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| Peter Gibson of Desjardins Securities |
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| Comment | Barrick Gold | ABX-T | 37.310 | Very positive on gold. Longer term he expects it to get to the $1300 level. Largest gold reserves in the industry. Prefers Eldorado (ELD-T), which is more of a pure gold play. | 2009-04-03 | ||
| BUY | BCE Inc. | BCE-T | 25.800 | This is a stock that he thinks could rally by 20%. Very good value scores in the proprietary work that he does. Good yield of about 6%. Payout ratio is acceptable. Relatively low risk. | 2009-04-03 | ||
| DON'T BUY | Bank of Montreal | BMO-T | 34.920 | Canadian banks have held up way better than the global banking system. The median yield in the banking sector is about 7%, which is normally very attractive but never by a company where the yield is high but profitability is falling quickly. The banks profit declines are very strong. | 2009-04-03 | ||
| Comment | Canadian Natural Rsrcs | CNQ-T | 53.510 | Thinks oil is likely to rebound to the $70 level in the next few months. | 2009-04-03 | ||
| BUY | Canadian Oil Sands | COS-T | 26.820 | A pure oil sands play. ROE decline is there which bothers him but the yield curve is good in terms of payout ratio and debt cash flow coverage. | 2009-04-03 | ||
| TOP PICK | Imperial Oil | IMO-T | 47.200 | Typically when you come to the end of these panics stimulus takes place. Oil comes off from very low levels and recovers nicely. This one has ROE levels of 43%. | 2009-04-03 | ||
| DON'T BUY | Loblaw Companies Ltd | L-T | 30.900 | In the last few months, profitability has stabilized. Operating characteristics are also improving a little bit but doesn't think it is out of the woods entirely yet. Still too early. | 2009-04-03 | ||
| HOLD | Nexen Inc | NXY-T | 23.400 | Has quite a rapid ROE decline at this stage. Wouldn't be his first choice. | 2009-04-03 | ||
| TOP PICK | Potash Corp of Saskatchewan | POT-T | 105.090 | Switched out of Agriun (AGU-T), which he still likes but thought this would perform better. World's largest fertilizer company and low cost producer. ROE growth is the 3rd fastest in the TSX in the companies he looks at. | 2009-04-03 | ||
| BUY | Research In Motion | RIM-T | 72.800 | Has a very high level of profitability. Operating characteristics, margins/asset turnover are fantastic. | 2009-04-03 | ||
| DON'T BUY | Trans Canada Corp | TRP-T | 30.180 | ROE level is all right but the rate of profit decline is at a level that implies further weakness. It is negative enough to imply negative earnings surprises are still likely. Attractive yield of around 5%. | 2009-04-03 | ||
| TOP PICK | TSX Group | X-T | 37.400 | Has cash, derivatives, facilitation in equity markets, fixed incomes, energy markets, excellent characteristics and higher ROE levels. Good growth rate. Still has lots of room to run. | 2009-04-03 | ||
| TOP PICK | Barrick Gold | ABX-T | 45.730 | Just recently saw some deterioration in profitability. This may force him to change his recommendation going forward. We are only now starting to see the next rebound in gold prices. | 2009-02-04 | ||
| Comment | Bombardier Inc (B) | BBD.B-T | 3.720 | Likes the company and even liked the stock when it was around $7. There is a lot of market apprehension about infrastructure, business jets in particular. Very high level of ROE and very strong profit growth. Valuation looks good. It won't go anywhere until corporate spreads narrow in and some of the risk aversion goes away. | 2009-02-04 | ||
| DON'T BUY | CAE Inc | CAE-T | 7.220 | A little bit rich. Not the strong profit growth they had recently. Doesn't look strong enough for him. | 2009-02-04 | ||
| DON'T BUY | Imperial Oil | IMO-T | 39.000 | Profitability is now falling quite rapidly. Reporting one of the fastest profit declines. | 2009-02-04 | ||
| BUY | Manulife Financial | MFC-T | 20.150 | Excellent valuation. Looks very appealing. Likes their far Eastern plan as he believes in the emerging economy story. Payout ratio one year forward is a little high which makes him nervous. | 2009-02-04 | ||
