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| Eric Bushell of C.I. Dividend Equity Fund |
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| WEAK BUY | BCE Inc. | BCE-T | 29.970 | Moving up, because investors are looking for safety. 4 1/2% yield is very attractive. As a growth telecom play, it is less interesting because of competition. | 2005-01-06 | ||
| PAST TOP PICK | Cameco Corporation | CCO-T | 39.500 | (A Top Pick May 28/03. Up 200%.) A nuclear rebirth is taking place. The stake they have in the Bruce Nuclear facility gives them leverage in Ontario into a rising power price market. Has had a huge run, so they are more cautious on it at this price. Would like at it $5 or so lower. | 2005-01-06 | ||
| BUY | CitiGroup | C-N | 48.930 | Trading at 11 X '05 earnings. Continues to take share in investment banking. Good value. | 2005-01-06 | ||
| BUY | Canadian Natural Rsrcs | CNQ-T | 50.000 | Had decent production growth in '05. Intermediate to long term they have solid production growth opportunities through their Horizon project in the Oil Sands. There's a broad global audience for this stock. Valuations are quite cheap. | 2005-01-06 | ||
| BUY | ConocoPhillips | COP-N | 85.400 | Their refining business is very interesting. Lots of upgrading. | 2005-01-06 | ||
| BUY | Canadian Oil Sands | COS-T | 63.440 | An extrordinary long reserve life. Production growth. Continually bringing down operating costs. If you are bullish on energy, having a position in this is very sensible. | 2005-01-06 | ||
| TOP PICK | Canadian Pacific Rail | CP-T | 39.830 | Thinks there's a long term revaluation taking place in rails. A lot of outsourced products will be coming in from China and will be handled by rail. There's volume and pricing growth and thinks that earnings are going to surprise. | 2005-01-06 | ||
| BUY | Canadian Western Bank | CWB-T | 25.090 | Based in Alberta which is growing like a weed, so the quality of their loan book and their lending growth opportunities are both excellent. | 2005-01-06 | ||
| BUY | Exelon Corp | EXC-N | 42.460 | A decent dividend yield. Excellently run company. | 2005-01-06 | ||
| PAST TOP PICK | HCA Inc | HCA-N | 39.500 | (A Top Pick May 28/03. Up 18%.) When the economy went into a downturn, they got out. | 2005-01-06 | ||
| TOP PICK | Precision Drilling | PD-T | 75.000 | Western Canadian decline rates are getting steeper and steeper, so more wells have to be drilled just to keep production flat. Utilization rates are high and are going to go higher. Rig rates are high. Made a very timely acquisition of a rig fleet. Also a potential to become an income trust. | 2005-01-06 | ||
| PAST TOP PICK | Royal Group Tech. | RYG-T | 12.050 | (A Top Pick May 28/03. Up 33%.) Sold long ago. It was bottom feeding on a broken down company. | 2005-01-06 | ||
| BUY | Sherritt International Corp. | S-T | 9.650 | Positive about their exposure to thermal coal. Good management. | 2005-01-06 | ||
| HOLD | Toronto Dominion | TD-T | 49.200 | Doing well in their retail banking. Good management. | 2005-01-06 | ||
| TOP PICK | Teck Resources Ltd. (B) | TCK.B-T | 33.750 | Matalurgical coal and copper have been big wins for them, and yet to come is zinc which they feel will be in strong demand. China is bringing on the largest amount of galvanized steel mills that may have ever been brought on in such a concentrated time frame. | 2005-01-06 | ||
| BUY | DuPont | DD-N | 47.410 | Believes we are in a strong extended chemical cycle. On the agricultural side of their business they have a very strong position and there has been a very strong demand growth. On commodity chemicals, they have managed capacity growth to make sure capacity stays tight. | 2005-01-06 | ||
| DON'T BUY | A Comment -- General Comments From an Expert | A Commentary | 20.250 | In an extended secular upswing for metals pricing because of 1) the surge in demand and 2) because of the uptick in global production rates. But the big moves in the metal prices are now done which takes a way the froth and excitement. Not enamoured with Noranda's assets. | 2005-01-06 | ||
