STOCKCHASE

44.440

Continues to remain positive on this for the longer-term. Pretty good net margins, which continue to grow. Short-term, BHP Billiton (BHP-N) is talking about 16.5 million tons of capacity that they want to bring on, is affecting the stock negatively.

2011-11-18

DON'T BUY

Royal Bank

RY-T

44.420

All Cdn banks have been pretty volatile sideways traders from around 2005. Considers that more as yield plays, not growth stories. In the short-term, they are being compressed on interest margins. There has also been a decline in consumer spending and mortgage lending has been flat. They could trade off a little more.

2011-11-18

BUY

5.980

Patent space will continue to have investors watching. Stock has been sideways for a while. In the short term, was under pressure for their bid for Mosaid (MSAD-T), which has fallen to the wayside now. Likes their prospects for growth.

2011-11-18

DON'T BUY

Uranium One Inc.

UUU-T

2.490

Not bullish on uranium. Doesn't really see the spot price escalating to $100 in the next year or so. Governments are looking to reduce their exposure. Not sure if the demand from China and India will offset the lack of demand from other nations. Doesn't think they are focused on growth for shareholders.

2011-11-18

Comment

Martin Marietta Materials

0.020

Markets. Part of the crisis is that governments continue to print money and to stimulate. Part of the demand for gold is from central banks rather than holding euro dollars. Ultimate solution is monetary inflation, which eventually leads to stagflation and the printing of more money. Feels we are setting up for another 1976-1984 type of recovery, which is stagflation, lower sustained unemployment, more government involvement, slow muddling growth and hard assets acting as an inflation hedge.

2011-11-18

Comment

Silver Wheaton

SLW-T

33.240

Great leverage to the silver price. Has been pretty sideways. He is positively inclined on the price of silver. They're growing from 24-25 million ounces a year to 40 million. Should get great leverage because they don't share in the operating side of the business. Just increased dividends based on cash flow generation of the prior quarter.

2011-11-18

TOP PICK

Carfinco Financial Group

CFN-T

6.910

Car loans. They do C and D types of credit. They continue to grow at 20%-25% compound interest annually. Just had a record quarter. 5.7% yield. Has a history of paying special dividends.

2011-11-18

TOP SHORT

Vulcan Materials Co.

VMC-N

32.180

North America's largest aggregates producer. Largely just crushing rock, which is a difficult, low margin business. This last quarter they lost another $0.13 and recently cut the dividend. He recently added a short at $31-$32.

2011-11-18

HOLD

Volta Resources Inc

VTR-T

1.140

An exploration story in Burkina Faso, Ghana and Mali. Have 9 exploration properties. Recently updated their resource on their Kiaka deposit of 4 million ounces at about 1 gram per ton. Pressure is probably concern about liquidity. Longer-term, he likes the name.

2011-11-18

PAST TOP SHORT

MLM-N

75.620

(A Top Short Nov 26/10. Up 11.81%.)

2011-11-18

PAST TOP PICK

Pure Technologies Ltd

PUR-T

2.870

(A Top Pick Nov 26/10. Down 40.8%.) A third of their projects was in Libya. Sold his holdings but is looking at it again.

2011-11-18

TOP PICK

Tahoe Resources

THO-T

18.430

Silver in Guatemala. Growing into a 3 billion market cap kind of business. Significant exploration upside and potential for growth.

2011-11-18

PAST TOP PICK

Barrick Gold

ABX-T

53.150

(A Top Pick Nov 26/10. Up 11.87%.)

2011-09-06

TOP PICK

Goldcorp Inc

G-T

54.110

2-2.5 million ounces of production growing to 4.5 million. 88% of their production is gold and 12% to silver and other base metals. Very strong balance sheet. $500 million in net cash and $3.5 billion in cash flow annually.

2011-09-06

DON'T BUY

Northgate Minerals Corp.

NGX-T(dead)

4.240

Currently has a takeover offer from Aurico Gold (AUQ-T). Thinks it is good for shareholders to tender into this offer. It would be a bigger and better company. Doesn't expect there is much left in the stock.

