STOCKCHASE

WAIT

AGU-T

62.020

Will be reporting earnings very soon and he would wait until that is finished. Vertically integrated with everything from producing fertilizers to selling and distributing a whole range of agricultural products. Inexpensive.

2010-02-08

PAST TOP PICK

Arc Energy Trust

AET.UN-T

20.040

(A Top Pick June 30/09. Up 18.57%.) Still a buy.

2010-02-08

TOP PICK

ARE-T

13.500

A terrific growth story in the last few years. Benefiting enormously from infrastructure spending. Project backlog is now $2 billion and still growing. Low dividend but more of a growth story. Good management.

2010-02-08

TOP PICK

BCE-T

28.230

Blew away the street with their wireless edition in the last quarter. Will have $2 billion of free cash flow. Earnings from operations that are not needed for capital expenditures will be given back to shareholders. Has been raising its dividend regularly. Trading at about 10X earnings.

2010-02-08

DON'T BUY

Biovail Corp.

BVF-T

14.790

Cut its dividend and expects they will make acquisitions. Good drugs in the pipeline. Doesn't follow this one closely since when they had management and legal problems.

2010-02-08

BUY

Cameco Corporation

CCO-T

27.800

(Market Call Minute.) China is going to build somewhere between 80 and 100 reactors in the next 15 or 20 years. The world does not have that much uranium.

2010-02-08

PAST TOP PICK

Canadian Natural Rsrcs

CNQ-T

69.030

(A Top Pick June 30/09. Up 15.05%.) Still a buy.

2010-02-08

BUY

Canadian Natural Rsrcs

CNQ-T

69.030

Not looking for as big a year as it had last year. Expect oil will go back over $80 a barrel. Will be a steady performer. We'll be happy to get it up to $80 range.

2010-02-08

Comment

COS.UN-T

28.050

Believes they have tax pools that will shelter it for 3-5 years when they convert to a corp. Before investing in these types of trusts, this is a very important element that you have to check on.

2010-02-08

PAST TOP PICK

Celtic Exploration Ltd.

CLT-T

20.360

(A Top Pick June 30/09. Up 32.72%.) Still a buy.

2010-02-08

BUY

Emera Inc

EMA-T

23.260

Too boring to be a takeover candidate but that makes it attractive for him. 4.7% dividend. Relatively attractive price earnings ratio. (See Top Picks.)

2010-02-08

DON'T BUY

Enerplus Resources Fund

ERF.UN-T

22.610

Going sideways because they haven't given much guidance as to what they want to be in 2011. Thinks it will probably be a high dividend payout model.

2010-02-08

DON'T BUY

Finning Int

FTT-T

17.580

Sold his holdings a few months ago because he felt it had been treading water for a long time. Had thought there were real catalysts for growth, which just didn’t materialize, and the company just didn't perform.

2010-02-08

DON'T BUY

F-N

10.970

Toyota problems. Use this as a speculative buy for 3-4 months? Toyota will recover simply because its reputation for quality is so strong and long lasting. Ford is certainly the strongest US manufacturer with the best line-up and innovative cars as well as the strongest balance sheet. He wouldn't buy because developing countries are making cars a lot cheaper.

2010-02-08

PAST TOP PICK

Fortis Inc.

FTS-T

27.300

(A Top Pick Feb 9/09. Up 13% excluding dividends.) The only company that has raised its dividends 37 years in a row. Blue chip good for long-term investors.

2010-02-08

Comment

General Electric

GE-N

15.600

Bad news is already behind in that they have already cut their dividend. Have a number of very important businesses including turbine, jet aircraft and nuclear reactors. Will do very well selling stuff to emerging economies in Asia. Doesn't currently own because of concerns about the US$.

2010-02-08

H&R Real Estate Inv Trust

BUY

HR.UN-T

16.310

Has come back nicely but still has some room to grow. Good yields.

2010-02-08

HOLD

IBM

IBM-N

121.880

(Market Call Minute.) Had a great quarter. Largely a software and solutions company now. Stable.

2010-02-08

BUY

MFC-T

18.970

Dividend being cut in half took him by surprise, but once it happened he decided to stick with the stock. Dividend will increase over time. Very well positioned in the life business, particularly with its growing business in Asia. Expects more upside in 2010 than what the banks will have.

2010-02-08

BUY

NAL Oil & Gas Trust

NAE.UN-T

12.930

Yield should be safe as they have given guidance that after conversion will be a high dividend payout model.

2010-02-08

BUY

Penn West Energy Trust

PWT.UN-T

18.340

(Market Call Minute.) Not a bad company. Believes they have tax shelters for when they convert to a corp but check it out first.

2010-02-08

Comment

Pepsi

PEP-N

58.960

True multinational and have more earnings outside of the US than inside. If the US$ goes down, their earnings actually go up. A blue chip stock that is not going to go away.

2010-02-08

Petrobank Energy and Resources

DON'T BUY

PBG-T

50.150

A conglomerate with about 60% of share price being PetroBakken (PBN-T), 30% Petrominerales (PMG-T) and 10% oil sands and the Thai technology. Had expected PetroBakken to be a pure Bakken play but instead they have spent a large amount of money in the Cardium area. Also thinks the decline rates are very high. Valuation is too high.

2010-02-08

BUY

POT-T

109.340

Inexpensive. There is a world grain shortage and because grain prices fell so sharply during the recession, grain was not planted very much at all and fertilizer prices fell. There is bound to be a rebound.

2010-02-08

RioCan Real Estate Investment

BUY

REI.UN-T

19.080

Has the best portfolio of shopping centre properties in Canada. Good yields.

2010-02-08

BUY

RCI.B-T

33.210

Has been greatly oversold when people got nervous about new competition. An entrenched company with tremendous marketing machines and a huge base of installed customers. A cash flow machine.

2010-02-08

PAST TOP PICK

RY-T

53.060

(A Top Pick Feb 9/09. Up 67.5% excluding dividends.) Had been way oversold.

2010-02-08

Comment

Uranium One Inc.

UUU-T

3.210

(Market Call Minute.) He believes in uranium and nuclear power but he prefers to play it with the senior producer, Cameco (CCO-T).

2010-02-08

DON'T BUY

SU-T

31.280

Last quarter was not very good because integration with Petrocan is still going on. You will still get some messy quarters.

2010-02-08

BUY

SU-T

31.280

Needs $60 oil to make money and oil has dropped to $70. Keep having operating problems. In the long run, they have incredible asset in oil sands, which will eventually be worth a lot of money. Terrific company for a long-term investor.

2010-02-08

BUY

TLM-T

18.170

Has largely converted itself in Canada to an unconventional gas story. Tremendous assets in shale gas but suffering from relatively low gas prices, which will probably not improve for a few years. On the plus side, they have exploration properties in South Asia, which are relatively inexpensive resources compared to Brazil or Gulf of Mexico.

2010-02-08

BUY

TCK.B-T

34.500

This is now a coal and zinc story. Coal prices have been rising strongly, which is a good sign for steel demand. Zinc has come up quite strongly.

2010-02-08

PAST TOP PICK

Telus Corp

T-T

32.530

(A Top Pick Feb 9/09. Down 5% excluding dividends.) Likes the telcos and this one has a nice high yield.

2010-02-08

DON'T BUY

Transalta Corp

TA-T

22.230

(Market Call Minute.) Not his favourite utility because they produce a lot of electricity using dirty coal and have a lot of facilities that need replacing.

2010-02-08

SELL

TSX Group

X-T

28.490

He is finding that less than 50%, sometimes only 25% of his trades are going through this exchange. Recently cut its listing fees. Neither of these things is good for the stock.

2010-02-08

Comment

A Commentary

0.020

Bearish on the US$ versus the Cdn$. Feels the Cdn$ will rise above par.

2010-02-08

BUY

A Commentary

0.020

Dividend paying stocks. He feels 2010 is going to be the year of dividends. You want to have equal weighting in banks, pipelines, utilities (energy producers and distributors) and telcos.

2010-02-08

SELL

Delphi Energy Corp.

DEE-T

2.030

One of the cheapest gas stories. Priced to sell but doesn't think they are ready to sell yet.

2010-02-08

SELL

Galleon Energy Inc.

GO-T

5.390

Have not been able to make production targets for the last 3 years. There are questions as to whether they can grow.

2010-02-08

SELL

PD.UN-T

8.560

Rig count peaked at 1600 and she thinks 900-1000 will be sufficient because horizontal drilling gives 3 or 4 times more production than vertical. Earnings are coming down. Could be a quick trade but she wouldn't hold it.

2010-02-08

Bellatrix Exploration Ltd.

TOP PICK

BXE-T

4.140

Sold a lot of assets and issued some convertible debentures so they now have about $1 cash per share. In one of the hottest plays, the Cardium. Very reasonably priced.

2010-02-08

BUY

Arsenal Energy Inc.

AEI-T

0.890

Turnaround story. Oil weighted. Properties in North Dakota to chase the Bakken play in the US. Very reasonably priced.

2010-02-08

BUY on WEAKNESS

Cinch Energy Corp

CNH-T

1.610

Great land position with the Montney. Valuation is reasonable. Would buy on a 15%-20% dip.

2010-02-08

Brookfield Asset Management (A)

TOP PICK

BAM.A-T

22.460

Views as his inflation protection play. Things that are protected are real estate, timber growing in the ground and power generation, which is what this company has. Manages $90 billion of assets and they do it very well. Making some very advantageous buys of real estate. Probably paying $.85 for $1 worth of assets.

2010-02-08

BUY

Pengrowth Energy Trust

PGF.UN-T

10.860

Has 3 to 4 years of tax pools so 7.7% yield is sustainable as long as oil stays above $70 a barrel. Have terrific properties.

2010-02-08

TOP PICK

Bankers Petroleum

BNK-T

5.610

Biggest onshore oilfield (5 billion barrels) in Europe and have only recovered 3%. Current stock price means you can recover another 2%-3% while in Western Canada they expect 15% recovery so there is a lot of upside left.

2010-02-08

BUY

TCM-T

12.280

Molybdenum is a metal increasingly used as an alloy in quality steel so the price depends almost entirely on steel demand. If world demand for steel goes up, it will be good for this company.

2010-02-08

TOP PICK

Gran Tierra Energy Inc.

GTE-T

5.310

Their biggest field will be flat at 19,000 barrels a day giving steady cash flow. $150 million cash so they will have a very active exploration program including some big wells in Peru.

2010-02-08

BUY

Ithaca Energy Inc.

IAE-X

1.550

Been through the worst and still have about $60 million of cash. One of the cheapest stocks at 2.5X price to cash flow. Have been outperforming guidance and estimates.

2010-02-08

TOP PICK

Bombardier Inc (B)

BBD.B-T

5.450

Believes there is a secular theme towards railways and he wants to own the companies that are making the trains.

2010-02-05

WAIT

Diageo PLC

DEO-N

63.350

Have had a few operating issues that are increasingly getting priced into the security. Quarter results are due Feb 11.

2010-02-05

Comment

Exxon Mobil

XOM-N

64.800

Marvellous stewards of their assets. Not done a bad job of finding oil and gas and has generated reasonable returns for shareholders but integrateds have never made people a lot of money.

2010-02-05

SELL

FNX Mining Company

FNX-T

11.630

(Market Call Minute.) This is really a copper play and copper has some downward pressures.

2010-02-05

SELL

Opti Canada Inc.

OPC-T

1.950

Owns bonds but wouldn't touch the stock with a 10 foot pole. He is not Short because it is too volatile. You probably have a window of opportunity to get out of the stock on Monday because they are giving an operational update on Tuesday. Thinks it will disappoint.

2010-02-05

BUY

Great West Lifeco

GWO-T

25.750

Fundamentally this is a much safer stock than Manulife (MFC-T). Cdn$ is under pressure like all commodity-based currencies. If you are looking to Buy & Hold for the longer-term it's not a bad entry point. Otherwise you might consider a Canadian bank stock instead.

2010-02-05

DON'T BUY

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

BUY

HBM-T

12.160

Zinc is a little ahead of itself but he is mildly positive on it. In about 18 months several large mines are going to close down and there will be a much better supply/demand situation. This company is probably among the most defensive base metals stocks because of the large amount of cash they have. Reasonably safe way to play metals and you are currently not paying anything for their gold assets.

2010-02-05

HOLD

Husky Energy

HSE-T

26.840

(Market Call Minute.) Decent company in the integrated space. Would rather own a trust or a E & P company.

2010-02-05

DON'T BUY

IMN-T

53.100

Copper is arguably the most controversial commodity at this time. Bears are concerned about US housing and the inventory China is holding. Looking at China's foreign exchange reserves, which shows they have begun to diversify into oil sands companies, gold and he thinks they have started to buy some copper. He thinks Copper could come down a little and will get oversold. This one has not been a solid operator so he would look at something like First Quantum (FM-T).

