| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Energy: Thinks that oil may have based here. OPEC meets September 9 but he doesn't think they will raise production. | 2008-08-29 | |
| TOP PICK | | Potash Corp of Saskatchewan | POT-T | 184.760 | Potash prices have been very strong. Hasn't slowed down at all with current corn crops. One of the best earnings growth stories on the TSX. Trading at a very attractive 8X earnings rate. | 2008-08-29 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | US$: Looking at the whole Freddie Fannie issue. There are a lot of financing requirements in the US, so he doesn't think the US$ has found a bottom. On interest rate differential, which usually underpins a currency, the US has far overshot its fundamentals. Expects that gold will go higher and related to that, so will oil. | 2008-08-29 | |
| Comment | | Telus Corp | T-T | 42.650 | News today of a potential CapX project that BCE (BCE-T) and Telus are talking about. If they go ahead with this there will be an increasingly more competitive market. Rogers (RCI.B-T) still has the leg up as a superior network. Have a key mover advantage with the iPhone or any of the new Blackberry launches. They are already into the 3G environment. | 2008-08-29 | |
| BUY | | Encana Corp | ECA-T | 79.810 | Really likes the prospects for natural gas and the natural gas companies. When they do their split, he would be inclined to hold both companies. | 2008-08-29 | |
| BUY | | Labrador Iron Ore | LIF.UN-T | 55.720 | Very well positioned and thinks the distribution is safe. There has been a lot of conjecture about what steel prices are going to do going forward but he thinks the commodity will stay strong.. | 2008-08-29 | |
| BUY | | Goldcorp Inc | G-T | 36.120 | One of his favourite gold companies. Low cost producer. Has one of the best Canadian production growth profiles over the next 3 to 5 years. | 2008-08-29 | |
| Comment | | BCE Inc. | BCE-T | 40.230 | If you buy now, you have about $2.75 of upside between now and December. There is no dividend. Not a large enough rate of return for him. | 2008-08-29 | |
| BUY | | Nexen Inc | NXY-T | 33.280 | A bit of a “show me” stock right now. They have to get the Long Lake project going. One of the cheapest oil companies in Canada. Fundamentally it is going to do really well this coming year. Excellent production growth. | 2008-08-29 | |
| DON'T BUY | | Canadian National R.R. | CNR-T | 55.710 | Rails are not particularly attractive to him right now. Earnings are de-accelerating and on a year over basis will be negative. Valuations are not particularly attractive. | 2008-08-29 | |
| DON'T BUY | | Canadian Pacific Rail | CP-T | 64.780 | Rails are not particularly attractive to him right now. Earnings are de-accelerating and on a year over basis will be negative. Valuations are not particularly attractive. | 2008-08-29 | |
| BUY | | Agrium | AGU-T | 89.810 | Very much likes the fertilizer sector. An opportunity to invest in a company that is underpinned by very strong earnings growth. Single-digit multiple. | 2008-08-29 | |
| BUY | | Research In Motion | RIM-T | 129.370 | One of his favourite names. In Canadian technology it is about the only name that has good growth. They will grow their earnings significantly on a year-over-year basis. Lots of new products coming on. Moving into the consumer side of the equation. | 2008-08-29 | |
| DON'T BUY | | Royal Bank | RY-T | 48.750 | Banks did a really good job this quarter relative to expectations. This would be one of the stellar ones. The issue he has with the banks right now is lack of earnings growth. Thinks we are through the worst of the asset backed write-offs. Now we are into the pure credit cycle and there is a little bit more deterioration on the credit side. | 2008-08-29 | |
| BUY | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Bank Preferred Shares: Spreads in the corporate market and what banks have to pay right now are incredibly attractive and preferreds look good. A lot of them have performed quite poorly over the last year as spreads have widened. You get good distribution but not a lot of capital appreciation. | 2008-08-29 | |