2011-09-06

DON'T BUY

Royal Bank

RY-T

48.220

As a GARP manager he doesn't see a lot of growth. There is a perceived risk globally of what is the Canadian exposure to the global issue of sovereign debt and other bank credits that they might own. Recruiting out of the US, they could have some debt and restructuring for the next few quarters.

2011-09-06

Comment

Suncor Energy Inc

SU-T

29.280

Oil sands’ names are really a bet on oil prices. Oil is correlated to global growth. Near term, there is weakness and fear on the lack of growth in the US and globally. Next few quarters, oil will be suppressed a little. Sees marginal cost of production around $85 a barrel. Okay for a 3-5 year time horizon.

2011-09-06

BUY

6.920

Making a hostile bid for Mosaid (MSD-T). If they can get this, it will be a better combined company. If they don't get Mosaid, he still likes the growth aspect. Great management. Strong balance sheet. Lots of cash. Good entry point.

2011-09-06

DON'T BUY

Yellow Media Inc

YLO-T

0.790

Just lost their CFO. Continues to struggle with its transition from its directory type of business to online/online advertising type of business. 25% of revenues are coming from online business. There is a lot of Goodwill on the balance sheet that should be written down. Eventually they have to look at some type of restructuring.

2011-09-06

TOP PICK

Belo Sun Mining

BSX-X

1.430

Precious metals/development and exploration play in Brazil. Good infrastructure in the area. Government is building a Hydro dam just north of them giving them a cheap source of power. Put out some continued good drill holes, which is why the stock has moved recently. 3.4 million ounce resource and growing.

2011-09-06

Comment

0.020

Gold - With the move by the Swiss franc today, European investors were probably pulling their deposits and going to gold as the Swiss franc is no longer an option for them. This will probably be more positive for gold going forward.

2011-09-06

Comment

Martin Marietta Materials

0.020

Markets – With monetary issues in Europe, liquidity in the global markets could easily become a crisis. He is Short a lot of the European banks.

2011-09-06

TOP PICK

Silver Wheaton

SLW-T

39.730

$700 million or so in cash on the balance sheet. $1 billion or more in cash flow per annum. This gives you upside to the silver price move without the issues of CapX, operating hiccups and inflation impacts. Starting to pay a dividend.

2011-09-06

HOLD

Yukon-Nevada Gold Corp.

YNG-T

0.435

Management has over promised and under delivered. Jarrad Canyon mine has had some operational issues. If you own, continue to hold for a possible turnaround, otherwise he wouldn't own it.

2011-09-06

BUY

Open Range Energy Corp.

ONR-T

8.950

Just announced they are going to create a new company and he just added more to his holdings. Expect a lot of analysts will up there estimates because of the spin off. Expect analysts will have the combined value of the 2 companies at $10-$12.

2011-09-06

BUY

Colossus Minerals Inc.

CSI-T

6.420

High-grade gold/platinum/palladium development in Brazil. Has come off recently because of concerns about ground stability. Continues to develop the asset and advance the underground. The size of of the price justifies the work and he continues to like it. Results from drilling should be available early in 2012.

2011-09-06

DON'T BUY

Molson Coors Canada (B)

TPX.B-T

41.950

Brewers are faced with a lot of headwinds. Trading at 11-12 times earnings, which may be a reasonable price but doesn't see a lot of growth. Brewers grow at 2%, maybe 3% of GDP and are faced with the aging demographic population, which drinks less beer.

2011-09-06

PAST TOP SHORT

MLM-N

69.590

(A Top Short Nov 26/10. Up 16.83%.) Reported in August and missed their quarter again and guided down for the rest of the year.

2011-09-06

PAST TOP PICK

Pure Technologies Ltd

PUR-T

3.700

(A Top Pick Nov 26/10. Down 11.61%.) Pipeline testing. Sold his holdings after the news on Libya as a third of their $35 million package is tied to a large project there. Still watching as it could have a multiple compression.