2010-02-05

Comment

POT-T

111.050

(Market Call Minute.) Sell for the short-term and Buy for the longer term.

2010-02-05

DON'T BUY

RCI.B-T

33.050

(Market Call Minute.) Would rather own a utility or a bank rather than a cable or telco.

2010-02-05

DON'T BUY

SC-T

43.120

No need to own this now. Earnings will likely be fine based upon retail trends he has seen recently. However there is a lack of clarity in regards to the squabble they are having with the Ontario government. Until that is resolved, the stock will go nowhere.

2010-02-05

TOP PICK

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

BUY

SU-T

31.900

A chronic under performer from an operating perspective. Recently moved down to a 5 multiple cash flow on 2011 numbers. Just bought some as a Trade as oil is at the lower end of its band and he sees a bounce in oil causing this stock to go back up. Looking for 10%. There are other names he would be more interested in is a longer-term hold.

2010-02-05

WEAK BUY

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

TRP-T

34.440

(A Top Pick Dec 18/09. Down 3.96%.)

2010-02-05

PAST TOP PICK

TRP-T

34.440

(A Top Pick Aug 18/09. Up 9.33 excluding dividends.) Company had pre-funded a tremendous amount of capital spending that will deliver solid low double-digit earnings growth in the back half of 2010, 2011, 2012 and 2013. 4.4% yield. Still a Buy.

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

Comment

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

Comment

A Commentary

0.020

Pair trading. If a trade happens to go against him by 15% (stoploss), he will exit both sides of the trade even if one side is working for him. The idea is to isolate the Beta from the Alpha

2010-02-05

Comment

A Commentary

0.020

International bond market. There were big moves in these last year so there is not a lot of value left. If you want to play this, you have to play through a fund or through an ETF but don't try to do it yourself.

2010-02-05

PAST TOP PICK

Grou[e Aeroplan Inc

AER-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

SELL

Equinox MineralsLtd.

EQN-T

3.390

(Market Call Minute.) Continue to have operational problems.

2010-02-05

HBP Global Gold Bull+ E.T.F.

DON'T BUY

HGU-T

10.630

Pair trade of Global Gold Bear+ ETF and Global Gold Bull+ ETF? These are double ETFs so that if gold moves $1 you will see a $2 move. He does not like using double or triple ETFs. Very simple arithmetic will show that the price of the commodity can stay flat but, as a result of how they run these ETFs, you lose money over time even though the commodity space flat.

2010-02-05

HBP Global Gold Bear+ E.T.F.

DON'T BUY

HGD-T

4.990

2010-02-05

Claymore Global Advantage Dividend E.T.F.

BUY

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

TOP PICK

CASH

0.000

(A Top Pick Aug 18/09.) Recommends 30%, as you need to try to make a return. This is a year of capital preservation. The fund he runs is 60% cash currently.

2010-02-05

Claymore Cdn Fundamental E.T.F.

BUY

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

DON'T BUY

Ithaca Energy Inc.

IAE-X

1.450

North Sea is a very difficult environment to operate in, in the energy sector. Would prefer something in Colombia like Gran Tierra (GTE-T). Decent enough company. Could be a homerun or a strikeout.

2010-02-05

Claymore 1-5 yr Ladder Corp Bond ETF

TOP PICK

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

Consolidated Thompson Iron Mines Ltd.

PAST TOP PICK

CLM-T

7.230

(A Top Pick Aug 18/09. Up54%.) Sold his holdings when it was up more than it currently is. Will probably revisit this over time.

2010-02-05

Cash Store Financial Services Inc.

TOP PICK

CSF-T

11.260

Revenues and earnings were up 14%-16% last quarter on a year-over-year basis. 4% yield. Company bought back roughly 20% of stock in the last 18 months. Trading at about 6-7 times forward earnings. Federal government passed bill C. 26 last year, which effectively decriminalized the payday loan industry. This should drive down its interest expense over the next 5-6 quarters.

2010-02-05

Marret High Yield Strategies

TOP PICK

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

AGF Management (B)

AGF.B-T

16.020

Would be his choice in the Canadian financial space. 6.2% yield.

2010-02-04

SELL

Agnico-Eagle Mines

AEM-T

54.050

Very expensive compared to some of the other companies that are producing. There are better ones to choose from.

2010-02-04

BUY

Alcoa

AA-N

12.910

Has come down to around the 200-day moving average and trading around 16X forward earnings so looks interesting. Thanks it's due for a bounce. Likes the materials space.

2010-02-04

BUY

Altria Group Inc

MO-N

19.420

Nice company to own if you are looking for a consistent and stable yield. Yielding almost 7%. Payout ratio is not too exorbitant so dividend should be safe.

2010-02-04

PAST TOP PICK

Apple

AAPL-Q

192.050

(A Top Pick June 19/09. Up 38%.) Still likes. Thinks the new iPad will help them gather steam. 12 straight quarters of positive earnings. Trading at 17X forward earnings. Still undervalued.

2010-02-04

DON'T BUY

BAC-N

14.750

Very concerned with what the US government will or will not do with new banking regulations. Earnings momentum seems pretty negative. Lofty PE of 17X earnings. Would be careful.

2010-02-04

DON'T BUY

Bank of Montreal

BMO-T

51.920

A lot of the stocks within the banking space have been relatively flat over the last several months. Would prefer other names in the Canadian financial space such as AGF Management (AGF.B-T) with over 6.2% yield. Dundee Wealth (DW-T) looks like it is turning itself around.

2010-02-04

DON'T BUY

Barrick Gold

ABX-T

36.450

The largest name in gold. Had some decent earnings in the last quarter and will be reporting again in a couple of weeks. This may not be your best leveraged name when looking at gold. He would prefer some of the mid-cap smaller names. You could own Gold S&P/TSX ETF (XGD-T) as this is the largest name in this as well giving you exposure to other names.

2010-02-04

Claymore Natural Gas Commodity ETF

PAST TOP PICK

GAS-T

5.360

(A Top Pick June 19/09. Down 31.6%.) Got stopped out at about 10% down.

2010-02-04

BUY

Bombardier Inc (B)

BBD.B-T

5.290

Industrial space can do well if we continue on the path of an economic recovery and he likes the space. Charts look very strong floating along the 50-day moving average. Prefers Boeing (BA-N).

2010-02-04

Western Canadian Coal Corp.

Comment

WTN-T

3.210

A little bit suspicious as when the stock was above $9-$10, they had 2 approaches to take the company over and it went way down and is now recovering. Not his preferred coal stock. Solid operations and decent balance sheet but it still doesn't continue on an upsurge, it's not going to go anywhere.

2010-02-04

PAST TOP PICK

Corriente Resources

CTQ-T

8.490

(A Top Pick Feb 12/09. Up 82.8%.) Being acquired.

2010-02-04

DON'T BUY

Cymat Corp

CYM-T

0.210

Metal foam technology. Have an application where they can put it into armoured vehicles for blast disbursement. Also have some small deals on the architectural side. In this environment he doesn't think people will be paying a whole lot of attention to it.

2010-02-04

BUY

Dow Chemical

DOW-N

26.610

Looks interesting. In the materials sector, which he likes. Recently beat earnings.

2010-02-04

BUY

Enbridge

ENB-T

47.270

Pipeline transporting crude and natural gas so very little volatility. This is one you can rely on for a very consistent dividend and dividend growth. Yielding over 3.6%. Don't expect to see explosive growth.

2010-02-04

BUY on WEAKNESS

F-N

11.060

Loves this company. When it comes to rivals, there isn't anybody left any more in North America. Have continually beat estimates on an ongoing basis. Revisions are moving up on both a quarterly and annual basis.

2010-02-04

BUY

Gammon Lake Resources

GAM-T

9.400

Gold/Silver. Looks very attractive. Very good earnings. If gold starts moving up, some of the companies will leverage up and do better than the price of gold bullion itself.

2010-02-04

WEAK BUY

General Electric

GE-N

16.040

This is a big US name that is going to follow the economy. Likes the name but there are others more interesting. Trading around 16X earnings versus the market which is trading around 14X’s.

2010-02-04

BUY

Intel

INTC-Q

19.020

Likes the technology and semiconductor space. This one ranks very well in his system. Beat earnings in January. Over 3.2% dividend.

2010-02-04

iUnits S&P/TSX Energy E.T.F.

BUY

XEG-T

17.520

A basket of the larger cap Canadian gold companies, which is a good area to look at.

2010-02-04

PAST TOP PICK

Kinross Gold

K-T

17.540

(A Top Pick Feb 12/09. Down 25.73%.) Sold his holdings because of better opportunities elsewhere.

2010-02-04

WATCH

Mega Bloks

MB-T

0.600

Toy company that had great success made an acquisition and went bankrupt. Did a massive share issue to recapitalize. At least now they're going to survive. Good company, good products. Very speculative.

2010-02-04

TOP PICK

Micron Technology

MU-Q

8.610

Market cap of $7 billion, have almost $2 billion in cash and they cash flow almost $400 million a quarter and trading at only 9X earnings.

2010-02-04

BUY

Micron Technology

MU-Q

8.610

Likes the technology and semiconductor space. The technology here is being recycled very quickly, which is what he likes. Forward PE is only at 10X earnings.

2010-02-04

TOP PICK

Open Text

OTC-T

46.980

Have $250 million+ in cash and growing at 47% a year. Just destroyed their guidance. Trading at only 11X earnings. Licensing revenue is strong.

2010-02-04

STRONG BUY

RIM-T

70.960

Lots of cash and trading at 15X earnings ex the cash. Massive growth potential.

2010-02-04

BUY

RCI.B-T

32.990

Has a great mix of different assets such as wireless, cable and sports. Worries about competition are overblown.

2010-02-04

TOP PICK

Seagate Technology

STX-N

13.170

Hard disk drive manufacturer for servers and consumer electronic products. 3 straight quarters of positive earnings surprises. Last quarter beat estimates by over 50%. Very cheap at under 6X forward earnings.

2010-02-04

DON'T BUY

SC-T

42.840

Really a consumer staple stock. Think investors will be moving to higher beta area such as technology, materials, resources etc.

2010-02-04

TOP PICK

Starbucks

SBUX-Q

21.810

World-class name. 16,000 locations globally. Have been doing very good cost cutting lately. 4 straight quarters of positive earnings surprises. Long-term growth rate of 16%. Likes the consumer discretionary space, which is where the growth is now. Trading at a forward PE of 20X’s versus its 5 year average of 30.

2010-02-04

BUY

DuPont

DD-N

32.520

Likes the materials sector.

2010-02-04

Comment

A Commentary

0.020

Small caps. You don't need to own these right now, as a lot of the large caps are just as cheap. Have been through the problems and generated earnings and cash flow and have lots of cash and are very cheap.

2010-02-04

Comment

A Commentary

0.020

US$ and Gold? Right now it is popular to bet against the US$. But it's the only place to go when you are scared. Over 5-10 years, the structure of the US the dollar will continue to go down. Short term it will bounce all over the place.

2010-02-04

Bellatrix Exploration Ltd.

BUY

BXE-T

4.000

New management team got the company involved in some of the hot areas in western Canada. Exceeded production guidance and upped it. There has been a takeover in the space that makes them look very cheap on a relative basis. Doing everything right.

2010-02-04

BUY

Osisko Exploration Ltd.

OSK-T

7.960

Thinks this one will be taken over. Building a mine in Quebec that Goldcorp (G-T) took a position in for 13%. Mine is progressing well.

2010-02-04

BUY

Mastercard Inc.

MA-N

222.110

Very good moneymaking machine. Riding along the 50-day moving average and not falling below it. You could also look at Capital One Financial (COF-N) or American Express (AXP-N).

2010-02-04

PAST TOP PICK

Verenex Energy Inc.

VNX-T

7.290

(A Top Pick Feb 12/09. Down 8.42%.) Acquired and he sold out on the first bid of $10 so had a gain of 25.6%.

2010-02-04

DON'T BUY

TCM-T

12.120

Likes the materials space and this one looks interesting at the 200-day moving average but in terms of growth and earnings it's not as exciting as some of the other names.

2010-02-04

Market Vectors Agribusinesses E.T.F.

PAST TOP PICK

MOO-N

41.060

(A Top Pick June 19/09. Up 18.4%.) Agriculture ETF. Long-term feces developing countries changing their food habits from starch-based two more protein-based.

2010-02-04

DON'T BUY

Largo Resources Ltd.

LGO-X

0.205

Had a great vanadium deposit and believed they could make $1 a share once they were up and running. Didn't work out and they did some dilutive financing and he sold his position. Has had a good recovery again but you need global growth.

