| TOP PICK | | Canadian Natural Rsrcs | CNQ-T | 76.580 | You want this for the gas and the new oil sands project that is coming on. | 2008-09-17 | |
| TOP PICK | | Bank of Nova Scotia | BNS-T | 43.780 | 4.3% dividend. This is the Canadian bank that is not exposed to the US to any great degree. Very conservatively managed. Has the emerging market growth story. Biggest bank in Mexico. | 2008-09-17 | |
| TOP PICK | | Shoppers Drug Mart Corp | SC-T | 53.230 | Wonderfully successful operator. The expensive with a PE at 22 times but the earnings growth continues to chug along in the mid teens. Continuing to open new stores. 1.6% yield. Good defensive play. | 2008-09-17 | |
| PAST TOP PICK | | Suncor Energy Inc | SU-T | 45.990 | (A Top Pick Oct 29/07. Down 14%.) Still likes as it is the best oil sands play. Has refining and marketing. Has production expansion. | 2008-09-17 | |
| PAST TOP PICK | | Canadian Pacific Rail | CP-T | 56.600 | (A Top Pick Oct 29/07. Down 14%.) Stock is down because the fuel price was up. Auto and lumber shipping was down. This is a western Canadian play. Still likes. | 2008-09-17 | |
| PAST TOP PICK | | Great West Lifeco | GWO-T | 30.440 | (A Top Pick Oct 29/07. Down 14%.) Will be ingesting their US acquisition. Life insurance companies are down almost as much as some of the banks but their credit exposure is way smaller. | 2008-09-17 | |
| BUY | | General Electric | GE-N | 23.390 | Has just fallen off the cliff in the last couple of weeks because it is a largest industrial company in the US and over half of its earnings are financials. Balance sheet is still pretty strong. Extremely well run. Continues to think it will be okay. It will share in any market recovery. 5.5% dividend. | 2008-09-17 | |
| Comment | | Merrill Lynch & Co (US) | MER-N | 19.360 | Being acquired by Bank of America (BAC-N) through shares. If you own, take the shares. In a couple of years, it will be higher and in the meantime you'll get a decent yield. | 2008-09-17 | |
| DON'T BUY | | Morgan Stanley | MS-N | 21.750 | Best of the investment banks, which is why they are still standing. However the investment banking model, basically a leveraged balance sheet 30 times used to generate business, is not going to be there going forward. Now must play by the commercial banking rules, 9 or 10 times leverage. Would prefer Canadian commercial banks. | 2008-09-17 | |
| Comment | | Goldman Sachs | GS-N | 114.500 | Investment banking models are no longer going to be as profitable. Now must play by the commercial banking rules of only 9 or 10 times leverage. Would prefer Canadian commercial banks. Today's 24% drop is a reflection of short-term liquidation. It will survive but it is questionable if you will make much money over the next 4 to 5 years. | 2008-09-17 | |
| BUY | | H&R Real Estate Inv Trust | HR.UN-T | 15.850 | Largest landlord. Building the Bow in Calgary on a cost plus basis, so as construction costs go up, they get more. 9% yield. | 2008-09-17 | |
| Comment | | Barrick Gold | ABX-T | 35.310 | There is a shortage of gold, but there are cost overruns getting the gold out of the ground for this company. | 2008-09-17 | |
| Comment | | Sherrit | S-T | 6.690 | Poor man's Teck Cominco (TCK.B-T). A bunch of nice assets including coal, oil and nickel. Pretty cheap because of the Cuban discount. On his radar screen. People are concerned that European and US recessions will reduce commodity prices. Emerging nations has not reduced commodity consumption. The stock will be higher in a year’s time. | 2008-09-17 | |
| BUY | | BCE Inc. | BCE-T | 34.050 | Deal will close on December 11 at $42.75. Prices come off the stock because of leveraged people having to raise cash. CitiGroup (C-N) will be able to come up with its share of the financing. You will make a 20% return in 3 months. | 2008-09-17 | |
| DON'T BUY | | Ambac Financial Group Inc. | ABK-N | 5.770 | They insure municipal bonds. Unfortunately, they also insure collateralized debt obligations backed by subprime mortgages, which is why it has dropped so much. Someone might buy this company for the expertise among its staff on the rating of municipal bonds. | 2008-09-17 | |
