STOCKCHASE

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

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

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

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

Reitmans (Canada) Ltd. (A)

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

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

Comment

RioCan Real Estate Investment

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

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

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

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

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

Sceptre Investment Council Ltd

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

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

Potash Corp of Saskatchewan

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

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

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

BUY

24.800

He has a half position and would buy on any weakness but doesn't think it will be very much. If you're looking out 1 or 2 years this is not a bad entry point. 4.2% yield.

2009-10-01

Comment

Trans Canada Corp

TRP-T

32.960

4.6% yield. Likes this one.

2009-10-01

HOLD

Rogers Communcations (B)

RCI.B-T

29.050

Has a half position. Getting a little nervous about this as the technicals are starting to break down. Hold off buying to see what the stock actually does. Likes the 3.8% dividend. Environment for handheld devices is going to get a lot more competitive so margins will be under pressure.

2009-10-01

WATCH

Bombardier Inc (B)

BBD.B-T

4.880

Big contract with China for trains is marvellous. Great plus for Canada in general and Bombardier in particular. As an investor, he would like to see more details about the contract as to how profitable it will be and over what time period. If you are looking out 5, 10, 15 years the need for energy-efficient mass transport will be one of the many demands. Having a foot in the door they are in a great position going forward.

2009-10-01

STRONG BUY

Pembina Pipeline Income Trust

0.570

Silver mine in Mexico that also produces copper and zinc. Cut budgets to the bone when times got tough and when metal prices were lower. Positive cash flow accelerating every quarter. Looking for $0.07 a share in cash flow next year. Looking forward to 2000 tons a day production which would give cash flow of $.10-$.20. Exploration potential is fabulous, open-ended both laterally and vertically.

2009-10-01

Comment

UTS Energy

UTS-T

1.720

On a 5-year view of the oil sands, in the unlikely event the US decides it doesn't like the oil, China will be quite happy to take it. Fort Hills project will be developed in due course but right now Suncor (SU-T) has a few other priorities. First class management and well positioned. Having some luck with exploration.

2009-10-01

BUY on WEAKNESS

Emera Inc

EMA-T

21.230

If looking for a growth and income model, this would definitely be a candidate. Look for a little lower price. 5.1% yield.

2009-10-01

BUY

Research In Motion

RIM-T

72.810

On his Buy list. Has come off, perhaps unduly. Great company. Has done all the right things and the growth potential is fantastic and he thinks the stock will recover.

2009-10-01

BUY on WEAKNESS

PIF.UN-T

15.150

Good yield of 10.3%. It should have good, steady growth, cash flow and continue distributions. You might hold off buying until you see what the market is going to do and try to get at $14.46.

2009-10-01

BUY on WEAKNESS

Viterra Inc

VT-T

10.350

Acquired an Australian company and made some concessions to the government. Longer term it is an interesting play. Australia is going to be one of the great breadbaskets of the world feeding the far east. Some pretty good long-term potential but would wait for better prices.

2009-10-01

HOLD

Encana Corp

ECA-T

60.100

Rumours are that when it splits into the 2 different pieces, that one of them could be acquired. When this happens he will hold both pieces. Likes the oil sands and the oil business generally. Also thinks natural gas is about to take off.

2009-10-01

BUY

Bonavista Energy Trust

BNP.UN-T

20.270

Mainly natural gas. The distribution and good yield of 9.5%, which he thinks, can be maintained going forward. Like outlook for natural gas.

2009-10-01

BUY

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

XGD-T

20.060

Gold is 5% to 10% of his clients’ portfolios in the form of XGD. This consists of the major TSX gold stocks. He is looking for $1200 for gold in 2010.

2009-10-01

Comment

H&R Real Estate Inv Trust

HR.UN-T

13.430

Recently sold half his position as he saw the momentum coming out of the trust. He may even sell the other half. It has had a good run and there are other things he would like to invest in.

2009-10-01

SELL

Denison Mines Corp

DML-T

1.780

Some drill results were distinctly disappointing. Also had a joint venture partner with whom they were to do some explorations for eventual production in Canada. That has been cancelled, or at least postponed and the market is guessing that it won't happen before 2018.

2009-10-01

DON'T BUY

Uranium Participation Corp.

U-T

6.260

NAV is $7.25 and this would be his initial favourite to go back to in uranium plays. Some analysts are looking for weaker spot prices. Would prefer $5.75 as an entry point.

2009-10-01

Comment

0.020

Uranium. Very bullish on this longer term. Growth demand will be coming from China, which are currently producing about 6.8 GW of power and targeted to go to 86 GW over the next 10 years. Planning 68 nuclear plants but recently increase that to 114. Looking out 3, 4, 5 years uranium should be very much higher in price.

2009-10-01

STRONG BUY

0.540

Mexican silver play. Cash flow per share is going up because of higher metal prices and higher production. In a year or two when production gets back up to 2000 tons a day, if not higher, you are looking at something like $.20-$.25. Because of its cash and positive cash flow, it is now in an M&A mode. Hundreds of silver mines in Mexico are floundering and could be acquired.

2009-09-10

Comment

Reitmans (Canada) Ltd. (A)

0.020

Silver. Looking for it to trade around $18-$19.

2009-09-10

BUY

Arc Energy Trust

AET.UN-T

17.900

One of his favourites. Pretty well balanced between oil and natural gas. Good management. On his watch list. 6.7% yield.

2009-09-10

BUY

RET.A-T

15.820

Virtually no debt, good ROE so should be a dream stock. Have been working hard to develop different parts of the market. Good yield. If you have a 3-year view it is fine. 4.6% yield.

2009-09-10

BUY

Sherritt International Corp.

24.990

Consensus returns on capital gains is about 13% and with a yield of about 4.2% gives a pretty good 17% one-year return on a conservative stock. Good forcastable earnings.

2009-09-10

SELL

S-T

7.530

Longer-term macro view is quite positive. He likes based metals and this is one of the major players in Canada. Short-term they are having difficulties with their nickel project in Madagascar. Until that gets straightened away, you should avoid.

2009-09-10

BUY

Precision Drilling Corp.

PD.UN-T

6.950

He believes the natural gas market has turned and the drillers are at the bottom of their cycle. This will be one of the worlds great drilling companies going forward. He owns Cathedral Energy (CET.UN-T). You should also look at Pason Systems (PSI-T) or Transocean (RIG-N).

2009-09-10

BUY

Cathedral Energy Services Income Trust

CET-T

3.800

Specialist in horizontal drilling, which is particularly useful in the shale drilling. 6.3% yield.

2009-09-10

BUY