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

Recent Opinions

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Date Signal Company Expert Opinion Price
2016-05-04 N/A A Comment -- General Comments From an Expert
A Commentary
Michael Simpson, CFA

Energy. There was a sharp rebound which was a little overdone. A little bit of short covering, but as the period where oil has peaked is now approaching about 2 years, he is starting to look at companies that have right sized their spending and CapX, and cut their dividends. On down days, he is looking at certain names.


Price: $0.020
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: _N/A
2016-05-04 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Markets.  He thinks the market is still a buy.  Interest rates are going to remain low.  The US dollar will continue to ease.  A lower US$ means firmer S&P earnings and higher commodity prices.  The world is not a great place in terms of economy, but stocks are much better than the alternatives.  Cash gives you the opportunity to buy at lower levels.  Things can happen.  He thinks the market will be higher three months out.  70-75% equity is his recommendation.  He thinks Canada is awaking.  It has underperformed for 5 years.  He thinks capital is flowing back into Canada.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: _N/A
2016-05-04 BUY A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Canadian Banks.  Banks don’t cut dividends, payout ratios are low.  The stream of income is safe.  The banks are a buy right now.  TD-T underperformed the group because of the US$.  It has a lower dividend.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 PAST TOP PICK Ag Growth International Inc
AFN-T
Greg Newman

(Top Pick April 23/15, Down 25.22%) They made what he thought was an accretive acquisition with a nice US$ tail wind.  The problem was a drought last year.  Then finally the demand for Canadian small caps dried up and this one got oversold.


Price: $36.380
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2016-05-04 BUY on WEAKNESS Agrium
AGU-T
Greg Newman

Nitrogen prices have been soft. He sees a 20% decline in earnings this year.  It tends to be over-owned and then becomes oversold when other places for money look brighter.  He thinks you will get an opportunity to own this name lower and that you should pick away at it.


Price: $110.910
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 BUY on WEAKNESS Altagas Ltd
ALA-T
Michael Simpson, CFA

The key is the cash flow they generate, which covers the dividend. He views the dividend as safe. Get about 50% of their EBITDA from the US. There is some concern over their volumes from their legacy natural gas plants, but they have diversified from this into hydroelectric projects in BC. He would add to his holdings under $30.


Price: $29.550
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-05-04 COMMENT Aecon Group Inc
ARE-T
Michael Simpson, CFA

At these levels, he would be cautious. Just reported quite good earnings. Getting some very strong revenue from their nuclear work with SNC Lavalin (SNC-T) on the Ontario Hydro Bruce facility. Also, the energy backlog is quite good. They have some good potash work. Have executed well.


Price: $15.830
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2016-05-04 TOP PICK Brookfield Infrastucture Partners
BIP.UN-T
Greg Newman

It has a 13% growth rate.  If they buy the Australian asset, he sees it as being 8% accretive.  He thinks the dividend will continue to grow.


Price: $53.390
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2016-05-04 TOP PICK Bank of Nova Scotia
BNS-T
Greg Newman

This name has too high of a short interest.  They have a high exposure to emerging markets.  The energy book is well contained compared to peers.  It has a 4.4% dividend that will grow over time.


Price: $62.610
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2016-05-04 COMMENT CitiGroup
C-N
Michael Simpson, CFA

He prefers a US bank that is more retail focused, such as Wells Fargo (WFC-N), or one that has capital market exposure, such as J.P. Morgan (JPM-N).


Price: $44.660
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2016-05-04 COMMENT Cineplex Inc
CGX-T
Michael Simpson, CFA

Just reported and their earnings looked pretty good. Have had a record performance from Star Wars, and Jungle Book is doing very well. They are growing out their media division and also want to build out an entertainment/gaming division. (See Top Picks.)


Price: $48.510
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-05-04 COMMENT Chemtrade Logisitics Inc.
CHE.UN-T
Michael Simpson, CFA

Sulphur products and high performance chemicals. When the rules changed for income trusts in late 2006, this company went through the exercise of how much it would cost to change their structure, and decided to keep it the way it was. Have operations both in Canada and the US. Dividend yield of 6.9%.


Price: $18.370
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-05-04 COMMENT Corus Entertainment (B)
CJR.B-T
Michael Simpson, CFA

Primarily in the media space, radio and TV. In TV they have some specialty channels focusing on children, families or women oriented programming. There was a big deal a couple of months ago where they acquired the global media assets from Shaw (SJR.B-T) with a $9 equity issue to cover it. There has been a struggle on the radio side. Last quarter was pretty lumpy with a lot of charges in it. He is watching this. If it can continue to perform and the cash flow grows with no threat from the skinny basics, he could see himself buying it.


Price: $12.680
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2016-05-04 PAST TOP PICK Cargojet Inc
CJT-T
Michael Simpson, CFA

(A Top Pick June 29/15. Up 4.95%.) There aren’t too many players in Canada, so this company won a big contract from Canada Post. They’re also winning some contracts from Air Canada and are a big player for UPS. A well-run company and there aren’t too many options in Canada.


Price: $27.510
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-05-04 TOP PICK Cinemark Holdings
CNK-N
Michael Simpson, CFA

Cinemas, primarily in the US and 14 Latin American countries. Trading at about 15X earnings and 9X cash flow. Has been hurt badly by the higher US$, but as that reverses, they’ll get some of that benefit from the Latin American countries. Good balance sheet, with debt to EBITDA of about 2.3X. Dividend yield of 3.09%.