| TOP PICK | Nexen Inc | NXY-T | 17.810 | Profit growth although it is clear that profitability is going to collapse in this sector going forward. Still thinks oil prices are going to bounce back to the $70’s and maybe $80. | 2009-02-04 | ||
| TOP PICK | Rogers Communcations (B) | RCI.B-T | 35.150 | Likes it for the really well sourced operating characteristics. Good margin growth. Good asset turnover growth. | 2009-02-04 | ||
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| DON'T BUY | Transalta Corp | TA-T | 22.530 | Yield of about 5%. Return On Equity is falling rapidly. Also wants a reasonable debt to cash flow of below 3X or 2.5X. Theirs is 3.6X. | 2009-02-04 | ||
| DON'T BUY | Toronto Dominion | TD-T | 38.740 | Almost across the board, there is a collapsing profitability in Canadian banks. He has been nervous about this area for quite some time. Except for CIBC (CM-T) ROE seems to be falling quite rapidly. | 2009-02-04 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold: Thinks gold will be $1000, $1100 or even $1200 within the next few years. | 2009-02-04 | ||
| BUY | Tim Hortons | THI-T | 29.750 | Excellent profit growth. Good valuation. Hasn't pulled back nearly as much as the market has. | 2009-02-04 | ||
| TOP PICK | Barrick Gold | ABX-T | 35.100 | Has been some deterioration in profitability recently, which concerns him a little. Good margins. Globally, we are moving into a reflation phase. Doesn't think inflation is a real issue. Relatively cheap. | 2008-12-09 | ||
| BUY | Agrium | AGU-T | 34.880 | (Market Call Minute.) Great profit characteristics. It will weaken in the next little while but is a good emerge in economy story. | 2008-12-09 | ||
| STRONG BUY | Bombardier Inc (B) | BBD.B-T | 4.150 | One of his favourites. Off sharply because of concerns on aerospace but he looks on it as an infrastructure stock long-term. ROE level’s extremely high. Rate of profit growth is fantastic. Good fundamentals. | 2008-12-09 | ||
| BUY | BCE Inc. | BCE-T | 22.500 | Not that it has collapsed, it valuations scores have come up dramatically. ROE level is respectable and there is some growth there. | 2008-12-09 | ||
| Comment | Canadian Imperial Bank of Commerce | CM-T | 50.310 | Has concerns. Rate of profit decline is significant. Also has some CDO exposure. | 2008-12-09 | ||
| Comment | Canadian Natural Rsrcs | CNQ-T | 40.900 | Likes this one because it has some profit growth right now. His preference would be Imperial Oil (IMO-T), Canadian Oil Sands (COS.UN-T), Nexen (NXY-T) and Husky (HSE-T). However, ROE levels are about to erode. | 2008-12-09 | ||
| BUY | Canadian Oil Sands | COS-T | 21.600 | Entirely possible that oil prices could go lower. Trading at 5.3X earnings. 15% yield. Could weather the storm over the next 6 to 9 months. | 2008-12-09 | ||
| BUY | Gerdau Ameristeel Corp | GNA-T (Dead) | 6.020 | By the middle of next year, there will be a view that the emerging economies are really pushing hard to prop up their economic growth. Currently there is a lot of concern about the steel industry and the impact of the slowing economy. ROE level is high. PE is 2X on a trailing basis and 3X on a forward basis. His only concern is the yield of 8.8% and carrying a lot of debt. | 2008-12-09 | ||
| Comment | Husky Energy | HSE-T | 29.950 | 34% ROE. Rate of profitability is very strong right now but expects that to deteriorate quite sharply. Trading at 5.6X earnings. Yield of 6.6%. | 2008-12-09 | ||
| Comment | Labrador Iron Ore | LIF.UN-T | 19.420 | (Market Call Minute.) One of the few names that ranks well globally. Will be under pressure because of concerns about steel. | 2008-12-09 | ||
| BUY | Manitoba Telecom Services | MBT-T | 39.300 | Profitability is stable. Gross margins are strong. Thinks they will do well on the wireless side. 6.6% yield is secure. | 2008-12-09 | ||
| SELL | Maple Leaf Foods | MFI-T | 10.580 | (Market Call Minute.) Declining profitability. | 2008-12-09 | ||
| TOP PICK | Nexen Inc | NXY-T | 20.880 | Very high ROE levels. Well positioned to withstand the hit there has been on the oil price. Extremely cheap. Looking for a 20%-30% gain. | 2008-12-09 | ||
