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Paul Harris, CFA , Portfolio Manager and Partner

Avenue Investment Management


Date Signal Chart Symbol Company Opinion Price
2015-08-20 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets. There are corrections in the market all the time. If you are a long-term holder of equities, you would see this as an opportunity. With this volatility you can actually buy companies that you have wanted to buy for a while, but the valuations just weren’t there. You should have a list of stocks that you like. For most companies, this volatility doesn’t change too many things, and over the long-term you should be able to grow your wealth. Doesn’t think the equity markets are going to fall apart. Rates are still low, dividend yields are still high and companies are still buying back their shares. When you get into September, the first couple of weeks are volatile. A 10% pullback in the market is not a bad thing. It washes out a lot of unnecessary speculation and it gets things started again. That is a healthy thing. He is not negative on the stock market. Canada is a little bit more difficult, but the US is certainly growing and there is good employment growth. Interest rates probably go up, but not aggressively. There is a slow turnaround that is happening in Europe. There are some good opportunities with some great companies.


Price:
$0.020
Subject:
GLOBAL
Bias:
OPTIMISTIC
Owned:
_N/A
2015-08-20 COMMENT Must be logged in to use chart AC-T Air Canada (B)

Has never owned an airline. A very tough business to own for the long-term. Too much volatility and too many balls in the air at one time at certain times. This is a good trading stock if you pick it at the right time. Lower oil prices help them and they will be able to buy forward a lot of their oil at these prices to help them in the future.


Price:
$11.670
Subject:
GLOBAL
Bias:
OPTIMISTIC
Owned:
No
2015-08-20 DON'T BUY Must be logged in to use chart BBD.B-T Bombardier Inc (B)

In a difficult situation. Their plane is not selling. Have had some bad financial numbers. They have to turn all of these things around. He wouldn’t touch the stock.


Price:
$1.270
Subject:
GLOBAL
Bias:
OPTIMISTIC
Owned:
No
2015-08-20 PAST TOP PICK Must be logged in to use chart BCS-N Barclays Bank PLC

(A Top Pick Aug 14/14. Up 14.95%.) People disliked the stock, but they have some very important franchises. A great retail bank in the UK, good presence in Africa, great credit card business and a reasonable asset management business. They bought Lehmans Investment Bank, and that is the big issue with this company. There are a lot of capital issues that they face, but they are changing that and that is where the upside is.


Price:
$16.460
Subject:
GLOBAL
Bias:
OPTIMISTIC
Owned:
Yes
2015-08-20 COMMENT Must be logged in to use chart BNS-T Bank of Nova Scotia

Canadian Banks as a whole have suffered and are 8%-10% down. Great investments over the long-term. They are an oligopoly, pay a great dividend yield, and are not trading at high valuations. They are worthwhile owning here. You have to remember that they have built an international business, and that adds volatility to their earnings numbers and their business. Emerging markets are not the place to be, so this bank is not going to get the multiples for owning those assets. He thinks they will continue to buy more and more franchises in those areas. (See Top Picks.)


Price:
$58.580
Subject:
GLOBAL
Bias:
OPTIMISTIC
Owned:
No
2015-08-20 BUY Must be logged in to use chart CNR-T Canadian National R.R.

How will they do if a pipeline is not built? He thinks they will do better because that is where a lot of their revenue has been. Without a pipeline, it is the only way to get oil across the country. A great industry to be in, especially if oil turns around.


Price:
$75.910
Subject:
GLOBAL
Bias:
OPTIMISTIC
Owned:
Unknown
2015-08-20 PAST TOP PICK Must be logged in to use chart DE-N Deere & Co.

(A Top Pick Aug 14/14. Up 9.7%.) The crop prices were down and people were not buying farm equipment, which pushed the stock down. Also, the forestry side was doing poorly. He felt they were going to be able to fix the forestry side, which they did. A good company and the agricultural side will do well over the next couple of years. Still a Buy.


