| TOP PICK | | Westjet Airlines | WJA-T | 14.560 | Perfect anti-oil trade. Good way to hedge your oil exposure. North American airlines have been crushed due to high oil prices. US airlines have been putting up decent numbers over the last few weeks and stocks have started to go up. Signed an interesting deal with Southwest Airlines, which should keep capacity fairly strong. | 2008-07-22 | |
| HOLD | | Shore Gold Inc. | SGF-T | 1.900 | Diamonds in Saskatchewan. Market has been waiting for a takeover. Great project and a good partner. | 2008-07-22 | |
| HOLD | | Kinross Gold | K-T | 22.640 | Good senior old company that has a mine in Russia that is starting up now. Cost pressures will hit them in the near term but should be a good stock to hold over the next 6 months. | 2008-07-22 | |
| BUY | | Canadian Western Bank | CWB-T | 24.160 | Has been disappointed in the performance as it is not exposed to US housing and does not have asset backed commercial paper as well as being in the fastest growing part of Canada. Small caps seem to have dramatically lagged the large caps. | 2008-07-22 | |
| DON'T BUY | | Nortel | NT-T | 6.930 | Doesn't find that they are the best in anything right now. Going through a big restructure. Turning over the management team and are focused on cost cutting and trying to get the margins up to industry levels. | 2008-07-22 | |
| DON'T BUY | | Telus Corp | T-T | 39.370 | A lot of people will be looking at this one because they have lost BCE and they want something in the telco sector. Could be looking at 6 months of more negative news than positive. Talking of changing from a CDMA network to a GSM and there will be a lot of different viewpoints on what this will cost. There is also the threat of a new wireless entrant coming in. | 2008-07-22 | |
| DON'T BUY | | CanWest Global Comm. | CGS-T | 2.450 | Feels this is more of a value trap right now. Looks cheap when looking at operating metrics but you have to step back and look at the economy. Big drivers of this company are the newspaper and TV station and their big drivers of revenue are housing, consumer and auto. | 2008-07-22 | |
| TOP PICK | | Goldcorp Inc | G-T | 43.650 | Positive on gold over the next few months. This one still stands out among the senior golds as having one of the best growth profiles. Their big operation in Mexico is starting up and seems to be going fairly well. Have a good project in Quebec and the partnership in the Dominican Republic. | 2008-07-22 | |
| TOP PICK | | Research In Motion | RIM-T | 114.220 | Likes this one 2nd half of the year. Good suite of products that will be launched next month. Pulled back in the last month due to hype around Apple’s iPhone 3G version and missed on some of the gross margin guidance last quarter due to increased app spending. | 2008-07-22 | |
| Comment | | Questerre Energy | QEC-T | 3.470 | Very interesting natural gas discovery. He has moved out of juniors and into some seniors. If they have more discoveries, they should do quite well and could be a nice tuck under for a major. | 2008-07-22 | |
| Comment | | Agrium | AGU-T | 97.600 | Not a pure play in any one commodity, which he likes. Have a bit of potash, phosphate and nitrogen. Just made an acquisition making them more of a retail company, which should diversify away from the risk. | 2008-07-22 | |
| BUY | | Encana Corp | ECA-T | 77.170 | Senior oils in Canada are a tremendous buy right now. Because of the reorganization, this is a good holding right now. This will be the largest pure play in natural gas organization in North America. | 2008-07-22 | |
| DON'T BUY | | Yamana Gold Inc. | YRI-T | 13.760 | Has grown over the last few years on the strength of acquisitions. Have made so many deals over the last few years but they almost need to pause and retrench and get their operations sorted out. Last quarter at a bit of production problems in Brazil. Prefer others. | 2008-07-22 | |
| BUY | | Yamana Gold Inc. | YRI-T | 13.810 | Earnings look fairly good. Stock has come down an incredible amount in the last few months. Wouldn't be surprised to see it get up in the high teens again. | 2008-05-07 | |
| DON'T BUY | | Crystallex International | KRY-T | 0.690 | This one highlights the political risk that has been seen in the gold sector of late. Venezuelan government just threw out their permit and it is now a big uncertainty as to what they actually own. | 2008-05-07 | |
| Comment | | Absolute Software Corp. | ABT-T | 11.900 | He is positive on the IT sector. A great sector to be in for the 2nd half of the year. A lot of companies try to increase their efficiencies by looking for IT solutions. | 2008-05-07 | |
| BUY | | Kinross Gold | K-T | 19.280 | Earnings yesterday were slightly disappointing but they have good diversified projects. You always want to buy gold companies just won a big project is coming on line and they've got that with Kupol in Russia. Seems like the tide is turning in Russia and it is getting better. | 2008-05-07 | |
| BUY | | Barrick Gold | ABX-T | 39.190 | One of the few places in Canada where you can have a global leader and they have done a fantastic job in getting to that stature. Great management team. They don't have as good a growth profile right now as other senior gold companies. This is due to some permitting risks and timing delays they've had. He is positive on gold and the seniors. | 2008-05-07 | |
| WAIT | | Gold Eagle Mines Ltd. | GEA-T | 7.850 | Possible acquisition by Goldcorp (G-T). Really interesting story. Right next to the Red Lake gold camp that Goldcorp owns and it looks like it is the extension of the high-grade zone. Incredibly deep and the land is under water so they've had a hard time drilling. Will need more time. | 2008-05-07 | |
