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| Peter Brieger of GlobeInvestment Capital Management |
|---|
| 20 Queen Street West |
| Suite 3308 |
| Toronto ON |
| M5H 3R3 |
| 416-591-7100 |
| Peter Brieger's website |
| Fax: 416-591-7133 |
| info@globe-invest.com |
| N/A | A Comment -- General Comments From an Expert | A Commentary | 0.020 | From the highs until a week or so ago we were down about 8%. He thought it would go further. The reasons were 3 – (1) it was very over bought; (2) people were concerned about Chinese tightening; (3) debt crisis in Grease. The later gives him some concern. Wonderful company results were partly based on conservative guidance from the companies. He is glad to see it but takes it with a grain of salt. He looks for income in stocks, not just capital gains. | 2010-02-17 | ||
| BUY | BCE Inc. | BCE-T | 28.990 | He prefers Rogers and Shaw. Sole reason for owning BCE is the dividend. Modest capital gains from here. Reasonable minimum downside. At some point he thinks they and Telus will spin off wireless. | 2010-02-17 | ||
| BUY | Canadian Natural Rsrcs | CNQ-T | 72.160 | Could be debt free in 3 or 4 years. Could have share buy backs or dividends or all of the above. Sold it because he wanted a pure oil play. | 2010-02-17 | ||
| BUY | Crescent Point Energy Corp | CPG-T | 39.090 | This replaced CNQ in his holdings. Indexes will be forced to buy some because it is the only Canadian oil in the Morgan Stanley international index. They have a number of drilling sites that can keep them in business for years to come. They are expert at applying technology to enhance the initial recovery as well as to develop it. It will take continuing increased cash flow and continued $80 oil to maintain distribution. | 2010-02-17 | ||
| BUY | Fortis Inc. | FTS-T | 27.340 | Capital gains potential is about 10% plus yield of about 4%. 200 day moving average is 4% lower. He likes the risk reward ratio. | 2010-02-17 | ||
| BUY | Scorpio Mining Corp. | SPM-T | 0.640 | Great company. A junior about to become an intermediate. | 2010-02-17 | ||
| PAST TOP PICK | Inter Pipeline Fund | IPL.UN-T | 11.850 | (Top Pick Feb 25/09, Up 71%) Likes it. Great management. Is a limited partnership so they will keep their structure after 2011. Would buy more below $11 | 2010-02-17 | ||
| PAST TOP PICK | CASH | CASH | 0.000 | (Top Pick Feb 25/09, Up 0%) 35-40% cash was held at that date. Still holds 10-15% and sometimes 20% cash. Does not want to chase value | 2010-02-17 | ||
| WAIT | Pembina Pipeline Income Trust | PIF.UN-T | 18.440 | Short term the shares are over bought. If you have a 5-year horizon, it could be put in. Over next 6 months focus on energy income trusts where he sees more growth. | 2010-02-17 | ||
| DON'T BUY | Manitoba Telecom Services | MBT-T | 31.970 | Sold it when management lowered guidance. Very slow growing, stable business. The Allstream business is loosing money. If things don’t change before the end of the year they have to review the dividends. | 2010-02-17 | ||
| BUY | Arc Energy Trust | AET.UN-T | 21.920 | Going to Buy it. His entry was to be $21.50 or better. This is a good entry point and you can hold it for some time. | 2010-02-17 | ||
| BUY | Power Corp | POW-T | 29.650 | On his potential buy list. Growth is going to come from the European assets. Great long term purchase because you get a good cross section of the financial market in Canada. Increase dividend twice a year on average. | 2010-02-17 | ||
| BUY | TSX Group | X-T | 30.000 | Longer term there is going to be an increase in the number of trading systems, but there will be great long-term growth in the industry due to global exposure as foreign investment in Canada increases. They may snap up some of these alternative systems. | 2010-02-17 | ||
| WEAK BUY | Enbridge | ENB-T | 47.190 | Has gone to Transcanada partly because of yield and partly due to cash flow. | 2010-02-17 | ||
| BUY | DuPont | DD-N | 33.130 | On his buy list. Going to buy slightly below where it is now. Great track record getting patents and turning a high percentage into products. Very positive outlook. Dividend policy was wishy-washy but feels the dividend will increase. | 2010-02-17 | ||
