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

Recent Opinions

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Date Signal Company Expert Opinion Price
2016-09-26 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Markets.  He will be watching the debate tonight.  There is a 51.8% likelihood that Hillary wins.  They are neck and neck.  If Trump is seen as a clear victor tonight there could be more market volatility.  The Saudis would like to pump as much as they can.  There is no chance they cut.  They are not going to give up market share.  He thinks Oil is below $40 before it is above $50.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-09-26 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Educational Segment.  Currency effects on your portfolio.  Over the next decade, average returns are going to be lower.  When you invest globally, currency is the most important consideration.  When the CAD$ is getting weaker, you are making money. However, when it gets weaker, it reduces profits.  With ETFs you can control the currency.  Currency explains about 70% of the difference in returns when investing globally. 


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-09-26 N/A A Comment -- General Comments From an Expert
A Commentary
Liz Miller

Markets.  Equity markets in the States will see increased volatility due to the debates.  It is a buying opportunity because we could be in a stronger position by year end.  Clinton is a know entity.  Trump is such an unknown.  We have had various ideas floated by Trump in an inconsistent platform.  There is no leadership in his background so we have no idea how the markets would respond if he won. 


Price: $0.020
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: _N/A
2016-09-26 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Market. It is really, really tough to find yield, and he is telling people that they have to look at things like emerging market bonds, because traditional bonds are just not paying anything. He wouldn’t be surprised if a person investing in traditional bonds, actually realized a negative yield of return over the next half decade or decade. The risk/reward ratio is clearly tilted in favour of reward. Virtually all of the governments globally are not likely to go bankrupt, so in terms of the solvency of the underlying debt issuer, there is no problem. He wouldn’t be surprised that if a generation from now that we could still be talking and waiting for an interest rate hike to normalize. Ultimately, if you are a dividend investor, you are investing in stocks. That is a slippery slope and suggests you deal with these with caution.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-09-26 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Explain ETFs. If you understand what a mutual fund is, an ETF is a hybrid between a mutual fund and a stock. You get the diversification of a mutual fund, as well as the ease of ownership and benefits. They trade like a stock and you can Buy them like a stock. ETFs are generally a fair bit cheaper than mutual funds.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-09-26 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Behavioural Finance? We are all guilty of heuristics, basically shortcuts. Making quick, snap decisions, as opposed to longer term stop, wait, being thoughtful. If you can become more self-aware of the biases that you might have, hopefully you can rein them in a bit and do better.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-09-26 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Low Cost Mutual Funds? If you can find a good, low cost mutual fund, go to town. He has no problems with mutual funds, his concern are the costs.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-09-26 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Optimum number of holdings for a seven-figure portfolio? He doesn’t know if there is an optimal number, but it is a big number, whatever it is. Why he recommends ETFS or mutual funds is that most of them will have literally hundreds of holdings in one name. Therefore, if you have 6 ETFS in your portfolio, even if it is a 7-digit portfolio, you literally have over 1000 names. You can’t reliably replicate that using individual securities.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-09-26 COMMENT A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Gold. He moved most of his clients to having a 4% stake in gold at the beginning of the year. Gold hit its bottom at around the beginning of the year, and has been moving up ever since. He likes it as a diversifier, and believes you should have a little bit, 3%-5%.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-09-26 BUY Apple
AAPL-Q
Liz Miller

She is a fan of it and you could be buying it here.  It has a lot of upside to go.  It is a product company, not a product cycle.  They can move forward without Steve Jobs.  It is a good buying opportunity.  She is watching the rumour mills of what they are doing in the auto industry.  She thinks there is certainly a lot of innovation to come out of Apple.


Price: $112.880
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Yes
2016-09-26 BUY on WEAKNESS Amazon.com
AMZN-Q
Liz Miller

It has skyrocketed over 50% after hitting a low in the winter.  Watch for upcoming volatility for an opportunity in it.  She loves it at 5 to $600 and is okay at $700. 


