| DON'T BUY | | Agrium | AGU-T | 88.510 | Commodities are intrinsically volatile. Not difficult to bring on more food capacity. Expecting more volatility in these stocks. These companies should send cash back to shareholders. Will probably go sideways for 2 years. | 2008-08-25 | |
| TOP PICK | | Diageo PLC | DEO-N | 73.760 | Earnings are growing by 14%. A good stock to own in a flat market. If inflation hits, sin stocks have pricing power. Good yield. | 2008-08-25 | |
| TOP PICK | | National Grid PLC | NGG-N | 66.960 | Long-term hold. 5.1% yield. This is a utility that is growing in the UK. Likes the infrastructure theme. | 2008-08-25 | |
| TOP PICK | | Veolia Environnement | VE-N | 54.340 | Really interesting entry opportunity. This is water and water is the next oil. Infrastructure with a yield of 3.6%. | 2008-08-25 | |
| DON'T BUY | | Gold Wheaton Gold | GLW-X | 1.020 | You never have enough gold when you need it and you always own too much when it goes sideways. Gold managements have not done a great job in reducing costs. Hoping gold goes sideways for sometime to come. | 2008-08-25 | |
| BUY | | Magyar Telekom Telecom plc | MTA-N | 25.470 | Loves the international telecom stocks right now. Have 2 things going for them, growth and good yields. 9% yield. | 2008-08-25 | |
| Comment | | Penn West Energy Trust | PWT.UN-T | 30.550 | 2 problems. A commodity and also a trust (that the government doesn't like any more). Will trade with the price of oil and thinks oil will stay around $100 for quite a long time. Pretty good yield. The big question is, what is going to happen when it announces its conversion back to a corporation. Some of the trusts have dropped as much as 17%. Well run trust. | 2008-08-25 | |
| DON'T BUY | | Luna Gold Corp. | LGC-X | 0.550 | Just a speculation. Junior miners have been slaughtered. 1) Valuation has been crushed and 2) liquidity has been crushed. | 2008-08-25 | |
| HOLD | | Shoppers Drug Mart Corp | SC-T | 54.750 | Probably one of the best managed companies in Canada. Decent yield. On the growth story he doesn't know what the next metric will be to move this up. Doesn't have enough of a yield to entice him. | 2008-08-25 | |
| DON'T BUY | | BFI Canada Income Fund | BFC.UN-T | 19.400 | Signal to everybody that they were doing a restructuring but never mentioned a cut in distributions. They lost 17% of the market value, crushing their shareholders. A lot of credibility issues. Thinks it will go sideways for quite a while. | 2008-08-25 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Canadian Banks: If you decide that you want to own financials, he personally likes US banks right now, as yields are almost 30% higher. Canadian Banks continue to issue a lot of preferential shares, which is dilutive. | 2008-08-25 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Preferred Shares: Perpetual preference shares have been a mainstay of Canadian investors for a long time, until the beginning of this year. Bank stocks underneath them fell so many are trading down 8% to 10%. Starting to look interesting. When he starts to see series north of 6% with a re-pricing 5 years from now he will be interested. Inflation kills preference shares. | 2008-08-25 | |
| DON'T BUY | | General Electric | GE-N | 28.320 | Should be the best stock to own if you want foreign exposure. Over half their income is from international markets. What has held the story back is that they will not let go of its black box finance unit. Can't see the stock moving north until they cut the company into pieces and put finance aside or they sell finance off and focus on their core industrial businesses. | 2008-08-25 | |
| DON'T BUY | | Petrobank Energy and Resources | PBG-T | 44.640 | Of all the energy names that you could own in Canada there are so many with succulent yields, this one gives you nothing. You get to speculate on a new technology that may not work. Makes no sense. | 2008-08-25 | |
| DON'T BUY | | Timminco Ltd. | TIM-T | 15.900 | Started at a very low price and went up to almost $40. It has no earnings and has no dividends. A pure speculation, not an investment. Technology has a whole lot of people that say they know something and are shorting it and they have been right. Wait until it makes money. | 2008-08-25 | |