| WEAK BUY | Power Corp | POW-T | 21.130 | (Market Call Minute.) One of the few financial stocks that has above average characteristics. Might buy if you're looking for a rebound in that area. | 2008-12-09 | ||
| TOP PICK | Rogers Communcations (B) | RCI.B-T | 35.140 | Like it for its operating characteristics. Good margins and turnover growth. Good street expectations in terms of growth going forward. Likes global wireless. | 2008-12-09 | ||
| BUY | SNC-Lavalin Group Inc. | SNC-T | 36.420 | Likes it as an infrastructure story. 34% ROE level and very strong profit growth. Has sold off significantly. His measure indicates there is a 93% chance it will outperform the market in the next 12 to 18 months. | 2008-12-09 | ||
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| PAST TOP PICK | Sherritt International Corp. | S-T | 3.140 | (A Top Pick July 16/07. Down 81%.) Sold his positions in Oct/07 at a loss of 7%. A lot of base metal names are still falling very quickly. Don't Buy. | 2008-12-09 | ||
| BUY | Suncor Energy Inc | SU-T | 23.970 | (Market Call Minute.) | 2008-12-09 | ||
| PAST TOP PICK | Toronto Dominion | TD-T | 42.100 | (A Top Pick July 16/07. Down 36%.) Sold his holdings when profitability started to deteriorate. | 2008-12-09 | ||
| HOLD | Teck Resources Ltd. (B) | TCK.B-T | 4.270 | (Market Call Minute.) | 2008-12-09 | ||
| PAST TOP PICK | Telus Corp | T-T | 37.050 | (A Top Pick July 16/07. Down 37%.) Sold his holdings on Sept/08 and was 30% down. ROE is still falling. Don't Buy. | 2008-12-09 | ||
| Comment | Oilexco Inc | OIL-X | 2.090 | Weak on its profit characteristics. ROE level is very high but it is flat. Street expects some pretty poor numbers going forward. | 2008-12-09 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Banks: Expects to see banks rebound by 20% to 30% going into the first half of next year when it becomes clear that the financial system has stabilized. Around the middle part of next year, you will probably do better with most of the reflation stocks such as golds and oils. Prefers Bank of Montréal (BMO-T) and Royal (RY-T). CIBC (CM-T) is of the least interest to him. | 2008-12-09 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Economy: US will stabilize its economic environment but will only grow at 1.5X real GDP growth. Inflation will be very low, probably close to 0 or 0.5. Emerging economies will be pushing very hard to accelerate their growth. | 2008-12-09 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold Stocks Vs. Bullion: These are not always correlated. The problem with buying bullion is the risk of storage, insurance, etc. Believes that by the middle of next year, the US$ will be weaker again and gold will be rebounding. He prefers stocks to bullion. | 2008-12-09 | ||
| TOP PICK | Barrick Gold | ABX-T | 25.320 | (A Top Pick June 27/08. Down 48%.) Picked for 2009. Likes gold and thinks it will take a run at $1000 again. Expect their profit profile will be weaker in the near term. Selling at 11X earnings. | 2008-10-28 | ||
| TOP PICK | Agrium | AGU-T | 38.850 | May be in for some weakness in the next few months but he is positioning himself for 2009. Strong profit growth. 6X earnings. Believes there will be stronger growth in China over the next decade. | 2008-10-28 | ||
| Comment | Cameco Corporation | CCO-T | 18.330 | Just coming into a phase where China is starting to ease. Doesn't think you can bring 3 billion people into a global economy and have oil prices stay at their current level. Thinks you will see uranium stocks come back again. It could take a few years. | 2008-10-28 | ||
| HOLD | Canadian Natural Rsrcs | CNQ-T | 51.350 | (Market Call Minute.) Doesn't have the profit characteristics that he wants but will behave like the other oil stocks in that area. | 2008-10-28 | ||
| BUY | Canadian Oil Sands | COS-T | 27.590 | 19% yield. Never buy a high yielding company if you can't check the profit growth profile and make sure it is rising. Whole energy area is going to show some weakness in the next several months. This one is starting in a very strong position. Has a 37% ROE. Small likelihood they cut the yield but if so they will still have a higher than average yield going forward. Very cheap at under 9X earnings. | 2008-10-28 | ||
