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

Recent Opinions

Date Signal Company Expert Opinion Price
2014-04-23 PAST TOP PICK Yushiro Chemical
5013-JP
Lorne Steinberg

(A Top Pick April 30/13. Up 10.36%.) At the current share price, it is basically selling for its net cash and half of its net cash plus Accounts Receivable so you are getting this electronics company basically for free. This company has huge upside and has just barely started to move.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Yes
2014-04-23 DON'T BUY Panasonic Corp
6752-TO
Lorne Steinberg

They are suffering from the same things that Sony is, that is they are totally out of touch with consumer tastes. This remains a huge issue for some of these companies. Earnings are going to improve simply because of the depreciation of the yen, but the reality is that there are serious problems with their model and their products and they require a massive overhaul.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: No
2014-04-23 COMMENT Hosiden Corp
6804-JP
Lorne Steinberg

A net cash story. How can you not like a company where you are getting, for a fraction, an underlying company? This one offers huge upside. Earnings are poised to take off again.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Yes
2014-04-23 N/A A Comment -- General Comments From an Expert
A Commentary
Lorne Steinberg

Markets. Stock markets have had a great run in the last couple of years. This is not just due to corporate earnings but is also due to price/earnings inflation. Valuations are simply more expensive. With the prospect of interest rates rising at some point and if the Fed tapering continues, that will put pressure on some equity prices. Also corporate earnings have been somewhat disappointing for some of the large mega international multinational companies. His equity fund is about 30% cash because he is having trouble finding good things to buy. He still finds value in Japan but a lot of the companies have moved up quite substantially. Also seeing value in European financials.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: _N/A
2014-04-23 N/A A Comment -- General Comments From an Expert
A Commentary
Lorne Steinberg

Interest Rates. The 10 year bond yield rose after Ben Bernanke’s famous comment last June. Since then, the reserve board has done everything it can to ensure and talk investors into believing rates will remain low. 10 year bond yields have actually declined in the US to about 2.5% so investors have become quite comfortable for the next 2-3 years. They believe interest rates will stay low so ETFs like SPDR Barclays High-Yield (JNK-N) and iShares Hi Yield Corp Bond (HYG-N) ETFs have come back up again as people begin to feel they are not going to suffer any capital losses. This is the same with preferred shares.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: _N/A
2014-04-23 N/A A Comment -- General Comments From an Expert
A Commentary
Lorne Steinberg

Convertible bonds. What is your best suggestion in the five-year maturity range with reasonable yield and liquidity? After the massive run-up in equity markets, he can’t find any value in convertible bonds. Anything decent is trading at a huge premium because share prices have risen up, therefore yields are extremely low. He does not find this area attractive at all at the present time.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: _N/A
2014-04-23 N/A A Comment -- General Comments From an Expert
A Commentary
Bruce Campbell (2)

Markets.  It is rare that we see buying in favour of selling 2:1.  It means there is a good move ahead for the markets.  We did a sprint, the market is consolidating and then it should move higher over the next few months.  He has a diversified portfolio.  Looks for earnings growth on an accelerating basis.  Mid caps are most attractive to him because of his analysis method.  Early stage equities are giving up some strength to the later stage equities. 


Price: $0.000
Subject: AGRICULTURE, DIVIDEND & FIXED INCOME
Bias: BULL on CANADIAN MARKET
Owned: _N/A
2014-04-23 PAST TOP PICK Alcoa
AA-N
Lorne Steinberg

(A Top Pick April 30/13. Up 60.91%.) Feels that this is just on the cusp. After aluminum companies have shut in a lot of high cost aluminum, supply is declining somewhat and demand is poised to take off in the next couple of years because of US auto demand is rising. To him, their peak earnings will be $2.50-$3 a share. In the past, when earnings have been at this level, this has been a $30 stock.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Yes
2014-04-23 COMMENT Alimentation Couche-Tard (B)
ATD.B-T
Lorne Steinberg

Always had thought it was a lousy business, low margin convenience stores but this one has done an absolutely outstanding job. The only successful Canadian retailer that has been successful in the US. Earnings keep driving higher. He could never buy it at the valuation it is trading at but, kudos to management.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Unknown
2014-04-23 COMMENT Bank of America
BAC-N
Lorne Steinberg

