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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
2015-07-31 N/A A Comment -- General Comments From an Expert
A Commentary
Lyle Stein

Markets. The Canadian market has gone through a reset in many respects in the last 3 years as commodity prices have come down, but in particular the last year has been really hard. There has been a triple storm of low commodity prices, a recession being talked about as well as the Cdn$ being really, really weak. Canada is out of favour. Thinks the markets in general are going through a reset. Looking at the last 5-6 months, the Dow, NASDAQ and S&P are doing a kind of a toppy thing. Fewer stocks are taking the market higher, and if it goes higher more stocks are hitting lows. This is a time for caution. The tough part in a narrowing market is that fewer and fewer names are giving leadership. He would like to see more global growth. He typically runs his maximum cash at 20% and is currently there. He is looking at financials.


Price: $0.020
Subject: CANADIAN
Bias: CAUTIOUS
Owned: _N/A
2015-07-31 COMMENT A Comment -- General Comments From an Expert
A Commentary
Lyle Stein

REITs? The fear of the rise in interest rates has hit the sector. That has been the biggest factor to take stock prices down. The question is how quickly are rates going to go up and is it going to be an inflation induced rate issue? Canadian REITs are really cheap on a global basis. Money keeps coming into Canada to buy our houses in Vancouver. Will that follow-up into the REIT sector? Over a long period of time, real estate prices will link pretty well with inflation. Thinks the 2nd half of the book is okay.


Price: $0.020
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2015-07-31 N/A A Comment -- General Comments From an Expert
A Commentary
David Cockfield

Markets. Resource sector just keeps getting whacked and whacked, and for good reason. It is going to be tough sledding for a while. There was a little bit of a rebound towards the end of last week, but thinks that is a little premature. There is still bad news to come. You should look back and see what the market has done over the last 7 years. We breached a 14,000 level in 2008 and got back there in 2011, but didn’t get back over 14,000 until 2014, and then we got up over 15,000. Now we are back basically where we started back in 2008. It has been a really tough market to make money. It comes back to looking for those dividends such as the good old Bell Canada (BCE-T). Banks haven’t been that bad, not spectacular, but at least you are not trying to trade the market. Trading this market is extremely difficult. Thinks we will be back into a growth pattern and that most of the pain in Alberta will have gone and been completed. Feels we are in slow growth and will be lucky to get above 1%. The big positive factor is that the US still continues to look like it is in a take off mode. If they do well, that is good for us.


Price: $0.020
Subject: CANADIAN
Bias: CAUTIOUS
Owned: _N/A
2015-07-31 PARTIAL BUY Altagas Ltd
ALA-T
Lyle Stein

A very nice story in terms of growth. What makes it unusual is that it is viewed as an energy stock, but their growth investments are as much utility as they are in things that are related to energy. Recently they’ve been hit by Alberta power prices, however they are putting on dams in BC, which are traditional utility type revenue generators. That offers stability which you just can’t find. Good yield of about 4.5%-5% which can grow over time. He is looking at this one.


Price: $35.800
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2015-07-31 COMMENT Altagas Ltd
ALA-T
David Cockfield

Suffering along with all the other Alberta stocks, but he doesn’t see the situation deteriorating for them to any great extent. Thinks the dividend is safe and sustainable. The long-term aspects relating to gas remain in question. Gas exports seem to be a foregone conclusion, but when?


Price: $35.800
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 PAST TOP PICK Brookfield Asset Management (A)
BAM.A-T
David Cockfield

(A Top Pick Aug 12/14. Up 36.04%.) He likes the whole Brookfield group and the way they operate. This is one way you can put money outside of Canada, as a good amount of their assets are outside of Canada.


Price: $45.660
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 COMMENT Bombardier Inc (B)
BBD.B-T
Lyle Stein

This has unquestionably been a disappointment. The big question is, do they have enough cash to see their project to completion and what is going to fund them along the way? A high risk play, so it is not a name that he would own at present. If you have a little money that you want to allocate and not look at for 5 years, it might be interesting.


Price: $1.630
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2015-07-31 HOLD BCE Inc.
BCE-T
Lyle Stein

A Hold at these levels. Hasn’t had a major correction, but has kind of fallen in line with the Canadian market in general. The dividend looks awfully good, getting close to the 5% level. A very safe dividend. Good generator of free cash.


Price: $53.830
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 BUY BCE Inc.
BCE-T
David Cockfield

Bell Canada (BCE-T) or Telus (T-T)? He owns both, and probably a little bit more of this one. Telcos are sort of a utility and he likes the sector. Dividends are safe and the stocks are easy to buy and sell. A good basis for your portfolio. This is probably his favourite, simply because of the better yield. He sees them increasing the dividend again in the future.


Price: $53.830
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 HOLD Baytex Energy Corp
BTE-T
David Cockfield

Exited this stock months and months ago. An excellent company and has been well-managed. They have good assets. Heavy oil by drilling, not by extraction. They’ve bought into the Eagleford in the US and are spending most of their capital in that. Most recent earnings were less then stellar, and he thinks the company is going to suffer for a while. However, it will certainly survive. Have excellent, relatively low cost assets. 10.6% dividend yield, which he thinks is going to get cut.


Price: $11.260
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2015-07-31 TOP PICK Canadian Imperial Bank of Commerce
CM-T
Lyle Stein

For many years this has been the unfavoured bank amongst Canadian banks. It has the highest yield and they have raised the dividend a couple of times to the shock of some people. Good yield and they are growing the dividend. Has the best tier 1 capital ratio in Canada. Sentiment is starting to swing back to this bank. This is a bit of a contrarian play. Dividend yield of 4.67%.


Price: $93.460
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 DON'T BUY Crescent Point Energy Corp
CPG-T
Lyle Stein

He thinks this whole business model is coming under question. The real fundamental question is, should resource companies be the significant generators of cash dividends, when in fact they need that capital, particularly as commodity prices continue to disappoint. The dividend doesn’t make sense because they need the capital to keep the regular business going.


