STOCKCHASE

0.020

Markets. Starting to warm up to precious metals. Likes the way the stocks have started to act relative to the commodity. Feels they are in the process of bottoming. Expecting a slow down, first of all in China, which you are already seeing and will likely continue to accelerate down.

2012-04-09

Comment

0.020

Economy. Likely will see quantitative easing later this year. Losses from real estate debt globally are running $40-$50 trillion. A couple of trillion here or there on the Fed’s balance sheet isn't going to make a lot of difference. Growth for the last couple of quarters in the US is very sub-par compared to a more traditional recovery.

2012-04-09

HOLD

San Gold Corporation

SGR-T

1.310

There are other gold names that he prefers that have had positive change occurring. This one has had some disappointments. He has a very small Short position at this time but he is warming up to the sector. Rising tide will lift all boats.

2012-04-09

PARTIAL SELL

AutoCanada Inc.

ACQ-T

10.850

AutoCanada (ACQ-T) or Automodular (AM-T)? These are 2 completely different types of companies. This one owns dealerships. Has been a fantastic performer. Also offers a nice dividend with a 5.1% yield. Sales are having a nice rebound but given his outlook on the economy, he would probably trim both of them.

2012-04-09

PAST TOP PICK

Constellation Software Inc.

0.830

(A Top Pick March 17/11. Down 41%.) Sells GPS devices into the agriculture market. Grain prices have come down so expectations for the company have also come down. He exited this position.

2012-04-09

DON'T BUY

5N Plus

VNP-T

3.260

He is still short the stock. The problem with this company is the balance sheet. Made a major acquisition of some of the raw materials that go into the solar supply chain but took on a significant amount of debt. Solar industry has been in serious decline.

2012-04-09

BUY on WEAKNESS

CSU-T

88.360

Recent pullback was the function of a large secondary placement of shares from insiders. Nothing has changed and the company is hitting on all cylinders. Would look at any further weakness as a buying opportunity.

2012-04-09

Comment

Sea Dragon Energy Inc.

SDX-X

0.085

Located in Egypt, which has been tough. Have also had a problem with one of their main assets. However, he still thinks they are going to make this work. He has a tiny position in this. Good management that has significant connections with the Egyptian government. Have signed a new development deal, got some new assets and effectively are starting over. Highly speculative.

2012-04-09

Comment

Western Potash

WPX-T

0.940

Has been surprised at the weakness. Have a very high quality potash deposit. There is a very good chance for a quality partner to come in and to help them either advance the project internally or ultimately by the company. A takeout price of $2-$3 is possible.

2012-04-09

DON'T BUY

Avion Gold

AVR-T

0.940

Gold. Political issues are not the only problem. They have missed on production guidance as well. There are better places to be. Highly speculative.

2012-04-09

BUY

Sandstorm Resources Ltd.

SSL-X

1.650

Looking at doing a reverse split as they want a NYSE listing. Company has been experiencing tremendous fundamental growth. 2 of their 8 lines that they had streaming lines with our coming on stream and there will be 3 more over the next year. He is still buying.

2012-04-09

PAST TOP PICK

2.210

(A Top Pick March 17/11. Up 54.28%.)

2012-04-09

PAST TOP PICK

Computer Modeling Group Ltd

1.000

(A Top Pick March 17/11. Up 9.78%.) Still likes this one. Trend towards online payment systems is going to continue.

2012-04-09

Comment

CORRE

CVR-X

0.330

Lost their bid on cleaning up the Kuwait oil fields. They are now partnering with BP (BP-N) on another oilfield cleanup. They are also working on partnerships in Saudi Arabia. Likes management.

2012-04-09

DON'T BUY

Orbite Aluminae

ORT-T

2.230

Very, very speculative. Effectively extracting alumina from clay. If their technology ramps up and scales and is commercial, the stock could be a home run. He feels these types of situations are very dangerous. He still has a small short position.

2012-04-09

Comment

Amaya Gaming Group Inc.