2011-09-06

PAST TOP PICK

Minefinders Corp

MFL-T

14.000

(Top Pick Aug 16/10, Up 57.62%)

2011-07-19

TOP PICK

Mosaid

MSD-T (Dead)

31.320

Patent Company. $300 market cap with $100 million cash. 20% growth per year, 3%+ dividend with potential to increase. Good pipeline of potential deals. Google is willing to pay $4 billion for Nortel patents.

2011-07-19

BUY

57.620

Wait for a stock to bottom out when it splits. There is no incremental supply for potash out there. He would hang on to the name indefinitely.

2011-07-19

BUY

57.620

A producer, not retailer. More expensive than AGU. Likes both of them. Stress on global demand on potash.

2011-07-19

SELL

Trans Canada Corp

TRP-T

39.650

Not one he has looked at in dept. Has largest distribution in Canada. 18$ multiples – historic multiples. Plateaued since 2005. Look at it for the dividend yield. Downside risk short term. It is a yield name, not growth.

2011-07-19

PAST TOP PICK

Major Drilling Group International Inc

8.360

(Top Pick Aug 16/10, Up 146.04%)

2011-07-19

DON'T BUY

Westjet Airlines

WJA-T

14.600

Company is perpetually between 10 & 16 dollars for an extended period of time. Questions the long term growth prospects.

2011-07-19

BUY

MDI-T

13.530

Slightly recovered since 2008. A lot of companies have been able to come to market and raise capital.

2011-07-19

BUY

Reitmans (Canada) Ltd. (A)

RET.A-T

15.050

Continue to hold for yield. Very clean balance sheet. If you are weary on economic cycle you would not want to hold this name. For longer-term hold on the yield it is a good play.

2011-07-19

N/A

Cortex Business Solutions

0.020

Market: We are at a point where the ROE’s in Financials have peaked and now they have to come back to the market to raise capital. You are getting diluted as they come back. Gold is acting as a currency. It is a store of value. His adjusted gold price is above $2000. It could to take 3-6 months or another 3 years to reach that level.

2011-07-19

DON'T BUY

Denison Mines Corp

DML-T

1.800

Not a big proponent of the Uranium names since Japan. Countries decreasing exposure to nuclear. Will continue to need to raise capital for exploration. He is out of uranium, space.

2011-07-19

TOP SHORT

Vulcan Materials Co.

VMC-N

35.370

SHORT: Road building. Also, building for the oil and shale industry. Getting hit by costs. Haven’t made money for several years. Not expected to make money this year or next. $4 Bullion in good will from acquisitions that needs to be written down.

2011-07-19

BUY

Arcan Resources Ltd.

ARN-X

6.560

Likes the name. 1.5 % in hedge fund strategy. Oil play in swan hills areas. Owned 19% by Crescent point Entergy. Likes the prospects.

2011-07-19

HOLD

Volta Resources Inc

VTR-T

1.890

Trimmed recently. Had a significant discovery recently. He will continue to hold this.

2011-07-19

BUY

Trelawney Mining

TRR-X

4.800

Continue to hold. Likes the name. Questions keep coming up about long-term prospects of the mine. Development story. Continues to like it long term.

2011-07-19

PAST TOP PICK

CBX-X

0.320

(Top Pick Aug 16/10, Down 20.00%)

2011-07-19

TOP PICK

Perseus Mining Limited

PRU-T

3.130

West African Gold Play. Ramping up production of first asset. Target end of July. Gold coast asset being developed. Fell off radar screen because of issues with west Africa.

2011-07-19

HOLD

Kinross Gold

K-T

15.660

Trading at about 1.3X NAV. Growth by acquisition story. Largely volatile sideways trader between $15 and $18 per share. Looking to double production going into 2014-2015. Going to be all back-end loaded on the ramp of the increased production in Tasiast in Mauritania (Redback acquisition). Many European holders of Redback are still considering selling so there may be pressure on the stock. Still a question on Equador and the proposed windfall tax. Doesn’t like the Russian risk.

2011-04-07

HOLD

56.450

Trading at its historic range of 16 to 18 times multiple so he would call it fair value. Positive on fertilizer/agriculture space. This year looks like another strong year for fertilizer.

