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| PAST TOP PICK | | CAE Inc | CAE-T | 9.650 | (A Top Pick Sept 14/07. Down 25%.) Numbers coming out are still very strong. Have done a very good job of diversifying their asset base. Investors are knocking down the PE ratios of all these companies because of the general weakness in the international environment. A Buy at this price. | 2008-09-25 | |
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| TOP PICK | | Kinross Gold | K-T | 17.050 | (A Top Pick Sept 14/07. Up 27%.) Very interesting strategic acquisition of Aurelian Resources (ARU-T) and thinks Ecuadorian political issues will be resolved. Should end up with a fabulous play. Strong management. | 2008-09-25 | |
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| PAST TOP PICK | | Galleon Energy Inc. (A) | GO.A-T | 10.290 | (A Top Pick Sept 14/07. Down 39%.) Just tying in to a new Montney play. Cash flow is certainly there. Tremendous buying opportunity at this time. | 2008-09-25 | |
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| BUY | | Goldcorp Inc | G-T | 35.600 | This can benefit through the stronger gold prices. Decent producer and low-cost. | 2008-09-25 | |
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| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold: Expects volatility will continue although it should strengthen against the US$ and should appreciate over the next 6 to 12 months. Given the international turmoil there will be a move to keeping some money in gold. Expecting some serious inflation down the road. | 2008-09-25 | |
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| BUY | | Hemisphere GPS Inc. | HEM-T | 2.770 | GPS products for tractors etc. Fair bit of insider buying lately. Fallen back substantially along with the market. Outlook for their end products is quite strong. You may need patience. | 2008-09-25 | |
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| Comment | | Life & Banc Split Corp. | LBS-T | 10.370 | Very focused. Have positions in 4 life insurers and they are running a covered call program against the existing long positions. Going to have volatility given its exposure. | 2008-09-25 | |
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| BUY | | Air Canada (B) | AC.B-T | 4.790 | With lower oil prices they should have a better outlook for the quarter. However you are probably looking at declining numbers in terms of capacity utilization. Did a good job in moving up to more efficient aircraft and closing down routes that no longer made sense. | 2008-09-25 | |
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| TOP PICK | | Com Dev International Ltd. | CDV-T | 3.400 | 3rd quarter was a tremendous number. Over $51 million in revenues. Margins are improving and backlog is increasing substantially. Acquired L3 Communications and just announced a new $1.8 million order, which will move into an $18 million plus order over the next number of months. | 2008-09-25 | |
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| TOP PICK | | Vero Energy Inc. | VRO-T | 7.780 | Natural gas. Great producer. A little over 1000 BOE's per day in 05 has moved to over 6000. Great drilling success. Low cost producer. | 2008-09-25 | |
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| BUY | | MDS Inc | MDS-T | 12.730 | Have been going through a restructuring program. Some problems with their nuclear division in terms of supply. Interesting entry point. | 2008-09-25 | |
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| DON'T BUY | | UTS Energy | UTS-T | 1.740 | Fairly early along in the oil sands. Partners Petro Canada (PCA-T) and Teck Cominco (TCK.B-T) are seeing substantial price increases to bring heavy oil on. Feels they should have sold off more of the asset base and refocused the company. Company of this size is going to have a great deal of difficulty raising the cash. | 2008-09-25 | |
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| HOLD | | Petro-Canada | PCA-T | 37.250 | Somewhat attractive at this price. Costs on their oil sands project are escalating dramatically. A great deal of the negative news has already been discounted in the share price. | 2008-09-25 | |
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| Comment | | Potash Corp of Saskatchewan | POT-T | 163.330 | Prefers Agrium (AGU-T) because of their union strike scenario. Numbers are going to be weaker than people are recognizing. Until they settle with their unions and get back to business, they are in the penalty box. | 2008-09-25 | |
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| STRONG BUY | | Hudbay Minerals Inc. | HBM-T | 7.360 | Have a lot of cash on the balance sheet. Thinks the stock got knocked down unnecessarily. Tremendous value at this point. | 2008-09-25 | |
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| BUY | | Bombardier Inc (B) | BBD.B-T | 6.070 | (Market Call Minute.) Really like it at this point. Just announced a $1.45 billion order. | 2008-09-25 | |