Price: $799.160
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Unknown
2016-09-26 BUY Anthem Inc
ANTM-N
Liz Miller

She owns United Healthcare (UNH-N) instead.  She thinks this is an interesting buying opportunity here.  We are seeing a lot of changes in this area and she is looking for a lot of changes in the next 12 months.  If you own it, it is a hold, but you must think three years out. 


Price: $125.080
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: No
2016-09-26 SPECULATIVE BUY Alibaba Group Holding
BABA-N
Liz Miller

It is similar to Amazon. It is hard to value.  It had a tremendous run earlier.  She cannot speculate where it will be in a year.  It is okay for an aggressive part of a portfolio.  You need to understand what you own in this stock.


Price: $104.640
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Unknown
2016-09-26 HOLD Bristol Myers Squibb
BMY-N
Liz Miller

It had a big disappointment with a phase 3 trial recently.  They were always the shining drug stock.  It is really hard.  Three years out you would be happy you owed it.


Price: $55.480
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Unknown
2016-09-26 BUY on WEAKNESS Cardinal Health Inc
CAH-N
Liz Miller

MCK-N vs. CAH-N.  They have done very much the same thing, so she has no preference.  MCK-N is certainly the leader in the group.  The peak was last summer at $15.  If MCK-N moves lower she would buy a lot more of it. 


Price: $76.880
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Yes
2016-09-26 PAST TOP PICK Carnival Corp.
CCL-N
Liz Miller

(Top Pick Jul 7/16, Up 8.05%) Cruise companies have a big expense in oil.  She thought it was a great buying opportunity with there being fewer travelers across Europe.  You can still buy in at this level.  She likes the outlook.  China is important to this company.  There is a huge consumption base that has not been tapped.


Price: $46.470
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Yes
2016-09-26 DON'T BUY Deutsche Bank AG
DB-N
Liz Miller

She thinks it is best to stay away from most of the money center banks.  There is so much under the covers that we cannot see.  She is not comfortable owning any of them right now.


Price: $11.850
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Unknown
2016-09-26 WATCH Walt Disney
DIS-N
Liz Miller

She likes the idea of a Twitter buy out.  They are struggling with ESPN. 


Price: $91.960
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Unknown
2016-09-26 BUY Emerson Electric
EMR-N
Liz Miller

It is in the same category as GE-N, but not as interesting.  It saw a recent peak in 2014.  You want to own this stock at a time like this.  Own it inexpensively and into a growth economy.


Price: $51.430
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Unknown
2016-09-26 PAST TOP PICK Equity Residential
EQR-N
Liz Miller

(Top Pick Jul 7/16, Down 1.68%)  She had been buying more.  It benefits as interest rates move around.  This stock can easily go up double digits going forward.


Price: $64.420
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Yes
2016-09-26 COMMENT FedEx
FDX-N
Liz Miller

She doesn’t know how it responds to the political climate.  She thinks we are getting to the end of an earnings recession.  She thinks this bodes well for this stock. It is not a particular buying opportunity.


Price: $175.340
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Unknown
2016-09-26 BUY HBP S&P 500 Inverse ETF
HIU-T
Larry Berman CFA, CMT, CTA

HIX-T vs. HIU-T.  Inverse exposure to their respective indexes.  They are a way to hedge your overall exposure.  He loves the idea of using these. 


Price: $36.850
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-09-26 BUY HBP 60 Inverse ETF
HIX-T
Larry Berman CFA, CMT, CTA

HIX-T vs. HIU-T.  Inverse exposure to their respective indexes.  They are a way to hedge your overall exposure.  He loves the idea of using these. 


Price: $7.290
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-09-26 DON'T BUY HBP S&P 500 VIX Short Term Future Bull+
HVU-T
Larry Berman CFA, CMT, CTA

VIX index.  Individuals should not use these.  They are not for long periods.  You will lose 5-10% per month just based on the way the futures contracts are managed.  You can’t hold these things long term.


Price: $5.170
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-09-26 TOP PICK Lincoln National Corp.
LNC-N
Liz Miller

She thinks there is interest in the life and integrated area.  In the US there is the department of labour (DOL) ruling and this stock is immune to this ruling.  They are well capitalized.  It came down with the industry.  There is interesting upside going forward.


