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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
2015-01-30 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Markets. Thinks the next little bit is going to be bumpy. You have lower oil prices which are showing up in the 1st quarter in the US. The higher US$ is hurting international, which will also affect 1st quarter earnings. The Greek fears will probably drag on for a while. However, you are going to have the compounding effect of European quantitative easing, which is going to help and underpin. At the end of the day, he thinks there will be a positive resolution in Greece. Lower energy, although it takes time, will eventually be a boon for consumers. A higher US$ will ultimately help American purchasing power.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: _N/A
2015-01-30 COMMENT A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Which bank, for a good dividend and lower downside risk? Bank of Nova Scotia (BNS-T) is the least tethered to Canada. If you think Canada is going to be a little bit dicey, this is one that you might want to look at. CIBC (CM-T) probably has the highest dividend and the lowest PE as well as having the highest capital levels.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2015-01-30 N/A A Comment -- General Comments From an Expert
A Commentary
Keith Richards

Cdn$. A chart on the Canadian dollar dating back to 2005, showed it was at a peak in 2007-2008, and as the stock market and oil fell, the Loonie fell with it. A double bottom showed in 2009. This is happening again. He thinks we are going to see some sort of complex bottom, somewhere around the old lows at around $0.77 on the US$, and probably pretty soon. A similar pattern to oil.


Price: $0.020
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: _N/A
2015-01-30 N/A A Comment -- General Comments From an Expert
A Commentary
Keith Richards

Oil. Going back to mid-1980s there have been a lot of similar circumstances happening lately. Chart showed that oil fell from $31-$32 to around $10 in the mid-1980s,. The bottom in 1986 was complex with an up-and-down activity over several months. Oil then peaked at around $40 around 1990 and then dropped again and tested at around the same level in 1999. Again it was not a simple bottom. It then reached a peak early in 2008 at $147 and then took a big drop, but did not have a complex bottom. With this information, he feels there is a high probability of the former lows, high $30 or so over the next couple of months, but it will not be a simple turnaround, but will be like the last couple of times where there is a complex bottom. He plans on buying back in after the volatility has played itself out. There will be a great opportunity in oil, probably in the next 6-12 months. Watch the volatility and watch the breakout and it will be a great buying opportunity.


Price: $0.020
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: _N/A
2015-01-30 HOLD Air Canada (B)
AC-T
Keith Richards

Fundamentally a lot of transportation companies are benefiting from lower oil prices. Because he doesn’t think there is going to be an immediate turnaround, he is bullish that oil will start to pick up in the latter part of the year. This could allow this company to gain more upside. The chart shows a little bit of an upward trend channel, and it is kind of at the top of the channel.


Price: $11.750
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-01-30 COMMENT American International Group
AIG-N
Keith Richards

Has been interesting, because he likes the long-term breakouts. This one broke out a couple of years ago and is now back into a bit of a holding pattern. Sees pretty good support at around $48. In technical analysis, you have to watch the highs and lows. The last low was around $48. If it doesn’t break that, you are still in a bull market. As long as it doesn’t break $40, he is not selling his holdings.


Price: $48.870
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2015-01-30 COMMENT Athabaska Oil Sands Corp
ATH-T
Keith Richards

Doesn’t know what the lows were in 2008, but that could be a reasonable projection as to where it would end up. Watch for some complex action, up and down, up and down, for a little while. That tells you a base is being put in. Trend on this has been lower lows and lower highs. When that stops happening and there is a progression of sideways activity, that is a sign that the downtrend is over.


Price: $1.860
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-01-30 PAST TOP PICK Bank of America
BAC-N
Greg Newman

(A Top Pick Jan 16/14. Down 10.33%.) Q4 was a bit of a disappointment. Thinks the market is really overlooking its good points. Good credit quality, lower energy exposure than other banks and are levered to a housing recovery and improving US consumer. Cheap at 1X 2015 estimated tangible book value. This is not a question of “If”, but “When”.


Price: $15.150
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2015-01-30 COMMENT Bank of Montreal
BMO-T
Greg Newman

The banks just got downgraded. They are a whole lot cheaper than they were 2 months ago, so they are getting to levels where they are starting to look somewhat attractive. This one had a bit of a rough quarter, but they are making strides on the domestic side. If they can continue with that, it will be a good place to be. This is a name that you are going to want to be constructive on at some point close to this amount.


Price: $72.930
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2015-01-30 COMMENT CI Financial Corp
CIX-T
Greg Newman

A good company with a lot of good upside. If you believe the bull market continues, as he does, this is a good place to play. They have $100 billion in assets with a goal to grow it to $150 billion over the next 5 years. 4.2% dividend is safe. The only thing that concerns him is the changing regulatory environment.


Price: $32.400
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2015-01-30 COMMENT Canadian Oil Sands
COS-T
Keith Richards

They just cut the dividend. The 3-year chart shows the stock was moving sideways for a long time, and then broke down through its support level in the high teens. Technically, he would like to see a base and we are really early in this whole oil cycle. Be cautious on this.


Price: $7.850
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-01-30 BUY Canadian Pacific Rail
CP-T
Greg Newman

If Keystone is passed, will this hurt the rails? In all of their crude by rail estimates, they assume that Keystone goes through, so don’t let that hold you back. Crude is about 10% of their business. They have calculated that if crude falls by half, they actually will have better margins because of the better economy, and better top and bottom lines. This is a phenomenal rail company. Trading at around 17X  2016 estimates and is less than Canadian National (CNR-T) right now. He thinks this has upside.


Price: $221.470
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2015-01-30 COMMENT Crescent Point Energy Corp
CPG-T
Greg Newman

Have been cutting CapX and stand ready to cut more. In spite of this, they still expect production to grow by about 9% this year. 41% of their 2015 production is hedged. Very sustainable relative to their peers, but even with these hedges, $50 oil and $3 natural gas, he feels the balance sheet will weaken and debt to cash flow will climb to 2.3% and cash flow per share will fall by about 33% and the effective payout ratio will rise to about 158%. The dividend is probably sustainable for this year. The only way he would buy this is if you believe the oil price weakness is temporary and you will have $55-$80 oil within the next 12-20 months.


