STOCKCHASE

80.150

(A Top Pick Aug 3/11. Up 20.9%.) Earnings have been good and they keep returning cash to shareholders.

2011-12-30

BUY

Enbridge

ENB-T

38.090

One of those steady growing stocks with consistent dividend growth year in and year out. Have a 10 year growth plan that beats most technology companies. A great name to having a portfolio. Yield of 3%,

2011-12-30

TOP PICK

33.370

This is a great company to hold for its yield. Put a dividend tax credit on this yield and you are looking at north of 5% bond equivalent. Has a history of growing its dividend. Good stable management and decent balance sheet.

2011-12-30

TOP PICK

45.210

(A Top Pick Aug 3/11. Up 12.92%.) This is one of those stocks that are great for the times. It has that element of insurance of a gold stock. Very solid operations and management. Best growing gold stock in the big cap universe. Lowest cost producer.

2011-12-30

HOLD

Kinross Gold

K-T

11.630

Good news is that it will be a great mine in 2014 but the bad news is that this is 2011 going into 2012. Had a tough year. Investors did not like the deal, had issues with the Ecuadorian government and high royalty fees. Exposed to political risks, More so than most of the majors. Thinks the Taseus mine is going to be one that investors are going to say “show me”, “show me”, “show me”.

2011-12-30

BUY

Royal Bank

RY-T

51.980

For a long-term hold? Canadian banks have been the best-performing bank stocks globally and this one is our leader. Went through a tough period in 2011. Was in the doghouse most of the year and is now starting to come out. Their US situation is now behind them, rather than ahead of them.

2011-12-30

Comment

Suncor Energy Inc

SU-T

29.380

Has been whacked like all the Canadian oil stocks in general. Had some specific problems with respect to some of its fields. Looking at this one a go forward basis, it could be a yield play. Earnings will tick up and payout ratio is quite low and they could increase their dividends over time. This will be a great place to be over the next 10 years.

2011-12-30

TOP PICK

Teck Resources Ltd. (B)

TCK.B-T

35.910

He likes coal and copper and finds zinc an interesting additional asset. Balance sheet has been improved. Generating oodles of cash. Raised their dividend in the 4th quarter. In terms of current copper prices, they have a lot more room to return cash to shareholders. 2.2% yield.

2011-12-30

PARTIAL BUY

Thomson Reuters Corp

TRI-T

27.230

(A Top Pick Aug 3/11. Down 26.79%.) He bought this company for its strong franchises and its strong cash generation, and more importantly, returning cash to shareholders. Yield is very safe. Suffered in 2011 because of perception more than reality, of the collapse in their financial business. Ahat really hasn't happened. Revenues have been disappointing relative to expectations but they've done the management change. 4.7% yield. Pick away in 2012.

2011-12-30

Comment

0.020

Markets. Thinks we are stuck in a trading range until the markets get sorted out with respect to what does growth look like, where does growth come from and how do we resolve their debt problems of the Western world. There is not much growth baked into 2012.

2011-12-30

BUY

First Majestic Silver

FR-T

17.180

Starting in 2010, their rapid production was appreciated by the street. It is now one of the growth darlings in the silver sector. They are producing silver at $10 an ounce so if silver is at $26, you have a $16 an ounce spread and those ounces are going up.

2011-12-30

DON'T BUY

Bombardier Inc (B)

BBD.B-T

3.840

Got smashed like many industrial type product companies. They need increasing margins. Transportation equipment is holding up, but there are some question marks about the margins in aerospace. 3% yield.

2011-10-05

TOP PICK

70.490

One of the great Canadian investments that every Canadian should own. Likes their ability to grow their dividend. Exceptional railway operators.

2011-10-05

PAST TOP PICK

32.190

(A Top Pick Feb 12/10. Up 24.52%.)

2011-10-05

PAST TOP PICK

47.380

(A Top Pick Feb 12/10. Up 17.03%.)

