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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
2015-06-17 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets. He sees the Fed bending to what the market wants. It seems that expectations of the market have been a lot farther off in the past than they are now, but expectations are still for a lower rate for longer, so the Fed seems to be bending towards that. If you saw more market volatility pick up, you would expect rates to be lower for longer. Today’s increase didn’t look like it was that much from where it was in the past, so they are bending even more to the market. If we go through the summer and market volatility picks up, with some of the data not being as strong as it has been in the last couple of weeks, then he expects rate increases would be pushed out into 2016. You have to be prepared for the case where they do raise rates in September, and what you have to really be prepared for is if they surprise the street and raise rates sooner than the market expects. He is net Long for his clients, but does have a Put option strategy, where he takes insurance and is willing to give up a certain amount of return to protect a portion of the capital. Currently has about 20% of the fund protected in the event the market sells off. He has been using things like emerging markets. Looks for Value names that have actually moved giving a good market support. Holds 20 stocks, so is fairly concentrated.


Price:
$0.020
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
_N/A
2015-06-17 HOLD Must be logged in to use chart AFN-T Ag Growth International Inc

Has been on his radar for about 6 months. They do grain storage, augers, conveyor belts, etc. anything to move or store grain. There are some interesting themes going on globally, such as Brazil which is now almost surpassing the US in the amount of grain they produce with 25% less equipment This is a big growth opportunity for this company. Recently acquired Westeel, which he feels is going to be a good. Yields are looking pretty good in North America. Dividend yield of about 4.5%, so a great stock to hold in an income portfolio.


Price:
$49.430
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2015-06-17 COMMENT Must be logged in to use chart AVO-T Avigilon Corp

He hasn’t been as positive on this one as a lot of people have. He has always seen some risks. Their business model is on just security cameras. He is a little suspect of their competitive advantage. He didn’t like that they had bought their building, as it is a growth company which shouldn’t be spending their capital that way. They’ve had a couple of poor quarters. He would be very careful of the stock, because of revenue expectations come down, the multiple is going to deflate even more.


Price:
$18.640
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2015-06-17 PAST TOP PICK Must be logged in to use chart CAM-T Canam Group Inc.

(A Top Pick May 12/14. Up 7.67%.) Sold his holdings. Liked the story and followed it for a very, very long time. It was extremely cheap, trading in the $7 range. The number you want to watch for on this is the Architectures Billing Index. It was expanding and expanding, so it was getting a lot of non-residential buildings. Then they started getting big, big contracts such as stadiums and bridges. Their backlog was getting bigger than they had ever seen before. It is great to get a big backlog, but you have to be able to work through it profitably and on time, which becomes a challenge on big projects.


Price:
$14.000
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2015-06-17 DON'T BUY Must be logged in to use chart CCO-T Cameco Corporation

There are a lot of reactor projects, but they are massive and take a long time to get up and running. Uranium pricing has been moving better a little bit. Has never been a cheap stock and has never been that exciting to own. He needs to see some sustainable momentum or operational improvement before getting excited. Not that cheap. Why not look at a lumber name? You get that same kind of exposure and half as expensive with a growing revenue EBITDA.


Price:
$18.580
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2015-06-17 COMMENT Must be logged in to use chart CF-T Canaccord Financial Inc

Held this about 6 months ago before the market turned down. From the lows, it has had a pretty nice jump off the bottom. They do make money, but it is a very cyclical company. They generate returns based on the energy market, materials market such as gold, and how many deals they do. Also, have a lot of investment advisors. He likes their overall business, but you can’t hold this for the long-term because it is always going to have its ups and downs. Pays a reasonable dividend. If there is a potential of a big move down in the market, this is not a name you want to be in.


Price:
$8.070
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2015-06-17 TOP PICK Must be logged in to use chart CLR-T Clearwater Seafoods Inc.

Raised $55 million, and he believes $15 million was through the insiders. Have said that they want to make some deals, and he has been waiting for a while. Thinks they are getting close. Seafood pricing is growing, the Cdn$ is low and fuel prices are down. There is a quota on fishing, so they have a great control over the seafood market. If they can buy more quotas, there will be a huge amount of synergies. Dividend yield of 1.3%.