Price: $30.200
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2015-01-30 BUY on WEAKNESS Chartwell Seniors Housing
CSH.UN-T
Greg Newman

Doing very well. Their Q3 same property net operating income growth is 2.6% and he expects this momentum to continue through 2016. Have been selling their non-core and investing in their core developments. That is pretty well done now and will be turning to developments. He models 10% AFFO growth over the next couple of years. Trading in line with the rest of the REIT sector. The balance sheet has been improving. Payout ratio is reasonable at 69%.


Price: $12.640
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2015-01-30 TOP PICK Walt Disney
DIS-N
Keith Richards

The 3-year chart shows a long, continuous upward trend. It has a high P/E ratio because management knows how to do things right. They are a money making machine. Great chart, great company, great management. Any dip, which we have seen over January, is a buying opportunity.


Price: $90.960
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2015-01-30 COMMENT Encana Corp
ECA-T
Greg Newman

At $50 oil and $3.25 natural gas, cash flows per share fall 40%. Their balance sheet does get worse and goes from debt to cash flow at 5.4 times. If commodity prices stay as low as they are, they are going to have to cut their dividend and their CapX even more.


Price: $15.540
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2015-01-30 COMMENT Element Financial
EFN-T
Keith Richards

Chart shows that this is most definitely a stock in a trading range and has been all 2014. He would like to see it break out. However, it is not a bad thing to own the stock within a sideways trading range, so it is a fairly low risk trade at this point, as long as it does not break support at $12.


Price: $13.500
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-01-30 BUY Exchange Income
EIF-T
Greg Newman

A higher risk stock and somewhat illiquid. His company has a $28 target on it. He forecasts their 2015 payout ratio at 60%, so the dividend looks good. Trading below its five-year average EBITDA of 7%. They just de-levered their balance sheet by selling the West Tower. Bought an aerospace company which looks like it is going to be pretty accretive and a strategic fit.


Price: $22.130
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2015-01-30 PARTIAL BUY Finning Int
FTT-T
Greg Newman

Caterpillar (CAT-N) came out with a weak outlook recently, which hit this company. His numbers are even more negative and assumes new equipment sales fall 20% in Canada, 10% in South America. Even with that, given their strength in product support, he sees their overall earnings actually rising by 5% in 2015. If his assumption is right, it means they earn a $2.29 free cash flow, which gives them about 11% free cash flow yield. If you are looking long-term, the dividend is safe with a 34% payout ratio and the balance sheet is strong. This could be accumulated down at these prices.


Price: $20.950
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2015-01-30 HOLD Gibson Energy
GEI-T
Greg Newman

One issue is that only about 30% of their EBITDA is actually coming from infrastructure. The rest is coming from marketing, environmental services and trucking, which are much more volatile businesses and price sensitive to swings in energy. Still trades at a very high PE at about 28X, in line with the group. If you own, consider selling Calls.


Price: $22.610
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2015-01-30 COMMENT Gibson Energy
GEI-T
Keith Richards

Chart shows a long upward trend until late 2014 followed by “a flight pattern of a brick”. He can see some support at current levels that may or may not occur. It is hard to predict where support will come in. When it stops going down, making lower highs and lower lows, and then starts to base, that might be a time to Buy in.


Price: $22.610
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-01-30 BUY CGI Group (A)
GIB.A-T
Greg Newman

This has growth and this is a consolidated market, and they are really likely to capitalize on that and grow by acquisitions. He has been buying currently. Still trading at 8.9X 2015 EV EBITDA, versus its 5 year average of 9.3.


Price: $50.350
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2015-01-30 TOP PICK Hudson Bay Co.
HBC-T
Greg Newman

One reason he likes this is the real estate play, but the big reason is that 63% of their business mix comes from the US. He thinks you will benefit from a stronger US consumer and lower oil. They report in Cdn$, so are going to benefit from the US dollar exposure. Have been doing well in Q3 on their top line growth, bottom line growth and margins. Yield of 0.85%.


Price: $15.250
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2015-01-30 HOLD H&R Real Estate Inv Trust
HR.UN-T
Greg Newman

The dividend is reasonably secure. It has a 91% 2015 estimated payout ratio, which has been trending up a little. They have made their portfolio look better by selling half of their industrial portfolio, and will probably use the proceeds to pay down debt or do buybacks or stock. If you believe yields are going to go lower, this is one that you can buy.


Price: $24.420
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2015-01-30 DON'T BUY Manitoba Telecom Services
MBT-T
Greg Newman

Thinks Allstream has been weighing on them. Their best opportunity is to try and find a way to divest it and focus on core operations, and ultimately preserve their dividends. He estimates the 2015 payout ratio to be at 104%. You will get paid your dividend this year, but he is not so sure of the strength of the market over the next year. He wouldn’t be putting new money into this yet.


Price: $25.650
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2015-01-30 TOP PICK Manulife Financial
MFC-T
Greg Newman

Expects that in the next 12-24 months we are going to have higher yields, which will be a tailwind for this company. 45% of earnings is coming from the US. Trading below its five-year average. Solid top and bottom-line trends in Asia. Yield of 3.05%.


Price: $20.380
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2015-01-30 PAST TOP PICK Magna Int'l. (A)
MG-T
Greg Newman

(A Top Pick Jan 16/14. Up 30.83%.) He saw continued margin expansion, continued top line growth, capital deployment to buy back shares and increase of dividend. This is all still very real. Still trading at a discount to the group.


Price: $122.090
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2015-01-30 HOLD Norbord Inc.
NBD-T
Greg Newman

Cut their dividend down to about 4%. Acquiring Ainsworth Lumber (ANS-T), which will be accretive for them. This is a play on the eventual US housing recovery. OSB prices have stayed really, really low at around $200. Eventually that has to turn up to justify the stock move that this company has had. He would consider Selling a Covered Call on this.


