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Sherritt International Corp.

Stock Symbol: S-T

Notes:60% coal, 30% Cuba in oils and nickel mines.

Last Price Recorded: 4.6600 on 2013-05-21 01:14:14

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Date Signal Expert Opinion Price
2013-05-10 TOP PICK Bill Harris, CFA

Just sold his Sherritt bonds because they may restructure the company in a way that is not good for the bonds but is good for the stock.  The stock itself with almost 4% yield should give him 10% return. 

 Price:
$4.870
Subject:
RESOURCE
Bias:
DEFENSIVE
Owned:
Yes
2013-05-06 COMMENT Hank Cunningham

8% bond due Nov/18? This is a high yield (junk) bond and has suffered from the Cuba situation over its lifetime. Major underwriters in Canada avoid this company for that reason. He has no problem with this company.

 Price:
$4.740
Subject:
FIXED INCOME
Bias:
BEARISH on BONDS
Owned:
No
2013-04-16 DON'T BUY Colin Stewart

Thinks their Madagascar mine is close to running. Certainly not running at full capacity yet. Took on a lot of debt to get that nickel mine up and running. This company has always traded at a fairly low valuation multiple to its cash flow and some of that is because it is a bit of a hodgepodge. They have oil and gas assets, coal assets, nickel assets as well as its exposure to Cuba. Can be tricky for investors to figure out. At this point, their leveraged balance sheet is somewhat of a concern.

 Price:
$4.570
Subject:
NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias:
OPTIMISTIC
Owned:
No
2013-04-09 DON'T BUY Christine Poole

(Market Call Minute.) Metal prices on nickel and cobalt as well as thermal coal are working against them right now and she would like to see how their new mine in Madagascar ramps up.

 Price:
$4.730
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2013-03-07 HOLD Jim Huang

Perpetually cheap as assets tend to be in political unstable places. Their new mine in Madagascar has had trouble getting up to speed. In the meantime they are burning cash and increasing their debt load.

 Price:
$5.110
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2013-03-05 PAST TOP PICK Bill Harris, CFA

(A Top Pick March 7/12. Up 14%.) 8% bond due 2018.

 Price:
$5.080
Subject:
RESOURCE
Bias:
CAUTIOUS
Owned:
Unknown
2013-03-04 DON'T BUY John Stephenson

On the surface, this would seem to be a really great company with nickel operations in Madagascar coming on. It has a Cuban story that seems like it is ready for a turnaround. Fundamentally the stock is okay but he feels the problem is that it is unloved on the street. There is really no catalyst for the name.

 Price:
$5.110
Subject:
RESOURCE
Bias:
CAUTIOUS
Owned:
Unknown
2013-03-01 COMMENT Irwin Michael, B.Com, MBA

Big nickel project in Madagascar is taking longer than expected. Now looks like it will probably be in the 2nd half. Increased the dividend. It’s a sum of the parts story. Once their nickel project gets into full production, they have the potential to split themselves up. Feels the sum of the parts is worth more than the whole. 3.3% dividend while you are waiting.

 Price:
$5.350
Subject:
VALUE
Bias:
SELECTIVE
Owned:
Yes
2013-02-28 BUY Paul Harris, CFA

Owns stock and bonds.  Bonds outperformed stock.  It is a viable company.  You are dealing with coal and nickel prices.  He thinks it is worth $9-$10 from a net asset value point of view.  Have some very good assets.  Are undervalued because of assets in Cuba.  Pays a nice dividend and increased last quarter even though they missed their numbers.  It is cheap at these levels.  Thinks it will go higher

 Price:
$5.350
Subject:
NORTH AMERICAN/GLOBAL
Bias:
BULLISH
Owned:
Yes
2013-02-20 BUY on WEAKNESS Don Vialoux

Nickel has a seasonality that is very similar to copper, from November right through until May. Nickel prices have been going higher over the last 6 weeks. This stock has been responding to higher nickel prices. Has come off a little bit recently on weakness in the mining sector in general. Have a major project which is coming into production. The key is if they can bring the project on at a reasonable cost. Watch the resistance level at around $6. Forming a base pattern which indicates a stock is getting close to a short-term bottom.

 Price:
$5.330
Subject:
TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias:
UNKNOWN
Owned:
Unknown
2013-02-19 COMMENT David Baskin

(Market Call Minute.) Have their big Madagascar mine as well as Cuba. He’ll feel better when Fidel Castro dies because he thinks this will open the door for the Americans to make up with Cuba.

 Price:
$5.540
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2013-02-08 BUY Rick Stuchberry

(Market Call Minute) Owns some competitors.  Good space and based on Asian play.

 Price:
$5.690
Subject:
CANADIAN LARGE & iNTERNATIONAL ADR's
Bias:
BULL on GLOBAL GROWTH
Owned:
No
2013-01-30 BUY Bruce Campbell

Has coal and oil, but essentially a nickel play.  Mine is not 100% producing yet.  3% yield.  If you believe China growth is real, this is not a bad place.  Quite cheap. 