2010-02-04

DON'T BUY

Gold Wheaton Gold

GLW-T

0.265

Company just set up a 1 for 10 consolidation. Signed a deal with First Uranium (FIU-T), which has a gold mine in South Africa that is having pretty serious production problems so they may delay the expansion. Any further delay and First Uranium owes this company $42 million. First Uranium have put themselves up for sale, which is really killed this company because of the uncertainty.

2010-02-04

TOP PICK

DragonWave Inc.

DWI-T

11.810

Telecom provider for backhauls. Clearwater is one of their biggest customers in this customer provided about 800% growth in the last quarter. Trading at about 12X earnings and have $100 million in cash with no debt.

2010-02-04

Consolidated Thompson Iron Mines Ltd.

DON'T BUY

CLM-T

7.250

Likes the company but it's one of those that if you are wrong on global recovery, it will be impacted quite severely.

2010-02-04

iShares Global Materials ETF

TOP PICK

MXI-N

55.340

Global Materials ETF. Very decent growth in materials. When you are moving into a recovery in the economy, materials is one of the best performing spaces. On a timely basis this is one of the most oversold areas in the 10 sectors. Truly global as only about 30% is North American.

2010-02-04

DON'T BUY

Sensio Technologies Inc.

SIO-X

2.000

Compression technology, which allows 3-D transmissions to be sent on 2-D television. Rio-D (?) started making a lot of noise claiming they had the technology, which concerned the market. Traction is great but they have to build in the revenues.

2010-02-04

DON'T BUY

AGU-T

65.170

Agriculture has a period of seasonal strength from August right through until the end of the year. Had a little pop recently because Belarus Potash increased the price of potash fertilizer by 6%. However, you are past the seasonal strength.

2010-02-03

TOP PICK

CGI Group (A)

GIB.A-T

14.700

The model price is 20.79, a 42% positive differential. Earnings estimates have been going up again so his model price has been rising.

2010-02-03

SELL

Fairfax Financial

FFH-T

369.700

His model price is $300, which is a -18% differential.

2010-02-03

BUY

Fluor Corp.

FLR-N

46.800

Stimulation programs announced about a year ago and engineering follows this and then shovels go into the ground. They have been doing the engineering and stock has been doing very well. If it breaks above $50 his target would be about $57. Technical signs indicates it wants to go higher. Yesterday there was a Momentum Buy on it.

2010-02-03

DON'T BUY

Fortis Inc.

FTS-T

28.260

His model price is $23.87, a -16% differential. Although it has 4% yield, yield is not valuation. When you go for yield, you are paying huge amounts of valuation.

2010-02-03

Comment

G-T

37.270

If it came down to $33, it would go into his portfolio. His model price is $35.12. He would treat it as a trading stock and if it got up to $45 would let it go.

2010-02-03

SELL

Hewlett-Packard Co

HPQ-N

48.730

A classic technology stock that ran up from October until the 2nd week of January and is now losing momentum. You are beyond the period of seasonal strength.

2010-02-03

HOLD

Husky Energy

HSE-T

26.940

This usually has a very strong seasonality from about this time until May. Has pretty good support now at around this price and there are some early technical signs, momentum indicators, which say this is the right time to Buy. There is a little concern because they bought gasoline stations. They can't make any money from that.

2010-02-03

TOP PICK

Intel

INTC-Q

19.680

Has a model price of $29.66, a 49% positive differential.

2010-02-03

iUnits S&P/TSX Energy E.T.F.

PAST TOP PICK

XEG-T

17.960

(A Top Pick Jan 30/09. Up 42.5%.) Energy seasonality runs from February 25 to May 9 but last year was May 11 giving a return of 30%.

2010-02-03

BUY

LIM-T

5.500

Iron ore holding company. Basic material prices such as iron ore, nickel and potash are rising quite significantly. Expecting that trend to continue.

2010-02-03

Comment

Loblaw Companies Ltd

L-T

36.390

His model price is $39.15, a 9.6% positive differential. Thinks it holds here for a while but doesn't expect any great gains. Likes the sector and his #1 pick would be Metro (MRU.A-T).

2010-02-03

PAST TOP PICK

Medtronic Inc

MDT-N

44.000

(A Top Pick Feb 24/09. Up 30.52%.)

2010-02-03

PAST TOP PICK

MSFT-Q

28.630

(A Top Pick Feb 24/09. Up 67.84%.)

2010-02-03

PAST TOP PICK

Petro-Canada

PCA-T

45.500

(A Top Pick Feb 24/09. Up 76.35%.) Merged with Suncor (SU-T) and he holds their shares.

2010-02-03

TOP PICK

Pfizer Inc

PFE-N

18.620

Model price of $29.40, a 53% positive differential.

2010-02-03

HOLD

Pfizer Inc

PFE-N

18.620

Just reported lower-than-expected earnings. Chart shows a strong upward trend so technically it still looks good. Usually healthcare stocks do very well from July to October.

2010-02-03

PARTIAL BUY

Qualcom

QCOM-Q

39.630

Currently sitting at his model price of $39.40 and, if he were going to buy it, this is where it would be.

2010-02-03

DON'T BUY

RIM-T

72.000

Technology stocks have very strong seasonality. Typically goes higher around the end of November through to about the 2nd week of January. This one has under performed the technology sector. After the Las Vegas consumer electronics show, tech stocks tend to go lower. Wait until next October when seasonality clicks in and then buy based on technical analysis.

2010-02-03

SELL

RCI.B-T

33.050

His model price is $28.04, a -16% discount. Very expensive here.

2010-02-03

WATCH

RY-T

53.480

Banks have 2 periods of seasonality. One is from the end of October until the end of December, which is when the banks are reporting their 4th quarter results. The other period is from the end of February to the end of May. Watch for the sector to show bottoming action are on the end of this month.

2010-02-03

Comment

SU-T

32.680

Broke a key support level recently as well as breaking below 50-200 day moving averages. Strength relative to the market and energy sector is negative. Getting very close to a key support level of $30.37. Also very strong positive seasonality from around now and through until May. Announced chemical operations improved nicely, which say you should be getting into the materials sector.

2010-02-03

BUY

TCK.B-T

36.860

Just entering the seasonal strength for base metals sector. Historically has been around the end of January through until the 2nd week of May. He is now seeing classic, short-term momentum Buy signals.

2010-02-03

DON'T BUY

TRP-T

34.520

He has a model price of $31.91, about 7% to high. A yield story, not of valuation story.

2010-02-03

DON'T BUY

A Commentary

0.020

US banks. This is not the time to be getting into US banks. Wouldn't touch them with a 10-foot pole. It will take a long while for them to get back.

2010-02-03

DON'T BUY

A Commentary

0.020

ETFs. He doesn't do these. They are trading vehicles and you can’t do valuation on them like you can on individual stocks. Commodities have to be rolled over every month.

2010-02-03

Comment

A Commentary

0.020

Equity Markets. US presidential midterm elections have a big impact on equities. Markets tend to go higher during the first half and then a period of uncertainty in the 2nd quarter followed by a significant drop in the 3rd quarter. This tends to be the 4 year low in the presidential cycle.

2010-02-03

Comment

A Commentary

0.020

Technology stocks. The time to get out is mid to late January. The last of the good news in the technology sector is when the Las Vegas Consumer Electronics Show is over until probably next fall.

2010-02-03

Comment

A Commentary

0.020

Seasonal Plays. Energy usually starts coming in at about this time of year. Materials e.g. base metals do very well at this time. Platinum also does very well at this time. (See Top Picks.)

2010-02-03

Comment

A Commentary

0.020

Precious metals. Gold normally runs from the second week of July to the first week of January. However don't give up on precious metals, because silver and platinum do very well around this time.

2010-02-03

WATCH

Silver Wheaton

SLW-T

15.520

Silver is an economic commodity as well as precious metal. Demand for silver is going to increase as we get into spring construction season. Also a time when a lot more computers are being built. Seasonality is normally from November through until May. Technicals are iffy on this one right now. Wait until there is confirmation of support and try to get at $12.93.

2010-02-03

BUY on WEAKNESS

Eastern PlatinumLtd.

ELR-T

1.310

Platinum prices do very well from the beginning of January through until the end of May. The Buy signal came early this year on Dec 24. This one went up over 50% in a matter of 3 weeks. We are just at the beginning of seasonal strength. Anywhere around $1.20 would be an interesting entry point.

2010-02-03

iShares MSCI Brazil E.T.F.

BUY

EWZ-N

67.760

Brazil ETF. Showing some very good signs of reaching an important low right now. Good support right around the current level. Bouncing off the 200 day moving average. Momentum indicators all gave a Buy signal yesterday. Seasonality is from around the end of October through to the beginning of May.

2010-02-03

Claymore S&P/TSX Global Mining E.T.F.

PAST TOP PICK

CMW-T

19.090

(A Top Pick Jan 30/09. Up 55%.) Seasonality on mining ran from end of January to May 11th technically giving a return of 27%. Again, a Buy now and Sell in May.

2010-02-03

WAIT

Franco-Nevada Corp.

FNV-T

27.690

Normally gold runs from the 2nd week of July to the 1st week in January. Gold will probably go sideways until the summer.

2010-02-03

BUY

Alberta Oil Sands

AOS-X

0.375

You want to be in oil sands related stocks from around now through until May. On a relative strength basis, it is already outperforming the market. Resistance is around $.40 so technically it is already lining up for an upside move. Technically acting very well and you are about ready to enter a period of seasonal strength.

2010-02-03

iPath DJ-AIG Platinum Index

PAST TOP PICK

PGM-N

37.915

(A Top Pick Jan 30/09. Up 56.3%.) Platinum seasonality is Jan to end of May but in this case technicals ran until June 5th giving a return of 27%. Still a Buy but he prefers another vehicle. (See Top Picks.)

2010-02-03

BMO S&P/TSX Base Metals ETF

TOP PICK

ZMT-T

14.890

S&P/TSX Base Metals ETF. Basket of equally weighted securities seasonality is late January to early May giving an average gain of 7% 13 of the last 20 periods. Hedged against currency risks. Expecting a lot of shovels going into the ground in the US this spring, which is good for base metals.

2010-02-03

BMO S&P/TSX Oil & Gas ETF

TOP PICK

ZEO-T

14.250

S&P/TSX equal weighted Oil & Gas ETF. Seasonality is from Feb 25 to May 9. 14 of the last 15 periods averaged 13.7% return. Also likes S&P/TSX Oil & Gas ETF (XEG-T) but it is capitalized weighted with the largest position being Suncor (SU-T), probably the weakest of all the energy stocks.

2010-02-03

ETFS Physical Platinum Shares

TOP PICK

PPLT-N

157.700

Actual physical platinum. Will track the actual price of platinum much closer than the Exchange Traded Note. US car production bottomed last year at about 6 million and this year will probably be between 10 and 12 million. Also, the biggest growth in autos is not in North America but is in Asia.

2010-02-03

Alimentation Couche-Tard (B)

PAST TOP PICK

ATD.B-T

20.570

(A Top Pick Aug 11/09. Up 14.98%.) Still a buy.

2010-02-02

Berkshire Hathaway Inc. (B)

HOLD

BRK.B-N

75.510

Just split the shares so it is now included in the S&P 500. Looks very attractive. Probably the world's best money manager managing it. Probably a fairly expensive management fee. Has probably had its run in the short-term, so just watch.

2010-02-02

DON'T BUY

Breakwater Resources

BWR-T

0.435

The global supply/demand for zinc actually falls off a cliff in a couple of years time. It’s hard to find good quality stocks in zinc. You rally need the leverage of a much higher zinc price.

2010-02-02

PAST TOP PICK

Canadian Natural Rsrcs

CNQ-T

70.710

(Top Pick Feb 10/09, Up 58%) Throws off a huge amount of cash. Core heavy oil business, oil sands and natural gas. They have tones of shale they aren’t telling anyone about. It’s a good management team.

2010-02-02

Cineplex Galaxy Income Fund

TOP PICK

CGX.UN-T

17.900

Have 75% market share. Cash flow is great. 7.5% yield.

2010-02-02

BUY

Encana Corp

ECA-T

34.250

(Market Call Minute) Core holding. Loves the company.

2010-02-02

TOP PICK

G-T

37.700

High quality, low cost and it makes money in the business. Growing production and will add to gold projects in the future. It is undervalued at these levels and at current gold price. It rarely trades at a discount to its net asset value.

2010-02-02

BUY

HBM-T

12.690

Stock got ahead of itself. He tends not to invest in this kind of thing, but with strong base metal prices, it should do very well.

2010-02-02

SELL

IMN-T

57.280

(Market Call Minute) Stay away from it. Tough assets to value.

