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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
2014-09-12 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets. Has being fully invested for a while and has started to raise just a little bit of cash, to take some of the gains on his positions. He is seeing conflicting things in the market. On the macro economic data, some parts are looking great, but others are not looking so great. Tempering his enthusiasm a little as he had since the fall, in case there is some kind of reaction to potential talk of rising interest rates. While he doesn’t think that is going to actually happen soon, he is getting prepared for the volatility that might result if people think that is going to happen. He is of the view that this is a false alarm and that things could correct a little bit, but who knows where rates go as they have been backed up for a little while. Today was the first he had seen signs that interest sensitive names started to pull back a bit. Hedging is important for him. He is managing his portfolio as an absolute return generating vehicle. When he gets cautious, he looks at how he can protect the downside if something happens. The cheapest way to do that is through the long-term bond. It is extremely cheap to hedge with. He is expecting a good end to the year and is still 90% invested.


Price:
$0.020
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
_N/A
2014-09-12 BUY Must be logged in to use chart AC.B-T Air Canada (B)

Likes this for the torque you are going to get. It is volatile. They have a plan in place right now to strip costs out of the business. They’ve got Rouge which is starting to pick up again. The risk is coming out a little bit, which means the multiple is going to start to move up even more.


Price:
$8.480
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2014-09-12 COMMENT Must be logged in to use chart AGF.B-T AGF Management (B)

This company has really struggled with asset flows and getting their story right. However, the dividend yield is safe. They are doing things to change the business around. They have a lot of funds, but not a lot of focus, but they are slowly getting there. You might consider looking at Aston Hill (AHF-T) instead, which is incredibly undervalued.


Price:
$12.430
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2014-09-12 COMMENT Must be logged in to use chart AVO-T Avigilon Corp

He is a value investor, so has a hard time paying up for high growth expectations. This has been volatile for the last 6 months because of high expectations. Getting the multiple down from 30X to 25X, it is still an expensive stock. Looks like they have a nice growth platform in front of them, but he worries that there is a huge amount of growth that they have to build into. Too risky for him.


Price:
$20.280
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2014-09-12 COMMENT Must be logged in to use chart BAD-T Badger Daylighting

The problem is that it is a product that other people can execute on. There is nothing to stop others from building trucks like theirs. Feels the stock got ahead of itself.


Price:
$28.300
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2014-09-12 DON'T BUY Must be logged in to use chart BBD.B-T Bombardier Inc (B)

This has always had a lot of debt. They don’t have a massive room for error on the C series. It seems they take longer and longer on every project, which means more and more cash flow, which means they are in negative free cash flow for longer and have to take on more debt to fund the project.


Price:
$3.700
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2014-09-12 HOLD Must be logged in to use chart BCE-T BCE Inc.

He is not in telecom right now. Likes the dividend yield on this. There will be volatility with events like a 4th competitor. You are never going to go wrong holding this for the long-term. Prefers Quebecor.


Price:
$48.340
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2014-09-12 HOLD Must be logged in to use chart CAM-T Canam Group Inc.

Steel fabricator making bridges, steel joists, a lot of industrial and commercial type work. Commercial building lags residential building. Residential building has really spiked up over the last few years and now commercial building is starting to spike up and a lot of data is pointing towards this. When you have a big backlog, you have to hire a lot of people to do a lot more over time and things that hurt your margin. Stock has had 2 misses. One was because of weather, and Q2 was because of backlog. Now the risk/reward is pretty attractive. It is very undervalued relative to its history and to their peers.


Price:
$10.820
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2014-09-12 BUY Must be logged in to use chart CLR-T Clearwater Seafoods Inc.

Has liked this story for a while. The supply/demand dynamic is great. Raised a bunch of money at $8.50 and got hammered because of that. They didn’t do anything with the money. It is very clear that they are looking around to buy more quotas globally.


Price:
$9.330
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2014-09-12 PAST TOP PICK Must be logged in to use chart CLS-T Celestica Inc

(A Top Pick Aug 27/13. 12.07%.) It was extremely cheap when he bought it. They had a lot of cash and were buying back a lot of shares. Margins are starting to grow from the diversified business. Sold his holdings.


Price:
$11.980
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2014-09-12 BUY Must be logged in to use chart CNQ-T Canadian Natural Rsrcs

Cheap and generates cash flow. Pays a nice dividend. If this is in your TFSA and you are looking out a few years, this is a fine place to be. Smart management.


Price:
$45.310
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
2014-09-12 TOP PICK Must be logged in to use chart EH-T easyhome

Really likes the growth on the finance side. The leasing business has been a stable business for a while. Got new financing for about $200 million a few months ago, which they can start to lend out. In this business, the bigger you are, the better your margins and the cheaper your financing. This is all positive leverage for them. Stock has been weak which he thinks is due to profit taking, but the valuation is still absolutely compelling. Thinks there is good multiple expansion here as they prove they can get all those loans out there.


Price:
$23.530
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2014-09-12 PAST TOP PICK Must be logged in to use chart ESN-T Essential Energy Services Ltd.

(A Top Pick Aug 27/13. Up 8.84%.) Likes the story. This is coiled tubing. This is important technology in all the fracing. Have a bunch of new rigs coming that are thicker than normal and apparently in high demand. Last quarter they got their tooling business back on track again so now it seems the stock is on the up and up. Cheaper than all their peers and they pay a nice dividend.


Price:
$2.650
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2014-09-12 TOP PICK Must be logged in to use chart FSV-T Firstservice Corp

Property management. The beauty of the business is that it is an essential service. Have been growing by acquisition globally. The organic growth has been outstanding as well. There is also the residential business where they are getting more and more scale. When you have scale in this business, you can get everything you need for less.


Price:
$60.780
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2014-09-12 COMMENT Must be logged in to use chart G-T Goldcorp Inc

He doesn’t have a lot of investments in gold. A little on the bearish side of gold right now. Quite cheap at these levels.


Price:
$27.840
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
No
Showing 1 to 15 of 240 entries
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