STOCKCHASE

4.750

Aerospace and mass transit. Margins have been improving dramatically. Have decent cash to support their working capital. Strong backlog. Good infrastructure play.

2009-01-15

TOP PICK

Rogers Communcations (B)

RCI.B-T

33.290

Good financing in August to pay for their broadband purchase and flush out the balance sheet. Very strong cash flow. Yield of 3% plus. Good price.

2009-01-15

TOP PICK

Com Dev International Ltd.

20.900

Showed tremendous production growth in 08 and hope to increase production to 1.8-1.9 million ounces of gold equivalent in 09 and moving to 2.4-2.5 million in 2010. Good cash position.

2009-01-15

PAST TOP PICK

CDV-T

3.270

(A Top Pick Jan 15/08. Down 3.9%.) Last quarterly report was extremely strong. Company has shown the ability to withstand this down like. Have a very decent backlog and earnings are a lot stronger. A Buy.

2009-01-15

PAST TOP PICK

Denison Mines Corp

DML-T

1.380

(A Top Pick Jan 15/08. Down 83.7%.) Uranium prices dropped and companies got pounded. Added to his position at about $.85. Current spot for uranium is around $51 with long-term contracts trading around $70. Recently did an issue, which flushed out their balance sheet. Well set up for 09.

2009-01-15

PAST TOP PICK

A Comment -- General Comments From an Expert

4.900

(A Top Pick Jan 15/08. Down 32.9%.) Just announced some production numbers which are quite strong. Exited 2008 at around 8800 BOE's a day. Growth rate of about 40%. A Buy.

2009-01-15

BUY

Agnico-Eagle Mines

AEM-T

60.220

One of the stronger growth companies. One of the “go to” stocks in the larger gold producers. Would also include Kinross (K-T) and Goldcorp (G-T) in that category. (See Top Picks.)

2009-01-15

Comment

A Commentary

0.020

Gold: Bullish on the outlook for gold and expects it will trade over $1000 sometime this year.

2009-01-15

HOLD

Tim Hortons

THI-T

31.000

A consumer discretionary that has held up relatively well in this environment. A lot of the players are starting to cut costs in the area of breakfasts. Had a problem with growth in the US which is something to watch out for.

2009-01-15

Comment

Suncor Energy Inc

SU-T

26.850

Some analysts are marking this down because of crude prices. Production numbers did not look too bad. Numbers will be coming out in a couple of days so you can get a better sense of the outlook for 09.

2009-01-15

Comment

BCE Inc.

BCE-T

24.350

Hasn't been a fan but it started looking attractive in the low $20's. Fixed phone lines is a weak and dying business but their wireless side is doing quite nicely. Cutting costs. Yield is good for income investors but wouldn't buy for growth.

2009-01-15

BUY

Research In Motion

RIM-T

62.000

In the $50's represented decent value. Still faces a fair amount of competition. A lot of new products are coming to bear on the marketplace, which will put a lot of pressure on the Blackberry. Very strong company that are continuing to look at advancements in the product.

2009-01-15

DON'T BUY

Canadian National R.R.

CNR-T

43.410

Diversification through their acquisition in the US will help them. However, a lot of major companies that use haulage to transport are declining significantly. This kind of company will be in a bear market until the economy starts to bottom out.

2009-01-15

PARTIAL BUY

FNX Mining Company

FNX-T

3.450

Got down to a level where it makes some sense to dip your toe in. Over time, it will do okay. Controlling their budget by curtailing some exploration.

2009-01-15

BUY

Canadian Tire Corporation Ltd. (A)

29.130

Falling under the pressures of the commodity. Trades at about 3X earnings, which makes it a good time to step in. Have had some issues. Fort Hills project has had increased costs.

2009-01-15

HOLD

Yellow Pages Income Fund

YLO.UN-T

6.460

Involved in mature businesses that have generated decent cash flows. Will have to change to a corporation in 2011. Questions how much growth there is and what they will look like as a corporation. Would hold on for the next 12 months or so.

2009-01-15

Comment

Power Financial Corp

PWF-T

24.000

Preferreds. A lot of preferred shares are not holding up price wise. If looking at preferreds today, it is important to try to get resets. (Some preferreds reset interest rates after a period of time.)

2009-01-15

Comment

Yamana Gold Inc.

YRI-T

8.030

Always had a few issues with regards to production targets. Also costs being higher than what they forecast. Will participate aggressively as the price of gold goes up. (See Top Picks.)

2009-01-15

Comment

Uranium One Inc.

UUU-T

1.950

Uranium is holding in around the $51 level. A lot of the companies got oversold last year. Could possibly be a target for some of the seniors to go after.

2009-01-15

Comment

Cameco Corporation

CCO-T

21.800

Uranium is holding in around the $51 level. Have had a number of production issues.

2009-01-15

DON'T BUY

Biovail Corp.