All of the earnings for the US banks are showing 2 things. On one side, all the big money center banks like this one, are showing some increased earnings, but the reason, in part, is that they are taking out reserves for bad loans. The economy has improved and now they are unwinding those reserves. It is not really core earnings improvement. They are also suffering from the new rules that will apply to their use of capital. He is somewhat neutral on these banks and prefers the European ones, which look a lot cheaper.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Unknown
2014-04-23 COMMENT BP PLC
BP-N
Lorne Steinberg

This is probably the cheapest of the major oil/gas companies still suffering under the shadow of the Macondo spill. About a quarter of their production is in Russia, which is always a risk. The healthy dividend is rock solid. Focused solely now on driving shareholder value so there will probably be share buybacks and dividend increases. Trading at a very cheap valuation.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Yes
2014-04-23 COMMENT Cameco Corporation
CCO-T
Lorne Steinberg

Largest bank in Europe but their major exposure is Spain as well as Latin America including Brazil and Argentina. High dividend yield which is supporting the share price. Not a cheap stock. Not that well situated compared to other banks that he is looking at. A rock solid bank and the dividend looks solid as well. 8.4% dividend yield.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: No
2014-04-23 TOP PICK Cisco
CSCO-Q
Lorne Steinberg

This is a value manager’s dream because Wall Street hates this company. All analysts have downgraded it. When he looks at it, he sees a company with about 30% of the market cap in net cash. Earnings will have flattened this year at around $1.95-$2 level. This company remains #1 in the world in all of their businesses. Have tremendous scale. Great management team. Earnings are poised to rebound in 2015, partly due to just general tech spending increases especially in their area. Yield of 3.25%.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Yes
2014-04-23 DON'T BUY Cooper Tire & Rubber
CTB-N
Lorne Steinberg

In the replacement tire business so are not selling tires to car manufacturers but to garages, etc. They were involved for a while in a takeover bid that didn’t pan out. Not a great business really. Earnings should be fairly stable for the next couple of years but there is not enough upside for him.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: No
2014-04-23 COMMENT Dollarama Inc.
DOL-T
Lorne Steinberg

A great Canadian retailer that has been wildly successful. Management has done a fantastic job in exploiting this niche and building its business. This is reflected in the share price and he can’t buy anything like this that is trading over 20X earnings.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: No
2014-04-23 COMMENT Callaway Golf
ELY-N
Lorne Steinberg

Have been suffering with a turnaround for years now. Big Bertha was a revolutionary club when it came out. Nike (NKE-N) has made a huge push into golf and they are a brutal competitor. This is a consumer product type situation and rather narrowly focused. Golf is suffering a little bit with the economic malaise in the US. This will come down to whether management can pull off the turnaround. If they can, this will probably do reasonably well.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: No
2014-04-23 COMMENT IBM
IBM-N
Lorne Steinberg

Has really had no revenue growth for the last number of years but have been generating earnings per share growth because they have very smart management but also because they have been using their cash to buy back shares. Basically it is a zero growth company but extremely well run. Has market leadership in the number of various including IP outsourcing. Neither cheap nor expensive and he doesn’t see huge upside. They will be suffering with a strong US$.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Unknown
2014-04-23 PAST TOP PICK Joy Global Inc.
JOY-N
Lorne Steinberg

(A Top Pick April 30/13. Up 9.98%.) This is a very cyclical company. They are probably the best in the world at what they do. They make equipment for global coal. He sees 40%-50% upside over the next 3 years.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Yes
2014-04-23 TOP PICK Manulife Financial
MFC-T
Lorne Steinberg

The worst is over for this company. Earnings rebounded this year and he is looking at double digit earnings growth for 2015. To him, that means we are going to start seeing the dividend increasing again. They are suddenly doing everything right. Have a great global presence. Their whole hedging strategy, which caused them problems, has been well thought out and cleaned up. Dividend yield of 2.5%.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Yes
2014-04-23 SELL Maple Leaf Foods
MFI-T
Lorne Steinberg

Has just undergone a major restructuring, pushed by a hedge fund. Sold their best asset, Canada Bread, the only real profitable part of this company. The meat business that is left is certainly a large business but has struggled to make money for a number of years. Commodity-based businesses are very tough businesses.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: No
2014-04-23 COMMENT Potash Corp of Saskatchewan
POT-T
Lorne Steinberg