| DON'T BUY | | Maple Leaf Foods | MFI-T | 8.800 | Yield is only about 1.6%, which tells him it is not going to get yield support even if it survives the $20 million meet recall. When you kill your customer, it takes a long time to repair. He expects further downside. | 2008-08-25 | |
| BUY | | Dryships | DRYS-Q | 72.050 | 92% of everything manufactured globally is moved around on ships. There will be tremendous will to let me. The stock can move 10% in a 2-day period. You have to be able to stomach the volatility. Many of the shippers pay huge dividends. Loves this sector for the long-term. | 2008-08-25 | |
| Comment | | Honeywell International | HON-N | 48.550 | A hidden gem. One of the only technology stocks that pays a dividend over 2%. Has been sold off along with the concerns of the international slowdown. Good management. Growth has been diminished significantly. For tech exposure, he prefers the NASDAQ 100 Trust (QQQQ-Q). | 2008-08-25 | |
| DON'T BUY | | Rogers Communcations (B) | RCI.B-T | 37.110 | Best managed wireless company in Canada. The wind that is in the face of all these players is that they have never suffered privatization that Bell is going through. Expect there will be a lot of competition, which could create margin compression. | 2008-08-25 | |
| Comment | | Telus Corp | T-T | 40.160 | Very well managed business. He keeps thinking about these players and how they are going to merge together at some point. If you are going to own in this area, this is probably the one that he would buy. | 2008-08-25 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Inflation: Not a problem yet. There is only one index he cares about, the long bond. This is the smartest index for where inflation is going. | 2008-08-25 | |
| SELL | | Research In Motion | RIM-T | 133.690 | (Market Call Minute.) Thinks they are in the consumers electronic game now, which is going to get a lot tougher. | 2008-08-25 | |
| BUY | | Prudential Financial Inc | PRU-N | 69.920 | (Market Call Minute.) Going to be an interesting speculative play. | 2008-08-25 | |
| DON'T BUY | | Canadian Oil Sands Trust | COS.UN-T | 50.740 | (Market Call Minute.) Likes the CEO but does not like these prices. His entry point would be $38. | 2008-08-25 | |
| HOLD | | Crescent Point Energy Trust | CPG.UN-T | 37.060 | (Market Call Minute.) Fully valued. | 2008-08-25 | |
| BUY | | Fort Chicago Energy Partners | FCE.UN-T | 10.000 | (Market Call Minute.) Likes this one. Metallurgical coal has had a big correction and he is a very big bull on coal. | 2008-08-25 | |
| BUY | | Acclaim Energy Trust | AE.UN-T | 3.850 | Good management. Expect a lot of volatility due to oil/gas fluctuations. | 2003-04-10 | |
| BUY | | Legacy Hotels | LGY.UN-T | 6.070 | In the long run, it should be good if the economy recovers. | 2003-04-10 | |
| BUY | | Arc Energy Trust | AET.UN-T | 11.550 | Loves gassy trusts. | 2003-04-10 | |
| BUY | | Shiningbank Energy Income Fund | SHN.UN-T | 15.540 | Loves gassy trusts. | 2003-04-10 | |
| BUY | | Pengrowth Energy Trust (US) | PGH-N | 14.100 | Loves gassy trusts. | 2003-04-10 | |
| BUY | | NASDAQ 100 Trust | QQQQ-Q | 25.770 | If you buy shares in this, write a "call option" for 90 days. A great low risk strategy. | 2003-04-10 | |
| DON'T BUY | | Celestica Inc | CLS-T | 14.570 | Has a lot more downside. Thin margins. | 2003-04-10 | |
| DON'T BUY | | Rogers Sugar Income Fund | RSI.UN-T | 3.950 | High exoenses due to high gas prices and bugs into the beets has eaten into the distributions. | 2003-04-10 | |
| DON'T BUY | | Bombardier Inc (B) | BBD.B-T | 3.390 | Prefers the bonds. | 2003-04-10 | |
| DON'T BUY | | Paramount Energy Trust | PMT.UN-T | 12.800 | Short reserve life. Will have to make new acquisitions. A good point is that management owns 49%. | 2003-04-10 | |
| DON'T BUY | | Royal Group Tech. | RYG-T | 8.000 | Not interested if they aren't paying dividends. | 2003-04-10 | |
| DON'T BUY | | Nortel | NT-T | 3.140 | Needs a tech recovery. | 2003-04-10 | |
| DON'T BUY | | A Comment -- General Comments From an Expert | A Commentary | 12.260 | Very small dividend, so not a compelling buy. | 2003-04-10 | |
| WEAK BUY | | InnVest Reit | INN.UN-T | 8.600 | Not a fan of individual REITs. Buy a basket of them instead for diversification. Prices are down. | 2003-04-10 | |
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