Price: $19.810
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2015-07-31 COMMENT Crescent Point Energy Corp
CPG-T
David Cockfield

This is definitely going to survive, if any company is going to do well in this particular period of falling prices. Have good financing and good cash flows, and even covering their dividend at the present time. They’ve been good in hedging in terms of selling forward. He hopes they managed to pick up some of that $60 future oil when the market was in contango a month or so ago. Whether they can maintain that 14% dividend is open to question.


Price: $19.810
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 PAST TOP PICK Cenovus Energy
CVE-T
Lyle Stein

(A Top Pick March 12/14. Down 31.32%.) One of the problems is that it is at the end of the pipe, the oil sands. The good aspect is that they do have refining capacity in middle America, which is a wonderful place to have refining capacity. They cut their dividend, which makes sense in this $45-$50 oil.


Price: $19.060
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 COMMENT Encana Corp
ECA-T
Lyle Stein

Is the dividend safe? If oil stays at current levels, pretty much every dividend in the sector is going to be at risk. The bigger question is have we fully addressed the current oil price market, and he thinks the jury is out.


Price: $9.940
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 BUY Enbridge
ENB-T
Lyle Stein

This has been one of the great Canadian companies for the last 50-60 years. Just came out with numbers last night and they are exceptional. One of those names that you just buy and keep and watch the dividend grow because they can grow that dividend with expansion projects. A wonderfully well-run company that has a great track record.


Price: $57.010
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2015-07-31 TOP PICK Goldcorp Inc
G-T
Lyle Stein

Just slashed its dividend by 60%. Management, quite prudently, decided to keep $300 million of cash. When you are investing in commodity companies, bad times come, but the good times are unbelievable. Has increased its credit line by $1 billion and sold a mine for $1 billion, so suddenly they have $2 billion of liquidity. Also, had numbers that were quite good from an operating perspective. They now have a Tier 1 triple B balance sheet that they are intending to maintain, and have the ability to pick up other companies that are falling on hard times. Dividend yield of 4.43%.


Price: $17.450
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 WATCH Gildan Activewear Inc.
GIL-T
David Cockfield

Likes this company. Recent numbers were somewhat of a disappointment, and the markets reacted accordingly. He would watch this to see if it goes any lower. The multiples are reasonably rich and there is no dividend to speak of, so it is a growth stock. They have done extremely well over the years. Price of cotton has been better lately, so they should do okay. They are in a growth period and there may be a misstep or 2 along the way. Long-term, he thinks it is a great stock. Watch it over the next week or so to see if it gets any weaker and if there is any significant buying, so you can step back in yourself.


Price: $42.180
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 BUY Home Capital Group
HCG-T
David Cockfield

Had a problem with some falsification of income on loan documents. This is a problem with an outfit that really depends on mortgage brokers being honest. You have to understand, this company is loaning to people that can’t get loans. They have done an excellent job over the years and have no significant losses right now. Unfortunately they have been the subject of significant Shorting from the US. He doesn’t tend to invest in this type of company, but thinks this is probably a reasonable Buy at these levels.


Price: $31.830
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2015-07-31 COMMENT Imperial Oil
IMO-T
David Cockfield

Just reported and earnings were not that great. Not a real surprise as it is 83% in the oil area. Has been a very steady producer for years and years. The real problem coming out of their earnings was that people had thought it would do better downstream than what it did. He is basically standing back from the oil/gas sector. Doesn’t see us reaching some stability until maybe 2016.


Price: $48.390
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2015-07-31 BUY Inter Pipeline
IPL-T
Lyle Stein

The kind of company that will keep you well in the money for a long time. Pays a nice yield and is in a decent growthier area. Reasonably priced. Doesn’t think you will go overly wrong on this. (See Top Picks.)


Price: $27.360
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2015-07-31 COMMENT Inter Pipeline
IPL-T
David Cockfield

Has just been caught in the downdraft of the oil stocks. It is like a semi-utility and the actual need for their services is going to stretch years down the road. Maybe in 4-5 years, the potential growth may go out of it. In the meantime, the dividend is quite safe. Reduced his position in the pipeline sector because he thinks the long-term growth prospects aren’t as strong as they used to be.


Price: $27.360
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2015-07-31 DON'T BUY Lake Shore Gold
LSG-T
David Cockfield

A well run company which he thinks has good resources. The real problem is gold itself. Gold really depends on inflation eating the value of your paper currency. This is just not happening. He wouldn’t be surprised if gold breaks down through $1000.


Price: $1.100
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2015-07-31 COMMENT Martinrea
MRE-T
David Cockfield

A good Canadian company, but sell a lot into the US, which is a great time with the Cdn$ being low, and he expects going lower. They seem to have sorted out some of their internal problems. A volatile stock and you have to believe that the auto industry has a few more years to run. The average age of cars and trucks in the US is over 11 years. This should do well, but you have to realize this is a cyclical industry and this one has shown some wild swings over time. If you have made 10%-20%, it might be time to take some profits.


Price: $13.500
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2015-07-31 COMMENT Methanex Corp
MX-T
Lyle Stein

Just came out with earnings and were a little light, but it didn’t really matter in terms of the stock price. It is a commodity name, so it is going to have volatility associated with it. This is a pure play methanol global provider. Has incredible infrastructure. Right now methanol is being produced “at cost”, so it is tough to make margin. Any margin that can be made though will accrue to this company. Not a bad name to own.


Price: $58.940
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2015-07-31 PAST TOP PICK Potash Corp of Saskatchewan
POT-T
Lyle Stein

(A Top Pick March 12/14. Up 0.02%.) This is continuing to struggle. An OK story. They are the lowest cost producers globally, which is a good thing. The dividend is good and they are generating lots and lots of free cash. A great core holding in portfolios.


Price: $35.580
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 BUY Potash Corp of Saskatchewan
POT-T
David Cockfield

The fertilizer industry seems to be turning a corner. Numbers are better and it looks like the pricing is going to be firmer in the future. Not a bad investment. Thinks the stock was oversold in the last market decline. Feels the dividend is quite safe. Prefers Agrium (AGU-T).


