| TOP PICK | | Trans Canada Corp | TRP-T | 38.460 | (A Top Pick July 31/07. Up 2%.) Yields 3.75%. Likes its exposure to Ontario’s energy market and is expanding into the US. Trading at a substantial discount. | 2008-05-15 | |
| TOP PICK | | Husky Energy | HSE-T | 49.620 | 3.5% dividend. Believes long-term in the energy story. Good fundamentals. Just did a deal with BP giving them access to refineries. Also, BP agreed to fund a lot of the cash flow expansion of their Tucker and Sunrise projects. Very strong balance sheet. | 2008-05-15 | |
| TOP PICK | | Manulife Financial | MFC-T | 39.220 | Disappointed in their earnings and the stock has been under pressure. Added about $500 million new life insurance business. Growth profile in Asia grew about 22% last quarter. Trades at about 11X earnings. | 2008-05-15 | |
| PAST TOP PICK | | Royal Bank | RY-T | 50.630 | (A Top Pick July 31/07. Down 5%.) Still buying. | 2008-05-15 | |
| PAST TOP PICK | | Rona Inc | RON-T | 13.090 | (A Top Pick July 31/07. Down 42%.) Still likes. | 2008-05-15 | |
| PAST TOP PICK | | General Electric | GE-N | 32.370 | Has been going through a massive transformation for many years. Great infrastructure play. Great financial services business. Have increased earnings very smartly. Good dividend yield. Trading at about 12X earnings, which is less than the market multiple. | 2008-05-15 | |
| BUY | | Power Corp | POW-T | 34.060 | Expects money will flow into this one. Good dividend yield and great exposure to Asia and China. Very strong balance sheet. Trading at age 17% discount to its NAV. | 2008-05-15 | |
| Comment | | Potash Corp of Saskatchewan | POT-T | 204.500 | Potash prices are very strong and firm and will likely stay that way for a couple of years. There are very few major producers that can supply potash to the needed markets. He would limit this stock to 3% or 4% of your portfolio. In the longer term, there could be more competition. | 2008-05-15 | |
| BUY | | Teck Cominco Ltd. (B) | TCK.B-T | 50.210 | There are a lot of questions out there with regards to supply of different materials in China because of the earthquake. This company gives you good exposure to the commodity play. | 2008-05-15 | |
| BUY | | Bronco Energy | BCF-T | 19.100 | In production. Will be producing 4000-6000 barrels of oil a day by the end of June. Right next door to Canadian Natural Resources (CNQ-T) most profitable, low-cost producing field. This company will have a lot of cash flow in the very near future. | 2008-05-15 | |
| HOLD | | Pfizer Inc | PFE-N | 20.080 | 6.5% dividend yield. Cash flows are very strong. | 2008-05-15 | |
| Comment | | Research In Motion | RIM-T | 140.990 | Volatile stock. Keep your weight at about 4% or 5% of your portfolio. Has a lot of wind at its back right now with new models coming out. Try to buy it 10% cheaper but that gives you a risk of not getting it. | 2008-05-15 | |
| BUY | | Bank of America | BAC-N | 36.710 | Great dividend yield. Pretty compelling value on a 2-year view. They avoided the whole subprime mass until they bought Countrywide Financial.7% yield. | 2008-05-15 | |
| BUY | | Nexen Inc | NXY-T | 38.790 | A very interesting play. Have massive resources. Very well positioned for growth. Could be a takeover target. | 2008-05-15 | |
| Comment | | Birchcliff Energy Ltd. | BIR-T | 12.660 | Has had a lot of interest attached to it because of Mr. Shulick just acquired nearly 20% and his last major win was taken over by Shell Canada. Production is growing very rapidly. Trading at a very substantial premium. Has a lot of land but they have to drill very fast to justify the premium. | 2008-05-15 | |
| BUY | | Duvernay Oil Corp | DDV-T | 56.400 | World-class producer and world-class assets. Good operations. | 2008-05-15 | |
| BUY | | Toronto Dominion | TD-T | 68.510 | Has performed better than most banks. Just acquired another US bank. Good dividend. Good holding for the longer-term view. | 2008-05-15 | |
| Comment | | Barrick Gold | ABX-T | 39.050 | The challenge with a big gold producers is how do they go out and replace their production. His preference would be Jaguar Mining (JAG-T). | 2008-05-15 | |
| BUY | | Jaguar Mining Inc. | JAG-T | 10.450 | This would be his preference in the gold sector. Very rapid growing production profile. Plan to be an 800,000 producer in a couple of years. Currently producing 200,000. | 2008-05-15 | |
