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John Stephenson , Senior Vice President & Portfolio Manager

First Asset Investment Management

Contact Info

Website: http://www.first asset.com

Date Signal Symbol Company Opinion Price
2013-05-22 N/A A Commentary A Comment -- General Comments From an Expert

Markets. 23% of junior mining companies on the TSX would run out of cash in 3 months or less.  Private equity is starting to move into this however.  Private equity has a 5 year time horizon.  It is an interesting development.  It is interesting that so many are looking at the resource space. 

 Price:
$0.020
Subject:
NORTH AMERICAN - RESOURCE
Bias:
BULLISH on RESOURCES
Owned:
_N/A
2013-05-22 N/A A Commentary A Comment -- General Comments From an Expert

23% of mining companies on venture exchange of 3 months or less of cash.  There are 8-9 hundred companies in platinum, silver and gold on TSX Venture.  Not all of those companies all scrambling for the same investor dollar are going to make it.  With juniors you have financing risk, commodity risk, and management risk.  Thinks in the next few years 50% of them will be gone.

 Price:
$0.020
Subject:
NORTH AMERICAN - RESOURCE
Bias:
BULLISH on RESOURCES
Owned:
_N/A
2013-05-22 PARTIAL SELL AQN-T Algonquin Power & Utilities Corp

He thinks it has had its run.  He is selling down because it is now just purely a dividend story.

 Price:
$8.080
Subject:
NORTH AMERICAN - RESOURCE
Bias:
BULLISH on RESOURCES
Owned:
Yes
2013-05-22 BUY BAC-N Bank of America

(Market Call Minute) It’s cheap.  Harder to analyze so not his top pick.

 Price:
$13.310
Subject:
NORTH AMERICAN - RESOURCE
Bias:
BULLISH on RESOURCES
Owned:
Yes
2013-05-22 BUY BX-N Blackstone Group LP

(Market Call Minute) Thinks it will do really well.  You want to be in a name like this.

 Price:
$22.380
Subject:
NORTH AMERICAN - RESOURCE
Bias:
BULLISH on RESOURCES
Owned:
Unknown
2013-05-22 TOP PICK C-N CitiGroup

This is the industry that lead us into the 07/08 crisis.  Now the company is transitioned into a retail machine and 65% of earnings come from outside US.  Deferred tax asset.  It is low risk.

 Price:
$51.000
Subject:
NORTH AMERICAN - RESOURCE
Bias:
BULLISH on RESOURCES
Owned:
Yes
2013-05-22 PAST TOP PICK CVE-T Cenovus Energy

(Top Pick Apr 10/12, Down 14.03%) Over time is one of the better quality energy companies out there, but energy is weak right now because global growth is weak.  There is no reason to be there right now.  Wait until industrial economy is picking up in the US and China.

 Price:
$31.040
Subject:
NORTH AMERICAN - RESOURCE
Bias:
BULLISH on RESOURCES
Owned:
No
2013-05-22 DON'T BUY ERF-T Enerplus Corp

(Market Call Minute) No reason to buy this name.

 Price:
$16.540
Subject:
NORTH AMERICAN - RESOURCE
Bias:
BULLISH on RESOURCES
Owned:
Unknown
2013-05-22 DON'T BUY ESN-T Essential Energy Services Ltd.

Services business is a derivative of the energy business.  He is skeptical of any services name right now.  Avoid it.  They are just too volatile.  They only bring them in when times are good.

 Price:
$2.450
Subject:
NORTH AMERICAN - RESOURCE
Bias:
BULLISH on RESOURCES
Owned:
No
2013-05-22 PAST TOP PICK FM-T First Quantum Minerals

(Top Pick Apr 10/12, Down 6.69%)  It is a good company overall.  Did a phenomenal job of developing mines.  With the big Inmet project they will be dealing with it for some time.  It’s been a great name but the catalyst didn’t happen.  In the future it will be a buying opportunity.

 Price:
$19.220
Subject:
NORTH AMERICAN - RESOURCE
Bias:
BULLISH on RESOURCES
Owned:
No
2013-05-22 BUY on WEAKNESS IAE-T Ithaca Energy Inc.

North sea operator, so a lot of abandonment liability.  In terms of overall, he thinks it looks fairly attractive.  Wait until the summer weakness he is predicting subsides to get your position.

 Price:
$1.880
Subject:
NORTH AMERICAN - RESOURCE
Bias:
BULLISH on RESOURCES
Owned:
Unknown
2013-05-22 HOLD JE-T Just Energy Group

Energy retailer business has struggled because people don’t want to answer to the door to them.  Not a bad business but it is hard to see where dramatic growth is coming from. There is also a new American competitor.

 Price:
$7.580
Subject:
NORTH AMERICAN - RESOURCE
Bias:
BULLISH on RESOURCES
Owned:
Unknown
2013-05-22 TOP PICK JPM-N JP Morgan Chase & Co

This is the best of breed, large cap financial institution in the world today.  Solid, diversified stream of earnings.

 Price:
$53.630
Subject:
NORTH AMERICAN - RESOURCE
Bias:
BULLISH on RESOURCES
Owned:
Yes
2013-05-22 TOP PICK KKR-N KKR & Co. LP

If you believe equity markets are going higher, you could see mid 20% return for S&P so you need to be in private equity.  5.3% yield.  Impeccable balance sheet.  Best of breed.

 Price:
$20.510
Subject:
NORTH AMERICAN - RESOURCE
Bias:
BULLISH on RESOURCES
Owned:
Yes
2013-05-22 HOLD PBN-T PetroBakken Energy

Thinks it will go straight sideways. Little growth. Balance sheet is improving, however.  We are having demand destruction in North America, though.

 Price:
$8.300
Subject:
NORTH AMERICAN - RESOURCE
Bias:
BULLISH on RESOURCES
Owned:
Unknown
Showing 1 to 15 of 1,998 entries
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