| BUY | | Oilexco Inc | OIL-T | 16.520 | One of the best stocks to own for the last few years. In the North Sea and they have gone after some high profile targets. Probably on a lot of M&A lists right now as a target. | 2008-05-07 | |
| BUY | | Cisco | CSCO-Q | 25.780 | Really a play on the Internet, its growth and everything digital. They are the top IT company. He is positive on the tech companies and this company. $24 billion in cash on the balance sheet. | 2008-05-07 | |
| TOP PICK | | Research In Motion | RIM-T | 131.000 | Best technology company in Canada. Stock just keeps delivering. Have a lot of room to go. Good slate of new products they are going to launch in the 2nd half of the year. | 2008-05-07 | |
| TOP PICK | | Thomson Reuters Corp | TRI-T | 37.600 | You have a chance right now to get it at a bit of a discount. With the Reuters Thompson combination, you've got a powerhouse in the data management. Have a lot of growth going on in financials and legal systems. | 2008-05-07 | |
| TOP PICK | | Goldcorp Inc | G-T | 37.700 | The Canadian senior with the best growth projects going forward. Massive mine in Mexico that they are starting up right now, which is a good gold/silver deposit. Should have Firstgold Corp in the summer. You really want to own these companies when they start putting mines into production. Also good projects in Quebec. Also have the Red Lake project in Ontario. | 2008-05-07 | |
| Comment | | Talisman Energy | TLM-T | 22.300 | Hasn't done as well as you would expect for an oil company. Started moving up as people get comfortable with the new CEO. Investor Day comes on May 21 and a lot of people are getting excited about what he will announce, where he is going to focus and where growth is going to come from. He has been taking profits in the last few days and will probably buy it back on dips. | 2008-05-07 | |
| DON'T BUY | | National Bank of Canada | NA-T | 54.840 | A lot of uncertainty across financial institutions globally. Traded at a bit of a discount to the rest of the banks, so it will take longer for them to recover. A little oversold, so you could buy for a trade. | 2007-08-20 | |
| BUY | | Research In Motion | RIM-T | 82.900 | A fantastic company with a lot of growth. Likes it long-term. Have a number of new devices that they are going to launch in the fall. Watch the hype to see what happens. | 2007-08-20 | |
| BUY | | Goldcorp Inc | G-T | 22.800 | A fantastic company. The merger with Glamis brought in a lot of diversity as well as a good management team. Building a massive gold mine in Mexico with a silver component. | 2007-08-20 | |
| TOP PICK | | Agnico-Eagle Mines | AEM-T | 41.730 | Favourite senior gold. Have done a good job of diversifying away from a 1-mine company to a multiple mine company. | 2007-08-20 | |
| BUY | | Aurelian Resources Inc | ARU-T | 6.440 | A fantastic company in the junior golds. Found a very large gold deposit in Ecuador. Trading at a discount because of its location. Probable takeover in the next few years. | 2007-08-20 | |
| BUY | | Telus Corp | T-T | 51.740 | Globally Telcos are lagging cable companies. Better bundles are with cable. Also been under pressure because of concerns they will bid for BCE. This is unlikely so it may be an opportunity. Have a great cash position with the possibility of increased dividend or stock buyback. | 2007-08-20 | |
| BUY | | Canadian Western Bank | CWB-T | 25.340 | One of the good growth banks. Always looked expensive comparing it to other banks, but a lot of that is due to its tremendous growth rate. Should be less exposed to some of the other problems that Canadian banks have. | 2007-08-20 | |
| WEAK BUY | | Kinross Gold | K-T | 12.050 | Good company. Did a lot of transformation over the last few years. Main concern is what its Russian asset would be valued at. Russia has been expropriating some energy companies so he is concerned how they will treat the gold sector. | 2007-08-20 | |
| Comment | | Eldorado Gold | ELD-T | 5.060 | Has a great collection of assets. Management team has done a good job of growing it. Last quarter was very good. Sold off when the Turkish permits were suspended for 3 months. Analysts feel the company should be back on track and the permits will be granted. | 2007-08-20 | |
| BUY | | Royal Bank | RY-T | 53.400 | The leader of Canadian financials. It has held in a little better than the other Canadian banks and trades at a higher multiple. A leader in fixed income trading and bond portfolio, which seems to be slowing down. | 2007-08-20 | |
| TOP PICK | | Sandvine Corp. | SVC-T | 5.600 | Hardware that makes Internet networking more efficient. One of the leaders in the next generation of Canadian success stories. Could be a takeover. | 2007-08-20 | |
| TOP PICK | | Viterra Inc | VT-T | 10.100 | Going through a fairly major integration right now. Urged with Agricore, so there are a lot of synergies. Going to more value added projects, which should expand margins and profitability. A cheaper way to play the agricultural sector. | 2007-08-20 | |
| HOLD | | Yamana Gold Inc. | YRI-T | 10.480 | Have a bid in for Meridian (MNG-T). Has done a lot of growth through acquisitions so they definitely know how to do acquisitions. Have some questions on the assets they would acquire. | 2007-08-20 | |
| BUY | | Gold Eagle Mines Ltd. | GEA-T | 4.850 | Right next door to the Gold Corp (G-T) property, which needs to expand. Takeover target. | 2007-08-20 | |
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