| SELL | Inmet Mining | IMN-T | 24.990 | (Market Call Minute.) | 2008-10-28 | ||
| DON'T BUY | Loblaw Companies Ltd | L-T | 27.000 | Not buying because profit characteristics are very weak. ROE is still very weak. Been acting defensively because it is relatively cheap and is a consumer’s staple. Margins have started to stabilize. Would look for the start of a turnaround in the next 6 to 9 months. | 2008-10-28 | ||
| TOP PICK | Manulife Financial | MFC-T | 23.490 | Didn't have the profit growth he wanted but the stock has fallen so much in price it is trading at 9X earnings. Good for an 18-month, 5 or 15 year time horizon. Good value play. | 2008-10-28 | ||
| PAST TOP PICK | Nexen Inc | NXY-T | 16.250 | (A Top Pick June 27/08. Down 62%.) Knew there would be weakness but was picked for 2009 and thinks it is still a great opportunity. Natural gas might go lower in the next little while. | 2008-10-28 | ||
| BUY | Potash Corp of Saskatchewan | POT-T | 89.890 | A great opportunity. Been under enormous pressure because of concerns on the global economy. Moving into an era where we are bringing in 3 billion people into a free-market economy. Yields on agriculture will have to be boosted significantly. Phenomenal profit characteristics in the form of good gross margins. | 2008-10-28 | ||
| PAST TOP PICK | Rogers Communcations (B) | RCI.B-T | 32.000 | (A Top Pick June 27/08. Down 23%.) Picked for 2009, not this year. Doubled their figures in the 3rd quarter. Would still Buy. | 2008-10-28 | ||
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| BUY | Research In Motion | RIM-T | 61.000 | (Market Call Minute.) Wishes it had stronger profit growth right now. ROE has clearly weakened. Good underlying fundamentals. Probably an excellent name for the next 18 months and next 5 years. | 2008-10-28 | ||
| HOLD | Sunlife Financial | SLF-T | 30.060 | Has been some profit weakness. Trading at about 7.8X earnings. If you are looking out 5 or 10 years, a lot of the single-digit PE stocks are very interesting. (See Top Picks.) | 2008-10-28 | ||
| DON'T BUY | Sherritt International Corp. | S-T | 4.070 | Profitability started to collapse for this company because of falling commodity prices and increasing costs. | 2008-10-28 | ||
| BUY | Viterra Inc | VT-T | 7.130 | (Market Call Minute.) Low multiple and reasonable yield. Great underlying fundamentals. | 2008-10-28 | ||
| DON'T BUY | Teck Resources Ltd. (B) | TCK.B-T | 11.490 | Has a lot of base metals companies that he has been selling aggressively as profitability has been falling. Could not buy right now when the ROE is plummeting. | 2008-10-28 | ||
| BUY | Trans Canada Corp | TRP-T | 34.440 | Had some excellent fundamentals for quite a while. In some of his valuation work, he has a 95% likelihood that the stock outperforms the market. Very strong profit growth. PE is down to around 16 at this time. If you are looking out 18 months, this is a great opportunity. 4.2% dividend yield. | 2008-10-28 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold: 9 out of 10 times gold is a store of value during deflation and great geopolitical risk. Always at the extremes of economic scenarios. We now run the risk of having deflation. Likes gold for this reason and thinks it will take a run at $1000 again and go beyond in the next decade. As US problem became a global problem, US$ started to strengthen and act as a safe haven. Doesn't think this is a trend that will continue through next year. | 2008-10-28 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | US$: Can all the global governments rescue the financial system, stabilize things and get back on a path to growth? He believes there is a 70% chance they can. Probably in the next couple to 6 months you will see confidence coming back a little, emerging economies accelerating and the Cdn$ stronger again. Expects parity in 18 months. | 2008-10-28 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Canadian Banks: They are not immune to US risks but have a different set of problems. Doesn't like Bank of Montreal (BMO-T) and Canadian Imperial Bank of Commerce (CM-T) as profitability is extremely weak but he is very interested in picking up a couple of bank names when the time is right. | 2008-10-28 | ||