| BUY | | Yellow Pages Income Fund | YLO.UN-T | 10.680 | Represents a pretty compelling valuation. Hedge funds were very aggressively shorting this name because of directory experiences in the US. Different story. | 2008-05-15 | |
| Comment | | Sunlife Financial | SLF-T | 48.200 | (Market Call Minute.) Prefers Manufactures Life (MFC-T) | 2008-05-15 | |
| BUY on WEAKNESS | | Suncor Energy Inc | SU-T | 64.880 | (Market Call Minute.) Loves the story. Has had a big run so be careful about the price you pay. | 2008-05-15 | |
| BUY | | UTS Energy | UTS-T | 5.790 | (Market Call Minute.) Amazing asset. Very attractive takeover target for the Sovereign Wealth Fund or something. | 2008-05-15 | |
| BUY | | Nova Chemicals Corp. | NCX-T | 28.700 | (Market Call Minute.) Likes the story very much. | 2008-05-15 | |
| Comment | | Home Depot | HD-N | 29.530 | (Market Call Minute.) Prefers Rona (RON-T). | 2008-05-15 | |
| TOP PICK | | Bronco Energy | BCF-T | 11.390 | (A Top Pick Mar 30/07. Up 34%.) Has a lot of oil in the ground with about 45 wells now and should average about 200 barrels a day and exit this year at about 8000/10,000 a day. Good management. On first natives land so is not affected by Alberta's royalty review. | 2008-03-03 | |
| TOP PICK | | BHP Billiton Ltd. | BHP-N | 73.120 | Down quite a bit from its highs. This is the big commodity play with all the hard commodities, oil, smelting, et cetera. Trades at about 8X earnings. Have increased the dividend 12 quarters in a row. Buying back stock. | 2008-03-03 | |
| TOP PICK | | Cisco | CSCO-Q | 24.400 | A play on the growth of global communications. Manufacture set-top boxes. Leading manufacturer of routers. Spending a lot of their time growing their business in the less developed parts of the world. Very cheap at 15X earnings. | 2008-03-03 | |
| PAST TOP PICK | | Metro Inc (A) | MRU.A-T | 21.210 | (A Top Pick Mar 30/07. Down 42%.) Great company and really well run. Reported decent earnings. Dominion store acquisition is integrating very well in central Canada. People are worried about the Wal-Mart (WMT-N) and Loblaw (L-T) experience, but you can't compare the 2 as they have the least amount of exposure. Very reasonable multiples and a great long-term hold. Still a Buy. | 2008-03-03 | |
| PAST TOP PICK | | United Parcel Services | UPS-N | 70.610 | (A Top Pick Mar 30/07. Up 3% including dividends.) Great balance sheet and continues to grow its revenues very well. Passing on higher fuel costs to customers. Likes its global platform and the play on global trade. Long-term hold. | 2008-03-03 | |
| DON'T BUY | | Power Financial Corp | PWF-T | 34.040 | Just taken out of an RBC portfolio, which has put pressure on it. Also named in a class action lawsuit where Great West Life (GWO-T) and London Life are being sued. All financials are under a lot of pressure. Not as compelling as a lot of other financial service stocks and will have some problems for a while. (OK to hold from a long-term point of view.) | 2008-03-03 | |
| DON'T BUY | | Telus Corp | T-T | 45.160 | Would rather own Rogers (RCI.B-T) because of their rapidly growing cellular franchise, cable business and also the Internet business. Switching from CDMA to GSM, which will be a huge capital expenditure. | 2008-03-03 | |
| BUY | | Rogers Communcations (B) | RCI.B-T | 39.400 | Likes their cellular franchise, cable business and Internet business. Good entry point. | 2008-03-03 | |
| BUY | | Yellow Pages Income Fund | YLO.UN-T | 10.650 | Had a sharp drop on rumours that an insider was selling stock. Also a US hedge fund mistakenly shorted this company comparing it to US Yellow Pages. Good yield. Would sell in the $13 area. | 2008-03-03 | |
| DON'T BUY | | Petrobank Energy and Resources | PBG-T | 57.160 | This is a stock that can be quite volatile with a lot of potential upside if their technology works. Has done exceptionally well compared to a lot of other names. If you own, consider moving into an integrated play such as Husky Energy (HSE-T), which pays 3.5% and is not near its highs. Could also consider a natural gas name. | 2008-03-03 | |
