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Paul Harris, CFA , Portfolio Manager and Partner

Avenue Investment Management


Date Signal Chart Symbol Company Opinion Price
2015-05-28 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  Investors need to embrace volatility.  It is an important part of the market place because it allows you an opportunity to purchase things.  You need to understand the valuations of the companies you are buying.  He feels you will not see strong, strong economic growth in the world.  Even in the US people are not spending all the money they are saving with oil being down.  They paying down debt or saving more money.  That will lead to lower economic growth.  That is the world we live in now.  The Canadian dollar should be around $0.95 and the weakness below that was caused by things like lower oil prices.  You need to have a long term approach to investing.


Price:
$0.020
Subject:
NORTH AMERICAN/GLOBAL
Bias:
SELECTIVELY OPTIMISTIC
Owned:
_N/A
2015-05-28 BUY Must be logged in to use chart AMGN-Q Amgen Inc.

They are massive biotechs.  It has a dividend yield.  They are focused on cutting costs.  They have great products in the pipeline.  You aren’t taking typical biotech risk. 


Price:
$157.350
Subject:
NORTH AMERICAN/GLOBAL
Bias:
SELECTIVELY OPTIMISTIC
Owned:
Unknown
2015-05-28 PAST TOP PICK Must be logged in to use chart BAC-N Bank of America

(Top Pick May 29/14, Up 11.12%) It is not expensive.  Trading below book at about 10 times earnings.  Their M&A side is doing well.  The brokerage business and asset management business is doing well.  We just need interest margins to do well.  He thinks they will move the dividend up when they can.


Price:
$16.670
Subject:
NORTH AMERICAN/GLOBAL
Bias:
SELECTIVELY OPTIMISTIC
Owned:
Yes
2015-05-28 BUY Must be logged in to use chart BAM.A-T Brookfield Asset Management (A)

He likes it.  It is incredibly well run and understands the businesses they are in.  This has been a great story and the infrastructure space is an incredible space.  They are very good at understanding when assets are cheap and selling them well.  They can do well over a long period of time.


Price:
$44.690
Subject:
NORTH AMERICAN/GLOBAL
Bias:
SELECTIVELY OPTIMISTIC
Owned:
Unknown
2015-05-28 COMMENT Must be logged in to use chart BNS-T Bank of Nova Scotia

Great dividend yield.  One of the problems is that people give it a higher multiple because of their emerging market assets.  Because that area is now very tough people have stepped back from it.  The volatility in those markets should help these guys when they make acquisitions.  Their Canadian franchise isn’t as good as other Canadian Banks.


Price:
$64.570
Subject:
NORTH AMERICAN/GLOBAL
Bias:
SELECTIVELY OPTIMISTIC
Owned:
Unknown
2015-05-28 BUY on WEAKNESS Must be logged in to use chart CCO-T Cameco Corporation

It is trading at 12 times earnings with a decent dividend.  Certainly Uranium is going to go up soon.  Japan is going to start their nuclear power program soon.  He would look to buy it a little cheaper.


Price:
$18.510
Subject:
NORTH AMERICAN/GLOBAL
Bias:
SELECTIVELY OPTIMISTIC
Owned:
Unknown
2015-05-28 PAST TOP PICK Must be logged in to use chart DE-N Deere & Co.

(Top Pick May 29/14, Up 5.48%) He was expecting 10%.  They had great numbers last quarter.  The farming side of the business has slowed down.  If this ticks up they should do very well.  We can buy the stock cheap at these levels.


Price:
$93.500
Subject:
NORTH AMERICAN/GLOBAL
Bias:
SELECTIVELY OPTIMISTIC
Owned:
Yes
2015-05-28 TOP PICK Must be logged in to use chart DH-T DH Corporation

He likes it and owns it.  It is a ‘fin-tech’ company.  Cheques are 20% of their business still.  They made acquisitions that give them a bigger presence in the US.  They can continue to grow both organically or with bolt-on acquisitions.  The one risk is that they are not merging the sales forces in the last acquisition, so it is something to look out for.  You won’t see a lot of dividend increases because they really want to grow.  They should grow quite substantially over the next little while.


Price:
$41.250
Subject:
NORTH AMERICAN/GLOBAL
Bias:
SELECTIVELY OPTIMISTIC
Owned:
Yes
2015-05-28 DON'T BUY Must be logged in to use chart EBAY-Q eBay Inc

You want to own PayPal because that is the growth part of the business.  EBAY-O has slowed down a fair bit. 


Price:
$60.560
Subject:
NORTH AMERICAN/GLOBAL
Bias:
SELECTIVELY OPTIMISTIC
Owned:
Unknown
2015-05-28 TOP PICK Must be logged in to use chart EFN-T Element Financial

They just did an issue to get cash for acquisitions.  They may do a deal with GE for their capital business.  You can certainly see it go higher from here.


Price:
$18.800
Subject:
NORTH AMERICAN/GLOBAL
Bias:
SELECTIVELY OPTIMISTIC
Owned:
Yes
2015-05-28 DON'T BUY Must be logged in to use chart GE-N General Electric

He does not think it will go up a lot.  They are getting out of GE capital.  It is back to its roots as an industrial company.  He thinks you will get increasing dividends and share buybacks.  It is not a bad story, but he does not see it trading at huge multiples like it used to. 


Price:
$27.630
Subject:
NORTH AMERICAN/GLOBAL
Bias:
SELECTIVELY OPTIMISTIC
Owned:
Unknown
2015-05-28 DON'T BUY Must be logged in to use chart IGM-T IGM Financial Inc.

You want to buy their stock and not their mutual funds.  The industry had really consolidated.  They had a lot of issues because a lot of funds are high priced.  We are moving into a world where they have to take less and less money.  They have some high MER products.  Own other parts of the power group.


Price:
$42.250
Subject:
NORTH AMERICAN/GLOBAL
Bias:
SELECTIVELY OPTIMISTIC
Owned:
Unknown
2015-05-28 SELL Must be logged in to use chart KRFT-Q Kraft Foods Group

It is being bought by a Brazilian firm.  You could sell your shares now because he thinks no one else will come in and bid on them.  He thinks it will be a better company because of the acquisition. 


Price:
$85.140
Subject:
NORTH AMERICAN/GLOBAL
Bias:
SELECTIVELY OPTIMISTIC
Owned:
Unknown
2015-05-28 BUY Must be logged in to use chart LYG-N Lloyds TSB Group PLC

The UK government is slowly getting out of this stock.  LYG-N have gone back to the original retail banking.  They are in a good position and the UK economy is coming along quite nicely.  You will see dividend increases and the stock will do better.


Price:
$5.410
Subject:
NORTH AMERICAN/GLOBAL
Bias:
SELECTIVELY OPTIMISTIC
Owned:
Unknown
2015-05-28 TOP PICK Must be logged in to use chart MEQ-T Mainstreet Equity Corp

It is a real estate corporation and does not pay a dividend.  It is trading at a 25% discount to its NAV.  People worry because it is in Alberta.  He thinks that business will be fine.  They have a great balance sheet and liquidity so they can make acquisitions.  It has fallen as people worry about Alberta.


Price:
$38.250
Subject:
NORTH AMERICAN/GLOBAL
Bias:
SELECTIVELY OPTIMISTIC
Owned:
Yes
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