AYA-X

3.680

Share price had a very sharp run-up but he is still holding his. The US has reopened the market to online gaming. Recently made 2 acquisitions. The big news will be when they start moving into the US.

2012-04-09

WATCH

Innovative Composites

IC-X

0.620

Announced a contract to provide some shelters to Haiti but the contract has been delayed. At this point, he feels it is a bit of a “show me“ story. Still likes. Has huge potential.

2012-04-09

PAST TOP PICK

Books-A-Million

BAMM-Q

3.010

(A Top Pick March 17/11. Up 37.22%.) Wouldn't be surprised to see it going into bankruptcy in the next 12-18 months.

2012-04-09

BUY on WEAKNESS

Northern Graphite Corp.

NGC-X

2.330

Recently did a financing. Believes graphite, which is used in lithium batteries, is the next big wave in Canadian mining. Owns a small position in this one but may be adding to it. Wait until the financing comes off of restrictions, which could create some weakness.

2012-04-09

BUY

Wi-Lan Inc.

WIN-T

5.400

Had an unsuccessful bid for Mosaid last year. Feels it has been in the penalty box since then. There has recently been some insider buying. Quite inexpensive. Looks like it is breaking its more recent downtrend.

2012-01-27

BUY

CMG-T

14.500

Solid stock with a good dividend? He likes Computer Modeling Group (CMG-T) which does modeling for oil/gas exploration. Ways about 3% dividend but also has some growth.

2012-01-27

DON'T BUY

Crosshair Exploration & Mining Corp.

CXX-T

0.540

Has some interesting assets both in Labrador and Wyoming. The problem is that the uranium sector is still under a lot of pressure. They will need to raise a lot of capital in order to put these projects into production by themselves. Very speculative. He owns some warrants.

2012-01-27

Comment

0.020

Markets. Has become marginally more positive on risk assets over the last couple of months. European sovereign debt spreads have come in a lot, which is a positive change underlying the markets. There is now more noise out of the US Fed about low interest rates continuing for 2 1/2 more years.

2012-01-27

BUY

Carfinco Financial Group

CFN-T

7.200

Likes this one a lot. Feels the dividend is sustainable. Auto sector seems to be going gangbusters. Demand is starting to pick up. Disciplined management team.

2012-01-27

PAST TOP PICK

0.900

(A Top Pick March 17/11. Down 35.25%.) Provides GPS to the agriculture sector. As this sector fell off, the sentiment declined. Stock is now starting to rebound. Would be a buyer here.

2012-01-27

TOP SHORT

5N Plus

VNP-T

5.260

Solar business has just been a disaster in the last year. This company provides components and some of the raw materials into this sector. Collapsing prices and subsidies disappearing. Cheap natural gas is a clean alternative to solar. Have a lot of debt.

2012-01-27

BUY

Western Potash

WPX-T

1.300

Really likes this one. Now that there is a little more liquidity in the marketplace, he thinks agriculture names have bottomed. Getting into a better seasonal position as they tend to do well in the spring. This is a junior player and not into production yet. He could easily see it as a takeout at $2-$3.

2012-01-27

BUY

Sandstorm Resources Ltd.

SSL-X

1.420

Feels this still has a lot of upside. Have a lot of new mines, royalty streams that are coming into production this year and even more next year. It should be lots of growth in revenues and cash flows. Great management.

2012-01-27

PAST TOP SHORT

1.780

(A Top Short March 17/11. Up 114.1%.)

2012-01-27

TOP PICK

Corby Distilleries Ltd (A)

1.140

(A Top Pick March 17/11. Up 9.78%.) Provide e-wallet for online transactions. They service businesses, not consumers. Put up their 1st profitable quarter last summer/fall. They'll continue to grow in the 20%-25% range. Target of $2-$3.

2012-01-27

Comment

CORRE

CVR-X

0.450

Put a bid in on the Iraqi oil spill cleanup in April, from the 1st Iraq war. Expect that by the end of March that will know what their share will be. There has been some insider buying.