2011-04-07

BUY

Belo Sun Mining

BSX-X

1.380

Continues to be positive on gold and this is a name he is positive on because of the area’s infrastructure and with the government’s power facility being built near by. Looking for further drill holes that should continue to build the resource.

2011-04-07

TOP PICK

Yamana Gold Inc.

YRI-T

12.390

Mid-tier, potentially large cap gold company, producing 1 million gold equivalent ounces a year. Good growth profile moving to 1.4 million gold equivalent ounces. Did a good deal on spinning out their Alumbrera assets, taking in $310 million in cash payments over the next few years. Cheap at 7 to 8 times cash flow. Sells at a 1.2X NAV, which is at a discount to its peers. Also produces 10 million ounces plus of silver annually.

2011-04-07

Comment

0.020

Preferences for commodities would be silver at the top and gold right after that. Commodities are acting as an inflation hedge given the monetization and debt that is going on globally. Would put oil next and copper after that and aluminum would rate at the bottom.

2011-04-07

DON'T BUY

0.020

Uranium. Expects to see a number of assets come on line in the next 2-3 years. Marginal cost of production is around $60-$65 and current price is around $59. Japan situation may have killed the uranium cycle for the next 10-15 years.

2011-04-07

PAST TOP PICK

Paladin Resources

PDN-T

3.700

(A Top Pick Dec 16/09. Up 0.53%.)

2011-04-07

PAST TOP PICK

Futuremed Healthcare

FMD-T

6.850

(A Top Pick Dec 16/09. Down 14.43%.) Supplies to seniors’ homes. Pays a yield of 9%. Missed their growth objectives so he sold his holdings.

2011-04-07

Comment

Romarco Minerals

R-T

1.880

Gold in South Carolina. A past producer that was closed and reclaimed. Good drilling success in finding more ounces and consolidating the land together to re-open and re-start. May be forced to re-engineer the entire project, resubmit a new environmental impact study and provide more data on the quality of water and disturbances in the area. EPA was not happy with the reclamation and closure plan so there is concern on increased costs. Good entry point if you have a longer-term view.

2011-04-07

TOP PICK

Carfinco Financial Group

CFN-T

6.670

Cheap at 9X PE. Recently increased their bank lines to further increase their lending. With dealership closings and dealers wanting to stay in business, this company finances them. Have the ability to move upstream into B&C type of credit and across Canada. 4.3% yield and a history of special dividends.

2011-04-07

TOP SHORT

USG Corp.

USG-N

16.660

One of North America’s largest dry wall, gypsum board and ceiling tile manufacturer. 80%-85% of revenues come from the US. Given what is going on in the new home build and the housing market in the US, it continues to remain weak. Just lost over $4 in 2010 and this quarter looks to be another negative quarter. Trading at 56X forward 2013 earnings.

2011-04-07

PAST TOP PICK

Jaguar Mining Inc.

JAG-T

5.290

(A Top Pick Dec 16/09. Down 56.16%.) Seems to be a disconnect between management and operations. Sold his holdings

2011-04-07

BUY

WestFire Energy

WFE-T

8.140

Quality name with long-term growth potential. Could see some short term weakness going in the spring break-up but there is potential growth on production on drilling further wells plus a potential down the road, a year or more, water flood to bring on more production.

2011-04-07

TOP PICK

Barrick Gold

ABX-T

51.850

Cheap with an 11X cash flow. Two record quarters in a row. Raised dividends. Expected to produce 9 million ounces over the next year 5 years.

2010-11-26

DON'T BUY

Aecon Group Inc

ARE-T

10.220

Trading at about 14-15 times earnings. Construction of commercial and government buildings is flat to marginally down. Transportation is marginally up. Oil sands is going up. Margins are about 2.5%-3%. Doesn’t see a lot of growth.

2010-11-26

Comment

Canadian Natural Rsrcs

CNQ-T

39.600

Thinks oil will be staying at a higher price level for an extended period of time. Thinks stock will be range bound unless oil moves above $100 a barrel.

2010-11-26

Comment

Canadian Natural Rsrcs

CNQ-T

39.600

Thinks oil will be staying at a higher price level for an extended period of time. Thinks stock will be range bound unless oil moves above $100 a barrel.