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| DON'T BUY | | Breakwater Resources | BWR-T | 0.245 | (Market Call Minute.) Basically involved in zinc. We preferred the bigger players at this stage of the game. | 2008-09-25 | |
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| BUY | | Lundin Mining Corp. | LUN-T | 3.480 | (Market Call Minute.) Have had some problems with the DRC in terms of royalty rates. Valuations is at a point where it should move up. | 2008-09-25 | |
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| HOLD | | Falcon Oil & Gas | FO-X | 0.580 | (Market Call Minute.) Have an interesting prospect. Trying to diversify their asset base. Speculative. | 2008-09-25 | |
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| HOLD | | Aurelian Resources Inc | ARU-T | 5.860 | (Market Call Minute.) Being acquired by Kinross (K-T). (See Top Picks.) | 2008-09-25 | |
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| HOLD | | Uranium One Inc. | UUU-T | 3.430 | (Market Call Minute.) Looking for more of an uptick in the price of uranium. | 2008-09-25 | |
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| TOP PICK | | Vero Energy Inc. | VRO-T | 9.480 | In the 4th quarter of 2005 production was under 1000 BOE's a day. Now over 6000. Have tremendous drilling success. Very low cost operator, so strong net backs. Last quarter they had 100% drilling success. | 2008-08-21 | |
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| TOP PICK | | Bombardier Inc (B) | BBD.B-T | 7.520 | Margins are increasing. Have announced their new C series and have their first order including 30 firm and 30 options. Reinstated their dividend. | 2008-08-21 | |
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| TOP PICK | | Rogers Communcations (B) | RCI.B-T | 37.640 | Had a fairly good quarter. Looking at the 2nd half, they have the iPhone as well as the new Blackberry Bold, which will add significantly to their numbers. | 2008-08-21 | |
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| PAST TOP PICK | | CAE Inc | CAE-T | 10.950 | (A Top Pick Sept 14/07. Down 17%.) Last quarter was very strong. Showing some decent numbers. Decent growth. Good backlog. Was hurt a little by the Cdn$. Also some softness in the US airline industry. Nicely diversified between defence operations, commercial operations and training schools. | 2008-08-21 | |
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| PAST TOP PICK | | Kinross Gold | K-T | 18.040 | (A Top Pick Sept 14/07. Up 26%.) Acquiring Aurelian Resources (ARU-T). Still a Buy. | 2008-08-21 | |
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| PAST TOP PICK | | Galleon Energy Inc. (A) | GO.A-T | 14.780 | (A Top Pick Sept 14/07. Down 10%.) Took some profits in the $19 area. Good production growth last quarter. Skewed to light oil and gas. Good management. Still a Buy. | 2008-08-21 | |
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| HOLD | | Penn West Energy Trust | PWT.UN-T | 30.700 | Largest oil/gas trust. Have made 3 acquisitions over the last little while. Well over 13% yield. | 2008-08-21 | |
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| BUY | | Lundin Mining Corp. | LUN-T | 5.320 | A lot of the larger plays in the base metals sector have been taken out so there are very few opportunities left for investing. Have had some good expiration success. Good diversification with zinc, nickel and copper. | 2008-08-21 | |
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| WAIT | | BFI Canada Income Fund | BFC.UN-T | 18.640 | Because of recent trust legislation, they can no longer acquire further assets. Management is going back to a corporate structure. Need cash for acquisitions so have pulled back on distributions. Wait until there are more growth investors onside. Wait for it to form a base. | 2008-08-21 | |
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| PARTIAL BUY | | Sherrit | S-T | 9.690 | A lot of base metals have contracted quite dramatically along with commodity prices. Would consider adding on a little here. Have diverse assets such as nickel, gas, etc. | 2008-08-21 | |
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| Comment | | Air Canada (B) | AC.B-T | 4.810 | In the last quarter, they made a lot of money out of derivatives. Made a profit, but basically on hedging of fuel. Very solid company in this space. Have to do something with Ace Aviation, which is a big holding. Expect they will dividend it out and unwind the company. If the economy turns around, you could have a nice move. | 2008-08-21 | |
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| DON'T BUY | | Canfor Corp | CFP-T | 9.720 | Have seen a benefit over the short-term in the pullback in the Cdn$. The company is tied to the US economy so he prefers other sectors. Can't see any meaningful upside. | 2008-08-21 | |
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| BUY | | Agrium | AGU-T | 90.600 | Will participate in the current run. | 2008-08-21 | |