| HOLD | | Canadian Tire Corporation Ltd. (A) | CTC.A-T | 63.310 | Struggling from investors’ sentiment because people are worried about the general strength of the economy. Trading at around 10X next year's earnings. Well diversified platform. Some people were worried because of its credit card portfolio and some were worried about it getting into the banking business. | 2008-03-03 | |
| DON'T BUY | | Great West Lifeco | GWO-T | 30.170 | Will struggle a little bit because of a $500 million lawsuit. | 2008-03-03 | |
| Comment | | NAL Oil & Gas Trust | NAE.UN-T | 13.210 | A quality asset. Pays a good level of income. Has had a nice little run. There is an impending deadline on income trusts. It could be taken out by a larger play, but wouldn't expect larger premiums to be taking place. | 2008-03-03 | |
| BUY | | TransForce Inc. | TFI-T | 6.730 | Has been a very well run company, but a very poor performing stock. Market is concerned about trucking companies during a recession or economic slowdown. Have announced they are going to go through a strategic review and wouldn't be surprised if the company was broken up with parts being sold off. Very inexpensive. The company is in no jeopardy. (ED. 23% yield.) | 2008-03-03 | |
| BUY | | Research In Motion | RIM-T | 99.010 | Likes this name but make sure you have only a certain amount of your money in it. Very volatile. Rapidly growing profile. | 2008-03-03 | |
| BUY | | Sunlife Financial | SLF-T | 46.150 | Wouldn't hesitate to buy right now. A well run company. Dividend yield of 3%. Feels the financial services sector is going to go through a bit more of a rough ride here on the short-term. | 2008-03-03 | |
| Comment | | Birchcliff Energy Ltd. | BIR-T | 9.480 | Recently raised some money. Very high expectation company. Doing a lot of drilling in north-eastern B.C. Has moved a lot in a very short period of time. If there are disappointing drilling results, there could be a great deal of volatility. | 2008-03-03 | |
| BUY on WEAKNESS | | FNX Mining Company | FNX-T | 31.780 | Positive on nickel and this is one of the better plays out there. Had a nice little run recently. Try to buy on a pullback. A lot of good things can happen here. | 2008-03-03 | |
| BUY | | Teck Cominco Ltd. (B) | TCK.B-T | 40.970 | Great company. Hopefully there will be a pullback, but if not you should still have some in your portfolio. Zinc, copper and smelting assets are great. Coal play is tremendous. Have been buying into some pretty nice assets in the Elk Sands area. | 2008-03-03 | |
| Comment | | Nova Chemicals Corp. | NCX-T | 29.810 | Has come under a lot of pressure recently. A very difficult business to time properly because of petroleum prices moving around. At this price, it's a name that he would have a look at. He has been thinking about buying it himself. Very volatile. If you own and it got up to the $35/$36 area he would be a seller. | 2008-03-03 | |
| HOLD | | Petro-Can | PCA-T | 47.110 | Very frustrating company for a long period of time. A value play in what some call a “value trap”. One of the knocks is that it has so many different resource plays going on at once and is not focused enough. Have some great resources and assets. Had some cost overrun problems. Would prefer Suncor (SU-T) but if you own, he wouldn't be a seller. | 2008-03-03 | |
| STRONG BUY | | Bank of America | BAC-N | 39.180 | Would be a very strong Buy down here. Likes the name. Until recently, they have been able to avoid the whole subprime problem. Biggest US bank for deposits. Recently bought Countrywide Financial, which was the first time they got any exposure to the subprime market. Thinks it was a prudent investment for them. 6.5% dividend yield. | 2008-03-03 | |
| BUY | | Pfizer Inc | PFE-N | 22.250 | (Market Call Minute.) At this price, you can be a buyer and sell at $26 or so. | 2008-03-03 | |
| DON'T BUY | | Bombardier Inc (B) | BBD.B-T | 5.500 | (Market Call Minute.) Not a big believer in the rail business. Won't be all that profitable in Asia. | 2008-03-03 | |
| DON'T BUY | | Talisman Energy | TLM-T | 16.980 | (Market Call Minute.) Would prefer other names such as Husky (HSE-T). | 2008-03-03 | |
| BUY | | UTS Energy | UTS-T | 5.760 | (Market Call Minute.) Thinks it gets taken out at $7 or $8. | 2008-03-03 | |
| Comment | | Enerplus Resources Fund | ERF.UN-T | 42.740 | (Market Call Minute.) You could be a buyer here, but he would be cautious. It will be one of the long-term survivors. Prefers the actual producer over the trust. | 2008-03-03 | |
