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

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Date Signal Company Expert Opinion Price
2015-05-29 N/A A Comment -- General Comments From an Expert
A Commentary
Jerome Hass

Markets. He tries not to forecast the markets, but is cognizant that we are in the month of May, and selling will have some merit to it. Also, be aware there are opportunities in the summer, which is one of the reasons he has pulled down his net exposure in his portfolios and is sitting on around 67% cash in his flagship fund. Still likes non-bank financials and he tends to use the banks as a hedge for market risk. Likes the consumer stocks as there is a scarcity value of those. As investors flee from the resource space, that tends to be a safe haven for them. Avoids direct exposure to the resource space. More of a “bottom up” investor rather than a sector player. A typical hedging trade could be Canadian Pacific (CP-T) which is overvalued, and where the first risk is market risk and the second industry specific risk. Because of this, it would not normally be in a pairs trade within that sector, so Canadian National (CNR-T) would be a natural choice. If diesel fuel goes up or down, it affects both of them equally, which helps to take out some of the risk in the portfolio. This allows him to focus on the alpha.


Price: $0.020
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: _N/A
2015-05-29 N/A A Comment -- General Comments From an Expert
A Commentary
Don Vialoux

Markets. It is inevitable that we need a correction before we get any kind of a summer rally. Every year, in the last 13 years except for one, there has been a summer rally. It’s difficult to pin down when it happens, but you can tell by watching the VIX Index closely. Historically, something happens in the summer time which causes volatility to increase. When volatility increases, look out because you then go into a corrective phase, and you don’t want to be there because the amount of correction can be significant. Once the correction is over, you are set up for the next move, which is your summer rally. The TSX Composite is really fascinating, because it is hanging in there. If it drops another 80 points, it completes a major breakdown on the index, and establishes a technical selling to move markets lower.


Price: $0.020
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: _N/A
2015-05-29 TOP PICK A Comment -- General Comments From an Expert
A Commentary
Don Vialoux

5 Month Canadian Treasury Bill. We are going into a period of exceptional volatility. You want to protect yourself against a situation where the federal reserve is expected to increase its rates.


Price: $0.020
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: No
2015-05-29 COMMENT A Comment -- General Comments From an Expert
A Commentary
Don Vialoux

Crude Oil. On a seasonal basis it has its strengths from around the end of January right through until the beginning of August. On the other hand, just a couple days ago on a short-term basis, it broke down through a short-term support level. The seasonality may be peaking out a little bit earlier than usual this year. Technically, it has recently been in an upward trend, but is starting to stall. He really doesn’t have a strong opinion on crude oil as the seasonality and technicals are not really coming together.


Price: $0.020
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 TOP PICK A Comment -- General Comments From an Expert
A Commentary
Don Vialoux

2 Month Canadian Treasury Bill. There are a number of sectors that normally do very well in the summer time, so you want to set it up so that when those sectors come into the period of seasonal strength, you are all set to go if the technicals get lined up.


Price: $0.020
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: No
2015-05-29 WATCH Agnico-Eagle Mines
AEM-T
Don Vialoux

Historically, with an increasing volatility, stocks like this move higher. The period of seasonal strength for gold is around the middle of July through until around the beginning of October. Technically the stock is starting to show signs of bottoming, which is encouraging. Once the stock breaks through its resistant level that will confirm that the trend is once again moving upward.


Price: $40.020
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 PAST TOP PICK Sphere 3D
ANY-Q
Jerome Hass

(A Top Pick June 18/14. Up 53.06%.) Short. Had been looking at their technology and had some skepticism about it. This was virtualization technology that was supposed to be able to take any application and run it on any mobile device. Earnings and losses continue to disappoint. Also, they announced an acquisition last year that he found perplexing. He is still comfortable with this.


Price: $3.730
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 COMMENT Callidus Capital Corp
CBL-T
Jerome Hass

On one side you have the Catalyst Fund, one of the largest private equity funds in Canada. On the other side is another large private equity fund of WestPhase (?). These 2 are fighting over various issues and have used this company is a battleground. In Nov/14, WestPhase put forward a short case in the form of a proposition. Callidus is a lender to distressed lenders, so it is pretty easy it is pretty easy to paint a bearish scenario. Because of this, the share price has traded off fairly dramatically. Still holding and is comfortable with it.