2011-10-05

BUY

Inmet Mining

IMN-T

46.680

You have good cyclical bounce here. Probably not a bad time to buy a copper stock.

2011-10-05

DON'T BUY

Manulife Financial

MFC-T

11.950

A recovery story but to recover, it needs higher interest rates and higher markets. As the cost of capital falls, their long-term payouts rise. Tough time right now.

2011-10-05

PAST TOP PICK

Potash Corp of Saskatchewan

37.690

(A Top Pick Feb 12/10. Up 72.29%%.)

2011-10-05

Comment

POT-T

46.550

Outlook for potash probably hasn't changed dramatically. Ultimately, the agricultural story has not completely disappeared. Feels the stock has been over punished relative to the commodity.

2011-10-05

Comment

Research In Motion

RIM-T

24.490

Thinks the stock went up because the market has been strong. Apple (AAPL-Q) disappointed in the context of what people were expecting. The bounce today is just as much a short covering rally as opposed to new fundamental investing getting in. Jury is still out on this company.

2011-10-05

BUY

Royal Bank

RY-T

46.650

Has not done well in Canada, but has behaved very well compared to global banks. In a position where it can buy assets when they come out of Dexia. For a long-term investor, with their high yield, it gives you twice the level you get on a government bond along with the dividend tax credit.

2011-10-05

TOP PICK

Trans Canada Corp

TRP-T

40.660

The Keystone project is important but not their sole growth asset. Good history of paying out and growing their dividends. 4% yield. Sitting on assets that are very hard to replicate.

2011-10-05

TOP PICK

Crescent Point Energy Corp

CPG-T

38.490

Likes the light sweet Balkin Saskatchewan oil. Good geographical formation. Yield of close to 7%.

2011-10-05

Comment

0.020

Silver. Feels the outlook for the next six months is up. Silver is okay at this price.

2011-10-05

Comment

Uranium Participation Corp.

0.020

Oil. Feels it is at the bottom as it is at the price of production now.

2011-10-05

DON'T BUY

U-T

5.660

The good news is that uranium prices are $50. Feels the long-term outlook for uranium is questionable because of the Japanese reactor problems and the spill over effect in Europe. There are better commodity plays that uranium.

2011-10-05

BUY

Agnico-Eagle Mines

AEM-T

56.270

Built 5 mines in the last few years – no one has ever tried that. No glitches. Anyone will tell you that when you put in a mine you get glitches. At these prices it looks pretty good.

2011-08-03

HOLD

Agrium

AGU-T

83.750

Numbers yesterday better than any one thought. Commodities are very volatile. People have to assume their earnings will continue into the future. New money have to flow into this stock.

2011-08-03

TOP PICK

70.750

Dividend theme. Great grower of dividend. Accumulate on dips. Great management team. 60% dividends growth in 3-5 years.

2011-08-03

BUY

Enbridge

ENB-T

30.950

Gone from regulated utility to a competitive utility. When you get dips you tend to buy it, signing long-term contracts for income. Looks better than CISCO.

2011-08-03

PAST TOP PICK

30.870

(Top Pick Feb 12/10, Up 23.03%)

2011-08-03

TOP PICK

46.920

Analysts are still using $1300 for their targets in the long term. These guys can make close to $3 a share in profits at current prices. Will see same growth in G-T next year. Has been a great story and continues to be. Production and cash flow are most important in today’s marketplace.

2011-08-03

PAST TOP PICK

46.920

(Top Pick Feb 12/10, Up 19.49%)

2011-08-03

PAST TOP PICK

Sherritt International Corp.

32.750

(Top Pick Feb 12/10, Up 52.66%) Dividend 4% and great growth

2011-08-03

BUY

Royal Bank

RY-T

51.300

Has been the laggard in the banking sector because of lack of US exposure. They are abandoning the US market. Has a cloud over it from the perspective of global investment banking. Probably not a bad idea to buy the one that has under performed.