2012-01-27

DON'T BUY

Orbite Aluminae

ORT-T

2.820

Producing alumina out of clay. Has a small Short position in this company. He is still not convinced that the process is economic at this point. Some analysts have pointed out that it may not be as positive as originally thought.

2012-01-27

BUY

Amaya Gaming Group Inc.

AYA-X

2.580

Key catalyst is the reopening of the US marketplace to online gambling. This is now happening and states sponsored online gaming has now been approved outside of sports betting. This company has an end to end solution that manages the compliance and regulatory process. Have a number of contracts including Lotto Québec. Believe they will report their 1st EBITDA profits in the 4th quarter.

2012-01-27

TOP PICK

Innovative Composites

IC-X

0.750

Hydro forming plastics technology patent was bought from Magna (MG-T) and is being used to manufacture low-cost modular shelters, which solves all the issues of deterioration, flame retardant, pest controlled and water leakage. Won a $60 million contract for shelters in Haiti and are in the process of bidding with the Clinton Global Initiative on a $4 billion contract. Recently won a contract in Brazil for low-cost housing. Target of $2-$3.

2012-01-27

BUY

Automodular Corp.

AM-T

1.920

Been on his radar screen but he did not pull the trigger. Been a really nice growth story. Need to see if they can continue to execute and deliver. Because growth came from such a low level it is actually not a bad place to be compared to other consumer cyclicals.

2011-12-29

DON'T BUY

Corridor Resources Inc

CDH-T

0.990

In the small cap space it is so easy to be wrong. This is a company that has been experiencing negative change. Nat Gas has been a tough place to be for a long time. Stay away until the sector gets better.

2011-12-29

BUY

CDL.A-T

16.400

Announced special dividend after selling a bottling plant. Going forward will pay nice steady dividend. Now that bottling plant is sold off they are going to be able to drive brand growth and grow investment returns. Will continue to grow in a recessionary environment.

2011-12-29

TOP SHORT

Home Capital Group

HCG-T

50.200

Well-managed company. This year they changed to IFRS and decided that instead of underwriting insured mortgages, they have underwritten uninsured mortgages. They are sub-prime mortgages.

2011-12-29

DON'T BUY

Ivanhoe Energy

IE-T

1.190

Possibly a tax loss selling trade, otherwise he would stay away.

2011-12-29

DON'T BUY

Petrobank Energy and Resources

PBG-T

10.600

Not a big fan of this group of companies. They are typically quite aggressive at issuing equity issues to the markets.

2011-12-29

DON'T BUY

Superior Plus Corp

SPB-T

5.720

Has about 6 times its cash flow in debt and he things investors have to stay away from it. Have to keep raising capital to fund dividend. He has a small short position.

2011-12-29

BUY

Fortune Minerals Ltd.

FT-T

0.750

Would consider for a trade but only for a tax loss trade. Otherwise he is negative on it.

2011-12-29

N/A

Total Energy Services Inc

0.020

Market: In studying the numbers coming out of China and the rate of change, he feels China is in for a hard landing and that will impact commodity demand. We are going to see a recession in Europe that is already in the markets, but China is not.

2011-12-29

WAIT

TOT-T

17.400

Fantastic company. They do a great job of knowing where the next big play is going to be and either moving rigs or purchasing some in the area. Fantastic ROE. They continue to do quite well. Looks pricey here and given his negative opinion on commodities, he would not buy now.

2011-12-29

WAIT

San Gold Corporation

SGR-T

1.870

Has had a short position through most of this year. He felt like they would need to raise money to build out this project. Has covered most of his short position. Seems like there is some positive change coming. But wait for the equity to be raised.

2011-12-29

WAIT

Osisko Exploration Ltd.

OSK-T

9.770

Been under a lot of pressure but particularly beat up because Gold Corp sold their block in it a couple of months ago. As far as he knows there is nothing wrong with the mine and it is a good project, very economic. When precious metals turn around it will definitely be a good stock.