Price: $14.500
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 COMMENT Cameco Corporation
CCO-T
Don Vialoux

Has chosen this as his single stock to outperform the market during 2015. Had looked like uranium prices had finally bottomed at around the $28 per pound level. It had actually got as high as $40. Technicals have been fairly positive in the last little while, but the price of uranium has gone from $40-$35, which is not supposed to happen. This has caused the stock to slow down, but it is still in an upward trend. He wouldn’t be overly concerned, but seasonality does not support this particular trade.


Price: $18.640
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 COMMENT Cineplex Inc
CGX-T
Jerome Hass

This is a stock that all money managers seem to love. To him it is trading at very expensive multiples at around 39X last year’s PE and about 26X this year’s. They are embarking on a new venture called the Rec Room, essentially bars and casual dining within the cinemas. As a consequence, he thinks the stock should be de-rated. Has this in a Pairs Trade with Cinemark (CNK-N), with this one being the Short.


Price: $49.050
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 TOP PICK Clearwater Seafoods Inc.
CLR-T
Jerome Hass

The largest owner of shellfish quotas in North America. Likes the long-term dynamics of the business. Seafood is scarce and getting scarcer, so as a consequence you are seeing a very robust pricing across all their seafood products. On top of that quotas are becoming more valuable over time. Also, there is increasing demand as people become a lot more conscious of the benefits of seafood and proteins, particularly in Asia, but more so lately in North America. A nice defensive name that is relatively uncorrelated with what is going on in the rest of the economy. Dividend yield of 1.25%.


Price: $13.250
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 WATCH Celestica Inc
CLS-T
Don Vialoux

The period of seasonal strength is from December to April. Right now it is still looking very good. Technically it is in an upward trend, trading above its 20 day moving average, and its strength relative to the Canadian market is very, very strong. Even though it is past its period of seasonal strength, as long as it continues to outperform the market, stick with it. Watch your technical indicators. As they start to roll over in the corrective phase of the market, that is when you want to start taking money off the table. Stick with this right now, but watch it very closely.


Price: $15.910
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 BUY Computer Modeling Group Ltd
CMG-T
Jerome Hass

They provide software that simulates both the field and production in oil/gas fields. Took a hit along with the energy related names, but it kind of bottomed out around November when people realized it was a very resilient company with about 97% of their revenues recurring. Recently added to his position. A great long-term hold. Dividend yield of just under 3%.


Price: $13.770
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 COMMENT Cinemark Holdings
CNK-N
Jerome Hass

Has this in a Pairs Trade with Cineplex (CGX-T), with this one being the Long position. This one has a better growth profile. They also have some cinemas in Latin America.


Price: $40.530
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 COMMENT Canadian Tire Corporation Ltd. (A)
CTC.A-T
Don Vialoux

This typically has a nice move from the beginning of January into the spring time, and then after that they have difficulty. This one, as well as the retail sector in general, tend to have problems as we get into the summer. Technically it is not looking great right now because it is starting to show signs of rolling over. Very close to its 20 day moving average. If you are a longer-term investor, this is a very interesting and attractive stock, so stick with it.


Price: $128.950
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 TOP PICK Currency Exchange Intl.
CXI-T
Jerome Hass

Essentially a provider of foreign exchange to financial institutions. Likes this as a low-risk, high growth business, that has the potential to be something very big. They carved a niche for themselves in the provision of foreign exchange. They can do foreign exchange cheaper and more efficiently than the banks themselves. Analysts are looking for 35% earnings growth in the next 2 years, and he thinks they are going to exceed that. Management has a history of under promising and over delivering. Feels it could be a $50 stock in the not too distant future.


Price: $35.320
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 DON'T BUY Concordia Healthcare
CXR-T
Jerome Hass

You need to be cautious on this. A very crowded trade and has had a phenomenal run. As an investor he is always cautious about crowded trades. Also, understanding the acquisitions they are making can be difficult.


Price: $82.920
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: No
2015-05-29 PAST TOP PICK Counsel Corporation
CXS-T
Jerome Hass

(A Top Pick June 18/14. Up 27.47%.) Continues to like this. They are #4 in terms of their market share as a residential mortgage lender in Canada, just behind Home Capital Group (HCG-T). They have about $21 billion on mortgages under their administration. It has a lot of potential, which he feels is not being captured by the street.


