| HOLD | | Sunlife Financial | SLF-T | 39.080 | Canadian insurers sold off in light of the financial crisis but are still showing more solid characteristics than some of the US financials. Multiples have come down that it is now good value. | 2008-08-13 | |
| HOLD | | Sunlife Financial | SLF-T | 39.080 | Canadian insurers sold off in light of the financial crisis but are still showing more solid characteristics than some of the US financials. Multiples have come down that it is now good value. | 2008-08-13 | |
| HOLD | | Manulife Financial | MFC-T | 37.150 | Canadian insurers sold off in light of the financial crisis but are still showing more solid characteristics than some of the US financials. Multiples have come down that it is now good value. | 2008-08-13 | |
| HOLD | | JP Morgan | JPM-N | 36.910 | In the height of the crisis, a lot of these got oversold. This is one that will survive. Still speculative at this time. Prefers Goldman Sachs (GS-N), which trades at a little lower multiple. | 2008-08-13 | |
| BUY | | Potash Corp of Saskatchewan | POT-T | 190.950 | Still a fundamental believer in the agricultural cycle. Not a bad entry point for the next 3 to 6 months. Would be cautious beyond that as you look beyond the peak earnings they could be seeing for next year. | 2008-08-13 | |
| BUY | | General Electric | GE-N | 29.310 | Great company but stock hasn't done anything for years. Company continues to grow their earnings at an average rate of 12% to 13% a year. 12.5X next year's earnings are compelling values. Into infrastructure and alternative energy. | 2008-08-13 | |
| BUY | | Rogers Communcations (B) | RCI.B-T | 35.800 | Think the market has been concerned about the wireless auction but long-term he is not overly concerned. They will continue to be the dominant player. Long-term this is a growing market. Good earnings stream. Almost a 3% yield. | 2008-08-13 | |
| DON'T BUY | | Microsoft | MSFT-Q | 27.910 | Was on the cutting edge for years and years but seem to have lost their way a little bit. Still a great company and generating revenues. Growing at a lot slower rate than some of their competitors. | 2008-08-13 | |
| DON'T BUY | | Wal-Mart Stores Inc. | WMT-N | 57.880 | Stock has done remarkably well considering the overall US market. Trading at about 15X earnings, which is still fairly modest but it is only growing at 10% a year. | 2008-08-13 | |
| TOP PICK | | ATS Automation | ATA-T | 6.880 | A classic turnaround story. A year ago, there was a proxy fight and a new board was installed along with new management. In 9 short months they engineered a remarkable turnaround. Just reported an extremely profitable quarter. There is still room for improvement on the margin side and revenue booking side. | 2008-08-13 | |
| TOP PICK | | Apple | AAPL-Q | 179.300 | Not cheap at 27X earnings but it continues to grow at 23% to 25% a year. There is still tons of room for them to grow. | 2008-08-13 | |
| TOP PICK | | Agrium | AGU-T | 88.100 | Likes the diversity of 3 basic agricultural nutrients. Also have wholesale and retail operations. Trading at about 7X next year's earnings. Prices they are realizing on their product is still well below market prices so revenues should continue to be strong. | 2008-08-13 | |
| BUY | | Russel Metals | RUS-T | 29.200 | Metals distributor company, primarily steel. Very strong cash flows. Pays a very strong dividend. | 2008-08-13 | |
| HOLD | | Transalta Corp | TA-T | 35.250 | There is an offer on the table to negotiate from 2 of their major shareholders. The talk is around $39. On its own, the stock is not cheap at 15X earnings. | 2008-08-13 | |
| BUY | | Transocean Inc. | RIG-N | 131.430 | In the oil sector on the US side he is primarily focused on the drillers and his favourite stocks are Halliburton (HAL-N) and Transocean (RIG-N). | 2008-08-13 | |
| BUY | | Halliburton Co | HAL-N | 45.090 | In the oil sector on the US side he is primarily focused on the drillers and his favourite stocks are Halliburton (HAL-N) and Transocean (RIG-N). | 2008-08-13 | |
| BUY | | Canadian Natural Rsrcs | CNQ-T | 84.540 | Canadian Natural Rsrcs (CNQ-T) would probably be his Top Pick in the oil sector on the Canadian side but he also has positions in Encana (ECA-T), Suncor (SU-T) as well as Precision Drilling (PD-T). | 2008-08-13 | |
| BUY | | Encana Corp | ECA-T | 74.400 | Canadian Natural Rsrcs (CNQ-T) would probably be his Top Pick in the oil sector on the Canadian side but he also has positions in Encana (ECA-T), Suncor (SU-T) as well as Precision Drilling (PD-T). | 2008-08-13 | |