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| DON'T BUY | | Visa Inc. | V-N | 74.380 | Concerned about credit card companies over the near-term until we get through this financial trauma. Credit card balances have been trending up. Be a little cautious. | 2008-08-21 | |
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| DON'T BUY | | Crew Energy Inc. | CR-T | 14.020 | Numbers have not been that terrific. They are looking to buy Gentry Resources (GNY-T). In terms of the actual numbers, they really needed an acquisition to add to their production profile. This will go higher but there are better alternatives. (See Top Picks.) | 2008-08-21 | |
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| Comment | | Encana Corp | ECA-T | 77.560 | Very interesting choice right now because of the split, which is going to create value. If you own, you might want to hold onto both pieces. | 2008-08-21 | |
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| BUY | | Finning Int | FTT-T | 25.250 | Very good company. Basically leases large moving equipment, etc. At this juncture, it is probably an interesting bet. You have to look at the overall mining operations and a lot of companies are expanding and the need for equipment is still very high. | 2008-08-21 | |
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| BUY | | Petro-Canada | PCA-T | 47.930 | Based on the pullback on the stock and commodity price, this is a fair entry point. This one is not his favourite. | 2008-08-21 | |
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| Comment | | Fortis Inc. | FTS-T | 25.050 | At this price, it represents decent value. More of a defensive play and as defensive plays become more in vogue, it will move back up. Well managed. | 2008-08-21 | |
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| BUY | | Hudbay Minerals Inc. | HBM-T | 11.400 | (Caller was interested for a 3 to 5 year hold.) For a long-term hold, this is a good entry point. Have a big cash position. The acquisition of Skye Resources (SKR-T) will add nickel to their component. Also have a lot of copper production and zinc. | 2008-08-21 | |
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| WAIT | | Toronto Dominion | TD-T | 59.290 | (Caller was interested in a 10-year hold.) With a 10-year time horizon, it would probably make some sense. Going through a very weak period and now would be a decent time to add. Banks will start reporting next week and expects it will be another quarter of very weak numbers. He would like to see a turn in loan losses, finally bottoming out and then an outlook for improving earnings. | 2008-08-21 | |
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| BUY | | Tim Hortons | THI-T | 33.000 | Has reformed reasonably well. Last quarter's numbers were decent. Showing decent growth in the Canadian operations. Would have liked to have seen a bigger improvement in their US operations. | 2008-08-21 | |
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| Comment | | General Electric | GE-N | 28.750 | Has weakened with the market, but at some point in time this will be a very interesting opportunity. Very international. On his Watch list but hasn't hit yet. | 2008-08-21 | |
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| BUY | | Thompson Creek Metals | TCM-T | 16.100 | It is coming to a point in time where you want to take a look at these companies. Thinks there will be a nice seasonal trade at a minimum. | 2008-08-21 | |
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| BUY | | Absolute Software Corp. | ABT-T | 12.850 | Last quarter was on track and pretty decent. You could take a look at it here. | 2008-08-21 | |
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| WAIT | | Canadian Imperial Bank of Commerce | CM-T | 58.430 | (Market Call Minute.) Still facing some headwinds. If you are looking at this one, wait until they actually report. | 2008-08-21 | |
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| BUY | | Oilexco Inc | OIL-T | 14.630 | (Market Call Minute.) Doing a fairly good job in terms of their drilling. | 2008-08-21 | |
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| HOLD | | George Weston Ltd. | WN-T | 46.890 | (Market Call Minute.) In a long basing phase along with Loblaw's (L-T). Loblaw's have had their distribution problems and he would like to see this issue resolved. | 2008-08-21 | |
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| HOLD | | Thomson Reuters Corp | TRI-T | 34.250 | (Market Call Minute.) | 2008-08-21 | |
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| TOP PICK | | Bombardier Inc (B) | BBD.B-T | 7.150 | Margins are way up. Last numbers where well ahead of the street. Reinstated their $0.025 dividend. Recently announced their new C series of jets. Have a lead order of 60 jets, 30 firm and 30 optional. | 2008-07-23 | |
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| TOP PICK | | Denison Mines Corp | DML-T | 7.070 | Very strong company in uranium. Have 2 of the 4 operating mills that are licensed to deal with uranium. Currently going through a basing period. Outlook for uranium is improving. | 2008-07-23 | |
