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Compiling comments that experts make about stocks while on public TV.

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Paul Gardner, CFA , Partner and Portfolio Manager

Avenue Investment Management

Address
47 Colborne Street
Suite 300
Toronto, ON
M5E 1P8

Contact Info
Telephone: 416.482.2004
Toll Free: 888.482.2007
Fax: 416.482.0007
Email:
Website: http://www.avenueinvestment.com/


Date Signal Chart Symbol Company Opinion Price
2014-09-10 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  A lot of people think the markets are high here, but he thinks not.  You look at the S&P earnings and we are where we should be on a PE basis.  There is no indication that interest rates will go up appreciably.  He thinks we are going up another 10-15%, but there may be corrections in the next few days or weeks.  He feels you get 7% in the market vs. treasury bonds at 2%.  You have to do security selection and have cash on the sidelines.  There is every indication that we keep going up slowly.  The US recovery is fully in place.  Things seem sluggish from a jobs perspective, but from a company perspective, they are profitable, expanding and have high export growth.  The US housing recovery is also in place.  Consumer debt levels have really come off from 100% to 70% and they have net savings of 4-5%.  The US is a dynamic economy and they are growing at 3.5%.  The harsh winter messed up the statistics. 


Price:
$0.020
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
_N/A
2014-09-10 BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Floating Rate Preferred Rate shares.  The rate gets reset as interest rates rise.  This is what you want.  He referred to XFR-T to show one year performance of rates and preferred shares.


Price:
$0.020
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Unknown
2014-09-10 DON'T BUY Must be logged in to use chart AAR.UN-T Pure Industrial Real Estatetrust Trust

Last year we had rising rates and real estate underperformed.  He does not think rates will go up much and not that fast.  The board is made up of people on other boards and that to him is a conflict.  He would prefer the team do only one thing and do it well.


Price:
$4.550
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Unknown
2014-09-10 WEAK BUY Must be logged in to use chart AX.UN-T Artis Real Estate Investment Trust

We are in the 8th to 10th inning of a baseball game with an extra inning.  It is about 14 times AFFO.  He thinks you get a 6-8% rate of return and nothing more than that.  They are good operators.  They are good at adding value.  They are at a high price level and there is always a feeling they could be taken out by a bigger entity.


Price:
$15.750
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Yes
2014-09-10 TOP PICK Must be logged in to use chart BTB.UN-T BTB Real Estate Investment Trust

Western Quebec and Eastern Ontario.  Now they have a payout ratio below 100%.  They own a mix of industrial and retail assets that are decent.  Energy costs are low in Quebec so he sees a migration there for light industrial.


Price:
$4.940
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Yes
2014-09-10 DON'T BUY Must be logged in to use chart CAR.UN-T Canadian Apartment Properties

Majority of assets are in Ontario (GTA) and Quebec.  It has done alright, but he prefers apartments out west. 


Price:
$24.250
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Unknown
2014-09-10 DON'T BUY Must be logged in to use chart CM-T Canadian Imperial Bank of Commerce

Stock vs. Stock.  CM-T vs. NA-T.  You are buying the Canadian consumer as well as their bad history.  They are always the bank that has messed up over the last 15 years.  It has outperformed NA-T over the last year, however.


Price:
$106.200
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
No
2014-09-10 HOLD Must be logged in to use chart CRR.UN-T Crombie Real Estate Investment Trust

Sobeys real estate.  They have been at this for so long and they are good managers.  In these late innings of this real estate cycle, they are a great defensive asset.  But it will not go anywhere for a long time.  Trades 5% less than its NAV.


Price:
$13.170
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Unknown
2014-09-10 BUY Must be logged in to use chart CSH.UN-T Chartwell Seniors Housing

Finally sold their US exposure last year.  Now they are the only platform to have seniors and nursing homes nationally.  They are the largest one out there.  The Canadian market is the best one out there.  They are now executing better.  It could be a takeout target.  Canadian senior’s residences are a better platform that in the US.  It will be higher next year.


Price:
$11.040
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Unknown
2014-09-10 BUY Must be logged in to use chart FCR-T First Capital Realty

They realize the market is expensive so they are lightening up on their acquisitions and are sweating their assets.  The chance to grow their earnings is in Toronto.  They are deleveraging their balance sheet.  They should outperform because of their defensive aspects.  He owns the bonds.


Price:
$18.370
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Yes
2014-09-10 DON'T BUY Must be logged in to use chart HR.UN-T H&R Real Estate Inv Trust

They are diversified.  They are very transaction-based and that is one of his criticisms.  Their numbers were hurt last quarter.  It is hard to figure out what they are doing, especially in the US.  They are about 70% leveraged and so it is something he would stand away from.


Price:
$22.680
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
No
2014-09-10 HOLD Must be logged in to use chart IIP.UN-T InterRent REIT

He has looked at it for two years. Ottawa and Toronto apartment strategy, renovating apartments and renting them out at higher rent.  It has come up so much so far.   It is now trying to fit into its growth profile.  Buy it in the low $5s.


Price:
$5.680
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
No
2014-09-10 HOLD Must be logged in to use chart IPL-T Inter Pipeline

A crazy thing happened to these utilities.  The valuations have doubled.  They are now at 20 times earnings.  It is because interest rates are down and yet there is growth.  They are at capacity and have the pipelines to the oil sands.  He struggles with the valuation but feels they are worth another 10%.  It is a core position.  It is not wrong to take some profits if you have made a lot on it.


Price:
$36.830
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Yes
2014-09-10 DON'T BUY Must be logged in to use chart KMP-T Killam Properties Inc

Never bought it back because they were always light on their revenue.  It was about ship building contracts, but it did not benefit the company.  Prefers the west where it is growing, vs. the east where it is not growing.  Management is not the best at what they do.


Price:
$10.440
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
No
2014-09-10 PAST TOP PICK Must be logged in to use chart LNF-T Leon's Furniture

(Top Pick Aug 07’13, Up 23.75%)  He has held since day 1.  75% of the stock is owned by the Leons family.  Their transportation network will be a lot more efficient. Consistent earning.  It is one of the toughest businesses.  Their valuation is not too high.  They are going to get a lot of synergies out of their acquisition of the Brick.  They may spin out their real estate.


Price:
$15.050
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Yes
Showing 1 to 15 of 1,043 entries
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