Price: $35.580
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2015-07-31 COMMENT Pembina Pipeline Corp
PPL-T
David Cockfield

Has just been caught in the downdraft of the oil stocks. It is like a semi-utility and the actual need for their services is going to stretch years down the road. Maybe over 4-5 years, the potential growth may go out of it. In the meantime, the dividend is quite safe. Reduced his position in the pipeline sector because he thinks the long-term growth prospects aren’t as strong as they used to be. If this stock continues to go down, he could see him getting back in.


Price: $38.070
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 HOLD PrairieSky Royalty
PSK-T
David Cockfield

Hasn’t worked out too well for those who jumped into the new issue, but as a royalty firm, he thinks the payout is good. Have good properties. They are still hovering under Alberta’s black cloud. Until we actually see some stabilization, and perhaps a move into the high $50s/low $60s in oil, he is not willing to step into that market. If you are there, your income is probably reasonably safe.


Price: $26.850
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2015-07-31 COMMENT Royal Bank
RY-T
Lyle Stein

Has been the “go to” name for a long, long time in the Canadian banking sector. If you are looking for income, this is a great time to buy it. If you are trying to time and trade it, and you have extra cash and looking for yield, this is about as good a place as you can go to get it. (See Top Picks.)


Price: $76.260
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 COMMENT Sherritt International Corp.
S-T
Lyle Stein

His view is that this will survive. The balance sheet has been fixed. If nickel prices stay below $5 for more than 2.5-3 years, they may have some issues. Nickel prices have been very low for a long time, but this company is at the 50th percentile in terms of costs. Half of the world can’t produce nickel at current prices and make cash money. The thinks it is a pretty reasonable bet that nickel will be in deficit in 2016.


Price: $1.340
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2015-07-31 TOP PICK Sun Life Financial Inc
SLF-T
David Cockfield

This is mainly Canada and the US, which is what he likes. A good safe stock and he can see it increasing its dividend in the future. Prefers this over Manulife (MFC-T) because of Manulife’s involvement in the Orient. Dividend yield of 3.15%.


Price: $42.690
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 COMMENT Suncor Energy Inc
SU-T
Lyle Stein

This company showed what a good oil company can do. They raised their dividend because they do have refining capacity. A well positioned company. Large cap companies with good balance sheets can survive very turbulent economic waters.


Price: $36.840
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2015-07-31 BUY Telus Corp
T-T
David Cockfield

Bell Canada (BCE-T) or Telus (T-T)? He owns both, and probably a little bit more of BCE. Telcos are sort of a utility and he likes the sector. Dividends are safe and the stocks are easy to buy and sell. A good basis for your portfolio. BCE is probably his favourite, simply because of the better yield.


Price: $44.650
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 COMMENT Transalta Corp
TA-T
Lyle Stein

Had a bit of a slap on the wrist because of a ruling on their pricing. As a contrarian investor, that is the kind of thing that you want to perk your ears up at. It’s a one-time event, and the market panics on one-time events. However, the issue hitting them extends a little beyond pricing issues. They have Alberta and Alberta power prices are about as low as they have been in a long, long time. They cut their dividend, which was probably the right thing to do.


Price: $8.290
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2015-07-31 HOLD Teck Resources Ltd. (B)
TCK.B-T
Lyle Stein

This has been the poster child for all those triple storm factors. Met coal pricing is at $84 a ton, a low that we haven’t seen in a long, long time. Copper is the depressed metal. They do have zinc, which is good. However, their 4th leg is oil and nobody wants to own that. However, at these prices, the stock is quite attractive. They have done a good job of maintaining the balance sheet and its flexibility. When commodity prices are trading below cost for 50% of the industry, those companies will have to shut down. This one is not shutting down.


Price: $9.630
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 COMMENT Tricon Capital Group
TCN-T
Lyle Stein

Getting into the luxury apartment area and have just raised $150 million. A very interesting name, because it offers significant US exposure. Have interesting exposure in single-family housing and apartments all through the US, but in particular in the growthy parts of the US. Very well-managed. Dividend yield of 2.1%.


Price: $11.380
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2015-07-31 TOP PICK Toronto Dominion
TD-T
David Cockfield

Canadian Banks have been under pressure with some US companies Shorting them. This one has a big US content. It hasn’t done much for a while and he is expecting better results in the upcoming quarters. Good dividend increaser. Dividend yield of 3.87%.


Price: $52.770
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 PAST TOP PICK Trans Canada Corp
TRP-T
Lyle Stein

(A Top Pick March 12/14. Up 8.61%.) Pays a nice dividend and that business is not going to disappear. They do a very good job. When they are not moving oil/gas, they are generating power.


Price: $50.830
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 TOP PICK Trans Canada Corp
TRP-T
Lyle Stein

He invests private client money, and when you do that it is not about the next hot story or the next great simple return, it is about owning great companies and letting them work for you. This has been one of those. About a year ago, they had about $45 billion worth of CapX potential that could double their EBITDA in 6-7 years. Keystone could be taken off the list. Energy East may or may not go. These pipelines need to be built, but in the meantime they have $12 billion of expansion capacity that they can add. Dividend yield of 4.09% will continue to grow.


Price: $50.830
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 HOLD Trans Canada Corp
TRP-T
David Cockfield

He is not that enthusiastic. The connection with the oil patch is pretty close. Has cut back on his positions although he still owns a considerable amount. Well-run company. They keep tripping over government regulations. There are hurdles in front of these companies. This will do fine in the long run.


Price: $50.830
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 COMMENT Vermilion Energy Inc
VET-T
Lyle Stein

This is an interesting name, because we all focus on the traditional Alberta, Saskatchewan, BC names, and this one has made significant investments in Europe. They have done a remarkable job in terms of managing their business. Because of their European exposure, they are not getting domestic North American pricing, they are getting Brent prices. Good balance sheet. He is looking at this.


Price: $44.000
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2015-07-31 COMMENT West Fraser Timber
WFT-T
David Cockfield

Was positive on the lumber sector about a year ago, and then various things happened. The Russian ruble went into the tank, so timber became much more competitive. Also, slowdowns in China. On the US side, we are coming to a point where the housing sector is really going to run, so thinks the forest product stocks in general in Canada are probably worth looking at. Timing is probably good for the stocks.


