STOCKCHASE

14.750

Now converting to a REIT, which he likes. Will pay out a one-time distribution of a little over $1 and continue and $.80 distribution. Major owners of very high quality properties in Canada and the US.

2010-03-08

PAST TOP PICK

Brookfield Asset Management (A)

32.560

(A Top Pick March 24/09. Up 64.4% excluding distributions.) Winning some very good contracts. Incredibly conservatively managed. Still a Buy.

2010-03-08

PAST TOP PICK

BAM.A-T

24.980

(A Top Pick March 24/09. Up 45.5% excluding dividends.) Thinks the Brookfield companies are very smart about managing money. Strong balance sheets. Likes their hydroelectric assets. Long-term assets with great value.

2010-03-08

PAST TOP PICK

Sherritt International Corp.

11.880

(A Top Pick March 24/09. Up 64% excluding distributions.) One of his favourite holdings. 7.5% yield. Will convert but maintain the current level of payout.

2010-03-08

DON'T BUY

S-T

7.430

Very dependent on what happens in Cuba, which has some uncertainty. Not really keen on this company at this time.

2010-03-08

DON'T BUY

Viterra Inc

VT-T

9.720

Didn't like the Australian acquisition as he thought they paid too much. Doesn't see a lot of upside in the short term.

2010-03-08

HOLD

Alliance GrainTraders Inc.

AGT-T

34.500

Management has done a brilliant job of building the company. Believe they will expand the number of products and the range of markets they are in. Believes it will become a takeover candidate. Expect some upside but wouldn't rush out and Buy.

2010-03-08

Comment

CML Healthcare Income Fund

CLC.UN-T

13.460

Operates medical laboratories. Amount of medical testing is increasing steadily as people age. However Ontario government has an agreement on a global cap so, rather than getting more because of more tests, it decreases margins. This hurt them in the last quarter. Still think it's reasonable in the long haul

2010-03-08

HOLD

Canfor Pulp Income Fund

CFX.UN-T

10.400

Still reasonable value but this is a cyclical industry.

2010-03-08

BUY

Armtec Infrastructure Income Fund

ARF.UN-T

24.260

Infrastructure. Thinks the impact on stimulus in Canada hasn't really hit yet and that there will be a real rapid growth in actual construction activity, starting in Q2 and continuing for several quarters. Good management.

2010-03-08

BUY

Ithaca Energy Inc.

IAE-X

1.620

Did a brilliant job of surviving the meltdown. Likes their North Sea projects but can they take on bigger projects without taking on more debt or a partner. Feels they will have to make a deal but doesn't think it will put the company at risk.

2010-03-08

HOLD

Daylight Energy Trust

DAY.UN-T

11.010

Have a good position in a couple of the big plays and they are acquiring West Energy (WTL-T), which adds to this. They will be cutting their distributions, which he believes is already built into the price. They have been pretty gassy and it may take another year to work this off.

2010-03-08

BUY

Galleon Energy Inc.

GO-T

6.800

Thinks it has room to move to the upside. Could be a takeover candidate.

2010-03-08

Comment

New Flyer Industries Inc.

0.020

With looming interest-rates coming, how will this affect bank preferred shares? Re-settable preferred shares will do better in a rising interest-rate environment than the non-resettables. He is not anticipating rates will go up swiftly. You may want to move some of your money into equities that will have dividend increases.

2010-03-08

Comment

IBI Income Fund

IBG.UN-T

16.240

A little concerned about possible stress on distributions when they have to convert. If they decide to go back on the acquisition trail, they may want to cut back on distributions/dividends creating a bit of uncertainty. Should benefit from the infrastructure boom.

2010-03-08

Comment

NAL Oil & Gas Trust

NAE.UN-T

13.130

Very solid and well run. If oil stays up and gas comes up, they won't cut distributions. If there is some weakening in energy prices, they will probably cut to protect cash flow.

2010-03-08

HOLD

Lundin Mining Corp.

LUN-T

4.450

Had a fabulous run. Recent quarter suggested that there was more upside.

2010-03-08

BUY

NFI.UN-T

10.760

Had a couple of difficult quarters. Manufactures almost 45% of the buses in North America and there is a huge government subsidy program for US cities. A couple of cities cancelled orders, which hurt them more than expected but the last quarter was very good. Likes the new management.

