STOCKCHASE

68.060

(A Top Pick Feb 2/09. Down 2.4%.) Still likes. As cheap as it has ever been. Have the carrier relations on a global basis to continue to compete. Smart phone market is growing. Trading at 16X current earnings.

2010-02-01

PAST TOP PICK

U.S. Oil Fund E.T.F.

USO-N

36.720

(A Top Pick Feb 2/09. Up 29%.) This was disappointing. Oil was at about $40 and has now almost doubled. Right investment call for buying oil when it was cheap but was the wrong vehicle. Playing through growing producers would be a better way.

2010-02-01

PAST TOP PICK

Uranium Participation Corp.

13.690

(A Top Pick Feb 2/09. Up 39%.) Well positioned. Getting a lot of projects in Ontario, out West and in the oil sands. Has a couple of good years of growth ahead of it. Trading at about 4-5 times operating cash flow. Still a Buy.

2010-02-01

BUY

Thompson Creek Metals

TCM-T

13.320

Molybdenum is needed for hardening of steel. Prices have started to head higher again. Big demand from China. This is the purest play in Canada.

2010-02-01

DON'T BUY

BCE Inc.

BCE-T

27.430

Outlook is relatively stable. Had a nice move off the bottom. Sold his holdings last year when it ran up. Problem is there is no real growth. Wire line is not growing at all.

2010-02-01

BUY

Rogers Communcations (B)

RCI.B-T

33.560

There is price competition but wireless is continuing to grow. There is application growth, data usage growth plus they have the cable and media side.

2010-02-01

BUY

Intel

INTC-Q

19.610

Their numbers blew him away. Margins are back where they where in the mid-60’s. Gaining market share again. Have a PC refresh cycle coming around, driven by Windows 7. Good valuations.

2010-02-01

BUY

SNC-Lavalin Group Inc.

SNC-T

49.930

Still sees the stimulus program being in place. Companies like this should do exceptionally well over the next couple of years, especially in power projects.

2010-02-01

HOLD

Bank of America

BAC-N

15.420

US financial stocks are starting to act a little bit better. US administration is going to be less punitive than it looked like they would be. Thinks their acquisitions, particularly Merrill Lynch, will work out relatively well for them.

2010-02-01

DON'T BUY

Las Vegas Sands Corp.

LVS-N

17.110

Wouldn't be inclined to put anything into anything that is dependent on US consumer and discretionary spending. Even with the decline, the valuations are so stretched out that he still finds them expensive.

2010-02-01

DON'T BUY

Equinox MineralsLtd.

EQN-T

3.520

Copper as well as uranium in Africa. A little concerned about Copper. Inventories dropped dramatically last year but have built almost back to where they where. Has great growth potential and might even be a takeout candidate. There is still a lot of political risk in Africa and he would be more inclined to look at North American risks instead.

2010-02-01

STRONG BUY

U-T

6.110

The price of the stock is reflecting $40 uranium a pound. Global cost of uranium is rising north of $50. Strong demand and reduced supply and he could see the price going back to $70-$80 easily which would put the price of this over $10 a share.

2010-02-01

BUY

Manulife Financial

MFC-T

19.930

This is one of the better plays in the financial sector. Capital position is much better shape than it was. Have international growth. Valuation is attractive. Would take this over the bank stocks currently. 2.6% yield.

2010-02-01

BUY

Sunlife Financial

SLF-T

31.720

Looks very well positioned to grow. Would take this over the bank stocks currently. 4.5% yield.

2010-02-01

DON'T BUY

Thomson Reuters Corp

TRI-T

36.040

Has always been an expensive stock. A little bit worried about how they are ultimately going to fare with the competition against Bloomberg. Already trading 10X operating cash flow so you are not going to get a higher multiple. Growth is slowing down.

2010-02-01

PARTIAL BUY

Magna Int'l. (A)

MG.A-T

59.360

Haven't owned anything in the auto sector for a while but is warming up to it and looking at getting back in. Likes the consolidation in the industry. Getting better penetration into Europe. Have come through the auto crisis relatively well. Valuation is a little bit ahead of itself.