| DON'T BUY | | Cameco Corporation | CCO-T | 31.940 | Uranium fundamentals appear to be looking pretty good. Unfortunately, this company has one misstep after another. He just can't get comfortable with the earnings profile so it is not an attractive investment to him yet. | 2008-08-29 | |
| HOLD | | Bankers Petroleum | BNK-T | 4.850 | (Market Call Minute.) Not particularly enamoured with the management group. | 2008-08-29 | |
| BUY | | Suncor Energy Inc | SU-T | 60.800 | (Market Call Minute.) Love the name. | 2008-08-29 | |
| TOP PICK | | Oilexco Inc | OIL-T | 16.000 | UK North Sea oil explorer and developer. Have 3 or 4 projects they are bringing on stream. Have oilrigs secured, which has allowed them to wiggle their way into some projects. Will be doubling production between 2008 and 2009. Cash flow growth is very significant. | 2008-06-03 | |
| TOP PICK | | Trican Well Service Ltd. | TCW-T | 23.200 | Pressure pumping and fracking. Oil drilling in Western Canada will be very strong next year as there are a lot of resource plays. Expecting earnings to go up. | 2008-06-03 | |
| TOP PICK | | Potash Corp of Saskatchewan | POT-T | 213.300 | Using a 20X earnings multiple his target price is $250. Still lots of room for potential earnings ahead. | 2008-06-03 | |
| PAST TOP PICK | | Rogers Communcations (B) | RCI.B-T | 42.510 | (A Top Pick April 5/07. Up 13%.) Gone sideways for the last couple of months because of worries on wireless growth/competition. Core of the business still remains very strong. | 2008-06-03 | |
| PAST TOP PICK | | Agnico-Eagle Mines | AEM-T | 69.010 | (A Top Pick April 5/07. Up 65%.) Gold is in the lower end of the band. This one still has lots of upside potential. Best large-cap growth gold company in Canada. | 2008-06-03 | |
| PAST TOP PICK | | Finning Int | FTT-T | 28.120 | (A Top Pick April 5/07. Up 8%.) Operationally, things were great, but $0.10 of earnings got shaved because of currency swings. $1.7 billion backlog. Expecting a lot more upside. Great fundamentals. | 2008-06-03 | |
| HOLD | | Inmet Mining | IMN-T | 68.120 | Had to put Los Cruces mine on hold because of issues with the water authority. Ultimately it will come back into production. Stock will move sideways for now. Great exposure to copper and zinc. Looking to 2009/2000 it has one of the best growth profiles of the larger cap mining companies in Canada. | 2008-06-03 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold: Tough to forecast. Not something you can model a supply/demand on. Very much driven by sentiment and technicals. Inflation is a little bit of a concern and gold has always been viewed as a safe haven from inflation. Think it will trade anywhere between $825 and $1000. He buys at the low end and sells at the high end. | 2008-06-03 | |
| BUY | | Nexen Inc | NXY-T | 38.920 | Great company. Likes Buzzard, their North Sea property where they will be generating the highest cash margins of any company. Started steaming some of their Long Lake wells and the upgrader will be operating this summer so will be ramping up production in the next 3/4 months. 40 year asset. | 2008-06-03 | |
| BUY | | Viterra Inc | VT-T | 13.860 | Q1 earnings were very strong. Expects a very attractive upside. Gives excellent exposure to agriculture in the small-cap names. | 2008-06-03 | |
| DON'T BUY | | Petrobank Energy and Resources | PBG-T | 54.670 | Thai technology that, if it works, will revolutionize the oil industry. Still very much in experiment mode. Had a lot of good news baked into the stock price so was expensive. Has been a lot of profit taking. Would look interesting in the low $40's. | 2008-06-03 | |
| HOLD | | Fording Canadian Coal Trust (Inc Trust) | FDG.UN-T | 81.760 | News on this one is all positive. Very strong coal markets. 6% distribution. Think that metallurgical coal prices will stay strong. Keep a tight stop/loss of 10%. | 2008-06-03 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Canadian Bonds: Not enamoured with provincial bonds. With higher inflation and a 5% yield, inflation is going to chew into this. Not looking for interest rates to come down. He does like corporate bonds where spreads have blown out dramatically. | 2008-06-03 | |