BVF-T

13.920

Dividends a little on the high side. Company has stated that if they make an acquisition, dividend will be cut.

2009-01-15

HOLD

CTC.A-T

43.990

Expects modest growth over the next 2 to 3 years. Getting into the food business in a limited way, which he finds quite strange. Have done a fairly decent job in terms of shifting some products around and revamping stores. Mark’s Work Warehouse operation is good and is adding value.

2009-01-15

BUY

Bank of Montreal

BMO-T

32.600

Just acquired American International Group’s (AIG-N) Canadian life insurance business. Small acquisition for them and should not impact their tier one capital that much. A lot of major banks are also tied into Nortel (NT-T) meaning further write-downs will have to be made. Almost 9% yield.

2009-01-15

BUY

SNC-Lavalin Group Inc.

SNC-T

37.490

There is going to be so much infrastructure spending over the next little while that he would take a look at the sector. More international in scope than Aecon Group (ARE-T). Also own the #407 Highway in Ontario. (For infrastructure See his Top Picks.)

2009-01-15

BUY

Aecon Group Inc

ARE-T

10.540

There is going to be so much infrastructure spending over the next little while that he would take a look at the sector. More North American than SNC Lavalin (SNC-T). (For infrastructure See his Top Picks.)

2009-01-15

BUY

Falcon Oil & Gas

FO-X

0.400

In partnership with Exxon (XOM-N), which has saved them. Exxon is going to be drilling one of the large fields and assessing what exactly is there. If they find something, the stock will trade back up.

2009-01-15

TOP PICK

6.160

Gas producer in Western Canada. Numbers just reported were very strong. Looking for a nice increase in production. Strong cash flow going forward. Good price.

2008-10-30

TOP PICK

Agrium

AGU-T

47.500

Valuation call. Commodities are weakening somewhat but the stock has been decimated. Analysts are estimating a fairly strong number in 08. 2009 is a question mark in view of the falling commodity prices, but the multiple is so low that it is a very active opportunity.

2008-10-30

TOP PICK

Rogers Communcations (B)

RCI.B-T

35.750

Not quarterly numbers were very good in this environment. Revenues are about $2.9 billion, against a $2.6 billion last year. August debt issue of $1.75 billion and as a result were able to acquire 20 Hz of bandwidth for about $1 billion. Nice dividend.

2008-10-30

PAST TOP PICK

A Comment -- General Comments From an Expert

13.600

(A Top Pick Oct 12/07. Down 19%.) Suffered with the volatility in gold prices. Great growth profile. Looking for 1.8-1.9 million ounces this year, expanding to 2.4-2.5 million next year. Just acquired Aurelian Resources, which will be a tremendous play for them.

2008-10-30

PAST TOP PICK

Galleon Energy Inc.

GO-T

6.680

(A Top Pick Oct 12/07. Down 60%.) Selloff on this was a little overdone. Overall, the cash flow estimates look reasonable. Have a great potential to expand their Montney play. Balance sheet is fine and they have a great acreage. Great Buy at this price.

2008-10-30

PAST TOP PICK

CAE Inc

CAE-T

6.540

(A Top Pick Oct 12/07. Down 51%.) Investors are wondering if simulators are going to be sold in this environment. Simulators will be required as new aircraft gets introduced. Great Buying opportunity.

2008-10-30

Comment

A Commentary

0.020

Gold: Should be trading at lot higher. A lot of hedge funds were looking to raise cash on whatever vehicle they could and gold was an easy thing to sell.

2008-10-30

Comment

Nova Chemicals Corp.

NCX-T

15.390

Gets tarred with an industrial chemical company. When investors are looking for liquidity they sell anything. Should respond on the upside as the market gets going. Costs are coming down because of lower oil prices.

2008-10-30

BUY

Viterra Inc

VT-T

7.410

Cash flow positive. Longer term, analysts are looking at $15 but he thinks it will be around $11 or $12. Well run company.

2008-10-30

Comment

Nexen Inc

NXY-T

19.570

Makes a lot of sense to buy now if you have a 5-year time frame. Oil will be a lot higher. They have had some production issues in the past. Numbers have been a little bit weaker but they do have a good asset base. Change in management is coming shortly.

2008-10-30

WAIT

Hudbay Minerals Inc.

HBM-T

5.370

The problem is that commodities have been dropping like a stone so quarterly numbers are going to look weak. Huge cash position so could make some strategic acquisitions. You may have to hold for a little while. Wait until Nov 5 when quarterly numbers are announced and stock price could drop.

2008-10-30

HOLD

Kingsway Financial Services

KFS-T

6.400

Real problem has been the US operations. Has been an erosion of capital but they have been shoring it up and have made a few sales of some of their assets. Well run company for the most part.

2008-10-30

HOLD

Sherritt International Corp.

