal link (?) but is waiting to see what happens with the election next year as 1/3 of their business is military vehicles. Other side of the business is doing exceptionally well. This is the time of the cycle when refurbishment/buying new vehicles comes into play. Continuing to $cost averaging. | 2007-12-06 | |
| PAST TOP PICK | | Macquarie Group | MQG-AU | 0.001 | (Past Top Pick Feb 15/07. Down 3.6%.) Has been coming back. It is like a Goldman Sachs (GS-N) Jr. where they are doing infrastructure deals globally but on a much smaller scale. Still buying. Good dividend yield at almost 6%. Good long-term opportunity. | 2007-12-06 | |
| BUY | | Diageo PLC | DEO-N | 87.310 | Very good value right now. Trading at a PE multiple that is a little higher than its growth rate. Good quality stock and worth owning in the long run. Dividend growth and as the dividend grows the price will follow. Good exposure into Asia. | 2007-12-06 | |
| BUY | | Anheuser Busch Companies Inc. | BUD-N | 52.700 | Good quality stock. Looking extremely attractive right now on a valuation basis. The dividend yield. Dividend growth and as the dividend grows the price will follow. | 2007-12-06 | |
| BUY | | Uranium One Inc. | UUU-T | 8.900 | Uranium. Because it is a riskier stock, his weighting is only about 1/4. Had 2 problems including production cuts as well as a shortage of assets in Kazakhstan in one of their new mines. He purchased this with a long-term expectation of 10 to 15 years. Still likes. | 2007-12-06 | |
| BUY | | Trans Canada Corp | TRP-T | 40.070 | Made a US acquisition, which he likes. Any good quality stock in Canada like this one and is yielding 3% or greater, when you gross up the dividend you'll end up earning more on a current cash basis in 1 year than you would on T-bills or 10-year government bonds. | 2007-12-06 | |
| BUY | | Grupo Televisa | TV-N | 24.600 | Really likes the metrics on this. Should be a good long-term investment because the Mexican economy is growing twice as fast Canada and the US. Plenty of opportunity for ad rates to rise. Per capita income in Latin America and South America are rising. A10-15 year hold. | 2007-12-06 | |
| DON'T BUY | | Nortel | NT-T | 16.790 | The good news is, they've been cutting costs. The bad news is, they've cut costs by letting people go, which is never a good sign for a company. They have a long ways to go to get up to the next generation of lifeline and ymax. | 2007-12-06 | |
| BUY | | Technip | TEC-Paris | 70.660 | Infrastructure in the oil energy services business. Make offshore oilrigs, pipelines, bio-diesel fuel plants, LNG in Europe and the Middle East. Good dividend growth. Very good entry point. | 2007-12-06 | |
| BUY | | Royal Bank of Scotland PLC | RBS-N | 0.001 | Earnings just came out and were quite good given that they had huge write-downs on the sub prime mess. Their ABN Amro acquisition is going to turn out very well for them. Yielding about 6.75%. Lots of growth potential ahead of it. | 2007-12-06 | |
| PARTIAL BUY | | Bank of America | BAC-N | 45.960 | A speculative buy. They are doing a lot of the backstopping of the SIV’s that are going on right now with Citigroup. Quality of the company is very good but there will be a lot of volatility in the short run. Dividend yield is 5.63%. Start an accumulation and if things turn out well than you can increase. | 2007-12-06 | |
| BUY | | Fortis NV | FORSY-NL | 0.001 | Basically went down because of the takeover on the rights issue. 7% yield. With the ABN acquisition, they get the Dutch operations, which will be very good for them. Very limited sub prime exposure. A tremendous buying opportunity. | 2007-12-06 | |
| DON'T BUY | | Comcast Corp | CMCSK-Q | 18.220 | Earnings report was not very attractive. There are a couple of negatives on US cable in general. What are you going to do with competition when they come in offering something that is not coming through the cable pipe. The move away from network TV to cable TV to other offerings. Demand has been waning. | 2007-12-06 | |
| DON'T BUY | | Best Buy Company Inc | BBY-N | 52.710 | Not a big fan of retailers because the competition can be awfully difficult for the long term. For the short-term, you really have to trade them. | 2007-12-06 | |