| BUY | | iUnits S&P/TSE Energy E.T.F. | XEG-T | 20.330 | Regardless of where the price of oil goes in the short-term, the longer-term demands from the emerging middle class will not go away in Asia, South America or Africa. Gives a wide range of excellent oil companies. | 2008-09-17 | |
| BUY | | iUnits S&P Financial | XFN-T | 21.280 | Likes financials. | 2008-09-17 | |
| BUY | | Petrobank Energy and Resources | PBG-T | 37.020 | The special Thai air injection, which is apparently working. This gives you the oil exposure and it is environmentally friendly. Doesn't own the stock but owns some of its bonds. | 2008-09-17 | |
| Comment | | Transalta Corp | TA-T | 29.120 | Has grown its way into its high dividend. And now it's able to do some of the things it needs to address its carbon imprint. 3.6% yield. | 2008-09-17 | |
| BUY | | BHP Billiton Ltd. | BHP-N | 54.600 | Biggest natural resources company in the world. Feels demand for commodities from the emerging middle classes will continue to be quite strong. | 2008-09-17 | |
| DON'T BUY | | Biovail Corp. | BVF-T | 9.950 | New management team seems to have done a pretty good job in terms of running the operation. Made a big acquisition, which always makes investors nervous. 15.25% yield could possibly be cut. This stock is too difficult to work out with all the moving parts. | 2008-09-17 | |
| BUY | | Aluminum Corporation of China | ACH-N | 14.980 | You would think that aluminium in China would be one of the better longer-term stories. Chinese market is off by 60% because of government action. Reasonably priced. | 2008-09-17 | |
| BUY | | Fording Canadian Coal Trust (Inc Trust) | FDG.UN-T | 69.510 | (Market Call Minute.) Below the cash value of the bid from Teck Cominco (TCK.B-T) and the deal is going through. | 2008-09-17 | |
| BUY | | Bank of America | BAC-N | 27.200 | (Market Call Minute.) The Merrill Lynch deal is a very good one. One of the major US commercial banks that will not be allowed to go under. | 2008-09-17 | |
| Comment | | Jazz Air Income Fund | JAZ.UN-T | 4.970 | (Market Call Minute.) Have a fixed price contract with Air Canada so they are not too exposed to the unpleasant things happening in the airlines. If you want to be in an airline, this and Westjet (WJA-T) would be the ones. | 2008-09-17 | |
| BUY | | Fortis Inc. | FTS-T | 24.000 | (Market Call Minute.) You have B.C., Newfoundland and the Caribbean. Very well run. Has growth. | 2008-09-17 | |
| Comment | | Canadian Imperial Bank of Commerce | CM-T | 55.670 | (Market Call Minute.) The Canadian bank that has performed the worst and will rebound the most. | 2008-09-17 | |
| BUY | | CitiGroup | C-N | 14.030 | (Market Call Minute.) Feels that under new management it will come back quite strongly. | 2008-09-17 | |
| TOP PICK | | Sunlife Financial | SLF-T | 42.000 | Down 24.8% year to date and yet its credit exposure is miniscule. PE ratio is 1.5X. Yield of 3.4%. | 2008-07-07 | |
| TOP PICK | | Rogers Communcations (B) | RCI.B-T | 38.510 | Continuing to gain market share in things like Internet and landline phones. 2.5% yield. | 2008-07-07 | |
| TOP PICK | | Trans Canada Corp | TRP-T | 37.010 | Selling substantially below valuation before it bought a power plant in New York City, which it did a big equity issue for. New pipelines are coming on stream. New reactors coming on over the next year. Ontario gas powered stations have started up. 10%-12% growth in cash flow. 3.8% yield. | 2008-07-07 | |
| PAST TOP PICK | | Bank of Nova Scotia | BNS-T | 47.150 | (A Top Pick Aug 8/07. Down 4%.) Has no US exposure. One of the better banks in terms of holding up. Still a Buy. | 2008-07-07 | |
| PAST TOP PICK | | Finning Int | FTT-T | 24.770 | (A Top Pick Aug 8/07. Down 13%.) Infrastructure and agriculture. Still likes. | 2008-07-07 | |
| PAST TOP PICK | | Tim Hortons | THI-T | 28.710 | (A Top Pick Aug 8/07. Down 18%.) Still likes. | 2008-07-07 | |