Price: $2.340
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 COMMENT DirectCash Payments Inc
DCI-T
Jerome Hass

Likes this name. A provider of ATMs in Canada, Australia and the UK. Hasn’t done particularly well as of late, because people were disappointed in the latest quarterly numbers. There was a slowdown in transaction volume in Australia. Last year Australia introduced “Tap & Go”. When it came into Canada several years ago, it had a 3% impact over 3 years on transactions. In Australia, almost as soon as it was introduced, it had about a 10% impact. That had not been anticipated by the company. Management felt this was a one-off downward movement and thinks it is sustainable at these levels. This is “attrition rate” in ATMs versus their ability to grow the business. He is betting on the growth of the business. 9% yield is sustainable.


Price: $15.470
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 DON'T BUY Enterprise Group
E-T
Jerome Hass

This company was having issues, where they had so much business, they were renting a lot of equipment which put pressure on their margins. Raised some money and bought a bunch of new equipment, pretty much at the worst time possible. As a consequence they now have more operational leverage than they had before, and he expects equipment is not being used very well. Doesn’t see any big rush to get back into this name.


Price: $0.220
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: No
2015-05-29 TOP PICK EnerCare Inc
ECI-T
Jerome Hass

A very safe name. An ideal name for retail investors. Has a 5.5% sustainable dividend yield. About a 60% payout ratio, and using maintenance CapX, it drops down to about 48%. Trading at about 8.5X EV to EBITDA, while other utility names trade at about 11 times. They have a growth profile that utilities don’t have, through the sub-metering business.


Price: $14.500
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 WAIT easyhome
EH-T
Jerome Hass

He has been cautious about its exposure to Western Canada. The easy finance business has a lot of exposure to Western Canada, and Alberta in particular. He has exited his position. He would be cautious and wait until there were more tailwinds in Western Canada.


Price: $19.230
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: No
2015-05-29 COMMENT General Electric
GE-N
Don Vialoux

This is part of the industrial sector and historically its period of seasonal strength is from around the middle of October right through until the end of April. The stock is now starting to roll over. Technically the trend is still on the upside, but the strength relative to the market is slightly negative and looks like it is moving below its 20 day moving average as well.


Price: $27.270
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 BUY Grenville Strategic Royalty
GRC-X
Jerome Hass

You can think of this as a listed capital ventures fund. They invest in relatively small companies. Instead of owning one small cap company, they can have a stake in 23. They provide financing to companies that can’t get bank financing, and they take a royalty on the sales. Their payback on these investments is 4 years, and the return on the investments is about 25%. The venture capital business in Canada has been a graveyard for the last 25 years. The guys running this are very experienced and are deploying the money effectively. Have about $33 million invested with about $22 million and capacity. Thinks it will grow substantially this year. Dividend yield of about 5.5%. A great investment and it is early innings of a long-term story.


Price: $0.890
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 COMMENT Hudson Bay Co.
HBC-T
Don Vialoux

This has gone through quite a few permutations for the last few years. It doesn’t have a well defined seasonal trend. Technically it has been an upward trend since mid-2014, but seems to be peaking out from the middle of April, and is now starting to move to the downside. It could come down to its previous support level of around $21.


Price: $25.470
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 WATCH Hudbay Minerals Inc.
HBM-T
Don Vialoux

Base metal stocks have very distinct seasonality. There are 2 of them. One of the better ones is normally from January until April of each year. On a technical basis, it has done very well and has just broken through new highs. Stock is in an upward trend and is outperforming the market. Even though the period of seasonal strength has ended, it is still a winner and you want to stick with it. Look for opportunities to take some profits, and that will probably happen within the next 2-3 weeks. We are already seeing signs that copper and zinc prices have already rolled over and are showing signs of weakness.


Price: $11.120
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 TOP PICK HAP Floating Rate Bond ETF
HFR-T
Don Vialoux

You want to set up your portfolio so that when the summer rally happens, (he thinks it will happen between now and the end of October) you have the ability to go into it. This is short-term corporate and government bonds, basically a form of cash, giving you the ability to take some cash out for investments. In the meantime, you pick up a little bit of return.


Price: $10.130
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Yes
2015-05-29 PAST TOP PICK HBP S&P/TSX 60 Index ETF
HXT-T
Don Vialoux

(A Top Pick April 14/15. Down 2.35%.) Most markets peak on May 5, but the TSE Composite actually peaks on May 29. If you have invested in this, now would be a good time to consider making your move into more conservative investments, preferably cash, bonds, short-term notes, etc.