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| TOP PICK | | Q9 Networks Inc. | Q-T | 12.900 | Small company based out of Toronto. Provide 24/7 services for companies that need Internet options. Have data sources in Brampton, Toronto and Calgary so they have been adding a number of “benches”. Have an expanding ability to deal with customers. Great growth profile. Have about $32 million cash for their expansions. | 2008-07-23 | |
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| PAST TOP PICK | | Kinross Gold | K-T | 20.840 | (A Top Pick Aug 8/07. Up 62%.) Would add to this one on a pullback. Gold is going to move higher and he likes securities that have steady growth. | 2008-07-23 | |
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| PAST TOP PICK | | Emergis Inc. | EME-T | 8.250 | (A Top Pick Aug 8/07. Up 26%.) Was acquired by Telus (T-T). | 2008-07-23 | |
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| PAST TOP PICK | | Rogers Communcations (B) | RCI.B-T | 39.400 | (A Top Pick Aug 8/07. Down 12%.) This is one that he would be adding to. Likes this one on the long-term. Will do quite well in the next 12 to 15 months. Still a Buy. | 2008-07-23 | |
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| HOLD | | Potash Corp of Saskatchewan | POT-T | 202.230 | The last news was a fairly large development of more potash. There will be bouts of profit taking from time to time but as long as there continues to be demand for fertilizers this will be on track. It will take a couple of years for other competitors to step in. Fundamentals are still in place. | 2008-07-23 | |
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| HOLD | | Penn West Energy Trust | PWT.UN-T | 29.990 | Recently acquired Endev Energy (ENE-T), which he owned. Outlook is quite strong. Continued exploration development. Made about 3 acquisitions over the last several months and complementing this with increased drilling. Controlling payouts of cash flow quite nicely and will have to do this over the next 2 years. | 2008-07-23 | |
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| HOLD | | Petro-Canada | PCA-T | 46.600 | Followed the downward move in energy. Some production issues in the past but down here value is compelling and should be able to trade back up. Energy prices could come down a few more dollars before basing out and heading back up again. Trading at 8X earnings. Looking at this one. | 2008-07-23 | |
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| HOLD | | Cameco Corporation | CCO-T | 37.390 | Uranium is going through a bottoming process. Had a number of issues with Cigar Lake is taking a long time to bring it back on strength. Recently announced an acquisition in Australia to diversify their holdings. Australia has controls with regards to expansion of uranium, which is a limiting factor. Prefers some of the smaller players. (See Top Picks.) | 2008-07-23 | |
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| BUY | | Talisman Energy | TLM-T | 18.440 | Would be tempted to look at this one at this price. Strategy was to get out of high-risk plays but is now jumping back into Iraq. All the same, the valuation is getting to a point where you should start to take a look at it. | 2008-07-23 | |
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| BUY | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Banks: - Toronto Dominion (TD-T) stands out as being a very fine operator but, with some of their US operations, they have been hurt. For more international exposure, people tend to go to Bank of Nova Scotia (BNS-T). The long-term bank that has really shown tremendous ROE’s over time has been the Royal Bank (RY-T). Any one of these 3 are strong operators. | 2008-07-23 | |
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| HOLD | | CGI Group (A) | GIB.A-T | 10.440 | Outsourcing in the computer area. Margins are modest. Recently made a small asset sale, nothing of major significance. In this environment, it is not a bad stock to hold. | 2008-07-23 | |
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| DON'T BUY | | Ford Motor | F-N | 6.030 | In terms of the North American automotive manufacturers, they are really facing a very steep hill right now. They have to continue to develop new models and their cost structure is very high. Their weakening balance sheets are a real problem. | 2008-07-23 | |
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| Comment | | Yamana Gold Inc. | YRI-T | 12.780 | Have made a number of strategic acquisitions. The knock on the company has always been their production profile and not meeting some of the targets. Should perform relatively well along with some of the other gold securities but he would prefer Kinross (K-T), Agnico Eagle (AEM-T) or Goldcorp (G-T). | 2008-07-23 | |
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| HOLD | | Sprott Resource Corp. | SCP-T | 2.970 | A resource fund. Has been under some pressure over the last little while just because of the nature of their holdings. As resources come down in price, this one will fall with it. A well-managed fund. If you are a patient investor, it is probably one you want to stick with. | 2008-07-23 | |