Price: $28.280
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2015-01-30 COMMENT Peyto Exploration & Develop.
PEY-T
Greg Newman

One of the most sustainable and best names and is almost all natural gas. Even at $3.25 gas, their debt to cash flow is fairly reasonable at 2X, so their balance sheet is still pretty good. Their payout ratio goes to 144%, which is a whole lot better than the group of 216%. If gas prices stay low, they all will be forced to cut their dividend, but this is a quality company that continues to grow production. If you are going to bet on the natural gas play, this is a good one to own.


Price: $32.100
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2015-01-30 COMMENT Pengrowth Energy
PGF-T
Keith Richards

The up-trend was broken mid-2014 and took a long drop to the low $3 area. It’s a little early to tell if this is basing. Also, if you are looking for the dividend, check the balance sheet to see if it can be maintained.


Price: $3.400
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-01-30 COMMENT Potash Corp of Saskatchewan
POT-T
Keith Richards

This has been looking pretty good, but is coming into some technical resistance. It needs an impetus to break through its highs. There will be some sellers because technical resistance is where people bought and they remember what they paid, and they want their money back. Be aware that you need positive news to break it through that stuff.


Price: $46.260
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-01-30 DON'T BUY Qualcomm
QCOM-Q
Keith Richards

Thinks this has been having a little bit of trouble with market share. He doesn’t like the stock profile right now. Chart is showing lower highs and lower lows. This could get back down into the $58 range before long. The likely direction is down.


Price: $62.460
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: No
2015-01-30 COMMENT Royal Bank
RY-T
Keith Richards

Recently got a downgrade. The problem is the whole oil economy we are in. Technicals show it is breaking down, along with the banks. Technically it is not a buying opportunity. There is a seasonal tendency for markets to firm up in the latter half of February. As and if that happens, there will probably be a bounce on everything, and that could be your exit point for shorter to midterm traders. If you are long term trader, the banks are generally pretty good, but you may go through a lot more volatility before you are smiling again.


Price: $71.740
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-01-30 COMMENT Surge Energy Inc
SGY-T
Greg Newman

They cut their dividend which was good and are trying to respond to the environment, but at $50 oil and $3.25 natural gas, the balance sheet does weaken and the debt to cash flow goes to 4.1%. Their effective payout ratio is still not bad at 86%. You can own this if you have a view that this oil weakness is temporary for 12-20 months, but if you are buying it for sustainable long-term dividends and you think oil is going to stay where it is, you don’t want to be here.


Price: $2.570
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: No
2015-01-30 TOP PICK Shaw Communication (B)
SJR.B-T
Greg Newman

The Cdn$ is probably going to go lower. He thinks a 4th player is going to come in to Canada and going to hurt the Big 3. The money from there is going to have to go somewhere and this company is quite reasonable. They just pulled back from a weaker Q1. Thinks they can grow their EBITDA this year by 5%-7%. Combining out with lower CapX, he sees their free cash flow growing by about 30% through 2017. Also, expects 5% dividend growth. Yield of 4.02%.


Price: $29.340
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2015-01-30 DON'T BUY iShares Silver ETF
SLV-N
Keith Richards

There is some seasonality to silver at this time of year, but generally speaking the chart is not a pretty picture. The trend since 2012 has been generally down. He would avoid this at this time.


Price: $16.540
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: No
2015-01-30 DON'T BUY Silver Standard Resources Inc.
SSO-T
Keith Richards

The chart is very similar to silver itself. The general trend has been bearish since 2011. There have been a series of lower highs and lower lows in the last year. There is no evidence of this point that it will break upwards through the trend line.


Price: $7.830
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-01-30 COMMENT Toronto Dominion
TD-T
Greg Newman

Would you Short this for CGI (GIB.A-T) or West Fraser (WFT-T)? He wouldn’t Short a bank, even if he believed the banks went $5 lower. He would maybe Sell a Call. He doesn’t want to play the negative yield. This is a dangerous game. Banks have a tremendous ability to make money over the long term. This one has 24% of its earnings from the US and will benefit from a weaker Cdn$.


Price: $50.600
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2015-01-30 DON'T BUY Transglobe Energy
TGL-T
Keith Richards

The problem with this stock is that it hadn’t been moving up with a lot of the other oil stocks over the last year. On energy stocks, you want to wait for the next 6 months before buying in the sector. This one may have a little more downside yet.


Price: $3.700
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-01-30 PAST TOP PICK Vangrd European E.T.F.
VGK-N
Greg Newman

(A Top Pick Jan 16/14. Down 6.99%.) This was actually an OK call, but he hadn’t accounted for the euro falling like a stone, and this was not currency hedged. He actually prefers and is buying Wisdomtree International Hedged Equity Fund (HEDJ-N), and thinks Europe goes higher with quantitative easing.


Price: $52.680
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Yes
2015-01-30 COMMENT Whitecap Resources
WCP-T
Keith Richards

The one year chart shows close to “flat” lows in December and January. A base is created by no more lower lows as well as no more lower highs. This is about to test the previous high of around $12.50. This could very well be a base. He likes to see at least 3 tests for both the bottom and the top to form a true base. You will know, probably in the next couple of weeks, if this stock is basing.


Price: $12.410
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-01-30 SPECULATIVE BUY Wajax Corp
WJX-T
Greg Newman

Trading at 6.4X versus 11.4, its five-year average, so it is cheap. Have just restructured, so that is complete and it can derive cost savings. Its debt to EBITDA is pretty low at 2.1, well below its debt covenants. What is sad is the weak outlook for oil and gas, and for miners. The payout is very generous. This is worth a shot for somebody who doesn’t mind taking a little bit of a risk.


Price: $24.250
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: CAUTIOUS
Owned: Unknown
2015-01-30 PAST TOP PICK WSP Global Inc.
WSP-T
Keith Richards

(A Top Pick Dec 19/14. Down 0.46%.) Technically this looks great. It broke an incredible holding pattern that it had been stuck in for about 5 years, just under $33 range. He likes the stock fundamentally. An engineering company that has been growing like crazy. Has an international presence.