2010-02-01

DON'T BUY

Quebecor Inc (B)

QBR.B-T

29.310

Relatively cheap but has a lot of spending ahead of it with Videotron getting more involved with the wireless business. Valuation is pretty good discount to the break-up value.

2010-02-01

DON'T BUY

United States Steel

X-N

47.320

Got pummelled last week on earnings. They just didn't deliver. You don't want to play steel directly, play the inputs to steel or the mini-mills. Integrated steel producers are still having a tough time. Mid $40s would be a buy but not your best way to play.

2010-02-01

Comment

Gerdau Ameristeel Corp

GNA-T

8.310

Prefers the mini-mills to the large integrated steel producers. You don't get nailed as much by the increase in iron ore costs.

2010-02-01

BUY

Apple

AAPL-Q

194.730

Wouldn't count a lot on the iPad. Ultimately you can’t be sure it is the success that you saw from the iPhone and particularly the iPod. Company has a lot of in-growth going for it. Buy and put it away, don't try to trade it and in a couple of years you will be higher.

2010-02-01

DON'T BUY

Angiotech Pharmaceuticals

ANP-T

1.210

What hurts them was they levered up for an acquisition using debt at the wrong time and have never been able to get out from under that cloud of debt and he doesn't think they will.

2010-02-01

WEAK BUY

Precision Drilling Corp.

PD.UN-T

8.570

Doesn't think there is a lot of upside in this one. Cheap and can ultimately go higher but in the drilling sector you want to be in things that are growing fast such as fraqing and shallow drilling plays. Gives a decent yield and valuation is relatively cheap.

2010-02-01

BUY

Biovail Corp.

BVF-T

15.890

Cut the dividend to conserve some cash and doesn't think they will increase it. Have a new growth strategy in place. Earnings are starting to grow again. Trades at about 9X forward earnings and the balance sheet is in pretty good shape. Generic sector is still growing.

2010-02-01

Comment

Potash Corp of Saskatchewan

0.020

Canadian housing. Are we looking at a price break down when interest rates rise? He doesn't think so as we didn't move up like the US market did. Theirs went up on aggressive financing and aggressive financing techniques. Also doesn't think interest rates are rising very soon or very much.

2010-02-01

SELL

Opti Canada Inc.

OPC-T

1.920

Long Lake project has really not worked out. Had trouble getting production up and the steam injection right. Costs have gone a lot higher than expected. They don't have the ability to fund much further development.

2010-02-01

HOLD

Loblaw Companies Ltd

L-T

35.570

(Market Call Minute.) Has had management turnover and growth has slowed.

2010-02-01

STRONG BUY

POT-T

110.070

(Market Call Minute.) We are early on in the cycle. Prices are heading higher.

2010-02-01

STRONG BUY

Yamana Gold Inc.

YRI-T

11.350

(Market Call Minute.) Gold stocks look incredibly cheap and these guys have decent production growth. Have copper as well.

2010-02-01

HOLD

Trans Canada Corp

TRP-T

34.460

(Market Call Minute.) If you want a yield continue to hold. Not much growth and somewhat expensive.

2010-02-01

HOLD

Sierra Wireless

SW-T

12.000

(Market Call Minute.) Really likes this one and it has had a great move. Last year's European acquisition looks really good. Sector is growing and they're well positioned but stock is already had a good move.

2010-02-01

DON'T BUY

Manitoba Telecom Services

MBT-T

33.420

“Manitoba Telecom (MBT-T) or Crescent Point (CPG-T) for dividend and safety?” From a pure safety point of view, you are always better off with a telecom than an oil company however there is a chance Manitoba Tel may have to cut their dividend depending of what they do on the wireless side. Not generating very much earnings growth. To be really safe he would select Telus (T-T) or BCE (BCE-T).

2009-12-23

WAIT

Telus Corp

T-T

33.230

Starting to look interesting again. With the headwinds of Globalive now getting approval and a few new players in wireless, expect margins will be under pressure for a couple of quarters. Earnings growth is okay.

2009-12-23

WATCH

Motorola

MOT-N

7.930

Probably the dark horse in the sector. If you want to be aggressive and play potential market share gains for that Droid in the smart phone space, maybe they will take some market share away from Apple (AAPL-Q) and RIM (RIM-T) but with their valuation he doesn't think he would go out on a limb and be aggressive.

