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| Philip Doyle of Artemis Investment Management |
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| TOP PICK | Canadian Pacific Rail | CP-T | 62.400 | Trading at a discount to Canadian National (CNR-T) on a number of metrics. Interesting way to play recovery in volume in bulk, particularly grain and coal. Management has committed to lowering costs. Sold off recently. | 2011-03-29 | ||
| BUY on WEAKNESS | Canadian Western Bank | CWB-T | 30.800 | All banks are a tricky call right now. Interesting with its exposure to western Canada. A smaller bank so may have more limited growth compared to the majors. He would wait and watch the banks and pick them up as they come down a little. They are pretty much trading at fair value right now. | 2011-03-29 | ||
| TOP PICK | Kinross Gold | K-T | 14.940 | Stock has suffered he thinks because of the Redback purchase. 63 million ounces so looks cheaper than all the other majors, except fo Barrick (ABX-T). Could have further discoveries in some of their less expored properties. | 2011-03-29 | ||
| TOP PICK | Microsoft | MSFT-Q | 25.490 | Feels the company is under appreciated. With all the focus on wireless, mobile and the Cloud, market has overlooked the fact that the whole back office of all those areas are going to be running desktops that are going to run on Windows servers. Pays 9.5X next year’s earnings. | 2011-03-29 | ||
| PAST TOP PICK | Suncor Energy Inc | SU-T | 43.200 | (A Top Pick Dec 18/09. Up 20.24%.) | 2011-03-29 | ||
| PAST TOP PICK | Trans Canada Corp | TRP-T | 38.780 | (A Top Pick Dec 18/09. Up 14.81%.) | 2011-03-29 | ||
| DON'T BUY | Uranium One Inc. | UUU-T | 3.760 | Highly leveraged to uranium prices. He prefers the more established and more profitable players such as Cameco (CCO-T). He would hold fire until the nuclear situation in Japan clarifies itself. As long as the news flow is as negative as it has been, it will be difficult for projects to continue to go ahead. | 2011-03-29 | ||
| BUY | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold. Not a gold bug but if there is ever a time to hold gold, this may well be it. Recently governments have started to aggressively print money. (See Top Picks.) | 2011-03-29 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Shorting Bonds. Good strategy? In Canada you would look at HBP US 30 Year Bond Bear+ ETF (HTD-T). This is effectively creating Short exposures to instruments that pay coupons so you have to cover them. You would hold this for a relatively short period of time. | 2011-03-29 | ||
| PAST TOP PICK | Groupe Aeroplan Inc | AIM-T | 12.950 | (A Top Pick Dec 18/09. Up 27.9%.) | 2011-03-29 | ||
| BUY | Quadra FNX Mining Ltd | QUX-T | 13.200 | Volatility is probably due to the broad market as opposed to anything specific to the company. Cheap compared to its peers because of past operational issues. Has started to nibble on this one as the price has come down. Likes copper. | 2011-03-29 | ||
| Comment | BMO Global Infrastructure ETF | ZGI-T | 17.230 | Global Infrastructure ETF. Convenient way to get access to the global infrastructure theme, especially as it ties into emerging markets and global growth. 45% is US and 30% is Europe so he would prefer the PowerShare Emerging Market Infrastructure ETF (PXR-N) or iShares MSCI Emerging Mrkts Financial (EMFN-Q). | 2011-03-29 | ||
| DON'T BUY | HBP Comex Copper Bull+ ETF | HKU-T | 18.810 | Comex Copper Bull+ ETF. There is a strong story for copper demand however calling the direction of a volatile commodity in the short term is a difficult game. This ETF with the double leverage applied to it becomes highly volatile. Best for short term focused traders. Would prefer Claymore Broad Commodity ETF (CBR-T). | 2011-03-29 | ||
| BUY | Puda Coal Inc | PUDA-A (Dead) | 11.860 | Has been nibbling on this one. Very interesting story. Chinese government has decided to clean up the coal industry and this company now has access to go into coal mining versus just washing coal as in the past. Very strong balance sheet and very strong cash flow. | 2011-03-29 | ||