2010-03-08

PARTIAL SELL

Artis Real Estate Investment Trust

AX.UN-T

11.310

Have done a good job of building value. Not a top pick in his REIT list. Consider gradually selling out.

2010-03-08

Comment

Canadian Natural Rsrcs

CNQ-T

70.880

(Market Call Minute.) Good company. Prefers Crescent Point CPG-T).

2010-03-08

HOLD

Labrador Iron Ore

LIF.UN-T

47.550

(Market Call Minute.) China needs a lot of iron ore.

2010-03-08

BUY

Yellow Pages Income Fund

YLO.UN-T

5.850

(Market Call Minute.) A little concerned about the labour dispute in Quebec but have been paying down their debt. Looks like a good long-term hold.

2010-03-08

BUY

Penn West Energy Trust

PWT.UN-T

21.570

(Market Call Minute.) Has great potential.

2010-03-08

BUY

Teck Resources Ltd. (B)

TCK.B-T

38.700

(Market Call Minute.) Likes where they are going now. Upward revisions to their earnings. The Fording acquisition is starting to look good.

2010-03-08

TOP PICK

Crescent Point Energy Corp

12.900

A sustainable 4.5% dividend yield. Built up a war chest of about $1.4 billion as they are anticipating some really good US properties coming on the market. Extraordinarily well managed.

2010-01-25

TOP PICK

CPG-T

39.050

Strongest management team in the oil patch. Sitting on top of 2 of the biggest pools, the lower Shawnason (?) and the Bakken, probably 4 billion barrels each. Have done a brilliant job of drilling and getting their costs down. At about 56,000 barrels a day now and when they get it to 100,000 plus, probably a major will take them out.

2010-01-25

TOP PICK

Precision Drilling Corp.

PD.UN-T

9.190

Oil patch is coming back and natural gas prices are strengthening so the well drilling business is on its way back. Have great financing. Has another huge leg up in it.

2010-01-25

PAST TOP PICK

Armtec Infrastructure Income Fund

ARF.UN-T

24.380

(A Top Pick Jan 28/09. Up 42.8%.) Has added to his holdings.

2010-01-25

PAST TOP PICK

Just Energy Income Fund

JE.UN-T

13.940

(A Top Pick Jan 28/09. Up 64.73%.) Has added to his holdings. Outstanding management and a great company.

2010-01-25

PAST TOP PICK

New Flyer Industries Inc.

NFI.UN-T

10.400

(A Top Pick Jan 28/09. Up 12.71%.) Reduced his holdings but at this point, would be a cautious buyer.

2010-01-25

HOLD

Artis Real Estate Investment Trust

AX.UN-T

11.350

Had a good rebound. Would be a little nervous about buying at these levels but would continue to hold.

2010-01-25

SELL

Provident Energy Trust

PVE.UN-T

8.440

Has had a very good run. If you own, consider a switch to some combination of Crescent Point (CPG-T) and Daylight (DAY.UN-T), otherwise it's a Hold. (See Top Picks.)

2010-01-25

BUY

Labrador Iron Mines Holdings Ltd.

LIM-T

27.430

The big picture is that China needs a lot of iron ore and paying very good prices for it and demand looks huge in foreseeable future. Prefers Consolidated Thompson (CLM-T).

2010-01-25

HOLD

Bank of Montreal

BMO-T

52.650

Thinks dividend is safe and doesn't see any Canadian banks cutting dividends. Canadian banks have had a huge run and are probably in a bit of a holding pattern for a couple of quarters.

2010-01-25

BUY

Calloway REIT

CWT.UN-T

19.760

Distributing 100% of their cash flow but thinks they will sustain the distribution. Expects it to continue as a REIT rather than converting. Solid, long-term holding.

2010-01-25

BUY on WEAKNESS

Altagas Services

ALA.UN-T

18.550

Reasonable buy. Good yield. Probably $2 billion of growth projects over the next 5 years. Will probably trim distributions a little when they convert but won't be a huge slashing, maybe 15%-20%. That could be a good buying opportunity.

2010-01-25

BUY

Liquor Stores Income Fund

LIQ.UN-T

15.700

Mostly Alberta but acquired a chain of Liquor Barn stores in Kentucky. Think they will do further acquisitions. Good at the business and have $30 million more for acquisitions. Growth situation. High payout but capable of sustaining good yield after conversion.

