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| Irwin Michael, B.Com, MBA of ABC Funds |
|---|
| c/o I.A. Michael Investment Counsel Ltd. |
| 8 King Street East, Suite 700 |
| Toronto ON |
| M5C 1B5 |
| 416-365-9696 |
| Irwin Michael, B.Com, MBA's website |
| Toll Free: 1-888-OPEN-ABC |
| Fax: 416-365-9705 |
| iamich@abcfunds.com |
| TOP PICK | Norbord Inc. | NBD-T | 8.680 | Everyone hates this and is concerned about a recession in the US. This is the lowest cost Oriented Strand Board producer in North America. Good balance sheet and excellent management. 4.7% yield. Will be for sale over the next 12 months. | 2006-09-18 | ||
| TOP PICK | TerraVest Income Fund | TI.UN-T | 8.930 | Stock is trading at about $8.50 and the NAV is $11. While you're waiting, it pays a 16% income yield. | 2006-09-18 | ||
| TOP PICK | Seaspan Corp. | SSW-N | 22.310 | A major leaser of ships. Own 17 ships and purchasing another 16. 7% yield. Management has a big stake in the company. | 2006-09-18 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Energy sector: -There is absolutely value in this sector. There will be many more mergers/acquisitions taking place, particularly from the trust side. | 2006-09-18 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Income trusts: - Likes to buy these when they are undervalued. Has a number of these. Likes to see 35/40% upside available, not including distributions. | 2006-09-18 | ||
| DON'T BUY | Celestica Inc | CLS-T | 11.590 | Doesn't own any high-tech companies because they are not fundamentally cheap. His style is to buy a Toonie for a Loonie. | 2006-09-18 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Oil Sands: - Owns nothing in the oil sands. Prefers companies that have cash flow and earnings. In terms of the feeding frenzy to get into the tar sands, he’s not there. | 2006-09-18 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | US Recession: - Doesn’t see a recession, only a slowdown. Lower gasoline prices is helping the consumer. A chicken little scenario. | 2006-09-18 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Financials: - Has no bank stocks or Canadian insurance companies. However, US life companies are dirt-cheap. He is able to buy them well below book and break-up value. | 2006-09-18 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | E.T.F.’s: - Doesn’t believe in indexing at all. It breeds mediocrity. | 2006-09-18 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Shorting Stocks: - Can't use shorts because he is not running a hedge fund and it is not his mandate. | 2006-09-18 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold: - Not a gold player. Gold is a function of the US$ and is going to act like a thermometer. | 2006-09-18 | ||
| DON'T BUY | Rothmans Inc | ROC-T | 21.080 | Fundamentally cheap and a great cash flow generator. A lot of his clients object, so he is not in tobacco. | 2006-09-18 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Metals: - We are in a period where everyone has lost their confidence and there is a fear factor. He does own a few metals. Believes in it, but what has changed is the psychology. | 2006-09-18 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Auto Sector: - Owns General Motors (GM-N). They are making a lot of tough decisions and getting their act together. | 2006-09-18 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Natural Gas: - Everyone is negative on natural gas and prefers oil. This commodity is very levered towards natural disasters and is not politically sensitive like oil. Likes the sector. | 2006-09-18 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Averaging Down: - He will average Down on a stock that has dropped but he thinks is still good. | 2006-09-18 |
