STOCKCHASE

10.450

2 big problems for them have been the stock market and the level of interest rates. Doesn’t think there is any way that long term US bond rates are going any lower from here. You could easily see them earning $1.60 a year or two out. Dividend is 5%.

2011-12-28

PAST TOP PICK

Sherritt International Corp.

14.640

(A Top Pick Nov 5/10. Down 74.56%.) At this point you are trading for less than the operating value of the company.

2011-12-28

DON'T BUY

S-T

5.250

Everything in the metals sector is cheap right now. Thermal coal has not been strong. On the metals side, he would be more focused on copper and zinc. There are others he would prefer.

2011-12-28

TOP PICK

28.560

Feels energy, especially oil, is particularly cheap. With their long lived assets that they have in the oil sands, the growth and that the stock has really never recovered from the 08 meltdown, it is a great long term buy. Oil prices are going to stay high as the world is running out of oil.

2011-12-28

PAST TOP PICK

14.540

(A Top Pick Nov 5/10. Up 33.71%.)

2011-12-28

HOLD

0.020

Silver Bullion. Buy Sell or Hold? He would be inclined to hang on to it now. It is the volatile cousin of Gold. He is not really bullish on the US$ right now. Feels these metals are getting oversold right now.

2011-12-28

Comment

0.020

Gold. Buy now or wait until 2012? Thinks you are fighting the tape a little bit right now, which means the trade is going against you and this may go on a little bit longer. Would rather play the gold stocks here as they didn’t follow the move up of gold bullion.

2011-12-28

TOP PICK

MacDonald Dettwiler & Assoc.

5.410

Just holds uranium. Always traded in line with uranium price. What intrigues him now is that uranium prices are around $52-$53 and has seemed to find a bottom after the Japanese disaster but this stocks price would put uranium at effectively $35.

2011-12-28

PAST TOP PICK

Athabaska Oil Sands Corp

ATH-T

12.110

(A Top Pick Nov 5/10. Up 3.79%.)

2011-12-28

BUY

Aecon Group Inc

ARE-T

9.160

They are starting to get through their older contracts with lower margins. They are really well positioned out west and getting a lot of business in Ontario. Could easily trade into the low teens. Pushing through the old unprofitable contracts.

2011-10-28

TOP PICK

Ford Motor

F-N

12.000

Stocks have been pummeled in automotive because of Japan earthquake. Repositioned themselves really well on the brands. Ford sticks out a little bit cheaper. When you look at how down the auto industry is, they are going to get the replacement business.

2011-10-28

DON'T BUY

Imperial Oil

IMO-T

42.390

Continues to lack growth to any large potential. Prefers Athabaska.

2011-10-28

WEAK BUY

MDA-T

43.430

Defense related businesses are doing fine. They have lots of excess cash and that is a bit of a mystery. Not necessarily the cheapest stock out there. It‘s not really that cheap. Not comfortable there is that much stimulus to growth, but IMO is stable and safe.

2011-10-28

DON'T BUY

Power Corp

POW-T

25.600

There is no trigger there, no new acquisitions. Good dividend. Doesn’t see the value in the growth of the company. There is market related risk.

2011-10-28

PAST TOP PICK

21.170

(Top Pick Nov 5/10, Down 62.19%) Was a bad call Surprised how low they went. But he still owns it.

2011-10-28

BUY

Shawcor Ltd. (A)

SCL.A-T

24.300

Beneficiary of keystone pipeline. Conditions have never been better for them.

2011-10-28

SELL

Trans Canada Corp

TRP-T

43.480

Doesn’t know how we settle out on the keystone issue. On pure valuation basis you have a good return. Thinks there is limited upside here. He would take some money off the table at this point.

2011-10-28

DON'T BUY

Telus Corp

T-T

53.400

Will be a little impeded in the next couple of years in terms of growth. He’d rather own this than a utility, or bank or pipeline.

2011-10-28

SELL

15.400

(Top Pick Nov 5/10, Up 33.28%) Uncertainty of what is going to happen is the problem. Most likely they have to repatriate profits within that economy. That will be a negative. 20% of net asset value in Argentina. In light of the news he would rather move to something else.

2011-10-28

PAST TOP PICK

15.400

(Top Pick Nov 5/10, Up 33.28%)

2011-10-28

N/A

0.020

Market: There are many more sheets to drop in Europe. Getting Europe off the headlines will be great for this market. Lot of dilution in financials, maybe a trade later in the European banks. Added energy, industrials, materials, technology. Weakness in iron ore, meteorological coal.