| BUY | | Bank of Montreal | BMO-T | 48.360 | (Market Call Minute.) It's a Buy but be careful because there are some problems in here. | 2008-03-03 | |
| TOP PICK | | Bronco Energy | BCF-T | 10.000 | Rapidly growing production profile. No debt. Exiting next year at 10,000 BOE a day. Could drill 300 or 400 similar wells in the next year. Not affected by the Alberta oil review program. | 2007-12-10 | |
| TOP PICK | | Husky Energy | HSE-T | 42.700 | Good dividend. Just did a deal with BP who are back in the Canadian oil patch again. Selling heavy oil into a joint venture with BP, giving them access to the Toledo refinery. | 2007-12-10 | |
| TOP PICK | | Rogers Communcations (B) | RCI.B-T | 43.620 | Thinks the market has overreacted to the governments Spectrum offer. They have a very compelling package of consumer products. 10% free cash flow yield. Great balance sheet. 1% dividend yield could double. | 2007-12-10 | |
| PAST TOP PICK | | Maple Leaf Foods | MFI-T | 14.030 | (Top Pick Nov 27/06. Up 15%.) Still likes. Good defensive name. Struggling with the high Cdn$. Still going through a restructuring. If they get it right, it has $20 written all over it. | 2007-12-10 | |
| PAST TOP PICK | | Addax Petroeum Corp. | AXC-T | 42.200 | (Top Pick Nov 27/06. Up 32.6%.) Sold his holdings as it had moved up quite nicely. International producer exposed to both Iraq and Nigeria. | 2007-12-10 | |
| PAST TOP PICK | | Wal-Mart Stores Inc. | WMT-N | 49.430 | (Top Pick Nov 27/06. Up 6.2%.) Continues to do all the right things. $1 billion in sales every month. | 2007-12-10 | |
| BUY | | Teck Cominco Ltd. (B) | TCK.B-T | 39.350 | Had a couple of disappointments, the most recent the shelving of the joint Galore Creek venture. Strong balance sheet and a well-diversified portfolio. Coal prices look to be fairly favourable in the longer term. Good price. | 2007-12-10 | |
| DON'T BUY | | Iamgold Corp | IMG-T | 8.690 | Gold prices are very strong and this company is struggling to make new highs. We prefer the major players such as American Barrick (ABX-T) and Goldcorp (G-T). Perhaps Newmont Mining (NMC-T) for US$ exposure. | 2007-12-10 | |
| BUY | | Home Depot | HD-N | 29.590 | 12 PE and over 3% yield. Have to be patient with this name. In the short term, its fortunes are going to be tied with the housing market recovery but long-term should be a good holding. Currently you are seeing all the signs of a pretty protracted bear market in housing. Quality company with great stores and great locations. | 2007-12-10 | |
| BUY | | Dow Chemical | DOW-N | 42.830 | Always been a very well run company. Complicated company to try to figure out because of a lot of moving parts including being a very large petrochemical user. Good dividend yield and trading at pretty reasonable earnings. | 2007-12-10 | |
| DON'T BUY | | Telus Corp | T-T | 46.100 | Wouldn't be his preferred name right now. They and Bell Canada (BCE-T) are the most susceptible to new entrants coming into the governments Spectrum offering. | 2007-12-10 | |
| HOLD | | Canadian Imperial Bank of Commerce | CM-T | 80.840 | May not be through all of their problems but are probably through the worst. Their capital ratios look sufficient to weather the storm. | 2007-12-10 | |
| BUY | | Petro-Can | PCA-T | 50.690 | A frustrating stock to own because it looks very inexpensive. Likes the integrated nature. Have enormous assets. Not expensive. | 2007-12-10 | |
| DON'T BUY | | Loblaws | L-T | 31.350 | Stock is down because they are having problems running their business. Thanks the dividend is safe, but with the squeeze on profits you have to wonder. You are still a little ways away from seeing if they have actually fixed their problems. Probably suffering from some tax law suffering as well so wouldn't be too bad to pick it up but you need a lot of patience. | 2007-12-10 | |
| HOLD | | Thomson Reuters Corp | TRI-T | 38.250 | Been a frustrating company to own for a number of years. Good cash flow yield. Taken on a lot of debt to do the Reuters acquisition, but thinks it will work out quite nicely. Very big acquisition and will be a lot of integration costs. Could be affected in the short term as the financial services down size because of problems, the use of their terminals may fall. If you have a 3 to 5 year view, you could make a decent profit on it. | 2007-12-10 | |