2010-01-25

DON'T BUY

Kinross Gold

K-T

18.380

Not his favourite gold stock. Partly because they are not growing their production and partly because of their Russian exposure.

2010-01-25

Comment

Inmet Mining

IMN-T

57.010

Volatility is a result of views on metal prices as well as issues on some of their mines and when they may come into full production. If you are buying, look for dips. Prefers Hudbay (HBM-T), which is better value with over $5 a share in cash as well as a new copper/gold mine.

2010-01-25

BUY

Hudbay Minerals Inc.

HBM-T

13.090

Value stock with over $5 a share in cash as well as a new copper/gold mine.

2010-01-25

BUY

Encana Corp

ECA-T

34.370

This is one way to play resurgence in gas prices. A very big and strong player in natural gas. He is playing it more through Daylight (DAY.UN-T), which has both gas and oil. Probably a decent time to get some gas exposure.

2010-01-25

BUY

Keyera Facilities Income Fund

KEY.UN-T

24.890

Extremely well managed and should continue to deliver good results. If looking for good, solid income in pipeline and midstream gathering space, this one and Inter Pipeline (IPL.UN-T) would be his top 2 picks. 7% distribution should be safe.

2010-01-25

BUY

Liquor Stores Income Fund

34.000

Very strong, conservative balance sheet. Believes the stimulus is only now starting to translate into real contracts in Canada. Still room to grow. 5.25% yield is easily sustainable.

2009-11-11

BUY

Daylight Energy Trust

DAY.UN-T

9.460

Very positive on this. Could run up to $12-$13 over the next 12-18 months. Yield is sustainable.

2009-11-11

DON'T BUY

Bombardier Inc (B)

BBD.B-T

4.590

Doing great on the train side including a huge order from China but margins are not great. The plane side is troubled now because of the downturn and longer-term they will be challenged because of Chinese manufacturing of planes.

2009-11-11

HOLD

LIQ.UN-T

15.400

Made a US acquisition and would like to see how that works out before buying more. Long-term hold with some growth.

2009-11-11

BUY

Silver Wheaton

SLW-T

16.000

Silver is not keeping up with gold and tends to lag gold on the way up but more than all paces on the way down.

2009-11-11

BUY

SNS Silver Corp.

SNS-X

0.175

Silver and lead. Silver is not keeping up with gold and tends to lag gold on the way up but more than all paces on the way down.

2009-11-11

Comment

CML Healthcare Income Fund

CLC.UN-T

13.750

Trimmed holdings but still keeping it in income accounts. 7.79% distribution should be safe. Medical tests will grow with aging population but government has put a cap on the amount they will pay. Good income but moderate growth.

2009-11-11

BUY on WEAKNESS

Churchill Corporation (The)

0.020

Canadian banks. Have had a huge run and expects they will trade in a range for a bit. Will probably experience some losses on their loan portfolios but long-term the banks are phenomenal.

2009-11-11

TOP PICK

Penn West Energy Trust

PWT.UN-T

18.470

Have struggled with some issues but thinks they are getting these solved. Distribution is sustainable so the stock is undervalued.

2009-11-11

TOP PICK

CUQ-T

20.000

Has $9 in cash and no debt. Incredibly strong balance sheet. Acquired a large oil sands contractor and thinks the oil sands are going to start to come back.

2009-11-11

TOP PICK

Precision Drilling Corp.

PD.UN-T

7.300

Very large premium drilling company. Thinks the bottom in drilling is now past.

2009-11-11

PAST TOP PICK

Pembina Pipeline Income Trust

10.600

(A Top Pick Nov 7/08. Up 42.95%.) Still a buy.

2009-11-11

PAST TOP PICK

Viterra Inc

VT-T

10.660

(A Top Pick Nov 7/08. Up 25.33%.) Sold this in July.

2009-11-11

PAST TOP PICK

PIF.UN-T

15.780

(A Top Pick Nov 7/08. Up 10.45%.) Trimmed a little. Hold.

2009-11-11

BUY on WEAKNESS

Crescent Point Energy Corp

CPG-T

34.990

His favourite energy holding. Since converting from a trust there are no longer any restraints on growth. Dominant player in the Bakken in southern Saskatchewan, which is the best light oil field. Skilled management. Will probably get taken out by one of the majors. Yield of 7.89%. Try to get in at $32-$33 but this price is still OK.