Price: $28.230
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: No
2015-05-29 WAIT Iamgold Corp
IMG-T
Don Vialoux

The chart indicates that it is trying to bottom, which is encouraging. There are slight pauses of relative strength which is also encouraging. Below its 20 day moving average. The technicals are getting lined up, but the trend is still on the downside. It is probably getting lined up for a seasonal trade starting in July.


Price: $2.530
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 COMMENT Intertain Group
IT-T
Jerome Hass

He likes uncrowded trades, and this is a very popular trade, so he would be cautious about this. Would prefer Great Canadian Gaming (GC-T) as a safer play. Has been thinking about a possible Short on this.


Price: $19.390
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: No
2015-05-29 DON'T BUY Just Energy Group
JE-T
Jerome Hass

In terms of valuation, it is about 8.5X EV to EBITDA, a similar multiple that EnerCare (ECI-T) trades at, but it appears inflated to him. Comparing the underlying fundamentals to EnerCare, there should be no comparison. He doesn’t understand what this company’s business is. Their attrition rate is about 16% per year. This means to just stand still they have to find 16% in new customers. That is not a very sustainable model. He is Short this stock.


Price: $6.780
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 HOLD Manulife Financial
MFC-T
Don Vialoux

This has been doing amazingly well in the last little while. It has recently re-established an upward trend and broke through a new high. Seasonality tends to be very similar to the financial service sector and has reached the end of it seasonal strength. Watch for signs of technical weakness going forward, which will be the time to take some profits.


Price: $22.830
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 HOLD Magna Int'l. (A)
MG-T
Don Vialoux

Longer-term charts indicate this is still going higher. Typically people buy cars in the spring, so the auto sector does really well at that time of year until the beginning of May. After that seasonality tends to slow down. This stock is clearly in an upward trend and just broke through a new all-time high. It is outperforming the TSE composite and is well above its 20 day moving average. Technically you are in gear. You want to continue holding this as long as the technicals remain positive.


Price: $71.470
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 COMMENT Micron Technology
MU-Q
Don Vialoux

A semiconductor stock and this sector is on fire. Has broken through its all-time highs. The problem with the sector is that its period of seasonal strength, from October to January of each year, is already past. Watch very closely for an opportunity to take profits.


Price: $27.930
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 BUY NYX Gaming Group Ltd
NYX-X
Jerome Hass

A spinout from Amaya (AYA-T), which is focused on the back end of the online gaming systems. They provide the software and hardware rather than running the games themselves. He likes that as a risk profile. There will be a capital raise, but the question is how much of that is already baked in.


Price: $4.690
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 DON'T BUY Proctor & Gamble
PG-N
Don Vialoux

This is a consumer staple stock which normally does okay at this time of year. Consumer staple stocks are the best performing sector from May to October. It doesn’t mean that they go up a lot, just that they go down less then the rest of the market. Technicals are not so good. It is in a downward trend, underperforming the market, below its 20 day moving average and as yet has shown no signs of bottoming. Getting very close to its support level, so your downside risk is probably minimal. However, your upside potential is not the greatest.


Price: $78.390
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 WATCH Potash Corp of Saskatchewan
POT-T
Don Vialoux

This has very strong seasonality. Its best time is from October until early January. This can show positive signs even earlier than October. Historically it tends to bottom right around June-July, and starts to perform during that time, but doesn’t make you any money. Technically it is finally starting to show signs of bottoming, which is very encouraging. Still too early and he would encourage you to wait until October, but on occasion this can start to show its upward trend as early as the end of June.


Price: $39.140
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 PAST TOP PICK Pilgrim's Pride
PPC-Q
Jerome Hass

(A Top Pick June 18/14. Down 19.37%.) Pairs Trade. (Long Pilgrim’s Pride (PPC-Q) and Short this.) Materialized a lot faster than expected, so he exited his position.


Price: $25.580
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: No
2015-05-29 PAST TOP PICK Power Share QQQQ ETF
QQQ-Q
Don Vialoux

(A Top Pick April 14/15. Up 2.69%.) The cubes tend to outperform both the TSE Composite and the S&P 500 in the month of May. After that, they have a tendency to underperform going forward. Now is the time to take some profits.