 Price:
$5.820
Subject:
CANADIAN LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2013-01-21 BUY Paul Gardner, CFA

[Caller asked if Dividend stocks under $10 are ok].  It depends how many shares are out there.  He has S-T, which is a best in class management team.  Their balance sheet is incredibly conservative.  Just finished Madagascar mine and did it at a sane cost.  Now they are executing and there is a change for a dividend increase.  It is not about the $10 but about the actual company.

 Price:
$5.860
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
BULLISH on DIVIDEND STOCKS
Owned:
Yes
2013-01-04 COMMENT Keith Richards

Formed a base and then had a breakout followed by a nice run up. Probably due for a little pull back. Next breakout target would be just under $7.  (He owns their bonds but not the stocks.)

 Price:
$6.100
Subject:
TECHNICAL ANALYSIS
Bias:
BULLISH on FOREIGN
Owned:
Yes
2013-01-02 COMMENT Michael Decter

Interesting and very adventurous company. Very active in Cuba and now very active in Madagascar, developing a very big deposit. Pretty good entry point but the problem with big mining projects globally is that sometimes they run into cost overruns. Doesn’t know if they will be able to get the Madagascar project done on time and on budget. Great track record. Before investing, do some homework by going to the website, reading the last couple of quarters and seeing if they are on track on that project.

 Price:
$5.910
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2012-12-20 BUY David Baskin

Next big catalyst for this company will be when Fidel Castro dies because US and Cuban relations will thaw tremendously. Pays a pretty good dividend. Their bonds also have pretty good yields on them. A bit speculative, but pretty solid.

 Price:
$5.760
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on US ECONOMY
Owned:
No
2012-12-17 DON'T BUY James Telfser

2.9% yield.  Comes on his radar often because it is extremely cheap and the dividend is relatively safe.  It can be extremely volatile and so he stays away from these names.  If volatility goes down it should do well next year.

 Price:
$5.350
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2012-11-27 PAST TOP PICK Paul Gardner, CFA

(A Top Pick Nov 16/11. Up 14%.) 8% bonds. Fantastic assets. Low amount of risk.

 Price:
$4.950
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
UNKNOWN
Owned:
Yes
2012-11-21 SPECULATIVE BUY Michael Sprung

Selling at deep value right now.  People are looking for the mine in Madagascar to either make it or break it.  Some people would argue the area is not as politically stable as in North America.  They still have other operations.  It could be a reasonable buy here but it is more speculative.  You could stand to make significant capital gains over the next couple of years.

 Price:
$4.970
Subject:
CANADIAN LARGE
Bias:
BEARISH
Owned:
No
2012-11-16 TOP PICK Irwin Michael, B.Com, MBA

Madagascar.  On last conference call CEO was emphatic that commercial production in q1 next year company is able to split up company.  3.75% dividend.  You could get an inquisitor that wants to cut it up. 6-12 months hold.

 Price:
$4.740
Subject:
VALUE
Bias:
OPTIMISTIC
Owned:
Yes
2012-11-12 TOP PICK Gavin Graham

Madagascar nickel mine is up and running.  Thermal coal is their largest asset, though.  3.6% yield and BBB rated.  Assumes Nickel will stabilize. 

 Price:
$4.790
Subject:
NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias:
BULLISH on EMERGING MARKETS
Owned:
Yes
2012-11-05 SPECULATIVE BUY Larry Berman CFA, CMT, CTA

If there are problems related to politics that's a big negative always. But China is slowing, so stocks like this will stay weak for most of next year other than trading rallies.

 Price:
$4.820
Subject:
N/A
Bias:
BEARISH on US ECONOMY
Owned:
Unknown
2012-11-05 TOP PICK Bill Harris, CFA

(Top Pick Nov 22/11, Up 14.60%) If China recovers, the nickel market will go up. Stock could go up 50% in a year.

 Price:
$4.820
Subject:
RESOURCE
Bias:
SELECTIVE
Owned:
Yes
2012-11-05 COMMENT Randy LeClair

Bonds maturing in 8-10 years? Likes the 8-10 year term.

 Price:
$4.820
Subject:
FIXED INCOME
Bias:
BULLISH on PREFERRED SHARES
Owned:
No
2012-10-02 HOLD John Zechner

(Market Call Minute.) His least favourite among the metals.

 Price:
$4.890
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH on CANADIAN MARKET
Owned:
No
2012-09-24 DON'T BUY Peter Brieger

Once the new nickel mine in Madagascar gets going, it could change the outlook but it has been a long, tough struggle. When it is operating smoothly, he might have a look at this one. About 3% dividend yield.

 Price:
$4.880
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2012-09-21 COMMENT Bill Carrigan

He thinks the chart is showing a double bottom. The sector is good. Thinks it will do fine.

 Price:
$4.810
Subject:
TECHNICAL ANALYSIS
Bias:
BULLISH
Owned:
Unknown
2012-09-13 HOLD Joey Mack

2014 bond. Should caller get out of it. Guest was a part of the 2018 issue. He likes the company. Comfortable that company can mature the bond, if not call it earlier. It is definitely a hold.