| BUY | | Fortis Inc. | FTS-T | 28.110 | Nice defensive name with a decent dividend yield. Trades at reasonable earnings. Can be somewhat illiquid. Well diversified. | 2007-12-10 | |
| WEAK BUY | | Walgreen Co | WAG-N | 37.240 | Had been a great performer for many years. Recently announced an earnings miss which caught the market off guard. Healthcare industry in the US is changing dramatically and is putting a lot of pressure on generics, which has been a real source of profitability for them. Also, with the increased use of digital photography, their photo shops have lost value. Buy with caution. | 2007-12-10 | |
| BUY | | Petrobank Energy and Resources | PBG-T | 52.610 | Has some really interesting technology, which they are leveraging into joint ventures. A smart way to grow the business. Has moved a lot, so you need to be cautious. | 2007-12-10 | |
| BUY | | Bank of America | BAC-N | 46.640 | Averaging down at this price is a very reasonable proposition, particularly if you have a 3 to 5 year view. Dividend yield is outstanding, well above a 10-year treasury bond. | 2007-12-10 | |
| DON'T BUY | | Penn West Energy Trust | PWT.UN-T | 26.860 | All the oil/gas trusts are swimming against a very tough tide. They have to consider when to make a transition to a corporation. He likes the oil/gas sector but tries to keep it as simple as he can. | 2007-12-10 | |
| DON'T BUY | | Magna Int'l. (A) | MG.A-T | 81.310 | People are worried about the automobile cycle in general. They are also worried about the unionization that may be taking affect in this company. On top of that, there is a controlling shareholder that calls all the shots and you have no vote. | 2007-12-10 | |
| TOP PICK | | Petro-Can | PCA-T | 54.610 | He feels there will be some type of a compromise on the Alberta royalty review. They have assets globally, which is an advantage. Beautiful integrated business. Trading at 6X cash flow, which is very reasonable. | 2007-10-04 | |
| TOP PICK | | Royal Bank | RY-T | 56.100 | (Note: - Royal employs him.) Very aggressive in making acquisitions outside Canada. 4th largest banker in the Caribbean. Increased its dividend 25% in the last year. Good value. | 2007-10-04 | |
| TOP PICK | | Cameco Corporation | CCO-T | 42.050 | Uranium is trading around $80 and he thinks $75 is sustainable. Big users of uranium did a lot of their buying earlier in the year. Trading at around 1.2 NAV compared to its peers of 2. Just announced a very aggressive share buyback program. Own a big chunk of a gold company and wouldn't be surprised if they sold that. | 2007-10-04 | |
| DON'T BUY | | Starbucks | SBUX-Q | 26.520 | Have been struggling. Going through a transition from just selling coffee to having a lot more products in their stores. Still trading at a pretty lofty multiple of a round 30X present earnings. | 2007-10-04 | |
| BUY | | Bank of Montreal | BMO-T | 65.190 | Generally speaking, Canadian banks are pretty well run. They struggled a lot recently but they'll get their act together. Has a decent yield. Decent value at this price. | 2007-10-04 | |
| BUY | | Canadian Imperial Bank of Commerce | CM-T | 102.700 | Went through a tough time recently and recovered from that very nicely. This bank is going through a transition and is trying to get a hold on their costs. A good buy for the longer haul. | 2007-10-04 | |
| BUY | | iUnits Gold S&P/TSX E.T.F. | XGD-T | 75.250 | If you want to have exposure to the gold market, which is probably not a bad idea, this is a nice diversified way to have some exposure. He cautions that gold has moved a long way in a short period of time and is susceptible to a pullback. | 2007-10-04 | |
| BUY | | Cisco | CSCO-Q | 32.150 | If you had to own 1 technology company, this would be one. It's so insidious the way it is installed on our day-to-day business in terms of the growth of traffic on the Internet. Reasonable multiple at around 22X earnings. Strong balance sheet. | 2007-10-04 | |
| Comment | | Nvidia Corp | NVDA-Q | 35.980 | You have to be aware that they are serving a very small segment of the chip market. A very competitive business. These companies are going through big product cycles and you have to be careful. If they miss, they can lose in a big way. | 2007-10-04 | |