Price: $110.050
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 COMMENT NXT Energy Solutions
SFD-X
Jerome Hass

One of his favourite names. They have a technology that allows oil/gas companies to use their exploration budget more efficiently. It augments 2-D and 3-D seismic, and about a 30th of the cost of 2-D. Allows companies to pinpoint where they should be using their seismic budget. A lot of their customers currently are the national oil companies. Ironically, as a lot of the oil prices dumb down, there is a lot more pressure on them to increase revenues and production. Recently signed a $13 million deal with a Bolivian National oil Company and another with a national oil company in Pakistan. Both have room to expand. This is also a direct play on the denationalization of Mexico, of which phase I has actually started. Because of this, some of the super majors who want exposure in the Gulf of Mexico are going to start using this company’s technology.


Price: $2.400
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 COMMENT Stella-Jones Inc.
SJ-T
Jerome Hass

Has been very surprised at the resilience of their business. They make railway ties and telephone poles, pretty simple businesses. A great long-term story. To him it is expensive and there is a lot priced in. When you get a stock like this, if there is any disappointment in earnings, you can expect a big impact. Be cautious.


Price: $44.730
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: No
2015-05-29 PAST TOP PICK SPDR S&P 500 ETF
SPY-N
Don Vialoux

(A Top Pick April 14/15. Up 0.79%.) On average, the US and most global markets peak on May 5, so the whole idea is that you want to own this until May 5. He got out on that date, but it turned out to be a little bit early.


Price: $211.140
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: No
2015-05-29 DON'T BUY Toronto Dominion
TD-T
Don Vialoux

In the last few days all the banks have been coming out with their earnings, and they all beat their consensus estimates. You would think this was good news and the stock would be moving higher, but not so. This broke a key support level today, so it established a downward trend. Bank stocks have 2 periods of seasonal strength, October until December and February to April. This is not the right season and the trend is starting to work lower. There are better opportunities elsewhere.


Price: $54.150
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 PAST TOP PICK Tyson Foods Inc.
TSN-N
Jerome Hass

(A Top Pick June 18/14. Down 19.37%.) Pairs Trade. (Long Pilgrim’s Pride (PPC-Q) and Short this.) Materialized a lot faster than expected, so he exited his position.


Price: $42.450
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: No
2015-05-29 DON'T BUY Westjet Airlines
WJA-T
Jerome Hass

Airlines have benefited from the collapse of crude prices, but he thinks a lot of that is already baked into the stock. This company has some specific problems that have yet to be reflected in the share price. The 1st one is Rouge, a discounted airline which has about a 22% overlap between the 2 on their routes, as well as being significantly cheaper. Also, there is a potential launch of another airline in Western Canada. He is Short this stock.


Price: $27.140
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-28 N/A A Comment -- General Comments From an Expert
A Commentary
Patrick Horan

Markets.  The underlying constant is the growth. The oil fall has given cover and inflation and Cap X have come down, but underlying things are quite strong.  He sees an overheated economy next year, primarily in the US.  There will be an 8 month lag for Canada.  The balance sheet of the average consumer in the US is actually quite healthy.  Inflation can be an incentive for people to make major purchases before the price goes up next year.  He sees growth rather than defense.  He is out of anything that has done well over the last 5 years. 


Price: $0.020
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: _N/A
2015-05-28 N/A A Comment -- General Comments From an Expert
A Commentary
Patrick Horan

When you buy back your stock it is a tax effective way of increasing your earnings per share.  He prefers dividend raises because he believes when boards raise a dividend they ask 3-5 years out how sustainable that is, whereas a buy back is immediate. 


Price: $0.020
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: _N/A
2015-05-28 N/A A Comment -- General Comments From an Expert
A Commentary
Patrick Horan

Short Sales of Stocks.  The stocks he shorts are large and liquid.  If there was a technical squeeze and there is not enough stock to borrow, your broker might demand it returned.  This never happens in the large caps.  When you go to borrow for a short sale.  You want to do it from a larger broker. 


Price: $0.020
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: _N/A
2015-05-28 N/A A Comment -- General Comments From an Expert
A Commentary
Paul Harris, CFA

Markets.  Investors need to embrace volatility.  It is an important part of the market place because it allows you an opportunity to purchase things.  You need to understand the valuations of the companies you are buying.  He feels you will not see strong, strong economic growth in the world.  Even in the US people are not spending all the money they are saving with oil being down.  They paying down debt or saving more money.  That will lead to lower economic growth.  That is the world we live in now.  The Canadian dollar should be around $0.95 and the weakness below that was caused by things like lower oil prices.  You need to have a long term approach to investing.