2011-08-03

BUY

S-T

5.810

Warrant on their huge nickel mine n Madagascar. Announced last month they would not meet production until mid next year. It’s a good buy.

2011-08-03

TOP PICK

Thomson Reuters Corp

TRI-T

31.770

Has disappointed. Went through cost cutting. Two weeks ago they announced more changes. Have increased dividend year after year after year. Decent margins. Sees dividend growth and with price under pressure it is the time to pickup the stock

2011-08-03

HOLD

Telus Corp

T-T

52.200

Prefers cable companies.

2011-08-03

DON'T BUY

Yellow Media Inc

YLO-T

1.940

Will you love that dividend when it gets cut? Market is saying it is not going to last. Avoids this stock. Need to give us better clarity on the balance sheet.

2011-08-03

N/A

0.020

Market: What we saw in the debt ceiling is just the tip of the iceberg. We haven’t gotten rid of debt. It’s a 3-ring circus. We haven’t figured out how to get jobs back and get the economy going. With economy so weak and certainty about the future so weak, corporations are sitting on the cash that they have. US bonds are just a temporary parking space for the global investor.

2011-08-03

BUY

First Majestic Silver

FR-T

23.380

Always over promised and under delivered. Low and behold last year they met their production numbers. Had benefit of silver prices, production coming in. But as they meet heir growth targets you will do ok.

2011-08-03

Comment

Migao Corp.

MGO-T

4.340

Chinese fertilizer play. Potash distributor in China. Have been expanding their capacity. Bad news – see Sino forest. Cheap play on fertilizer. Continually pay a margin. An interesting name here. He has seen the facilities in China. Pretty well run operation.

2011-08-03

WEAK BUY

Barrick Gold

ABX-T

38.740

Moves up and down with the gold price. With hedge book gone it appeals to a whole new set of purchasers. He owns Gold Corp. Higher gold prices’ earnings would be pumped back into business or into dividends.

2010-02-12

HOLD

Bombardier Inc (B)

BBD.B-T

5.430

In Client accounts and he keeps looking at it for the funds. It’s a great place to be for the investment. Rail business is slow but steady margins. Huge backlog. The wild card is the aerospace business, but it will come back. Once they announce the ‘C’ series the stock should move. Longer term it is something to look at.

2010-02-12

WEAK BUY

BCE Inc.

BCE-T

29.130

Likes – it’s a full position. It is a communications pipeline. Done a great job of returning capital to shareholders. Great cash flow. It’s sleepy but it pays a nice dividend. It’s an ok buy in this range. Their wireless business is ok and they are smart.

2010-02-12

BUY

Bank of Nova Scotia

BNS-T

47.150

They are cautious and prudent with respect to their international business. He does not own National or commerce.

2010-02-12

BUY

54.000

N.A. economy continues to grow. This has been a great company. Year after year of raising dividend. Core holding in portfolios. CP is only in private portfolios.

2010-02-12

BUY

Freehold Royalties

FRU-T

15.700

Dividend can be sustained for a while as we move into 2011. High yield (10%). If they drop it down and you then get the dividend tax credit it is back again.

2010-02-12

TOP PICK

26.690

Long-term hold for his firm. Boring utility company. Great base. Pays an ever-increasing dividend year after year. Expansion opportunities.

2010-02-12

TOP PICK

39.350

Long-term hold for his firm. Low dividend paying stock with the potential to be a high dividend stock if gold prices sustain their current levels. Dividend can certainly go up if gold reaches $1300 or $1400. They have a 15% growth profile without significant property acquisition.

2010-02-12

BUY

Manulife Financial

MFC-T

18.980

Recently re-invested in. In 2009 they shocked the street with their second equity issue. They are a global leader that disappointed the market with the raising of equity. He accumulated a half position when it went under $19. The time to buy these types of companies is when no one likes them. They have a capital base that should withstand pressures.

