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

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Michael Sprung , President

Sprung Investment Management

Address
25 Adelaide Street East, Suite 1914
Toronto, ON
M5C 3A1

Contact Info
Telephone: 416-934-7160
Email:
Website: http://www.sprunginvestment.com/


Date Signal Chart Symbol Company Opinion Price
2014-08-26 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets. In this environment, it would be prudent to engage in some profit taking. We have had several years now of market gains. You never really make money in the stock market, until you actually sell it. In some cases, where he really likes and admires a company, and thinks it could continue to do well, he is just taking partial positions off. It is getting more and more difficult to find stocks that you consider to be outstanding value for the long term. He is trimming more in respect to weightings. Tries to run fairly concentrated portfolios, and typically has anywhere between 20 and 30 equity positions at any point in time. An average weighting for him would be 5%-6% depending on the risk profile of each portfolio.


Price:
$0.020
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
_N/A
2014-08-26 BUY Must be logged in to use chart AD-T Alaris Royalty

Thinks management is executing their formula in an extremely efficient manner. They act like a private equity firm, without really being private equity. They tend to buy into private businesses that are well run and have good long-term track records. Where management wants to keep control of their business, they will construct a preferred instrument that will return to them and participate in growth in the company, but won’t convert into real equity if things really go off the rails. Have been expanding more and more into the US. Thinks they have a great future. He wouldn’t be surprised if many people try to copy this formula. Yield of 4.5%.


Price:
$33.290
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2014-08-26 PAST TOP PICK Must be logged in to use chart AGU-T Agrium

(A Top Pick Sept 4/13. Up 19.88%.) Still likes this. He is generally a buyer of this when it is under $100. Likes its wholesale and retail diversification within the agriculture industry. Well-managed and geographically diversified.


Price:
$103.370
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2014-08-26 DON'T BUY Must be logged in to use chart ATD.B-T Alimentation Couche-Tard (B)

This has been an amazing story. Well run. They’ve expanded their footprint in North America and there is talk of them expanding in Europe. Like a lot of growth stories, you are paying for a lot of growth in the stock. As long as they can continue to execute the way they have, and the economy holds up, it will continue to do all right, but thinks we have seen a lot of the capital appreciation already built-in to its price.


Price:
$31.870
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Unknown
2014-08-26 COMMENT Must be logged in to use chart BMO-T Bank of Montreal

Has always had a high yield compared to the rest of the group.


Price:
$82.160
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2014-08-26 HOLD Must be logged in to use chart BNS-T Bank of Nova Scotia

This is one of his larger bank holdings. The one reason to hold this is because of its international diversification. There may be worries about some pockets in South America, but they are also in some very good areas. He was not disappointed with their earnings. Trading at about 2X BV. 3.6% dividend yield. Not a bad place to be.


Price:
$72.450
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2014-08-26 PAST TOP PICK Must be logged in to use chart CM-T Canadian Imperial Bank of Commerce

(A Top Pick Sept 4/13. Up 33.46%.) Hasn’t reduced his holdings yet, but is certainly looking at it. When he bought it, it was the bank with the strongest capital position and the highest ROE, selling at a significant discount to the others. It is no longer such a bargain as it is trading at 2.5X. Yield is still fairly strong. Not as compelling a story as it once was. 3.8% dividend yield.


Price:
$104.760
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2014-08-26 SELL Must be logged in to use chart CP-T Canadian Pacific Rail

Bailed out of the railroad stocks quite a while ago. This has risen on the basis of coming out of an operating ratio in the 70s, and is now down to the mid-60s. Comparing it to the much larger and more established Canadian National (CNR-T), you are paying much higher multiples for one that is being fixed, rather than the one that has worked all along.


Price:
$219.000
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2014-08-26 DON'T BUY Must be logged in to use chart CTC.A-T Canadian Tire Corporation Ltd. (A)

Can you see non-voting shares combining with the voting shares? People have talked for years about this company’s various class of shares disappearing or merging. He doesn’t see this happening in the near future. This was a battle that was fought in the 1980s. The company has done a remarkable job at surfacing value over the last while, particularly in the recent quarter where we just came out of a seasonally bad winter. Once that was over, there was a surge in demand. So far, they have been pretty adept at positioning itself within the Canadian merchandising market. Finds it a little bit expensive here. Earnings are forecast to go from around $7 to about $7.50. Doesn’t think there is a lot of value right now.


Price:
$112.540
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2014-08-26 TOP PICK Must be logged in to use chart CVE-T Cenovus Energy

We are going to see them going from about 270,000 barrels a day to over 300,000 in the next couple of years. They have a target of over 500,000 in 2020-2021. The growth profile is never guaranteed, but they have already identified projects where this could come to light. They have not really participated with the other oil companies in the energy boom. He sees earnings going well over $2-$2.20 in the next year or two. Yield of 3.13%.


Price:
$34.010
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2014-08-26 TOP PICK Must be logged in to use chart FTS-T Fortis Inc.

They completed the acquisition of UTS in the US ahead of schedule. This is a real company changing acquisition. Has increased the size of the company. Feels that people are not really seeing how substantial this is going to be over the next couple of years. Expects earnings to go through the $2 level for the next few years. Dividend yield of 3.86%.


Price:
$33.180
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2014-08-26 HOLD Must be logged in to use chart IPL-T Inter Pipeline

We have been seeing good news coming from this company lately. Phase 1 of Polaris has now been completed and they are going into phase 2, and will soon reach the Edmonton hub. They have potential for more infrastructure building over the next few years. Expects they will expand more in mid-Saskatchewan. Have become less commodity sensitive and more and more of their revenues are far more stable than they were. Dividend yield of 3.6%.


Price:
$36.010
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2014-08-26 HOLD Must be logged in to use chart MG-T Magna Int'l. (A)

We have been on a really good rebound in the automotive industry over the last few years. The shares have generally reflected this, but given his current concerns about the ability of these markets to continue, he is not sure that the automotive market will remain as strong as it has been.


Price:
$123.890
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2014-08-26 COMMENT Must be logged in to use chart MRE-T Martinrea

When looking at the production mixes over the last several quarters, he has been more in favour of Magna (MG-T) and Linamar (LNR-T) as opposed to this company’s exposure. He would rather be in one of those instead.


Price:
$14.540
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
2014-08-26 DON'T BUY Must be logged in to use chart RCI.B-T Rogers Communcations (B)

They seem to be undergoing a fairly major strategic review. For a long time this was a very steady cable company, but are now facing competition in all kinds of areas. They are pretty much dedicated to coaxial cable and seem to be losing market share to other means of delivery. They look like they are going much more towards buying entertainment/content. People are going to continue to pay for content, but with all the streaming services that are coming out, there is much more competition. He really worries about the long-term outlook for these capital intensive companies.


Price:
$44.090
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
No
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