| DON'T BUY | | UEX Corp. | UEX-T | 4.770 | A lot of operational hiccups. Great exposure to uranium, if only they could deliver on their promises. | 2008-06-03 | |
| Comment | | Grande Cache Coal Corp. | GCE-T | 9.400 | He has been playing coal through Fording (FDG.UN-T). | 2008-06-03 | |
| BUY | | Encana Corp | ECA-T | 90.400 | Largest natural gas in Canada. Looking for some very good growth going forward. Will be splitting into 2 pieces and the sum of them will be up into the $100's, $110. This will take time to work through. | 2008-06-03 | |
| Comment | | Husky Energy | HSE-T | 49.950 | Refining margins have shrunk significantly so the stock has lagged. | 2008-06-03 | |
| DON'T BUY | | Timminco Ltd. | TIM-T | 30.600 | Has concerns on the price of the stock. Looking at the earnings potential and the current price he can't see making any money. | 2008-06-03 | |
| DON'T BUY | | Cameco Corporation | CCO-T | 41.180 | Uranium is currently trading at about $60 a pound and is getting to levels that represent the marginal cost to bring on a new mine so thinks that uranium has bottomed. This company still has to get Cigar Lake up and running and have some Port Hope issues. | 2008-06-03 | |
| BUY | | Canadian Oil Sands Trust | COS.UN-T | 49.600 | One of the most levered companies in Canada to oil prices. Expensive because of its long life reserves. Very little execution risks. | 2008-06-03 | |
| BUY | | Yellow Pages Income Fund | YLO.UN-T | 9.800 | Weakness is because of some US comparables has reflected on them. Looks very attractive at these levels. 11.5% yield. | 2008-06-03 | |
| HOLD | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Canadian Banks: These are well run banks. If you have a diversified portfolio and are comfortable waiting, these companies will start growing. | 2008-06-03 | |
| BUY | | Agrium | AGU-T | 90.110 | (Market Call Minute.) Similar exposure as Potash (POT-T) and the earnings are going higher. | 2008-06-03 | |
| BUY | | Bronco Energy | BCF-T | 16.640 | (Market Call Minute.) Very well positioned. Has a lot of runway with regards to drilling prospects going forward. | 2008-06-03 | |
| BUY | | Thompson Creek Metals | TCM-T | 20.940 | (Market Call Minute.) Likes molybdenum. | 2008-06-03 | |
| BUY | | Major Drilling Group International Inc | MDI-T | 55.610 | (Market Call Minute.) Global drilling for mines. Earnings growth is in place. | 2008-06-03 | |
| SELL | | Petro-Canada | PCA-T | 57.580 | (Market Call Minute.) Not his favourite. Owns a little bit for its exposure to refining. | 2008-06-03 | |
| BUY | | SNC-Lavalin Group Inc. | SNC-T | 56.650 | (Market Call Minute.) Great company. Going to grow globally for an extended period of time. | 2008-06-03 | |
| BUY | | CAE Inc | CAE-T | 12.870 | Like the name, not currently in fund. All about the Canadian dollar appreciation, it will be affected. Very attractive purchase at this point. | 2007-10-25 | |
| WEAK BUY | | Cameco Corporation | CCO-T | 48.700 | Awfully frustrating name over last couple of years. Very attractive at this price. Uranium prices seemed to have settled now. Lots of new nuclear facilities are being built. Think uranium prices will get better from here. Good upside. | 2007-10-25 | |
| WEAK BUY | | Petro-Canada | PCA-T | 53.090 | Good name, not the best operated company. Cheapest integrated company in North America. Bringing on some new projects. Like the company, you could make some money, strong oil price outlook. | 2007-10-25 | |
| WEAK BUY | | Toronto Dominion | TD-T | 68.720 | Bank north is a solid investment, think it’s a fantastic long term investment for TD. The housing market issue is lingering over TD. Well run. Evaluation right now look attractive. | 2007-10-25 | |
| DON'T BUY | | Pepsi Bottling Group | PBG-N | 41.400 | Looks like an awfully expensive name. Technology looks promising. Being affected a little bit by the royalty issue. | 2007-10-25 | |