 Price:
$4.710
Subject:
FIXED INCOME
Bias:
BULLISH on BONDS
Owned:
Unknown
2012-09-10 HOLD Irwin Michael, B.Com, MBA

Classic deep value play that no one likes. Nickel mill in Madagascar is the key part to watch. The sum of the parts is worth more than the whole so if it is every broken up you get more.

 Price:
$4.680
Subject:
VALUE
Bias:
SELECTIVE
Owned:
Unknown
2012-09-07 DON'T BUY Ross Healy

This company has never created value. He has followed the balance sheet and through the years there has been absolutely no growth. This is a stock that he would not touch.

 Price:
$4.440
Subject:
NORTH AMERICAN - LARGE
Bias:
DEFENSIVE
Owned:
No
2012-08-30 HOLD Lyle Stein

He gets paid 3.3% dividend while he waits but won't raise dividend because they are investing in Madagascar.  Is it worth holding?  It is one of his few pure plays.  Nickel.  Cuba is less and less of an issue once they get the Madagascar mine online.

 Price:
$4.330
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2012-08-30 WAIT John Stephenson

Sees good value but this is not a valuation issue but is really an issue of a couple of things. Stock primarily trades on nickel, which is fairly range bound. There is also geopolitical risk because it is located in Cuba. This makes it hard to see where the catalyst comes from to move it higher. When you see global PMI tick above 50 that will be the signal to back up the truck because the valuation is attractive.

 Price:
$4.330
Subject:
RESOURCE
Bias:
CAUTIOUS
Owned:
No
2012-08-23 TOP PICK Paul Gardner, CFA

8% bond due November 15/18. This trades as a high yielder but the credit metrics has it is as an A low rated bond. Low leverage. Just finished their Madagascar project. Great management.

 Price:
$4.720
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
UNKNOWN
Owned:
Yes
2012-08-16 DON'T BUY Dennis Da Silva

Over diversified and some think it should be broken out into multiple companies.  He stayed out because he is not constructive on nickel.  Doesn’t like the diversification discount.  Market doesn’t like it for some reason.  Stay away because of the Nickel.

 Price:
$4.690
Subject:
CANADIAN RESOURCE
Bias:
UNKNOWN
Owned:
No
2012-08-10 COMMENT Bill Carrigan

Thinks it will find quite a bit of support here. Doesn't feel it will go any lower. There should be a recovery.

 Price:
$4.700
Subject:
TECHNICAL ANALYSIS
Bias:
BULLISH
Owned:
Unknown
2012-08-08 DON'T BUY Veronika Hirsch

Delivered reasonably good numbers given the environment.  She is not happy about he new mine in Madagascar and they could face all kinds of political pressure.  There is not that much economic wealth in Madagascar.  Political pressure has been all negative and will continue to be so.  It will all cost them money and there will be negative headlines.

 Price:
$4.630
Subject:
CANADIAN
Bias:
SELECTIVE
Owned:
No
2012-08-07 COMMENT David Baskin

Fairly cautious on this one.

 Price:
$4.550
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
No
2012-08-03 BUY Michael Giordano

Very diverse (in Geography) resource company.  Stock is so beaten up lately.  They keep talking about creating shareholder value and it remains to be seen what that is but he remains a buyer.

 Price:
$4.490
Subject:
RESOURCE
Bias:
BULLISH on NATURAL GAS
Owned:
Unknown
2012-07-31 DON'T BUY Brian Acker, CA

Would not touch it.  It is trading so far below his last support lines that he can’t give any guidance.  Model price of $8.57, 93% upside but it is trading at such a discount to its balance sheet that he can’t recommend it.  A catalyst could be that they finally get rid of the mine in Cuba.