There are rumours of a takeover by BHP which he was surprised to read, after the last time around. He does not like to buy a stock based on the possibility that there might be a takeover bid. If there was a takeover bid, it would go for much higher share price than what it is currently trading at.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Unknown
2014-04-23 COMMENT Banco Santander SA
SAN-N
Lorne Steinberg

Largest bank in Europe but their major exposure is Spain as well as Latin America including Brazil and Argentina. High dividend yield which is supporting the share price. Not a cheap stock. Not that well situated compared to other banks that he is looking at. A rock solid bank and the dividend looks solid as well. 8.4% dividend yield.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: No
2014-04-23 COMMENT Shinhan Financial Group
SHG-N
Lorne Steinberg

A domestic bank in Korea. Korea, unlike most emerging-market countries, is a net exporter so they don’t rely on foreign capital. Korea is very well-positioned and is more of a developed market more than any emerging-market. Earnings are poised to increase for all of the Korean banks.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Yes
2014-04-23 COMMENT Sunlife Financial
SLF-T
Lorne Steinberg

There is still upside in this stock. Earnings are poised to take a jump in 2015 for a variety of reasons. He is looking at this to increase its dividend again. In 2015 he is looking for 11X earnings which is still relatively cheap for a great company.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Yes
2014-04-23 HOLD Unilever PLC
UL-N
Lorne Steinberg

One of the global great consumer product companies. Not a cheap stock. Solid dividend and a rising dividend yield. This company has huge exposure to many interesting areas including emerging markets and many good niche areas.


Price: $0.000
Subject: VALUE STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: No
2014-04-22 N/A A Comment -- General Comments From an Expert
A Commentary
Colin Stewart

US Economy. Has been some recent concerns that there has been some slower data in the last few months, with some of it being weather related. The very harsh winter had a negative impact on certain sectors such as transportation and retailers. His view is that the US economy is gradually getting better with unemployment coming down, corporate earnings still growing and the federal reserve still relatively supportive with a very low interest-rate policy, which he thinks will be in place for some time. Earnings really have to kick in here to propel share prices higher. Corporate balance sheets, being very healthy, companies have more cash than they know what to do with. In today’s low interest-rate environment, for companies to be sitting on billions of dollars of cash earning a treasury bill rate, is not really doing shareholders a lot of good so he thinks there is a lot of pressure to put that cash to work. With CEOs more optimistic and feeling better about the economy, we will be seeing more and more deals for mergers and acquisitions.


Price: $0.020
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: _N/A
2014-04-22 N/A A Comment -- General Comments From an Expert
A Commentary
Colin Stewart

US Housing. It seems like this has flat lined and taken a paused for a while. He sees another leg up soon. Timing is always elusive and difficult to figure out. Very simplistically many, many studies have shown that over a long period of time, the US needs about 1.3-1.5 million new homes built every year, just to keep up with population growth and immigration. Over the last several years, housing starts have been running at anywhere between 600,000 and 900,000 so not enough homes are being built to satisfy that natural demand. Thinks that over time there will have to be a reversion back to the mean and housing starts to go back to the 1.3-1.5 million range. (See Top Picks and Past Picks.)


Price: $0.020
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: _N/A
2014-04-22 N/A A Comment -- General Comments From an Expert
A Commentary
Jon Vialoux

Markets. We are getting to that time where it is “sell in May and go away”, but there are also the midterm elections throwing a range in the works. The average Sell date for May is the 5th, so we are approaching that time. The average decline in the summertime is a minor one at -0.02%, so it is not a given that the markets will decline in the summer. Actually 61% of the time they are positive during the summer. So the “sell in May and go away” is more or less a myth. It is a broad strategy in that you Sell the broad markets, and move to bonds and more defensive positions. However, there is a condition this year in that this is a midterm election year. These can cause a lot of volatility in the market between April 22 and Sept 30. Average decline for the S&P 500 is almost 5% and we have seen 10 of the past 16 midterm election years have had a correction of 10% or more. There is a very high probability this year that we are going to see the typical volatility in the summer. He is not expecting an end to the uptrend, but just a pull back. It has been 30 months since we have had a correction and we are certainly due for one. He is still fully invested, but has his finger on the trigger. During the summer, he becomes defensive and does not take on excess risk. He moves into things like consumers’ staples, healthcare, utilities, things that have a yield and even bonds tend to do well in the summertime.