| BUY | Manulife Financial | MFC-T | 19.500 | Took a half position (2%). Have great exposure in China and will be in India. Good entry point for a 3-year view. | 2010-02-17 | ||
| TOP PICK | Millipore Corp. | MIL-N | 70.040 | Life science business - biosciences (helps with discovery of new drugs) & bioprocess (testing equipment and quality assistance). Modern drugs require much higher quality standards and testing procedures. As the need for drugs increases this stock will increase exponentially. | 2010-02-17 | ||
| TOP PICK | Yamana Gold Inc. | YRI-T | 11.160 | Mid-sized company that will increase its production by 50-60% over the next 4 years. Cash flow is going to go up like a rocket. | 2010-02-17 | ||
| PAST TOP PICK | iUnits Gold S&P/TSX E.T.F. | XGD-T | 20.190 | (Top Pick Feb 25/09, Up 7.8%) With all the printing of money, gold will be in demand. World could go to a new currency which includes gold. 5-10% of every portfolio is in gold. | 2010-02-17 | ||
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| BUY | Shaw Communication (B) | SJR.B-T | 19.820 | (Market Call Minute) Would buy it here. | 2010-02-17 | ||
| BUY | Pan American Silver | PAA-T | 22.820 | (Market Call Minute) If you like silver, it’s a play on silver so he would buy it. | 2010-02-17 | ||
| SELL | Teck Resources Ltd. (B) | TCK.B-T | 39.150 | (Market Call Minute) Prefers BHP. | 2010-02-17 | ||
| BUY | Canadian National R.R. | CNR-T | 54.840 | (Market Call Minute) Limited downside of 5% / 15% upside. | 2010-02-17 | ||
| SELL | Yellow Pages Income Fund | YLO.UN-T | 5.780 | (Market Call Minute) Has been buying the preferred shares, which will increase when they cut the distribution, which they will. | 2010-02-17 | ||
| BUY | Freehold Royalty Trust | FRU.UN-T | 15.880 | (Market Call Minute) One of the great trusts. One of the ones they like. Don’t own it because they prefer the other 4. | 2010-02-17 | ||
| TOP PICK | Tetra Tech Inc. | TTEK-Q | 21.450 | US based business focused on water (75%). Thinks water is where oil was 10 years ago. They recycle/purify drinking water. It is in the very early days in the discovery of this company. 20%/year growth for some years. | 2010-02-17 | ||
| TOP PICK | Crescent Point Energy Corp | CPG-T | 39.080 | The premier light oil company in Canada. US Dept of Geology has stated the Bakken is probably 25 times bigger than expected. | 2010-01-18 | ||
| TOP PICK | Millipore Corp. | MIL-N | 72.800 | Healthcare serving markets in the far east. 45% is providing equipment and services to biosciences exploring new drugs, therapies, etc. Other part is bioprocess, using molecular structure as opposed to chemical compounds. | 2010-01-18 | ||
| TOP PICK | Yamana Gold Inc. | YRI-T | 12.050 | Production will be fairly flat over the next couple of years as it is divesting itself of a couple of non-core positions but expects production will accelerate in 2012-2013. | 2010-01-18 | ||
| BUY | Manulife Financial | MFC-T | 20.540 | Banks are expensive at this point. He continues to buy for new accounts. | 2010-01-18 | ||
| BUY on WEAKNESS | Canadian Imperial Bank of Commerce | CM-T | 65.660 | Dividends for all Canadian banks are safe. This bank is having a little more difficulty because of write-offs, etc. Would like to buy at $60. Yield of 5% plus. | 2010-01-18 | ||
| BUY on WEAKNESS | Agrium | AGU-T | 65.790 | Likes longer-term. Some things to resolve. Will they get CF? Also their contract with China seems to be up in the air. Would buy at $58. | 2010-01-18 | ||
| Comment | Potash Corp of Saskatchewan | POT-T | 119.300 | Prefers Agrium (AGU-T) because market cap is significantly smaller making it more vulnerable to a takeout play. Also cheaper on a PE basis. | 2010-01-18 | ||
| BUY on WEAKNESS | Ag Growth International Inc | AFN-T | 36.800 | His ideal entry point would be about $30 but never seems to get cheaper. Long-term, it's a great story to own. Going global. Terrific story but too expensive. 5.5% yield. | 2010-01-18 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Loves precious metals as he expects a depreciation of paper currencies and moving to a new basket of currencies including gold. There is also a concern about solvency of various nations and the amount of debt they are taking on. | 2010-01-18 | ||