| DON'T BUY | | Canadian National R.R. | CNR-T | 51.220 | All about the Canadian dollar, they cant beat a 21% appreciation in the Canadian dollar. Has one of the best operating managements out there. Not a whole lot of upside from here. | 2007-10-25 | |
| PAST TOP PICK | | Rogers Communcations (B) | RCI.B-T | 47.990 | (A Top Pick, Nov 8/06. Up 30.1%) Still like the name. Business continues t do well, firing all cylinders. Still see plenty of upside. | 2007-10-25 | |
| PAST TOP PICK | | Goldcorp Inc | G-T | 32.200 | (A Top Pick, Nov 8/06. Up 1.1%) Still like the name, has plenty of growth potential. | 2007-10-25 | |
| PAST TOP PICK | | Suncor Energy Inc | SU-T | 102.610 | (A Top Pick, Nov 8/06. Up 10.0%) Still has growth potential. Solid company, best oil- sands company out there. Great company to hold for the long haul. | 2007-10-25 | |
| WEAK BUY | | Potash Corp of Saskatchewan | POT-T | 112.590 | Earnings have sky rocketed. The stock is off today because the announced earnings number is a little light. One of the issues was a higher tax rate. Fundamentals still look good. Earnings growth is still in place. | 2007-10-25 | |
| HOLD | | Nexen Inc | NXY-T | 29.900 | Reported numbers that had investors frustrated. Most attractive large cap oil company from a price appreciation perspective. Has more upside potential than Su-t. | 2007-10-25 | |
| HOLD | | UTS Energy | UTS-T | 6.090 | Affected by royalty review. Great long term outlook. Will be able to surface additional reserves over the next few years. Be patient. | 2007-10-25 | |
| VAGUE | | National Bank of Canada | NA-T | 52.010 | Has lots of exposure to Asset Backed Commercial Paper (ABCP). Investors are very worried they will take a large write off. | 2007-10-25 | |
| DON'T BUY | | Canadian Natural Rsrcs | CNQ-T | 77.020 | Not expecting the multiple cost overruns that we’ve seen in some of the other oil-sands projects. Has a little bit of upside potential | 2007-10-25 | |
| DON'T BUY | | Husky Energy | HSE-T | 43.600 | Having operational issues. Lacks the growth prospects going forward. Not one of favourite names. | 2007-10-25 | |
| WEAK BUY | | Teck Cominco Ltd. (B) | TCK.B-T | 47.700 | Been less volatile than other mining names. More diversified than other names. Copper looks pretty good. See upside, like the name. | 2007-10-25 | |
| WEAK BUY | | Encana Corp | ECA-T | 64.250 | Quite cautious right now on natural gas. Very good numbers on report today. They wisely hedged quite a lot of production for next year. | 2007-10-25 | |
| HOLD | | Royal Bank | RY-T | 53.880 | Stick with Canadian financial services sector over American. Stick with Royal bank over American banks. | 2007-10-25 | |
| BUY | | Yamana Gold Inc. | YRI-T | 14.000 | | 2007-10-25 | |
| HOLD | | BCE Inc. | BCE-T | 41.080 | Will go private next year. About $2 upside. | 2007-10-25 | |
| TOP PICK | | Oilexco Inc | OIL-T | 17.460 | Will probably triple production between now and 2009. 3 significant discoveries in UK north sea. Trades at a very reasonable multiple of cash flow. Really like the growth profile of the company. | 2007-10-25 | |
| TOP PICK | | Research In Motion | RIM-T | 115.570 | They continually outperform relative to expectations. Have lots of runway with respect to new products. A core name you need to hold. Earnings are going to grow at 70%. | 2007-10-25 | |
| TOP PICK | | Bombardier Inc (B) | BBD.B-T | 5.530 | One of the most penalized from Canadian dollar perspective. At these prices, they’ve taken too much on the chin. Have good business orders. Thinks the aerospace sector looks great. Looks like a good return prospect from here. | 2007-10-25 | |
| TOP PICK | | Agnico-Eagle Mines | AEM-T | 42.880 | From a large cap Canadian perspective in gold, it is probably the best positioned from a production growth prospect. Feels they can quadruple their production from now to 2010. Low-cost producer. By-product in one mine gives them a negative cash cost. No debt. | 2007-08-21 | |