2010-02-02

DON'T BUY

Labrador Iron Ore

LIF.UN-T

47.050

Are not commodities any more, but cartels. The main producers have contracted just enough. They cut production of Potash to keep the price up. You are owning an income stream from a cartel and how long does that go on for. He feels it is fully priced here.

2010-02-02

Uranium Participation Corp.

DON'T BUY

U-T

6.070

Uranium is in equilibrium right now. There are global utilities and governments that are going to need to secure their uranium supplies so he expects to see a lot of M&A activity in uranium. This one is the actual physical holding of uranium.

2010-02-02

BUY

Merck & Company

MRK-N

39.540

Large-cap pharmaceuticals are probably the best valuation out there. Their recent merger is all done. An excellent buy at this level.

2010-02-02

Phoenix Technology Income Fund

TOP PICK

PHX.UN-T

8.710

Natural gas price is low, but because it is a bull market. There is a lot of gas out there. Don’t have to take on the commodity risk. There are very low fixed costs to the business. If the world falls apart, it does not loose money. A brilliant business.

2010-02-02

Rubicon Minerals Corporation

BUY

RMX-T

4.590

(Market Call Minute) High Risk – speculative, but it probably goes up.

2010-02-02

HOLD

SC-T

43.070

Stock hasn't moved because of pending Ontario legislation on dispensing fees. Would rather own something else than waiting for an announcement.

2010-02-02

DON'T BUY

Stornoway Diamond

SWY-T

0.520

Pure speculation. Extremely well managed. They have some of the best prospects in Canada in the north. If it’s pure exploration. The capitalization should be around $20 - $30 Million in order to make money. With their level of capitalization ($100-$130 Million), they HAVE to have a mine to justify the capitalization.

2010-02-02

DON'T BUY

SU-T

32.850

You have to let this one workout. Not only the Petrocan deal but was probably one of the darlings that was over owned. Expects a long period of consolidation with this name.

2010-02-02

DON'T BUY

SU-T

32.850

Not the highest quality oil sands company. After acquiring Petro Canada, he would want to let it do its thing for another two or three years so he can assess it.

2010-02-02

DON'T BUY

SLF-T

31.970

The fact that they didn't cut the dividend is a very positive sign. Prefers this one over Manulife (MFC-T) because of all the issues over Manulife. Not interested in the insurance business right now. Better places to put your money.

2010-02-02

SXC Health Solutions Corp.

PAST TOP PICK

SXC-T

51.470

(A Top Pick Aug 11/09. Up13.74%.) But stopped out but would still like to get it at the right price.

2010-02-02

SELL

TLM-T

18.510

(Market Call Minute) Complicated company. They were hoping for a turnaround, new management. They haven’t proven themselves.

2010-02-02

DON'T BUY

TCK.B-T

37.700

At these metal prices, it is fairly valued. They have good assets. Management did 4 disastrous things. Don’t take the risk – buy Westshore. Wait until management shows they aren’t going to do this sort of thing.

2010-02-02

TOP PICK

TRI-T

36.750

This is a company that can re-ignite itself if the economy picks up. The merger with Reuters has worked out. Investors will recognize the quality of its cash flow.

2010-02-02

DON'T BUY

Westshore Terminals Inc.

WTE.UN-T

14.280

It is a core holding. It will go into a corporate form in a year. As long as bonds are not paying you an income, investors will come into the market every day and this has a high yield. Would buy more at $12

2010-02-02

Comment

A Commentary

0.020

Gold. Gold is a currency play more so than an inflation play. If you're going to be in gold, have 5%-10% weighting in your portfolio as a hedge to make it worth your while.

2010-02-02

N/A

A Commentary

0.020

Last year it was about survival and this year it is about investing 101. Refining: Consumption has dropped. There was over capacity for a long time. Now there is a contraction in the capacity. You are supposed to invest in it when times are terrible and get out when it looks good. Natural Gas: It’s a north American commodity and will continue to trade in this range. A number of wells were drilled and then capped at $3 but this winter at $6 they will use them. Uranium. It’s tough to play. It’s such a tight, small market.

2010-02-02

PAST TOP PICK

A Commentary

0.020

(Top Pick Feb 10/09, Up 33%) Sherritt Bonds 7.75% 2015. Chose it because you expect 8% long term in the stock market and if you can get it in a bond then do it. No matter what happened, you were going to make money.

2010-02-02

PAST TOP PICK

A Commentary

0.020

(Top Pick Feb 10/09, Up 119%) Pacific Rubiales 8% 2013 bonds. No matter what happened, you were going to make money.

2010-02-02

HOLD

PD.UN-T

8.890

Likes the drilling companies but we need a little more evidence of the global turnaround to really get going.

2010-02-02

PowerShares Bio&Genome E.T.F.

TOP PICK

PBE-N

17.480

Bio & Genome ETF. Expect there will be massive changes in nanotechnology, stem cell research, etc. in the next 4 to 5 years. This is the only way to buy all the very small NASDAQ traded names and one of them is going to hit it rich.

2010-02-02

BUY

San Gold Corporation

SGR-X

3.450

(Market Call Minute) They are firing on all cylinders.

2010-02-02

WAIT

Osisko Exploration Ltd.

OSK-T

8.550

Might get taken out. But if not, it will be dead money for a while.

2010-02-02

BUY

Centamin Egypt

CEE-T

2.020

(Market Call Minute) Fantastic asset, but you need to see if they can operate it.

2010-02-02

Grupo Aeroportuario Pacifico

PAST TOP PICK

PAC-N

32.380

(A Top Pick Aug 11/09. Up 13.38%.) Still a buy.

2010-02-02

HBP NYMEX Nat'l Gas Bull+

DON'T BUY

HNU-T

10.940

Natural Gas Bull+ ETF. He is very bullish on gas but this would not be the name he would use to access it. Consider Claymore Natural Gas Commodity (GAS-T), or better yet own a large cap gas company.

2010-02-02

TOP PICK

Cenovus Energy

CVE-T

26.170

Market doesn’t know what to do with it. Would have preferred they didn’t split off. 50% natural gas. Going to be a growth oil sands company. Has great asset and management. It will sit there for a bit and it is not going any lower. A stable cash flow generating engine that you can own forever.

2010-02-02

TOP PICK

AGU-T

62.740

Likes it better than Potash (POT-T) on a valuation basis and is more diversified. If they can complete the CF acquisition it could add more to it. The vertical integration will give them more stable earnings growth. Good long-term story.

2010-02-01

Angiotech Pharmaceuticals

DON'T BUY

ANP-T

1.210

What hurts them was they levered up for an acquisition using debt at the wrong time and have never been able to get out from under that cloud of debt and he doesn't think they will.

2010-02-01

BUY

Apple

AAPL-Q

194.730

Wouldn't count a lot on the iPad. Ultimately you can’t be sure it is the success that you saw from the iPhone and particularly the iPod. Company has a lot of in-growth going for it. Buy and put it away, don't try to trade it and in a couple of years you will be higher.

2010-02-01

PAST TOP PICK

ARE-T

13.690

(A Top Pick Feb 2/09. Up 39%.) Well positioned. Getting a lot of projects in Ontario, out West and in the oil sands. Has a couple of good years of growth ahead of it. Trading at about 4-5 times operating cash flow. Still a Buy.

2010-02-01

SELL

BAC-N

15.420

New CEO is out working the government, which is what is needed. This company is entirely based on what you think US government policy is going to be. .25% dividend. Canadian banks are better. If you own, consider taking profits.

2010-02-01

HOLD

BAC-N

15.420

US financial stocks are starting to act a little bit better. US administration is going to be less punitive than it looked like they would be. Thinks their acquisitions, particularly Merrill Lynch, will work out relatively well for them.

2010-02-01

BUY

Bank of Nova Scotia

BNS-T

45.190

Over the last year it is up 55%-60% because it's been the beneficiary of Canadian banks not cutting dividends or having to be bailed out. Also the Canadian economy is way better than US. One third of its earnings are from outside of North America. Good management. 4.3% dividend.

2010-02-01

DON'T BUY

BCE-T

27.430

Outlook is relatively stable. Had a nice move off the bottom. Sold his holdings last year when it ran up. Problem is there is no real growth. Wire line is not growing at all.

2010-02-01

BUY

Biovail Corp.

BVF-T

15.890

Cut the dividend to conserve some cash and doesn't think they will increase it. Have a new growth strategy in place. Earnings are starting to grow again. Trades at about 9X forward earnings and the balance sheet is in pretty good shape. Generic sector is still growing.

2010-02-01

TOP PICK

Canadian National R.R.

CNR-T

54.290

Just raised dividend and re-instituted their share buy back even after they've had the worst possible slowdown in rail traffic in the last 35 years.

2010-02-01

TOP PICK

COS.UN-T

28.710

Cut the distributions a couple of times during the fall of oil prices and that the current level is about 4.5%-5%. The big deal outstanding is ConocoPhillips (COP-N) selling a 9% stake in Syncrude and this company is felt to be the logical buyer. If they buy, they will be able to maintain their payout.

2010-02-01

SELL

F-N

11.120

This is the success story however you are still dependent on the North American economy sole sales will not be what they used to be. If you own, consider taking some profits.

2010-02-01

SELL

Opti Canada Inc.

OPC-T

1.920

Long Lake project has really not worked out. Had trouble getting production up and the steam injection right. Costs have gone a lot higher than expected. They don't have the ability to fund much further development.

2010-02-01

Comment

Gerdau Ameristeel Corp

GNA-T

8.310

Prefers the mini-mills to the large integrated steel producers. You don't get nailed as much by the increase in iron ore costs.

2010-02-01

BUY

G-T

37.810

One reason to buy is that its gold mines are in safe places. Also has growth and production. Reasonable to assume that gold will be higher over the next couple of years as governments tend to print their way out of their major problems.

2010-02-01

BUY

Husky Energy

HSE-T

26.900

Growth in oil sands production will benefit with their production and refining assets. Have also acquired some cheap gas stations in Ontario from Petrocan (PCA-T). 4.5% yield.

2010-02-01

BUY

Intel

INTC-Q

19.610

Their numbers blew him away. Margins are back where they where in the mid-60’s. Gaining market share again. Have a PC refresh cycle coming around, driven by Windows 7. Good valuations.

2010-02-01

HOLD

Loblaw Companies Ltd

L-T

35.570

(Market Call Minute.) Has had management turnover and growth has slowed.

2010-02-01

PARTIAL BUY

Magna Int'l. (A)

MG.A-T

59.360

Haven't owned anything in the auto sector for a while but is warming up to it and looking at getting back in. Likes the consolidation in the industry. Getting better penetration into Europe. Have come through the auto crisis relatively well. Valuation is a little bit ahead of itself.

2010-02-01

HOLD

MFC-T

19.930

It is unfortunate about the dividend cut and the equity raise of $2.5 million but all the bad news is in the price. Dividend will be back where it was 5 years ago.

2010-02-01

BUY

MFC-T

19.930

This is one of the better plays in the financial sector. Capital position is much better shape than it was. Have international growth. Valuation is attractive. Would take this over the bank stocks currently. 2.6% yield.

2010-02-01

Uranium Participation Corp.

STRONG BUY

U-T

6.110

The price of the stock is reflecting $40 uranium a pound. Global cost of uranium is rising north of $50. Strong demand and reduced supply and he could see the price going back to $70-$80 easily which would put the price of this over $10 a share.

2010-02-01

TOP PICK

MSFT-Q

28.410

As well positioned as we have seen them for the last 10+ years. Windows 7 is a winner and is leading to a refresh product cycle. Have generated a mountain of cash. Only trading at about 11X forward earnings.

2010-02-01

BUY

Nexen Inc

NXY-T

23.900

Recently announced they were lowering their CapX for this year so a number of analysts have pulled back their estimates. Has a pretty neat set of assets. Very cheap.

2010-02-01

STRONG BUY

POT-T

110.070

(Market Call Minute.) We are early on in the cycle. Prices are heading higher.

2010-02-01

TOP PICK

Power Financial Corp

PWF-T

30.150

Holding company for Great West (GWO-T), IGM (IGM-T) and Putnam in the US (Best mutual fund in Barrens). 4.5% dividend yield. You have coverage for virtually everything you need within the asset management/investment field and insurance. Due for another dividend increase.

2010-02-01

DON'T BUY

Quebecor Inc (B)

QBR.B-T

29.310

Relatively cheap but has a lot of spending ahead of it with Videotron getting more involved with the wireless business. Valuation is pretty good discount to the break-up value.

2010-02-01

BUY

RIM-T

68.060

About as cheap as it has ever been. Apple (AAPL-Q) and this company are the 2 main major competitors who are gaining market share and Nokia (NOK-N) has the brand.