2011-12-29

PAST TOP PICK

Cash Store Financial Services Inc.

0.670

(Top Pick Mar 17/11, Down 22.35%) Fundamentals changed so he got out. He had believed the AG cycle would last longer than it did.

2011-12-29

WAIT

LuLulemon Athletica

LLL-T

47.950

He likes to buy companies that are starting to experience positive change. He would wait on this one until they show operationally that they can show they can capture that momentum back in the business. Once these companies start to miss they just keep feeding on themselves.

2011-12-29

BUY

Black Diamond Group

BDI-T

18.490

Camps for the oil sands. One of his larger positions. They continue to win contracts. As long as Oil Sands continue to grow they will do well.

2011-12-29

WAIT

Phoscan Chemical Corp.

FOS-T

0.320

Appears to be very valuable but it will take a lot of capital to bring it into production. Doesn’t see commodity prices coming back for 12-18 months and they will need it. Over 5 years they could be a 10 bagger if it works out.

2011-12-29

DON'T BUY

CSF-T

6.050

Starting to look cheap. He is short the stock. The problem is that there are regulatory issues with provinces and cracking down on total returns. Secondly they said they don’t keep loans on the balance sheet, but when loan delinquencies increase third parties will require bigger spreads in interest rates. Investors should look at it like the loans are on the balance sheet.

2011-12-29

WAIT

Argonaut Gold

AR-T

6.750

Gold stocks will have to lead commodities back up but sees no evidence that it has started. We might see QE3 out of the fed but only in about 6-9 months.

2011-12-29

TOP PICK

Estrella International Energy Services

EEN-X

0.160

Part of a triple tax loss trade. Fundamentals are in tact, balance sheet is good. 3 week trade.

2011-12-29

PAST TOP PICK

Sandstorm Metals & Energy

1.590

(Top Short Mar 17/11, Up 62.23%) Thinks the will go bankrupt in 6-9 months. BAMM-O is the same and got him 66.92% gain as part of this pairs trade.

2011-12-29

TOP PICK

SND-X

0.345

Part of a triple tax loss trade. Fundamentals are in tact, balance sheet is good. 3 week trade.

2011-12-29

PAST TOP PICK

Corby Distilleries Ltd (A)

1.000

(Top Pick Mar 17/11, Up 23%) Paypal for small companies. 90% recurring revenue. Q3 was their first profitable quarter. Each quarter should build off that.

2011-12-29

DON'T BUY

Allana Potash Corp

AAA-T

0.800

Seems like a fantastic deposit. It will depend on how the sector does and he is quite negative on it for the next 12-18 months.

2011-12-29

TOP PICK

Swisher Hygiene Inc

SWI-T

3.700

Part of a triple tax loss trade. Fundamentals are in tact, balance sheet is good. 3 week trade.

2011-12-29

BUY

CORRE

CVR-X

0.310

Bidding on clean up of oil fields. There will 50 tenders over 5 years. We will find out results of first batch in a few weeks. If they win one of these it will set them up to win the bulk of the rest of the tenders over the next 5 years. If they get the contract this stock will rocket higher, if not it will pull back but they have all these other tenders. Don’t make it a huge position.

2011-12-29

WAIT

Royal Coal

RDA-X

0.045

This pick didn’t work out. Looked like projects would go into production. It is going to happen. It has been delayed. Would not buy here because they are going to have to raise more equity.

2011-12-29

TOP PICK

Amaya Gaming Group Inc.

AYA-X

2.700

Have already announced a number of contracts, largely with emerging market governments. They do end to end management of video lottery terminals. Thinks this company will triple. US had changed regulations and could result in a lot of contracts for them in addition.

2011-12-29

TOP PICK

CDL.A-T

17.750

Some real positive change has been occurring. Recently reported a bang-up quarter. Very nice growth in their core brands. Becoming asset light by selling off a bottling manufacturing facility and focusing on driving profitability through brand growth. This is a good model. Expect you could see 10%-15% returns over the next decade.

