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

Viewing Expert

James Telfser , Partner

Aventine Management Corp


Date Signal Chart Symbol Company Opinion Price
2016-01-06 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets. There is not much to be hopeful for in the short term. A lot of the data points that are coming out just don’t look that great. There is no reason to be fully invested or leveraged long here in this environment. He looks at 3 key things for his Canadian equity fund. 1.) Market trends, which are all broken quite badly on a technical basis. 2.) Volatility, which is spiking up. 3.) Credit Spreads which are also spiking up. The economic data is backing that data up, and we are seeing ISMs trailing down, which usually leads GDP. Earnings growth is lacklustre; we are in an earnings recession, which we should see in Q4 in the US. Has been taking some Short positions, hedging, Buying Put options, and raising some cash. Not expecting a huge dump, but is expecting some great opportunities to buy some great stocks on sale. Last year his fund was up 12.7% while the TSX was down by about 10%. His strategy is to go where the momentum is, but also find undervalued names.


Price:
$0.020
Subject:
CANADIAN
Bias:
BEARISH
Owned:
_N/A
2016-01-06 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Gold.  Has no picks, but you could potentially be thinking about increasing your gold exposure. Canada is in the quadrant where inflation is potentially increasing in an environment and growth is decreasing. In that kind of environment, monetary policy is handcuffed, and you want assets like gold that will do well. To get exposure, he would be buying the SPDR Gold ETF (GLD-N).


Price:
$0.020
Subject:
CANADIAN
Bias:
BEARISH
Owned:
No
2016-01-06 DON'T BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Canadian Banks?  Sees a lot of risks on the horizon and doesn’t think they are going to be the outperformers next year; the way they were this year. There could be some kind of earnings decline to the tune of 5%-10%. If your holdings are over 25%-30% in bank stocks, you might have some kind of risk over the horizon. Trim your holdings down a little, to at least 30%.


Price:
$0.020
Subject:
CANADIAN
Bias:
BEARISH
Owned:
No
2016-01-06 SELL Must be logged in to use chart AC-T Air Canada (B)

(Market Call Minute.) The chart looks absolutely horrible. There are also global economy issues.


Price:
$9.700
Subject:
CANADIAN
Bias:
BEARISH
Owned:
Unknown
2016-01-06 SELL Must be logged in to use chart CSU-T Constellation Software Inc.

(Market Call Minute.) This would be a Sell at this time, on valuation and a slowdown on deals.


Price:
$547.500
Subject:
CANADIAN
Bias:
BEARISH
Owned:
Unknown
2016-01-06 COMMENT Must be logged in to use chart CXR-T Concordia Healthcare

This is one of the best opportunities in Canada. An extremely cheap undervalued stock that gets painted with the same brush as Valeant (VRX-T). They made an acquisition he liked, which is going to generate a lot of cash flow going forward. Debt is high at 5 to 6 times EBITDA, above the range that he would typically like. However, as a company that sells legacy pharmaceuticals and orphan drugs, high margin drugs that generate a lot of cash, they are going to pay off that debt quite quickly. As that happens, you are going to see the multiple expand.


Price:
$56.900
Subject:
CANADIAN
Bias:
BEARISH
Owned:
Yes
2016-01-06 DON'T BUY Must be logged in to use chart CXV-X Convalo Health International Corp

(Market Call Minute.) He wouldn’t bother with this name.


Price:
$0.315
Subject:
CANADIAN
Bias:
BEARISH
Owned:
Unknown
2016-01-06 BUY Must be logged in to use chart ENB-T Enbridge

A dividend entity that is large and going to be around for a long time. Great management team. Has been disproportionately hurt along with the other pipelines and energy companies. There is good value here. If oil prices keep going down the way they are, this is still a buy. Nice dividend yield. Have a lot of debt, but pipeline companies do have a lot of debt. If they had to get financing, they would have no problem.


Price:
$44.580
Subject:
CANADIAN
Bias:
BEARISH
Owned:
Unknown
2016-01-06 PAST TOP PICK Must be logged in to use chart FSV-Q Firstservice Corp

(A Top Pick Oct 24/14. Up 82.49%.) When he first recommended this, it was one business. They recently split and it now also does property management. A great little business that he thinks is going to continue to chug along.


Price:
$36.240
Subject:
CANADIAN
Bias:
BEARISH
Owned:
Yes
2016-01-06 COMMENT Must be logged in to use chart HCG-T Home Capital Group

There are some issues here. An undervalued company, and have always been a great lender. A stand-up company with a great management team. Valuation is really cheap, but not something he is willing to step into. Not wildly optimistic that the Canadian economy is going to do great and this company has to have a lot of loan originations.


Price:
$25.860
Subject:
CANADIAN
Bias:
BEARISH
Owned:
No
2016-01-06 COMMENT Must be logged in to use chart LIF-T Labrador Iron Ore Royalty

Wouldn’t want to put his neck out on where iron ore prices are going to be in the next year or 2. He likes the business. They pay a dividend off the ore that they mine in Canada. Costs have been coming down. They sell a higher quality iron ore. However, with prices going against them, it is very, very difficult for them to keep on making more and more money to increase their dividend. There is a chance they could have to cut their dividend in future quarters. Sold his holdings when iron ore prices turned around.


Price:
$9.670
Subject:
CANADIAN
Bias:
BEARISH
Owned:
No
2016-01-06 WAIT Must be logged in to use chart MG-T Magna Int'l. (A)

Thinks they give their guidance next week, so wait before doing anything. OEMs were down about 7% last year, and is now even worse. Seeing a little bit of a top in auto parts. Valuations are still okay, but not as cheap as they have been. You want to get out in front of the auto sales, which is what is happening right now. All the stocks have broken through their 200-50 day moving averages, signalling there is something else going on.


Price:
$52.340
Subject:
CANADIAN
Bias:
BEARISH
Owned:
Unknown
2016-01-06 COMMENT Must be logged in to use chart MNW-T Mitel Networks

Likes the valuation. Thinks the market has it wrong on how they value it. It is a sum of the parts type of valuation for this business. Acquired Mavenir which does “voice over IP” which was great because it was a growth vertical growing 20%-25%. He got spooked when he thought Mavenir was going to take a lot longer to work through the system. A very slow growth type business. This is on his back burner.


Price:
$10.320
Subject:
CANADIAN
Bias:
BEARISH
Owned:
No
2016-01-06 HOLD Must be logged in to use chart MSL-T Merus Labs International

(Market Call Minute.) He would consider it as a Hold. Prefers Concordia (CXR-T).


Price:
$2.140
Subject:
CANADIAN
Bias:
BEARISH
Owned:
No
2016-01-06 PAST TOP PICK Must be logged in to use chart NFI-T New Flyer Industries Inc.

(A Top Pick Oct 24/14. Up 127.55%.) A bus manufacturer, so on the theme of who benefits from a low Cdn$ in a strong US economy, this is a great example. There is still upside in the name. Recently made an acquisition of Motor Coach Industries, which really got the stock moving. Management has fixed up a bunch of their plants, have created all sorts of efficiencies, increased margins and have gone into they parts reselling business. Thinks there is a large synergy opportunity here. Also, the US just put through a new act that gives US municipalities a whole bunch of money to spend on buses.


Price:
$28.440
Subject:
CANADIAN
Bias:
BEARISH
Owned:
Yes
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