| WEAK BUY | Bombardier Inc (Pref-D) | BBD.PR.D-T | 14.850 | 3.85% yield. Better return than on a Canada Savings Bond. The balance sheet position is fairly robust. It looks like their end markets are improving. | 2005-01-06 | ||
| DON'T BUY | Bombardier Inc (B) | BBD.B-T | 3.810 | Repairing their balance sheet and still have problems. Will survive. Corporate jet sales have to increase. | 2003-05-28 | ||
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| BUY | BCE Inc. | BCE-T | 29.720 | Prefers BCE over Telus. A more defensive holding. | 2003-05-28 | ||
| TOP PICK | Cameco Corporation | CCO-T | 39.300 | Mining business is worth $25. Bruce Power is worth $20. | 2003-05-28 | ||
| PAST TOP PICK | El Paso Corp | EP-N | 8.650 | (Was a top pick on July 18/02. Down 37%.) Have cleared this out on some of their funds. | 2003-05-28 | ||
| TOP PICK | HCA Inc | HCA-N | 33.340 | Trading at 10 X future earnings. Huge free cash flow generator. | 2003-05-28 | ||
| BUY | Intrawest | ITW-T | 15.210 | The lodging and leisure sectors are under a lot of pressure. Restructuring their balance sheet which should be a big improvement. Price looks good. | 2003-05-28 | ||
| DON'T BUY | Magna Int'l. (A) | MG-T | 90.150 | One of the best global auto parts companies. Concerned about the softness in auto production. Balance sheet is solid. Too expensive right now. | 2003-05-28 | ||
| DON'T BUY | Nova Chemicals Corp. | NCX-T | 27.400 | Just sold their interest in Methanex which helps the balance sheet, but still has some issues. Economically sensitive. Has a lot of competition from offshore producers with lower operating costs. | 2003-05-28 | ||
| PAST TOP PICK | Placer Dome | PDG-T | 14.720 | (Was a top pick on July 18/02. Down 7%.) Still likes. | 2003-05-28 | ||
| DON'T BUY | Rothmans Inc | ROC-T | 26.800 | Litigation risks create pressures on tobacco companies. | 2003-05-28 | ||
| TOP PICK | Royal Group Tech. | RYG-T | 9.050 | Out of favour because it has disappointed on business performance and corporate governance. Bad news is already built into the stock. Good price. | 2003-05-28 | ||
| BUY | Royal Bank | RY-T | 60.800 | A premier bank. Thinks Canadian bank valuations are full, but believes bank shares should be a part of all portfolios. | 2003-05-28 | ||
| BUY | Sunlife Financial | SLF-T | 27.800 | Fairly large US business, so there is a currency impact. Large player in the US mutual fund business. Canadian operations are good. A solid company. | 2003-05-28 | ||
| DON'T BUY | Canadian Superior Energy Inc | SNG-T (Dead) | 1.300 | Thei Canadian assets are worth about $0.85/0.95. Bulk of their worth is on the esat coast which had some dry holes. Speculative. | 2003-05-28 | ||
| BUY | Toronto Dominion | TD-T | 35.500 | Thinks Canadian bank valuations are full, but believes bank shares should be a part of all portfolios. | 2003-05-28 | ||
| BUY | Trans Canada Corp | TRP-T | 24.150 | From earnings standpoint, pipelines look expensive, but from a dividend yield standpoint in relation to government bond yields, they are very attractive. | 2003-05-28 | ||
| BUY | Telus Corp | T-T | 21.930 | Has cut a lot of costs. Canadian wireless business has had some fundamental improvements. Prefers BCE which is a more defensive holding. | 2003-05-28 | ||
| DON'T BUY | Bombardier Inc (B) | BBD.B-T | 12.190 | Could drop further. | 2002-07-18 | ||
| DON'T BUY | BCE Inc. | BCE-T | 26.650 | Good management. Could drop further. | 2002-07-18 | ||
| DON'T BUY | CanWest Global Comm. | CGS-X (Dead) | 7.000 | Overpaid for some of their assets. | 2002-07-18 | ||
| DON'T BUY | Canadian National R.R. | CNR-T | 72.700 | Not sure if there is much left in cost cutting. Sees a drop in shipping. | 2002-07-18 | ||
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| BUY | Duke Energy | DUK-N | 32.150 | A good value. 4.5/5 dividend. Good balance sheet. | 2002-07-18 | ||
| TOP PICK | El Paso Corp | EP-N | 13.600 | Solid balance sheet. Oversold. | 2002-07-18 | ||