| DON'T BUY | Hudbay Minerals Inc. | HBM-T | 4.930 | As a group, base metals have disastrous profit characteristics. | 2008-10-28 | ||
| BUY | Arc Resources Ltd | ARX-T | 30.210 | Some pretty good underlying fundamentals in terms of operating characteristics and profit growth. 11.2% yield. | 2008-08-29 | ||
| BUY | Agrium | AGU-T | 89.810 | The stock as well as Potash (POT-T) looks amazing to him. | 2008-08-29 | ||
| TOP PICK | Bombardier Inc (B) | BBD.B-T | 8.250 | Has a 21% return on equity. Very strong profit growth. Very good long-term story. Fundamentals today are better than what they were when the stock was $26 in 2000. More interested in the rail side. There could be some global slowdown, which could affect plane purchases in Europe and China. | 2008-08-29 | ||
| DON'T BUY | Canadian National R.R. | CNR-T | 55.710 | Not particularly interested in either Canadian National Rail (CNR-T) or Canadian Pacific (CP-T). | 2008-08-29 | ||
| DON'T BUY | Canadian Pacific Rail | CP-T | 64.780 | Not particularly interested in either Canadian National Rail (CNR-T) or Canadian Pacific (CP-T). | 2008-08-29 | ||
| BUY | Encana Corp | ECA-T | 79.810 | Positive on natural gas. Good profit growth. ROE is 24%, which is very respectable. When the company splits, he would hang onto the oil side. | 2008-08-29 | ||
| DON'T BUY | Goldcorp Inc | G-T | 36.120 | Wouldn't be surprised if the stock goes higher because he thinks gold prices are going higher. However, it doesn't meet some of his benchmark tests such as the rate of profit growth, etc. Prefers a more conservative play such as Barrick (ABX-T). | 2008-08-29 | ||
| BUY | Labrador Iron Ore | LIF.UN-T | 55.720 | 34% ROE, which is a rate you would only see 3% of the time historically. Good profit growth. | 2008-08-29 | ||
| BUY | Nexen Inc | NXY-T | 33.280 | Loves the stock. 92% chance of outperforming the market. 37% ROE and rising at a rapid rate. Well sourced. One of only 8 companies out of 69 that have such good sourcing and profit growth. Also likes the sector. | 2008-08-29 | ||
| BUY | Research In Motion | RIM-T | 129.370 | This is all about product line and profit growth. 44X earnings but the profit growth is staggering. You have probably the highest ROE in the market. | 2008-08-29 | ||
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| WATCH | Royal Bank | RY-T | 48.750 | 350 companies in the US financial sector have plummeting profitability. These concerns are going to keep on revisiting us. Would love to step in and buy this one at the right time and is waiting for the opportunity. A little uptick in profitability and he will be there. | 2008-08-29 | ||
| DON'T BUY | Sherritt International Corp. | S-T | 9.550 | (Market Call Minute.) Sold in May because of the rapidly declining profitability. | 2008-08-29 | ||
| BUY | Suncor Energy Inc | SU-T | 60.800 | (Market Call Minute.) Love this and the entire sector. | 2008-08-29 | ||
| Comment | Telus Corp | T-T | 42.650 | Cost of development plus recent profit weakness has been overhanging the stock recently. Undervalued but would like to see some profit growth. Prefers Rogers (RCI.B-T). | 2008-08-29 | ||
| BUY | Oilexco Inc | OIL-X | 15.050 | (Market Call Minute.) Love the stock and think it is amazing. | 2008-08-29 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Energy: May be a pullback in oil in the next couple of months but is expecting an average of $130 oil next year and maybe even $150 by the end of 2009. Expect there will be a re-focus on energy stocks after a brief period of weakness. There seems to be an upward spike when a large hurricane goes through the Gulf but, as a rule, it is not sustainable. | 2008-08-29 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold: There is a bigger story for gold than just the US$. There is physical demand coming out of the emerging nations. Expects the US$ will show some weakness in 2009 and acts as a safe haven in 2010. Looking for gold to be $1000 in 18 months. | 2008-08-29 | ||