2011-11-24

TOP SHORT

Davis + Henderson

DH-T

15.250

A Pairs Trade going long Versapay (VPY-X) and short Davis+Henderson (DH-T). Core business of cheque printing and processing business is in decline and thinks it will go into much sharper decline in the next 2-3 years.

2011-11-24

WAIT

Sherritt International Corp.

S-T

5.100

CEO is stepping down and often when a new CEO comes in, they want to reset the bar a little lower. Now may not be the best time to enter this one. Is somewhat negative on coal prices going forward, although they are more in the thermal coal.

2011-11-24

DON'T BUY

SXC Health Solutions Corp.

SXC-T

55.390

WellCare Health (WCG-N) just bought Healthspring (HS-N). Healthspring was a big customer for this company. Management says even though the contract is running out in 2013, they are going to maintain their market share within Healthspring. He is not so sure. Expect there will be a lot of volatility.

2011-11-24

DON'T BUY

First Nickel Inc.

FNI-T

0.105

Given his views on Chinese demand, construction, etc. he is not positive on the space generally. He doubts that it will perform very well.

2011-11-24

DON'T BUY

Armtec Infrastructure

ARF-T

1.610

Drainage pipes. Their issue is the debt. Debt to capital ratio is something like 3X. He is currently Short this one.

2011-11-24

Comment

Bellatrix Exploration Ltd.

0.020

Commodity cycle. Thanks this is busted for the moment. One of the key differences we are going to see this cycle versus 2007-2008 is that demand from the BRIC (Brazil, Russia, India and China) will be less. Doesn't think that China has the ability to continue stimulating their economy, particularly in their real estate sector. Demand for commodities from them may decline this time.

2011-11-24

DON'T BUY

Cline Mining Corp.

CMK-T

1.620

He is bearish on met coal and Chinese demand at this time and is shorting this stock. Thinks they are going to have to come to the market for more capital. Just not that high quality of a project and mine.

2011-11-24

BUY

The Second Cup Ltd

SCU-T

6.200

Historically things like coffee shops have done quite well in recessionary periods. Feels the dividend is safe. His favourite is Spot Coffee (SSP-X).

2011-11-24

BUY

BXE-T

4.500

A producer and developer in the Cardium. Done very well and think it's going to be a takeout candidate.

2011-11-24

DON'T BUY

Western Potash

WPX-T

1.210

Delivered a positive feasibility study. Trimmed his position as he felt it would be a little while before there would be some more positive news coming out. He has now pulled back his view on the agricultural sector and would have a net short position generally.

2011-11-24

BUY

Great Western Minerals Group

GWG-X

0.560

He owns the stock, but is short other rare earth companies against it. Likes this company because it is vertically integrated and that it owns some processing plants, which is where the bottleneck is in the sector. Reasonable entry point.

2011-11-24

WAIT

Estrella International Energy Services

EEN-X

0.155

Still owns a small amount but is more in the bonds. Nothing really wrong with the company. Had a bought deal that was hung in the spring and has been an orphan since. Strategy of acquiring generic rigs, taking them out of service, retrofitting them for more specialized rigs and putting them out at higher rates is all happening. Wait for a turn in the stock before you chase it.

2011-11-24

PAST TOP SHORT

Sandstorm Metals & Energy

1.380

(A Top Pick June 27/11. Up 65.92%. )

2011-11-24

PAST TOP PICK

SND-X

0.410

(A Top Pick June 27/11. Down 13.82%. )

2011-11-24

TOP PICK

Ridgeline Energy Services

0.990

(A Top Pick June 27/11. Up 7.14%.) A Pairs Trade going long Versapay (VPY-X) and short Davis+Henderson (DH-T). This one is a very fast-growing business. Kind of the PayPal for small businesses.

2011-11-24

TOP PICK

RLE-X

0.700

Has developed a technology that has mobile water purification plants. Specifically targeting the fracing industry as well as the SAGD operations in the oil sands. ( A key concern over fracing operations is the chemical waste water that they pump through could leak into general water supply.) Expects real exponential growth.