Price: $57.550
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2015-07-31 COMMENT Westjet Airlines
WJA-T
Lyle Stein

Airlines are investments that you want to rent, but not own. This one has been very good for the initial owners, but is now much more like an airline stock, much more volatile. It has suffered probably the most amongst North American airlines, and he attributes a lot of that to the Alberta factor. Not the kind of airline that he would invest in now.


Price: $22.990
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2015-07-31 PAST TOP PICK iShares Cdn Univer. Maple ETF
XSH-T
David Cockfield

(A Top Pick Aug 12/14. Up 3.9%.) This is short bonds and at that time he was suggesting holding cash. Very liquid, so you use it as your cash reserve.


Price: $19.980
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 COMMENT Yamana Gold Inc.
YRI-T
Lyle Stein

For a 2-5 year Hold? The cost of gold production right now is near where the price of gold is. This is not a bad producer and they have some decent mines. Smaller companies will move when the gold price moves, but there is a little bit more stability in bigger names. A smaller name, but good quality. (See Top Picks.)


Price: $2.590
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2015-07-31 PAST TOP PICK BMO Low Volatility Cdn Eqty ETF
ZLB-T
David Cockfield

(A Top Pick Aug 12/14. Up 22.51%.) This has a good portfolio and low volatility. It is like buying a mutual fund with a very small fee. The portfolio adjusts every 6 months or so.


Price: $27.210
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-31 TOP PICK BMO Low Volatility US Equity ETF
ZLU-T
David Cockfield

This is a way to participate in a broad base. Their beta is .76. It has 25% utilities, 25% consumer staples, 20% in healthcare and 10.9% in consumer discretionary. These are companies that are not particularly multinationals, which is what he wants. Feels the high US$ has hurt some of the big multinationals. These tend to be more domestic.


Price: $27.120
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2015-07-30 N/A A Comment -- General Comments From an Expert
A Commentary
Robert Lauzon

Markets.  There are some pains of job cuts in the sector.  He thinks we have another 4 weeks for reports to come with bad news.  Be prepared for more job cuts.  He thinks we are forming a bottom and testing 52 week bottoms.  He believes we are seeing the forming of the bottom for the next 5 years.  Oil should be about $50 for the next couple of years. 


Price: $0.020
Subject: ENERGY
Bias: SELECTIVE
Owned: _N/A
2015-07-30 N/A A Comment -- General Comments From an Expert
A Commentary
Robert Lauzon

The Low Oil Price.  The Saudis are doing two things.  Supply has increased because of US shale production.  Demand has shrunk because of slow down in emerging markets.  We are using oil more efficiently in cars and so on also.  The Saudis are threatened by the US.  Their cost is $20.  The US is $50.  World demand will increase because of price.  The Saudis can keep oil at $50 for two years and then their internal social budgets blow up. 


Price: $0.020
Subject: ENERGY
Bias: SELECTIVE
Owned: _N/A
2015-07-30 N/A A Comment -- General Comments From an Expert
A Commentary
Zachary Curry

Market. It has been a rough go. Price of oil has come back from about $60 to just below $50. It seems to be a general “Sell Canada” trade. Commodities, obviously, are the most visible, but the Cdn$, Canadian financials, just seems to be generally against Canada. On the resource side, there has been a supply increase and demand not so much, but his overall view is that there are bargains to be had in the resource sector, specifically in oil and gas. It is just a question of when you want to be buying. From a global perspective it is segmented into North America, Europe and emerging markets. Global growth always seems to start off the year positive, and then as the year moves along, it comes back. His equity fund has about 50%-55% in US$ denominated assets of cash and investments. There is about 5% in foreign and the rest is in Canada.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: _N/A
2015-07-30 PAST TOP PICK Apple
AAPL-Q
Zachary Curry

(A Top Pick July 10/14. Up 29.1%.) Took some money off the table when it got up to the high $122’s. They are selling more of their iPhones, their market share is going up, and selling more Mac’s in a declining PC environment. Once they get people to buy an iPhone, they will buy another one. Trading at a very good valuation level. Have lots of cash.


Price: $122.370
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-30 COMMENT Air Canada (B)
AC-T
Zachary Curry

Fuel prices are lower, interest rates are low and the US$ side of things are all positive. Low oil prices have a double effect giving cheaper input costs as well as allowing consumers to spend more. Seems like the airlines have tailwinds and that can be a good thing.


Price: $11.990
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2015-07-30 BUY on WEAKNESS Altagas Ltd
ALA-T
Robert Lauzon

A core holding.  He likes it here.  It sold off about $6 this year.  A growth rate of 15% is being priced in by the market.  Below $40 is a good entry point.


Price: $35.900
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-30 TOP PICK Arc Resources Ltd
ARX-T
Robert Lauzon

A quality company that runs its business like it will be around for another 25 years.  Hold it for a long time and see 10% a year.


Price: $20.330
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-30 BUY Brookfield Asset Management (A)
BAM.A-T
Zachary Curry

If you are a long-term investor, this has pulled back far enough. They have lots of things going on. Raised a good amount of equity they can deploy. Have holdings in their various infrastructure products office side of things. All of their money flows up to the top. A good deal of their assets, just shy of 50%, are fee generating.


Price: $45.080
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-30 DON'T BUY Bombardier Inc (B)
BBD.B-T
Zachary Curry

Buying this is really catching a falling knife. They have a lot of issues on the aircraft side of things. How do you attract new buyers for your products when your financial position is precarious?


Price: $1.760
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2015-07-30 COMMENT BCE Inc.
BCE-T
Zachary Curry

A great name. Has a bit of everything. On the wireless side, it is really the one that is playing catch-up, which is an enviable position to be in. On the content side they have live sports in conjunction with Rogers (RCI.B-T), but they have some good content. In later 2016 you are going to get the "pick-and-pay" model from the CRTC.  5% yield.


