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

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James Telfser , Portfolio Manager

Caldwell Investment Manager


Date Signal Chart Symbol Company Opinion Price
2015-07-29 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets. Taking out his cash and short positions, he is sitting at about 75% Long, with some Put options as well. Has seen probability of a negative event occurring in the next few months and is building up a shopping list of names that he would like to buy. Companies that have reasonable valuation and doing a lot of their business outside of Canada is a theme that has been working exceptionally well for him. This separates a lot of Canadian portfolio managers from smaller, nimble funds like his, which is able to dabble in those sorts of names. His Buy list is in stocks that are trading near 52 week highs, but he just wants to buy at more attractive valuations.


Price:
$0.020
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
_N/A
2015-07-29 COMMENT Must be logged in to use chart AHF-T Aston Hill Financial

There is nothing wrong with their funds or the way the company is being managed, there is just a lot of negative press all at once. Lost a big IA sub-advisory deal, which was a ton of assets. Even though it was well televised that it was going to happen, the market still seemed to be spooked by it. They cut their dividend which was probably a good thing. Pretty cheap at these levels and he wouldn’t be worried about it if he were holding it. It is going to take a few quarters, even 12 months, for them to get back on track again and get the company going.


Price:
$0.450
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2015-07-29 COMMENT Must be logged in to use chart AYA-T Amaya Gaming Group Inc.

There is a lot of controversy. When you have these sorts of stories that have a lot of negative news bouncing around, and you don’t know what the answer is, it would be a worry. The valuation is not compelling enough for him to get involved.


Price:
$31.620
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2015-07-29 DON'T BUY Must be logged in to use chart BBD.B-T Bombardier Inc (B)

There are a lot of issues that are sucking a lot of cash out of the business. They have $9 billion of debt on their balance sheet, and now they have to do something about it. Had to issue a bunch of equity at $2.25. A lot of selling pressure on the name.


Price:
$1.950
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2015-07-29 COMMENT Must be logged in to use chart CFW-T Calfrac Well Services Ltd

These are great names to get leverage to the oil space, but the first names you have to be out of when you see a crack in energy. The fracers, servicers and drillers get hit first. In his opinion, we are not at the bottom of oil yet.


Price:
$6.350
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2015-07-29 TOP PICK Must be logged in to use chart CLR-T Clearwater Seafoods Inc.

Currently trading at a pretty low valuation based on 1st quarter earnings, which were quite poor, and 2nd quarter earnings which are not expected to be great. This is a seasonal business where the 2nd half is usually much stronger. Raised a bunch of money recently at about $12.25. They have been talking a big game about making acquisitions and looking at assets. This is the sort of business where you if you can buy some quotas and consolidate the industry a little, there are a lot of synergies that can happen. Dividend yield of 1.42%.


Price:
$11.300
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2015-07-29 DON'T BUY Must be logged in to use chart CPG-T Crescent Point Energy Corp

Would probably be at the bottom of his list of energy stocks that he would buy. Always had a problem with them raising money to pay their dividends. They typically raise money which dilutes shareholders, and then the growth kind of disappears from that.


Price:
$19.420
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2015-07-29 PARTIAL SELL Must be logged in to use chart EFN-T Element Financial

Has been a fantastic Canadian story up to this point. The last deal they made, with General Electric (GE-T), is going to be great. Sold his holdings in the high $19 area. This is a business that does have some kind of risks, and he only wants to take so much financial risk in his portfolio. Depending on how long you have been in this, it might be worth trimming some shares.


Price:
$19.050
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2015-07-29 PAST TOP PICK Must be logged in to use chart EH-T easyhome

(A Top Pick Sept 12/14. Down 26.47%.) Still one of the great organic growth stories. Has been taking a little bit of a hit lately, even though it has been firing on all cylinders. Revenue growth is at 20%. Their loan book is up to $250 million and growing. Part of their issue is that they are running out of room on their debt facility, so they need to announce that they are refinancing some of their debt.


Price:
$17.000
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2015-07-29 PAST TOP PICK Must be logged in to use chart FSV-Q Firstservice Corp

(A Top Pick Sept 12/14. Up 37%.) Split into 2 companies at the beginning of June and he continues to hold both. Both of them are growing by acquisition.


Price:
$29.850
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2015-07-29 BUY Must be logged in to use chart GIB.A-T CGI Group (A)

Has a pretty good feeling about this stock going forward. He didn’t like the set up going into this quarter as it seemed revenue growth was going to be light, and it was. Was surprised to see the stock off 5% on the news. There has been some negative overhang on the stock ever since the Computer Sciences deal wasn’t pursued. The stock is now going to grow based on fundamentals. Margin growth is best in class. It looks like bookings have been quite weak for the last few quarters, so he wants to see that start to pick up. Valuation is right if you are a long-term shareholder.


Price:
$48.340
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2015-07-29 TOP PICK Must be logged in to use chart HBC-T Hudson Bay Co.

Doing great things to their stores, and it is increasing sales. Thinks the situation in Germany is very similar to what they had in Toronto. A few flagship stores with great property values that they have spun into a joint venture that they are really going to fix up and hopefully turn around sales. Also, have online strategies that they are going to focus on. Really the value is in the real estate. He calculates the NAV of around $35, and it is trading at a 25% discount to that. Yield of 0.75%.


Price:
$26.500
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2015-07-29 DON'T BUY Must be logged in to use chart HCG-T Home Capital Group

Just reported and it wasn’t a bad one. There are a lot of question marks about the quality of the loans they’ve been given. At the request of the Ontario Securities Commission, they had to let about 45 brokers go. They say that income data was falsified on mortgages representing $960 million, which is about 5.6% of their outstanding loan assets in 2014. The company doesn’t expect there will be big credit losses.


Price:
$28.400
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2015-07-29 SELL Must be logged in to use chart INP-X Input Capital Corp

Were never able to generate what they said they were going to generate in cash flows on canola crops. That is the nature of a commodity type business like this. Expects the drought is not helping. If he were in it, he would probably move elsewhere.


Price:
$2.330
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2015-07-29 COMMENT Must be logged in to use chart ITP-T Intertape Polymer Group

A great turnaround company. On his list of names that he likes. They have a new plant that is opening up in the Carolinas, which will take on a large amount of their capacity, which he thinks is going to drive margins further ahead than what the analysts are estimating. He likes the stability in their business. Generates a lot of free cash flow. Nice 3% dividend yield that is growing. A high-quality name to own.


Price:
$18.840
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
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