| HOLD | Boeing | BA-N | 64.600 | Dreamliner is due for delivery early next year and they are getting orders. With recent talk from US Congress about reducing defence spending, he would have concerns on their military side. About 3% yield. | 2010-08-20 | ||
| Comment | Canadian Oil Sands | COS-T | 25.280 | Stock price dropped because of a couple of things. 1) Oil price is lower and 2) there is a perception, because of BP spill, there is political risk around anything that could possibly be environmentally unfriendly. 7.8% yield. His biggest concern is that it is a one trick pony. | 2010-08-20 | ||
| Comment | FedEx | FDX-N | 81.230 | Very profitable company with a strong franchise. Global distribution network is very hard for competition to replicate. Highly cyclical and depends on the level of shipments, which is dependent on the economy. | 2010-08-20 | ||
| BUY | Hewlett-Packard Co | HPQ-N | 39.850 | Strong franchise and cash flowing company. Has generated strong returns on equity through the pretty challenging last few years. Trading at less than 1X sales, which is pretty cheap for a large-cap tech company. | 2010-08-20 | ||
| DON'T BUY | Sandisk Corp | SNDK-Q | 41.500 | A player in a commodity business where margins are limited and potential competition. Range bound in the $40-$45 area, which could be underpinned by deals for companies. Could be a little extended but not overly extended. CEO has announced retirement. | 2010-08-20 | ||
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| PAST TOP PICK | Suncor Energy Inc | SU-T | 32.680 | (A Top Pick Feb 5/10. Up .02% excluding dividends.) Likes the oil sands. | 2010-08-20 | ||
| Comment | United Parcel Services | UPS-N | 65.100 | Very profitable company with a strong franchise. Global distribution network is very hard for competition to replicate. Highly cyclical and depends on the level of shipments, which is dependent on the economy. | 2010-08-20 | ||
| TOP PICK | iUnits S&P/TSX Energy ETF | XEG-T | 16.990 | S&P/TSX Energy ETF. A call that might be a bit early but energy stocks have been beaten down. These are companies that are profitable at current energy prices and have seen their balance sheets and better cost structures. | 2010-08-20 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Preferred versus common shares? Preferreds stand above common shares in the capital structure giving them rights to receive dividends before common shares. Preferreds are often bought as a bond substitute. | 2010-08-20 | ||
| BUY | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Intel (INTC-Q), Oracle (ORCL-Q) or Cisco (CSCO-Q)? Each one of these is a market leader in its own category so it would be reasonable to hold all of them. | 2010-08-20 | ||
| SELL | Potash One Inc. | KCL-T (Dead) | 2.870 | Where a company does not have a backstop of strong cash flow and strong profitability, it is probably better to consider more diversified alternatives for playing the longer-term prospects of global agriculture such as Global Agriculture ETF (COW-T) or a materials ETF. | 2010-08-20 | ||
| TOP PICK | Claymore Cdn Div & Income ETF | CDZ-T | 18.740 | Canadian dividend and income ETF. Focused on companies that not only have dividends but also grown dividends over the last 5 years. Gives an interesting mix with a mid-cap flavour. | 2010-08-20 | ||
| TOP PICK | CASH | CASH | 0.010 | Historically August going into September is the worst period to hold equities and is faced with macro uncertainties. | 2010-08-20 | ||
| Comment | SPDR High Yield Bond E.T.F. | JNK-N | 39.100 | High-yield bond ETF. Pretty good high yielding ETF. Reasonably low expense ratio. If you're holding this in a Canadian account it would make sense to hold a hedged version. | 2010-08-20 | ||
| PAST TOP PICK | Claymore 1-5 yr Ladder Corp Bond ETF | CBO-T | 20.680 | (A Top Pick Feb 5/10. Up 1.75%.) Chose this over government as he thinks there is a better value in the corporate space. | 2010-08-20 | ||