2009-12-23

HOLD

Encana Corp

ECA-T

33.850

Split into 2 companies with this one retaining natural gas and Cenovus (CVE-T) keeping the oil sands assets, some gas and downstream refining. There has been a pop in the natural gas market but he is still sceptical of it. If you own both, he would hold.

2009-12-23

HOLD

Cenovus Energy

CVE-T

25.500

Encana (ECA-T) split into 2 companies with this one retaining oil sands assets, some gas and downstream refining and this one has the natural gas assets. Has been a pop in the natural gas market but he is still sceptical of it. If you own both, he would hold.

2009-12-23

BUY

0.020

Gold. Had been overdue for a pullback. US$ had a bounce, which he thinks will be short-term. Looking for $1200 to $1250, will consolidate and then go to $1500. Gold stocks are a great opportunity as they are not reflecting $1080-$1100 gold prices. His selections would be Barrick (ABX-T) in the seniors and Red Back (RBI-T) and Yamana (YRI-T) in the midsize.

2009-12-23

DON'T BUY

CCL Industries (B)

CCL.B-T

27.500

There are still some cost considerations. Have been hurt by the rising Cdn$. Reasonable valuation but he would not be rushing out to buy at these levels.

2009-12-23

DON'T BUY

CitiGroup

C-N

3.290

An aggressive play. If you are really bullish on the markets and financials in general, this could give your best return but is subject to large dilution. More difficult turnaround for this one. Has a higher cost structure embedded in it.

2009-12-23

BUY

National Bank of Canada

NA-T

59.610

On the relative valuation basis he can see more upside than in other banks.

2009-12-23

DON'T BUY

Bank of Nova Scotia

BNS-T

48.260

Continues to under perform compared to the rest banks. Has the largest premium on earnings. Hasn't demonstrated growth in their offshore assets. Thinks they will lag the other banks going forward.

2009-12-23

TOP PICK

Suncor Energy Inc

SU-T

37.130

Likes the merger they did with Petrocan. There is a lot of potential there. Looking for oil prices to work their way higher. Undervalued.

2009-12-23

TOP PICK

Open Text

OTC-T

41.560

Consolidation going on in software and this company is well positioned. Their acquisitions are adding to their existing base pretty well. Compliance software is a growth area that everybody has to have. 11X forward earnings. Generating cash and have lots of cash on the balance sheet.

2009-12-23

TOP PICK

Agrium

AGU-T

65.750

Would like to see them finish the CF Industries acquisition one way or another. Starting to fall together. Fundamentals for the industry are getting better.

2009-12-23

PAST TOP PICK

15.100

(A Top Pick Feb 2/09. Up 50.24%.) Undervalued at 4-5 times cash flow and is a great growth story. Key player in infrastructure projects. Still a Buy.

2009-12-23

PAST TOP PICK

70.750

(A Top Pick Feb 2/09. Up 2.43%.) A little concerned over the next couple of quarters.

2009-12-23

PAST TOP PICK

U.S. Oil Fund E.T.F.

USO-N

37.740

(A Top Pick Feb 2/09. Up 28.73%.)

2009-12-23

TOP PICK

60.970

(A Top Pick Nov 20/08. Up 13.4%.) A profitable device for the carriers to sell. Smart phone market is still the fastest growing area of wireless right now. Clean balance sheet and growing 25% a year. Trading at 12X forward earnings.

2009-11-30

TOP PICK

Barrick Gold

ABX-T

44.860

Decent production growth going forward. Brought in their hedge book. New management is in place. Sector is undervalued and this is the larger player. Doesn't see much political risks with their projects.

2009-11-30

TOP PICK

Manulife Financial

MFC-T

18.440

Stumbled on raising capital and what they had in their guaranteed products. Lots of capital and will make acquisitions. Better growth in lifecos than in banks going forward. Potential to earn $2.50-$3 a share 2 years out, which would put the stock into the mid-$30's.

2009-11-30

PAST TOP PICK

American International Group

13.970

(A Top Pick Nov 20/08. Up 150%.) Cheap at 5X operating cash flow. Infrastructure projects are key. Acquired Lockerbie & Hole at the bottom of the oil hole was great. Well positioned.