 Price:
$4.460
Subject:
NORTH AMERICAN - LARGE
Bias:
SELECTIVE
Owned:
No
2012-07-27 DON'T BUY David Cockfield Launched into a huge project in Madagascar with excellent partners. Feels it is too dominant in the actual future of the company. Political situation is, at best, uncertain. Until he can see the project is actually producing there is too much risk. 3.4% dividend.
 Price:
$4.450
Subject:
CANADIAN
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
No
2012-07-06 DON'T BUY Jeff Parent B. Eng. FCSI Nothing is screaming “buy me“ in fundamentals. He would avoid a stock like this based on fundamentals. Technically, the downtrend seems to be bottoming out here. Could be a very miniature head and shoulders reversal. On the upside, best hopes would be $5.30 and downside could be another $.20 decline.
 Price:
$4.930
Subject:
TECHNICAL INVESTING
Bias:
UNKNOWN
Owned:
Unknown
2012-07-04 TOP PICK Joey Mack 8% due Nov 15/18. This could almost be an investment grade company. Well run company giving you over 6% for 6 years.
 Price:
$5.120
Subject:
BONDS
Bias:
OPTIMISTIC
Owned:
Yes
2012-06-28 TOP PICK Paul Gardner, CFA 2018 8% bond. Is the most he will do in a bond. Execution risk is low. Debt to Cap is 32%, which is low. He also owns the stock.
 Price:
$4.840
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
SELECTIVE
Owned:
Yes
2012-06-22 TOP PICK Irwin Michael, B.Com, MBA NAV of around $8. Yield of 3.1% while you are waiting. Their big story is their new nickel mine that should be going into commercial production.
Price:
$4.910
Subject:
VALUE
Bias:
SELECTIVE
Owned:
Yes
2012-06-13 BUY Bill Harris, CFA His major position is in the bonds as it is a very solvent company. Stock yield is about 3% and the company makes about $.50 in earnings. Has a big growth nickel mine project in Madagascar. If you believe that nickel can go back to a relatively healthy environment with a nickel price of $10, this can become a $10 stock and you are getting a dividend while you wait. Have long-term fixed price, fixed volume thermal coal contracts in Western Canada but these prices have weakened. Have a lot of headwinds but they are making money and paying dividends.
 Price:
$4.900
Subject:
RESOURCE
Bias:
BULLISH on OIL
Owned:
Yes
2012-06-13 DON'T BUY John O'Connell, CFA This company was really riding on the Madagascar project and it seems to be working really well. The major risks for the business are over. This is a cyclical and it is too early to be getting involved with some of these mining stocks. Would prefer others.
 Price:
$4.900
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2012-06-08 DON'T BUY Veronika Hirsch Getting very close to starting production at their Madagascar mine. She is not a fan of nickel as the fundamentals are weaker than those of copper. She has never seen a nickel mine coming into production without serious issues.
 Price:
$5.050
Subject:
CANADIAN & ALTERNATIVE
Bias:
CAUTIOUS
Owned:
Unknown
2012-05-29 BUY Michael Sprung Are getting close to production in Madagascar. The political environment worried the market but S-T is known for operating well in these political environments. The valuation looks fairly compelling.
 Price:
$5.270
Subject:
CANADIAN LARGE
Bias:
OPTIMISTIC
Owned:
No
2012-05-24 HOLD Douglas Kee Well-managed company with growing assets. Madagascar mine is close to being finished. Management is expecting nickel production within weeks.
 Price:
$5.280
Subject:
CANADIAN DIVIDEND
Bias:
UNKNOWN
Owned:
Yes
2012-05-22 TOP PICK Paul Gardner, CFA Bond 8% maturing 2018. This company still yields 6.5% even after their price went up. They are about to start the Madagascar operations. Great accretive managers. They look like an ‘A’ weighted bond. Cuban assets hold them back.
Price:
$5.230
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
DEFENSIVE
Owned:
Yes
2012-05-18 DON'T BUY Brian Acker, CA His model price is $9.56, an 82% upside. He would add caution on this one as he thinks the stock is a pretty high risk here. If it traded at about $8, he would think something is going on but, if it traded below $8 he would get out of the position. There are a lot of other stocks he would play before this one.
 Price:
$5.060
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2012-05-10 HOLD Bill Harris, CFA Owns both the bonds and the stock. Yield of 3% is a great deal. Hard for nickel to collapse at this point. Big project coming up in Madagascar should bring the stock got to $8-$9.
 Price:
$5.420
Subject:
RESOURCE
Bias:
OPTIMISTIC
Owned:
Yes
2012-04-09 TOP PICK Bill Harris, CFA China is slowing, but at some point is going to stop. 3% yield. Stock is discounting that the global developed world is slowing. Expect there will be a bottom somewhere in the next 3 months. On a good day, it should be worth $9-$10.
 Price:
$5.290
Subject:
RESOURCE
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
Yes
2012-03-30 COMMENT Bruce Campbell A 3rd nickel, a 3rd oil and the 3rd coal. Has a big nickel project in Madagascar. The outlook for nickel is not as good as copper and a lot of its current assets are in Cuba so it trades at a bit of a discount. If they bring this new mine into production on budget, the stock should rally.