Price: $34.370
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2015-01-30 COMMENT iShares MSCI Eur IMI Idx
XEU-T
Keith Richards

European markets. Chart looks like it is breaking out. Breakouts are very positive. When you get these long periods of consolidation, they can be quite bullish. You could get quite a bit more upside based on this chart.


Price: $21.180
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-01-30 PAST TOP PICK SPDR Technology ETF
XLK-N
Keith Richards

(A Top Pick Dec 19/14. Down 4.02%.) Technology is a high beta sector with a lot of leverage to the movement in the market. They can sometimes have a tendency to see a peak around the end of January and into February, but not always. Last year, technology stocks didn’t really weaken until July. The longer-term trend on this sector is up. The bigger trend is good, so he is going to hold it into the spring. The bigger trend is good, and this is probably a decent entry point for it.


Price: $39.900
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2015-01-30 TOP PICK SPDR Cons Discretionary ETF
XLY-N
Keith Richards

This is a seasonal call. Although he respects the seasonals, he is technical and fundamental. The idea is that you rotate out of the discretionary stocks after the winter, and you go into staples. You then reverse this in the summer. In this case, he waited until December because the staples were the out-performers right up until the end of the year. Then he started to see the staples underperform a bit, so he rolled into the discretionarys late in the year. This is showing the higher highs and higher lows. He thinks this will move until at least April-May.


Price: $69.990
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2015-01-30 COMMENT Canadian Satellite Radio
XSR-T
Keith Richards

Chart shows a little bit of a downtrend for the last year, but trying to break out. The last peak of around $7 is going to represent some resistance. There are still 2 lower lows. He would wait for some consolidation, and then buy on the breakout. He wants to wait for it to at least prove that it can hit and test the last high.


Price: $6.210
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-01-30 COMMENT BMO Equal Weight US Banks ETF
ZBK-T
Keith Richards

Over the near term, there is a little bit left on the Cdn$ falling and the US$ climbing. This is probably not a bad idea as you will probably get a little more upside on the dollar trade. However, at some point over the summer, you are probably going to see a flattening of the Cdn$ and it won’t continue to trend down. If oil starts to rally, the dollar will follow, which could be negative for this position.


Price: $16.980
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-01-30 TOP PICK BMO Equal Weight US Banks Hedged to CAD ETF
ZUB-T
Keith Richards

(A Top Pick Dec 19/14. Down 10.7%.) He bought this because he has traded it before and knows its patterns very well. Had been absolutely sideways in 2014 and then started to break out. He tends to buy on breakouts. This should be strong through until April. Short-term traders could Buy it in here at around $18 mark and possibly sell it at around $22.


Price: $18.850
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2015-01-29 N/A A Comment -- General Comments From an Expert
A Commentary
Ben Cheng

Markets.  We are at an interesting point in economic history.  The reality is that we have not had a point where the European, Japanese, Chinese and Bank of Canada are working together to add liquidity.  In the long term this could contain some dangers.  It is an inflationary phase that we won’t see until 2016.  The next part of the equation is currency exchange.  That will be more powerful than more people think.  Now that we have a foreign exchange structure that is seeing the US dollar move dramatically against all other currencies, it will change things dramatically in 12 months or so. 


Price: $0.020
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: _N/A
2015-01-29 N/A A Comment -- General Comments From an Expert
A Commentary
Ben Cheng

REITs are pushing forward as much of the refinancing as they can.  The lower interest rates are a benefit and then they want to lock them in for as long as possible. 


Price: $0.020
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Unknown
2015-01-29 PAST TOP PICK A Comment -- General Comments From an Expert
A Commentary
Ben Cheng

Air Canada Bonds 7.625% maturing 2019 (Top Pick Feb 28/14, Up 14.75% Total Return) The slow down in Western Canada could moderate air travel for a few years.


Price: $0.020
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Yes
2015-01-29 N/A A Comment -- General Comments From an Expert
A Commentary
Ben Cheng

REIT rules in Canada.  He would love to see more flexibility.  Changes in 2006 involved rules that were too draconian.  He doesn’t see rule changes in the US coming to Canada.


Price: $0.020
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: _N/A
2015-01-29 N/A A Comment -- General Comments From an Expert
A Commentary
Paul Harris, CFA

Markets.  Thinks interest rates will be lower, longer than people think.  The Bank of Canada is worried about a slower Canadian Economy.  We are in the phase where the oil price drop is now affecting other areas of the market.  Oil is very little of the US economy compared to Canada.  The world has not changed that much.  Earnings came out from a lot of companies and all they said was that the dollar was affecting them.  Yet commodities have collapsed.  China may be slowing down faster than people think.


Price: $0.020
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: _N/A
2015-01-29 COMMENT A Comment -- General Comments From an Expert
A Commentary
Paul Harris, CFA

Is it time to get out of Canada?  Nobody really knows where oil is going.  He feels oil can still go lower as there is still excess supply.  The other problem with oil is that it can be stored and eventually storage could get filled up.  It has to settle somewhere.  It will probably go up higher over a period of time.  There will be a point over the next period of time when it is a great time to buy great oil companies [Canadian].


Price: $0.020
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: _N/A
2015-01-29 DON'T BUY AutoCanada Inc.
ACQ-T
Ben Cheng

A wonderful operator.  The reality is that the dealerships are centered in Western Canada.  It will be tough for them to just maintain sales. 


Price: $34.770
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Unknown
2015-01-29 TOP PICK Allied Properties REIT
AP.UN-T
Ben Cheng

(Top Pick Feb 28/14, Up 24.60%) Has a very disciplined organic growth pattern.  He continues to hold and it is a large position.  This is a well run investment trust.  It is a development, acquisition and urban intensification story.


Price: $40.370
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Yes
2015-01-29 TOP PICK Bank of America
BAC-N
Paul Harris, CFA

It has come off a fair bit as have a lot of the US banks.  You have a really good chance to get a great company really cheap.