| BUY | | Thomson Reuters Corp | TRI-T | 30.990 | Electronic data base systems for lawyers, medical and financials. Dreadful performer, which is surprising. Sufficient cost cuts from the Reuter’s acquisition to drive earnings for the next couple of years at least. If you own, you can dollar cost average here. Expects a couple of decent quarters to come. | 2008-07-07 | |
| DON'T BUY | | Bank of America | BAC-N | 21.530 | One of the big banks that have walked into fewer sharp objects. Whenever you are in the middle of a credit crunch, you don’t know what’s in their balance sheet. Their Countrywide acquisition may have hidden problems. Dividend cut could be a possibility. | 2008-07-07 | |
| BUY | | First Capital Realty | FCR-T | 22.750 | Shopping malls. 5.6% yield. Have a really good balance sheet. Very experienced management. | 2008-07-07 | |
| BUY | | H&R Real Estate Inv Trust | HR.UN-T | 17.770 | Leading office landlord in Canada. 8% yield. | 2008-07-07 | |
| BUY on WEAKNESS | | Oilexco Inc | OIL-T | 17.370 | Have a great portfolio of property in the North Sea. Looks like it will continue to be a big winner. Should continue to grow in its earnings over the next few years. | 2008-07-07 | |
| Comment | | Suncor Energy Inc | SU-T | 56.240 | The first company people tend to buy when they want to be in the Canadian oil sands. Has its major expansion just about built and online, which is a big source of cost pressure removed. | 2008-07-07 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Carbon Tax: Probably $2 or $3 a barrel and will be an additional expense, particularly for the oil sands companies. With oil prices over $100 a barrel, the impact will be fairly moderate. | 2008-07-07 | |
| BUY | | Canadian Oil Sands Trust | COS.UN-T | 49.780 | Dividend on this has increased 1000% in the last 3.5 years. The purest play on the oil sands and has cash coming out of its ears. | 2008-07-07 | |
| DON'T BUY | | General Electric | GE-N | 27.100 | The major difficulty with this company is that about half its earnings come from finance. Exposed to a lot of things that are going to be beneficiaries of a longer-term trends. Likes the company, but would be a little cautious about adding to it now. | 2008-07-07 | |
| DON'T BUY | | Visa Inc. | V-N | 75.620 | Up 75% since it went public in March however, this is not a MasterCard Mach II, which made you 3 or 4 times your money in the last couple of years. He has reduced his holdings. Pretty expensive even with good growth. | 2008-07-07 | |
| BUY | | Bombardier Inc (B) | BBD.B-T | 6.950 | Waiting to hear if they finally get the C series out the door. Very disappointing stock over the last decade. Up 15% in the last year. Has only gone up 50% in the last 5 years while the index has doubled. Currently look like they are in the right place because of demands for fuel-efficient planes and more trains. | 2008-07-07 | |
| Comment | | Talisman Energy | TLM-T | 20.000 | Has been a laggard because of their exposure to more interesting parts of the world. Expects the Kurdistan will pay off in spades but he has to find out down the track. | 2008-07-07 | |
| BUY | | Penn West Energy Trust | PWT.UN-T | 31.070 | They bought Canetic and Vault at the end of last year, which resulted in some extra stock out there. Also, they're finding costs per barrel is a little higher than he likes. However, it pays 11.5%. Because of high oil prices, they'll probably have extra payouts. | 2008-07-07 | |
| Comment | | Timminco Ltd. | TIM-T | 24.970 | If the technology works as it is stated to, then this is a very valuable property. They don't as yet have a demonstrated record of production and the material being put in place. | 2008-07-07 | |
| TOP PICK | | Cameco Corporation | CCO-T | 42.840 | Down 22% over the last year. With a focus on the green environment this is the non-CO2choice. Largest producer of uranium in the world. Buy this one as a laggard. You have decent growth. | 2008-05-20 | |
| TOP PICK | | Thomson Reuters Corp | TRI-T | 36.820 | Off 20% over the last year. Reuters has a big exposure to the financial world. Their information product to lawyers, accountants, etc. becomes more valuable. | 2008-05-20 | |
