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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
2015-03-05 N/A A Comment -- General Comments From an Expert
A Commentary
Brian Acker, CA

Markets.  We are in the midst of a US dollar rally We might see $1.20 or even $1.60 eventually.  There is a mammoth amount of shorting of the US dollar and what you are seeing is short covering of it.  2015 will certainly go down as the year of ‘central bank activity’.  It is not over.  The US dollar exposes the weak spots in the world and including the big daddy of them all; China.  All of this is big for US equities.  He has shifted a lot of clients’ portfolios to the US.  This is only the first or second inning.  There will be corrections certainly, but this has a long ways to go.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: _N/A
2015-03-05 N/A A Comment -- General Comments From an Expert
A Commentary
Hap (Robert) Sneddon FCSI

Oil. This hit $43 and then sort of bounced up. We are hitting a 52 week moving average. If you are looking for a bottom in oil, look at the $56 range to see if it gets above that.


Price: $0.020
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: _N/A
2015-03-05 N/A A Comment -- General Comments From an Expert
A Commentary
Hap (Robert) Sneddon FCSI

Markets. From January until now, we have never really had any firm direction. Looking at some of the internals, it says that we are going to roll over here or that we have already started. The roll started in late February. It has been pretty slow and the markets aren’t too concerned. Now we look at whether we actually rotate into those names that should do really well at this time of the year, such as the pro-cyclicals, industrials, materials. Energy should be sort of kicking in here. The Dow transports have started to roll over compared to the Dow Jones itself. The theory is that if goods are being produced, they have to be shipped. The next couple of months, as they have always been, will be pretty volatile.


Price: $0.020
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: _N/A
2015-03-05 COMMENT Abbott Labs
ABT-N
Hap (Robert) Sneddon FCSI

Has a really good upward trend. It is a little above trend right now. Great long-term chart. Healthcare is a great long-term trend that we are in, and you can’t go wrong. It will probably come back a little bit, but nothing to worry about.


Price: $47.440
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: No
2015-03-05 PAST TOP PICK American Electric Power Company Inc
AEP-N
Hap (Robert) Sneddon FCSI

(A Top Pick April 7/14. Up 16.9%.) He got out of this back in November when it hit his target, with a gain of about 22%.


Price: $57.080
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: No
2015-03-05 BUY Aecon Group Inc
ARE-T
Brian Acker, CA

It has a model of $18.12 without the December balance sheet, or a 58% upside.  It is cheap enough.  If it started racking up negative transits he would sell (going through his EBV lines).


Price: $10.790
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2015-03-05 COMMENT Avigilon Corp
AVO-T
Brian Acker, CA

Going to go to $17.47, EBV +3 with the December balance sheet now in.  A bottoming has to take place.


Price: $19.680
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: No
2015-03-05 WATCH Boeing
BA-N
Brian Acker, CA

Put it on your watch list.  If there is any sort of correction he would buy it.  His model price is $128.46, or 16% lower.  It is appealing there.  There are huge procurements by the US government.  We have the December balance sheet.


Price: $154.470
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2015-03-05 COMMENT Boeing
BA-N
Hap (Robert) Sneddon FCSI

One area you could look as an entry point would be at $145. You could look at it today as none of the areas he is looking at are showing it to be overextended. If you have a longer-term timeframe, he wouldn’t worry about the entry point.


Price: $154.470
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-03-05 DON'T BUY Alibaba Group Holding
BABA-N
Brian Acker, CA

It is trading perfectly to his EBV lines.  It is coming down to EBV +7.  His model price is $59.53, or 30% lower.  At the end of the day it will spend some time at $75, get comfortable, and then we will see what happens.  They will resolve some accounting problems.  It is starting to have some value here.


Price: $86.100
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: No
2015-03-05 BUY Bank of America
BAC-N
Brian Acker, CA

You have to have this or C-N or both in your portfolio.  The market either loves them or hates them.  They are both ‘coming out of the blue’.  They have regulatory problems.  There is a huge speculation on C-N.  for BAC-N, the model price is $18.95, 20% upside so the market is believing the balance sheet.  It is cheaper than the Canadian banks.