| TOP PICK | | Bombardier Inc (B) | BBD.B-T | 5.410 | Has seen a significant improvement in profitability in the first quarter. Profit margins have significantly improved in the Aerospace section. Strong backlog in aerospace business and improvements in the transportation business. | 2007-08-21 | |
| TOP PICK | | Telus Corp | T-T | 54.360 | Been severely punished in the last couple of weeks as a result of BCE, no mergers/acquisitions and also the 2nd quarter was a bit of a disappointment. Thinks they will regain ground in the 3rd and 4th quarters. Fundamentals for the wireless business is still good. | 2007-08-21 | |
| BUY | | Canadian Tire Corporation Ltd. (A) | CTC.A-T | 76.740 | Has been punished for no apparent reason except for general market malaise. Recent earnings were in line. Financial services arm was hurt a little bit but is an opportunity. Expects 15% earnings growth. | 2007-08-21 | |
| DON'T BUY | | Petro-Canada | PCA-T | 51.340 | Really a story that is all about oil sands in 2011 and 2012. Not a whole lot of growth expected in production this year and next. 2011 is when you will get the big bump. Cheapest integrated in North America. | 2007-08-21 | |
| DON'T BUY | | Eldorado Gold | ELD-T | 5.120 | The Turkey courts shut down their mine. This presents uncertainty and until he actually sees them get the green light he will avoid. It could take 3 months or 3 years. | 2007-08-21 | |
| DON'T BUY | | Shaw Communication (B) | SJR.B-T | 23.790 | Strong operating momentum but is the most expensive cable company in North America. Sees better upside potential in other cable names. | 2007-08-21 | |
| BUY | | Yamana Gold Inc. | YRI-T | 10.580 | A little unhappy with their hostile Northern Orion (NNO-T) and Meridian (MNG-T) transactions. Not sure this is an appropriate transaction for them. Northern Orion will not be in production for many years. Don't think they will be successful in this. If the deal falls through, he thinks there will be a pop in the stock price. | 2007-08-21 | |
| Comment | | Talisman Energy | TLM-T | 17.700 | Will have a new CEO in about a month. Sees better opportunities elsewhere in the energy sector. Growth prospects are somewhat limited, but next year will be a big growth opportunity for them. | 2007-08-21 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Banks: - Canadian banks have been overly beaten up in the last couple of weeks. They start reporting earnings later this week and he expects very good earnings and a good outlook going forward. Good biting opportunity. Canadian Imperial (CM-T) looks like it has the greatest upside from this point. | 2007-08-21 | |
| BUY | | Western Oil Sands Inc. | WTO-T | 36.600 | Marathon Oil (MRO-N) has made an offer to acquire. Part of the deal was for them to spin off their Kurdistan assets. Stock has been trading at a premium to the offer that could mean the market thinks a higher bid is coming or if the market is ascribing more value to the Kurdistan asset than originally thought. He feels it is the latter. Be surprised to see a competing offer come in. | 2007-08-21 | |
| BUY | | Teck Cominco Ltd. (B) | TCK.B-T | 42.950 | Will probably take 1 year to get back to its high of $52. Has been some collateral damage to the mining sector. Fundamentals for zinc are great. Continues to generate significant free cash flow, but will have some CapX commitments for the next couple of years. Just about to close the Aur Resources deal. | 2007-08-21 | |
| BUY | | Finning Int | FTT-T | 28.560 | Has finally hit its stride. Last 2 quarters have been very good. Backlog continues to be very strong. The only laggard has been the UK operations but management has been working hard on fixing it. Earnings growth continues to be very, very good. Trades at 15 X next year's numbers, which is a very reasonable multiple. | 2007-08-21 | |
| Comment | | Yellow Pages Income Fund | YLO.UN-T | 13.320 | Very well run company. Growing their business. Feels distributions are fully sustainable. Doesn't expect a lot of upside, so if you buy it would be for the yield. | 2007-08-21 | |