Price: $15.430
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: Yes
2015-01-29 TOP PICK Brookfield Asset Management (A)
BAM.A-T
Ben Cheng

This is where all their top managers own their equity in the portfolio.


Price: $65.180
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Yes
2015-01-29 DON'T BUY BlackBerry
BB-T
Paul Harris, CFA

It is hard to see where it will go from here.  It is a difficult environment.  He thinks it would work better if Amazon bought them out.  He is not sure BB-T will be around in a year.


Price: $12.920
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: No
2015-01-29 DON'T BUY Bombardier Inc (B)
BBD.B-T
Paul Harris, CFA

Has done poorly and it is a tough business.  He has never owned it.


Price: $2.930
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: No
2015-01-29 PARTIAL SELL BCE Inc.
BCE-T
Ben Cheng

Telecoms in Canada have valuations that are between 6 and 8.5 times cash flow.  This one is at the high end of this scale.  This at the expensive end of the range.  You should trim when you get to this point.


Price: $58.310
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Unknown
2015-01-29 BUY Brookfield Property Partners
BPY.UN-T
Ben Cheng

They won their battle to own the Canary Warf project.  The UK economy is actually doing quite well.  It should be very accretive.


Price: $30.550
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Yes
2015-01-29 HOLD Cineplex Inc
CGX-T
Paul Harris, CFA

He sold it because it got a little bit too expensive.  It has a decent yield of about 4%.  It technically has a monopoly.  They have done a very good job.  But their business is driven by blockbusters.  There are some really big-brand things coming out and that should cause them to full up.  It is about driving concessions and other parts of the business that do well.


Price: $45.720
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: No
2015-01-29 DON'T BUY CI Financial Corp
CIX-T
Paul Harris, CFA

A lot of people are moving to the ETF market.  The mutual fund industry is not growing quickly.  The mutual fund industry has to bring their cost structure down.  It can survive and at some time there could be more acquisitions.


Price: $32.800
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: Unknown
2015-01-29 COMMENT Canadian Imperial Bank of Commerce
CM-T
Paul Harris, CFA

They are cutting some 500 jobs.  There is pressure on them to be more cost effective.  But they say they will hire 5000 more in the next year.


Price: $91.370
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: Unknown
2015-01-29 WAIT Crescent Point Energy Corp
CPG-T
Ben Cheng

It has done very well in the last 30 days, outperforming many of the old ex-income trusts in the energy sector.  They will continue to pull back cap-x.  When oil prices go over $65 you will see more invigorated growth.


Price: $28.830
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Unknown
2015-01-29 WEAK BUY Chartwell Seniors Housing
CSH.UN-T
Ben Cheng

There is some economic sensitivity because the rooms are expensive and in tougher economic times the vacancy rates might go up a bit.  However, they seem to improve their occupancy quarter after quarter.


Price: $12.720
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Unknown
2015-01-29 TOP PICK CubeSmart
CUBE-N
Ben Cheng

Very good operators.  They have made acquisitions over the last 5 years and the stock price shows they are good at integrating them in.  The price is not too rich here.


Price: $25.260
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Yes
2015-01-29 DON'T BUY Dream Office REIT
D.UN-T
Ben Cheng

Has western Canada exposure.  Office leases are done normally with investment grade blue chip companies so there is really is little risk of the leases being broken.  Their stock no longer trades at a premium.  Acquisition growth is predominantly off the table.  They have to prove to the market that they are good operators. 


Price: $27.330
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: No
2015-01-29 BUY Diageo PLC
DEO-N
Paul Harris, CFA

They are a global company, around 21 times earnings and a great dividend.  They had issues where they spent too much on marketing.  The volume of spirits does not move up. People move from clear to premium spirits.  He thinks they will do more bolt-on acquisitions in local markets.  It is a great growth business that is consolidating. It is a well managed company and will continue to do well.


Price: $121.940
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: No
2015-01-29 BUY Dollarama Inc.
DOL-T
Paul Harris, CFA

They are very good at their organic growth.  They are defensive and cyclical at the same time.  People still shop there when things are improving.  One of the issues is that they source a lot of their product from the US so the currency issue may affect them.


Price: $59.950
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: Unknown
2015-01-29 SELL Dr. Pepper Snapple Group
DPS-N
Paul Harris, CFA

They have effectively used their capital structure well and increased free cash flow.  His issues are that the whole sugary drink area is under pressure as it is adding to the diabetes problem and a lot of the cost structure taken out has finished and so you need them to grow the top line.  They are getting a lot of price competition from Coke and Pepsi.  They are not as international as the other two so there is some room for growth there.  He would suggest, however that it is time to get out.


Price: $79.080
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: No
2015-01-29 BUY Enbridge Income Fund Holdings
ENF-T
Ben Cheng

They have 15 billion worth of secured contracts coming through their pipe over the next 5 years.  Potential dividend increases for 5 years could be 10% per year. 


Price: $40.290
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Unknown
2015-01-29 HOLD First Capital Realty
FCR-T
Ben Cheng

A good operator, but a lot of these look relatively cheaply compared to US counterparts.


Price: $19.570
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Unknown
2015-01-29 BUY H&R Real Estate Inv Trust
HR.UN-T
Ben Cheng

They have diversified.  Their tenants can withstand the weak oil prices of today. 


Price: $24.830
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Unknown
2015-01-29 DON'T BUY HSBC Holdings P L C
HSBC-N
Paul Harris, CFA

The issue is that they are a large international bank with a large presence in Asia.  Their acquisition of Household Finance was a disaster.  They are not making changes as fast as BCS-N.  HSBC-N has gotten lost in their strategy somewhere, so he would prefer BCS-N.


Price: $46.680
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: No
2015-01-29 BUY on WEAKNESS Johnson & Johnson
JNJ-N
Paul Harris, CFA

It is a great company, not expensive.  As things come off in one business another picks up.  There are devices, pharmaceutical and consumer products.  Thinks they will continue to make small acquisitions.  You can hold this for the long, long term.  He would buy more on a pullback.