2010-02-12

TOP PICK

23.000

Did a secondary issue a week and a half ago and he bought it. Growing earnings, unique position. Exciting contracts. 4% dividend and growing earnings.

2010-02-12

BUY on WEAKNESS

Research In Motion

RIM-T

75.300

We’ve seen a bit of a run. It’s a great company. But it doesn’t pay a dividend. Pick it up when the market has gyrated to the downside.

2010-02-12

BUY

Russel Metals

RUS-T

17.480

Likes it for it’s high yield. High yield is >3%. They are quire levered to the price of steel. The dividend is reasonably safe and that’s why it’s in his portfolio. He hasn’t added to it lately. It is a half position.

2010-02-12

PAST TOP PICK

Seabridge Golds

SEA-T

26.300

(Top Pick Feb 25’09, Up 24%) Still likes it, but it doesn’t meet the dividend test. They are doing everything that they said they would do. All in Canada. Their KSM deposit is Canada’s largest ore body find of gold. They company is for sale. They said they will never build a mine. They are doing infill drilling to build a stronger resource base.

2010-02-12

BUY

Shaw Communication (B)

SJR.B-T

19.300

It’s a dividend payer. For years it was a consumer of capital but they have paid it back over the last few years. Companies that pay dividends are rewarded well. He owns Rogers as well.

2010-02-12

N/A

iUnits Real Return Bond ETF

0.020

Markets haven’t really done anything for 5 months. They are trying to find the direction. It’s a pretty flat market. You want to sift through the good from the bad. Growth will continue. The fix to the financial crisis is in. Rising interest rates will set the course for the markets. He looks for companies that can consistently grow their dividends. Look for companies that take the capital in the business and then keep re-investing it.

2010-02-12

PAST TOP PICK

XRB-T

20.480

(Top Pick Feb 25’09, Up13%) Still holds it in client accounts. It is a security that you hold as a defense against armageddon.

2010-02-12

PAST TOP PICK

Migao Corp.

MGO-T

7.300

(Top Pick Feb 25’09, Up 18.5%) It is a way to own what will be the strongest currency in the world. Believes food is a theme that will be going on. Does not own other major potash stocks.

2010-02-12

TOP PICK

Potash Corp of Saskatchewan

16.240

Nice portfolio of royalties off communication and processing chips. Cheap. 6% yield. Earnings of $2 a share and growing.

2009-07-31

TOP PICK

Parkland Fuel Corp

PKI-T

10.800

Fuel/gasoline distribution in Western Canada. Yield of 12% and is extremely well managed. Capital disciplined. Also has growth upside.

2009-07-31

PARTIAL BUY

POT-T

100.360

Great long-term story. If you don't have a position, he wouldn't be too cute about where you get in. Consider how long you want to stay in what would be a reasonable target price and then build a position. You could then buy on down days.

2009-07-31

PAST TOP PICK

Seabridge Golds

SEA-T

31.090

(A Top Pick June 26/08.) Up 44.23%.) Fifty million ounces of gold resources in British Columbia, which works out to be about 1.5 ounces per share. Very good leverage. Would buy more at $26-$27.

2009-07-31

DON'T BUY

Sherritt International Corp.

S-T

6.130

Have run into some delays in Madagascar. That's a concern you have to have every time you invest in a regime that doesn't have North American standards. Have also had difficulties in getting revenues from their oil production in Cuba.

2009-07-31

BUY on WEAKNESS

Teck Resources Ltd. (B)

TCK.B-T

28.350

Has come back from the dead. Struggled with the huge debt load and has it reduced. Have great coal and zinc assets. Possibly has run too far, too fast. Would prefer it in the $15-$20 range.

2009-07-31

DON'T BUY

Yellow Media Inc

YLO-T

5.000

Not a fan of their business model. A bit of a legacy asset in that the print media is really hurting. Internet model is not the great generator of incremental cash flow.