| TOP PICK | | Power Financial Corp | PWF-T | 35.210 | Off 15%. Basically life insurance and minimal exposure to credit and yet it is off as much as some of the banks. 3.8% yield. | 2008-05-20 | |
| PAST TOP PICK | | Canadian Natural Rsrcs | CNQ-T | 105.360 | (A Top Pick Nov 19/07. Up 38%.) A gas play. If you have done really well in this area, you might be wise to take some profits but still keep some of this in your portfolio. Not a Buy at this time. | 2008-05-20 | |
| PAST TOP PICK | | Bank of Nova Scotia | BNS-T | 48.740 | (A Top Pick Nov 19/07. Down 1%.) This was a defensive play. No exposure to US retail. 30% plus of its earnings come from Latin America and Asia. Still a Hold. | 2008-05-20 | |
| PAST TOP PICK | | Fortis Inc. | FTS-T | 27.340 | (A Top Pick Nov 19/07. Up 4%.) East coast utility that has become a national utility by buying the B.C. pipeline. Has been very stable. 3.5% yield. A Hold. | 2008-05-20 | |
| BUY | | Penn West Energy Trust | PWT.UN-T | 34.380 | Didn’t like their acquisitions of Canetic and Vault and sold his holdings last year. Has rebounded very strongly because they are the largest oil/gas trust and the market seems to feel that this has got some legs. With the high price of oil, distribution is probably. 11.8% yield. | 2008-05-20 | |
| Comment | | BetaPro S&P/TSX 60 Bear E.T.F. | HXD-T | 15.660 | If you think the stock market is going to go down, this would be the one to buy, but if you think the market is going up, this is not the one you want. | 2008-05-20 | |
| Comment | | Garda World Security Corp. | GW-T | 17.710 | Leading security provider. A disaster over the last 12 months. Growth by acquisition story. Have been worries about their ability to manage growth. Recent pop indicates a good quarter. On his radar screen. If they can integrate their acquisitions, they’ll have a very steady growth in earnings. Hopes management doesn’t make other acquisitions until they have settled down. | 2008-05-20 | |
| Comment | | Inmet Mining | IMN-T | 73.530 | Down 10% over the last year. Even if you are in a hot area you can still not benefit if they are not delivering. Some operational problems in Spain. If they can successfully address these and can deliver what they have in the last couple of years, the price should recover. | 2008-05-20 | |
| Comment | | Hudbay Minerals Inc. | HBM-T | 18.500 | Down about 20% over the last year. There was takeover speculation in the middle of last year and management has said that if an appropriate offer is made they would be willing to consider. Stable environment in Canada. | 2008-05-20 | |
| BUY | | Canadian Imperial Bank of Commerce | CM-T | 73.410 | Profitability of a Canadian retail franchise, with a comfortable oligopoly in Canada gives you a wonderful base in earnings. You’ll probably take more money in this one in the next few years than you would in the more stable banks. | 2008-05-20 | |
| BUY | | Gammon Lake Resources | GAM-T | 9.850 | Had lots of operational problems, so dropped down to the $6 level. They do have gold. New management, formerly out of Barrick (ABX-T) has confidence in the mine. | 2008-05-20 | |
| BUY | | BCE Inc. | BCE-T | 37.400 | A done deal. Maybe the price gets trimmed a little bit but this would remove any uncertainty. | 2008-05-20 | |
| BUY | | Nexen Inc | NXY-T | 40.670 | Q: Would you Buy this and HBP Nymex Oil Bear (HOD-T) in case of a downside in crude? A: Neat pair trade, but would all the upside you get from Nexen be offset? In terms of price to cash flow this company is somewhat cheaper than others because it’s in places like Yemen. | 2008-05-20 | |
| BUY | | Oilexco Inc | OIL-T | 15.990 | Has not done as well as other Canadian oil companies, partially because of the currency as sterling has weakened substantially. Production in the North Sea has not grown as rapidly as people had hoped. Feels it will continue to be a good growth story. | 2008-05-20 | |
| BUY | | FNX Mining Company | FNX-T | 25.410 | Has a nickel mine that has come on stream. Good management. World is short of long-life assets, particularly in stable countries. Good entry point. | 2008-05-20 | |