2011-10-28

TOP PICK

Osisko Exploration Ltd.

OSK-T

12.560

Big mine just came online this year. Came under a lot of pressure this year. Big fund liquidated a lot of stock. Great new mine coming on and could be a takeover target. It looks really good here. SO they are missing a little on the production number on a start up mine – who doesn’t?

2011-10-28

STRONG BUY

Quadra FNX Mining Ltd

QUX-T

12.000

Likes it here. Struggle with mine openings and stock got hit here. There is now great growth here. Well diversified and lots of domestic project. Could easily be a double in the batter market.

2011-10-28

BUY on WEAKNESS

Trinidad Drilling Ltd

TDG-T

8.180

Pretty descent move off the bottom. When you talk to drilling companies they have never seen conditions better. He is not adding here but holds a descent position.

2011-10-28

TOP PICK

Athabaska Oil Sands Corp

ATH-T

13.350

(Top Pick Nov 5/10, Up 16.22%) Rallied a little in the last month. SO cheap on an asset business. Fully funded, production in 2014. Deal with Chinese. If they buy entire Dover project, ATH ends up with 2 billion dollars otherwise they continue to be the operator and you win either way.

2011-10-28

Comment

Barrick Gold

ABX-T

50.320

Gold stocks have lagged the move of bullion. He has been switching a little bit of money out of gold. Cheap, relative to where it has been historically. Smart management. There is growth ahead but he would be more inclined to play the midsize companies.

2011-08-19

HOLD

Bank of Montreal

BMO-T

57.350

If you are buying banks at this level for the yield, which is higher than what do we get on bonds, that is fine. Earnings growth will be a little bit slower.

2011-08-19

BUY

CitiGroup

C-N

26.770

Has been light on financials, particularly US, but down here, you have more than discounted some of the worst situations. Valuations, relative to BV and earnings are discounting very bad news going forward.

2011-08-19

HOLD

Great West Lifeco

GWO-T

21.550

You would get a better upside play out of Manufactures Life (MFC-T) but would also be taking on more risk. This is fine. You have to remember that when bond yields fall, this is more of a problem for lifecos. There are names with more potential upside.

2011-08-19

BUY

12.490

Have put together 3 quarters in a row where they have started to turn around. Finally getting their act together. Great international growth. Well-positioned domestically in North America. Have controlled the market leverage much better.

2011-08-19

BUY

Precision Drilling

PD-T

11.640

Has been adding to his drillers at these prices. Valuation of the Canadian stocks is at a big discount to the US. With oil in the current range, drilling activities are still taking place.

2011-08-19

TOP PICK

26.430

(A Top Pick Sept 09/09. Down 55.12%.) Finally seeing some decent reviews on the 7 operating system. Valuation at only 4, 5 times earnings. There may be some disappointment in the current quarter. Risk in the next quarter or two until the earnings traction can pick up but if all you do is stabilize.

2011-08-19

DON'T BUY

Shoppers Drug Mart Corp

SC-T

38.150

Safe in this type of environment because of study earnings, but finds the valuations somewhat rich at a 13 multiple. Growth is slow down a little because of drug legislation.

2011-08-19

BUY

Sunlife Financial

SLF-T

25.350

Getting back to $30 is not a big deal. On earnings, which are growing, it's an easy call. Prefers lifecos to banks right now.

2011-08-19

PARTIAL SELL

15.310

Has been taking a little bit of money out of the golds. Still likes this one but has been reducing his holdings. Gold could easily pullback.

2011-08-19

STRONG BUY

Crew Energy Inc.

CR-T

11.200

Has been adding more to his holdings recently. Has a lot of growth in the Princess area. This is a high-growth Junior-midsize company. Mix of oil and gas. Have delivered on production targets quarter after quarter.

2011-08-19

TOP PICK

Grande Cache Coal Corp.

GCE-T

6.250

A lot of the cyclical stocks have come under big pressure. This one has been missing some of their production estimates and earnings for this year but thinks it will ultimately be acquired. Expecting it to get around $12 a share.

2011-08-19

Comment

0.020

Markets. Looks at the current situation as an opportunity. In spite of all the noise and fear, he is not seeing a breakdown economically, such as a failure of a European bank. Has been a painful couple of months in the market. Cyclical stocks have been absolutely hammered.

2011-08-19

BUY

Daylight Energy Ltd

DAY-T (Dead)

7.650

Junior-midsize oils, particularly the gas mixed companies in southern Saskatchewan and Alberta have been decimated. Good valuation.