Price:
$90.650
Subject:
GLOBAL
Bias:
OPTIMISTIC
Owned:
Yes
2015-08-20 BUY Must be logged in to use chart DIS-N Walt Disney

The company talked about how they lost subscribers on ESPN, and that caused a lot of selling in media stocks. This is more than ESPN and they have a much deeper franchise than that. Have made a lot of good acquisitions over the years.


Price:
$100.020
Subject:
GLOBAL
Bias:
OPTIMISTIC
Owned:
Unknown
2015-08-20 BUY on WEAKNESS Must be logged in to use chart DLTR-Q Dollar Tree

These dollar stores, as a whole, have done incredibly well. One of the problems that Wal-Mart (WMT-N) has had is competing with these guys, who have taken a lot of market share away. He can see how they could continue to do well and grab shares from what Wal-Mart traditionally got. Very efficient operators, from both a store and inventory basis. Not a cheap story, but on a pullback it is worth buying.


Price:
$80.380
Subject:
GLOBAL
Bias:
OPTIMISTIC
Owned:
Unknown
2015-08-20 TOP PICK Must be logged in to use chart EFN-T Element Financial

Certainly worth a lot more than what it is today. Trading at only about 12 or 13 times earnings, so not expensive. It doesn’t pay a yield, but he expects there will be one in the next 3-6 months. Acquired GE’s (GE-N) fleet management business and that is really the core of their business. They are going to sell off some of the non-core parts which are in Australia and maybe Mexico. He can see good organic growth and growth by acquisition.


Price:
$18.890
Subject:
GLOBAL
Bias:
OPTIMISTIC
Owned:
Yes
2015-08-20 TOP PICK Must be logged in to use chart FSV-T Firstservice Corp

A property management and service company. 92% of their revenue comes from the US. Trading at about 22X earnings. He likes it because there is good organic growth. A very fragmented industry. They are the largest and only have 5% of the total pie, so they can do a lot of growth by acquisition over the next several years. Also have some other services that can grow. When you have a property management deal, a lot of that is recurring revenue, and they are in long-term contracts. Dividend yield of 1.17%.


Price:
$42.230
Subject:
GLOBAL
Bias:
OPTIMISTIC
Owned:
Yes
2015-08-20 COMMENT Must be logged in to use chart HPQ-N Hewlett-Packard Co

Numbers just came out and they had weak PC results. The PC business is a very hard business. Did a very good job of cost-cutting when the stock fell to around $10. They continually have to do that. You are not going to see a lot of top line growth. Splitting into 2 separate businesses in November. The printer side is where you want to be. There are other tech companies that are much better off and in a much better space.


Price:
$27.350
Subject:
GLOBAL
Bias:
OPTIMISTIC
Owned:
No
2015-08-20 BUY Must be logged in to use chart LYG-N Lloyds TSB Group PLC

This is a great bank. The British government owns something like 23% and are slowly exiting their position. It is very likely this bank will do incredibly well. The banking area is one of the cheaper areas of the equity markets.


Price:
$4.960
Subject:
GLOBAL
Bias:
OPTIMISTIC
Owned:
No
2015-08-20 COMMENT Must be logged in to use chart SINGF-5 (Sing e Singapore Airlines Ltd

He doesn’t like airlines, but if you have to buy one this is an incredible one to fly on. Singapore has just celebrated their 50th anniversary. It is not really an emerging market; it is very much a developed market. What drives Singapore is a lot of banking. Like a lot of these places, they suffer from China which is an overbearing market.


Price:
$0.000
Subject:
GLOBAL
Bias:
OPTIMISTIC
Owned:
No
2015-08-20 BUY Must be logged in to use chart SU-T Suncor Energy Inc

Has no idea where oil is going to go, so one of the issues is that if oil stays at these levels, a lot of companies are going to have to cut their dividends or disappear. This company has a strong balance sheet. If they have to come to the market, it is going to be a lot easier for them than it would be for a smaller company. Have already gone through some restructuring with their acquisition of Petro Canada, so they were in a better shape when oil prices fell. If you want to be in a great oil company, this is the one that he likes.


Price:
$34.220
Subject:
GLOBAL
Bias:
OPTIMISTIC
Owned:
Yes
Showing 1 to 15 of 2,042 entries
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