2011-11-24

BUY

Poseidon Concepts

PSN-T

10.550

Manufactures tanks for fracing fluids. This is truly one of the few growth areas in the market right now. Doesn't see any slowdown. A lot of momentum and there is positive change going on. (Also see Top Picks.)

2011-11-24

TOP SHORT

Davis + Henderson

DH-T

16.650

Cheque supplier, etc. They are in the business that is clearly deteriorating. His major concern is that they are taking the remaining capital of the company and making acquisitions and using debt to do that.

2011-10-20

DON'T BUY

Precision Drilling

PD-T

11.600

A leader in oil/gas drilling in North America. Feels that oil prices will be dropping. There will be another cycle to own the drillers. They will start to bottom before oil and that will be the time to buy.

2011-10-20

DON'T BUY

Semafo Inc

SMF-T

7.320

Not really a senior producer but is more of a small-intermediate producer that is going to require more access to capital to continue to grow production. Looking at this one from the Short side.

2011-10-20

Comment

Wi-Lan Inc.

WIN-T

6.110

Currently offering $42 for Mosaid (MSD-T). This has been a fantastic growth story but he questions why they want to do this deal. He worries about the semiconductor side of things with Mosaid.

2011-10-20

BUY

Computer Modeling Group Ltd

CMG-T

13.510

Came out of the last recession quite well and revenues, dividends, etc. were quite steady. Fantastically managed. Thinks it will definitely outperform through the cycle.

2011-10-20

DON'T BUY

CML Healthcare

CLC-T

9.540

Has disappointed quite a bit in the last 2 years. He is always hesitant when you start to see deterioration in fundamentals and detailed ratio starts to get tight. He is currently short this one.

2011-10-20

BUY

Medical Facilities Corp.

DR-T

10.310

A solid company that he believes is recession resistant. They do out patient surgical centres, largely in North Dakota, which has a pretty stable economy. Feels the dividend is safe.

2011-10-20

Comment

Total Energy Services Inc

0.020

Markets. Market has stopped going down on bad news and we are in an oversold balance on risk assets. Global economy is slowing and likely heading to recession. Would use rallies to sell into them. Deleveraging process is going to take a very long time.

2011-10-20

DON'T BUY

Cline Mining Corp.

CMK-T

1.710

Has a big project in Colorado that is starting to go into production but feels it will need a lot more capital. He is short the stock but his position is much shorter than it was. Anything around the $2 mark he would be looking to re-enter his short position. (Very negative on met coal as Chinese demand is slowing dramatically.)

2011-10-20

HOLD

Glentel Inc.

GLN-T

16.010

Fantastically managed but probably not recession resistant. A good play on the secular growth of smart phones. Also a possible take-out by Bell (BCE-T) or Telus (T-T).

2011-10-20

BUY

Sprott Resource Lending.

SIL-T

1.380

Investing in debt securities of mining companies rather than the equity and are getting some pretty good terms.

2011-10-20

Comment

TOT-T

13.460

Owning over a 3-5 year time period? Over that period of time, this would be fine but over the next 12 months, it will be a difficult space to be in. Fantastic management.

2011-10-20

DON'T BUY

New Flyer Industries Inc.

NFI.UN-T

62.000

High debt levels. When you have a situation where fundamentals start to deteriorate, the yield is no longer sustainable. He would be tempted to Short at this time.

2011-10-20

PAST TOP SHORT

Bankers Petroleum

BNK-T

4.420

(A Top Short Dec 21/10. Up 44.48%.) Pairs trade. - Long Sea Dragon (SDX-X) and Short Bankers Petroleum (BNK-T). Has shrunk his position. On any kind of bounce would probably Short more.

2011-10-20

PARTIAL SELL

Detour Gold

DGC-T

30.000

Consolidating through acquisition around their old mine. This is also a likely takeover candidate over the next 12-18 months. If it is not taken over, there is still some risk. Take profits where you can.

2011-10-20

DON'T BUY