Price: $35.050
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-05-04 BUY Canadian National R.R.
CNR-T
Greg Newman

(Market Call Minute) These guys are little ahead of the curve.  The rails are just too cheap relative to their 5 year average.


Price: $75.930
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 BUY Crescent Point Energy Corp
CPG-T
Michael Simpson, CFA

Primarily a light oil producer, about 89% oil focused. Have assets in Alberta, Saskatchewan and Utah. Has gone through a difficult period during the last 12 months. Cut their dividend twice and slashed their capital budget. He was adding in the $16-$17 range. Would be adding on down days like today.


Price: $19.320
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-05-04 COMMENT Capital Power
CPX-T
Greg Newman

The yield is safe.  It is a wait and see, with their coal assets.


Price: $17.720
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 COMMENT DH Corporation
DH-T
Michael Simpson, CFA

The last earnings report was disappointing. He prefers Fidelity National (FNF-N) and Fiserv (FISV-Q), which have a bigger market share and are dealing with much larger financial institutions. This company has done a good job of diversifying away from cheques.


Price: $34.450
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2016-05-04 BUY on WEAKNESS DH Corporation
DH-T
Greg Newman

They missed the other day.  It shook investor confidence.  It is a good long term grower, however.  The next couple of quarters could be tough.


Price: $34.450
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 PAST TOP PICK Discovery Communications Inc
DISCB-Q
Michael Simpson, CFA

(A Top Pick June 29/15. Down 17.81%.) The worry is that prior to buying Eurosport, they may not have the best properties and will lose some subscribers to competition, and money they get from distributors will decrease. They will be reporting shortly, and depending on that he may get back into the name.


Price: $28.070
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2016-05-04 DON'T BUY Encana Corp
ECA-T
Greg Newman

(Market Call Minute) You only want to own the really indebted oil companies if you believe oil is going straight up, which he does not.


Price: $8.110
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 BUY EnerCare Inc
ECI-T
Michael Simpson, CFA

(Market Call Minute.) Very stable business. Started out with water heaters and has diversified into HVAC, and bought a company in the US that does home repairs.


Price: $15.940
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2016-05-04 COMMENT Element Financial
EFN-T
Michael Simpson, CFA

He is currently studying this. They have proposed to separate the company into 2 parts, a fleet management business and a commercial side. He would be more interested in the fleet management business which would give more predictable revenue and cash flow. He wants to see the balance sheets of the 2 new companies before doing anything. There may be a tendency to layer on more debt on the more mature business.


Price: $13.920
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2016-05-04 COMMENT Exchange Income
EIF-T
Michael Simpson, CFA

This is a bit of a mini-conglomerate being in aerospace and other industrial divisions. He is looking at this to see if he should add to his holdings, and is waiting to see their earnings.


Price: $28.700
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-05-04 COMMENT Enbridge Income Fund Holdings
ENF-T
Michael Simpson, CFA

The dividend is very stable. Expects that they will continue to get more assets from their parent Enbridge (ENB-T) which could lead to a possible equity overhang. He would always have a concern whether Enbridge would opportunistically take the income fund back in. Because of this, he prefers owning the parent. Dividend yield of 6.7%.


Price: $28.270
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2016-05-04 HOLD Enbridge Income Fund Holdings
ENF-T
Greg Newman

The high dividend is safe.  It is unlikely that ENF-T will have to raise equity here to fund their needs.  There will not be much AFFO growth, however.  There are more exciting places to be.


Price: $28.270
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 BUY Fairfax Financial
FFH-T
Michael Simpson, CFA

(Market Call Minute.) Led by Prem Watsa, who is bearish and has had some bets against the market. If the market has a downturn, those bets will turn out well.


Price: $655.000
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2016-05-04 HOLD Fortis Inc.
FTS-T
Michael Simpson, CFA

A utility with operations across Canada. Natural gas in BC and electrical in other provinces. Expanded into the US couple of years ago. They’ve been trying to purchase ITC Holdings in the US which has electrical transmission lines. This company has an outstanding record of paying and growing their dividends. 


Price: $40.610
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-05-04 BUY Fortis Inc.
FTS-T
Greg Newman

He thinks they did not overpay for ITC.  He sees it creating value for the name.  He increased his earnings per share estimates as a result of the acquisition.  It is lower risk because it is a regulated utility. 


Price: $40.610
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 BUY on WEAKNESS Gamehost Inc
GH-T
Michael Simpson, CFA

Have casinos in Fort McMurray and Grand Prairie as well as Edmonton. There could be some impact on a short-term basis because of the forest fires in Alberta. Have very strong margins. Would take advantage on any price weakness.


Price: $9.960
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-05-04 BUY on WEAKNESS Gluskin Sheff and Associates
GS-T
Greg Newman

This is an asset management business that is doing the right things.  The strife will sort itself out.  It may not take off right away, but it will take off.  Write some puts about $16.50.


Price: $17.330
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 STRONG BUY Hudson Bay Co.
HBC-T
Greg Newman

(Market Call Minute) It gets no respect.  Retail has had a tough time.  They have really good growth for 2016/17.