| BUY | | Suncor Energy Inc | SU-T | 56.700 | Canadian Natural Rsrcs (CNQ-T) would probably be his Top Pick in the oil sector on the Canadian side but he also has positions in Encana (ECA-T), Suncor (SU-T) as well as Precision Drilling (PD-T). | 2008-08-13 | |
| BUY | | Precision Drilling | PD-T | 54.500 | Canadian Natural Rsrcs (CNQ-T) would probably be his Top Pick in the oil sector on the Canadian side but he also has positions in Encana (ECA-T), Suncor (SU-T) as well as Precision Drilling (PD-T). | 2008-08-13 | |
| Comment | | General Electric | GE-N | 29.830 | Earnings growth will slow a little bit this year but the stock is still trading at around 13X earnings and yielding over 4%. In some businesses that have great potential. CEO is buying large number of shares. | 2008-06-11 | |
| TOP PICK | | New Flyer Industries Inc. | NFI.UN-T | 12.000 | Mass transit is going to be a growing business and this is the largest manufacturer of mass transit buses in North America. Has a $3 billion backlog that gives them about 3 years. | 2008-06-11 | |
| TOP PICK | | Google | GOOG-Q | 545.200 | Feels it is going to be the silent winner of the smart phone wars. As Rim (RIM-T) and Apple (AAPL-Q) battle it out and get more smart phones out to the consumers it will increase web usage. Trading at about 22X next year's earnings. | 2008-06-11 | |
| TOP PICK | | Thomson Reuters PLC | TRIN-Q | 180.070 | In the merger of Thompson and Reuters, a bit of an anomaly. Canadian shareholders have Thompson Reuters Corp shares (TRI-T) while the Reuters shareholders have Thompson Reuters PLC shares. Both have the same attributes but this is trading at about a 15% discount. | 2008-06-11 | |
| BUY | | Rogers Communcations (B) | RCI.B-T | 40.510 | Stock is down as the bidding war on wireless Spectrum heats up. Some serious competitors coming into that market and will give them a little more competition. With their new iPhone contract and their cable business, the stock is trading at a reasonable multiple again. | 2008-06-11 | |
| BUY on WEAKNESS | | Agrium | AGU-T | 102.000 | Has been a great performer. Stock took a jump today based on the company's increased guidance for Q2. Had an 8% move today so would be a little careful. There is some concern on this year's crop in the US. | 2008-06-11 | |
| BUY | | Talisman Energy | TLM-T | 24.540 | Have had a major change in direction in the last few months. In the last month or so they announced some sales of some North Sea assets. Announced a joint venture with a US company to develop some shale plays. Having a look at it as it trades on a very cheap multiple. | 2008-06-11 | |
| DON'T BUY | | Microsoft | MSFT-Q | 27.120 | Not a big fan of this one. Trades at a very low multiple and has lots of cash but they seem to keep shooting themselves in the foot. Their approach to Yahoo (YHOO-Q) hasn't worked so far. | 2008-06-11 | |
| BUY | | Canadian Tire Corporation Ltd. (A) | CTC.A-T | 56.040 | Very much a consumer oriented company, which is why they are trading at low levels. They have growing earnings and the multiples would make it a great buy here. | 2008-06-11 | |
| Comment | | Samsung Electronics | 005930-KS | 0.001 | Reporting June 18 will be the first full quarter that new management has had control of the company. Seem to have gotten a pretty good handle on the company in a short order. Has tremendous potential on both solar and automated systems. With productivity being such a key issue there should be a demand for their products if they can get them priced better and profitably. | 2008-06-11 | |
| BUY | | TriStar Oil & Gas | TOG-T | 20.170 | About 75% oil but most of their new explorations are in natural gas. Has been a great performer since its merger last year. Involved in a number of plays, primarily in Canada including the Bakken and Montney areas. Still cheap at about 4.5X next year's cash flow. | 2008-06-11 | |
| BUY | | Canadian Pacific Rail | CP-T | 65.340 | Cheap at 13/14X next year's earnings. Earnings growth has tailed off a little bit with the slowdown in the US economy. | 2008-06-11 | |
| BUY | | Canadian National R.R. | CNR-T | 50.280 | Very reasonably priced. Trading at about 13/14X next year's earnings. | 2008-06-11 | |
| BUY | | Apple | AAPL-Q | 180.810 | He holds this one primarily for the PC growth that underlines their whole business. The iPhone will be a tremendous win for the company. They've only scratched the surface. | 2008-06-11 | |
| BUY | | Halliburton Co | HAL-N | 42.160 | Very positive on this one. Has great potential because it has long-term contracts. | 2008-04-09 | |