Price: $16.000
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2015-03-05 PARTIAL SELL Brookfield Asset Management (A)
BAM.A-T
Hap (Robert) Sneddon FCSI

They are really good at managing assets. It is a little toppy and, if he owned, he would consider paring off half, and let the other half run. He would wait for it to start to weaken to maybe $55 and then maybe Buy the next half on a new high.


Price: $68.620
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2015-03-05 BUY BlackBerry
BB-T
Brian Acker, CA

He likes this turnaround story.  It was one of his ‘coming out of the blue’ picks.  This means the stock price has a positive transit of EBV -3.  Likes what John Chan is doing.  It does not have a model price because we don’t have earnings yet.   This is a software company.  The handsets are a circus. 


Price: $13.610
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2015-03-05 BUY Bank of Nova Scotia
BNS-T
Brian Acker, CA

Their international exposure does not affect his analysis.  RY-T has had no upside to model price for years and now has over 10%.  The model price for BNS-T is $74.71 or 15% upside.  It looks attractive here.


Price: $65.180
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2015-03-05 SELL Crescent Point Energy Corp
CPG-T
Brian Acker, CA

This has never been one of his favourites.  It has a model price of $4.76 (yes, four dollars).  They pay out too much and are making a lot of capital expenditures.  It had a bounce and looks to be testing his EBV line at $22.60.


Price: $29.860
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2015-03-05 TOP PICK CVS Health
CVS-N
Hap (Robert) Sneddon FCSI

This sort of straddles the world between his 2 favourite areas, consumer staples and healthcare. Trading at 20X estimated earnings at nearly an all-time high. The chart looks like it is going higher. If you are uncomfortable, step into it with perhaps a third or half position.


Price: $103.360
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2015-03-05 PAST TOP PICK Chevron Texaco
CVX-N
Brian Acker, CA

(Top Pick Mar 26/14, Down 7.57%) Still a favourite in the oil space.  His model price is $87.63 or -17% and is has a 4.62% yield.  He owns it on a net asset value basis.


Price: $104.730
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2015-03-05 BUY on WEAKNESS Fairfax Financial
FFH-T
Hap (Robert) Sneddon FCSI

Has always wanted to own this, but there is a bit of a liquidity issue with it. It might be a little bit above trend right now. $600 is where he would expect it to come off to a little bit. If it got into the $600 range, that would be interesting.


Price: $661.000
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: No
2015-03-05 TOP PICK iShares Xinhua China 25 ETF
FXI-N
Hap (Robert) Sneddon FCSI

The Chinese market is up 58% this year, but down 45% from its peak in 2007. They have some really favourable tailwinds right now having a really accommodative central bank and the growing middle class.


Price: $41.700
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2015-03-05 DON'T BUY Gibson Energy
GEI-T
Brian Acker, CA

Has a model price of $22.71 or -16%.  No one knows what is going to happen to the price of oil.  He is concerned about the dividend as they are not covering with earnings.  He is skeptical on the oil patch.  There is more pain to go.


Price: $27.000
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2015-03-05 HOLD Honeywell International
HON-N
Brian Acker, CA

Loves it.  His model price is $107.80 or a 5% upside.  Buy on any pullback to $90.


Price: $103.130
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2015-03-05 PAST TOP PICK Intel
INTC-Q
Brian Acker, CA

(Top Pick Mar 26/14, Up 37.19%) They are coming out with new products.  This is old tech but it has been really good to him.  His model price is $54.26, or a 60% upside.  It has a 2.81% yield.  He has a 35% weight in old tech.


Price: $33.730
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2015-03-05 TOP PICK Johnson & Johnson
JNJ-N
Brian Acker, CA

We had a nice pullback since December.  It has been rumoured they are going to make a major acquisition in the cancer or biotech space.  It has a 20% upside with a model price of $21.72, and a 3% dividend.


Price: $102.520
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2015-03-05 COMMENT Loblaw Companies Ltd
L-T
Hap (Robert) Sneddon FCSI

If this drops below $59, it would cause him a little concern. If you are thinking long-term, he would go ahead and buy it now, knowing that it could move down a bit. (See Top Picks.)