2010-02-01

PAST TOP PICK

RIM-T

68.060

(A Top Pick Feb 2/09. Down 2.4%.) Still likes. As cheap as it has ever been. Have the carrier relations on a global basis to continue to compete. Smart phone market is growing. Trading at 16X current earnings.

2010-02-01

BUY

RCI.B-T

33.560

There is price competition but wireless is continuing to grow. There is application growth, data usage growth plus they have the cable and media side.

2010-02-01

PAST TOP PICK

RY-T

52.820

(A Top Pick Jan 14/09. Up 60.02%.)

2010-02-01

HOLD

Sierra Wireless

SW-T

12.000

(Market Call Minute.) Really likes this one and it has had a great move. Last year's European acquisition looks really good. Sector is growing and they're well positioned but stock is already had a good move.

2010-02-01

PAST TOP PICK

SNC-Lavalin Group Inc.

SNC-T

49.930

(A Top Pick Jan 14/09. Up 40.86%.)

2010-02-01

BUY

SNC-Lavalin Group Inc.

SNC-T

49.930

Still sees the stimulus program being in place. Companies like this should do exceptionally well over the next couple of years, especially in power projects.

2010-02-01

BUY

SLF-T

31.720

Looks very well positioned to grow. Would take this over the bank stocks currently. 4.5% yield.

2010-02-01

TOP PICK

TLM-T

18.200

Growing and is at reasonable valuation. Reinvented themselves in the last year or two. Have international plays, natural gas and light oil. Could be takeout candidate. (Not likely.) Otherwise it will grow and benefit from higher oil prices.

2010-02-01

STRONG BUY

Yamana Gold Inc.

YRI-T

11.350

(Market Call Minute.) Gold stocks look incredibly cheap and these guys have decent production growth. Have copper as well.

2010-02-01

DON'T BUY

TRI-T

36.040

Has always been an expensive stock. A little bit worried about how they are ultimately going to fare with the competition against Bloomberg. Already trading 10X operating cash flow so you are not going to get a higher multiple. Growth is slowing down.

2010-02-01

PAST TOP PICK

TRP-T

34.460

(A Top Pick Jan 14/09. Up 6.58%.)

2010-02-01

HOLD

TRP-T

34.460

(Market Call Minute.) If you want a yield continue to hold. Not much growth and somewhat expensive.

2010-02-01

Comment

A Commentary

0.020

Canadian housing. Are we looking at a price break down when interest rates rise? He doesn't think so as we didn't move up like the US market did. Theirs went up on aggressive financing and aggressive financing techniques. Also doesn't think interest rates are rising very soon or very much.

2010-02-01

DON'T BUY

Equinox MineralsLtd.

EQN-T

3.520

Copper as well as uranium in Africa. A little concerned about Copper. Inventories dropped dramatically last year but have built almost back to where they where. Has great growth potential and might even be a takeout candidate. There is still a lot of political risk in Africa and he would be more inclined to look at North American risks instead.

2010-02-01

WEAK BUY

PD.UN-T

8.570

Doesn't think there is a lot of upside in this one. Cheap and can ultimately go higher but in the drilling sector you want to be in things that are growing fast such as fraqing and shallow drilling plays. Gives a decent yield and valuation is relatively cheap.

2010-02-01

DON'T BUY

Las Vegas Sands Corp.

LVS-N

17.110

Wouldn't be inclined to put anything into anything that is dependent on US consumer and discretionary spending. Even with the decline, the valuations are so stretched out that he still finds them expensive.

2010-02-01

BUY

TCM-T

13.320

Molybdenum is needed for hardening of steel. Prices have started to head higher again. Big demand from China. This is the purest play in Canada.

2010-02-01

DON'T BUY

United States Steel

X-N

47.320

Got pummelled last week on earnings. They just didn't deliver. You don't want to play steel directly, play the inputs to steel or the mini-mills. Integrated steel producers are still having a tough time. Mid $40s would be a buy but not your best way to play.

2010-02-01

Comment

Alberta Oil Sands

AOS-X

0.390

There are players who want oil sands exposure so this could be a takeout, which could be built into the price already. Speculative.

2010-02-01

PAST TOP PICK

U.S. Oil Fund E.T.F.

USO-N

36.720

(A Top Pick Feb 2/09. Up 29%.) This was disappointing. Oil was at about $40 and has now almost doubled. Right investment call for buying oil when it was cheap but was the wrong vehicle. Playing through growing producers would be a better way.

2010-02-01

TOP PICK

AGU-T

60.140

If you were going to buy one fertilizer stock, this is it. You get the retail side in the US and Canada. You get pieces of all 3 of potash, nitrogen and phosphate. There is also still the chance that they acquire C F industries.

2010-01-29

TOP PICK

ARE-T

13.580

Primarily Canadian infrastructure with toll crossroad in Israel and Ecuador airport as big contracts. Acquired an oil sands and oil sands related company in February, which won the big fire-bag restart from Suncor (SU-T). Stock really moved on this but has now pulled back. Good backlog.

2010-01-29

BUY

ARE-T

13.580

(Market Call Minute.) Well managed construction company. Leveraged to oil sands.

2010-01-29

BUY

BAC-N

15.180

US banking sector faces some challenges with increasing regulatory scrutiny, capital requirements and less favourable trading environment. This is probably not a bad one to own. Their purchase of Merrill Lynch was good giving them a lot more earning power. Trading at very low multiples. New CEO has to prove himself.

2010-01-29

BUY on WEAKNESS

Bank of Nova Scotia

BNS-T

44.830

Canadian banks, at least temporarily, are a little out of favour now. Primary concern in the short term is capital as the new Basil requirements may slow the ability to raise dividends.

2010-01-29

Comment

Barrick Gold

ABX-T

37.120

His theory is that these are the ones that pushed gold to the mini-peak because they were unwinding their hedge. Gold is currently in a natural pullback. Technically, gold could go down a little bit more. If you think gold is going higher, this would be a Hold.

2010-01-29

PAST TOP PICK

BCE-T

27.470

(A Top Pick Jan 22/09. Up 10.1%.) Sold it at $27-$28 when it was fully valued. Company faces some challenges.

2010-01-29

PAST TOP PICK

Canadian National R.R.

CNR-T

53.320

(A Top Pick Jan 22/09. Up 33.1%.) Valuation is getting a little bit full but longer-term the quality of management and assets it's a good place to be. Buy on weakness.

2010-01-29

Comment

COS.UN-T

27.740

Canadian Oil Sands (COS.UN-T) or Crescent Point (CPG-T)? Rumoured they will be buying more Syncrude. Will be changing to a corporation and paying a dividend. Prefers Crescent Point (CPG-T). 5% yield. (See Top Picks.)

2010-01-29

CML Healthcare Income Fund

BUY

CLC.UN-T

13.300

Canadian lab business with some smaller US tuck-ins and they are working out to show some growth. Safe place to be in the market with a 7.5% dividend.

2010-01-29

BUY

Connacher Oil and Gas

CLL-T

1.200

One of the few Junior companies that are producing. Brought their Great Divide project phase 1 into production on time and under budget. Will be building phase 2 and doubling production. With good oil prices they should be up to turn around their debt.

2010-01-29

Crescent Point Energy Corp

BUY

CPG-T

37.850

Canadian Oil Sands (COS.UN-T) or Crescent Point (CPG-T)? Prefers Crescent Point as it has a slightly higher yield and has far more growth potential. 7.25% yield. (See Top Picks.)

2010-01-29

DON'T BUY

Electronics Arts Inc

ERTS-Q

16.280

One of the pre-eminent game developers/publishers in the world. Fallen on hard times because they haven't had too many new hits and have been spending too much money developing. Hard to see what will move the stock.

2010-01-29

PAST TOP PICK

Encana Corp

ECA-T

32.700

(A Top Pick Jan 22/09. Down 37.5%.)

2010-01-29

HOLD

Opti Canada Inc.

OPC-T

1.930

Junior partner with Nexen (NXY-T) in the Long Lake oil sands project and is in production. Production is behind schedule because of mechanical issues so were in trouble with debt covenants. Managed to mitigate it so they should be okay over the next year or so but really need to get the operating issue fixed.

2010-01-29

BUY

G-T

36.240

Has been punished quite severely, not because of the company, but because of the direction of gold. Good leverage to go up in price. New mines are coming into production. Use as a core position and buy on pullbacks.

2010-01-29

HOLD

Iamgold Corp

IMG-T

14.090

Did spectacularly well, particularly over the last couple of years. Assets primarily in west Africa. Challenge from this point on is to renew their growth profile over the next few years. Expect they will do an acquisition, which could be a risk to the stock in the short term.

2010-01-29

BUY

IMN-T

54.150

Copper play, which depends on your outlook for global economy, especially Chinese. He believes the demand for copper will grow and the current copper price can be sustained or go higher.

2010-01-29

BUY on WEAKNESS

JP Morgan

JPM-N

38.940

This is one of the winners and success stories coming out of last year's credit cycles. The problem right now is the financial regulatory landscape in the US. Trading at 7-8 times earnings. If you own, continue to hold and add to it on pullbacks.

2010-01-29

PAST TOP PICK

Kinross Gold

K-T

17.310

(A Top Pick Jan 26/09. Down 16.81%.)

2010-01-29

Comment

LIM-T

5.880

Early stage in its evolution. Likes iron ore, which is a necessary input for steel production. This one looks reasonable but in the early stage so not for the faint of heart. He prefers companies that are in production with a cash flow.

2010-01-29

TOP PICK

MFC-T

19.540

Premier insurance company in the country but has gone through some hard times because of exposure to the equity markets. Cut their dividends and raised a lot of equity so a lot of shareholders threw in the towel but the name of the game for financial companies is going to be capital.

2010-01-29

BUY on WEAKNESS

MSFT-Q

28.180

Not a bad name if you are looking for income and growth. This is the dominant force in operating systems and productivity software. Windows 7 is driving the great earnings. Have their fingers in a lot of pies and they have great software. 2% yield and have a lot of cash.

2010-01-29

Comment

Northgate Minerals Corp.

NGX-T

2.700

(Market Call Minute.) Okay company. Operating challenge in their Australian mines. Buy if you are bullish on gold.

2010-01-29

PAST TOP PICK

POT-T

105.920

(A Top Pick Jan 26/09. Up 16.56%.)

2010-01-29

TOP PICK

POT-T

105.920

Likes this one over the medium-long term because potash is one of the necessary ingredients for agriculture. Short-term earnings are going to be weak because we're still coming through the bottom. You buy this one for over the next 12-18 months.

2010-01-29

TOP PICK

RIM-T

67.470

One of the pioneers for e-mail enabled smart phones and they do their thing very well. International growth is phenomenal. Trading at only 10-12 X multiples on next year's earnings and growing at 16%-20%. Too cheap to ignore.

2010-01-29

HOLD

Russel Metals

RUS-T

17.300

A good hold for the dividend. Not expecting it to go up anytime soon. A window onto the steel industry and the outlook is better but it's slow in coming.

2010-01-29

PAST TOP PICK

SC-T

42.550

(A Top Pick Jan 26/09. Down 3.63%.) Think there will be a pop on this one.

2010-01-29

BUY

SC-T

42.550

Primary worry is drug policy reform in Alberta, Ontario and BC, which would reduce the margins for all drugstores. Thinks there are offsets to this. Front store merchandise sales can only get better. Well managed.

2010-01-29

TOP PICK

SU-T

33.760

Has dropped back with the retreat in oil prices. You have the restart on the oil sands side. Best operator there. Still 2 or 3 years of synergies that they can pull out of the Petrocan acquisition as well as a couple of dispositions of non-core assets.

2010-01-29

Comment

TCK.B-T

35.010

Primarily coal, which has a lot of demand from China. Concerns that China will be putting brakes on growth have had a fairly major impact on all base metals. As fear eases, this will go back over $40 eventually. Will probably wait before reinstituting an aggressive dividend policy.

2010-01-29

HOLD

Valero Energy Corp

VLO-N

18.420

(Market Call Minute.) Pre-eminent refining company. Refining is in a tough spot but oil prices will go up.

2010-01-29

BUY

Yellow Pages Income Fund

YLO.UN-T

5.250

Current distribution is around 15.5%. Will probably cut their distributions to about 12% when they convert to a corporation, which is still quite good. Face some challenges transitioning from print media to online media but they are managing it well.

2010-01-29

Comment

A Commentary

0.020

5-year outlook on gold? With problems in different currencies, gold is a natural place to go. Believes the direction is up from here as there is very little alternative to go to.

2010-01-29

Comment

A Commentary

0.020

China. Caller commented on rumours that the government may devalue their currency but he feels they may revalue up. The revaluation is overdue as it is good for the Chinese economy..

2010-01-29

HOLD

San Gold Corporation

SGR-X

3.340

Good company. Took an old gold mine and put it back into production and have had spectacular discoveries. Good drill results. Stock has had quite a run.