| BUY | | Trans Canada Corp | TRP-T | 36.440 | The downside has come because of their purchase of the power plant in NYC and the need to have it financed. It may not be a huge mover to the upside in the short term but this is a good entry point. At 15X earnings and almost 4% yield, this is a good core holding. | 2008-04-09 | |
| HOLD | | Royal Bank | RY-T | 47.040 | Pays a very good dividend. Very secure. Trading at its lowest valuation in many years. Earnings growth may be a bit on the slow side but certainly enough to pay the dividend. | 2008-04-09 | |
| Comment | | Westjet Airlines | WJA-T | 16.890 | Has never found the airlines were one of the great business models. Not comfortable playing the cyclicality of airlines. | 2008-04-09 | |
| BUY | | Research In Motion | RIM-T | 120.450 | Long-term outlook is excellent. Have just scratched the surface in terms of worldwide penetration of the Blackberry. Still trading at a pretty reasonable level for the growth rate that is built in. At about 30X this year's earnings and about 25X next year’s. Still growing at 30%-35%. | 2008-04-09 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Oil: - Generally the oil stocks in Canada have been impacted by the general negativity of the market. Not reflecting the potential that, even prices significantly lower than $112, would give to their earnings and cash flow and ultimately share prices. | 2008-04-09 | |
| Comment | | Lehman Brothers Holdings | LEH-N | 40.540 | Has just recently done a $4 billion financing and basically has staved off the debt. Announced earnings well above analysts’ expectations. | 2008-04-09 | |
| TOP PICK | | Shoppers Drug Mart Corp | SC-T | 50.620 | One of the best managed companies in Canada. Trading at relatively low multiples at about 17X-18X next year's earnings. Still lots of growth opportunity for them. | 2008-04-09 | |
| TOP PICK | | Rogers Communcations (B) | RCI.B-T | 41.400 | Stock has come down on the fears of the new Spectrum auction. This is the dominant player. | 2008-04-09 | |
| TOP PICK | | Schering Plough Corp | SGP-N | 16.600 | Very well managed but has run into all kinds of problems in the last 3 or 4 months stemming from one of their major products Vitorin, which they market in a joint venture with Merck. If you value the company on sales and you give zero sales to Vitorin, you are getting the same multiple levels as the other pharmaceutical companies. Great pipeline. New drug coming out in May or June to treat paralysis. | 2008-04-09 | |
| DON'T BUY | | Microsoft | MSFT-Q | 28.890 | Fairly valued and would not rush out to buy it. They seem to be bungling the Yahoo transaction. | 2008-04-09 | |
| WATCH | | ATS Automation | ATA-T | 6.720 | Their basic business is the automated tooling business. They had to fight against the Canadian dollar rising so rapidly. Also bungled some of the efforts on the solar power division. New management has streamlined the company dramatically. Wait for the courtly results that come out in May, as this will be the first full quarter that the new management has been in play. | 2008-04-09 | |
| STRONG BUY | | Manulife Financial | MFC-T | 37.420 | A great buy at these levels. 12X earnings is cheap. Has been tarred with the financial brush, largely unjustifiably so. 2.5% dividend is solid and probably goes up by the end of 08. The $500 million that they invested in the CIBC (CM-T) was an interesting play and they got it at a very good price. | 2008-01-16 | |
| BUY | | Apple | AAPL-Q | 159.640 | At $160, it is less than 25X next year's earnings. They are firing on all cylinders right now. Thinks their movie rentals will take off the same as their iTunes did. | 2008-01-16 | |
| BUY | | Research In Motion | RIM-T | 91.270 | An excellent product. Multiples have come down to a more reasonable level, particularly when you look at the 30% growth rate. The digital and wireless worlds are just going to explode and this company and Apple (AAPL-Q) will lead the charge. | 2008-01-16 | |
| BUY | | BCE Inc. | BCE-T | 37.010 | He thinks the drop in the stock price is just a bit of panic selling. The whole arbitrage area has been quite volatile right now. Commitments from the buyers are pretty strong that the deal is going to happen. | 2008-01-16 | |
| Comment | | Loblaws | L-T | 34.220 | Has probably hit a bottom in here, particularly when you look at some of the other consumer staples companies. Looking at Westons (WN-T), which owns 62%, as the preferred way to play this. The dividend is also better. | 2008-01-16 | |
| BUY | | Suncor Energy Inc | SU-T | 96.010 | Stock is sold off with the market and the oil price coming down. Likes this for the long term. Tremendous asset. 250 million barrels of production this year, going up by about 100 this year and reaching 750 a few years down the road. | 2008-01-16 | |