Price: $53.440
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-30 DON'T BUY Bonavista Energy Corp
BNP-T
Robert Lauzon

50/50 gas and oil.  Has been hit hard recently.  Their production areas will be affected by TRP-T outages.  Their production areas will be affected by that.  He owns a little.  It is not one of his favourite picks.


Price: $5.170
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-30 DON'T BUY Bellatrix Exploration Ltd.
BXE-T
Robert Lauzon

It is not at risk of filing for creditor protection.  They have too much debt, however.  There is no reason to own this stock.


Price: $2.680
Subject: ENERGY
Bias: SELECTIVE
Owned: No
2015-07-30 COMMENT CitiGroup
C-N
Zachary Curry

US banks are in a tough position overall. Thinks litigation is going to continue. All the banks are under a bit of a watch in having to go to the Fed with their friends in the Fed’s telling them what they are allowed to do.


Price: $58.880
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-30 BUY Chinook Energy Inc
CKE-T
Robert Lauzon

This is a good way to play the small cap area through the bottom.  They are not spending much at all this year.  They are more of a gas play.  Mostly in BC.  They are in an area that is really doing well.  M&A could happen at any time.  It is a nice place to park money in this down turn.


Price: $0.860
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-30 COMMENT Crescent Point Energy Corp
CPG-T
Robert Lauzon

He likes them.  The market is telling them it wants them to cut the dividend.  They still might not do it.  They didn’t have to earlier this year.  If oil is still $50 when these hedges roll off, CPG-T will have to cut the dividend within a couple of years.  The yield has spiked as the stock price came down.  CPG-T can’t issue equity with a 12-15% yield and make it accretive.  They should bring it down the 7-8%.  Management does not want to do this, but it is best.


Price: $20.200
Subject: ENERGY
Bias: SELECTIVE
Owned: Unknown
2015-07-30 PAST TOP PICK Cequence Energy Ltd.
CQE-T
Robert Lauzon

(Top May 21/14, Down 77.12%) Turned into a small cap company.  He got out into a higher liquidity name.  He would need oil in the $70 range to get back into this story.


Price: $0.610
Subject: ENERGY
Bias: SELECTIVE
Owned: No
2015-07-30 TOP PICK Cisco
CSCO-Q
Zachary Curry

Whether it is Facebook, Google, YouTube, etc. the backbone of the Internet needs to be there, and this is the best provider. One really neat avenue is that they are going to get into the server side of things, where they are going to their customers saying they will build it, service it and clip the recurring revenue on that service contract. Yield of 2.97%.


Price: $28.300
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-30 COMMENT Constellation Software Inc.
CSU-T
Zachary Curry

This has been a great story. The caution for him is that it is growth by acquisition. The growth they have been showing really comes from a number of acquisitions, and most of them have gone extremely well. He prefers to have his technology investments in the US where there is a lot more geographical diversification and a lot more size and scale. He would be very cautious on this.


Price: $578.490
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2015-07-30 PAST TOP PICK CWC Well Services
CWC-X
Robert Lauzon

(Top May 21/14, Down 80.33%) He has trimmed some. They have no debt problem. It is totally out of favour.    Don’t be concerned if they cut the dividend again.  It will go up again when things improve.


Price: $0.195
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-30 TOP PICK Walt Disney
DIS-N
Zachary Curry

Best in class. Have been spending a lot of money in the last 3-4 years, and feels they are going to stop spending and be able to reap the rewards. They are going to be able to increase the cash flows through their theme parks and Star Wars, and hopefully return some of that to their shareholders. Dividend yield of 1.1%.


Price: $120.030
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-30 DON'T BUY Encana Corp
ECA-T
Robert Lauzon

A large company and even with a two to three year investment horizon, he would not look at this one.  He does not like all their decisions.  He sold after the Prairie Sky spin out.


Price: $9.970
Subject: ENERGY
Bias: SELECTIVE
Owned: No
2015-07-30 TOP PICK Element Financial
EFN-T
Zachary Curry

(A Top Pick July 10/14. Up 37.13%.) Great company. Has done very well. Recently raised money to take over the GE leasing business. Still get above 70% of their business from the US. They seem to be funding things in a more conservative way. There is no reason this progress can’t continue.


Price: $19.390
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-30 WATCH Enerflex Ltd
EFX-T
Robert Lauzon

Gas compression.  There are tail winds on the business.  Watch it for a year or two before getting in.  We need to see the global economy pick up.


Price: $11.940
Subject: ENERGY
Bias: SELECTIVE
Owned: No
2015-07-30 DON'T BUY Enerplus Corp
ERF-T
Robert Lauzon

The balance sheet is getting 3.5:1 debt to cash flow.  The rig count has nudged up in the US in the last couple of months because companies hedged out and felt good in the last peak.  He would rather see good return on investment decisions.  He owns some, but it is not a top weight because of the debt level.  The dividend is probably safe, but watch this August.


Price: $8.330
Subject: ENERGY
Bias: SELECTIVE
Owned: Unknown
2015-07-30 COMMENT Facebook
FB-Q
Zachary Curry

The numbers are great and the margins are there. This is a super story. He loves the long-term approach they are taking. They are taking their time. Have hit all of their metrics so far. There is a lot of news coming on it now where that can be a real disruption as to where people get their news. Too richly valued for him.


Price: $95.210
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2015-07-30 COMMENT Fortis Inc.
FTS-T
Zachary Curry

Given this environment with low interest rates, this provides good income. Made some great acquisitions in the electrical generating space. Recently sold off some non-core assets. The tough part about this company is that their acquisitions need to be big.


Price: $36.030
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-30 HOLD Husky Energy
HSE-T
Robert Lauzon

Have done a good job in the last couple of quarters and he has bought some recently.  Positive cash flow in the downstream refining business.  Pays a nice dividend.  When oil moves higher this one will underperform.


Price: $23.760
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-30 COMMENT IBM
IBM-N
Zachary Curry

Earnings on the revenue side have been soft for almost 3 years or more. It is really a question of how they can turn the ship around and how quickly it can happen. Great CEO. There was a time when this was all hardware, but it is now all software. It’s a question of how they get that service side in. He thinks it will take time. If you want to pick away at it, this is obviously an OK spot, but you have to have a pretty good time horizon and be able to withstand the bumps.