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| HOLD | | Suncor Energy Inc | SU-T | 53.650 | A lot of the oil/gas securities have been basically tracking the price of oil very closely. Also, as it is an oil sands play, it will be tracking very closely to the price of energy. Long life reserve. If you are a patient investor, it is one you want to stick with. Very well run company. | 2008-07-23 | |
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| PARTIAL BUY | | Nexen Inc | NXY-T | 30.850 | Last quarterly report was a little disappointing. Some of their production numbers where a little weaker than expected. As well, there was a weak energy price. Think it’s getting a little bit overdone on the down side but it could still come down little bit more before it finally starts to base out. Would be tempted to add a little bit. | 2008-07-23 | |
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| HOLD | | Transalta Corp | TA-T | 36.910 | If you own, he would hold for the time being until there is a better sense of the take-out potential. If you don’t see anything further coming, then he would consider selling. | 2008-07-23 | |
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| Comment | | BCE Inc. | BCE-T | 39.000 | If all goes well, the stock will be taken out at $42.75 in December. There will be no dividends. There is always the potential for something to happen, but given what has transpired over the last several weeks, it looks like the deal has a better chance of completing than it did before. | 2008-07-23 | |
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| BUY | | FNX Mining Company | FNX-T | 17.020 | A great little company. Focused on nickel. Base metal market has been somewhat weak over the last little while. Nickel price has been coming down. Getting more attractive around this price level. | 2008-07-23 | |
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| HOLD | | Agrium | AGU-T | 91.220 | We are in a very bullish market now for agriculture. The need for fertilizer is way up. PE ratio has been stretched given the growth rates. Likes the company and the space. | 2008-07-23 | |
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| HOLD | | Oilexco Inc | OIL-T | 15.370 | (Market Call Minute.) Has been reporting some very good drill results. Target is certainly higher. | 2008-07-23 | |
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| HOLD | | Thomson Reuters Corp | TRI-T | 32.560 | (Market Call Minute.) Has had a fairly healthy pullback. Very strong franchise. | 2008-07-23 | |
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| HOLD | | Sunlife Financial | SLF-T | 44.600 | (Market Call Minute.) Very well run life insurance Company. Hurt by the overall impact in the financial services sector. | 2008-07-23 | |
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| BUY | | Canadian Tire Corporation Ltd. (A) | CTC.A-T | 56.120 | (Market Call Minute.) Had a fairly healthy pullback and should proceed well. Good valuation. | 2008-07-23 | |
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| TOP PICK | | Bombardier Inc (B) | BBD.B-T | 7.290 | Last quarter showed operating margins increasing dramatically. Backlog is building. Earnings beat expectations. | 2008-06-24 | |
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| TOP PICK | | Systems Xcellence | SXC-T | 15.280 | Provides a backend solution for healthcare services companies. Large acquisition had some dilutive effects on earnings but will be back on track next year. | 2008-06-24 | |
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| TOP PICK | | Denison Mines Corp | DML-T | 8.110 | Thinks they price of uranium is bottoming. Have 7 mines and 2 operating mills. Good, growing production. Interesting exploration. | 2008-06-24 | |
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| PAST TOP PICK | | CAE Inc | CAE-T | 12.100 | (A Top Pick July 12/07. Down 17%.) Problem was because of concerns about US airlines. Quarterly report was extremely strong. Growth is from outside of North America. Backlog is continuing to grow. Strong Buy. | 2008-06-24 | |
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| PAST TOP PICK | | Kinross Gold | K-T | 20.260 | (A Top Pick July 12/07. Up 49%.) Took some of his profits but is currently looking for a re-entry point on some of the gold securities. | 2008-06-24 | |
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| PAST TOP PICK | | Rider Resources Ltd. | RRZ-T | 5.840 | (A Top Pick July 12/07. Up 5% at the time of acquisition by Nuvista (NVA-T) in March.) He took the Nuvista shares and they went up by another 25%. Still a Hold. | 2008-06-24 | |
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| Comment | | Talisman Energy | TLM-T | 22.530 | Will be drilling in Iraq. A riskier country with great opportunity. Have had production problems in the past. He is waiting to see how the new management will take over and redevelop the company. | 2008-06-24 | |