Price: $16.760
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 BUY Interfor Corp
IFP-T
Michael Simpson, CFA

A medium-sized forest products company. Has operations both in Canada and the US. Over the past couple of years have been buying up US sawmills and other assets. About 67% of their forestry assets are in the US. If there is a higher tariff in October, they will not be impacted as badly. He likes the name.


Price: $10.760
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-05-04 WATCH IGM Financial Inc.
IGM-T
Greg Newman

It is a steady eddie.  It is a good long term play.  He would not own it right now.  There is uncertainty with regulatory changes coming to the industry so he would not buy it right now.


Price: $37.760
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 PAST TOP PICK InnVest Reit
INN.UN-T
Greg Newman

(Top Pick April 23/15, Up 3.29%) It did what he thought it would do, but then Alberta got hurt.  US Hotel REITs fell a lot so this one also fell in sympathy.


Price: $5.450
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2016-05-04 COMMENT Johnson & Johnson
JNJ-N
Michael Simpson, CFA

A solid US play on pharmaceuticals and personal consumer products related to healthcare. One of the few companies that has an AAA rated balance sheet. Has a long history of growing dividends. The pipeline pharmaceutical expiry timeline is manageable. Have some emerging-market exposure which primarily hurts them somewhat on the currency side. If you are going to hold this for the long-term of 5-10 years, he would Buy it now. On a shorter time period, you might want to wait for a pullback.


Price: $112.220
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-05-04 TOP PICK K-Bro Linen Inc
KBL-T
Michael Simpson, CFA

Launders hospital and hotel linens. About 70% revenues are from hospitals and the rest from hotels. The largest player in Canada. About a year ago, they made a bid for Booth Centennial, but lost it to a financial player. Currently building new facilities in Toronto and Vancouver that will lower their costs. They continue to win contracts. Has debt to EBITDA of about 0.2X, and trading at about EBITDA of about 9X. very well-managed. Dividend yield of 2.93%.


Price: $41.900
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-05-04 BUY on WEAKNESS Linamar Corp
LNR-T
Michael Simpson, CFA

This has 2 divisions. Auto parts where they are getting big into transmissions and engine components, and Aerial Work Platform. There is a little concern on the latter division where there has been a slow down on construction and industrial growth. Valuation is low. Reporting shortly. If there is any hiccup, he would probably be adding to his position.


Price: $51.020
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-05-04 HOLD Manitoba Telecom Services
MBT-T
Greg Newman

The dividend should be paid until the deal closes.  It looks like the deal is accretive to BCE-T.  It has been incredibly well managed. 


Price: $37.430
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 COMMENT Manulife Financial
MFC-T
Michael Simpson, CFA

This has global operations. Some of their Asian operations are very exciting where they have very rapid growth. In the last 2 weeks, interest rates in Canada have been declining which could have been the reason for some of the pressure on the shares.


Price: $18.070
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2016-05-04 TOP PICK Manulife Financial
MFC-T
Greg Newman

It has been frustrating, but he sees their earnings next year being 25% better than this year.  They have been hit by their energy book, actuarial charges and lower rates.  They are so much cheaper than SLF-T.  The 4% dividend will grow 12% annually.  Buy it on the US side if you have US cash. 


Price: $18.070
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2016-05-04 PAST TOP PICK Magna Int'l. (A)
MG-T
Michael Simpson, CFA

(A Top Pick June 29/15. Down 23.69%.) He is worried about peak auto sales and their growth in China. Have over 300 facilities, and have had issues, but only on 3 or 4.


Price: $51.190
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-05-04 BUY on WEAKNESS National Bank of Canada
NA-T
Greg Newman

The banks have had a stunning move.  This one is the poster child for energy.  He thinks the banks will come down a bit in the short term.  This is a good one to own.


Price: $42.530
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 COMMENT Norbord Inc
OSB-T
Michael Simpson, CFA

Their product is OSB, primarily used in new homes for roofs and floors. Overall he likes the prospects for US housing starts continuing, as well as renovations, but prefers to play it through Interfor (IFP-T), Western Forest Products (WEF-T) or West Fraser (WFT-T).


Price: $26.440
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2016-05-04 COMMENT Potash Corp of Saskatchewan
POT-T
Greg Newman

You can write puts on this during weakness.  You might have a dividend cut in this name to come.  Over time you could make money with this one, however.


Price: $21.430
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 PAST TOP PICK Power Financial Corp
PWF-T
Greg Newman

(Top Pick April 23/15, Down 9.61%) The same factors are present today that existed when it was recommended.


Price: $32.290
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Yes
2016-05-04 COMMENT Transalta Renewables
RNW-T
Greg Newman

88% payout ratio so the 7% dividend is safe.  They had a solid beat last quarter.  The real driver is the drop downs for the parent.  It gives them pretty good growth.  It is now near the top of its range.  He would look to sell calls here.


Price: $12.530
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 COMMENT Russel Metals
RUS-T
Michael Simpson, CFA

He is most concerned with their vertical called Oil Country Tubular, pipes that go into the oil/gas industry, which has been down. They also sell into the agricultural industrial sector. Very well-managed. They will try to maintain the dividend, but with the weakness in their oil service side, he has a few concerns. They collect margins, so as steel prices are lower, they try to maintain the percentage, but the actual dollar amount could impact them.