| WEAK BUY | Legacy Hotels | LGY.UN-T | 8.100 | Has performed well. Towards the higher end of valuation. | 2002-07-18 | ||
| WEAK BUY | Norbord Inc. | NBD-T | 8.380 | Product is in a good long term trend, but US housing market could start to weaken. Watch the US housing market carefully. | 2002-07-18 | ||
| TOP PICK | Placer Dome | PDG-T | 16.210 | Very good value. | 2002-07-18 | ||
| PAST TOP PICK | Royal Bank | RY-T | 51.750 | (Was a top pick on Apr 9. Down 5%) Reasonable dividend. As a long term hold, it should be good. | 2002-07-18 | ||
| WAIT | Transalta Corp | TA-T | 19.850 | P/E is high. 4.5% dividend. | 2002-07-18 | ||
| WEAK BUY | Trans Canada Corp | TRP-T | 22.230 | Utilities are very expensive. Very solid financial base which could allow them to buy some troubled assets very cheaply. | 2002-07-18 | ||
| DON'T BUY | Telus Corp | T-T | 10.550 | Overpaid for Clearnet. Dividend could be cut. | 2002-07-18 | ||
| BUY | AGF Management (B) | AGF.B-T | 23.100 | Will be OK in the long term. | 2002-04-09 | ||
| DON'T BUY | Alcan Aluminum | AL-T (Dead) | 61.960 | Has had a big run, but not seeing any aluminum demand/price going higher. Too high. | 2002-04-09 | ||
| WEAK BUY | Algonquin Power & Utilities Corp | AQN-T | 9.230 | Will be interest sensitive. Defensive money will be moving out. There could be water shortage concerns. | 2002-04-09 | ||
| DON'T BUY | BCE Inc. | BCE-T | 26.700 | Has a lot of issues. A large number of assets. More bad news to come. Would buy at $23. | 2002-04-09 | ||
| BUY | Bank of Montreal | BMO-T | 38.400 | Expects all the banks to see some big earning surprises. Rising interest rates won't be a problem. | 2002-04-09 | ||
| BUY | Bank of Nova Scotia | BNS-T | 53.150 | Expects all the banks to see some big earning surprises. Rising interest rates won't be a problem. | 2002-04-09 | ||
| BUY | Canadian Imperial Bank of Commerce | CM-T | 55.700 | Expects all the banks to see some big earning surprises. Rising interest rates won't be a problem. | 2002-04-09 | ||
| BUY | Canadian Oil Sands | COS-T | 42.100 | The oil sands is a good investment. Expects low inflation/interest rates for several years. | 2002-04-09 | ||
| BUY | Canadian Pacific Rail | CP-T | 32.670 | Prefers over CNR as it has some room to reduce costs. | 2002-04-09 | ||
| BUY | Domtar Inc. | DTC-T | 16.900 | Best of the forest product companies. | 2002-04-09 | ||
| DON'T BUY | Fairfax Financial | FFH-T | 179.250 | Not a fan of property/casualty sector. Low returns and high risks. | 2002-04-09 | ||
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| DON'T BUY | Moore Wallace Inc | RRD-N | 20.980 | New management has improved the company. Has overshot on its valuation. Time for "Show me!". | 2002-04-09 | ||
| BUY | Royal Bank | RY-T | 54.200 | Expects all the banks to see some big earning surprises. Rising interest rates won't be a problem. | 2002-04-09 | ||
| TOP PICK | Royal Bank | RY-T | 54.200 | Good business model. Low multiple. | 2002-04-09 | ||
| BUY | Superior Plus Corp | SPB-T | 18.550 | A very good predictable distribution. No competition. | 2002-04-09 | ||
| BUY | Sherritt International Corp. | S-T | 4.720 | Their commodities have promise. | 2002-04-09 | ||
| BUY | Suncor Energy Inc | SU-T | 54.550 | The oil sands is a good investment. Expects low inflation/interest rates for several years. | 2002-04-09 | ||
| BUY | Toronto Dominion | TD-T | 43.800 | Expects all the banks to see some big earning surprises. Rising interest rates won't be a problem. | 2002-04-09 | ||
| DON'T BUY | Canadian Pacific Ships | TEU-T | 17.740 | Very savvy management. In a global downshift in transport. Earnings are dropping. | 2002-04-09 | ||
| DON'T BUY | Trans Canada Corp | TRP-T | 22.000 | No competition , but limited growth. Price is too high for the dividend payable. | 2002-04-09 | ||
| DON'T BUY | Bombardier Inc (B) | BBD.B-T | 14.960 | Good long term growth stock, but too high now. | 2001-12-13 | ||
| BUY | BCE Inc. | BCE-T | 36.240 | Good underlying earnings and a good price. | 2001-12-13 | ||
| PAST TOP PICK | Bank of New York Company Inc. | BK-N | 39.940 | (Was a top pick on Sept 6 up 10%) | 2001-12-13 | ||