2009-11-30

PAST TOP PICK

Nexen Inc

NXY-T

24.830

(A Top Pick Nov 20/08. Up 72.8 %.) Well diversified with a lot of projects globally.

2009-11-30

SELL

AIG-N

28.400

Can't see a real recovery coming in this one. Still need to raise more capital as well as paying back the money loaned to them by the government. There will be more dilution. A lot of internal problems.

2009-11-30

Comment

SPDR Financial E.T.F.

XLF-N

14.660

US financial ETF. Prefers this broader basket. Balance sheet risks in the individual companies are hard to evaluate right now.

2009-11-30

DON'T BUY

Husky Energy

HSE-T

27.700

Negative on this company is that it is more heavy oil, which drives to the refinery, and that end is not doing as well. Margins are getting hurt.

2009-11-30

BUY

Talisman Energy

TLM-T

18.200

Great international basket of assets, which he likes. Have a better Canadian strategy recently with their new management. Good valuation.

2009-11-30

BUY

iShares Cdn Corp Bond E.T.F.

XCB-T

20.750

Canadian Corporate Bond ETF. Spread between corporate and government bonds have narrowed a fair bit. Owning an ETF in the sector makes a lot of sense. Better diversification.

2009-11-30

Comment

A T & T US

T-N

20.350

Not much growth in telecom right now. They'll continue to pay out a decent dividend. 6.1% yield.

2009-11-30

DON'T BUY

Encana Corp

ECA-T

56.570

Spun off their oil into Cenovus (CVE-T) and both are trading around similar values. Cenovus Looks like a lower growth oil company with a little bit too much on the downstream business. Prefers others. Sold his holdings.

2009-11-30

DON'T BUY

Cenovus Energy

CVE-T

26.810

Encana (ECA-T) spun off their oil into this company and both are trading around similar values. Cenovus Looks like a lower growth oil company with a little bit too much on the downstream business. Prefers others. Sold his holdings.

2009-11-30

Comment

0.020

Natural gas. He is right out of the sector as he feels natural gas is way too high right now.

2009-11-30

Comment

Royal Bank

RY-T

56.810

This is more the stable player in banks with the best of the consumer market. Worries are little about their US exposure. Feels banks are now fairly valued. Earnings growth will be slow because of dilution. Good dividends.

2009-11-30

WEAK BUY

Altria Group Inc

MO-N

18.810

Safe, slow growth and paying out of a lot of their earnings as dividends. Reinvesting some dividends into greater growth areas but are limited in growth going forward. Valuation is cheap because of low growth. 7.2% yield.

2009-11-30

Comment

Teck Resources Ltd. (B)

TCK.B-T

36.490

Had a great run and valuation is a little high but could probably still work its way higher. Primarily North American so no political risk. MACD is starting to turn a little bit south and there could be support at about $4 lower.

2009-11-30

Comment

0.020

Gold. Thanks it will keep going higher.

2009-11-30

DON'T BUY

Bombardier Inc (B)

BBD.B-T

4.480

Worries that until the C series comes out in 2013 it could have a pretty flat earnings profile. Margins have flattened out.

2009-11-30

BUY

Thompson Creek Metals

TCM-T

12.560

Direct play on molybdenum, whose prices have started to move a little higher. Starting to look like a good entry point. Has lagged the metal names in general. China has become a net importer again.

2009-11-30

BUY

Iamgold Corp

IMG-T

19.890

Gold. Has one of the better production profiles for a midsize producer. Valuation is relatively low.

2009-11-30

STRONG BUY

Canadian Natural Rsrcs

CNQ-T

70.470

The Horizon project is now on and this is one of the better oil sands projects. Also have other production growth. Valuation is cheap. A major player on the global scale.

2009-11-30

HOLD

0.020

Canadian banks. Far better shape than the US or European banks. From a safety point of view he has very little worry about them. Doesn't think they will rise as much as they have but there are great dividend yields on them with some growth.

2009-11-30

BUY

National Bank of Canada

NA-T

63.180

This would be his #1 choice in Canadian banks. It is a dark horse. Doesn't have a lot of the problems. No exposure in the US. Good discount to the group. 3.9% yield.