Price: $21.000
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2016-05-04 PARTIAL SELL Russel Metals
RUS-T
Greg Newman

Their payout ratio is elevated.  It is hard to see what the catalysts are.  Their balance sheet is in pretty good shape so they can probably keep up the dividend for quite a while.  You might take a little off the table if you have a gain.


Price: $21.000
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 HOLD Superior Plus Corp
SPB-T
Michael Simpson, CFA

(Market Call Minute.) This is in 3 different businesses, propane, construction products and energy management. Has had a nice run up.


Price: $11.350
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2016-05-04 BUY Superior Plus Corp
SPB-T
Greg Newman

(Market Call Minute) Lots of moving parts, but they got pinched by lower propane prices because of a warmer winter and this won’t repeat itself.  Their recent acquisition is accretive to them.  It has more to go.


Price: $11.350
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 HOLD Student Transport of America Ltd.
STB-T
Michael Simpson, CFA

This has operations in both Canada and the US. There is a seasonality play on this. Has owned it in the past and is doing work on it currently. When they win a new contract, many times they have to buy new buses.


Price: $6.210
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2016-05-04 BUY Stantec Inc
STN-T
Greg Newman

The deal looks immediately accretive this year.  This is a good name with a good backlog, and good organic growth.  It is trading below its 5 year average.  It is the type of name you want to buy.


Price: $31.740
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 BUY Telus Corp
T-T
Greg Newman

They have decent earnings growth and dividend growth.  It is trading slightly below its 5 years average.  They have some upcoming Shaw competition from a launch they will do.  Because they have an Alberta base there is a bit of a headwind.  Despite all this he thinks you could buy it.


Price: $39.660
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 TOP PICK Transcontinental Inc. (A)
TCL.A-T
Michael Simpson, CFA

You want to own the best and lowest cost producer, so when the Toronto Star wants to close their big huge facility in Vaughn, this company is going to do that business. They are also big into flyers. Although there is a lot of digital media, flyers are still used. As discount grocers are getting more traction, flyers are very important. Also, diversifying into packaging, which is smart, and is about 10% of their revenue. Trading at about 5X cash flow, with 1X debt to cash flow. Generates a lot of cash flow, which they give back to shareholders in the form of dividend increases and buying back shares. Dividend yield of 4.05%.


Price: $18.210
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-05-04 DON'T BUY Vermilion Energy Inc
VET-T
Greg Newman

Thinks they will not raise their dividend this year.  They still have a pretty good balance sheet.  There payout ratio is elevated, so don’t bank on the dividend.  It is one of the brighter spots to be in oil, but not one he would pick away at yet.


Price: $41.580
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 WEAK BUY Veresen Inc
VSN-T
Greg Newman

The removal of the Jordan Cove upside has affected the stock price.  The dividend is still payable at almost 12%.  It has been a 98% payout ratio for years.  If you are constructive on the energy patch then you can own this name.


Price: $9.090
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: OPTIMISTIC
Owned: Unknown
2016-05-04 BUY Wal-Mart Stores Inc.
WMT-N
Michael Simpson, CFA

(Market Call Minute.) Everyone is concerned about online pressures from Amazon (AMZN-Q) and others. The company generates a lot of cash. Not as cheap as it was.


Price: $67.190
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2016-05-03 N/A A Comment -- General Comments From an Expert
A Commentary
Gordon Reid

Markets. We are on a teeter-totter in the sense that stocks are not cheap, but earnings are not that good either. We have seen earnings fail to outperform the previous year, 4 quarters in a row, and the next quarter is predicted to be another of those. We are in an earnings recession and are not seeing great earnings. The market has moved up modestly and is pretty much sideways, which is the way it should be. You want to reward good earnings. The correlation between earnings and stock price is the greatest predictor of where things are going. He is comfortable in a seesaw type of market, where good stock picking is rewarded. We are not totally rolling over as an economy. The economy is slow growth, but progressing. What really affects earnings are energy prices and foreign exchange, which tend to be transitory, not permanent. When that starts to turn around we’ll start to see a positive progression of corporate earnings. (You can look at a blog on his website at http://www.goodreid.com, where he discusses investing for the long-term.)


Price: $0.020
Subject: US EQUITIES
Bias: UNKNOWN
Owned: _N/A
2016-05-03 COMMENT A Comment -- General Comments From an Expert
A Commentary
John O'Connell, CFA

Canadian Banks. They will continue to struggle. In the last quarter, delinquency loans went from 10 basis points to 30 basis points, an increase of 3 times in a one quarter period. They’ve gorged on lending consumers’ money, which has been a very good business. He is concerned that with increased capital requirements the banks are being forced to adhere to, their funding costs are going up and margins are very low. He has no exposure to Canadian banks, and a very small allocation to Canadian financials, with none to international.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-05-03 DON'T BUY A Comment -- General Comments From an Expert
A Commentary
John O'Connell, CFA

North American Rails? He doesn’t own any. There are 2 areas that are really hurting the rails right now. 1.) Coal shipments are down substantially and that will be in a long-term terminal decline. 2.) In oil by rail, you are seeing fewer oil cars shipped. That had become a very large component of a lot of the railways in the last 5 years. The only area firing on all cylinders right now, is cars being transported by rail, and at 18 million units per year, you have to wonder how long that will continue.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-05-03 HOLD Apple
AAPL-Q
Gordon Reid

People either love it or really dislike it. He continues to like it. In the last 15 years, this stock has been halved 3 times. It’s not like it is different this time, but you always have to look into the future. This company, over time, is growing well. The latest quarter, which was an off cycle quarter, didn’t grow so well. While everybody wants to fit the equation of quarter to quarter, the product cycle of this company doesn’t work quarter to quarter. Had a fantastic introduction of the S model iPhone, where units grew 40%-45%, followed by the off cycle. Putting the 2 together you had a pretty good progression.