29.390

Has dropped along with the commodity. Had some production and management issues in the past but even so, a very cheap stock.

2008-10-30

BUY

Goldcorp Inc

G-T

24.520

Very low cost gold producer. One of the companies that are really growing their production. He would also include Agnico-Eagle (AEM-T) and Kinross (K-T) into the same category. Energy costs will be coming down. Seasonal strength for gold is coming up now.

2008-10-30

WAIT

Gerdau Ameristeel Corp

GNA-T

6.700

Steels are basically cyclicals and you want to be out of them at the top of the market and buying when the economy starts to pick up. Earnings can come down substantially as demand for the product drops. Another big influence is dumping of steel. Would probably Buy as we progress through this slowdown.

2008-10-30

Comment

S-T

4.240

Good Buy if you have a fairly long holding period. You are looking for the peak of the next cycle, which could take longer than 2 years. Exposed to nickel, oil/gas with some exposure to Cuban real estate. He would be tempted to Wait.

2008-10-30

Comment

Research In Motion

RIM-T

57.850

Apple (AAPL-Q) has a very competitive product and is starting to bite into some of their growth. As a result, Apple has been doing fairly well. Tremendous product. Apple requires 10 X the number of bytes for messaging, which is a detriment. Motorola (MOT-N) has now teamed up with Google (GOOG-Q) giving even more competition. Probably does not preserve to be as low as it is.

2008-10-30

Comment

Motorola

MOT-N

5.170

Biggest problem has been their difficulty with interface but have teamed up with Google (GOOG-Q) and are now getting a new look. Could add more competition to this space.

2008-10-30

DON'T BUY

Uranium One Inc.

UUU-T

1.000

Shut down their Dominion project because of costs and the low price of uranium. Price of uranium is coming to a point where they can't actually find it for that price. You want to stick with the higher quality players and even they are having difficulty.

2008-10-30

DON'T BUY

Nortel

NT-T

1.400

The problem is that in a weak environment they are having difficulty in selling their product. Will be highly dependent on the outlook for world economies, which is currently slumping.

2008-10-30

DON'T BUY

George Weston Ltd.

WN-T

61.600

Very defensive play and that is why a lot of people are interested in it. In a normal environment, food is a great place to be when the market is having troubles but in this case, it is not acting as well as it probably should. Competition is growing.

2008-10-30

Comment

Canadian Tire Corporation Ltd. (A)

CTC.A-T

45.000

Great defensive play. Growth rates are slowing so they continue to look to the US market for growth, which has always been a problem with them. Thinks it is going to be a difficult retailing environment so they are looking at having some groceries. Low margins and Wal-Mart is in the same neighbourhood.

2008-10-30

HOLD

Connacher Oil and Gas

CLL-T

1.690

(Market Call Minute.) Doing a reasonable job but would like to see a little more financial strength.

2008-10-30

Comment

Bank of Nova Scotia

BNS-T

40.800

(Market Call Minute.) Down to a stage now where it is more of a Buy than a Sell. International exposure is hurting a bit.

2008-10-30

BUY

Husky Energy

HSE-T

35.770

(Market Call Minute.) Likes this company. Offering a strong yield.

2008-10-30

BUY

Suncor Energy Inc

SU-T

28.980

(Market Call Minute.) Good discussion of costs on producing oil sands.

2008-10-30

BUY

4.730

(Market Call Minute.) Likes the company and thinks they have done a lot to fix it up. Good cash position. Great order backlog. Margins have been increasing. Still has the economic uncertainty but this is a great price point.

2008-10-30

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

TOP PICK

A Comment -- General Comments From an Expert

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

PAST TOP PICK

Galleon Energy Inc.

GO-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

BUY

Goldcorp Inc

G-T

35.600

This can benefit through the stronger gold prices. Decent producer and low-cost.

2008-09-25

Comment

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

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

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

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

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

TOP PICK

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

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

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

HOLD

Potash Corp of Saskatchewan

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

Comment

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

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

BUY

6.070

(Market Call Minute.) Really like it at this point. Just announced a $1.45 billion order.

2008-09-25

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

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

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

HOLD

Aurelian Resources Inc

ARU-T

5.860

(Market Call Minute.) Being acquired by Kinross (K-T). (See Top Picks.)

2008-09-25

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

TOP PICK

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

TOP PICK

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

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

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

PAST TOP PICK

Sherritt International Corp.

18.040

(A Top Pick Sept 14/07. Up 26%.) Acquiring Aurelian Resources (ARU-T). Still a Buy.

2008-08-21

PAST TOP PICK

Galleon Energy Inc.

GO-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

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

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

WAIT

IESI-BFC Ltd.

BIN-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

PARTIAL BUY

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

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

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

BUY

Agrium

AGU-T

90.600

Will participate in the current run.

2008-08-21

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

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

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

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

BUY