Price: $0.020
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: _N/A
2014-04-22 HOLD Alcoa
AA-N
Colin Stewart

A very good, large cap aluminum producer levered to the US economy and into the global economy. There is a trend towards light weighting in cars as opposed to having a lot of steel in your cars. Feels it has good long-term prospects.


Price: $13.510
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: No
2014-04-22 HOLD Alaris Royalty
AD-T
Colin Stewart

A company that has been able to acquire cash flow generating businesses. They use their currency to make a lot of acquisitions and pay a nice dividend out over time. That outlook is still intact. Has had a pause, but long-term the outlook is positive.


Price: $27.080
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-04-22 HOLD Altagas Ltd
ALA-T
Jon Vialoux

This tends to do well during the summer and he is not sure of the reason. Energy can do moderately well during the summer, but that is not its peak period of seasonal strength which runs from January through to May. There is a push from July through to October. This one has seemed to find that strength and shows an average gain of 8% during that time. This would be a hold through to the end of September.


Price: $46.670
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-04-22 PAST TOP PICK Ainsworth Lumber Co. Ltd.
ANS-T
Colin Stewart

(A Top Pick April 16/13. Down 4.31%.) Sold his holdings when there was a takeover offer.


Price: $3.800
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: No
2014-04-22 SELL Aecon Group Inc
ARE-T
Colin Stewart

Doesn’t follow this closely, but it has performed well and if you own, he would be inclined to take profits. One of the challenges in the engineering/construction business is that it can be “boom and bust”. When oil/gas sector is doing well, they win a lot of contracts as well, but there are risks that when the going gets tough, they can be locked into contracts that could have costs overruns.


Price: $18.490
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: No
2014-04-22 COMMENT Alimentation Couche-Tard (B)
ATD.B-T
Colin Stewart

Very good business. They have been a consolidator in the convenience store/fuel station business. His concern is that the share price is quite expensive at about 19X earnings.


Price: $89.030
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: No
2014-04-22 COMMENT Bank of America
BAC-N
Colin Stewart

Preferred Citigroup (C-N) which was a little bit cheaper, trading at about 8.9X on a forward basis compared to this one at about 10X. Citigroup also has a more interesting upside on the dividend side when the Federal Reserve will give them the ability to increase their dividend. However, he likes the whole sector. As the economy and housing gets better, all the US banks should do well.


Price: $16.290
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: No
2014-04-22 DON'T BUY Badger Daylighting
BAD-T
Jon Vialoux

This tends to do well from March through until May. Chart shows a nice upward trend in 2011 and has gone parabolic since late 2012. You tend to want to avoid cyclical stocks during the summer.


Price: $39.730
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-04-22 DON'T BUY Bombardier Inc (B)
BBD.B-T
Colin Stewart

There is a lot of optimism about the C series. This is a name he has stayed away from over the years. Has been disappointing constantly and has a lot of leverage on its balance sheet. This is not an easy business.


Price: $4.030
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: No
2014-04-22 WAIT Biogen IDEC Inc.
BIIB-Q
Jon Vialoux

The period of seasonal strength comes predominately during the summertime, from August through until October. The average gain from July through to October is about 30% on an annual basis. The strongest month is July, so if you can take a position before July, it will give you added value. Currently this is trying to find a bottom. It is bouncing off of oversold levels. Doesn’t expect you would find the bottom at this point. Wait until the summer.


Price: $306.200
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-04-22 SELL Progressive Waste Solutions Inc
BIN-T
Jon Vialoux

Waste management companies can do very well in the springtime with contracts coming up for the summer. They tend to do very well from March through May. Expects this one would be no different, however the chart shows a huge double top and it doesn’t look like it is going to exceed that given the few weeks left in the seasonal period. Industrials do particularly poorly in the summertime.


Price: $27.190
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-04-22 TOP PICK Brookfield Residential Property
BRP-T
Colin Stewart

A play on US housing, a trend he likes which he expects will continue to improve over the next number of years. One of the leading land development companies and homebuilders. The difference between them and other homebuilders is that they have about half their business in Western Canada, which has been very strong with the other half in the US. Almost more of a land development business where they make their profits by developing and selling lots than they do from building homes. Rising home prices in the US would lead to strong appreciation in land prices. Have about a 20-25 year inventory of lots in land, where the traditional homebuilder has only a 4-6 year inventory.