 Price:
$5.440
Subject:
CANADIAN LARGE
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
Yes
2012-03-19 HOLD Michael Decter If they get Madagascar project to go it would be a buy
 Price:
$5.870
Subject:
NORTH AMERICAN - LARGE
Bias:
BULL on AGRICULTURE
Owned:
Unknown
2012-03-07 TOP PICK Bill Harris, CFA Bond 2018 8%. He is making money in the mining sector with this one. It is not a yield play. Believes they are solvent and they can capture the income stream. The market is coming around to the fact that they can capture the income from this one in a 1.5% interest rate environment.
 Price:
$5.470
Subject:
RESOURCE
Bias:
CAUTIOUS
Owned:
Yes
2012-03-07 PAST TOP PICK Bill Harris, CFA (Top Pick Mar 7/11, Down 34.44%) Ride out the next decade.
 Price:
$5.470
Subject:
RESOURCE
Bias:
CAUTIOUS
Owned:
Yes
2012-03-06 DON'T BUY David Burrows (Market Call Minute.) Basic materials. He would avoid this one.
 Price:
$5.380
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
No
2012-02-28 PAST TOP PICK Prakash Hariharan (A Top Pick March 9/11. Up 6.1%.) Bond 8.25% Oct. 24/14. Not a bad holding for a bond investor because of catalysts that could come up due to their Madagascar project. The equity side also looks pretty good.
 Price:
$6.030
Subject:
AGRICULTURE, DIVIDEND & FIXED INCOME
Bias:
OPTIMISTIC
Owned:
Yes
2012-02-24 HOLD Gavin Graham Started to have a revival in the last few months because it is a beneficiary of the belief that economic growth is coming back. They are not on the hook financially in the event the Madagascar project doesn't get built but they are 50% finished. CEO has retired after 20 years creating some uncertainty. Upside is probably very attractive.
 Price:
$6.170
Subject:
GLOBAL LARGE
Bias:
OPTIMISTIC
Owned:
No
2012-02-01 BUY Mike S. Newton, CIM FCSI (Market Call Minute.) Have made quite a few management changes. Good resources and likes the property in Madagascar.
 Price:
$6.370
Subject:
NORTH AMERICAN & ETFs
Bias:
BULLISH
Owned:
Unknown
2012-01-31 COMMENT David Baskin Problematic because of its Cuban connection and its resource base which is volatile. If Obama gets re-elected, he feels there will be an awakening of Cuban and US relations.
 Price:
$6.330
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Unknown
2012-01-20 WEAK BUY David Cockfield Liked the stock and what they were doing in Cuba and then along came Madagascar. A question mark from a political standpoint. They could start producing and so he is looking at it again. It’s not the kind of stock he buys in this king of environment. 6 months from now we will see how the commissioning goes.
 Price:
$6.200
Subject:
CANADIAN
Bias:
BULLISH
Owned:
Unknown
2012-01-18 PAST TOP PICK Paul Gardner, CFA (A Top Pick Jan 18/11. Up 8%.) 7.75% bond due 2015. Yielding about 6%. Sold this one and bought a bond maturing in 2018.
 Price:
$6.360
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
BULLISH
Owned:
Unknown
2012-01-09 BUY Joey Mack 8% bond maturing Dec/18. Currently trading at a premium yielding 7%. Callable in Dec /17, a year early. This is attractive. If they weren't operating in Cuba and Madagascar are, this would be an investment-grade company. For risky investors only.
 Price:
$6.150
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Yes
2012-01-06 COMMENT Bill Carrigan Most of the base metal companies are performing rather well. The downtrend line on the stock has finally been broken.
 Price:
$5.970
Subject:
TECHNICAL ANALYSIS
Bias:
BULLISH
Owned:
Unknown
2012-01-03 COMMENT Bruce Campbell (Market Call Minute.) Roughly a 3rd coal, 3rd oil and a 3rd nickel. He is hoping that the Madagascar project comes on stream and on budget in the next 3 to 6 months. If so, the stock is very cheap.
 Price:
$5.870
Subject:
CANADIAN LARGE
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
Yes
2011-12-28 DON'T BUY John Zechner Everything in the metals sector is cheap right now. Thermal coal has not been strong. On the metals side, he would be more focused on copper and zinc. There are others he would prefer.
 Price:
$5.250
Subject:
NORTH AMERICAN - LARGE
Bias:
OPTIMISTIC
Owned:
Unknown
2011-12-13 TOP PICK Bill Harris, CFA Bonds 8% 2018: Capture an 8% return with as little risk as possible. Have ring fenced Madagascar and Cuba plus fixed volume contracts of 15 to 20 years in Canada. Sherrit just has to stay solvent.
 Price:
$5.290
Subject:
RESOURCE
Bias:
BULLISH on COMMODITIES
Owned:
Yes
2011-12-08 COMMENT John O'Connell, CFA Stock is trading where it is because of their big project in Madagascar. If they pull it off and it works and there is a resumption of decent economic growth, you are okay.
 Price:
$5.450
Subject:
NORTH AMERICAN - LARGE
Bias:
BEARISH
Owned:
Unknown
2011-12-07 COMMENT Bruce Campbell Have a very large nickel project in Madagascar, which is to come on stream early in the new year. A laterite nickel project which is historically difficult. Market is not willing to believe they can handle it. If they are successful there will probably be a re-rating. Also trading at a discount because of their Cuban assets.
Price:
$5.620
Subject:
CANADIAN LARGE
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