Price: $45.520
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Yes
2016-09-26 BUY LuLulemon Athletica (US)
LULU-Q
Liz Miller

It has plenty of upside.  All retail took a hit in the summer.  Athletic fashion competition is huge.  There is room for multiple players.  There is plenty of room for them to expand.  She prefers this to UA-N and is watching Nike closely.


Price: $64.030
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Unknown
2016-09-26 COMMENT McKesson Corp
MCK-N
Liz Miller

MCK-N vs. CAH-N.  They have done very much the same thing, so she has no preference.  MCK-N is certainly the leader in the group.  The peak was last summer at $15.  If MCK-N moves lower she would buy a lot more of it. 


Price: $165.180
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: No
2016-09-26 COMMENT MEG Energy Corp
MEG-T
Larry Berman CFA, CMT, CTA

They are well respected, but leveraged.  Analysts are expecting oil and gas to go up in the future, which he does not agree with.  They will have losses for the next couple of years.  It looks like there is a base is forming. 


Price: $5.130
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-09-26 WATCH Altria Group Inc
MO-N
Liz Miller

It moved higher and higher and pulled back with the market as a hold.  People often don’t want to invest in this.  It is very well run.  $60 is a good entry point with a long term horizon.


Price: $63.030
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Unknown
2016-09-26 PAST TOP PICK Oracle
ORCL-N
Liz Miller

(Top Pick Jul 7/16, Down 3.82%) It is amongst the more steady Eddies.  You can still buy and be pleased a couple of years out.


Price: $39.030
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Yes
2016-09-26 BUY Pfizer Inc
PFE-N
Liz Miller

Another stock that has been recently pulling back, but a fabulous long term stock.  It was moving higher when other stocks were not.  A great long term holding (3 years plus).


Price: $33.640
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Unknown
2016-09-26 TOP PICK Phillips 66
PSX-N
Liz Miller

They are the biggest independent refiner.  They are doing some internal restricting to get down to only 30 percent refining.  It’s a good opportunity to buy for the longer term.


Price: $79.090
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Yes
2016-09-26 DON'T BUY PayPal Holdings Inc.
PYPL-Q
Liz Miller

Anyone doing Internet business appreciates this.  She is worried about a single click strategy for paying for things.


Price: $40.700
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Unknown
2016-09-26 TOP PICK Starbucks
SBUX-Q
Liz Miller

It has slowly faded lower since its peak earlier in the year.  Long term she loves this stock.  They have a reliable store front.  They are rolling it out globally. 


Price: $54.040
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Yes
2016-09-26 DON'T BUY Samsung Electronics
SMSN-LSE
Liz Miller

If you are trading in the US it is a difficult stock to buy.  You have to decide about the currency.  You can buy it through a South Korea ETF. 


Price: $0.001
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Unknown
2016-09-26 WATCH A T & T US
T-N
Liz Miller

It has been shocking in the last number of months.  They have been able to sustain the dividend, but her firm was taking profits earlier.  They have changed a lot over the years.  The business is fine, but the stock is a bit ahead of itself.  The dividend has caused it to get a bit ahead of itself.


Price: $41.140
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Unknown
2016-09-26 DON'T BUY Trans Canada Corp
TRP-T
Larry Berman CFA, CMT, CTA

It is at 25 times earnings and is not cheap for a pipeline.  If we go through a period of worry about rising interest rates, there is a likelihood of a correction in the stock.  There is no value here.


Price: $62.340
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-09-26 HOLD Twitter, Inc
TWTR-N
Liz Miller

Don’t sell when you have rumours of a takeout.  People hoped it would follow a FB-Q type of scenario.  It is where everyone goes when there is worldwide news.  You hold it until any news of a takeout.


Price: $19.110
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Unknown
2016-09-26 TOP PICK Vanguard MSCI Emerg. Mkt. ETF
VEE-T
John DeGoey

Feels people should be invested a) outside of Canada (emerging markets) and b) broad diversification with low costs.


Price: $29.610
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Yes
2016-09-26 BUY on WEAKNESS Walgreen Boots Alliance
WBA-Q
Liz Miller

It is a mix of an old drug store and basic healthcare.  It is fully valued however it is and is fine to own longer term.  Look for a better entry point.