2010-11-26

PAST TOP PICK

Research In Motion

RIM-T

60.120

(A Top Pick May 11/10. Down 12.52%.)

2010-11-26

BUY

Yamana Gold Inc.

YRI-T

11.510

Have significant leverage to gold at $400 an ounce. Increased dividend on the basis of the cash coming in. Produces 900,000 ounces of gold a year plus silver plus copper. One of the cheaper large caps. Hasn’t performed over the last year as they have been spending a lot of cash on brown field exploration.

2010-11-26

Comment

Clough Global Allocation Fund

0.020

Gold. Looking for $2,000 or better in the next 2 years and feels that is very conservative.

2010-11-26

Comment

Chorus Aviation Inc

CHR.B-T

5.270

Converting to a corp and management believes the distribution is sustainable when they convert. Doesn’t see a lot of growth at a reasonable price. Looking for other avenues of growth, which will delay things.

2010-11-26

DON'T BUY

GLV-A

15.160

Water treatment solutions for industry and municipalities. Made a large acquisition out of Europe, which impacted their business. Most recent quarter had a decline in revenues. Doesn’t see a lot of growth. Trading at about 15X.

2010-11-26

PAST TOP PICK

Andean Resources

AND-T (Dead)

6.390

(A Top Pick May 11/10. Up 100%.)

2010-11-26

HOLD

Potash One Inc.

KCL-T (Dead)

4.520

Just received a bid from K+S for $4.50 a share and management is in support of the deal. Doesn’t see another buyer coming in. If you own, take the offer.

2010-11-26

BUY

Oceanagold Corp

OGC-T

3.160

Gold. Likes the name. Producing about 200,000 ounces. Trades at a discount to the group. Has optionality on its Philippine holdings. Trades at a discount.

2010-11-26

PAST TOP SHORT

MGIC Investment Corp.

MTG-N

8.470

(A Top Short May 11/10. Up 8.43%.) Covered this Short.

2010-11-26

BUY

Cortex Business Solutions

CBX-X

0.450

Likes. Continue to execute strategy. Processes payments, purchase orders and receivables online primarily for oil/gas companies and hopes they will expand out of that. Early stage.

2010-11-26

TOP SHORT

Martin Marietta Materials

MLM-N

85.140

Aggregate supply company in construction industry in the US. Not a lot of projects that are getting advanced. Recent quarter had marginal down tick in pricing but marginal up tick in volume but volume is highly tied to road building and well pads for shale gas drilling, which will be in decline. Trading at a 41X forward multiple.

2010-11-26

TOP PICK

Pure Technologies Ltd

PUR-T

5.000

Test for water breaks/leaks in the infrastructure system. Just acquired largest competitor. Had 5 years of 47% compound annual growth and new acquisition will diversify them globally. $60 million in cash and equivalents. Will probably move to TSX early 2011.

2010-11-26

HOLD

Manitoba Telecom Services

MBT-T

25.180

Can’t see a lot of growth and upside. Recently cut dividends by a third. Trading at about 12X next year's numbers. Battle between having an increasing environment on the phone side versus enterprise spending might be slowing down given the recession. Dividend should be secure. Fair value at this price.

2010-08-16

TOP PICK

Minefinders Corp

MFL-T

9.160

Mexican gold/silver producer. Targeting 91,000-100,000 ounces of gold and about 2.5 million ounces of silver this year. Sold off when they missed some of their execution/production because of a long leach cycle to bring out silver but should start hitting in the 2nd half of this year.

2010-08-16

STRONG BUY

Research In Motion

RIM-T

53.020

Continues to like this name and the growth in the smart phone market globally. Their share globally has been about 30% with the rest of the growth being in North America. Thinks they can work with governments regarding security issues.

2010-08-16

Comment

Royal Bank

RY-T

51.320

Experienced volatile earnings since 2006. Net interest margins peaked in 2008 because of a lack of global growth. With decreased trading revenues, M&A activity and housing environment, he sees limited growth going forward. Can see more interest from foreign investors in Canadian banks. He is not neutral on this one. For dividend investors only.