| Comment | Sunlife Financial | SLF-T | 32.970 | Prefers ManuLife (MFC-T) but this would be his 2nd choice. | 2010-01-18 | ||
| Comment | Great West Lifeco | GWO-T | 26.550 | Prefers to own this through Power Financial (PWF-T) because this also gives you IGM Financial (IGM-T). | 2010-01-18 | ||
| BUY | Scorpio Mining Corp. | SPM-T | 0.750 | Silver. Great story going forward. Acquiring a neighbouring property owned by Platte River Gold company. You could also look at the silver ETF (SLV-N), which could be as good a proxy for precious metals as anything else. | 2010-01-18 | ||
| BUY | Rogers Communcations (B) | RCI.B-T | 31.250 | If looking for decent yield and long-term growth in telcos, this would be his prime choice. (30% of Canadians don't have cable or wireless and that is the segment that the competion GlobeAlive (?) or Wind (?) will go after.) | 2010-01-18 | ||
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| WEAK BUY | BCE Inc. | BCE-T | 27.840 | Equivalent of a long-term bond with a 6.23% yield. Earnings growth is pretty mediocre. | 2010-01-18 | ||
| PAST TOP PICK | Inter Pipeline Fund | IPL.UN-T | 11.310 | (A Top Pick Jan 20/09. Up 59.71%.) | 2010-01-18 | ||
| PAST TOP PICK | iUnits Gold S&P/TSX E.T.F. | XGD-T | 20.900 | (A Top Pick Jan 20/09. Up 13.69%.) | 2010-01-18 | ||
| PAST TOP PICK | CASH | CASH | 0.000 | (A Top Pick Jan 20/09.) | 2010-01-18 | ||
| BUY | Canadian National R.R. | CNR-T | 54.970 | On his Buy list. As the US economy recovers, they will be in a prime position to benefit. Has been weak lately giving a buying opportunity | 2010-01-18 | ||
| N/A | A Comment -- General Comments From an Expert | A Commentary | 0.020 | There is now some major questioning about reserves for XTO in shale in Texas area, making natural gas area look much better than it used to be. A great number of companies will go back to natural gas from coal, which used to be very cheap. In 2 to 3 years we will see the oversupply reduce. If you are going to buy a Nat Gas company, now is the time to do it. TSX will go up 10% from here as a result of recent US economic data released (inventory, retail sales numbers). | 2009-12-14 | ||
| HOLD | Sunlife Financial | SLF-T | 29.280 | Is relatively cheap (8-9 times next year’s earnings). May want to average down, depending on time horizons | 2009-12-14 | ||
| BUY | Manulife Financial | MFC-T | 18.610 | Thinks they are over the hump. Could own SLF or MFC depending on the value at that moment. | 2009-12-14 | ||
| BUY | Fortis Inc. | FTS-T | 28.160 | It’s expensive (17 times next year’s earnings), but so are other utilities. There has been a push toward high yielding (3%+) security. | 2009-12-14 | ||
| BUY | Power Financial Corp | PWF-T | 29.740 | Likes it – it’s on his buy list. 4.71% and expectation of 10-12% capital gain over the next 12 months. High grade stock, well run – one of our premier companies in Canada. | 2009-12-14 | ||
| BUY | Crescent Point Energy Corp | CPG-T | 38.890 | Story just keeps on getting better – a high-grade oil play in Saskatchewan. They find promising land, drill it to get the potential and then scoop up all the land they can get. They are building up potential drilling locations. Distributions are safe. | 2009-12-14 | ||
| BUY | Research In Motion | RIM-T | 66.960 | Likes it very much. First class technology and management, 50% market share on N.A., 20% globally. Thinks they will continue to be a market leader with earnings growing at 20% per year. Stock is cheap. Is going to add to his position. | 2009-12-14 | ||
| SELL | Cenovus Energy | CVE-T | 26.350 | Will let Nat Gas production go down over next 3-5 years and will have flat earnings for several years. | 2009-12-14 | ||
| BUY | Precision Drilling Corp. | PD.UN-T | 7.290 | One of the largest land-based drillers. Half of their 450 drills are in use. Tremendous upside leverage in this company. Hopefully they will restore the dividend at some point. He is looking at buying it. | 2009-12-14 | ||