Price: $95.180
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2016-05-03 TOP PICK Apple
AAPL-Q
John O'Connell, CFA

Great balance sheet. Great products. Great services. Trading at 11X next year’s earnings. If this is overpriced, yielding 2.5% (more than the US Treasury bond), then the whole market is overpriced. A very dynamic company that has lots of products and services. Thinks it is going to continue to innovate and that there will continue to be growth in emerging markets. 


Price: $95.180
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-05-03 PAST TOP PICK Air Methods Corp
AIRM-Q
Gordon Reid

(A Top Pick May 5/15. Down 18.53%.) In the air ambulance business. They have 2 areas of operation, contracting with people that need an air ambulance, and the community side where they work for hospitals transporting patients. Things tend to be fairly lumpy, but looking at a long-term progression it is a really good story. Not expensive.


Price: $36.250
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2016-05-03 COMMENT Amgen Inc.
AMGN-Q
John O'Connell, CFA

Right now the drugs are a fashion, and that is one thing that makes them interesting. Thinks this market is in a big rotational spin, and right now they are under attack because politicians are trying to get elected. If you are patient, he thinks this will be fine. It is well-run and has some good products. Expect there will be a lot more M&A activity in the drug space again.


Price: $156.350
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-05-03 COMMENT Amazon.com
AMZN-Q
Gordon Reid

Difficult company to understand, because they tend not to be traditional. They don’t try to satisfy the street by returning capital to shareholders through dividends or buybacks. They don’t try to satisfy the street by having a progression of earnings over time.


Price: $671.320
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2016-05-03 COMMENT Aecon Group Inc
ARE-T
John O'Connell, CFA

This will get its fair share of infrastructure spending that governments are planning on. They do a lot of business in the mining and oil/gas business. Thinks it is going to be a very difficult environment for manufacturing and infrastructure that is not government related. He is somewhat apprehensive about this company being able to grow its earnings, because of the weakness in the energy patch. Even if this recovers, it is going to be a long time before there are major investments, as companies are going to have to pay back their debts first.


Price: $15.790
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-05-03 COMMENT Bank of America
BAC-N
Gordon Reid

The best comparable to this would be Citigroup (C-N), which he owns. The whole banking sector is really going to move in tandem on a catalyst, which would be interest rates. Very cheap from a valuation standpoint. These will do well over time, but you have to be patient with them.


Price: $14.360
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2016-05-03 COMMENT BlackBerry
BB-T
John O'Connell, CFA

(Market Call Minute.) He would own Apple (AAPL-Q) and keep it simple.


Price: $8.730
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-05-03 PAST TOP PICK Brookfield Infrastructure LP
BIP-N
John O'Connell, CFA

(A Top Pick April 21/15. Down 0.92%.) Took a real dive when people became concerned about global growth prospects for their infrastructure plays. It has been very well run. Has a very attractive yield, sustainable and well financed. Still a Buy.


Price: $41.980
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-05-03 COMMENT Baytex Energy Corp
BTE-T
John O'Connell, CFA

He was Short this recently. Has a lot of debt. There is no imminent danger of them breaking their covenants. A good operating team and have some good assets in the Eagleford which are performing very well. Heavy oil assets at these prices do not make money. Thinks it is vulnerable to a correction. Once oil goes over $50, they start making money, and investors will start to get pretty excited about it.


Price: $5.910
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-05-03 DON'T BUY Cameco Corporation
CCO-T
John O'Connell, CFA

The company is saying that the current tax issue is going to go away and is not going to be a problem, and if it doesn’t go away they are well reserved for it. He just doesn’t see a lot of growth in this. They’ve had lots of problems with their mines in the past, and have never really recovered from it. Believes that there is a long-term future for uranium, but just doesn’t know if it is a great business to be involved in.


Price: $15.300
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-05-03 COMMENT Costco Wholesale
COST-Q
John O'Connell, CFA

An exceptionally well-run company. One company he thinks that can continue to compete against Amazon (AMZN-Q). A great distribution network with loyal customers. It always trades at a huge valuation and always looks expensive, but always goes higher over time.


Price: $151.410
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-05-03 COMMENT Crescent Point Energy Corp
CPG-T
John O'Connell, CFA

Has pooh-poohed this one for about 4-5 years and got lots of hate mail for that. Hadn’t liked the business model of buying companies, raising the dividend, and then raising money to pay for it. They’ve now changed their model. Cut their dividend down to a sustainable level. Have lots of inventory and don’t need to buy any more. Large institutional investors are looking for a well-run company. This is it, and he thinks you will continue to see a massive flow of large capital going into this.


Price: $19.660
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-05-03 TOP PICK Charles River Labs Intl
CRL-N
Gordon Reid

Does safety testing, the efficacy, phase 1 through 3 trials for particular drugs for pharmaceutical companies. High growth, growing earnings last year at 17%.