2009-11-30

DON'T BUY

Denison Mines Corp

DML-T

1.460

Feels uranium is going higher. Global costs is rising to $50-$60 a pound. Demand for nuclear facilities continues to grow. Would not have this company on the top of his list. Have a higher cost structure and not as much growth in production.

2009-11-30

DON'T BUY

Yellow Pages Income Fund

YLO.UN-T

5.630

Worried about everything going electronic. Their distribution may come down. There is no prospect of growth.

2009-10-20

BUY

Finning Int

FTT-T

17.480

Their products needed for all the infrastructure projects.

2009-10-20

BUY

National Bank of Canada

NA-T

59.310

Favorite of the banks for the valuation, higher Canadian $ could be bit of a problem.

2009-10-20

BUY

General Electric

GE-N

15.580

Been a buy all year. If you focus on the industrial part of their business it would justify it.

2009-10-20

WEAK BUY

Encana Corp

ECA-T

64.390

Likes it, but not his favorite. Not bullish on Nat Gas. He is bullish on oil. The split will be completed soon.

2009-10-20

TOP PICK

69.860

Rim and Apple own this market. And Smart Phones are only 20% of the market. The bandwidth is so much more efficient with Rim than Apple. Rim is so much cheaper. He owns both. Risk is the average selling price of products. It is coming down as they migrate to the consumer market.

2009-10-20

TOP PICK

Biovail Corp.

BVF-T

14.770

Likes a story that everyone else hates and there is a very low valuation. They re-invested themselves. Balance sheet is in great shape. They are focused on central nervous system drugs. The valuation relative to the rest of the group is very cheap. They are generating tones of cash. High operating margins, high free cash flow. Analysts are just starting to pick up on it.

2009-10-20

TOP PICK

Suncor Energy Inc

SU-T

39.870

Good management at Suncor, good assets at Petro Canada. They weeded out the assets they don’t want. They sold off some Nat Gas assets recently. They are very focused. It’s a great story. They will be a big player in the oil patch and they will get a higher valuation over time. The big risk is environmental risk (oil sands).

2009-10-20

PAST TOP PICK

11.960

(Top Pick Nov 20/08, Up 115.8%) Still holds it.

2009-10-20

PAST TOP PICK

69.860

(Top Pick Nov 20/08, Up 28.63%) Still a top pick.

2009-10-20

PAST TOP PICK

Nexen Inc

NXY-T

25.760

(Top Pick Nov 20/08, Up 81.78%) They say they are going to have their best year ever next year. These guys could be taken out at some point.

2009-10-20

Comment

0.020

Apple outdid themselves this time. There is a sweet spot in spending on the ipods and so on. The second and third quarter earnings came out ahead of expectations. He is still overweight gold.

2009-10-20

BUY

Rogers Communcations (B)

RCI.B-T

28.330

This is a great opportunity to step in. They have lagged the market. They are a great growth story. Still a great growth story when you look at the balance sheet, cash generation, and diversity. He’s been adding to his position.

2009-10-20

DON'T BUY

Westjet Airlines

WJA-T

11.150

Wouldn’t own it. Would prefer other airlines.

2009-10-20

PAST TOP PICK

11.650

(Top Pick Nov 20/08, Up 107%) Management says next year is going to be one of their best years yet. No one is better positioned for infrastructure projects. Badly beaten up last year. Preferred over SNC

2009-10-06

PAST TOP PICK

Nexen Inc

NXY-T

23.140

(Top Pick Nov 20/08, Up 59%) Pretty well positioned. Long lake held them back. Well diversified.

2009-10-06

BUY

Talisman Energy

TLM-T

19.290

Better story than Nexen. Have great international products. New Management’s focus is better. One of his favorites.

2009-10-06

BUY

Silver Wheaton

SLW-T

14.310

This is a royalty play. They buy royalties on existing projects. Likes the valuation longer term. Buy more silver plays than gold, which he prefers. Good long term hold and continues to grow.

2009-10-06

BUY

Suncor Energy Inc

SU-T

36.450

It’s always had a bit of a premium multiple. It gets a valuation like the large integrateds in the US. It’s one of the better big plays for oil in Canada. Petrocan merger makes a ton of sense. Likes the story. If oil prices don’t come back, there’s your risk.

2009-10-06

DON'T BUY