2009-07-31

BUY

Grande Cache Coal Corp.

GCE-T

2.860

Metallurgical coal prices have been red hot. Started the year at $110 and spot is now going at $150. A great levered play on these coal prices. This is the best small-cap play in this area.

2009-07-31

TOP PICK

Burcon Nutrascience Corp.

BU-T

6.500

(A Top Pick June 26/08.) Down 8.66%.) Vegetable protein extraction. Lots of patents, which have significant value. What they are doing in soy is world beating and hasn't been picked up and appreciated yet by the street.

2009-07-31

BUY

VIQ Solutions

VQS-X

0.290

Still world beating in the transcription technology space. Very interesting announcements coming out of the UK in what they are doing in the courtrooms. Now cash flow positive.

2009-07-31

HOLD

Tim Hortons

THI-T

29.110

Consumer discretionary type of investment. Doesn't have the characteristics that really attract him as an investment. Safe stable holding but doesn't give him the upside that he wants. Think you can do better in other names.

2009-07-31

BUY

Osisko Exploration Ltd.

OSK-T

6.830

Quite intrigued by the size of their gold deposit in northern Quebec/Ontario. Have raised some money and are doing the things necessary to get the mine into production. OK if you are willing to take the risk associated with owning a Junior explore. Prefers Seabridge Gold (SEA-T).

2009-07-31

BUY

Energold Drilling Corp.

EGD-X

2.140

They can do what no one else can, i.e. going into the hinterland and use labour for drilling. Likes management.

2009-07-31

HOLD

Temple REIT

TR.UN-X

2.460

Loves the concept of having hotels in Fort Murray. Right now there is a glut of capacity in Fort McMurray and they had to cut the distributions. There is life coming back into the community and that is positive. It will take time and you have to be patient.

2009-07-31

DON'T BUY

Arise Technologies Corporation

APV-T (Dead)

0.385

A play on the solar industry. Solar is interesting but it's a bit pricey and he is not playing this area today.

2009-07-31

BUY

Migao Corp.

MGO-T

7.690

Potash play in China. Quite cheap on a PE multiple basis. Better growth opportunities than Potash (POT-T) because they are expanding their production plant. Not a mining company but is a producer and processor. Also a foreign currency play.

2009-07-31

DON'T BUY

5N Plus

VNP-T

6.480

Solar energy space is interesting but is a bit pricey and he is not interested in playing this area today.

2009-07-31

PAST TOP PICK

McCoy Corp.

MCB-T

1.340

(A Top Pick June 26/08.) Down 64.78%.) World's largest manufacturer of drilling tongs for oil rigs.

2009-07-31

Comment

BioExx Specialty Proteins Ltd.

BXI-T

1.510

Protein extraction through canola seeds. Have been successful in getting their Saskatchewan plant going and are now doing the same thing in North Dakota. Likes the industry and the space. (See Top Picks.)

2009-07-31

BUY

Legacy Oil + Gas Inc.

LEG-T

1.850

Just acquired Renegade Resources. They have put together a package of Bakken land in Saskatchewan. Will be one of the largest Bakken independent producers junior-mid-cap at about 4000 barrels a day. Lots of growth opportunity.

2009-07-31

TOP PICK

40.430

If you believe gold is going to $1250 then you want gold companies that are in production now. This is becoming the “go to” name in the group.

2009-06-30

TOP PICK

Imperial Oil

IMO-T

45.120

Coming out of the bottom, large-cap stocks tend to move. Likes reserves they have in the ground. Loves the financial discipline. Balance sheet is clean and they consistently buy back shares. Very good employers of capital. Owner is Exxon (XOM-N) who is always there if anything goes wrong. Would be a buyer up to $46.

2009-06-30

TOP PICK

Potash Corp of Saskatchewan

15.300

Likes the royalty structure. Communication patents are quite interesting. Expect they will also have follow-up from the D-RAM patents. Gives him a yield of 6%. Earnings are $2 and will probably grow to $2.10-$2.50 2.5 years down the road. Trading at 6X earnings.