| BUY | | Canadian Tire Corporation Ltd. (A) | CTC.A-T | 79.310 | They are trying to institute some new strategies and are being fairly aggressive on their growth strategies. Trading at around 19X earnings. Doesn't expect they will be able to grow their banking business. | 2007-10-04 | |
| STRONG BUY | | Bronco Energy | BCF-T | 10.000 | Have a very large resource in the oil sands area in Alberta. Have drilled about 40 wells and expecting to have 50 by the end of the year. Looking for 10,000 barrels a day. Completely immune from the Alberta royalty review process, because it is on Indian land. They will be coming out with some reserve numbers in the next 2 weeks. | 2007-10-04 | |
| TOP PICK | | Trans Canada Corp | TRP-T | 36.590 | Stable income. Attractive dividend income. Trades at reasonable valuations. Acquisition from last year will become accretive very soon. | 2007-08-27 | |
| TOP PICK | | Royal Bank | RY-T | 54.470 | They have done a lot of things very well. Off about 10% from its highs. Yields about 3.6%. Good solid dividend. Multiple is less than the market, but earnings are growing greater than the market. Will be net beneficiaries of the subprime crisis eventuall | 2007-08-27 | |
| TOP PICK | | Rona Inc | RON-T | 21.220 | This one is for the long haul. With the slowing that is going on in the economy, it is going to allow them to consolidate the business at very attractive numbers. Trades at around 12X earnings. Earnings increased by about 7% in the last quarter. Growth t | 2007-08-27 | |
| PAST TOP PICK | | Maple Leaf Foods | MFI-T | 15.470 | (A Top Pick Nov 27/06. Up 30.4%.) Was a good price at the time. Would still Buy it has some risks because of the stronger Cdn$ and the restructuring story is still unfolding. | 2007-08-27 | |
| PAST TOP PICK | | Addax Petroeum Corp. | AXC-T | 34.960 | (A Top Pick Nov 27/06. Up 10%.) Has been volatile. Under pressure recently. Rapidly growing production. Some risks because locations are politically hot but feel it will gain strength. | 2007-08-27 | |
| PAST TOP PICK | | Wal-Mart Stores Inc. | WMT-N | 43.820 | (A Top Pick Nov 27/06. Down 6.3%.) The company is growing into its stock price. Continuing to grow their sales. Still a Buy. | 2007-08-27 | |
| BUY | | Rogers Communcations (B) | RCI.B-T | 47.400 | Tremendously successful. Has everything going for it. Enormous free cash flow. Paying down debt and has a dividend. | 2007-08-27 | |
| BUY | | Talisman Energy | TLM-T | 17.910 | Would buy under $18. Has been shrinking its balance sheet by selling off assets and buying back stock. | 2007-08-27 | |
| BUY | | Starbucks | SBUX-Q | 27.370 | Has moved into selling food goods as well as coffee, which have lowered margins. Because of growth expectations, it had been one of the high P/E stocks. Good price. | 2007-08-27 | |
| WAIT | | Brookfield Asset Management Inc. | BAM-N | 35.200 | Has come off under quite a bit of pressure recently. Something like a leveraged buyout company. Very disciplined in their investments. Have some good infrastructure plays. In the short term, it could be under more pressure. | 2007-08-27 | |
| BUY | | Nexen Inc | NXY-T | 29.280 | Present price represents very good value. It is trading as though oil was $80. | 2007-08-27 | |
| BUY | | Corridor Resources Inc | CDH-T | 9.700 | Drilling for natural gas in New Brunswick and some claims in PEI. Have found gas but now have to fraq it and results are expected fairly soon. Some risks, as they are very deep wells. Risk/reward is good. | 2007-08-27 | |
| BUY | | Nortel | NT-T | 19.420 | Management seems to be doing all the right things. Telecom is a good space to be in. Reasonable valuation. Would Buy as a trading position for example under $20, and then sell at $26. | 2007-08-27 | |
| HOLD | | SNC-Lavalin Group Inc. | SNC-T | 40.940 | A very is one company. A lot of infrastructure replacement has to be done and they will get their fair share of it. Could suffer a bit of a slowdown if mining slows down, but all signs for the foreseeable future are positive. | 2007-08-27 | |
| HOLD | | Canadian Natural Rsrcs | CNQ-T | 69.810 | Has outperformed its peers. Trading at around 6X cash flow, which is pretty reasonable. Have some great properties. Rapidly growing production profile. | 2007-08-27 | |