Price: $80.680
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Unknown
2016-09-26 COMMENT Wells Fargo
WFC-N
Liz Miller

Don’t add to position here.  You have a company in crisis and you want to go back to fundamentals.  If nothing has changed then you have a great buying opportunity.  She would not make this investment without having more information.


Price: $44.880
Subject: US EQUITIES
Bias: BULLISH on US MARKET
Owned: Unknown
2016-09-26 PAST TOP PICK iShares MSCI Emerging Markets
XEM-T
John DeGoey

(A Top Pick Oct 20/15. Up 7.55%.) A broad market exposure to emerging markets globally, but with a fair bit of extra jazz because it tilts towards foreign companies. For those people who can handle a little more volatility, but want emerging markets, this one works very well.


Price: $27.700
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Yes
2016-09-26 TOP PICK iShares CNX Nifty India
XID-T
John DeGoey

Although he believes in “emerging markets” as a broad play, for those people who want an individual country, he would recommend India. This is a part of the world that is growing at a really, really breakneck pace, compared to what we are used to in the West.


Price: $30.440
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Yes
2016-09-26 COMMENT iUnits S&P/TSX 60 ETF
XIU-T
John DeGoey

His bias is for more diversification, foreign markets as opposed to Canadian markets. This is the largest ETF in Canada. It will have lots of dividend payers, so it will be fairly stable. Reasonably cheap. This is fine.


Price: $21.395
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-09-26 BUY iShares MSCI World Index Fund
XWD-T
John DeGoey

Global ETF for an RESP? An all-world ETF. You are buying large cap stocks from around the world and getting them from 16-17 countries giving you global diversification. Low cost. Very safe way to go.


Price: $40.860
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-09-26 TOP PICK BMO Emerging Mkts Bond Hedged CAD
ZEF-T
John DeGoey

If you believe that you want to have bonds, or need to have them, emerging markets will give you a bit of a yield that will give you more jazz than what you would otherwise have.


Price: $17.430
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Yes
2016-09-26 PAST TOP PICK BMO MSCI All Country World High Quality
ZGQ-T
John DeGoey

(A Top Pick Oct 20/15. Up 9.52%.) Most people have way too much money invested in Canada, and need to look for ways to get money outside of Canada. This is a way to get exposure from all the stocks globally. Canada is only a little over 3% of the world’s stock market capitalization. This gives you the other 97% with a focus on quality. He thinks this will do well relative to other investments, but not all the future years will be as positive as this has been this year.


Price: $24.690
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: No
2016-09-26 BUY BMO India Equity Hedged to CAD ETF
ZID-T
John DeGoey

Very similar to iShares CNX Nifty India (XID-T) and they are interchangeable. He likes them both. India is a very good way to get the growth you need. (See Top Picks.)


Price: $19.670
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-09-26 COMMENT BMO US Put Write ETF.
ZPW-T
Larry Berman CFA, CMT, CTA

He loves the strategy of just taking in premiums with options.  You could go out 6 months and write a put and then if it comes down in the next 6 months you buy it at the price you want.  You are always taking in a premium and then you own the stock at the price you want.  There is no ETF that does that strategy.  This ETF gets rid of stocks as soon as they are put to them.  In a taxable account this is income, because it is a naked write.


Price: $19.410
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-09-26 COMMENT BMO Equal Weight REITs Index
ZRE-T
Larry Berman CFA, CMT, CTA

REITs are little bit on the cheap side compared to world indexes, but he does not think they are good value.  The interest rates going into next year are too high.  He does not like the market risk overall.  He likes the sector for the dividend, but not for the total return.  It is attractive if you don’t mind the volatility risk short term.


Price: $19.480
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-09-26 PAST TOP PICK BMO S&P 500 Hedge to CAD Index
ZUE-T
John DeGoey

(A Top Pick Oct 20/15. Up 6.81%.) The US stock market is about half of the world’s stock market capitalization, and he likes this one because it is currency hedged. Had felt that the Cdn$ was probably as low as it was going to go relative to the US$, and as the Cdn$ rose in value, you would need a hedge to minimize the losses.