Price: $160.960
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2015-07-30 HOLD Inter Pipeline
IPL-T
Robert Lauzon

It is fine. There is a base wedge of oil sands production that is not going to go away.  But the question is how much growth can happen in this area over the next 10 years.  You might want to diversify.


Price: $27.240
Subject: ENERGY
Bias: SELECTIVE
Owned: Unknown
2015-07-30 BUY Johnson & Johnson
JNJ-N
Zachary Curry

Healthcare is an area he has been focusing on, but not on this one particularly. This is a conglomerate with the consumer side, healthcare and the pharma side. Trading below where the market is. Growth isn’t superb, but you are not really paying up for it. In times of a market uncertainty, that stability and defensiveness will really come into play. Pays a good dividend. This could be a good name for a portfolio.


Price: $99.840
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2015-07-30 COMMENT Mastercard Inc.
MA-N
Zachary Curry

Visa (V-N) or MasterCard (MA-N)? He would say Visa is the bigger and the better of the 2. One of the benefits of this is that it has a bit more of a technological change going for it. Both are priced to perfection, and he questions if that growth is going to be able to get there. There are a lot of potential disruption coming with PayPal and Apple Pay. If there were to be a pullback, both companies would pull back quite substantially because their multiples are so high.


Price: $98.410
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2015-07-30 COMMENT Manulife Financial
MFC-T
Zachary Curry

Manulife (MFC-T) or Toronto Dominion (TD-T)? From an insurance point of view this is the best in class. He likes the way management has separated out the core earnings side of things. He thinks they are selling more insurance and have a strong goal and how much they want to sell. They are growing in Asia and have a US component. Both are good names.


Price: $23.110
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2015-07-30 COMMENT Nike Inc
NKE-N
Zachary Curry

Great company. Trading at a fairly reasonable multiple. There is a lot of growth here. They have a ton of great athletes. Valuation is reasonable and they seem to be hitting all of their marks.


Price: $115.010
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2015-07-30 PAST TOP PICK Paramount Resources
POU-T
Robert Lauzon

(Top May 21/14, Down 62.14%) A good quality long term play.  When LNG gets built out 5 years from now they will benefit.  He would not be opposed to adding to your position.


Price: $21.010
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-30 HOLD Pembina Pipeline Corp
PPL-T
Robert Lauzon

Looks pretty good here.  It is fine if you are only looking for yield.


Price: $37.840
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-30 DON'T BUY Penn West Petroleum
PWT-T
Robert Lauzon

Has not owned it for 5 years.  It has too much debt and equity is grinding toward zero.  If oil spikes to $90 they could survive.  Avoid it.


Price: $1.790
Subject: ENERGY
Bias: SELECTIVE
Owned: Unknown
2015-07-30 BUY Surge Energy Inc
SGY-T
Robert Lauzon

He likes the dividend.  Recently sold assets to TOG-T.  Their balance sheet is good.  He would pick this because it is less risky than others.


Price: $2.450
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-30 PAST TOP PICK Spartan Energy Corp
SPE-T
Zachary Curry

(A Top Pick July 10/14. Down 34.5%.) Still likes this. His view on the energy sector overall is that you want to pick the best companies that will be able to weather prices at $40 or $70, and this is definitely one of those names. Great balance sheet. Even at $40, they are able to take the cash flow and not accumulate debt and manage through the cycle.


Price: $2.620
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-30 DON'T BUY Transalta Corp
TA-T
Robert Lauzon

He would look at it as his infrastructure fund, but is avoiding it at present.  They are up against some charges of price fixing.  The main headwind is their coal plant with the NDP government.  Another headwind is the Alberta economy. 


Price: $8.050
Subject: ENERGY
Bias: SELECTIVE
Owned: Unknown
2015-07-30 DON'T BUY Twin Butte Energy
TBE-T
Robert Lauzon

It is heavy oil.  They don’t have a terrible balance sheet.  There may be a dividend cut.  He prefers others.


Price: $0.460
Subject: ENERGY
Bias: SELECTIVE
Owned: Unknown
2015-07-30 COMMENT Teck Resources Ltd. (B)
TCK.B-T
Zachary Curry

From an operating point of view, this is best in class in Canada. What they have done since the financial crisis until now, in terms of stability, has been fantastic. However, the commodity price environment has been detrimental. The one commodity that is doing well is zinc, but not enough to really lift the company out. Under $10 you really have to look at this.


Price: $9.330
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2015-07-30 COMMENT Toronto Dominion
TD-T
Zachary Curry

Manulife (MFC-T) or Toronto Dominion (TD-T)? Higher interest rates will effectively help the banks. This one is a retail bank with more locations in the US than in Canada. Both are good names. He prefers the banking side.


Price: $52.670
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-30 TOP PICK Torc Oil & Gas Ltd
TOG-T
Robert Lauzon

An oil producer, primarily in Saskatchewan that has been hit pretty hard and pays a nice dividend that should not be cut here.  There are going to a lot of acquisitions over the next few years.  He likes the team. 


Price: $7.120
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-30 WEAK BUY Tourmaline Oil Corp
TOU-T
Robert Lauzon

He thinks the two projects will happen.  Between 2016-18 you will see some of these large companies try to get more solid molecules under the ground.  TOU-T will do wise things.


Price: $32.880
Subject: ENERGY
Bias: SELECTIVE
Owned: Unknown
2015-07-30 COMMENT Visa Inc.
V-N
Zachary Curry

Visa (V-N) or MasterCard (MA-N)? He feels this one is the bigger and the better of the 2. MasterCard has a bit more of a technological change going for it, but this one is the bigger size. Both are priced to perfection, and he questions if that growth is going to be able to get there. There are a lot of potential disruption coming with PayPal and Apple Pay. If there were to be a pullback, both companies would pull back quite substantially because their multiples are so high.