Price: $102.380
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: No
2015-01-29 BUY JP Morgan Chase & Co
JPM-N
Paul Harris, CFA

A great company.  He thinks it is not expensive, 9 times earnings, around book value and has a decent dividend yield.  The net interest margin has been hurt over the last little while.  It has also been hurt by some fixed income business.  They did well on equities and M & A.  You are not paying a lot and the US economy is doing better, so it should help JPM-N.  It is a very large asset management bank as well as having a credit card business.  There are a lot of issues with regulation.  But he thinks they are good value here.


Price: $55.670
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: Yes
2015-01-29 PAST TOP PICK Leon's Furniture
LNF-T
Paul Harris, CFA

(Top Pick Jan 20/14, Up 37.08%) Management owns a very large percentage of the stock.  LNF-T owns the properties under the stores.  He sold some off because it ran up so far and would buy it back on a dip.


Price: $19.000
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: No
2015-01-29 PAST TOP PICK Mainstreet Equity Corp
MEQ-T
Paul Harris, CFA

(Top Pick Jan 20/14, Down 6.84%) It went down with the oil price drop because they are in Alberta.  He continues to like it.  They made some very good purchases over the last little while in BC.  Likes management.  They are very cost effective.  Perhaps they can make some acquisitions when things are cheaper.


Price: $33.360
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: No
2015-01-29 DON'T BUY Manulife Financial
MFC-T
Paul Harris, CFA

He has an issue with the low interest rate environment and insurance companies.  But they have brought their leverage down and that has helped them.  They would like to do acquisitions, but the big ones are few and far between.  They can grow their ROE, but you need to still see less leverage on their balance sheet.  He prefers SLF-T where they have the asset management business.


Price: $20.570
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: No
2015-01-29 BUY Altria Group Inc
MO-N
Paul Harris, CFA

Cigarette company that is the domestic business of PM-N, but MO-N has not done as well.  They have a ton of free cash flow and pay a good dividend.  They could continue to do well. 


Price: $54.390
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: Unknown
2015-01-29 TOP PICK Microsoft
MSFT-Q
Paul Harris, CFA

Earnings came out and the stock came down.  Windows 10 is coming out.  3% dividend yield and 15 times earnings after you take out the cash.  The Surface continues to be a big hit for them.  MSFT-Q is the thing you want to own in a difficult environment.  They have no debt.


Price: $42.010
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: Yes
2015-01-29 BUY National Bank of Canada
NA-T
Ben Cheng

Likes it.  All the banks have some exposure in Western Canada.  Some investors have taken this down relative to other banks. 


Price: $45.550
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Unknown
2015-01-29 DON'T BUY Northwest Healthcare Property REIT
NWH.UN-T
Ben Cheng

Canadian REITs have not kept up with their US counterparts.  This one has substantially underperformed.  There is a perception by the market that they will get hurt because they are centered in Alberta and North West BC.  You should consider REITs without that overhang.  REIT values here are relatively cheap.  The spreads today are about 560 basis points so they are on the cheaper end of the range.  REITs should be trading higher this year.


Price: $9.260
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Unknown
2015-01-29 TOP PICK Qualcomm
QCOM-Q
Paul Harris, CFA

Earnings the other day were okay, but they warned about the second half of the year.  They had this issue with royalties in China which they have sorted out.  They are in the sweet spot of the cell phone business.  There were little bumps in the road that hurt the share price so this is why you should buy it now.  They are buying back shares and have a nice dividend yield that they will increase.


Price: $63.690
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: Yes
2015-01-29 DON'T BUY Royal Dutch Shell PLC (A)
RDS.A-N
Paul Harris, CFA

The price of oil affects all these companies.  Being a super major in this environment helps them.  Small and mid cap stocks get hurt a lot more.  RDS.A-N’s management has not been consistent.  He is not sure if it is the best company if the price of oil turns around.  It is hard to grow something like this.  The currency has a huge impact on the story right now.  Prefers Canadian companies like SU-T and CNQ-T.


Price: $62.310
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: Unknown
2015-01-29 HOLD RioCan Real Estate Investment
REI.UN-T
Ben Cheng

There has been some negative press in recent weeks surrounding the closing of the Target stores here in Canada.  Just under 4% of their retail mall space is taken up by Target, so it is a real worry, but the reality is that they have very good quality real estate and management is focused on leasing up that space.


Price: $29.760
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Yes
2015-01-29 PAST TOP PICK Regions Financial
RF-N
Paul Harris, CFA

(Top Pick Jan 20/14, Down 14.82%) South East US regional bank.  He likes the area and it continues to grow.  There is not a lot of unionization there and the housing market is turning around.  It does not have investment banking business.  He thinks you will see increasing dividends.


Price: $8.850
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: Yes
2015-01-29 DON'T BUY Retrocom Mid-Market REIT
RMM.UN-T
Ben Cheng

A good portion of the distribution is a return of capital.  It is a haphazard set of assets.  The management team has made the REIT much better than it was 5 years ago.  But it will be hard for them to right size their balance sheet.


Price: $4.040
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Unknown
2015-01-29 BUY on WEAKNESS Starbucks
SBUX-Q
Paul Harris, CFA

Wait for a pullback to buy it.  They did a great job of turning around the company.  It is a great brand and well known.


Price: $89.050
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: Unknown
2015-01-29 HOLD Suncor Energy Inc
SU-T
Ben Cheng

Balance sheet is set up to withstand the low prices we have here.  They have on-going capital expenditures to maintain production. 


Price: $36.440
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Yes
2015-01-29 PAST TOP PICK Tricon Capital Group
TCN-T
Ben Cheng

(Top Pick Feb 28/14, Up 23.31%) Smart management.  They started buying single family homes in the US south when they were cheap.  He sold recently to take profits.