Unknown
2011-12-05 TOP PICK Paul Gardner, CFA 8% bonds due 2017. Biggest project is in Madagascar where they had cost over runs. Because of its Cuban assets is rated a non-investment grade bond but with their fundamentals it should trade as an A low bond. Great managers.
 Price:
$5.560
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Yes
2011-11-28 BUY Mike S. Newton, CIM FCSI 90% of all thermal coal production in Canada. Working on a huge nickel project in Madagascar. Cuba accounts for about 20% of their overall revenue. At this price, it is probably a good entry-level.
 Price:
$5.150
Subject:
NORTH AMERICAN & ETFs
Bias:
DEFENSIVE
Owned:
Unknown
2011-11-28 DON'T BUY Hank Cunningham 8% bonds maturing in 2018? Market has always discounted this name because of the Cuban involvement. 5 of the 6 major underwriters in Canada won't touch them. Fairly solid balance sheet but is really not a fan of this credit and wouldn’t recommend them.
 Price:
$5.150
Subject:
FIXED INCOME
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
Unknown
2011-11-25 COMMENT Michael Sprung Have a big bet in Madagascar. If it is successful, it will really make this company but there are political risks and mine development risks. There have been a lot of cost pressures in the whole mining area. Would prefer to be in a more diversified operation of mines.
 Price:
$4.980
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2011-11-24 WAIT James Hodgins CEO is stepping down and often when a new CEO comes in, they want to reset the bar a little lower. Now may not be the best time to enter this one. Is somewhat negative on coal prices going forward, although they are more in the thermal coal.
 Price:
$5.100
Subject:
MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias:
BEARISH
Owned:
Unknown
2011-11-22 TOP PICK Bill Harris, CFA 8% bond maturing Nov 15/18. Really likes the Canadian-based coal assets, which more than backs up the value of the bond. Allows him to lock in the 8% without worrying about what happens in the market.
 Price:
$5.260
Subject:
RESOURCE
Bias:
CAUTIOUS
Owned:
Yes
2011-11-16 TOP PICK Paul Gardner, CFA 8% bonds. Rated a noninvestment grade bond but tremendous value. That leverages is small.
 Price:
$5.450
Subject:
INCOME INVESTING
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
Yes
2011-11-10 COMMENT Michael Decter Opening a huge mine in Madagascar. Had a terrific quarter. He is taking another look at this one and may consider going back into it.
 Price:
$5.540
Subject:
CANADIAN LARGE
Bias:
OPTIMISTIC
Owned:
No
2011-11-04 BUY Joey Mack 7.75% bond maturing Oct 15/15 and yielding 6.75%. Holds this one personally. This is an investment-grade company. Operates in Madagascar and Cuba, which offers a lot of political risk. Not for every investor.
 Price:
$5.780
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Yes
2011-10-31 COMMENT Michael Sprung New nickel mine in Madagascar is pretty much nearing completion. This is a key for them as it is such a huge project. There are some questions about political stability. Looks inexpensive. Higher risk than his clients could tolerate.
 Price:
$5.730
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2011-10-28 PAST TOP PICK Prakash Hariharan Oct, 2014 Bond (Top Pick Mar 9/11, Up 5.45%) He moved into a new issue.
Price:
$5.650
Subject:
DIVIDEND STOCKS & FIXED INCOME
Bias:
OPTIMISTIC
Owned:
Yes
2011-10-21 DON'T BUY David Cockfield When they got into the Madagascar play, he felt the timing was not conducive. Made a lot of sense from a geological standpoint. That part of the world is less than stable politically. He’ll wait to see how they do on this before stepping back in.
 Price:
$4.700
Subject:
CANADIAN
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
No
2011-10-19 BUY Bill Harris, CFA A core holding. With commodities when the price of the commodity goes down you just run the thing flat out. In the nickel business, it is very high cost, and they shut down as soon as it goes down. So 7% of world production disappears as soon as it goes below $10. He writes Madagascar off as zero. Other business is very profitable. They have western Canada coal. Can easily make a dollar share and is yielding 3.5%. It won’t o to the moon. He can own it in this band.
 Price:
$4.540
Subject:
RESOURCE
Bias:
OPTIMISTIC
Owned:
Unknown
2011-10-14 DON'T BUY Jeff Black Cyclical commodity based business. This one in particular has some political geographical risks. Madagascar project has non-recourse financing but not sure how important this project will be. Good assets for the next cycle but there is no rush to buy.
 Price:
$4.800
Subject:
NORTH AMERICAN - LARGE & ETFs
Bias:
CAUTIOUS
Owned:
Unknown
2011-10-11 PAST TOP PICK Paul Gardner, CFA (Top Pick Sep 1/10, Up 4%) 7.75% bonds maturing October 2015. He will do equity like return in a bond.
Price:
$4.840
Subject:
FIXED INCOME, GLOBAL EQUITIES & DIVIDEND
Bias:
CAUTIOUS
Owned:
No
2011-09-23 BUY Veronika Hirsch Have coalmines in Canada. Nickel mine in Madagascar. Supposed to come on in early 2012. Question is whether it will work when you turn the switch on. They know the technology and put it in for other mines.
Price:
$4.420
Subject:
CANADIAN & ALTERNATIVE
Bias:
CAUTIOUS on GOLD
Owned:
Unknown
2011-09-20 COMMENT Michael Sprung Diversified base metals and coal. Have pulled back quite a bit with investors fleeing to safer havens. Very large project under development in Madagascar. Stock has been punished probably because of the perceived political risk. This mine could be extremely profitable for the company.
 Price:
$4.930
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Unknown
2011-09-19 PAST TOP PICK Bill Harris, CFA (A Top Pick July 6/10. Down 16.11%.) In a year or so it should be able to earn $1 so at $5 it will be at 5X earnings. 3% dividend yield. It can be very profitable at $9-$10 nickel.
 Price:
$4.910
Subject:
RESOURCE
Bias:
CAUTIOUS
Owned:
Yes
2011-09-13 DON'T BUY David Burrows Well run company, diversified. The problem is that it is the wrong kinds of business for the current economic environment. These types of companies can really get clobbered. If you think this is a mid-cycle slowdown, then it could do well in a mid-cycle slowdown. It will have a difficult time if the economy is slowing.
 Price:
$4.890
Subject:
NORTH AMERICAN - LARGE
Bias:
DEFENSIVE
Owned:
Unknown
2011-09-09 COMMENT Gavin Graham Play on Cuban nickel as well as a play on coal and oil. Have a big mine in Madagascar which may or may not get completed. A play on global growth. If you are concerned about global growth, this is not one you want to be in. Not much dividend support.
 Price:
$5.040
Subject:
GLOBAL
Bias:
UNKNOWN
Owned:
Unknown
2011-09-08 PAST TOP PICK Paul Gardner, CFA (A Top Pick Sept 1/10. Up 7%.) 7.75% bonds maturing October 2015.
 Price:
$5.170
Subject:
DIVIDENDS, FIXED INCOME & REITs
Bias:
BULL on DIVIDEND STOCKS
Owned:
Unknown
2011-08-25 COMMENT Benj Gallander Used to follow a lot more closely. He has not looked at financials recently. It is low enough that he should sit down a look at it.
Price:
$5.030
Subject:
CONTRARIAN INVESTING
Bias:
CONTRARIAN
Owned:
No
2011-08-17 TOP PICK Bill Harris, CFA (A Top Pick July 6/10. Down 9.51%.) If nickel falls below $10, 6% to 7% of global supply will stop so this company just needs to stay above $5 for them to make a significant amount of money. Expect the stock will get back to $8-$10. 2.8% yield.
 Price:
$5.640
Subject:
RESOURCE
Bias:
BULLISH on RESOURCES
Owned:
Yes
2011-08-15 WATCH Bruce Campbell One third oil (in Canada), one third coal and cobalt (in Cuba) and one third nickel with a big project in Madagascar. Market is skeptical about Madagascar until they prove otherwise. Had some operating cost overruns. It will be 1st quarter of 2012 before we really see. If they can do it, the stock could double.
 Price:
$5.510
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2011-08-10 PAST TOP PICK Paul Gardner, CFA (A Top Pick Sept 1/10. Up 9%.) 7.75% bonds maturing October 2015. Pristine balance sheet. Sold out recently because a yield was getting close to 5.5% but put some of the cash into the stock.
 Price:
$4.920
Subject:
DIVIDENDS, FIXED INCOME & REITs
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
No
2011-08-03 BUY Lyle Stein Warrant on their huge nickel mine n Madagascar. Announced last month they would not meet production until mid next year. It’s a good buy.
 Price:
$5.810
Subject:
CANADIAN
Bias:
DEFENSIVE
Owned:
Unknown
2011-07-26 WEAK BUY Michael Sprung Exposure to coal, not just nickel. They made a big bet with a mine in Madagascar, which is not the most politically stable place.
 Price:
$6.270
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2011-06-29 PAST TOP PICK Prakash Hariharan (A Top Pick March 9/11. Up 5.15%.) Bond 8.25% Oct. 24/14.
 Price:
$6.220
Subject:
AGRICULTURE, DIVIDEND & FIXED INCOME
Bias:
SELECTIVE
Owned:
Yes
2011-06-24 DON'T BUY Alice Tsang Costs in their Madagascar project have become inflated and has pushed production out to Q1 of 2012 but she feels it remains to be seen if they can come in on time. Doesn't see a lot of growth in their current project. A “show me” story. Also doesn't see them benefiting on the international market for their coal.
 Price:
$6.250
Subject:
CANADIAN RESOURCE
Bias:
BULLISH on COMMODITIES
Owned:
Unknown
2011-06-23 COMMENT Gavin Graham Recently announced cost increases in their giant nickel project in Madagascar. This is a mining project in a developing economy where it always takes longer and costs more. It will add 4%-5% to the global nickel production on a low-cost basis. Even it becomes nationalized or it doesn't work out, Sherritt is not on the hook.
 Price:
$6.260
Subject:
GLOBAL LARGE
Bias:
UNKNOWN
Owned:
Unknown
2011-06-09 PAST TOP PICK Bill Harris, CFA (Top Pick Jul 6/10, Up 20.77%) Thinks it will become a major nickel producer
 Price:
$7.190
Subject:
RESOURCE
Bias:
OPTIMISTIC
Owned:
Yes
2011-06-07 BUY Bruce Campbell Likes it for Madagascar mine, which is just coming on stream. Market is slightly skeptical. Cuba is not only 40%. Asset value is $11-$12.
 Price:
$7.220
Subject:
CANADIAN LARGE
Bias:
OPTIMISTIC
Owned:
Yes
2011-05-27 WATCH David Cockfield Concerned about their large operation in Madagascar and possible political problems. (Not in production yet. Also have significant coal operations. Probably won’t buy until he has a better fix on Madagascar, politically and production wise.