2010-01-29

BUY

Centamin Egypt

CEE-T

1.820

Gold in Egypt. Premier takeover target.

2010-01-29

BUY

United States Steel

X-N

44.430

Steel sector and steel stocks tend to be quite volatile. Pulling back because they are worried about Chinese tightening. Good company. Almost fully integrated. If you believe global economy is coming back this is a good time to enter.

2010-01-29

SPECULATIVE BUY

Potash One Inc.

KCL-T

2.950

(Market Call Minute.) Long-term, potash will do well. This is one of the more advanced juniors but their project will take what a few years so by as a lottery ticket..

2010-01-29

Comment

Alberta Oil Sands

AOS-X

0.380

One of a host of Junior oil sands companies that have opened up in the last few years. Have pretty decent packages in bitumen and potential properties but are quite a few years away from actual production and having got the approval for their project yet. Very volatile. This would be more suitable for someone with a high-risk tolerance.

2010-01-29

HBP NYMEX Nat'l Gas Bull+

Comment

HNU-T

9.690

Natural Gas Bull+ ETF. If you own it for anything more than a very short period, there tends to be leakage in the performance. If you are a day trader and you have a conviction on the price direction, these are the tools you use. Hasn't used it lately because of the volatility of the gas price.

2010-01-29

BUY on WEAKNESS

Ithaca Energy Inc.

IAE-X

1.280

Good name. Have been severely punished over the last year like all North Sea players when oil prices fell. Can be very profitable with $70 oil plus. Have a couple of projects for the next couple of years that will greatly increase production.

2010-01-29

BioExx Specialty Proteins Ltd.

BUY on WEAKNESS

BXI-T

2.000

Good proprietary process that can generate high-value proteins and nutrients. Still in the ramp-up stage regarding production so it will take a little while. Could easily double in 12 months if they are able to execute their plan.

2010-01-29

HBP NYMEX Natural Gas Bear+ etf

Comment

HND-T

5.620

Nymex Natural Gas Bear+ ETF. If you own it for anything more than a very short period, there tends to be leakage in the performance. If you are a day trader and you have a conviction on the price direction, these are the tools you use. Hasn't used it lately because of the volatility of the gas price.

2010-01-29

BUY

PetroBakken Energy

PBN-T

29.650

A Bakken play and striking out into the Cardium side with the latest 2 acquisitions. Paid kind of on the expensive side per barrel but there is a lot of drilling coming. Looking at little more like Crescent Point (CPG-T) in that they are building up a great number of multi-years of drilling. Good price.

2010-01-29

HOLD

Agnico-Eagle Mines

AEM-T

55.960

Generally positive on gold. Well managed company. Great assets and a low cost producer.

2010-01-28

DON'T BUY

Alcoa

AA-N

12.920

(Market Call Minute.) Focused on aluminium and Inventory levels are quite high. China is ramping up their production.

2010-01-28

BUY on WEAKNESS

Bombardier Inc (B)

BBD.B-T

5.140

2 primary divisions, transportation and aerospace. Aerospace has been challenged but the transport side has been very stable and a significant cash flow generator. Have been winning new contracts. The Obama administration announcement of an $8 billion plan to build a new high-speed rail line could have a positive impact. Reasonable multiple at 12X earnings. He would like it at $4.50.

2010-01-28

TOP PICK

Bristol Myers Squibb

BMY-N

24.100

Likes the healthcare area. Cheap compared to the rest of the market. Investors are starting to come into it realizing that negativity towards drug companies had been overdone. Built up a war chest of $3 billion. 5.25% yield.

2010-01-28

WAIT

Cameco Corporation

CCO-T

29.960

Starting to come up on his radar but not ready to buy yet. Pumping water out of cigar Lake is almost finished. Outlook for uranium is improving.

2010-01-28

TOP PICK

COS.UN-T

27.990

Biggest holder of Syncrude, which is increasing production. Stock has been held back because Chevron has announced they are putting their piece of Syncrude up for sale and he expects them to buy into a share issue. Will probably increase their dividend again in the next month.

2010-01-28

CML Healthcare Income Fund

DON'T BUY

CLC.UN-T

13.190

(Market Call Minute.) Very high quality lab diagnostic testing business. Very stable cash flow but there is a risk they will have to cut their distribution when they convert back to a corporation.

2010-01-28

HOLD

Exxon Mobil

XOM-N

64.960

In the process of acquiring XPO Energy. Probably the largest publicly traded oil company globally. Big oil companies are having a problem finding enough reserves to replace what they are producing. Also, a lot of the countries where they produce are unstable.

2010-01-28

DON'T BUY

F-N

11.410

Doesn't like the auto industry. There are a lot of risks. Under significant pressure and has been for a long time. In secular decline. Cars are getting smaller and companies are making less money.

2010-01-28

DON'T BUY

IMN-T

56.500

High quality, well run base metals business. He doesn't like the base metals sector because it is highly cyclical and volatile.

2010-01-28

Comment

Inter Pipeline Fund

IPL.UN-T

11.260

Had owned because it was a good defensive name with a good yield. When investors started chasing yields, a number of these stocks started getting overvalued and this one started getting expensive. If it comes back down, he may buy it again.

2010-01-28

Comment

iUnits S&P/TSX 60 E.T.F.

XIU-T

16.580

S&P/TSX 60 ETF. This is a vehicle that he would use if he wanted to short the market. It is very liquid.

2010-01-28

BUY

LIM-T

5.880

This is the royalty trusts. Outlook for iron ore is actually quite good. Stock got ahead of itself temporarily but for longer-term investors it is pretty good.

2010-01-28

SELL

MFC-T

19.900

This would be his 3rd choice in Canadian lifecos. It ended up being a leveraged play on the US stock market. Still has 75% of their equity exposure unhedged. Has not been shareholder friendly. Have raised massive amounts of money twice to build up their balance sheet as well as cutting the dividend in half.

2010-01-28

DON'T BUY

MFC-T

19.900

Very large, high-quality Canadian life insurance company. Ran into problems last year with their balance sheet and was forced to get significant financing. In the life insurance companies it has the most exposure to the overall equity market.

2010-01-28

PAST TOP PICK

MSFT-Q

29.160

(A Top Pick May 12/09. Up 47.7%.) Continuing to do very well especially with their launch of Windows 7. Expect people will be upgrading to the new software.

2010-01-28

BUY

National Bank of Canada

NA-T

57.370

(Market Call Minute.) One of the cheapest of the Canadian banks. Very well run.

2010-01-28

PAST TOP PICK

Paramount Energy Trust

PMT.UN-T

4.980

(A Top Pick May 12/09. Up 11.7% plus distributions.) His way of getting exposure to natural gas which had been too beaten up.

2010-01-28

PAST TOP PICK

Pfizer Inc

PFE-N

18.630

(A Top Pick Jan 27/09. Up 25.12%.) Likes the outlook for drug stocks. Still a Buy.

2010-01-28

DON'T BUY

POT-T

111.260

Generally fertilizer space is a good area longer-term with developing countries needing more nutrients for their soils. In the past, this stock has had a magnificent performance and will probably do well over time but just lowered their earnings guidance for 2010.

2010-01-28

Comment

Qualcom

QCOM-Q

40.480

Just reported disappointing earnings. Long-term this company is well positioned. Make a lot of semiconductors chips that go into smart phones and cell phones. Poised to grow because of that. Technology sector is notoriously volatile.

2010-01-28

DON'T BUY

Reitmans

RET-T

15.120

Women's apparel retailer. Doesn't like retail business generally. Pretty well managed company over time but it is very dependent on strength on the consumer side. Valued at about 5.5X EBITDA.

2010-01-28

TOP PICK

RIM-T

68.830

A way to play the smart phone market. Smart phones are starting to steal share from cell phones. Smart phone share is that about 25% and should grow significantly. Trading at only 13X earnings while earnings are growing at 20%.

2010-01-28

TOP PICK

RCI.B-T

33.620

Significant cable and wireless businesses. Concerns about new wireless entrants have weighed on the stock but those concerns are overblown. Trading at about 5x EBITDA and 10% free cash flow yield. 3.5% dividend.

2010-01-28

Comment

Viterra Inc

VT-T

9.540

Great way to play agriculture in Canada, as they own all the grain handling terminals. Recently made a large acquisition in Australia. He owns some of their bonds.

2010-01-28

Sherritt International Corp.

BUY

S-T

6.120

(Market Call Minute.) If you can live with the Cuban risks, you can buy it. Quality oil/gas, thermal coal assets. Well run company.

2010-01-28

DON'T BUY

Uranium One Inc.

UUU-T

3.310

(Market Call Minute.) Likes uranium as a commodity but there are specific risks with this company.

2010-01-28

HOLD

SU-T

34.350

Hasn't done much in the past year. Have now merged with Petrocan and is basically in a sideways trading range. Longer term it is going to be a great company. He particularly likes the outlook for the oil sands.

2010-01-28

HOLD

SLF-T

31.290

The 3 large lifecos in Canada are Great West (GWO-T), Sun Life (SLF-T) and Manulife (MFC-T) and this would be the order of his preferences. Conservatively run. Doesn't give you the highs or the lows and are trying to increase presence in the US at a good time.

2010-01-28

PAST TOP PICK

TLM-T

18.160

(A Top Pick Jan 27/09. Up 52.64%.) Company has changed and has become more focused and the upside is great. Still a Buy.

2010-01-28

Comment

TLM-T

18.160

One of the higher quality oil/gas companies. Great way to get exposure to that industry. Right now he is a little bit cautious about oil prices in general. Rumoured that it could be ripe or a takeout.

2010-01-28

DON'T BUY

TCK.B-T

37.030

Big player in copper/gold. Doesn't like the base metal sector generally as it is highly cyclical and volatile. If it pulled back to the lower $30 level he would look at it.

2010-01-28

TOP PICK

Westshore Terminals Inc.

WTE.UN-T

13.850

Likes metallurgical coal, which is increasing in pricing because of demand from Chinese steel companies. A more stable way to play this trend because they own one of the largest coal loading terminals in North America. Every time coal gets shipped they earn a fee and they have provisions in their contract they earn upside in pricing goes higher. About 8% yield.

2010-01-28

DON'T BUY

Grande Cache Coal Corp.

GCE-T

5.250

(Market Call Minute.) Likes the metallurgical coal theme but this is a junior company and you would have to live with a lot of volatility. (See Top Picks.)

2010-01-28

Comment

A Commentary

0.020

Market corrections. Charts show uptrend and moving averages have been broken. Could be heading further south. Surprised at how far the market went before correcting. Could drop another 10%-15% without any trouble. If you own quality, dividend-paying stocks, they won't go down as much as the market so continue to hold.

2010-01-28

BUY on WEAKNESS

A Commentary

0.020

Canadian banks, especially those with US exposure? Canadian banks are looking vulnerable largely because they moved up so far when investors were chasing yield. The new Basil Accord could be tough on Canadian banks because of their high preponderance to increase dividends regularly.

2010-01-28

Comment

A Commentary

0.020

Pairs Trading. This is when you are long and short stocks in a particular industry. You could be Long one bank and Short a different bank at the same time. He tends not to use this strategy but prefers to have a distinct set of Long positions in a variety of sectors and a very separate distinct set of Short positions, which could be very different industries.

2010-01-28

TOP PICK

ABB Ltd.

ABB-N

18.190

Swiss company. Market leader globally in electrical distribution transmissions so it is an infrastructure play for both replacement of grids in the developed world as well as in the developing world. Great growth prospects.

2010-01-28

HOLD

Bell Aliant

BA.UN-T

26.210

You won't get rich with this one. An old wire line company that is having steady erosion but has been cutting costs faster than it is losing its wire line. Has also been increasing penetration in TV in the Maritimes. Once converted to a corp, yield will probably be within 15%-20% of where it is now.

2010-01-28

Comment

Bell Aliant

BA.UN-T

26.210

If they are not acquired before the date of conversion, they may have to cut distributions.

2010-01-28

iShares Russell 2000 E.T.F.

PAST TOP SHORT

IWM-N

60.780

(A Top Short May 12/09. Down 22.9%.) This was a way to protect his overall portfolio from a potential weakness in the market.

2010-01-28

PAST TOP PICK

Syngenta AG

SYT-N

50.900

(A Top Pick Jan 27/09. Up 34.54%.) This remains his agricultural play. Still a Buy.

2010-01-28

BUY

Potash One Inc.

KCL-T

2.950

Hasn't proven itself yet because it hasn't developed a significant land position. BHP Billiton (BHP-N) just announced it was acquiring Athabasca Potash (API-T) and this leaves this company as the last junior potash company in Canada of any significant size so could be a takeout candidate and there would be upside here.