Price: $78.800
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2016-05-03 COMMENT Cisco
CSCO-Q
John O'Connell, CFA

A well regarded company and is well run. Has a new CEO. Pays a good dividend and has a strong balance sheet. The major issue it has is that it is increasingly dealing with Chinese competition. One of the big risks in the market right now is protectionism. Doesn’t feel it has a huge amount of growth in it, but it does pay an attractive dividend. Good value at around $25, but at $28 you Sell.


Price: $26.860
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-05-03 COMMENT CSX Corp
CSX-Q
Gordon Reid

(Market Call Minute.) A little more exposed to coal, which is a negative. Operationally they have done a very good job bringing down their operating ratios.


Price: $26.540
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2016-05-03 TOP PICK Concordia Healthcare Corp
CXRX-Q
John O'Connell, CFA

This has grown by acquisition, buying a lot of drugs. They sell drugs to over 100 companies. Generates EBITDA of around $600 million. Have $3.5 billion of debt. They free cash flow $300 million a year which they can pay down the debt with. Thinks there is a very good chance this company will not be public in a couple of weeks. Dividend yield of 1.14%.


Price: $26.420
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-05-03 TOP PICK Walt Disney
DIS-N
John O'Connell, CFA

One of the best franchises in history. They just keep buying more good franchises and doing an outstanding job of developing the projects. ESPN is the big concern right now because of possible cord cutting, but is a brilliantly run program and one thing consumers are prepared to pay for is sports. Dividend yield of 1.37%.


Price: $103.780
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-05-03 COMMENT Element Financial
EFN-T
John O'Connell, CFA

He owns this. Frustrated because they had a good thing going and the management team got pushed, for one reason or another, to break the company up into 2. It is pretty quiet about how they are going to go about doing that.


Price: $13.870
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-05-03 COMMENT Facebook
FB-Q
Gordon Reid

The future is very, very bright. You are paying up on the expectation of future growth. Their numbers are astounding. They have 1.65 billion monthly users and well over 1 billion of active daily users.


Price: $117.430
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2016-05-03 DON'T BUY Freeport McMoran Copper & Gold
FCX-N
Gordon Reid

This is a materials company, mostly in copper and some in gold. The issue he has is its debt, and how much of an issue that puts them in if we start to see some failure on the commodity side.


Price: $12.010
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2016-05-03 SELL First Majestic Silver
FR-T
John O'Connell, CFA

(Market Call Minute.) Everything in the commodity space is rallying like crazy, so sell them.


Price: $12.590
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-05-03 DON'T BUY Gilead Sciences Inc.
GILD-Q
Gordon Reid

This makes him uncomfortable. He doesn’t like the concentration. They derive over 60% from their hepatitis C drugs, which have been very successful. There are a few issues. Very high cost at about $90,000 for a cure which is a 90-day script. A lot of people are after them to get the price down. There is also competition from other drugs. It is a cure, which is great from a social standpoint, but from a business standpoint do you want to invest in a company where the drug will no longer be needed.


Price: $87.170
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2016-05-03 DON'T BUY General Motors Corporation
GM-N
Gordon Reid

(Market Call Minute.) This is a true cyclical, and you sell cyclicals when the PE is low, and buy them when the PE is high. Currently the PE is low, and the total auto sales is rolling over.


Price: $31.250
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2016-05-03 PAST TOP PICK Home Depot
HD-N
Gordon Reid

(A Top Pick May 5/15. Up 26.91%.), Have doubled their net profit margin over the last 7 years. Same-store sales are at around 7%, and total sales at around 10%. With low interest rates, people are forming homes at a faster rate. The company is in new homes as well as renovations and repairs.


Price: $134.540
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2016-05-03 DON'T BUY IBM
IBM-N
Gordon Reid

(Market Call Minute.) Grew by cost cutting, which is a finite process. You can grow revenues to the moon, but you can only cut costs so much. It finally caught up and the stock rolled over. There are better opportunities elsewhere.


Price: $144.130
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2016-05-03 COMMENT Johnson & Johnson
JNJ-N
Gordon Reid

A fabulous company. Have had their hiccups over the years. They are in 3 major areas including consumers, devices and pharmaceutical. The pharmaceutical area has done the best, and is now pushing 45% of their business. Well-managed and a great balance sheet. Valuation is somewhat high at about 20X earnings.


Price: $112.690
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2016-05-03 PAST TOP PICK Kelt Exploration
KEL-T
John O'Connell, CFA

(A Top Pick April 21/15. Down 52.34%.) One of the better run liquids rich oil/gas companies in Canada. He recently participated in their convertible debenture issue which pays 5%. Have grown their production very well and has a very low cost base. Excellent management team and a huge resource, that a larger entity will find attractive as some point. This is an excellent Buy right now because there are some guys hedging, buying convertibles and shorting the stock. Incredibly cheap.


Price: $4.170
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-05-03 PAST TOP PICK McDonalds
MCD-N
John O'Connell, CFA

(A Top Pick April 21/15. Up 39.87%.) Has a good board and a very well-run organization. Good dividend. They are growing same-store sales. A little concerned that they are using a lot of debt to buy back stock and increase dividends. Thinks they can keep going.