Price: $0.020
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: _N/A
2015-05-28 BUY Amgen Inc.
AMGN-Q
Paul Harris, CFA

They are massive biotechs.  It has a dividend yield.  They are focused on cutting costs.  They have great products in the pipeline.  You aren’t taking typical biotech risk. 


Price: $157.350
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 PAST TOP PICK Avigilon Corp
AVO-T
Patrick Horan

(Top Pick June 20/14, Down 21.10%) Every time the CEO speaks there is controversy.  After the past quarter it was down 20% and he saw multiple buyers on the stock so that told him something positive was happening.


Price: $18.060
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2015-05-28 PAST TOP PICK Bank of America
BAC-N
Paul Harris, CFA

(Top Pick May 29/14, Up 11.12%) It is not expensive.  Trading below book at about 10 times earnings.  Their M&A side is doing well.  The brokerage business and asset management business is doing well.  We just need interest margins to do well.  He thinks they will move the dividend up when they can.


Price: $16.670
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Yes
2015-05-28 BUY Brookfield Asset Management (A)
BAM.A-T
Paul Harris, CFA

He likes it.  It is incredibly well run and understands the businesses they are in.  This has been a great story and the infrastructure space is an incredible space.  They are very good at understanding when assets are cheap and selling them well.  They can do well over a long period of time.


Price: $44.690
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 DON'T BUY Bank of Montreal
BMO-T
Patrick Horan

He does not mind it here.  It is okay.  They have a good dividend yield.  The risk is that we have a recession that causes a consumer recession and then loan losses come back and bite them.  He prefers US banks.  He prefers TD-T and RY-T and then perhaps NA-T in Canada.


Price: $77.110
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2015-05-28 COMMENT Bank of Nova Scotia
BNS-T
Paul Harris, CFA

Great dividend yield.  One of the problems is that people give it a higher multiple because of their emerging market assets.  Because that area is now very tough people have stepped back from it.  The volatility in those markets should help these guys when they make acquisitions.  Their Canadian franchise isn’t as good as other Canadian Banks.


Price: $64.570
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 BUY CAE Inc
CAE-T
Patrick Horan

He likes it and thinks it is a good buy here.  It has done okay.  He bought it in the fall and was patient.  They are a Canadian manufacturer that has leadership in their space and benefit from the rising US dollar.  You should see 8 to 10% earnings growth over the next 3 to 5 years.


Price: $14.970
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2015-05-28 BUY on WEAKNESS Cameco Corporation
CCO-T
Paul Harris, CFA

It is trading at 12 times earnings with a decent dividend.  Certainly Uranium is going to go up soon.  Japan is going to start their nuclear power program soon.  He would look to buy it a little cheaper.


Price: $18.510
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 WAIT CHC Student Housing Corp.
CHC-X
Patrick Horan

They are a small cap REIT.  For the most part he is not interested in REITs.  These guys go to university towns and reformat buildings to facilitate university residence.  Their big competitor is the university itself, which find buildings cost too much when you consider the services to operate residences.  This business model has been exploited in the US and UK and thinks it is coming to Canada.  There is a new stock issue coming and it appears to be an attractive business model.  Talk to your advisor.  No yield yet and highly illiquid.  Don’t buy it today, but wait for the new issue.  Their returns per unit of housing are quite high.


Price: $7.900
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Unknown
2015-05-28 DON'T BUY Canadian Pacific Rail
CP-T
Patrick Horan

TCK.B-T is pulling back on coal shipments, announced today.  You have a lot of time before you buy into CP-T.  It is very expensive.  He admires management and had a positive oil market work in his favour.  Commodities are starting to work to their disadvantage now.  He is very cautious on the stock.  Now is the time to take your profits if you held it over the last few years.


Price: $208.800
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Unknown
2015-05-28 PAST TOP PICK Deere & Co.
DE-N
Paul Harris, CFA

(Top Pick May 29/14, Up 5.48%) He was expecting 10%.  They had great numbers last quarter.  The farming side of the business has slowed down.  If this ticks up they should do very well.  We can buy the stock cheap at these levels.


Price: $93.500
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Yes
Showing 1 to 60 of 140,468 entries
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