Price: $9.530
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: No
2015-01-29 BUY Toronto Dominion
TD-T
Paul Harris, CFA

He loves it and has owned it for a long time.  Canadian banks are pretty cheap these days.  They had a nice pullback and you can buy a great franchise in Canada at a really good multiple.  This is a company that has developed a brand name in the US that no one has been able to accomplish over the years.


Price: $51.640
Subject: NORTH AMERICAN/GLOBAL
Bias: CAUTIOUS
Owned: Yes
2015-01-29 BUY Westport Innovations
WPT-T
Ben Cheng

Has done very well since inception.  Has benefited from the drop in our currency.  You are benefiting from the resurgence in manufacturing in the US.  They should change their focus to move toward the distribution center model.  This is due to the amount of online shopping.


Price: $4.340
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Yes
2015-01-29 BUY iShares S&P/TSX Capped REIT
XRE-T
Ben Cheng

A good way to go.  A great way to stay diversified within the REIT sector.  It is equal weight. 


Price: $17.610
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: CAUTIOUS
Owned: Unknown
2015-01-28 N/A A Comment -- General Comments From an Expert
A Commentary
Fabrice Taylor

Markets. We are in the late innings of this bull market in Canada. Bull markets don’t last very long. You never know when they are going to end, but it kind of feels tired to him. Earnings are not impressing people. Consumers are tapped out. Growth is weak. The US looks a little better, but it is not that strong either. He is 50% cash right now. The best time to invest in stocks is after they’ve corrected. We saw that in March 2009. Anything you buy goes up pretty much, and that is when you want to be fully deployed. He is still buying, but is more selective. His 2 favourite types of investments are turnaround stories and small high growth/high risk opportunities. That is where he has done the best. He tends to avoid resources because he doesn’t like the unpredictability of the resource price. Prefers betting on really intelligent, motivated entrepreneurs, which he finds pays off the most.


Price: $0.020
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: _N/A
2015-01-28 DON'T BUY A Comment -- General Comments From an Expert
A Commentary
Fabrice Taylor

Graphene. A form of graphite, one atom thick, and has an amazing potential if anyone can find a way to produce it economically. Some companies do produce it, but it is very expensive and not very reliable. Doesn’t think anybody has nailed it down yet. If it works out, it will change our world, because it has so many amazing properties. For now it is very early stage. It is very, very risky as there are no guarantees a company will ever be able to produce it.


Price: $0.020
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: No
2015-01-28 COMMENT A Comment -- General Comments From an Expert
A Commentary
Fabrice Taylor

3-D printing. Pretty fascinating and if they can ever get it to work properly, it will solve a lot of problems. Brilliant future if they can figure out how to make it work. Loves the space and the concept, but just doesn’t know if it is investable.


Price: $0.020
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: No
2015-01-28 N/A A Comment -- General Comments From an Expert
A Commentary
Fabrice Taylor

The effect of baby boomers retiring and depending on, or selling their investments for monthly income? Expects you will see low interest rates for a long time. As people get older they want to buy bonds or fixed income. That will increase demand, and therefore lower yield. Dividend paying stocks should do very well and will have a lot of buyers. There are a lot of great little private businesses that are run by smart entrepreneurs that work hard. These are probably baby boomers and possibly getting tired, so there are a lot of businesses for sale. Rollups benefit from this. This is an interesting trend.


Price: $0.020
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: _N/A
2015-01-28 N/A A Comment -- General Comments From an Expert
A Commentary
John O'Connell, CFA

Economy. The biggest overriding macro question and trend right now is what Central Banks are doing in these currency wars. We have had 1.5 years where everything calmed down, and now all of a sudden Europe is popping up. You have negative interest rates in Switzerland and Germany as well as Japan. Those are really unusual situations. You have a major dysfunction and dislocation in Europe, both politically and economically. There is huge unemployment. There is a situation where all of these countries are trying to devalue currencies. It is very much like the depression era where people were trying to “beggar thy neighbour”. The strong US$ with Euro falling recently, is putting real pressure on. People are waking up to the fact that earnings growth is going to be a little bit slower and potentially quite a bit slower than what they had originally anticipated. With some of the earnings that are being announced, we are seeing pretty big headwinds. The US$ seems set to move higher mostly against the euro, and because the European authorities really want their currency to move lower. Federal Reserve Board hasn’t done anything to alleviate the concern, and will probably begin to raise interest rates. He thinks money is going to continue to flow into US$ investments.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2015-01-28 N/A A Comment -- General Comments From an Expert
A Commentary
John O'Connell, CFA

Markets. 2 years ago he and a lot of others were saying to get out of Canada and buy US. The concerning issue right now is that for a year now everybody has been saying that the domestic economy is much stronger than the international economy, so a lot of people are focusing on those domestically oriented names. Because everybody is focusing on that, it becomes increasingly difficult to be finding real cheap value. These low energy prices are really starting to bite with job layoffs. As long as you pick good quality companies, and if you are patient, you are going to see some good value come to it.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2015-01-28 N/A A Comment -- General Comments From an Expert
A Commentary
John O'Connell, CFA

How did you generate 9% in your cash holdings? Had made a conscious decision to pull his profits and money out of the Canadian equity landscape last year, and move it into US dollars. The Cdn$ depreciated by about 9%.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2015-01-28 COMMENT Air Canada (B)
AC-T
Fabrice Taylor

Likes turnaround stories. Had participated in this and did very well, but is out of it now. Thinks there is still probably more upside on the stock, but if you own, you might want to consider taking some profits. Their Rouge division should do quite well.


Price: $11.730
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: No
2015-01-28 DON'T BUY AGF Management (B)
AGF.B-T
John O'Connell, CFA

Not in complete financial distress, but have spent their cash reserves buying back stock over time. Their performance in the mutual fund business has been challenged and they have been losing assets. The revenue base has been going down, which impinges on their ability to pay out financing, so have been building up a little debt. They are going to be challenged because there are new regulations coming, where investment advisors are going to have to disclose all the fees that customers are paying. People are going to start to see how much money they pay into mutual funds. This will put pressure on sales or on fees. Either would be a negative for the company.