| PAST TOP PICK | Marret High Yield Strategies | MHY.UN-T | 11.000 | (A Top Pick Feb 5/10. Up 8.5%.) Closed end fund that holds a portfolio managed by a fixed income manager known for expertise in high yield. Overlay this with a macro perspective of interest rates, currency and credit to manage risks. About 6.5% distribution. | 2010-08-20 | ||
| DON'T BUY | CBOE Volatility Index | VIX-I | 25.490 | Volatility Index is calculated by figuring out how much volatility option traders expect in the next month in the equity markets. Historically it tends to be a little too pessimistic. He finds it difficult to use as a forecasting tool. | 2010-08-20 | ||
| PAST TOP PICK | Suncor Energy Inc | SU-T | 32.500 | (Top Pick Dec 18/09, Down 9.56%) | 2010-05-31 | ||
| PAST TOP PICK | Trans Canada Corp | TRP-T | 35.500 | (Top Pick , Down 0.36%) Would still look at for dividend yields. | 2010-05-31 | ||
| N/A | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Bank of Canada will raise rates (70-80% likely) according to the market. It is the right thing to do for Canada. There is some adversity because of Europe. Inflation is running at the high end of several bankers’ estimates. Real Estate values are increasing due to low rates and raising rates may be to head off a bubble. He is cautious for the last few weeks. Thinking about when to toe into the water. He will be slow to deploy. | 2010-05-31 | ||
| PAST TOP PICK | Groupe Aeroplan Inc | AIM-T | 9.550 | (Top Pick Dec 18/09, Down 10.31%) Would look at for dividend investing. | 2010-05-31 | ||
| DON'T BUY | Royal Dutch Shell PLC (A) | RDS.A-N | 52.400 | Global integrated. Good exposure to state of market. It is a name you could look at as a proxy for the sector. Risk is resource replacement. They will be less penalized that other names for offshore drilling. Unless there is a strong reason to get exposure to a particular name, he prefers an ETF. | 2010-05-31 | ||
| DON'T BUY | Claymore Global Agriculture ETF | COW-T | 17.080 | Efficient way to get exposure to commodities in Agriculture. May not be the best way to get exposure to the underlying equities. Not sure the theme is really working. You were to benefit from middle class demand in developing countries for food. | 2010-05-31 | ||
| DON'T BUY | U.S. Oil Fund E.T.F. | USO-N | 34.039 | Poster child of the challenges of investing in commodities. Pretty brutal chart. Has to buy and sell futures. | 2010-05-31 | ||
| TOP PICK | Marret High Yield Strategies | MHY.UN-T | 10.580 | Junk bonds. Manager is a very strong manager of very high yield bonds. Macro outlook is very often bank on. Risk is defaults and credit spread widening. It is a long and short strategy. | 2010-05-31 | ||
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| BUY | Claymore Advantage High Yield Bond ETF | CHB-T | 19.060 | US high yield bonds traded in Canadian dollars. Hybrid between bonds and equities. You have to be prepared to ride with the volatility. There is credit risk. Structured to pay dividends as capital or return of capital, unlike XHY. | 2010-05-31 | ||
| BUY | iShares US High Yield Bond Index ETF | XHY-T | 19.730 | US high yield bonds traded in Canadian dollars. Hybrid between bonds and equities. You have to be prepared to ride with the volatility. There is credit risk. Distributions are flow through and taxed as income. | 2010-05-31 | ||
| TOP PICK | HAP North American Value ETF | HAV-T | 9.850 | Quality equity play as much as an income play. Very strong track record for manager. Risk is that it is an equity ETF and subject to vagaries of the market. | 2010-05-31 | ||
| TOP PICK | PIMCO 1-5 Year US TIPS ETF | STPZ-N | 51.580 | ETF. Place to put low risk US cash. Safe in the face of potentially rising inflation. Real return bonds. It is a product he would like in Canada. Risk is Interest rates rising without inflation. | 2010-05-31 | ||
| DON'T BUY | Bonavista Energy Corp | BNP-T | 23.830 | Issuing debt to buy some gas property, which could cause some dilution. One of the class acts among the gassier trusts. Strong balance sheet. Concerned with its exposure to gas. | 2010-03-26 | ||
