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Stock Opinions by Hank Cunningham

COMMENT

There's a good chance that the Fed won't cut rates until 2025, given that the US unemployment rate is 3.7% and GDP is rising. Housing markets remain good. Long-term bond rates are too low; you're not getting real returns to justify holding a 10-year bond. He used to recommend corporate bonds 100%, but recently has been adding government bonds given the tight spreads in corporate. Also has been adding floating rate bonds where rates are well over 5%. Investment-grade and junk bonds are extremely tight, near historic spreads. Due to compounding, high-yield bonds are outperforming everything.

Unknown
COMMENT
Is it a good time to buy preferred shares or fixed income or bonds?

Doesn't like preferreds; they lack the growth of equities, are volatile and lackthe safety of bonds, though you get the after-tax yield. Bonds are the better option--you know what return you will get.

Unknown
BUY

Unhedged, with 1,157 issues, duration is 3.4 years and yields at maturity under 6%. It has done well and will continue to.

E.T.F.'s
COMMENT
Buy US extendable notes?

No. The investor doesn't get a good deal while the underwriting collects a profit. Find one yourself, a 1-year maturity that pays a better yield. Better to buy-short liquid notes with your US cash.

Unknown
COMMENT
dividends or share buybacks?

He definitely prefers dividends, the bigger the better.

Unknown
DON'T BUY

The chart is poor as bond yields have been rising. Even with covered calls, you're losing money with this. He never uses covered calls; he'd rather keep it simple.

E.T.F.'s
DON'T BUY
Preferred shares in a fixed income portfolio?

He wouldn't. He likes short-duration, quality bonds. It's not a good time for this ETF.

E.T.F.'s
BUY

It groups a lot of bonds and you get more money as each matures, year by year. You can buy at different maturities using other RBC ETFs.

E.T.F.'s
DON'T BUY

You can but 3-month T-bills yourself. IF this charges an MER, it wipes out your gains.

E.T.F.'s
COMMENT
Past pick of last Jan. 17: His own 1-5-year bond ladder of BMO, TRIP, DOL, ENB and FORTIS. Each matures at different years.

Each are A-rated bonds. Very flexible.

Unknown
COMMENT
Past pick of Jan. 17

Govt of Canada 0.5% bond, December 12030. 

Unknown
COMMENT
Past pick of Jan. 17: BCE 1.65% bond

It's in the sweet spot of the curve and offers a good 4.3% yield, relatively. Only 3 years to maturity, good risk/reward.

Unknown
DON'T BUY

If the US Fed doesn't cut rates until 2025, then sell this now. Inflation won't fall to 2% in a straight line, and he expects a delay in cuts.

E.T.F.'s
DON'T BUY

Not that familiar with this and doesn't like ETFs, because they never mature or you risk a loss if you sell at the wrong time.

E.T.F.'s
COMMENT

Don't buy preferred shares without resets.

Unknown
Showing 1 to 15 of 547 entries