2010-01-28

TOP PICK

Applied Materials

AMAT-Q

13.040

Involved in semiconductors and solar. Seeing a strong recovery in IT and solar was the first of the energy sector to recover well so this will trickle down to the equipment market in this company should really come along. Lots of liquidity and great balance sheet.

2010-01-27

TOP PICK

Bank of Nova Scotia

BNS-T

45.790

At the beginning of the financial crisis, they seem to avoid a lot of the pitfalls that other banks fell in to. Didn't have a large exposure to the US. Beginning to get some headwinds in their Caribbean operations but have done very well in building a base in South America. A long-term core holding. Dividend yield of 4.3%.

2010-01-27

BUY

Barrick Gold

ABX-T

38.040

As a value investor it has always been difficult for him to buy gold stocks. Likes this one and Goldcorp (G-T). This one is a benchmark and dominant player in the gold industry. Long-term fundamentals for gold against the US$ is good but you could see gold pull back.

2010-01-27

BUY

Bonavista Energy Trust

BNP.UN-T

23.580

Yield is just a little bit over 8%, which indicates it is probably not in jeopardy going forward. Recently raised over $400 million. Tend to hedge a fair amount of their production. Fairly steady cash flow. Well managed.

2010-01-27

Comment

Canadian National R.R.

CNR-T

55.930

Canadian National (CNR-T) versus Canadian Pacific (CP-T) on a 4 or 5-year hold? A question he wrestles with all the time but currently he would put his cards with Canadian Pacific as he sees at benefiting from a recovery in commodities. CN is a benchmark railroad with the best operating ratio and are diversified throughout North America.

2010-01-27

BUY

Canadian Pacific Rail

CP-T

54.410

2010-01-27

DON'T BUY

Electrovaya Inc.

EFL-T

0.800

Movement of the stock will be news driven. Pretty fluid environment right now. He would stay away from the unproven businesses. You can get some strong businesses with a proven history at a good price.

2010-01-27

BUY on WEAKNESS

HBM-T

12.530

(Market Call Minute.) Would buy if it pulled back a bit.

2010-01-27

Manitoba Telecom Services

Comment

MBT-T

34.160

Dividend is relatively secure. Not expecting a lot from them from a capital point of view. Growth prospects are limited. If you are just buying it for the yield, it is pretty safe.

2010-01-27

BUY

MFC-T

19.910

(Market Call Minute.) Dominant player in the insurance business. Good price level.

2010-01-27

DON'T BUY

Nexen Inc

NXY-T

22.960

Development at Long Lake seems to continually be longer than hoped for but eventually it will come into production. Recently announced a $2.5 billion capital expenditure program, which is a good step. From a price valuation, he sees this in the middle of the field. He would like to see it 10%-15% lower.

2010-01-27

BUY

North West Company Fund

NWF.UN-T

17.900

Northern community stores. One of the original trusts. Have a very good business model. Good company at a good price.

2010-01-27

PAST TOP PICK

Petro-Canada

PCA-T

45.500

(A Top Pick Feb 2/09. Up 30.2% Using Suncor (SU-T) prices.)

2010-01-27

BUY

RIM-T

68.180

Good value here. The risk is the smart phone market, which is getting more crowded. He believes this company is going to remain the cornerstone of this. Because they run their own network, they have many secondary advantages. Looking at this one now.

2010-01-27

DON'T BUY

RIM-T

68.180

Stock has oscillated over the last several months because of concerns on competition. Too early to tell. Very strong in the business segment. Multiples are more reasonable than they have been but still not out of level that would interest him.

2010-01-27

BUY

Viterra Inc

VT-T

9.750

Dominant grain handling in Canada. This is a call on agriculture. Anything under $10 is a good price. Stumbled on little with the Australian acquisition but longer-term this is a good fit for them. Allows them to diversify their seasonality and gives them a window on the Asian markets.

2010-01-27

PAST TOP PICK

Stantec Inc

STN-T

27.650

(A Top Pick Feb 2/09. Up 5.4%.) Engineering diversified in North American. Don't have construction risks. Involved in urban land development, buildings, roads and highways but also very much expanded into environmental practice. Excellent infrastructure play. Good price.

2010-01-27

PAST TOP PICK

SU-T

34.710

Liked their merger with Petrocan. A dominant player in energy.

2010-01-27

TOP PICK

TRI-T

34.830

(A Top Pick Feb 2/09. Up 17.4% not including dividends.) Was discounted more than appropriate during the downturn. Expect them to be very competitive. Great supplier of data but can also supply analytics for data in both legal and scientific fields.

2010-01-27

BUY

Timberwest Forest

TWF.UN-T

5.050

Forest product companies seem to have come alive again in the last couple of years. A number of large pension companies have been buying timber assets. Longer-term it is a good area to have exposure to. Looks a little expensive but if your view is long-term it could be a good place to be.

2010-01-27

BUY

Westshore Terminals Inc.

WTE.UN-T

14.430

At the moment they are in the right place at the right time. Oscillations in this stock are directly related to shipping of coal, particularly metallurgical coal. If you have an outlook longer than 2 years, this would be relatively safe.

2010-01-27

BUY

Daylight Energy Trust

DAY.UN-T

10.500

Recently raised about $170 million and it is speculated that it is for acquisitions. Doesn't think the 9% yield is in much jeopardy. Well managed.

2010-01-27

Morneau Sobeco Income Fund

Comment

MSI.UN-T

9.700

Pension fund consultants and intermediaries. Developing into a full-service competitor with others in the industry. Not sure they will be able to maintain distributions at the same levels once they convert but this is a very good growth industry.

2010-01-27

BUY

PD.UN-T

9.020

Oil service industry has not been robust in the last couple of years but going forward it should be in a better position. Likes it going forward for the long-term but would like it cheaper than what it is. If you have a three-year outlook, you could buy it today.

2010-01-27

HOLD

Bell Aliant

BA.UN-T

26.740

(Market Call Minute.) Growth prospects are minimal.

2010-01-27

Brookfield Asset Management (A)

BUY

BAM.A-T

21.850

(Market Call Minute.) If you are a long-term investor, it will do very well. Excellent management.

2010-01-27

SELL

Timminco Ltd.

TIM-T

1.190

Forget this one. Have always been suspicious of the technology.

2010-01-27

PAST TOP PICK

SunPower Corp.

SPWRA-Q

20.830

(A Top Pick Mar 24/09. Down 12.69%.) Still a Buy.

2010-01-27

Comment

TCM-T

12.560

This is playing into the whole theme of how stable are commodity prices currently. Has been hit with a pullback in commodities in the last few days. Has very good sponsorship. Still too expensive for him.

2010-01-27

TOP PICK

Canadian Solar Inc.

CSIQ-Q

22.380

Chinese-based solar panel manufacturer. Want to participate in the new Ontario feed-in tariff program and have a new Kitchener head office. With feed-in declines this industry is growing very effectively so solar is doing fine and this is a good company.

2010-01-27

Naikun Wind Energy Group Inc.

DON'T BUY

NKW-X

0.550

Canada's first offshore wind project in the Queen Charlotte Islands on the West Coast. Economics on wind farms work out very well. Power Purchase Agreement is required giving the operators a guaranteed revenue stream. Still early days.

2010-01-27

BUY

First Solar Inc.

FSLR-Q

114.140

90%+ of solar world panel producers use silicon. This company uses cadmium cellulite instead, which has allowed them to be the lowest cost producer. Stock is under pressure because with Chinese coming in, there is concern that silicon costs will become so low that it could hurt them. Good buy at this price.

2010-01-27

PAST TOP PICK

5N Plus

VNP-T

5.170

(A Top Pick Mar 24/09. Down 9.31%.) Still a Buy.

2010-01-27

PAST TOP PICK

RuggedCom Inc.

RCM-T

19.170

(A Top Pick Mar 24/09. Down 19.67%.) Still a Buy.

2010-01-27

BUY

Day4 Energy Inc.

DFE-T

0.800

Early-stage solar panel solar technology provider. There are always risks with early-stage companies such as right management, right business and sufficient cash. This company is bringing new technology to market in how they interconnect panels. Outsourcing so are controlling costs extremely tightly and survived the market downturn very nicely. Starting to wind business again.

2010-01-27

BUY

ZBB Energy Corporation

ZBB-A

1.200

Storage is the Achilles' heel for the ultimate energy market and if you can buffer wind/solar energy and store it, this could be greater than 20%. Zinc bromide is there magic formula. Have been management changes and there could be small company risks.

2010-01-27

TOP PICK

Catch The Wind Ltd

CTW.S-X

2.620

Early-stage company. Have taken a Lockheed technology and adapted it for the wind turbine market. Forward-looking lasers that can measure wind direction and speed ahead of time. Also have handheld devices for use on yachts. High risk.

2010-01-27

TOP PICK

Cenovus Energy

CVE-T

24.750

Has lagged the industry to a great extent and is becoming a compelling buy. Good production profile going forward. Downstream margins have not been strong but this company will participate in natural gas strength.

2010-01-27

BUY

AAER Inc.

AAE-X

0.090

Turbine manufacturer. Have the right partners and are winning their share of contracts. Wind industry is the next leg of clean technology that recovers. Solar has been first. This is a good way to participate with a Canadian company.

2010-01-27

BUY

3M Co.

MMM-N

81.630

Some segments will respond more quickly to a change in the economy. Fantastically well run. Some of the highest margins and organic growth rates. Has higher margins in Europe than in the US.

2010-01-26

American International Group

DON'T BUY

AIG-N

24.400

Is a speculation. There are so many moving parts and so little transparency. Is not a foundation to build a next egg on.

2010-01-26

BUY

Apple

AAPL-Q

205.940

Fairly valued at these levels. The success has been about revenue growth and gross margin expansion. Yesterday’s release showed a slip in gross margin growth. If you see this happen repeatedly, the stock could slip. The key to go from here is to show they can maintain those margins.

2010-01-26

Archer Daniels Midland Company

VAGUE

ADM-N

29.630

Cash flow does not exceed earnings so he doesn’t like this one, but has bought it for snowbirds for its income.

2010-01-26

TOP PICK

BCE-T

27.550

4.35% Series AG. Preferreds generally are trading higher than corporates right now as well as having tax advantages.

2010-01-26

Western Canadian Coal Corp.

DON'T BUY

WTN-T

3.450

(Market Call Minute) Speculative

2010-01-26

Canadian Imperial Bank of Commerce

BUY

CM-T

64.500

C19 9.976% due June 2018 Bond. Have done very well through 2009 with the narrowing spread. Thinks there is a little bit more spread narrowing to go on.

2010-01-26

DON'T BUY

Cemex SA

CX-N

10.730

(Market Call Minute) Too highly valued

2010-01-26

DON'T BUY

Vale S.A.

VALE-N

26.740

Brazilian stocks are too expensive right now. Fantastic resource base. Consider BHP instead.

2010-01-26

TOP PICK

Fairfax Financial

FFH-T

25.970

FFH.PR.C-T: Attractive alternative because of 5.5% yield and protection against inflation over the next 5 years. The pick of the litter. It’s a ‘reset’ preferred share.

2010-01-26

TOP PICK

Fortis Inc.

FTS-T

28.160

Series H 4.25%. Diversified utility, so thinks it will do very well.

2010-01-26

Freeport McMoran Copper & Gold

DON'T BUY

FCX-N

71.990

(Market Call Minute) Too highly valued

2010-01-26

Reitmans (Canada) Ltd. (A)

BUY

RET.A-T

15.970

Had a pretty good ’09. He keeps an eye on this because it has a nice dividend. They proved to be good retail operators and good at managing inventory.

2010-01-26

Comment

Goldman Sachs

GS-N

150.880

3.47% due 2014 bond. From a credit standpoint this company has, and will continue to do very well. The real question is, where are interest rates going as well as currency exposure. Corporate bond spreads have narrowed but might have a little bit more to go so doesn't expect a lot of performance from this.

2010-01-26

TOP PICK

Johnson & Johnson

JNJ-N

62.790

Indicative of why investors need to invest outside of Canada. Has a multi-decade record of dividend increases. Regulatory issues are behind it. Low double-digit earnings growth over the next couple of months. Well run. Business: 2/5ths from pharma 2/5ths medical devices and 1/5th consumer health care.

2010-01-26

Uranium Participation Corp.

DON'T BUY

U-T

5.890

Wouldn’t look at this. Prefers more traditional miners.

2010-01-26

TOP PICK

MSFT-Q

29.500

In the mist of benefiting from a structural reset in margins through cost cutting. Thinks it has plenty of room to run. Shares are worth high $30s. It doubled earnings over the last 5 years. Risk/reward tradeoff is compelling.

2010-01-26

BUY

Telefonica S.A.

