STOCKCHASE

0.660

Silver/zinc play in Mexico. 1st class management. Recently made an acquisition and with a combination of increased reserves and the likely increase in production is looking for $.08 a share in cash flow this year and $.15-$.18 next year. Still buying for his clients. Target of $.90 to $1 fairly quickly and probably closer to $2 next year.

2010-03-12

HOLD

0.020

Canadian banks. About 3 or 4 months ago, the general consensus on the street was that the 2010 earnings per share for all the banks would be fairly lacklustre with 2011 being the blockbuster with earnings increases of 20%-30%. Because of the much better than expected, 1st quarter estimates are being increased for this year as well as target prices.

2010-03-12

Comment

Bank of Nova Scotia

BNS-T

49.490

Far greater global exposure than the other banks. He prefers Toronto Dominion (TD-T) and Bank of Montreal (BMO-T).

2010-03-12

BUY

Research In Motion

RIM-T

76.810

`Expectation that earnings being reported March 31 is for about $1.27 and for the year $4.40 and looking at $5+ next year. Increasing competition will lead to decreased prices and increased market share. Trading at about 15-16X earnings.

2010-03-12

Comment

0.020

Alberta royalty rules were just changed from 50% going down to 36% for natural gas and 50% down to 40% for oil. There was a 5% royalty on new gas wells is to be continued for another year. Very positive for all the oil/gas trusts.

2010-03-12

BUY

H&R Real Estate Inv Trust

20.400

Now getting their house in order but there is still a degree of scepticism based on what would happen to capital requirements in another market meltdown. If you are looking out 2 to 3 years, it is a Buy.

2010-03-12

BUY

Canadian Natural Rsrcs

CNQ-T

74.730

Will be throwing off huge cash flows $20-$25 in 2-3 years from their Horizon project and the company will be debt free. The cash could be used for dividend increases but likely for acquisitions and share buybacks. (See Top Picks.)

2010-03-12

BUY

Goldcorp Inc

G-T

40.090

Likes their Mexican projects and the production from these. Also making some major headway in the Quebec area. Involved in a lawsuit with Barrick (ABX-T), which is messy but nothing more than an irritant.

2010-03-12

BUY

Onex Corp

OCX-T

28.150

If you want a first-class equity company, buy this one. Trades at a discount to NAV of around $33. First-class management. You'll have to hold it for about 5 years but should do quite well.

2010-03-12

Comment

Canadian Oil Sands Trust

COS.UN-T

27.840

Acquired reserves in the high Arctic, which will require the Mackenzie pipeline to be built. Good management. Likes others which have higher yields.

2010-03-12

BUY

Yamana Gold Inc.

YRI-T

10.270

From time to time, the price of gold will lead the stock price. If gold is going up sharply, then chances are the revenues will widen over the costs giving tremendous positive leverage. In a flattish environment, gold bullion will do better than the stocks.

2010-03-12

BUY

SNC-Lavalin Group Inc.

SNC-T

52.400

Likes this one very much looking out 3 to 5 years. Broad global exposure in areas he likes.

2010-03-12

SELL

Talisman Energy

TLM-T

18.860

Perennially this has been the cheapest stock compared to its peers. Thought it would change with the new management but it hasn't. Prefers others.

2010-03-12

BUY

General Electric

GE-N

17.040

One of his favourites. People think of the financial mess that their financing arm has gone through but more importantly, their other activities they are involved in making like a mini mutual fund in industrial America. If you have a 3 year view, it's a Buy.

2010-03-12

HOLD

TSX Group

X-T

29.980

Performance has been dismal but looking out 3 years, and looking at better markets, it will participate in the higher trading volumes and revenue producing activities. Yield of 5.07%.

2010-03-12

Comment

HR.UN-T

16.770

They were beaten up because of the Bow project in Calgary and fears of their ability to finance it and this is now in the background.. Because it is a REIT, it will be exempt from having to change in 2011. If interest rates go up, any interest sensitive stock will be under pressure and this would be the one caveat against buying it.

2010-03-12

DON'T BUY

Fortis Inc.

FTS-T

28.560

Has gone back to its old highs and has a yield of 4% and its multiple is fairly high. For good defensive stocks consider Pembina (PIF.UN-T), Inter Pipeline Fund (IPL.UN-T) and perhaps even Enbridge (ENB-T).

2010-03-12

HOLD

Trans Canada Corp

TRP-T

36.630

Likes this one. Good defensive stock.

2010-03-12

N/A

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

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

0.640

Great company. A junior about to become an intermediate.

2010-02-17

PAST TOP PICK

Pembina Pipeline Income Trust

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

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

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

iUnits Gold S&P/TSX E.T.F.

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

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

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

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

Canadian Imperial Bank of Commerce

20.540

Banks are expensive at this point. He continues to buy for new accounts.

2010-01-18

BUY on WEAKNESS

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

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

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

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

iUnits Gold S&P/TSX E.T.F.

11.310

(A Top Pick Jan 20/09. Up 59.71%.)

2010-01-18

PAST TOP PICK

XGD-T

20.900

(A Top Pick Jan 20/09. Up 13.69%.)

2010-01-18

PAST TOP PICK

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

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

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

iUnits Short Bond Index E.T.F.

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

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

RioCan Real Estate Investment

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

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

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

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

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

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

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