2009-07-20

BUY

Petrobank Energy and Resources

9.230

Very strong balance sheet. Turmoil in commercial real estate is actually a buying opportunity for them. Great long-term value. Strong management.

2009-07-20

BUY

PBG-T

34.550

Terrific technology for the oil sands. Also have a play in the Bakken fields. Well managed.

2009-07-20

BUY

Potash Corp of Saskatchewan

24.330

Very conservative balance sheet and they like to have a lot of cash. Well positioned for the eventual impact of the Canadian stimulus. Solid company.

2009-07-20

BUY

POT-T

101.360

Around $100 it's a good buy. If the last contract price of $460 becomes standard there may not be a huge movement for a while. If you have sales higher than this and an increase in demand, this could have a nice 20%-30% run. Very volatile. If it runs up quickly, consider taking some money off the table.

2009-07-20

BUY on WEAKNESS

Alliance GrainTraders Inc.

AGT-T

20.050

Raised $100 million at 16.5% and those units won't land in people's accounts until Wednesday-Thursday. Acquiring a Turkish group, which is a very good buy. Would be worried about chasing it into the $20's. Try to buy at $18.50.

2009-07-20

DON'T BUY

Bank of Nova Scotia

BNS-T

43.150

Had been his favourite because of less exposure to the US than other banks. However, Mexico is going to be hit pretty hard and the Caribbean area will have fewer tourists.

2009-07-20

TOP PICK

Hudbay Minerals Inc.

HBM-T

8.040

Has $800 million cash, which is virtually the share price. You also get a bunch of mines thrown in. Thinks the management team and the board are now strong and sensible. Have 2 new mines coming on in northern Manitoba, which look good. Closing the copper smelter so the environment overhang and $150 million to modernize it will not be a factor.

2009-07-20

TOP PICK

Consolidated Thompson Iron Mines Ltd.

CLM-T

3.780

New iron ore producer in northeastern Quebec. Chinese put some serious money into it. Building a mine, port and rail. Thinks steel prices are going back up.

2009-07-20

TOP PICK

Russel Metals

RUS-T

15.430

Well managed company and pays a good dividend. Very cyclical and he thinks we are coming back to the point in the cycle where the car plants are starting up again and construction will get some stimulus.

2009-07-20

PAST TOP PICK

Vermilion Energy Trust

VET.UN-T

29.030

(A Top Pick Aug 18/08. Down 21%.) Still likes.

2009-07-20

PAST TOP PICK

Canadian Apartment Properties

9.150

(A Top Pick Aug 18/08. 5.8%.) Still likes.

2009-07-20

PAST TOP PICK

TSX Group

X-T

34.900

(A Top Pick Aug 18/08. Up 1.6%.) Sold his holdings at $32 for a loss of 6.8%. Too much competition coming.

2009-07-20

WAIT

General Electric

GE-N

13.150

Sees this one higher in a year. The big minus is their finance unit. A 2nd smaller minus his aircraft engines. Big plus is that it is probably the best managed manufacturer globally. Also moved a lot of production to China and brought costs down. When he is ready to buy US, this is at the top of his list.

2009-06-15

BUY

Talisman Energy

TLM-T

16.900

Likes this, but prefers Crescent Point (CPG.UN-T) and Vermilion (VET.UN-T) energy trusts. Very good company and has room to appreciate in value.

2009-06-15

BUY

Yellow Pages Income Fund

YLO.UN-T

5.500

Thinks 14.5% distributions are sustainable at the current level. Not at the top of his buy list but there is solid value at this level.

2009-06-15

BUY

CAR.UN-T

13.490

Canadian Apartment Properties (CAR.UN-T) and/or Boardwalk REITs (BEI.UN-T)? Thinks you get the same valuation in REITs as you would in the property market with a lot less work. He would buy either one of these or both.

2009-06-15

BUY

Boardwalk REIT

BEI.UN-T

32.200

2009-06-15

PARTIAL SELL

Research In Motion

RIM-T

90.900

Caller bought at $40. Sell? Demonstrably a great company but great companies sometimes get ahead of themselves in the stock price. He would sell half of it and try to buy it back a little lower. Will trade in a range and $90's will be at the high end.