2011-08-19

PAST TOP PICK

5.800

(A Top Pick Sept 09/09. Down 5.29%.)

2011-08-19

PAST TOP PICK

Quadra FNX Mining Ltd

QUX-T

12.040

(A Top Pick Sept 09/09. Down 6.24%.) Still buying.

2011-08-19

TOP PICK

Lundin Mining Corp.

LUN-T

5.000

2 merger deals fell through so it has come off dramatically. Copper prices have not broken down and are hanging in exceptionally well. Great shot at these levels.

2011-08-19

BUY

Agrium

AGU-T

87.390

Corn crop is coming in a little bit stronger than expected, which is very good for fertilizer companies. They are a consolidator in the industry. Earnings are growing.

2011-07-25

Comment

Bombardier Inc (B)

BBD.B-T

5.940

Doesn't see the dividend growing because they don't have a lot of excess cash kicking around. With the C series developing they don't have much excess cash. Stock has come under pressure with the train accident in China.

2011-07-25

Comment

Cameco Corporation

CCO-T

26.350

There are other uranium players that he finds more attractive. Feels the uranium market is going to surprise to the upside a little. There are fewer options available for power generation. (See Top Picks.)

2011-07-25

HOLD

Canadian National R.R.

CNR-T

75.240

Canadian National (CNR-T) or Canadian Pacific (CP-T)? With an expected bump on the stock tomorrow, should the caller sell his CNR and switch? He has considered the same thing but CN is still delivering the better earnings. He would continue to hold.

2011-07-25

Comment

Canadian Pacific Rail

CP-T

59.480

2011-07-25

Comment

Cisco

CSCO-Q

16.280

Earnings growth is really slowing down, but on a valuation basis it is looking as cheap as it ever has. Growth curve has come down an awful lot. Cloud computing is leaving them behind. They are restructuring. Doesn't feel there is very much downside in this stock but could continue to be dead money for a period of time. There are better names.

2011-07-25

BUY

General Electric

GE-N

18.960

Likes it here. Good management. Doesn't think there is much risk with its finance arm. Looking at the generators and turbo business they are building for infrastructure, there is huge growth here.

2011-07-25

TOP PICK

Kinross Gold

K-T

16.420

A lot of investors did not like the Redback Mining acquisition. Stock has come down so far, you have almost knocked the acquisition price of the value of the stock. Gold mining stocks have shown the lowest valuation against gold bullion in 15 years.

2011-07-25

BUY on WEAKNESS

McDonalds

MCD-N

88.120

Has had a great move in the last couple of years. Valuation is a little bit extended at this point but it has a great global franchise and the growth continues. Have done a really good job of moving the menus to tastes and diets. Decent yield.

2011-07-25

BUY

Microsoft

MSFT-Q

27.910

Earnings have more than tripled over the past 10 years and yet the stock is down 10%. Not the growth company it used to be but is the dominant operating system and generating substantial amounts of cash. Has some decent growth again.

2011-07-25

HOLD

Precision Drilling

PD-T

16.920

All the drillers have been moving strongly. This sector looks really good right now. He prefers the fracing drillers more.

2011-07-25

PAST TOP PICK

25.190

(A Top Pick July 23/10. Down 56.09%.) Had never imagined they would drive evaluations down to these levels.

2011-07-25

Comment

Royal Bank

RY-T

52.820

Canadian banks have come under a little bit of pressure lately. Have been a safe place to be in the last year or so. Earnings growth is clearly slowing down. Safe and a decent dividend but the earnings are not going to grow. He is probably half of his normal weighting in banks.

2011-07-25

TOP PICK

Freeport McMoran Copper & Gold

39.440

Stock prices should be significantly higher over the next few years. When global investors are looking around for exposure to energy they are looking to Canada. Down almost 50% from its peak. Hitting their production targets as expected.

2011-07-25

BUY

Talisman Energy

TLM-T

19.470

Likes it here. There is decent growth. Pretty well positioned in some of the shallow gas as well. Great story.

2011-07-25

DON'T BUY

Sino-Forest Corp

TRE-T

6.360

Feels there is a bit of a short squeeze going on. A lot of companies that own the stock were not allowing it to be borrowed for shorting. There are 2 Boston based hedge funds that are each in for 10% of the shares. Right now it is a black hole. You just don't know. You are really throwing the dice and taking a risk.