Price: $128.400
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-05-03 COMMENT Netflix Inc.
NFLX-Q
John O'Connell, CFA

Trades at an amazingly large valuation. It went to crazy astronomical valuations based on growth. They pursued international expansion and have grown subscribers that way as well. To remain competitive, they’ve had to invest in content, which is exceptionally difficult, so it becomes no different than a movie company, a risky proposition. They say they are making money, but what they don’t tell you is that they invest a huge amount of money, capitalize a bunch of expenses, and slowly write off those costs against some accountant’s view of how long they are going to be able to earn a revenue stream off that.


Price: $91.540
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-05-03 COMMENT Pfizer Inc
PFE-N
Gordon Reid

Just reported and had quite good earnings. They are reeling, of course, from the government decision to not allow the Allergan deal to go through. There is a lot of debate because the 2 companies were within the law, but the tax inversion issue is a big one, and the way it was done is leaving a bad taste in people’s mouths. Pfizer is just starting to move out of the issue of Lipitor coming off patent. It was a blockbuster drug before, but when it goes generic you see sales drop dramatically. Their pipeline has been building. This company has had basically flat revenues and earnings for 4 or 5 years, and is trading at about 20X earnings. A bit of a “show me” stock, and that goes for most pharmaceuticals. You are better off going into biotechs. Prices have come down quite dramatically, and are trading at cheaper multiples than Pharma drug companies. Have a look at Biogen (BIIB-Q) or Celgene (CELG-Q).


Price: $33.700
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2016-05-03 SELL Paramount Resources
POU-T
John O'Connell, CFA

(Market Call Minute.) Great assets and a great amount of debt. Feels they need to raise money here. If you own, Sell and buy it back closer to $6.50-$7.


Price: $7.890
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-05-03 COMMENT Performance Sports Group
PSG-T
John O'Connell, CFA

(Market Call Minute.) This company has just blown it and it doesn’t look good. Be careful.


Price: $4.810
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-05-03 COMMENT Starbucks
SBUX-Q
Gordon Reid

Quite expensive, trading in the high 20s on a P/E valuation. Have done a fabulous job. Feels the real catalyst is China. They are moving around the world opening up businesses that are very effective. With online shopping, mall traffic is starting to drop which worries him a little. However, same-store sales have been robust. He doesn’t want to pay up for future growth which is already built-in and is less than guaranteed.


Price: $56.250
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2016-05-03 HOLD Schlumberger Ltd.
SLB-N
Gordon Reid

(Market Call Minute.) A great company in the oil services area. A long-term hold in energy.


Price: $77.230
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2016-05-03 BUY Spartan Energy Corp
SPE-T
John O'Connell, CFA

A debt-free company at present. Management has done an exceptionally good job of not overpaying and buying things in this environment. They have a war chest and are likely going to buy something.


Price: $2.760
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-05-03 SELL Teck Resources Ltd. (B)
TCK.B-T
John O'Connell, CFA

This has gone from $4 to $15 in 4 months. Financially they are okay. There has been a huge amount of Short covering. He doesn’t understand why people are in a hurry to buy the stock. There hasn’t been a rebound in copper prices in any meaningful way. Coal prices are not that great. Have huge capital commitments they have to make to finish off their share of a large oil project out west, which doesn’t make any economic sense at these prices. If you own, he would Sell. He is actually Shorting this.


Price: $14.380
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-05-03 DON'T BUY Twitter, Inc
TWTR-N
John O'Connell, CFA

This has been struggling for a long time. Haven’t been able to grow their monthly active users all that dramatically. They did a fantastic job of turning those users into profits and monetizing their platform. There has been speculation for many years that Google (GOOG-Q) might take them over.


Price: $14.010
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-05-03 PAST TOP PICK Time Warner Inc
TWX-N
Gordon Reid

(A Top Pick May 5/15. Down 10.27%.) Really likes this company. They tripped up by projecting earnings through 2018 of $8, and are just not going to get there, so the market has punished them a little. This media company is really monetizing their content very well through HBO, the over-the-top streaming model. Will probably earn around $6 next year, so it is not expensive. They are not as affected by cord cutting as other media companies. Still a Buy.


Price: $73.640
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2016-05-03 COMMENT Union Pacific Corp
UNP-N
Gordon Reid

This is a long term play. The rail business in the US is a great looking glass into the strength of the US economy, which has been relatively weak. The only area of strength we are hearing from the rails is in autos. If you are bullish on the US economy, you could take a position in this. Not a trade, but a longer-term Hold.


Price: $86.770
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2016-05-03 COMMENT Visa Inc.
V-N
Gordon Reid

This has been a great stock and has done very well over the years. They are buying Visa Europe, which is a terrific purchase for them. They do more business than MasterCard, American Express and Discovery combined.


Price: $77.190
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2016-05-03 COMMENT Vermilion Energy Inc
VET-T
John O'Connell, CFA

Very good management team. Doesn’t like investing in energy companies that pay dividends. This company has probably done the best job of the whole group in terms of finding a balance between dividends and growth. Expects it will do well. Has good exposure to Europe through its oil/gas production there. If you want a dividend play, this is one of the better ones.


Price: $41.040
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-05-03 TOP PICK Verizon Communications
VZ-N
Gordon Reid

Large wireless telco with about 70% being wireless This is often described as a safe place in the market, because of the high dividend yield. When you look under the hood, you are seeing a company that is really innovating. Recently sold their wire line business in California, Texas and Florida. They are basically taking a telco and becoming a content delivery company delivering data, voice and streaming video. They produce a ton of cash. Dividend yield of 4.4%.