Price: $7.120
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2015-01-28 COMMENT Alabama Graphite Corp
ALP-X
Fabrice Taylor

A very small resource play. A graphite deposit in Alabama. In a great jurisdiction, low cost, good weather and easy to get permitting there. Demand should grow with the increasing use of car batteries. Tesla is building a big battery plant in Nevada and will need graphite. Early stages. Highly speculative. If it works out, it has some serious upside. However, there is a lot of risk.


Price: $0.150
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: Yes
2015-01-28 COMMENT American Express
AXP-N
Fabrice Taylor

Thinks we are in the late stages in the market, and he is not sure that you want to own any large caps trading at 14X earnings with a pretty small dividend yield. He would be very cautious on this. These things can go down a lot in a correction. Yield of 1.25% and he would stick with the companies that have a better dividend.


Price: $81.730
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: No
2015-01-28 COMMENT Bank of America
BAC-N
John O'Connell, CFA

US banks in general have been struggling under a lot of different things, such as regulatory penalties and increased costs. They just don’t seem to be able to get past getting sued by the government for one thing or another. Thinks the problem is going to become more and more acute.


Price: $15.200
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2015-01-28 COMMENT Bank of Nova Scotia
BNS-T
John O'Connell, CFA

Was always viewed as a low cost operator that didn’t pay their staff all that well and ran an amazing international franchise in Latin America. New management has taken out a lot of senior people very quickly, and that is making some people nervous. Has also been addressing some of the problems and concerns in Latin America, which has got people really worried. This is trading at a reasonable valuation. He likes what the new management is doing.


Price: $62.520
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2015-01-28 COMMENT Cortex Business Solutions
CBX-X
Fabrice Taylor

A web-based software for invoicing, which allows corporations to speed up the invoicing system processes. Has been a bit of a laggard for the last few years. He and his subscribers have bought a lot of the stock, because they think it is going to turn around. Not so much the business, because the business does quite well. Their revenues grew 45% in the last quarter. This is more of a stock turnaround. If they can turn it around and start producing profits and telling the story better, it has a very bright future. He has told his subscribers to bid up to $0.10, but don’t go beyond that and let the sellers come to them.


Price: $0.090
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: Yes
2015-01-28 COMMENT Canadian Pacific Rail
CP-T
Fabrice Taylor

The stock chart looks like it is tapping out here. He would think that with a slowing economy, this will be affected. Have done a great job of improving the operating ratio, but there is only so much you can do. Not a stock that he would be particularly attracted to right now. Doesn’t think it has a lot of wind at its back.


Price: $220.780
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: No
2015-01-28 TOP PICK Cisco
CSCO-Q
John O'Connell, CFA

Thinks there is growth here. A rock solid balance sheet. He is a big believer in this internet of things and how more and more devices are going to be connected to the Internet, and this company is the major builder and supplier of a lot of those backbones. Trading at around 14 X next year’s earnings. Yield of 2.70%.


Price: $26.805
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2015-01-28 COMMENT Engagement Labs Inc
EL-X
Fabrice Taylor

A very, very early stage company, but also very interesting. They measure online mobile engagements. If you are an advertiser and you are doing mobile advertising, you want to know who you are reaching, how much time the spend, how valuable is your brand, etc. This is trying to fill that need. Similar to a Nielsen for rating of TV, etc. It attracts an amazingly qualified and well-known group of advisers. Has a good CEO. Not a lot of revenue yet, but when people in the industry decide they want to be part of it, they are probably on to something. Early stage but highly promising and interesting. Starting to rebound now.


Price: $0.550
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: Yes
2015-01-28 COMMENT Elkwater Resources Ltd
ELW-X
John O'Connell, CFA

He is a large shareholder and will be joining their board in February. He is very optimistic about the company. They are producing around 3000 barrels of oil a day. It is well financed and has very little debt. It can operate in $50 oil and stay in business without any problem. They are going to be huge winners on the backside of this oil situation when the crisis is over.


Price: $0.110
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2015-01-28 TOP PICK Fam REIT
F.UN-T
Fabrice Taylor

All of the REITs took a beating about 1.5 years ago when investor started worrying about higher interest rates. Then they had a bit of controversy about the sale of the management contracts. A lot of investors, institutional especially, bailed out and drove the stock price down. Doesn’t think interest rates are going to go up a lot. This yields 9.29%, and he thinks you will get this plus a little bit of capital gain as people accept this new management team. Balance sheet is very, very conservative. Not a lot of debt. He can see 20% gain in the next year.


Price: $8.400
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: Yes
2015-01-28 HOLD IMRIS Inc.
IM-T
Fabrice Taylor

Manufactures surgical suite equipment. Did a financing and the insiders took the entire financing just before Christmas. Has never seen insiders take an entire financing and lose money. Because of this, he thinks it can go higher. Expect they are going to have a good year.


Price: $0.990
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: Yes
2015-01-28 COMMENT Intertape Polymer Group
ITP-T
Fabrice Taylor

Came out with some mildly disappointing earnings, but it looks like most of it is temporary. It probably has a couple of dollars more to go over the next year or so. Has a little bit of a dividend, which will probably be increased. The real money has been made already, but if you are holding it for a rising dividend, you are probably going to be okay.


Price: $17.890
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: Unknown
2015-01-28 PAST TOP PICK John B. Sanfilipop & Son
JBSS-Q
Fabrice Taylor

(A Top Pick Dec 10/13. Up 61.03%.) This was a great pick at the time. He sold most of his stock when it got into the low $40. They make and package nuts.


Price: $37.030
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: Yes
2015-01-28 TOP PICK Klondex Mines Ltd
KDX-T
Fabrice Taylor

A small gold mining company in Nevada. They are cranking out cash even in the poor pricing environment. Now that prices are getting better, he thinks they become a pretty good take over candidate. At this stage in the market, you typically see the bigger guys buying reserves. Even if they don’t get bought out, it is an attractive stock.


Price: $2.660
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: Yes
Showing 1 to 120 of 136,583 entries
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