| Comment | CitiGroup | C-N | 4.310 | Very hard to put a value on this company. It has participated in a relief rally that is driven with the expectation of continuing low rates and the expectation that a solution is coming for the European problems. | 2010-03-26 | ||
| DON'T BUY | Canadian Natural Rsrcs | CNQ-T | 71.890 | Gas focused so has languished a little. Probably has good value if gas recovers but he is concerned given the advent of shale gas and gas prices could stay low for a long time. His approach would be to buy the energy sector through an ETF. | 2010-03-26 | ||
| Comment | Husky Energy | HSE-T | 27.340 | Big play in Asia off China, which they may spin off. Great dividend. Negotiating with Chevron (CVX-N) to possibly pick up a big refinery in BC. Likes all these things but doesn't know why it is struggling. | 2010-03-26 | ||
| DON'T BUY | Inmet Mining | IMN-T | 56.500 | This is an example of a stock reflecting a number of different kinds of risks. 1) Overall level of risk with the stock market 2) sector risk and 3) company specific risks. This one has a number of projects that are very critical to its future production profile. | 2010-03-26 | ||
| DON'T BUY | Nexen Inc | NXY-T | 24.190 | Rodney Dangerfield of the Canadian oil patch (no respect). A lot of potential with a lot of properties ripe for exploration but production is probably a few years out needing a Fairmont of capitalization. Low-cost production in the North Sea and oil sands production coming on at Long Lake. Not always successful in execution. | 2010-03-26 | ||
| BUY | Petrobank Energy and Resources | PBG-T | 53.930 | Simplified the company by spinning off Petrominerales (PMG-T) and Petrobakken (PBN-T). What they kept are 2 parts 1) production operation and 2) Thai technology that appeared to be proving themselves out. Reasonably valued. | 2010-03-26 | ||
| PAST TOP PICK | Suncor Energy Inc | SU-T | 30.850 | (A Top Pick Dec 17/09. Down 15.8%.) Inherited it from a client. Good proxy for Canadian oil industry and a good company in its own right. Very little risk to the gas price. | 2010-03-26 | ||
| DON'T BUY | Sino-Forest Corp | TRE-T | 19.300 | Produces lumber for the Chinese market, which makes the stock's valuation dependent on what the world believes about China's growth. Valuation is reasonable if China continues to grow. He would prefer a more diversified way by looking at a materials-sector investment. | 2010-03-26 | ||
| PAST TOP PICK | Trans Canada Corp | TRP-T | 37.180 | (A Top Pick Dec 17/09. Up 3.2% excluding dividends.) Likes the defensive character of its core asset. Great network and building it out with the Keystone pipeline. Produces a tremendous amount of cash. Good dividends. | 2010-03-26 | ||
| DON'T BUY | Western Canadian Coal Corp. | WTN-T (Dead) | 5.900 | Coal producer. Have done a good job of taking mines that were not attractive and turning them around operationally. The risk is commodity risk and it is now more to the downside than the upside. | 2010-03-26 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Silver. Behaves like other precious metals. The drawback is that there is quite a lot often mined in conjunction with other ores. Also not as much demand as there once was. Would prefer platinum and palladium, which have more industrial applications. | 2010-03-26 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Platinum. Precious metal with industrial applications such as catalytic converters, especially with the current ramping up of auto production. | 2010-03-26 | ||
| DON'T BUY | Intact Financial | IFC-T | 43.460 | Strong franchise in property and casualty insurance. Well run. Assessing insurance companies is always difficult because they combine both an underwriting operation and a portfolio management operation. Probably reasonably priced but would prefer a more diversified exposure to the financial sector such as an ETF. | 2010-03-26 | ||
| BUY | Hudbay Minerals Inc. | HBM-T | 13.310 | Been lukewarm on this partly because of the not overly friendly actions at the time of its proposed takeover by Lundin. Operationally it has done well. Reasonably valued. | 2010-03-26 | ||