| BUY | Rogers Communcations (B) | RCI.B-T | 30.090 | Came down when the decision was reversed on a new wireless player (globalive) in the market. As a customer he would not switch to a new carrier until it had a year under it’s belt, so he does not feel it is an immediate problem. | 2009-12-14 | ||
| PAST TOP PICK | iUnits Short Bond Index E.T.F. | XSB-T | 29.470 | (Top Pick Dec 01/08, Up 6.2%) Was a way to park money for the short term. Gov’t and Corporate max 5-year maturity bonds, very high grade. Risk is if interest rates suddenly went up. | 2009-12-14 | ||
| BUY | Daylight Energy Trust | DAY.UN-T | 9.400 | 60/40 gas to oil. Likes it going forward. Mid-sized producer in Alberta. Will continue to make acquisitions to add to cash flow. Would buy it here. Probably distributions will get cut but will be no impact unless in an RRSP because of tax advantages. | 2009-12-14 | ||
| BUY | BCE Inc. | BCE-T | 26.520 | If Globalive really gets a foothold, you might get a merger of Shaw and Rogers. BCE and Telus could spin off their wireless operations and merge them. | 2009-12-14 | ||
| BUY | Telus Corp | T-T | 32.100 | Dividend is secure, likes company. Hold on to it, there will be capital appreciation. | 2009-12-14 | ||
| BUY | Scorpio Mining Corp. | SPM-T | 0.640 | Silver company. Only one analyst follows it. The stock is probably stuck where it is. They are acquiring a property next door, picking up great reserves, great exploration team and will put their mill up to full utilization. Once deal goes through it could generate interest elsewhere. | 2009-12-14 | ||
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| BUY | Arc Energy Trust | AET.UN-T | 19.970 | On his potential buy list. They acquired some assets and are doing an issue to pay for them. Doesn’t know if there is dilution, but thinks not. Risks are major spike in interest rates, pickup in inflation or further decline in US$. Deficit spending in US is bothering him. | 2009-12-14 | ||
| WEAK BUY | Centamin Egypt | CEE-T | 1.980 | Management of company bought a map of a gold mine that went back to biblical times. It’s on his radar screen. Could be an interesting play. | 2009-12-14 | ||
| BUY | RioCan Real Estate Investment | REI.UN-T | 18.540 | Sold it a month ago. He likes it but had other uses for the money. Distribution is safe, inflation would be positive for it. | 2009-12-14 | ||
| BUY | Bank of Nova Scotia | BNS-T | 48.130 | Owns TD and BMO. He still likes the banks. 2-4% predicted earnings increase in a year. The reason to buy banks would be further increases in dividends, but he doesn’t see that in the next year. | 2009-12-14 | ||
| BUY | Toronto Dominion | TD-T | 66.430 | It is his favourite bank but 12-month period before it gets going again. | 2009-12-14 | ||
| DON'T BUY | Talisman Energy | TLM-T | 18.790 | Should change to CPG. Talisman has been historically cheap. Management has changed. He thinks caller should move from TLM to CPG. | 2009-12-14 | ||
| TOP PICK | Bonavista Energy Trust | BNP.UN-T | 21.150 | 60 Nat Gas/40% oil. Bulk of business in central Alberta. Organic growth of 5% a year enhanced by acquisitions. 17-18% capital gain on top of 9% yield expected. | 2009-12-14 | ||
| TOP PICK | Trans Canada Corp | TRP-T | 35.680 | Over next 3-4 years they will be completing pipelines. Power business will expand fairly rapidly. Is going to sharply increase it’s free cash flow. Hopefully will increase the dividend at some point. Will build a power plant in the Oakville area. | 2009-12-14 | ||
| TOP PICK | Manulife Financial | MFC-T | 18.610 | Was startled when they cut the dividend. There were two issues – few ink stains on blotter from prior management and had to decide whether to issue equity now or sit back and get shareholder’s rather if market when down. | 2009-12-14 | ||
| PAST TOP PICK | SPDR Gold E.T.F. | GLD-N | 110.240 | (Top Pick Dec 01/08, Up 45.5%) Changed for XGD-T because of Canadian dollar. Also he was uncomfortable with it because of futures. Wanted to come back to Canada. | 2009-12-14 | ||