2011-07-25

Comment

Trans Canada Corp

TRP-T

40.790

Slow growth. Analysts recommend it because it is a safe investment and pays a decent dividend. Trading at a mid--teens multiple of earnings, which is rich in this market.

2011-07-25

Comment

Yellow Media Inc

YLO-T

2.260

This is tempting see that it has come down so far. Has really never liked the business. Can’t see where the growth is coming from.

2011-07-25

HOLD

FCX-N

55.460

Likes the copper market. This is his top holding in copper. Great growth company and the valuation is good. Undervalued.

2011-07-25

BUY

12.710

Everybody should have some exposure to gold stocks. Had a lot of new mines coming on so there was some production issues initially but the last 3 orders in a row they have beaten expectations. Have been coming in with lower costs and better production than expected. A potential takeover target. (See Top Picks.)

2011-07-25

PAST TOP PICK

Grande Cache Coal Corp.

GCE-T

8.950

(A Top Pick July 23/10. Up 51.85%.) Good chance they could get taken out.

2011-07-25

Comment

0.020

Economy. Once we turned the corner from the 2008 downturn, we've been picking up speed. The emerging economies are continuing to grow. The low interest rate environment will continue to stimulate growth. People are skeptical of the market and are under invested. With all of this, it's a positive environment.

2011-07-25

TOP PICK

Consolidated Thompson Iron Mines Ltd.

6.290

This is not a mining company so there are no mining risks. Would you buy this company, you are basically buying uranium at under $50 a pound. Looking for uranium prices to head back to over $70-$80 a pound over the next couple of years.

2011-07-25

HOLD

GMP Capital Trust Inc

GMP-T

11.610

There are smart people running this business. The only rescue have with this is that the business is contingent on a few individuals. Capital markets tend to be fairly volatile.

2011-07-25

PAST TOP PICK

CLM-T (Dead)

0.010

(A Top Pick July 23/10. Up 119.47%.) Acquired by Cliffs Natural (CLF-N) in May/10.

2011-07-25

HOLD

Cenovus Energy

CVE-T

37.920

Stock has acted really well lately. The split from Encana (ECA-T) the oil has done much better than the natural gas. Expects this will continue.

2011-07-25

HOLD

Apple

AAPL-Q

326.600

In the top position in one of the fastest growing areas and one of the best industries out there. What they are doing on the Cloud now should enhance their #1 position. Cheap at 13X earnings. Over $60 billion in cash on the balance sheet.

2011-06-13

Comment

BCE Inc.

BCE-T

37.760

Earnings aren’t growing very quickly but have a decent dividend. Has new competition in wireless, which will dilute the industry a little. Core businesses are clearly not growing as fast as they used to. You can maybe make a 10% return annually including the dividend. Big money has already been made on this one.

2011-06-13

DON'T BUY

Encana Corp

ECA-T

30.750

This is the play if you want to be big in natural gas. He is not bullish on natural gas. We are well supplied for a period of time and doesn’t think the price will go a lot higher.

2011-06-13

Comment

Coca-Cola Company

KO-N

65.120

Great brand on a global basis but getting more competition in the market, which they are adjusting to, but growth in the global market is probably slowing down a little. For a global play he would prefer and industrial or technology company. You won’t go wrong owning it but the stock will only go up with the rate of earnings growth, which is single digits.

2011-06-13

BUY

15.900

Continuation of the bond market rally in the short term and pressure in the equity market hurts them but if you can stand the volatility in the short term, they are way better hedged now. Could easily double in the next 3 to 4 years. One of the best growth profiles of any North American financial.

2011-06-13

HOLD

Magna Int'l. (A)

MG-T

43.870

Great story. Fundamentally undervalued. Expects to see a fairly sharp turn around in the auto industry. Looking for a strong ramp up in July and into the second half of the year. Trades at about 4X operating cash flow. Great play in here.

2011-06-13

Comment

Precision Drilling

PD-T

12.950

Has done a lot better this year. Some of the traditional drilling companies lagged last year. Companies doing the fracing work had the fastest growth and this has now broadened out to others in the industry. Going forward he would prefer owning the fracing companies such as Trican (TCW-T) or Calfrac (CFW-T).

2011-06-13

PAST TOP PICK

35.340

(A Top Pick July 23/10. Down 37.9%.) Trading at 5 to 6 times current annual earnings, so he considers it still a Buy. Lots of cash.

2011-06-13

TOP PICK

37.590

Petrocan merger has worked out fine. Have a lot of assets to grow into. Oil sands are great long-term assets. Canada is looking pretty low on the political risk spectrum.