Price: $76.380
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2015-07-30 TOP PICK Whitecap Resources
WCP-T
Robert Lauzon

Healthy dividend, good management team, good institutional following for raising money when they need to grow by acquisition.  6.5% yield. It has sold off, but does not have a balance sheet problem.


Price: $11.710
Subject: ENERGY
Bias: SELECTIVE
Owned: Yes
2015-07-29 N/A A Comment -- General Comments From an Expert
A Commentary
Michael Sprung

Markets.  As a value investor, he is finding some opportunities. This market is in a great deal of turmoil. We not only had worries about Greece leaving the union, but still have yet to face some of the larger problems that are about to come up in Europe with other countries that are also in a lot of debt. Also, we still have the worries about slowing in China, which is going to affect commodity prices. This has all come to bear on the Canadian market quite a bit. On top of that there is the collapse of oil prices. It is in this kind of environment that value investors have really got to start sniffing around over the next business cycle to find good quality companies with good balance sheets that they can buy today. It would be companies that will not only prosper over the next cycle, but able to take advantage of opportunities that may arise in this environment. He is beginning to see a little bit of that in the oil/gas sector. We could be in a malaise for quite a while. There really hasn’t been a technical correction yet. It wouldn’t surprise him to see us test more lows over the next couple of months. People who have reserved cash will have some real opportunities. As a value investor, you have to really look at the balance sheets.


Price: $0.020
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: _N/A
2015-07-29 COMMENT A Comment -- General Comments From an Expert
A Commentary
Michael Sprung

Crude oil. Within the economy, the energy sector is approximately 10% of GDP. Over the next cycle, we are going to see an improvement in the conditions within the energy sector, but he doesn’t know how long it remains in the current malaise. Doesn’t know where the bottom price of oil is going to be, so look for those companies that have fairly strong balance sheets and that could potentially take advantage of their weaker competitors.


Price: $0.020
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Unknown
2015-07-29 HOLD A Comment -- General Comments From an Expert
A Commentary
Michael Sprung

Canadian Banks?  He owns a basket of these. His primary holdings are Royal Bank (RY-T), Bank of Nova Scotia (BNS-T) and CIBC (CM-T). Thinks the banks are in a fairly good position. Multiples have come off quite a bit. Bank dividends are safe, and he would expect that over the next cycle there will be dividend increases.


Price: $0.020
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 N/A A Comment -- General Comments From an Expert
A Commentary
James Telfser

Markets. Taking out his cash and short positions, he is sitting at about 75% Long, with some Put options as well. Has seen probability of a negative event occurring in the next few months and is building up a shopping list of names that he would like to buy. Companies that have reasonable valuation and doing a lot of their business outside of Canada is a theme that has been working exceptionally well for him. This separates a lot of Canadian portfolio managers from smaller, nimble funds like his, which is able to dabble in those sorts of names. His Buy list is in stocks that are trading near 52 week highs, but he just wants to buy at more attractive valuations.


Price: $0.020
Subject: CANADIAN
Bias: UNKNOWN
Owned: _N/A
2015-07-29 DON'T BUY Barrick Gold
ABX-T
Michael Sprung

This is a bit more speculative than it is an investment; it has a very high risk/reward return profile. If the price of gold starts to go up at all, this will certainly prosper from some operating leverage. Right now they are in the position of having a lot of debt and having to dispose of some assets. There are more secure companies to hold in gold than this one.


Price: $9.380
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 TOP PICK AGT Food & Ingredients
AGT-T
Michael Sprung

The seem to be in the right place at the right time with more and more of the world turning to other forms of grain/pulses, as a substitution on gluten ingredients. Next year is the year of the pulse, which will give them a lot more attention. They have been expanding their food ingredients side. This is one of the dominant players in pulses globally. Dividend yield of 2.01%.


Price: $30.640
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 COMMENT Aston Hill Financial
AHF-T
James Telfser

There is nothing wrong with their funds or the way the company is being managed, there is just a lot of negative press all at once. Lost a big IA sub-advisory deal, which was a ton of assets. Even though it was well televised that it was going to happen, the market still seemed to be spooked by it. They cut their dividend which was probably a good thing. Pretty cheap at these levels and he wouldn’t be worried about it if he were holding it. It is going to take a few quarters, even 12 months, for them to get back on track again and get the company going.


Price: $0.450
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2015-07-29 COMMENT Amaya Gaming Group Inc.
AYA-T
James Telfser

There is a lot of controversy. When you have these sorts of stories that have a lot of negative news bouncing around, and you don’t know what the answer is, it would be a worry. The valuation is not compelling enough for him to get involved.


Price: $31.620
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2015-07-29 BUY on WEAKNESS Brookfield Asset Management (A)
BAM.A-T
Michael Sprung

This is worth a bit of a premium. A very well managed company. Have very effectively raised money time and time again to deploy in large infrastructure projects. Has a small position. If the price were to come off another 5%-10%, he would be buying more.


Price: $45.320
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 DON'T BUY Bombardier Inc (B)
BBD.B-T
James Telfser

There are a lot of issues that are sucking a lot of cash out of the business. They have $9 billion of debt on their balance sheet, and now they have to do something about it. Had to issue a bunch of equity at $2.25. A lot of selling pressure on the name.


Price: $1.950
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2015-07-29 PAST TOP PICK CAE Inc
CAE-T
Michael Sprung

(A Top Pick July 28/14. Up 6.7%.) This was a Top Pick again for him recently. They recently announced they were selling their mining business, a very small part of their business. He thinks they are going to stick with the avionics and health care side of the business for the time being. Has always been an extremely well-managed company and is very well positioned in the aeronautical industry. As economies globally, they’re going to be more airlines and more pilots needing training. They will also benefit from any increase in military spending.


Price: $14.770
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 PARTIAL SELL CCL Industries (B)
CCL.B-T
Michael Sprung

A very well-managed company. When he looks at the current price and the multiples on it, it wouldn’t hurt to take some profits, perhaps 50%.