| PAST TOP PICK | Groupe Aeroplan Inc | AIM-T | 10.550 | (A Top Pick Dec 17/09. No change.) Premier global franchise but little known. Likes the dividend. | 2010-03-26 | ||
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| DON'T BUY | Brookfield Asset Management (A) | BAM.A-T | 26.170 | Difficult company to value and hard to see it moving dramatically above the current price. Has some pretty defensive positions in premier office properties, timber land, hydro and electric generation. Very experienced and skilled dealmakers. Reasonably valued at these levels. | 2010-03-26 | ||
| DON'T BUY | Quadra FNX Mining Ltd | QUX-T | 15.970 | Merging with FNX Mining (FNX-T) and planning on making acquisitions. Nice to see an emerging national champion but from an investment standpoint, acquisitive companies often pay a lot so it is possible they could overpay and destroyed shareholder value. | 2010-03-26 | ||
| DON'T BUY | Claymore BRIC ETF | CBQ-T | 29.250 | BRIC ETF. Feels there are better ways to get access to the underlying exposure. Because this one holds ADRs, it is limited in the range of companies it can hold. The mix is very different from market capitalization weighted mix. | 2010-03-26 | ||
| Comment | Fortress Paper | FTP-T | 19.150 | Very specific niche in security-enabled paper, which can be used for secure documents. With the big run-up, it is probably time to be cautious. Probably a pretty interesting place to be. | 2010-03-26 | ||
| TOP PICK | Marret High Yield Strategies | MHY.UN-T | 10.820 | Bit of a hedge fund like strategy in a closed end fund. Focused on high yield securities (junk bonds) but being picked actively by a very good credit manager firm. Offers currency hedging on any US$ securities and offers the manager the potential to hedge out interest-rate risks. | 2010-03-26 | ||
| TOP PICK | HAP North American Value ETF | HAV-T | 10.620 | Likes the manager who has a deep value style. Quite contrarian. Likes to dive deep into the balance sheet of companies and understand their asset value and build very concentrated portfolios. Strong record of returns with low volatility. | 2010-03-26 | ||
| TOP PICK | PIMCO 1-5 Year US TIPS ETF | STPZ-N | 51.550 | Very defensive ETF. For investors who have US$ and are concerned that inflation may go up. (TIPS are securities where returns are indexed to the CPI (consumer price index). As inflation picks up their payout should rise. | 2010-03-26 | ||
| TOP PICK | Suncor Energy Inc | SU-T | 31.900 | (A Top Pick Dec 18/09. Down 11.3%.) A play on Canada oil sands. Due to the integration of the Petrocan assets it now has an interesting diversified asset base. | 2010-02-05 | ||
| Comment | Transalta Corp | TA-T | 22.320 | Opinion on green energy part of their business? This is a relatively new area for utilities so difficult to assess. Likes utilities as most of them have projects that will be able to deliver alternatives without capital (?) going forward. Prefers TransCanada (TRP-T). | 2010-02-05 | ||
| WEAK BUY | Teck Resources Ltd. (B) | TCK.B-T | 34.200 | Copper? Bellwether on economic growth. 2008 was pessimistic and 2009 was optimistic. With Chinese central bank tightening actions, thesis of growth in China and developing countries has trailed off. This one would be a way of playing copper and has a reasonable valuation. | 2010-02-05 | ||
| PAST TOP PICK | Trans Canada Corp | TRP-T | 34.440 | (A Top Pick Dec 18/09. Down 3.96%.) | 2010-02-05 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | US$ over the longer run is likely to weaken again against the currency of resource producing countries such as Canada and the emerging world currencies. | 2010-02-05 | ||
| DON'T BUY | Hudbay Minerals Inc. | HBM-T | 12.160 | A play on copper and zinc that really didn't shine last year. Attempted a merger with Lundin Mining (LUN-T), which didn't go through. It showed in the course of this that maybe focus on shareholders and governance was not the strongest. | 2010-02-05 | ||
| PAST TOP PICK | Groupe Aeroplan Inc | AIM-T | 10.880 | (A Top Pick Dec 18/09. Up 1.02%.) A global leader in loyalty management and although consumers are a bit out of fashion right now, consumers will continue to spend. Lots of opportunity going forward. | 2010-02-05 | ||