| WAIT | | Linamar Corp | LNR-T | 17.430 | Still remains profitable and will be one of the survivors in auto parts industry like Magna (MG.A-T). Impressive CEO. Has funding from Ontario government. Volumes are down but getting a larger share of each car made. On his radar screen and will probably be a Buy in 6 to 9 months. | 2008-05-20 | |
| BUY | | Teck Cominco Ltd. (B) | TCK.B-T | 52.000 | Zinc, copper, coal, oil sands and molybdenum. The one North American diversified miner that won’t get taken over, which may be why the share price has been disappointing. Will make you lots of money over the next few years. | 2008-05-20 | |
| HOLD | | Canadian Oil Sands Trust | COS.UN-T | 53.500 | There could be a pull back in the next couple of months if seasonality has anything to do with it. This one has been the major winner. Long life reserves in a politically stable area. Environmental concerns could be a negative but everything else is going full blast. Good yield. | 2008-05-20 | |
| PARTIAL SELL | | Research In Motion | RIM-T | 137.220 | This is one that is up because of growth. He has been top slicing because an expensive stock is vulnerable. Take some profits. | 2008-05-20 | |
| Comment | | Chartwell Seniors housing | CSH.UN-T | 9.820 | Senior housing was a disaster area. Had thought demographics looked wonderful, but they stuck 20,000 beds on in an 18-24 months space. Overcapacity and couldn’t get enough staff and margins got shot to pieces. Has now stabilized but there has been a selloff in REITs. Operations and management are pretty good. | 2008-05-20 | |
| BUY | | Petro-Canada | PCA-T | 59.300 | Stock price is just back to where it as a year ago even though its assets are pretty equivalent to a number of other integrateds. Cheaper and has under performed, so it’s the one to own. Look at this on a 3 to 5 year view. | 2008-05-20 | |
| BUY | | Rogers Communcations (B) | RCI.B-T | 42.860 | (Market Call Minute.) Best performing telecom stock. Getting market share in wireless and cable. | 2008-05-20 | |
| BUY | | Telus Corp | T-T | 47.670 | (Market Call Minute.) 3.9% yield. Getting some traction in its wireless. | 2008-05-20 | |
| SELL | | Home Depot | HD-N | 27.370 | (Market Call Minute.) A sell for as long as the US consumer remains cash strapped. Earnings were down 66% ands sales were off. | 2008-05-20 | |
| HOLD | | Bombardier Inc (B) | BBD.B-T | 7.670 | (Market Call Minute.) It’s likely that the market for business jets is going to roll over but the transit side is doing pretty well. | 2008-05-20 | |
| DON'T BUY | | Bank of America | BAC-N | 35.390 | (Market Call Minute.) Probably one of the better money centre banks (?) but would prefer the Canadian banks. | 2008-05-20 | |
| TOP PICK | | Trans Canada Corp | TRP-T | 36.440 | Stock bombed last week because they bought International Grid, the biggest power station in NYC. This was a big overreaction. In the meantime, you get 5% yield. Low risk way of playing the resource boom. | 2008-04-09 | |
| TOP PICK | | Shoppers Drug Mart Corp | SC-T | 50.620 | The bulletproof defensive play. Same-store sales growth is running high. Building 10,000 square-foot stores so you are getting people into them. Yield of 1.7%. | 2008-04-09 | |
| TOP PICK | | Power Financial Corp | PWF-T | 35.570 | This gives you exposure to life insurance and mutual funds. Minimal credit exposure and yet it fell as much as the other financials. 3.5% yield. This is one of the rare occasions you get to buy this when it is not just motoring ahead. | 2008-04-09 | |
| PAST TOP PICK | | Bank of Nova Scotia | BNS-T | 45.940 | (A Top Pick Apr 23/07. Down 15.2%.) Fell less than the other banks/financials partially because they are very conservative and they don't have any US retail. 1/3 of earnings are from Latin America and Asia. Very well run and low cost ratio. If you buy now you get a 5%-6% yield, which is 2% higher than the 10% Government of Canada plus you get a dividend tax credit. | 2008-04-09 | |
| PAST TOP PICK | | Finning Int | FTT-T | 30.360 | (A Top Pick Apr 23/07. Up 6.7%.) A great play on resources. Still a Buy. | 2008-04-09 | |