2009-06-15

BUY

Fairfax Financial

FFH-T

284.010

This was a wonderful play on the downturn. CEO did a brilliant job positioning it to benefit from the market meltdown. Now he has gone the other way i.e., from being short to being long and is making some big bets. If you can get this under $300 and you are patient, you will do very well.

2009-06-15

BUY

Brookfield Asset Management (A)

BAM.A-T

19.610

Brookfield Asset Management (BAM.A-T) versus Brookfield Properties (BPO-T)? Likes both of them a lot. Owns more of Brookfield Asset Management and loves their hydroelectric generating assets. Brookfield Properties has a terrific balance sheet. They are really positioned to go in and be vulture investors and by some big valuable distressed properties at good prices.

2009-06-15

BUY

9.030

2009-06-15

BUY on WEAKNESS

Liquor Stores Income Fund

0.020

Canadian Banks: A little ahead of themselves as he believes the next 2 quarters they will take some losses on their credit card books and some of their loan books. This will probably cause them to pull back a little. Try to get them 10%-15% below where they are now.

2009-06-15

BUY on WEAKNESS

LIQ.UN-T

14.600

Well managed trust. Feels distributions are sustainable. Have lots of room to grow in Western Canada. A keeper for the long haul. Would probably wait for a down day before buying but this price is okay.

2009-06-15

TOP PICK

Enbridge

ENB-T

39.500

Pipelines. Have a really big bag of very good projects to pursue. No doubt that a lot of oil is going to move from Western Canada to the US and China. Think they will grow 10%-15% per year and also tend to increase their dividends. 3.75% yield. Great growth story.

2009-06-15

TOP PICK

Labrador Iron Ore

LIF.UN-T

34.020

Likes what is happening in terms of Chinese demand for iron ore. Iron ore companies are going to do very well. No debt. 5.88% yield.

2009-06-15

TOP PICK

Teck Resources Ltd. (B)

TCK.B-T

19.400

Had a near-death experience when it acquired Fording Coal. Took on a vast amount of debt. Has some good growth. Zinc prices are high. Feels the coal price is going to re-strengthen and they're going to sell off 20% of it for a very good price. Remaining debt is in US$ so they drop in that will be very helpful to their balance sheet.

2009-06-15

TOP PICK

Brookfield Asset Management (A)

20.500

Infrastructure Play. Conservatively managed, low payout ratio. Only risk is if the backlog falters or they don’t do well competitively.

2009-03-24

TOP PICK

BAM.A-T

17.300

They own a lot of hydroelectric power generation. Facilities last 100 years. Lots of access to credit, conservative balance sheet. Biggest risk is that they buy the wrong thing. They are not fully invested at this point. Likes the dividend.

2009-03-24

TOP PICK

Petrobank Energy and Resources

7.370

Main risk would be investors get bored with 11%.

2009-03-24

PAST TOP PICK

PBG-T

25.980

(Past Top Pick Apr 16/08 Down 51%)

2009-03-24

PAST TOP PICK

CAE Inc

CAE-T

7.440

(Past Top Pick Jan 7/08 Down 42%)

2009-03-24

PAST TOP PICK

Daylight Energy Trust

DAY.UN-T

7.100

(Past Top Pick Apr 16/08 Down 28%)

2009-03-24

Comment

0.020

We had a year-end rally that didn’t stick and then we tested the year-end lows. The federal budget is for a year that starts next week, so the flow of money into the economy starts next week. Thinks the depth of the crisis in Canada has been overstated.

2009-03-24

DON'T BUY

Opti Canada Inc.

OPC-T

0.900

Prefers PetroBank. Got out of it. Can extract oil without putting an open pit mine in.

2009-03-24

BUY

Hudbay Minerals Inc.

HBM-T

6.000

Likes it. $700 million in cash. Likes new Board. Biggest issue is copper smelter in Flin Flon.

2009-03-24

DON'T BUY

Thompson Creek Metals

TCM-T

5.000

Waiting to see improvement in moly prices. If you are patient, it is a great company. Could be a year or a couple of years.

2009-03-24

DON'T BUY

Teck Resources Ltd. (B)

TCK.B-T

6.780

Of the $11 billion they owe, 6 is due later this year. They may have to go into some form of court protection. May not be able to raise enough cash to pay debts. But coal prices have not come off as much as feared, copper has rebounded and they have managed to sell some small things.

2009-03-24

Comment