| Comment | | Power Financial Corp | PWF-T | 40.000 | Trades at a typical discount of about 10% of its net asset value, which includes Pargesa (A European asset), Great West Life (GWO-T) and IGM Financial (IGM-T). Using this, he comes up with about $44.50 as a target. You get a slightly better return if you buy IGM and Great West separately. | 2007-08-21 | |
| HOLD | | TSX Group | X-T | 40.440 | There is an initiative by others to launch a trading platform in competition with them. This is a bona fide threat. The TSX will probably have to cut prices to lure and keep some business. He treats it as a dividend company. | 2007-08-21 | |
| BUY | | BCE Inc. | BCE-T | 39.890 | There is a takeout price of $42.75. He is a firm believer that the Teachers’ have firm financing. | 2007-08-21 | |
| PAST TOP PICK | | Rogers Communcations (B) | RCI.B-T | 47.520 | (A Top Pick Nov 8/06. Up 39.3%.) Fundamentals for the cable business continue to be very strong. Wireless business is firing on all cylinders. Amazing free cash flow generation. Still plenty of upside. | 2007-08-21 | |
| PAST TOP PICK | | Goldcorp Inc | G-T | 23.260 | (A Top Pick Nov 8/06. Down 25.3%.) Surprised gold companies went down when the price of gold went up. Fundamentals are still good. Still a buy. | 2007-08-21 | |
| PAST TOP PICK | | Suncor Energy Inc | SU-T | 89.890 | (A Top Pick Nov 8/06. Up 0.7%.) Was a little disappointing, but he still likes it. | 2007-08-21 | |
| DON'T BUY | | Encana Corp | ECA-T | 61.410 | Natural gas prices are holding it back but they have a very high proportion of their production hedged at attractive prices. Cash flow will be strong. They’re so big it is hard for them to grow. Estimates production growth of 3% year over year for this year and next. | 2007-08-21 | |
| BUY | | Denison Mines Corp | DML-T | 8.500 | Whole uranium sector has been battered. Supply/demand fundamentals still remain very strong, but commodity price of $130 does not favour the company. He uses $100 uranium for his estimates giving it a very favourable price of $15. | 2007-08-21 | |
| Comment | | Research In Motion | RIM-T | 86.970 | Analysts have increased their estimates for earnings and revenue growth. Probably the best technology company in the large cap world. His target price is only $85, but is under review. | 2007-08-21 | |
| TOP PICK | | Rogers Communcations (B) | RCI.B-T | 39.260 | (A Top Pick Nov 8/06. Up 17%.) Fundamentals continue to be strong. Wireless and cable are growing. Lots of free cash flow. | 2007-04-05 | |
| TOP PICK | | Agnico-Eagle Mines | AEM-T | 43.030 | Has both gold and zinc. Looking for higher zinc and gold prices this year. Good upside potential. | 2007-04-05 | |
| TOP PICK | | Finning Int | FTT-T | 53.420 | Has suffered some execution issues over the last couple of years. Looks like they're finally getting through. Earnings growth has begun to show some good signs. Have oil sands and mining exposure in good areas. | 2007-04-05 | |
| PAST TOP PICK | | Goldcorp Inc | G-T | 29.470 | (A Top Pick Nov 8/06. Down 3.7%.) Still looking for good upside. Has best growth profile over the next couple of years. Low-cost producer. Buy under $30. | 2007-04-05 | |
| PAST TOP PICK | | Suncor Energy Inc | SU-T | 89.110 | (A Top Pick Nov 8/06. No change.) Production profile for ‘08, ‘09 and ‘10 looks wonderful. Volume growth, compared to a lot of other seniors, is by far the best. | 2007-04-05 | |
| DON'T BUY | | Canadian Western Bank | CWB-T | 25.640 | Struggles with paying 20 X earnings for a regional bank. Nothing wrong with it, it's just that you’re paying for a lot of the upside from here. | 2007-04-05 | |
| HOLD | | Royal Bank | RY-T | 58.770 | Good earnings growth profile. Expect they will increase the dividend payout ratio over the next couple of years. Looking for 12% upside. | 2007-04-05 | |
| BUY | | Talisman Energy | TLM-T | 20.980 | Has lagged in relation to its peers. Production profile between 2007 and 2008 is the best profile of all. Growing production in the North Sea, Malaysia and Canada. Poised for a really nice recovery. | 2007-04-05 | |
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