Price:
$12.340
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2015-06-17 COMMENT Must be logged in to use chart EFN-T Element Financial

Has been doing really well over the last few years and have been making acquisitions. They take on leases and lease equipment to finance other companies’ projects who can’t afford to invest a large amount of capital. A cyclical business. Feels the stock definitely has legs and is working exceptionally well. A lot of the gains have been made. He is a little suspect that if they buy the GE (GE-N) assets, the stock is going to run up to $25. Not a defensive stock in the event of a market turned down.


Price:
$18.370
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2015-06-17 TOP PICK Must be logged in to use chart EH-T easyhome

(A Top Pick May 12/14. Up 3.41%.) Disappointed it is only up 3% year to date. Growing organically 15% plus. Used to be a leasing company, but is now financial services. Grew their loan book from zero to over $225 million in the last 5 years. The next phase of growth is to get their loan book up to $360 million, which needs money and people to lend them to. They just got 45 cash stores through a bankruptcy. Now they have to find the capital, and he doesn’t think they will have to issue equity to do this. They’ll be able to use debt financing, particularly the way gold and oil/gas companies have been trading. There is a lot of capital looking for a place to go. A market with a $2 billion opportunity, so they are becoming a very big player in that market. There could be a Short squeeze coming as there seems to be a lot of market participants that are afraid of this.


Price:
$19.900
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2015-06-17 PAST TOP PICK Must be logged in to use chart HWO-T High Arctic Energy Services Inc

(A Top Pick May 12/14. Down 24.6%.) When energy started to decline, he had to get out of all energy stocks, particularly energy service companies. They haven’t cut their dividend, and are actually expected to build their EBITDA next year, so he still very much like’s the name. They operate in Papua New Guinea which has extremely complicated work with big expensive rigs that they have to drop in to remote areas. Have a two-year “take or pay” contract, and are expected to grow their EBITDA.


Price:
$3.940
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2015-06-17 WATCH Must be logged in to use chart INP-X Input Capital Corp

This company funds canola farmers. Very capital-intensive business, so instead of a farmer having to go to a bank, they lock in their canola prices and let this company sell it for them. A very solid business model to fund farming. Have been issuing a lot of equity to fund their growth. He hasn’t been very impressed with their business model over the years, but it is looking a little more interesting now. Hopefully they get some operating efficiencies so they can generate cash. As they get larger, make sure they are actually generating free cash flow, so that they can fund further growth and grow organically. Pays a nice dividend.


Price:
$2.970
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2015-06-17 HOLD Must be logged in to use chart LNR-T Linamar Corp

This has been a very, very impressive story. They keep on exceeding expectations and keep on booking huge orders. Still firing on all cylinders. Getting very good traction with their boom business and are taking market share globhally. Expects them to make some deals because they are generating a lot of cash. Have been beating expectations over the last 15 quarters. A solid name.


Price:
$82.210
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Unknown
2015-06-17 COMMENT Must be logged in to use chart MG-T Magna Int'l. (A)

You have 4 choices for auto parts manufacturers in Canada. This has done exceptionally well and still have room to move higher. When you are a global auto parts manufacturer, you may have a slowdown in North America, but a pick up in Europe. He generally likes these names. He is looking at another interesting name called Exco Technologies (XTC-T), which hasn’t moved as much as the other players. It is a smaller player that may be moving up into this company’s range.


Price:
$71.020
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
2015-06-17 TOP PICK Must be logged in to use chart MNW-T Mitel Networks

Everybody thinks of this as being a phone system company, and phones are dead. They are getting into that whole Cloud segment where they are shifting their customers from being on premise to being in the Cloud, which has a whole lot of benefits. Have a whole bunch of software they can manage that with. Bought a company for $500 million plus, which does the same thing in mobile. They think the next generation of mobile will be over the Internet. Expects that when the street starts to see revenue growth coming in at 8%, versus their historical 1%, they will be looking at this very carefully.


Price:
$11.290
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
Yes
2015-06-17 WAIT Must be logged in to use chart OTC-T Open Text

Really fell out of bed not that long ago. Missed expectations 2 quarters in a row. They always struggle with organic revenue growth and he had always hoped that it would really catch on and get a few consistent quarters. Thinks they will deploy a lot of capital on acquisitions and that they are an acquisition target. Would like to see organic growth start to stick, which is going to come through their Cloud business. He is going to wait until the stock shows some kind of a turnaround.


Price:
$52.100
Subject:
CANADIAN
Bias:
UNKNOWN
Owned:
No
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