Price: $22.830
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-04-22 TOP PICK Canfor Pulp Products
CFX-T
Colin Stewart

A large producer of softwood pulp in North America which goes into producing things like tissue paper, etc. Benefiting from current strong pulp prices and a weak Cdn$. Thinks it is going to generate a very significant amount of free cash flow over the next couple of years, in excess of $1 a share. Yield of 1.86% and there is a very strong possibility that this will be increased significantly over the next 12-18 months.


Price: $11.170
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-04-22 DON'T BUY CI Financial Corp
CIX-T
Jon Vialoux

Canadian financials in particular have a period of seasonal strength from January all the way through to their earnings. This one reports May 7. The big 6 report closer to the end of May so you still have a bit of time. Chart shows consolidation for the past few months so it hasn’t really played out according to seasonal tendencies. There are better alternatives out there. Revisit financials in August.


Price: $35.280
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-04-22 SELL Canadian National R.R.
CNR-T
Jon Vialoux

Transportation industry is doing incredibly well right now. This one had a huge push over the last few days and is starting to outperform the market. The period of seasonal strength for transportation stocks predominantly come to an end when industrial stocks come to an end, which is the beginning of May. A good trade during the summertime is to actually Short some of these things. July through to October is the weakest time for these transportation stocks. He would be looking to take profits here.


Price: $63.570
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-04-22 COMMENT Canadian Oil Sands
COS-T
Jon Vialoux

Has had a great move in its present period of seasonal strength and is up substantially since the year began. Substantially overbought at present levels. We are nearing the end of the seasonal strength and this follows the same seasonality. May 9 is the average exit date for the energy sector. Look to take profits on strength between now and May 9. Sit it out and then come back during the next period of seasonal strength of July through until October.


Price: $24.180
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-04-22 TOP PICK Corby Spirit and Wine (A)
CSW.A-T
Colin Stewart

Trading at a discount of 11X EBITDA versus 18X EBITDA of other companies. 3.5% dividend yield, so you get paid to wait. Undergoing a fairly major expansion in the US with their J P Wiser brand, one of the leading brands of rye whiskey in Canada. This is a really hot trend today in the spirits market. If successful with the expansion in the US, there could be a significant earnings upside. The wildcard is Pernod Ricard, the 4th or 5th largest liquor company in the world that owns 50% of this company. They might make a bid for the rest of Corbys. Yield of 3.44%.


Price: $21.020
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-04-22 BUY Caldwell Partners Int'l (A)
CWL-T
Colin Stewart

A business that generally is going to benefit from a recovery in the economy. Have done a great job of expanding outside of Canada into the executive search business in the US in the last few years. As the US economy improves, the business and the number of searches they do will improve. Has a very large cash balance of about $0.45-$0.50 as share. Pays a nice dividend of 6.8%.


Price: $1.030
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-04-22 PAST TOP PICK Dundee International REIT
DI.UN-T
Colin Stewart

(A Top Pick April 16/13. Down 2.25%.) Sold his holdings about 6 months ago when he had a concern about interest rates moving higher. Still feels it is a well-run REIT. Has a lot of properties in Europe which is more of a play on what is going on over there.


Price: $9.550
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: No
2014-04-22 HOLD Walt Disney
DIS-N
Colin Stewart

A stock that has performed very, very well over the last 5 years. Recently had a bit of a setback but the market has also come back so wouldn’t read too much into this. A very high quality company. There is more and more value being put on content and this is one of the leaders in content. A good blue-chip stock to own.


Price: $79.450
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: No
2014-04-22 HOLD Encana Corp
ECA-T
Colin Stewart

If you believe in natural gas, this is one of the really blue chip companies in Canada that participates. Recently spun off some of their more mature assets into a royalty type structure, which is part of the reason why the stock has been strong in addition to the weather we have had.


Price: $25.500
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: Unknown
2014-04-22 SELL ON STRENGTH Ford Motor
F-N
Jon Vialoux

Consumer discretionary stocks, particularly this one, tend to do well in the spring. There is a huge spike up from March through to May, but then we get into a period of seasonal weakness. Consumer discretionary stocks tend to do very poorly during the summer. Relative performance is still trending higher on this, so it looks like there are still investors coming into it. We are getting to the end of seasonal strength in a couple of weeks.