Price: $50.680
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2016-05-03 TOP PICK Walgreen Boots Alliance
WBA-Q
Gordon Reid

Recently did a deal with Rite Aid (RAD-N) that is going to put them into the US North East and Mid-Atlantic. There will be over $1 billion of synergies there. This is a company that has proven that they are not afraid to make acquisitions. Well-managed and will grow into the future. Dividend yield of 1.8%.


Price: $81.460
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2016-05-03 COMMENT Whitecap Resources
WCP-T
John O'Connell, CFA

(Market Call Minute.) Good management team, good assets, good execution and pays a dividend, but he would own Spartan (SPE-T) instead.


Price: $8.940
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-05-03 BUY Wells Fargo
WFC-N
Gordon Reid

A large money centred bank, and a little more mature and stable than a Citigroup (C-N) or Bank of America (BAC-N) coming off the ‘08 experience. Not as inexpensive as the others, but more stable. He likes this bank. Citi is trading well below its tangible BV.


Price: $50.000
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2016-05-03 DON'T BUY Yum! Brands
YUM-N
Gordon Reid

(Market Call Minute.) In the process of spinning off their Chinese operations. A lot of moving parts, and not a cheap stock.


Price: $79.720
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2016-05-02 COMMENT A Comment -- General Comments From an Expert
A Commentary
Adam Thomas

Markets.  There are a lot of seasonal patterns in the market, but the question is how you use them in your portfolio.  You can’t depend entirely on them, however.  Historically, going back to 1928 for the S&P, there is very little growth in the summer months.  You can’t dispute the seasonal patterns, even though they don’t work in every year.  Year 4 of the presidential year is often strong in the summer.


Price: $0.020
Subject: AGRICULTURE, DIVIDEND & FIXED INCOME
Bias: UNKNOWN
Owned: Unknown
2016-05-02 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Low volatility ETFs.  After markets fall, portfolio managers move out of low volatility stocks and into higher risk.  Low volatility stocks are trading at a larger premium today than in the past, making them more volatile.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-05-02 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

TFSA suggestions for young people.  If you are investing for the long term, he suggests going for growth, rather than dividends.  When you finally take the money out, you still won’t pay any tax.  He suggests a US ETF specializing in small to mid caps.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-05-02 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Educational Segment.  Artificial Intelligence and ETFs.  The Buzz Index.  His guest looks at social media and identifies the top 25 stocks with the most bullish prospects.  He uses the power of the computer to scan social media for comments he is looking for.  Software uses natural language processing.  He also tries to gauge how many people are listening to the person posting. 


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-05-02 N/A A Comment -- General Comments From an Expert
A Commentary
Norman Levine

Markets.  It looks like oil went down too far, too fast and is now recovering on short covering.  The fundamentals have not changed that much since January, so he would not be surprised to see it roll over here.  No one knows where the US dollar is going.  He is not increasing energy exposure up here.  All the currencies are going up against the US dollar.  He spent some money in Canada and is hoping things come off so he can invest more.  He only spent a little in Canada.  The US is a little expensive.  In the US you are getting bankruptcies in energy.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2016-05-02 DON'T BUY A Comment -- General Comments From an Expert
A Commentary
Norman Levine

Software.  He historically does not invest in technology.  He has OTC-T, however.  He likes how they are growing by acquisition.  It is decent value here and he likes the management.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-05-02 N/A A Comment -- General Comments From an Expert
A Commentary
Norman Levine

Oil price over 5 to 10 years.  He does not like predicting anything.  No one predicted oil would go into the $30s, let alone below.  He thinks it will be between $30-$50 over the next few years.  Historically, commodities don’t turn quickly.  Make sure an oil stock has a good balance sheet.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2016-05-02 N/A A Comment -- General Comments From an Expert
A Commentary
Norman Levine

Canadian Dollar.  He believes the dollar got overdone on the downside.  It could be vulnerable, but he does not see it going down to $0.59 like others.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2016-05-02 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Markets. He is not an advocate of “Sell in May and go away” or of using Stop Losses for his clients. To him, there is very little evidence that people can do it reliably and consistently. You have to time both getting out and getting back in. The things you can control are your costs, asset allocation and your turn over, and these of the types of things that he tries to focus on as a portfolio manager. He can’t control whether the market is going to go up or down this month, this quarter or this year. Doesn’t try to predict what is going to happen, but rather manages and reacts to what has already happened.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-05-02 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Percentage on fixed income? His asset allocation, all else being equal, is an old rule of thumb with a New World wrinkle. People usually say that your age is the percentage of your fixed income. He would say that your age times the decimal of your age is a good target for your fixed income, until about age 70 where it tops out at 50-50. For example, if you are 50 years of age, 50X.50 = 25%, so 25% of your income. 60 years of age is 60X.6 = 36% of your income. By the time you are 71 years of age, when you have to convert your RRSP to a RIF, that is when you get to 50-50. The reason for this is that we are all living much longer.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-05-02 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

30% cash in RRSP and TFSA for a 43-year-old. Too high? Too high. This money should be working. Use a formula of 43X .43= 20% in total income. If you have no other income, then the most you should have would be 20% in cash. You can be more aggressive and he wouldn’t hesitate to do so.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: _N/A
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