| PAST TOP PICK | | Tim Hortons | THI-T | 34.950 | (A Top Pick Apr 23/07. Down 2% including dividends.) Rumour is that they are going to increase the cost of coffee. Clients will pay. | 2008-04-09 | |
| BUY | | Grande Cache Coal Corp. | GCE-T | 5.540 | Leveraged play on coal. New contracts will $300 a ton versus the current $70. (He owns Fording FDG.UN-T) instead. | 2008-04-09 | |
| WATCH | | Canaccord Capital Inc | CCI-T | 11.280 | Plans to buy back Asset Backed Commercial Paper (ABCP), which removes uncertainty and will be positive. If you own, consider selling and buying back after 31 days. | 2008-04-09 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Sprott IPO: - Sprott has done everything correct and have also been correct on their predictions of the price of gold. Have a demonstrated track record of delivery. Depends on the price you have to pay. | 2008-04-09 | |
| BUY | | Franco-Nevada Corp. | FNV-T | 20.480 | Announced that they are going to spend $250 million in acquisitions. On his radar screen. Another way to play gold without worrying about the costs of extraction because it is royalties. Also has oil sand royalties. | 2008-04-09 | |
| Comment | | Petrobank Energy and Resources | PBG-T | 45.700 | Has the Bakken shale in Saskatchewan, which everyone is getting excited about. They also have the toe to heel air injection, which is the environmentally friendly way of getting oil. | 2008-04-09 | |
| HOLD | | Barrick Gold | ABX-T | 44.960 | Graph shows higher lows. They have got rid of their hedge position. This is the stock were the big money will go in when buying gold. | 2008-04-09 | |
| BUY | | Altria Group Inc | MO-N | 20.910 | Legal challenges that they have faced over the last 10 years have been beaten back in most cases. Going to continue to chug along very nicely. Pretty recession resistant. | 2008-04-09 | |
| BUY | | Oilexco Inc | OIL-T | 14.200 | This will be a beneficiary of higher oil prices. Has lots of exposure in exciting parts of the world, which could give more volatility. The higher growth, higher Beta way to play oil. | 2008-04-09 | |
| BUY | | Niko Resources | NKO-T | 85.510 | Offshore India gas fields. Good growth prospects and is a counterbalance to some of the Canadian stocks. | 2008-04-09 | |
| WATCH | | Timminco Ltd. | TIM-T | 25.900 | Manufactures silicon for solar panels. Has gone up a lot but not necessarily expensive. Chart shows a saw tooth pattern so, if you can, buy on the dips. Higher highs and higher lows. 71X PE is pretty high even with strong earnings growth. | 2008-04-09 | |
| BUY | | CI Financial Income Fund | CIX.UN-T | 22.510 | Will be returning to a corporation in 2010. Got hit with market concerns. One of the largest players. Good distribution. | 2008-04-09 | |
| BUY | | Petro-Canada | PCA-T | 47.430 | Has been dropping lower and lower because the market does not like its group of assets. Have good global assets. Also a refiner and marketer. It will go higher over the next 3 to 5 years. | 2008-04-09 | |
| BUY | | CAE Inc | CAE-T | 12.350 | Has a pretty decent set of assets. North American Airlines have not been buying new planes, but middle east, Asian and European airlines have been. When the NA Airlines start buying, it will continue having decent growth. | 2008-04-09 | |
| Comment | | Bombardier Inc (B) | BBD.B-T | 6.290 | People are buying business jets. This is the right stage in the capital market cycle. When there is a downturn, they are in a vulnerable position. | 2008-04-09 | |
| BUY | | Nortel | NT-T | 7.260 | (Market Call Minute.) Thinks management is doing a decent job but it is not affecting the share price. | 2008-04-09 | |
| BUY | | Yamana Gold Inc. | YRI-T | 14.740 | (Market Call Minute.) There has been a big acquisition of Meridian and Northern Orion. Good time to buy. | 2008-04-09 | |
| SELL | | Crystallex International | KRY-T | 2.160 | (Market Call Minute.) Gold stock in Venezuela. | 2008-04-09 | |
| BUY | | Agrium | AGU-T | 71.630 | (Market Call Minute.) Share price is going to be somewhat flat because of the UAP (?) takeover. This is a great opportunity to buy it cheap. Buy lots. | 2008-04-09 | |
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