Price: $16.100
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-04-22 COMMENT Facebook
FB-Q
Colin Stewart

Doesn’t follow this closely. It’s a great business but the 1st number of quarters after their initial offering didn’t perform that well. Expectations today are probably a little bit higher because the last few quarters have seen better results. It is tough to go against a company that has built as much value as they have over the last 10 years.


Price: $63.030
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: No
2014-04-22 COMMENT Guardian Capital Group
GCG-T
Colin Stewart

Has 2 main assets, the core asset management business which has been improving and making acquisitions in the business and has been getting better. Also, have a very large portfolio of corporate investments on their balance sheet, the largest of which by far is a stake in the Bank of Montréal (BMO-T) and every time this moves up, this company becomes more valuable. As their asset management business improves, they can hopefully grow and make acquisitions in their core business and maybe sell down some of their BMO stake. He thinks the outlook is positive. Thinly traded, so you could look at CI Financial (CIX-T) or Gluskin Sheff (GS-T) instead.


Price: $18.500
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-04-22 WAIT Gilead Sciences Inc.
GILD-Q
Jon Vialoux

Biotech has 2 periods of seasonal strength. One is predominately during the summer from August through until October, but there is also a very minor push during the months of April and May which we are seeing now. Had a huge selloff during its seasonal weakness of February to April and had become deeply oversold. We are now into a minor period of seasonal strength, but he would look into buying this in August.


Price: $72.860
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-04-22 HOLD Goldman Sachs
GS-N
Colin Stewart

Fits in the category of a very well run business. Trading at a reasonable valuation multiple. A pickup in merger and acquisition activity would benefit this company. He thinks this is going to happen.


Price: $160.460
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: No
2014-04-22 BUY Home Depot
HD-N
Colin Stewart

Has been Buying in the last month or so. Pullback in the US market caused the share price for a lot of large caps like this, to pull back a little. Great company and trading at 18X this year’s earnings and 15X the 2nd year out. Growing its store base at a very high rate of investment capital, and more importantly, also has exposure and leverage to a very strong housing market. Great way to play the housing market.


Price: $79.670
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-04-22 TOP PICK HAP Floating Rate Bond ETF
HFR-T
Jon Vialoux

A good cash alternative way where you can hide out during the summer. This holds a basket of corporate bonds and has a floating rate attached to it, to hedge out the interest-rate risk. If bond rates and interest rates go higher, you will tend to benefit from this. A very conservative play.


Price: $10.220
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: No
2014-04-22 PAST TOP PICK Imvescor Restaurant Group
IRG-T
Colin Stewart

(A Top Pick April 16/13. Up 38.36%.) Story has only gotten better. Earnings are going higher. Have a great retail business where they sell some of their products in grocery stores. That retail initiative is a very high margin business. Well-positioned and generating a lot of cash flow. At some point, they could initiate a dividend which would be received positively.


Price: $2.030
Subject: NORTH AMERICAN - LARGE (LONG/SHORT STRATEGIES)
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-04-22 PAST TOP PICK iShares Russell 2000 ETF
IWM-N
Jon Vialoux

(A Top Pick Jan 3/14. Up 0.20%.) This is a great play at the start of the year. You get a big push in Jan-Feb. This year it capped out right according to queue, at the beginning of March. Period of seasonal strength is from mid-December through to the beginning of March and he made about 9% on this trade.


Price: $114.620
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: No
2014-04-22 COMMENT iShares Dow Jones Real Estate E.T.F.
IYR-N
Jon Vialoux

This is just coming to an end of its 1st period of seasonal strength. It tends to do well in the springtime, March through to May. The next period of strength is from July through to October.


Price: $69.230
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: Unknown
2014-04-22 PAST TOP PICK iPath DJ AIG Copper TR Sub-Index
JJC-N
Jon Vialoux

(A Top Pick Jan 3/14. Down 9.51%.) Copper futures. This one did not work out.


Price: $37.020
Subject: SEASONAL & TECHNICAL
Bias: CAUTIOUS
Owned: No
Showing 1 to 60 of 126,690 entries
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