2010-08-16

BUY

Suncor Energy Inc

SU-T

33.110

Secure supply of assets in the ground in an environment of a decline in conventional light crude globally. Feels they can continue to have production growth going forward. Trading at 18X with a reserve life index of 50 years plus.

2010-08-16

TOP PICK

3.330

Intellectual property patenting licensing technology company. Over 545 patents across CDMA, WiFi, Bluetooth and V-chip. About 25% of revenues come from V-chip. 3 pending litigations with one of the larger ones with 16 companies on CDMA and WiFi, etc. Can see this as a dividend growth story over time. No debt and $100 million in cash and a yield of .05%.

2010-08-16

PAST TOP PICK

CML Healthcare

CLC-T

10.630

(A Top Pick Sept 16/09. Down 10.97%.) Recently added to his position because of dividend yield and for downside protection.

2010-08-16

Comment

Alliance Grain Traders Inc.

0.020

Oil. Believes in peak oil theory but currently sees oil being range bound between $65-$85 in the short term. Energy and energy consumption is predicated upon global growth and currently there is a lacklustre period of global growth.

2010-08-16

HOLD

Osisko Exploration Ltd.

OSK-T

14.020

Has had quite a run in the short term so he would look at it as a Hold. You’re currently playing it for the M&A takeout. If you are establishing a new position, wait for a pullback.

2010-08-16

BUY

Bankers Petroleum

BNK-T

6.800

Heavy oil exposure in Albania. Continues to like. Trading at a discount to 2P NAV. Analysts have a NAV 2P (proven and probable) of about $6.95-$6.90 a share. 250 million barrels in reserves with exposure to 1 billion barrels.

2010-08-16

PAST TOP PICK

AGT-T

29.260

(A Top Pick Sept 16/09. Up 32.65%.) Still Likes.

2010-08-16

PAST TOP PICK

Monterey Exploration Ltd. will

MXL-T (Dead)

8.120

(A Top Pick Sept 16/09. Up 234.15%.) Being acquired by Pengrowth (PGF.UN-T) and sold his holdings.

2010-08-16

BUY

Volta Resources Inc

VTR-T

1.520

Exploration story so will be predicated upon news events and drill holes. 2 key assets, Kiaka of about 2.2 million ounces and Nassara showing good grades, both in Burkina Faso.

2010-08-16

BUY

Oceanagold Corp

OGC-T

2.880

Producing 200,000-250,000 ounces of gold. Continues to see growth here.

2010-08-16

TOP PICK

Cortex Business Solutions

CBX-X

0.400

Enterprise network largely for oil/gas companies and suppliers for processing payments, purchase orders and receivables online, which eliminates paper/staffing. Also has connectivity to Blackberry for field work. About $2 million revenue growth but at the turning point of ramping this up.

2010-08-16

HOLD

Linamar Corp

LNR-T

23.060

Stimulus program for cash for clunkers really took hold. It’s fully valued. Issues with skyjack assets. Questions growth opportunities going forward in the short term.

2010-05-11

TOP PICK

Research In Motion

RIM-T

69.310

Has had 5-year 20% or better year over year return on equity. Business exchange server and global market penetration. Cheaper valuation than Apple. Gaining market share in smart phones. Clean balance sheet, no debt. He thinks they should look at a small dividend.

2010-05-11

DON'T BUY

Semafo Inc

SMF-T

7.130

They have one core asset. He has been wrong on this name for a while, now. He thinks the company needs to do an acquisition in order to grow. Doesn’t see the growth profile.

2010-05-11

BUY on WEAKNESS

Suncor Energy Inc

SU-T

31.940

Continues to like it longer term. Have 50-year reserve life in the oil sands asset. BP issue is having a positive effect. Added to his position a few weeks ago and the past few days.

2010-05-11

VAGUE

Toronto Dominion

TD-T

73.600

(Market Call) Pros and cons. ROEs have peaked in the short term. Canadian banks continue to get interest as a safe haven.

2010-05-11

N/A