Price: $165.400
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: No
2015-07-29 COMMENT Calfrac Well Services Ltd
CFW-T
James Telfser

These are great names to get leverage to the oil space, but the first names you have to be out of when you see a crack in energy. The fracers, servicers and drillers get hit first. In his opinion, we are not at the bottom of oil yet.


Price: $6.350
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2015-07-29 TOP PICK Clearwater Seafoods Inc.
CLR-T
James Telfser

Currently trading at a pretty low valuation based on 1st quarter earnings, which were quite poor, and 2nd quarter earnings which are not expected to be great. This is a seasonal business where the 2nd half is usually much stronger. Raised a bunch of money recently at about $12.25. They have been talking a big game about making acquisitions and looking at assets. This is the sort of business where you if you can buy some quotas and consolidate the industry a little, there are a lot of synergies that can happen. Dividend yield of 1.42%.


Price: $11.300
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2015-07-29 COMMENT Crescent Point Energy Corp
CPG-T
Michael Sprung

Has always been a very well-managed company. For many years, although they didn’t earn it, it was largely supported by the DRIP program. As production and cash flow grew, they were able to cover that. They have run a very effective hedging program. Have 58% of their output hedged at around $88, and 2016 production hedged at around $83. Regarding cash flow, although numbers have come off considerably in the last while, he is still seeing forecasts for the next 2 years of about $4, which allows them to maintain that dividend. Have a lot of very good properties and a lot of potential properties to drill extensively over the next number of years.


Price: $19.420
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 DON'T BUY Crescent Point Energy Corp
CPG-T
James Telfser

Would probably be at the bottom of his list of energy stocks that he would buy. Always had a problem with them raising money to pay their dividends. They typically raise money which dilutes shareholders, and then the growth kind of disappears from that.


Price: $19.420
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2015-07-29 PAST TOP PICK Encana Corp
ECA-T
Michael Sprung

(A Top Pick July 28/14. Down 56.8%.) This is under stress, but it is one of the major players. One of the nice things is the quality of their properties. Being one of the large players, they will eventually be one of the companies that will prosper. The dividend may not be secure, but this is not a stock that you own for the dividends.


Price: $10.070
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 PAST TOP PICK EnerCare Inc
ECI-T
Michael Sprung

(A Top Pick July 28/14. Up 0.90%.) Yielding about 6.4%. They are still integrating the Consumer Home Services acquisition. This is adding to revenues and giving them a steadier fee income. The smart meter business continues to grow. A nice yield play to hold on to.


Price: $13.510
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 PARTIAL SELL Element Financial
EFN-T
James Telfser

Has been a fantastic Canadian story up to this point. The last deal they made, with General Electric (GE-T), is going to be great. Sold his holdings in the high $19 area. This is a business that does have some kind of risks, and he only wants to take so much financial risk in his portfolio. Depending on how long you have been in this, it might be worth trimming some shares.


Price: $19.050
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2015-07-29 PAST TOP PICK easyhome
EH-T
James Telfser

(A Top Pick Sept 12/14. Down 26.47%.) Still one of the great organic growth stories. Has been taking a little bit of a hit lately, even though it has been firing on all cylinders. Revenue growth is at 20%. Their loan book is up to $250 million and growing. Part of their issue is that they are running out of room on their debt facility, so they need to announce that they are refinancing some of their debt.


Price: $17.000
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2015-07-29 COMMENT Fairfax Financial
FFH-T
Michael Sprung

Has a lot of respect for Prem Watsa, a truly great investor and has created a great company with this. Has probably done better on the investment side of the equation than on the underwriting side. Long-term this is a fairly good investment, but is controversial right now, as he has come to the market and asked them to lock in his voting control of around 41%. That has been diluted over the years from 85%. Because his control has slipped, he has had to come to the market time and time again to raise capital. As long as there is a sunset clause on that control block, it is probably all right. He does not like to see control blocks that can go generation to generation. If you can ever buy the stock at close to Book Value, it is a very good buy.


Price: $664.630
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: No
2015-07-29 PAST TOP PICK Firstservice Corp
FSV-Q
James Telfser

(A Top Pick Sept 12/14. Up 37%.) Split into 2 companies at the beginning of June and he continues to hold both. Both of them are growing by acquisition.


Price: $29.850
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2015-07-29 HOLD Fortis Inc.
FTS-T
Michael Sprung

Really likes this company. A couple of years ago they made a major acquisition in Texas, which was really a game changer for them. Beyond that, their other power operations are operating pretty well. They continue to increase their rate base in places where they operate and future dividends are going to increase here still. At current levels, the payout is rather modest, so he thinks they can maintain the dividend for some period of time. You are earning 3.8% on a growing company.


Price: $36.610
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2015-07-29 BUY CGI Group (A)
GIB.A-T
James Telfser

Has a pretty good feeling about this stock going forward. He didn’t like the set up going into this quarter as it seemed revenue growth was going to be light, and it was. Was surprised to see the stock off 5% on the news. There has been some negative overhang on the stock ever since the Computer Sciences deal wasn’t pursued. The stock is now going to grow based on fundamentals. Margin growth is best in class. It looks like bookings have been quite weak for the last few quarters, so he wants to see that start to pick up. Valuation is right if you are a long-term shareholder.


Price: $48.340
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2015-07-29 TOP PICK Hudson Bay Co.
HBC-T
James Telfser

Doing great things to their stores, and it is increasing sales. Thinks the situation in Germany is very similar to what they had in Toronto. A few flagship stores with great property values that they have spun into a joint venture that they are really going to fix up and hopefully turn around sales. Also, have online strategies that they are going to focus on. Really the value is in the real estate. He calculates the NAV of around $35, and it is trading at a 25% discount to that. Yield of 0.75%.


Price: $26.500
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2015-07-29 COMMENT Hudbay Minerals Inc.
HBM-T
Michael Sprung

One of his primary holdings within the materials sector. This is the year that Constancia is coming on stream and he thinks free cash flow is going to grow fairly significantly. Likes their production profile and thinks it is going to build substantially. He could see them buying some other assets if they become available.


Price: $8.560
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
Showing 1 to 120 of 142,636 entries
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