| TOP PICK | Barrick Gold | ABX-T | 45.740 | Going to be tough to invest in the last 1.5 years of this cycle. Oil and gold will generally be extremely volatile. This is a great name for someone interested in being in the gold space. Lower risk and less volatility. | 2008-06-27 | ||
| BUY | Agrium | AGU-T | 108.100 | Among his Top 10 favourites in Canada. Getting relatively expensive on a traditional valuation basis. He looks at if a company’s profit growth is more than keeping up with its performance. This and Potash (POT-T) both look fantastic. The moment you start to see erosion in profit growth, there will be trouble with these names. | 2008-06-27 | ||
| BUY | Bombardier Inc (B) | BBD.B-T | 7.240 | The industrial sector is one of the strongest sectors overall in the world economy. Probably because of the global infrastructure story. Out of about 1370 stocks in the global industrial sector, this one ranks 19th in his model. Capable of outperforming the market over the next year and a half. | 2008-06-27 | ||
| BUY | CAE Inc | CAE-T | 11.650 | ROE level is18.8% but the more important thing is that the growth in the profitability is very strong. About 19 X earnings. PEG ratio is 1.26. | 2008-06-27 | ||
| DON'T BUY | Deere & Co. | DE-N | 71.380 | Down 22% year to date and before that it was up 20% year over year, so is basically flat to where it was a year ago. Inexpensive, good ROE level, good profit growth and cheap on a traditional PE basis. Likes it, but wouldn’t touch it right now. | 2008-06-27 | ||
| DON'T BUY | Loblaw Companies Ltd | L-T | 30.580 | Energy inflation could weigh heavily in this sector. Doesn’t like this company. ROE is still under a lot of pressure. | 2008-06-27 | ||
| DON'T BUY | Manulife Financial | MFC-T | 35.750 | The whole of the financial sector is facing a big challenge going forward because of the subprime crisis in the US. Expect the company will do well over the next few years but can't see strong profit growth. | 2008-06-27 | ||
| Comment | Nortel | NT-T (Dead) | 8.430 | There appears to be some profit growth for the first time in years and appears to be well sourced. P/E is around the level of the market. People still have concerns on the quality of the accounting and the quality of their earnings. This is a huge question mark. Can’t imagine that it will be outperforming the market over the next year and a half. | 2008-06-27 | ||
| TOP PICK | Nexen Inc | NXY-T | 39.390 | Going to be tough to invest in the last 1.5 years of this cycle. Oil and gold will generally be extremely volatile. 32% ROE. Phenomenal profit growth. Great fundamentals. PE is 11.9X’s. | 2008-06-27 | ||
| BUY | Potash Corp of Saskatchewan | POT-T | 230.260 | He looks at if a company’s profit growth is more than keeping up with its performance. This and Agrium (AGU-T) both look fantastic. The moment you start to see erosion in profit growth, there will be trouble with these names. | 2008-06-27 | ||
| DON'T BUY | Power Corp | POW-T | 30.760 | The whole of the financial sector is facing a big challenge going forward because of the subprime crisis in the US. Expect the company will do well over the next few years but can't see strong profit growth. | 2008-06-27 | ||
| TOP PICK | Rogers Communcations (B) | RCI.B-T | 39.520 | Out of 172 global stocks in the telecom sector this one ranks 26 and 6th in terms of the best fundamentals. ROE almost 27% and rising rapidly. PE of about 21X. | 2008-06-27 | ||
| BUY | Research In Motion | RIM-T | 122.000 | Likes this company a lot. Extraordinarily volatile. High PE of 47X’s. He looks to see if the rate of profit growth is fully discounted by the stock price. This one looks inexpensive to him. Will probably go higher in the next couple of years. | 2008-06-27 | ||
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| Comment | Royal Bank | RY-T | 46.020 | If you’re looking at 10 years you’ll do well here. If you are looking out at the next year and a half, he does not see a V shaped recovery in the financial sector or in the US economy. | 2008-06-27 |