2011-06-13

HOLD

Sino-Forest Corp

TRE-T

4.980

A tough call for anybody at this point as nothing has been cleared. Doesn’t expect it’s complete fraud. Doesn’t think it is like a Ponzi scheme. Would continue to hold and wait for more data to come out.

2011-06-13

PAST TOP PICK

Grande Cache Coal Corp.

GCE-T

7.940

(A Top Pick July 23/10. Up 30.03%.)

2011-06-13

Comment

0.020

Market. Underlying fundamentals are not nearly as bad as the market is picturing them but people are being motivated to sell. If China or emerging market starts to break down, this is a great risk for the global economy, but these are long-term growth stories and he is not worried this will happen.

2011-06-13

BUY

Intact Financial

IFC-T

54.560

Decent move over the last couple of years. Back in the acquisition mode as they were before when they were growing.

2011-06-13

TOP PICK

Consolidated Thompson Iron Mines Ltd.

6.400

A direct play on the uranium commodity. Everyone got a little worried post the Japan disaster but there are no alternatives to nuclear energy. Uranium prices have held in at the mid $50’s so you get this at an incredible discount.

2011-06-13

TOP PICK

Lundin Mining Corp.

LUN-T

6.640

He is more positive on the copper sector. Probable take out candidate. Good assets.

2011-06-13

PAST TOP PICK

CLM-T (Dead)

0.010

(A Top Pick July 23/10. Up 119.47%.) Acquired May 16/11.

2011-06-13

PAST TOP PICK

Barrick Gold

ABX-T

47.240

(A Top Pick June 1/10. Up 8.38%.)

2011-05-02

BUY

Hewlett-Packard Co

HPQ-N

40.080

Value in tech is always a little scary because sometimes the product cycle is over and they’re kicking out cash and they have a low multiple because they are not growing any more. This is a little bit in that space but they still have enough critical mass in their core markets that they continue to grow. At a discount to the market multiple, has cash and is generating cash.

2011-05-02

BUY

Intel

INTC-Q

22.910

Doing better than he would have guessed. Gaining market share again in the chip space. Thought they would have been marginalized with the movement into the tablet market because they weren’t well positioned there but they are so well plugged in to the emerging markets. The Intel logo works and they are picking up market share. Trading at 10X earnings and throwing off substantial amounts of cash. The new Adam processors for the mobile market is a positive.

2011-05-02

TOP PICK

Kinross Gold

K-T

14.630

Resource sector is funny. Metal prices are higher but stocks have not followed. When the bought Red Back mining last year, they got one of the largest growing global gold deposits, 20 million ounces plus. Thinks the golds can play catch up to the commodity like the oils did.

2011-05-02

BUY

17.500

Thinks it’s time to get back in. They’re getting their act together again. Looking attractive. Great international exposure. Thinks it could be earning $2.50-$3 a share in 2 to 3 years without a lot of problem. With a 12 multiple, you are looking at a $30 plus stock along with a dividend.

2011-05-02

SELL

Patheon

PTI-T

2.200

Low margin business and has been decimated over time. Sees nothing that would tempt him to Buy. If you own, consider selling and moving on to something else.

2011-05-02

TOP PICK

Sherritt International Corp.

45.790

(A Top Pick June 1/10. Down 25.9%.) Likes it and is worth a shot over the next couple of quarters. Good product line up. Smart phone market is big enough to support the players going forward. The carriers will need the Blackberry product solutions. Operating software is improving. Only trading at 7X forward earnings.

2011-05-02

DON'T BUY

S-T

7.750

Doesn’t expect a lot of US$ to be rushing back in to this stock, even if anything changes because of the political change. You have to look at their core businesses, thermal coal, nickel and gas. Not the best positioned company out there. Doesn’t have as much growth as some of their competitors. Lagged this year and recent earnings were disappointing. Also prefer metallurgical coal as opposed to thermal coal.

2011-05-02

TOP PICK

44.010

Oil stocks have not followed the move in oil. Petrocan acquisition is going to prove to be a smarter acquisition than anyone realized. Well off from its highs and generating cash flow.

2011-05-02

DON'T BUY

Teva Pharmaceutical

TEVA-Q

47.270

Had great growth over the last number of years. The big news was their outbidding Valeant (VRX-T) for Cephalon (CEPH-Q). Didn’t have to pay up much for this. This should keep growth going for them. He is not big on pharmaceuticals and sees no need to chase it at this price.

2011-05-02

Comment