| BUY | Claymore Global Advantage Dividend E.T.F. | CYH-T | 14.350 | Dividend ETF's? (Philip did not give a symbol. Thanks to viewer Michael for setting me straight. Bill) Good diversified portfolio that doesn't over expose the investor to financials or income trusts. | 2010-02-05 | ||
| BUY | Claymore Cdn Fundamental ETF | CRQ-T | 10.530 | Canadian Fundamental ETF. This is an ETF that follows a particular indexing methodology based on research on the drivers of security returns. | 2010-02-05 | ||
| TOP PICK | Claymore 1-5 yr Ladder Corp Bond ETF | CBO-T | 20.870 | 1-5 Year Ladder Corporate Bond ETF. Gives a diversified portfolio, which includes bonds when it's a challenging time to be investing in bonds. Protected by short durations. By laddering, duration is kept down 1 to 3 years. Government bonds are not that attractive and this gives extra yield. | 2010-02-05 | ||
| TOP PICK | Marret High Yield Strategies | MHY.UN-T | 10.510 | High Yield Strategies Fund. Bit of a hedge fund packaged into a closed end fund. Liquid way to get access to a strategy of a hedge fund manager and their ability to get good credits as well to hedge out some of the interest rate risks. | 2010-02-05 | ||
| BUY | Apple | AAPL-Q | 195.430 | On a fundamental basis he sees RIM (RIM-T) and Apple (AAPL-Q) as good companies. Smart phones are an area of growth globally. Of the 2 he feels RIM is more fairly valued. | 2009-12-18 | ||
| Comment | Agnico-Eagle Mines | AEM-T | 57.520 | Views gold as a hedge against a dramatic downside and uncertainty rather than an asset. Makes it difficult to valuate gold companies and is best played by gold company experts who can evaluate them against each other. This company is a premier producer but is difficult to look at it on a valuation basis. | 2009-12-18 | ||
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| Comment | Potash Corp of Saskatchewan | POT-T | 112.000 | Has just had a sell off which was based on rumors of potash prices. Because of this he could see it bouncing. | 2009-12-18 | ||
| BUY | Research In Motion | RIM-T | 73.960 | On a fundamental basis he sees RIM (RIM-T) and Apple (AAPL-Q) as good companies. Smart phones are an area of growth globally. Of the 2 he feels this is more fairly valued. | 2009-12-18 | ||
| TOP PICK | Suncor Energy Inc | SU-T | 35.750 | Likes energy. This is a very solid company. Acquisition of PetroCan makes them a leader across Canada. Reasonably valued and has solid management with potential to increase production and cash flows. | 2009-12-18 | ||
| TOP PICK | Trans Canada Corp | TRP-T | 36.170 | North American leader in pipelines and are diversifying to add energy projects in Ontario including nuclear, wind and natural gas generation. Reasonable valuation. Fair amount of debt but they can manage this. Good yield. | 2009-12-18 | ||
| WEAK BUY | Wal-Mart Stores Inc. | WMT-N | 52.850 | Globally, a leader in retailing. Berkshire Hathaway (BRK.B-N) has been buying recently, which makes it interesting. Hard to see how competition could gain meaningful share against them. Not a growth stock but should grow its BV over time. | 2009-12-18 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Using ETFs you can build a diversified portfolio. Within the bond allocation, he would consider a broad bond one such as iUnits Cnd Bond Market (XBB-T) and to complement this 1-5year Ladder Corporate Bd (CBO-T). On equities he would use S&P/TSX Comp (XIC-T), S&P 500 $ Cdn (XSP-T) and MSCI EAFE $Cdn (XIN-T). | 2009-12-18 | ||
| TOP PICK | Groupe Aeroplan Inc | AIM-T | 10.780 | Transformed from a trust and cut its distribution but maintained a 5% dividend, which is very sustainable. Generates a ton of cash. Trades at roughly 10% free cash flow yield. Just completed a large acquisition. Interesting growth profile going forward. | 2009-12-18 | ||
| Comment | iUnits S&P/TSX Materials ETF | XMA-T | 17.830 | Materials ETF. He has only bought this for registered accounts in order to avoid any capital gains distributions. | 2009-12-18 |