| PAST TOP PICK | Inter Pipeline Fund | IPL.UN-T | 10.930 | (Top Pick Dec 01/08, Up 54%) Sells when client’s position exceeds 10%. It is fully priced now, unless you are going to keep it 2-3 years. 8.2% will increase gradually. | 2009-12-14 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Market: - Looking for a correction of 4%-5% between now and year-end but could be a little sooner than looking for a positive market. About 15%-20% cash in his conservative accounts. Heaviest weighting is energy. Limited amount in base metals and 15%-20% in gold. Banks are roughly 10%. | 2009-11-02 | ||
| BUY on WEAKNESS | Research In Motion | RIM-T | 60.150 | Recently bought half a position and will be looking to average down. Citicorp (C-N) downgraded the stock to a Sell and boosted Motorola (MOT-N) because of their Droid handset and Android software. Looking for an erosion of prices. Expect market multiples to match the TSX for the next 2 years. | 2009-11-02 | ||
| HOLD | Emera Inc | EMA-T | 21.960 | Hydro-Quebec’s takeover of New Brunswick Power shouldn't have any effect on this stock. Prefers Fortis (FTS-T) with a higher growth rate of possibly 10% and yield of 4.11% for a total return of about 14%. | 2009-11-02 | ||
| TOP PICK | Inter Pipeline Fund | IPL.UN-T | 10.100 | In addition to conservative long-term growth possibilities, with its yield and Price/Cash Flow ratio it will hold up very well. 8% yield and 4% gain gives a 12% yield. | 2009-11-02 | ||
| TOP PICK | Crescent Point Energy Corp | CPG-T | 36.920 | Saudi's to start pricing crude based on Argus Sour Crude index instead of NYMEX. Expects a lot of investors are going to be looking for pure oil plays. Great reserves. Good entry point. | 2009-11-02 | ||
| TOP PICK | Scorpio Mining Corp. | SPM-T | 0.650 | Junior silver mining company in Mexico. Acquiring a company next door that will do wonders for their reserves and production. Looking for cash flow of $.08 in 2010 and $.18 in 2011. | 2009-11-02 | ||
| BUY | Fortis Inc. | FTS-T | 25.360 | Hydro-Quebec’s takeover of New Brunswick Power shouldn't have any effect on this stock. Growth of possibly 10% and yield of 4.11% for a total return of about 14%. | 2009-11-02 | ||
| HOLD | Reitmans (Canada) Ltd. (A) | RET.A-T | 16.450 | Yield of over 4% with possibly 4% growth for a total return of about 8%. Little or no debt. Retail business is quite tough but they have been improving their stores quite sharply. | 2009-11-02 | ||
| BUY on WEAKNESS | Shoppers Drug Mart Corp | SC-T | 43.700 | Looking at this one very carefully. A bit sceptical on the damage by the new Ontario legislation. Would prefer it at $40. | 2009-11-02 | ||
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| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Canadian Banks: - Expecting earnings increases in 2010 over 2009 of about 1%-1.5% but going up to 10%-15% in 2011. Likes the banks and even if you have to wait for 2011 earnings will be much higher. | 2009-11-02 | ||
| Comment | RioCan Real Estate Investment | REI.UN-T | 17.910 | Just recently sold his holdings, as it was getting a little pricey. First class company. | 2009-11-02 | ||
| DON'T BUY | Denison Mines Corp | DML-T | 1.560 | Loves uranium as a commodity. Nuclear energy is the future, although it will take a long time to put into effect. Had a number of accidents lately, which seems to be an ongoing theme. If he was to buy anything it would be Uranium Participation (U-T). | 2009-11-02 | ||
| DON'T BUY | Cameco Corporation | CCO-T | 29.840 | Loves uranium as a commodity. Nuclear energy is the future, although it will take a long time to put into effect. Had a number of accidents lately, which seems to be an ongoing theme. If he were to buy anything it would be Uranium Participation (U-T). | 2009-11-02 | ||
| BUY on WEAKNESS | Uranium Participation Corp. | U-T | 6.800 | Loves uranium as a commodity. Nuclear energy is the future, although it will take a long time to put into effect. Prefers this to other uranium stocks. Try to buy at $6.25-$6.50. | 2009-11-02 | ||