| TOP PICK | | Cisco | CSCO-Q | 25.150 | Probably at an all-time low in its PE multiple. Great revenue growth and looking for 14%-15% growth this year. 15%-20% earnings growth. Selling at 14X earnings. | 2008-01-16 | |
| TOP PICK | | Thomson Reuters Corp | TRI-T | 34.830 | Lowest multiple it's had in many years. Part of the decline in the stock was due to the US FTC review on Reuters acquisition would be delayed to coincide with the European review, probably in March. This should be a cash flow machine. | 2008-01-16 | |
| TOP PICK | | Toronto Dominion | TD-T | 66.500 | Likes banks generally. Good earnings power. Made some very shrewd decisions. Ratio of bank yields to Canadian bond yields is at a five standard deviation from the norm. An opportunity to buy a great bank at a great price. | 2008-01-16 | |
| BUY | | McDonalds | MCD-N | 52.410 | Has been a very good performer over the last year. Have revamped the menu with a lot more diet friendly choices. Making a big foray into the coffee market with their new McDonald's cafés. The stock will lead the recovery in consumer spending. | 2008-01-16 | |
| STRONG BUY | | Cisco | CSCO-Q | 29.630 | Dismayed by the almost 10% drop in the price today as he felt their report was positive. One area of weakness was the US enterprise division, which is what the market seemed to focus on. 17% revenue growth targeting 20% earnings growth at under 20X earnings is a great buying opportunity. | 2007-11-08 | |
| HOLD | | Toronto Dominion | TD-T | 67.150 | Likes the Canadian banks in general. Will have some exposure to the sub prime mess, but won’t be near the magnitude of their US counterparts. | 2007-11-08 | |
| TOP PICK | | Canadian Natural Rsrcs | CNQ-T | 78.400 | Best managed oil/gas in Canada. Has a good mix geographically and product. Its oil sands project Horizon comes on stream in the 3rd quarter of 08. Market is not giving it full value for this. | 2007-11-08 | |
| TOP PICK | | Google | GOOG-Q | 693.840 | High priced, but not a high value stock. Trading at 35X next year’s earnings, but growing at 35% - 40%. | 2007-11-08 | |
| TOP PICK | | Manulife Financial | MFC-T | 41.420 | Great company with a global platform. 50% of their business is in the US, 25% in Canada, and 20% in Asia. Consistent 15% earnings growth yet trading at 13X next year’s earnings. Have consistently increased the dividend. Feels there’s a lot more safety here. | 2007-11-08 | |
| BUY | | Teck Cominco Ltd. (B) | TCK.B-T | 44.040 | Outlook remains pretty strong. Global economy is still growing. Well diversified among many different metals. The only pure play large mining company in Canada. | 2007-11-08 | |
| DON'T BUY | | Wal-Mart Stores Inc. | WMT-N | 43.620 | Hasn’t performed well of late. Trades at a pretty reasonable multiple. With all the advantages they’ve had with the weak US$, they’ve not been able to translate that into the earnings growth he would like. | 2007-11-08 | |
| DON'T BUY | | Trans Canada Corp | TRP-T | 40.510 | Has done well of late and a little bit of that is because of a flight to quality. Good yield. Pretty rich at about 18X next year’s earnings for a very limited growth. | 2007-11-08 | |
| DON'T BUY | | Merrill Lynch & Co (US) | MER-N | 53.790 | The sell off has probably been a little overdone, but there is still quite a bit of risk in this sector. Still not clear as to the extent of the damage. | 2007-11-08 | |
| BUY | | Goldman Sachs | GS-N | 209.940 | Has been hammered in the last 5 or 6 trading days. Paying a large bonus to their employees. | 2007-11-08 | |
| WEAK BUY | | CitiGroup | C-N | 32.900 | He is contemplating buying more. New CEO is expected which is positive. Also could be a break up of the company into several different parts, which would be positive. Could go lower. | 2007-11-08 | |
| Comment | | Talisman Energy | TLM-T | 19.690 | Positive on all of the oils. Has come back nicely from the fall in the summer. | 2007-11-08 | |
| BUY | | Shoppers Drug Mart Corp | SC-T | 56.010 | Still buying for new accounts. Just reported an excellent quarter. Consistent 15% growth in earnings. Has always traded at a premium multiple, but have some good visibility. Have about 10% of square footage marked out for the next 5 years. Just initiated a global and sourcing initiative under their new CEO. | 2007-11-08 | |
| Comment | | Walgreen Co | WAG-N | 39.030 | Good demographic trends. Prefers Shoppers (SC-T) that has no currency risk. | 2007-11-08 | |
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