| DON'T BUY | Brascan Corporation | BAM.LV.A-T | 26.500 | Doesn't expect them to split their holdings. Fully valued. | 2001-12-13 | ||
| PAST TOP PICK | CAE Inc | CAE-T | 10.800 | (Was a top pick on Sept 6 down 12.9%) 15 X next years earnings. Fully valued now. | 2001-12-13 | ||
| DON'T BUY | Certicom | CIC-T | 3.310 | Good product, but into a cash shortage. Speculative. | 2001-12-13 | ||
| DON'T BUY | Dofasco | DFS-T | 25.200 | Will be an under performer compared to other steel companies. | 2001-12-13 | ||
| BUY | Domtar Inc. | DTC-T | 14.910 | Has a large marketing control of their product. Expects higher P/E ratios. | 2001-12-13 | ||
| BUY | Fairfax Financial | FFH-T | 170.000 | Should have some growth. | 2001-12-13 | ||
| BUY | Inco | N-T | 25.000 | Expects nickel to gain in the next couple of years. | 2001-12-13 | ||
| PAST TOP PICK | Sobeys | SBY-T | 29.500 | (Was a top pick on Sept 6 up 10%) New mngmnt is good. Still likes. | 2001-12-13 | ||
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| DON'T BUY | Sunlife Financial | SLF-T | 34.820 | Investors are shorting presuming that Sun will be an acquirer rather than being acquired. | 2001-12-13 | ||
| BUY | Superior Plus Corp | SPB-T | 16.830 | Well run. Acquisition was turned down. 19% dividend. | 2001-12-13 | ||
| STRONG BUY | Teck Resources Ltd. (B) | TCK.B-T | 11.900 | Zinc will have a big recovery in the next 2 years. | 2001-12-13 | ||
| BUY | Thomson Reuters Corp | TRI-T | 48.000 | Thinks they have hit their bottom. | 2001-12-13 | ||
| DON'T BUY | A Comment -- General Comments From an Expert | A Commentary | 14.500 | Metal prices will be weak for a long time. | 2001-12-13 | ||
| TOP PICK | Bank of New York Company Inc. | BK-N | 36.920 | Good assets. The move from 3 day settlement of stock payments to 1 day is forcing brokers/funds to outsource to this bank. | 2001-09-06 | ||
| DON'T BUY | Ballard Power Systems | BLD-T | 25.400 | 2001-09-06 | |||
| BUY | Bank of Montreal | BMO-T | 42.500 | Banks have suffered from last summer. Should improve now. CIBC #1 TD #2 | 2001-09-06 | ||
| BUY | Bank of Nova Scotia | BNS-T | 49.900 | Banks have suffered from last summer. Should improve now. CIBC #1 TD #2 | 2001-09-06 | ||
| TOP PICK | CAE Inc | CAE-T | 12.860 | Well focused. Training centres are going to do well. Expects air forces to start outsourcing their training programs. | 2001-09-06 | ||
| BUY | Canadian Imperial Bank of Commerce | CM-T | 57.000 | Banks have suffered from last summer. Should improve now. CIBC #1 TD #2 | 2001-09-06 | ||
| PAST TOP PICK | Finning Int | FTT-T | 20.100 | (Was a top pick on Mar 9/01 up 38%) Still likes, but won't grow as much. | 2001-09-06 | ||
| PAST TOP PICK | Labrador Iron Ore | LIF.UN-T | 15.450 | (Was a top pick on Mar 9/01 stayed even) | 2001-09-06 | ||
| BUY | Royal Bank | RY-T | 49.890 | Banks have suffered from last summer. Should improve now. CIBC #1 TD #2 | 2001-09-06 | ||
| TOP PICK | Sobeys | SBY-T | 27.410 | Integration will be taking effect. | 2001-09-06 | ||
| BUY | Toronto Dominion | TD-T | 42.140 | Banks have suffered from last summer. Should improve now. CIBC #1 TD #2 | 2001-09-06 | ||
| DON'T BUY | Telesystems Inter'l. Wireless | TIW-X | 1.920 | Credit crunch has hit wireless operators. Speculative. | 2001-09-06 | ||
| DON'T BUY | Thomson Reuters Corp | TRI-T | 49.500 | Trades on high multiples. Good dividends. Doesn't expect much growth. | 2001-09-06 | ||
| DON'T BUY | Trans Canada Corp | TRP-T | 19.880 | Slow growth. Very defensive. High dividend yield. Performs well when interest rates fall. Prefers Westcoast. | 2001-09-06 | ||
| BUY | Telus Corp | T-T | 23.400 | Valuations on wireless continues to slide. BCE has made inroads in Alberta and east coast has not done as well as expected. Very cheap. | 2001-09-06 | ||
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| PAST TOP PICK | A Comment -- General Comments From an Expert | A Commentary | 6.400 | (Was a top pick on Mar 9/01 up 27%) Sold out at a loss. | 2001-09-06 |