2009-06-30

BUY on WEAKNESS

POT-T

108.490

Seasonal buying opportunity? Not a big believer in trying to catch seasonal trends. There is a debate as to whether China and India will pay $600 or less for potash. Company reduced production. Also reduced earnings forecast based on lower production. If the price could go below $100 he will buy.

2009-06-30

BUY on WEAKNESS

Research In Motion

RIM-T

82.680

This is the great Canadian growth stock. This is a stock that trades with the market and he is not overly optimistic on the market over the next little while. If you can get it in the high $70's and nibble away.

2009-06-30

Comment

Suncor Energy Inc

SU-T

35.370

Merger with PetroCan (PCA-T) is probably going to happen. We need another champion in Canada. Synergies are there and he thinks it will work.

2009-06-30

Comment

Thomson Reuters Corp

TRI-T

33.850

Announced they will consolidate shares trading in London into Canada and this brings more liquidity to the Canadian marketplace. Doing interesting things in their communication business and are taking on the Bloomberg quite aggressively. Will be rolling out some products later in the year. Thinks he could do better in a recovery story with something that is a little more aggressive but if you are looking for a safe blue-chip name, this would qualify.

2009-06-30

DON'T BUY

Telus Corp

T-T

30.850

Traditional telephone providers are not going to be the winners. It will be wireless for personal communication and wires for TV sets. Cable companies have won that battle. Thinks dividends are safe for the next couple of years but questions if they grow. Would rather own the debt (which he does) rather than the stock.

2009-06-30

Comment

0.020

Gold. Thinks there will be a significant rise in the price level over the next 10 years. In the near-term he thinks it will go through $1000 and when it does we could see $1200 by the end of the year, if not higher. Expects there will be inflation in commodities and gold will participate.

2009-06-30

HOLD

Penn West Petroleum

PWT-T

14.810

This company has been a laggard. Had some management issues and getting them back on track has taken time. Now in a bit of a “show me” mode. Recovery from March has been okay but has not performed well. A little higher than average yield scares people. Expects to see distributions fall in general on trusts but won't fall as fast because of tax pools and will be attractive to income oriented investors.

2009-06-30

Comment

HBP Energy Bull+ E.T.F.

HEU-T

6.260

HPB Energy Bull+ ETF. Immediate leverage to oil price moves. If you have a very good near-term bet that you want to make on oil this would be the way to go but if you are looking for an investment in the oil patch that has a long-term investment implications, then you should go to something like Suncor (SU-T).

2009-06-30

DON'T BUY

Aecon Group Inc

ARE-T

11.150

Infrastructure play. Federal governments globally are spending lots of money on infrastructure. In the near term, how much do you pay for infrastructure in a world where industrial spending is way down? Have projects levered to power plants and oil sands, which are not going to bounce very quickly. Earnings estimates are flat. If interested, follow backlog reports and if this grows you know there is momentum.

2009-04-08

DON'T BUY

BCE Inc.

BCE-T

25.980

Not a big believer in the traditional telecom model. Thinks the cable companies have won and is now a question of time. Can't see them growing the business. Better places to be very

2009-04-08

HOLD

47.210

(Market Call Minute.) Likes the rails and his preference today would be CNR-T. It's a question of being the bigger guy and having a wider range of distribution network.

2009-04-08

BUY

Canadian Oil Sands

COS-T

27.480

You buy this if you believe in the oil sands concept for the next 10, 15 to 20 years. A great way to get paid while waiting. Good company.

2009-04-08

Comment

Canadian Pacific Rail

CP-T

38.200

(Market Call Minute.) Likes the rails and his preference today would be Canadian National (CNR-T). It's a question of being the bigger guy and having a wider range of distribution network.

2009-04-08

BUY