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| BUY | | Visa Inc. | V-N | 82.660 | Strong name in the financial services sector. Trying to mimic American Express by promoting a lot of new cards with prizes. This is cutting into margins. For a long-term play, it is a decent stock to own. | 2008-06-24 | |
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| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold: When US$ was falling, gold was rising. As inflation starts to come to the surface, there will be a major shift and gold will be more focused on inflation. | 2008-06-24 | |
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| BUY | | Yamana Gold Inc. | YRI-T | 14.900 | More of an acquirer rather than a explorer. Have put a nice portfolio of assets together. Have had some issues with production. At this price, it's a reasonable bet. Could see it back at its old highs. | 2008-06-24 | |
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| DON'T BUY | | Yellow Pages Income Fund | YLO.UN-T | 9.010 | Unit trusts still need growth to make them work. Historically, they made a lot of good acquisitions adding to their Yellow Pages franchise but are running out of candidates to purchase and growth rate is somewhat slowing. | 2008-06-24 | |
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| HOLD | | Canadian Oil Sands Trust | COS.UN-T | 49.750 | With higher oil prices, these companies are facing higher distributions so there could be an increase. | 2008-06-24 | |
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| Comment | | BCE Inc. | BCE-T | 37.220 | Supreme Court of Canada has now said the deal can go through. Because of the state of the financial community, there could be a new deal with the banks. There are still a lot of questions regarding the final price. | 2008-06-24 | |
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| WATCH | | AltiusMinerals Corp | ALS-T | 9.260 | SNC-Lavalin (SNC-T) sued a subsidiary for $20 million, which would have bankrupted it. Subsidiary got a stay and the stock went up. Trying to restructure to get the operation back on the road. | 2008-06-24 | |
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| HOLD | | Duvernay Oil Corp | DDV-T | 64.670 | Heavily exposed to gas. Gas tends to get volatile in the shoulder months. Has done tremendously well over the last 7 months. | 2008-06-24 | |
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| Comment | | UEX Corp. | UEX-T | 4.360 | Spot price of uranium has declined dramatically. Uranium is a sustainable form of energy. The need for alternative fuels is definitely there. Thinks we are close to a bottom. Prefers the companies that are into production. This company is more into exploration. (See his Top Picks.) | 2008-06-24 | |
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| Comment | | Viterra Inc | VT-T | 14.160 | Grain storage. Still on an acquisition trail so they could still continue to add to the asset base over the next little while. Analysts’ estimates are for $15 but with new assets that could be pushed. | 2008-06-24 | |
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| Comment | | General Motors Corporation | GM-N | 13.190 | Faces a major uphill battle. International sales are decent but the issue with this company is developing new cost efficient models. Truck side is very weak. If you are an investor with a need for an immediate gratification you won't get it with this. Yield is high, but can be cut when the company needs to keep the cash. | 2008-06-24 | |
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| Comment | | Falcon Oil & Gas | FO-X | 1.110 | Have an interesting asset base. The issue with this company is the extremely deep, expensive gas drilling in Rumania. Recent joint venture with Mobil Exxon is encouraging. Waiting to see what targets they have identified and what the results will be. Will be news driven. Very speculative. | 2008-06-24 | |
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| BUY | | Husky Energy | HSE-T | 48.120 | Well managed company. Likes their international assets. | 2008-06-24 | |
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| DON'T BUY | | Canadian Imperial Bank of Commerce | CM-T | 60.090 | (Market Call Minute.) Would avoid this one until some of the asset write-downs are at little bit clearer. | 2008-06-24 | |
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| DON'T BUY | | Research In Motion | RIM-T | 141.780 | (Market Call Minute.) He is not a buyer of this one although targets are a lot higher. | 2008-06-24 | |
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| BUY on WEAKNESS | | Timminco Ltd. | TIM-T | 29.700 | (Market Call Minute.) A little ahead of itself. Wait for a lower price. | 2008-06-24 | |
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| HOLD | | Agrium | AGU-T | 108.600 | (Market Call Minute.) If you are looking to buy, wait for a lower entry point. | 2008-06-24 | |
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