TEF-N

75.690

Has owned for years. Telecom is at the top of the list of sectors that lagged behind last year. This is a way of using a northern hemisphere stock to access emerging markets (Brazil). Debt load is not unusually high and being paid down aggressively. Entry price is a decent entry point. It’s a well run company.

2010-01-26

PAST TOP PICK

RY-T

53.370

(A Top Pick March 2/09. Up 9.74%.) Bond due 2012. No longer owns as he changed firms but still likes.

2010-01-26

PAST TOP PICK

SC-T

42.900

(A Top Pick March 2/09. Up 13.58%.) 5.19% bond due 2014. No longer owns as he changed firms but still likes.

2010-01-26

TOP PICK

SLF-T

31.810

Capital Trust II 5.863% maturing December 31 2108. (Screen showed 2108 but expect this should have been 2018. Bill) Has done very well in this environment as spreads tightened in. Moody's recently downgraded banks and Lifecos giving you an opportunity to Buy and still get some value.

2010-01-26

SELL

ICICI Bank Ltd.

IBN-N

34.560

(Market Call Minute)

2010-01-26

PAST TOP PICK

TRI-T

34.500

(A Top Pick March 2/09. Up 16.47%.) 4.98% Bond due 2015 and yielding about 5%. No longer owns as he changed firms but still likes.

2010-01-26

PAST TOP PICK

TRP-T

34.650

(Top Pick Feb 17/09, 6% capital gain) Investor base had to digest all the equity issues. Thinks this is really an attractive stock.

2010-01-26

BUY

TSX Group

X-T

30.820

The monopoly is going away. Big traders are trading off-market to save fees. Likes business. Recommends sticking with it.

2010-01-26

DON'T BUY

Valero Energy Corp

VLO-N

19.020

While oil price has been going up, demand has not. This one is not attractive enough over the long term to be in it.

2010-01-26

HOLD

A Commentary

0.020

Canada 2037 5% bond. This one has done very well in the current environment. Long bonds are very sensitive to interest rate movements. Even the smallest changes will give you big swings in price. Currently at a premium in a range of about 1.25 to 1.2. When you start seeing inflation and the next tightening cycle, that's when you want to get out. Should be okay for the next 1 to 2 years.

2010-01-26

Comment

A Commentary

0.020

Strip Bonds and Strip Bond packages? Great for if you need maturity on a specific date. Very sensitive interest-rate movements, a lot more than on a regular Bond.

2010-01-26

DON'T BUY

A Commentary

0.020

Real Return Bonds. These protect you in a rising inflation rate environment by giving you an increasing coupon rate. He doesn't expect to see inflation for the next 1 to 2 years and that's when you should look at them.

2010-01-26

Comment

A Commentary

0.020

Bond Ladders. A very simple and basic way to go if you are going to structure your own bond portfolio. With rates being very low at this time, it may not be worthwhile to do a 5-year ladder in government bonds but a 10-year ladder could be valuable especially if you include some corporates.

2010-01-26

N/A

A Commentary

0.020

In recent weeks, the tone has changed. If investors can maintain a time horizon of 2 to 3 years, the market will do quite well for them. Emerging markets are potentially in a valuation bubble. Regulatory risk can move to dampen things. Pessimistic on outlook for emerging markets. Healthcare, utilities present many opportunities, otherwise it is a stock by stock basis.

2010-01-26

DON'T BUY

Lloyds TSB Group PLC

LYG-N

3.390

Canadian banking industry is the most attractive. Standard Chartered would be a better choice internationally.

2010-01-26

DON'T BUY

Tata Motors Ltd.

TTM-N

16.160

Brutally competitive industry with tones of excess capacity. A better entry price would be south of $10. He would ‘consider’ buying less than $10.

2010-01-26

WEAK BUY

Syngenta AG

SYT-N

51.430

Swiss based company. Likes it. Second to MON. Should follow the price of corn and soybean over the next few months.

2010-01-26

SELL

Potash One Inc.

KCL-T

2.840

(Market Call Minute) Prefer MON

2010-01-26

WAIT

Coca-Cola Femsa

KOF-N

57.670

Latin and south American Coca-Cola. Price is a little excessive. Phase capital in over 9 months.

2010-01-26

PAST TOP PICK

Link REIT

823 - HK

0.000

(Top Pick Feb 17/09, 24% Capital Gain) Still own. In Hong Kong, containing shopping malls and parking lots. Small investments gave dramatic increases in revenue. Distributions increasing.

2010-01-26

PAST TOP PICK

Diageo PLC

DGE-LN

0.000

(Top Pick Feb 17/09, 23% capital gain) Lots of brands that can be sold internationally. Suffered in recent months because of rumours of they intention to do a buy out, but rumours have subsided.

2010-01-26

BUY on WEAKNESS

Altagas Services

ALA.UN-T

18.550

Reasonable buy. Good yield. Probably $2 billion of growth projects over the next 5 years. Will probably trim distributions a little when they convert but won't be a huge slashing, maybe 15%-20%. That could be a good buying opportunity.

2010-01-25

HOLD

Bank of Montreal

BMO-T

52.650

Thinks dividend is safe and doesn't see any Canadian banks cutting dividends. Canadian banks have had a huge run and are probably in a bit of a holding pattern for a couple of quarters.

2010-01-25

Liquor Stores Income Fund

BUY

LIQ.UN-T

15.700

Mostly Alberta but acquired a chain of Liquor Barn stores in Kentucky. Think they will do further acquisitions. Good at the business and have $30 million more for acquisitions. Growth situation. High payout but capable of sustaining good yield after conversion.

2010-01-25

TOP PICK

Brookfield Properties

BPO-T

12.900

A sustainable 4.5% dividend yield. Built up a war chest of about $1.4 billion as they are anticipating some really good US properties coming on the market. Extraordinarily well managed.

2010-01-25

BUY

Calloway REIT

CWT.UN-T

19.760

Distributing 100% of their cash flow but thinks they will sustain the distribution. Expects it to continue as a REIT rather than converting. Solid, long-term holding.

2010-01-25

Crescent Point Energy Corp

TOP PICK

CPG-T

39.050

Strongest management team in the oil patch. Sitting on top of 2 of the biggest pools, the lower Shawnason (?) and the Bakken, probably 4 billion barrels each. Have done a brilliant job of drilling and getting their costs down. At about 56,000 barrels a day now and when they get it to 100,000 plus, probably a major will take them out.

2010-01-25

BUY

Encana Corp

ECA-T

34.370

This is one way to play resurgence in gas prices. A very big and strong player in natural gas. He is playing it more through Daylight (DAY.UN-T), which has both gas and oil. Probably a decent time to get some gas exposure.

2010-01-25

PAST TOP PICK

Just Energy Income Fund

JE.UN-T

13.940

(A Top Pick Jan 28/09. Up 64.73%.) Has added to his holdings. Outstanding management and a great company.

2010-01-25

BUY

HBM-T

13.090

Value stock with over $5 a share in cash as well as a new copper/gold mine.

2010-01-25

Comment

IMN-T

57.010

Volatility is a result of views on metal prices as well as issues on some of their mines and when they may come into full production. If you are buying, look for dips. Prefers Hudbay (HBM-T), which is better value with over $5 a share in cash as well as a new copper/gold mine.

2010-01-25

TOP PICK

iUnits S&P/TSX 60 E.T.F.

XIU-T

16.660

(A Top Pick Oct 15/09. Down 2.7%.) S&P/TSX 60 Index. Cdn banks are a much better position than global counterparts and it is heavy into materials and energy. A core position in every account. Much cheaper than a mutual fund as well as more tax efficient.

2010-01-25

iUnits S&P/TSX Energy E.T.F.

TOP PICK

XEG-T

18.010

(A Top Pick Oct 15/09. Down 6.8%.) S&P/TSX Capped Energy. Sold off half his position in the beginning of January for profits. Wouldn't add to it right now.Good long-term hold.

2010-01-25

Keyera Facilities Income Fund

BUY

KEY.UN-T

24.890

Extremely well managed and should continue to deliver good results. If looking for good, solid income in pipeline and midstream gathering space, this one and Inter Pipeline (IPL.UN-T) would be his top 2 picks. 7% distribution should be safe.

2010-01-25

DON'T BUY

Kinross Gold

K-T

18.380

Not his favourite gold stock. Partly because they are not growing their production and partly because of their Russian exposure.

2010-01-25

BUY

LIM-T

27.430

The big picture is that China needs a lot of iron ore and paying very good prices for it and demand looks huge in foreseeable future. Prefers Consolidated Thompson (CLM-T).

2010-01-25

SELL

Provident Energy Trust

PVE.UN-T

8.440

Has had a very good run. If you own, consider a switch to some combination of Crescent Point (CPG-T) and Daylight (DAY.UN-T), otherwise it's a Hold. (See Top Picks.)

2010-01-25

Armtec Infrastructure Income Fund

PAST TOP PICK

ARF.UN-T

24.380

(A Top Pick Jan 28/09. Up 42.8%.) Has added to his holdings.

2010-01-25

DON'T BUY

iShares S&P/TSX REIT ETF

XRE-T

11.770

REIT ETF. True REITs won't have to convert but those operating as a business will have to be dropped from the index. Doesn't like the uncertainty.

2010-01-25

BUY

A Commentary

0.020

For a Medium-risk, long-term portfolio he would look at something that is broad based. This would include the iUnits S&P/TSX 60 (XIU-T), S&P 500 $Cdn ETF (XSP-T) and iUnits Short Bond Index (XSB-T). This would be a core position.

2010-01-25

TOP PICK

PD.UN-T

9.190

Oil patch is coming back and natural gas prices are strengthening so the well drilling business is on its way back. Have great financing. Has another huge leg up in it.

2010-01-25

iUnits Short Bond Index E.T.F.

TOP PICK

XSB-T

29.340

Short Term Bond Index. 70% government/provincial bonds and 30% corporate. Short duration of about 2.9 years, which he wants when rates are low.

2010-01-25

BUY

iUnits Dividend E.T.F.

XDV-T

18.400

iUnits Dividend ETF. This would include all the big banks, telecoms and some of the energy companies.

2010-01-25

iUnits Real Return Bond E.T.F.

DON'T BUY

XRB-T

20.450

Is 10% of a portfolio in real return bonds reasonable? Perfectly appropriate for a conservative investor but he doesn't like real return bonds at this time because returns are not very good and inflation is not on the horizon. Better choice would be Short Bond Index (XSB-T). (See Top Picks.)

2010-01-25

New Flyer Industries Inc.

PAST TOP PICK

NFI.UN-T

10.400

(A Top Pick Jan 28/09. Up 12.71%.) Reduced his holdings but at this point, would be a cautious buyer.

2010-01-25

Artis Real Estate Investment Trust

HOLD

AX.UN-T

11.350

Had a good rebound. Would be a little nervous about buying at these levels but would continue to hold.

2010-01-25

HBP Global Gold Bull+ E.T.F.

Comment

HGU-T

10.780

Global Gold Bull+ ETF. Doesn't like leveraged plays. Claymore has a closed-end fund, which is now converting to an ETF. This would be much more attractive because it is hedged.

2010-01-25

Claymore Global Agriculture E.T.F.

BUY

COW-T

19.070

Agriculture ETF. Basically seed, feed and fertilizer. Global in nature. Good place to be.

2010-01-25

DON'T BUY

SPDR Financial E.T.F.

XLF-N

14.260

US Financial ETF. The problem he has with this one is that it is not hedged against the US$. Way too much uncertainty.

2010-01-25

Claymore Global Advantage Dividend E.T.F.

DON'T BUY

CYH-T

15.220

Global Advantage Dividend ETF. This is a forward contract structure so he is somewhat leery of it.

2010-01-25

HBP NYMEX Nat'l Gas Bull+

DON'T BUY

HNU-T

11.850

Natural Gas Bull+ ETF, which is levered. Has held Claymore Natural Gas Commodity (GAS-T), which is predicated upon a forward contract in gas but it is much too volatile for him. Also there is a lot of natural gas available at this time.

2010-01-25

HBP NYMEX Oil Bull+ E.T.F.

DON'T BUY

HOU-T

8.180

Nymex Oil Bull+ ETF. Leveraged products are okay for people that want to day trade but it is too volatile for him. Doesn't like that kind of risk.

2010-01-25

iShares MSCI Emerging Market ETF

PAST TOP PICK

XEM-T

23.870

(A Top Pick Oct 15/09. Down 0.06%.) Likes it because it is not resource-based but business based.

2010-01-25

BMO S&P/TSX Base Metals ETF

BUY

ZMT-T

15.460

S&P/TSX Base Metals. A lot of international gold mines but also copper, aluminium, etc. producers. Primarily copper, which has had a big run-up giving it a certain element of risk.

2010-01-25