| Comment | Manulife Financial | MFC-T | 20.190 | Bought half a position. A “show me” story. He will watch, look at the earnings and if it appeals to him he will add to his position otherwise will sell. | 2009-11-02 | ||
| HOLD | Pengrowth Energy Trust | PGF.UN-T | 9.920 | First-rate income trust. New management team so a “show me” stock. | 2009-11-02 | ||
| Comment | Hudbay Minerals Inc. | HBM-T | 13.620 | Could be very attractive in the base metals space. | 2009-11-02 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Market outlook. Expecting a pullback in the market. Pick the stocks that you like and a price you would like and wait for the pullback before buying. Caution is the order of the day. | 2009-10-01 | ||
| TOP PICK | Inter Pipeline Fund | IPL.UN-T | 9.450 | (Past Top Pick Oct 16/08. Up 35%.) Will be staying in their limited partnership format and will have enough money coming in from additional pipeline business to cover taxes so the 8.9% distribution will be maintained for the foreseeable future. | 2009-10-01 | ||
| TOP PICK | Crescent Point Energy Corp | CPG-T | 35.730 | He is strong on crude. Pure player, producing highest quality crude of any producer in Canada plus a medium quality crude in southwest Saskatchewan. Amply demonstrated ability to 1) find interesting exploration areas, 2) ability to turn exploration into positive initial primary production and 3) able to double production from existing wells. Have up to 1800 drilling locations. 7.7% yield. | 2009-10-01 | ||
| TOP PICK | Sceptre Investment Council Ltd | SZ-T | 5.460 | Has a positive view on asset/investment managers. A very highly leveraged business in that most firms have enough people to allow them to significantly increase assets over the next 5 years. Looking for 10%-11% annual growth. Expecting a dividend increase next year. Look to hold for 3-5 years and take your time buying. | 2009-10-01 | ||
| PAST TOP PICK | Canadian Natural Rsrcs | CNQ-T | 69.810 | (Past Top Pick Oct 16/08. Up 46%.) Sold his holdings and put it into Crescent Point (CPG-T). The run is probably not over but cash flow estimates are coming down. Used to be $21-$22 but are now down around $12. Would buy at $65. (See Top Picks.) | 2009-10-01 | ||
| PAST TOP PICK | Agrium | AGU-T | 51.600 | (Past Top Pick Oct 16/08. Up 23.2%.) Still likes this one and is still buying. Hope they are successful in acquiring CF Industries. Also likes their retail and wholesale business. Wait until you see where the market is going before buying. | 2009-10-01 | ||
| HOLD | Manulife Financial | MFC-T | 21.900 | Took a half position and is watching it carefully. Looking for a pretty good return over the next year or 2. Expecting the dividend will go back up in the next year or two. | 2009-10-01 | ||
| BUY | Sunlife Financial | SLF-T | 32.170 | Cheaper than Manulife (MFC-T). Not concerned because of its exposure to China. | 2009-10-01 | ||
| BUY | Daylight Energy Trust | DAY.UN-T | 8.280 | Took a half position and looking to build it up. Recently acquired High Point, which is very well situated in south-central and western Alberta. Thinks the 11.6% distribution is safe. Very cheap relative to its peers. | 2009-10-01 | ||
| Comment | Canadian Pacific Rail | CP-T | 49.060 | Doesn't own it because it is more of a commodity carrier than anything and it depends on how the economy works out. When demand from China starts to rebuild he likes the outlook for them. Would like to get it 5%-10% cheaper. | 2009-10-01 | ||
| WAIT | Canadian National R.R. | CNR-T | 51.760 | The industry leader. In a general North American recovery, he would prefer this to Canadian Pacific (CP-T). Still a little too early to get in. | 2009-10-01 | ||
| DON'T BUY | Potash Corp of Saskatchewan | POT-T | 93.880 | Would hold off on this as the charts are beginning to look a little suspect and it could possibly drop to $85. Waiting for the Chinese shoe to drop. Until there is a clearer picture, he would stay away. | 2009-10-01 | ||
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| HOLD | Penn West Energy Trust | PWT.UN-T | 16.360 | Have substantial tax pools so you can hope that they can defer taxes out until 2012-2013. Good company. 11% yield. | 2009-10-01 |