 Price:
$7.080
Subject:
CANADIAN
Bias:
CAUTIOUSLY OPTIMISTIC
Owned:
No
2011-05-17 BUY Michael Sprung Hit like a lot of material stocks. People are counting so much on the Madagascar mine, which is a very big bet for them, which will be in production over the next couple of quarters. If you are a longer term shareholder, it could work out quite well. Multiples are fairly reasonable. There is talk of them possible spinning out some of their other assets.
 Price:
$6.800
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Unknown
2011-05-17 BUY Paul Gardner, CFA Sherritt Intl. a mid cap company that he likes a lot. They own the bond and the equity. Thinks it trades very cheap and feels over the next year or two they will see creative measures to add to their earnings and their evaluation. Recommends buying more.
Price:
$6.800
Subject:
DIVIDENDS, FIXED INCOME & REITs
Bias:
UNKNOWN
Owned:
Yes
2011-05-02 DON'T BUY John Zechner Doesn’t expect a lot of US$ to be rushing back in to this stock, even if anything changes because of the political change. You have to look at their core businesses, thermal coal, nickel and gas. Not the best positioned company out there. Doesn’t have as much growth as some of their competitors. Lagged this year and recent earnings were disappointing. Also prefer metallurgical coal as opposed to thermal coal.
 Price:
$7.750
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2011-04-28 DON'T BUY Andrew McCreath Results just came out and were kind of weak. Madagascar project is going to start to pour through some metals this summer and will ramp up to full production in about 2 full years. Geopolitical risks seem to have been somewhat tempered lately. This is only about 10% of the NAV. 40% is nickel in Cuba and he is not a fan of nickel.
Price:
$7.830
Subject:
MARKET NEUTRAL INVESTING
Bias:
CAUTIOUS
Owned:
Unknown
2011-04-11 DON'T BUY John O'Connell, CFA Have a big bet going on in a project in Madagascar, which either works or doesn’t. Too early to tell. Nickel prices are reasonably attractive. There are other similar plays with far less risk.
 Price:
$8.000
Subject:
NORTH AMERICAN - LARGE
Bias:
DEFENSIVE
Owned:
No
2011-03-09 TOP PICK Prakash Hariharan Bond 8.25% Oct. 24/14. It’s a play on credit quality. They’ve been having trouble managing their balance sheet. They over-spent on building the Madagascar nickel mine. If that comes on line later this year as management says it will, they are going to take pretty strong measures to increase their credit quality.
 Price:
$8.150
Subject:
DIVIDEND STOCKS & FIXED INCOME
Bias:
CAUTIOUS
Owned:
Yes
2011-03-08 TOP PICK Bill Harris, CFA Any time nickel goes over $10 their Ambatovy mine in Madagascar will start kicking in and if nickel remains tight, this company should be worth $15. Also if they ever want to start taking the company apart they could uncover value over the next couple of years.
 Price:
$8.360
Subject:
RESOURCE
Bias:
UNKNOWN
Owned:
Yes
2011-03-08 PAST TOP PICK Bill Harris, CFA (A Top Pick March 3/10. Up 12.5%.) Sherritt Conv. Bonds 7.75% 2015:
 Price:
$8.360
Subject:
RESOURCE
Bias:
UNKNOWN
Owned:
Yes
2011-02-25 WATCH David Cockfield Chinese have found a way of producing stainless steel cheaper, which has taken the shine off nickel. Getting into the big Madagascar nickel mine and with some of the politics makes him a little nervous. Would wait to see how the situation all works out.
 Price:
$9.070
Subject:
CANADIAN
Bias:
BEARISH on GAS
Owned:
Yes
2011-02-23 DON'T BUY Charles Lannon Would prefer BHP Billiton (BHP-N), which is better diversified and has a stronger balance sheet. After the run in commodities and base metals since March 2009, you should looks at a higher quality name. You might want to consider their bonds instead.
 Price:
$9.000
Subject:
GLOBAL
Bias:
DEFENSIVE
Owned:
No
2011-02-17 HOLD Derek Webb, CFA Nickel, oil/gas and some other businesses. Beautiful trend line. Chart indicates it has a lot of room to run.
 Price:
$9.490
Subject:
OPTIONS & TECHNICAL ANALYSIS
Bias:
BULL
Owned:
Yes
2011-01-27 COMMENT Don Vialoux Coal, oil and nickel. Seasonal strength is from around the end of January through to May of each year.
 Price:
$8.750
Subject:
TECHNICAL ANALYSIS
Bias:
SELECTIVE
Owned:
No
2011-01-24 HOLD Bill Harris, CFA Main way to play thermal coal in Canada. Growth project in Madagascar doesn’t kick in unless nickel is above $10-$11. Both nickel and coal are very strong and this is a sweet spot for this company.
 Price:
$8.700
Subject:
RESOURCE
Bias:
CAUTIOUS on OIL
Owned:
Unknown
2011-01-21 SELL David Cockfield Essentially nickel. Their big Madagascar project is really running the show. Political scene in Madagascar is still somewhat clouded. Sold his holdings.
 Price:
$8.520
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2011-01-18 TOP PICK Paul Gardner, CFA 7.75% bond due 2015. Yielding about 6%. Low leverage with about 30% debt to capital. Making a lot of cash to add to their bottom line.
 Price:
$9.010
Subject:
DIVIDENDS, FIXED INCOME & REITs
Bias:
BULLISH on DIVIDEND STOCKS
Owned:
Yes
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