Price: $32.780
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: No
2016-09-26 COMMENT BMO Covered Call Cdn Banks ETF
ZWB-T
John DeGoey

A perfectly fine product. The caveat is, it is just concentrated in Canada.


Price: $17.090
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-09-23 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Market. Valuations are really high, and it is really hard to be buying. Trump closing in on Hillary is not good. However, stocks are far cheaper than bonds and many asset classes. Thinks we are in a situation where 2 things are happening. We can still have multiple expansion because we are in this low interest rate environment for a very long period of time. Also, we are hearing better news and seeing good barometers, such as FedEx as a bellwether, as well as better volumes on rails. That could be supporting some top line expansion, which we really haven’t seen for the last couple of years. You have to be very careful and selective in what you buy. Stocks are still a good deal if you buy them at the right time. Feels the market still has an upward bias if Hillary still leads in the polls. Of the 2, Trump would probably be in favour of stimulus spending, but both of them will do a lot of that. That is what is needed to get us out of this very low interest rate environment, which will take many, many years.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: _N/A
2016-09-23 COMMENT A Comment -- General Comments From an Expert
A Commentary
Greg Newman

A vehicle for holding cash while waiting for an opportunity? He would recommend a high interest savings account or a Money market account.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Oil sands pipelines. Native communities just made a strong showing as opposing this. Ultimately that stuff matters, but is not sure that this is going to be the thing that moves the needle. He is of the view that what will drive these will ultimately be the price of the commodity.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 N/A A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Market. He didn’t think anyone really thought the US Fed was going to raise rates. This has re-accelerated the game that has been going on in the market for a long time, will they or won’t they. As we approach the 4th quarter and the December meeting, people are really beginning to wonder is this really going to happen given as to how cautious they are. Also, the economy seems to be slowing in the US. The economic data started to deteriorate a couple of weeks before, and with the 3rd and 4th quarter looking weaker than at the beginning of the year, it may be a challenge to raise rates this year, which would be very significant because it would just keep the uncertainty going. While it has inflated asset prices somewhat, it has also increased volatility. Thinks investors should just keep playing the strategy of trying to find equities that pay nice dividends and try to get a yield that way.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: _N/A
2016-09-23 COMMENT A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Telcos. If interest rates were to go up, would you sell, and repurchase them later? If interest rates were to go up, yes he would sell them, but with the Fed delaying a rate hike, you could leave this for at least 2-3 months. Maybe sell them in December, because the probability is quite high that the Fed will raise rates finally, and it will be a selloff much like it was last year. He would start selling Canadian holdings first and US holdings a little bit later.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Cdn$ short and long-term? Long-term, it is very highly correlated with oil prices, and for the first 6 months of this year, it pretty well walked in lockstep with oil. In the last month or 2, it kind of divorced from that and did its own thing. Today, there was a very big move. Overall the direction is down. It won’t be dramatically down because it had a bit of a selloff. Thinks we are looking at $1.33, maybe by year-end. It is not likely to improve as our economy is weaker.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Why are pipelines, utilities and telcos affected by interest rates? The reason is, they have very little growth and tend to pay out earnings in the form of dividends. As a result, because rates are so low, those companies, cash flows and dividends have become so prized right now that investors are trading at a premium to the market. In Canada, a 1% move typically corresponds to a 10% reduction in price on pipelines and utilities. However, that doesn’t really impact companies until you get to a certain threshold level of around 3.5% of a bank of Canada rate 10-year.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 TOP PICK Aecon Group Inc
ARE-T
Greg Newman

A beneficiary of very rich infrastructure spending at all government levels. Very strong backlog in their energy segment, where a lot of people are staying away because it is a big component of their business. They have nuclear opportunities such as the Darlington win last year. There are a lot of additional opportunities from Candu sites. Has a decent dividend with a very low payout ratio. He models 22% cash flow per share growth each and every year for the next couple of years. This is cheap, relative to its 5-year average. Dividend yield of 2.56%.


Price: $17.980
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
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