Price: $62.260
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-03-05 HOLD Linamar Corp
LNR-T
Brian Acker, CA

You are in the 8th or 9th inning of these.  These are cyclical stocks and are at a valuation high.  $112.00 or 42% upside, but cyclical stocks always look good at the top.  Don’t add this now to your portfolio.


Price: $74.300
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2015-03-05 TOP PICK McDonalds
MCD-N
Brian Acker, CA

This one has had some struggles.  A new CEO coming is in.  It has a 3.4% dividend.  It is the largest real estate holder in the world, which few people realize.


Price: $99.110
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2015-03-05 PAST TOP PICK Metlife
MET-N
Brian Acker, CA

(Top Pick Mar 26/14, Down 0.61%) It is flirting with EBV -3.  His model price is $71.00, or a 31% upside and it has a 3.1% dividend.


Price: $51.740
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2015-03-05 COMMENT Manulife Financial
MFC-T
Hap (Robert) Sneddon FCSI

Has been pretty frustrating with some pretty big swings between $19 and$22. These business models want 2 things to happen. 1.) Interest rates moving higher and 2) the stock market moving up. These are the 2 biggest inputs.


Price: $21.270
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: No
2015-03-05 WEAK BUY Martinrea
MRE-T
Brian Acker, CA

His model price is $20, or a 54% upside.  It is a cheap way of getting in the space.  But auto parts are in the 8th or 9th inning.


Price: $12.650
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2015-03-05 COMMENT Nucor Corp.
NUE-N
Hap (Robert) Sneddon FCSI

Still has had some fits and starts and looked like a darling, but if you look at this right now, it made a bottom at the end of January, and then came back up to what would’ve been a breakdown of around $47. Until the stock gets above $48, it wouldn’t be interesting. If it gets above $40, it could be a pretty good buy. Expect it to have a lot of gnashing and to-ing and fro-ing between $48 and $56. Indicators are right in the middle of the band, so are not really telling us about being overbought.


Price: $47.640
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-03-05 TOP PICK Oracle
ORCL-N
Brian Acker, CA

It is growing nicely at EBV +5, and will be $53 this time next year.  His model is $64, or a 46% upside.  He can sleep can night with this one.


Price: $43.800
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2015-03-05 HOLD Pan American Silver
PAA-T
Hap (Robert) Sneddon FCSI

This is a pretty volatile stock. The one thing it has going forward are the 2 bottoms that are showing on the chart. He thinks we are going to see a little bit of floor coming, so it could probably come down a bit further, maybe in the high $10-$10.50 range.


Price: $11.810
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: No
2015-03-05 BUY on WEAKNESS Pfizer Inc
PFE-N
Hap (Robert) Sneddon FCSI

A pretty good name. There are some bellwethers in it and you can’t really go wrong. US healthcare is one of the few areas that is in a secular bull market. Chart shows a volatile upward trend from October. There is some pretty good support at around $33, which is where you could buy it.


Price: $34.470
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-03-05 COMMENT Patient Home Monitoring
PHM-X
Hap (Robert) Sneddon FCSI

Has had some really good volume with a nice upward trend. Has had almost doubled in 6 months, so you would almost expect it to come off. The MACD is starting to roll over, but the price is continuing up. This may tell you 2 things. The price is going to come back to some level, or it is at least going to put some time in. If you have owned it for a while, maybe you should put a Stop in it to protect your investment.


Price: $1.150
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-03-05 PARTIAL SELL Prometic Life Sciences Inc.
PLI-T
Hap (Robert) Sneddon FCSI

He pared off half of his position. You can always come back into it. It looks like it might want to come back and find a level at around $2. He would be interested in buying more of this at around $2.


Price: $2.650
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2015-03-05 COMMENT Shawcor Ltd. (A)
SCL-T
Hap (Robert) Sneddon FCSI

Chart is showing that it now has a higher low. You want this to get above the last peak of around $41. You could average down on this and put a Stop in at the January low.


Price: $35.790
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-03-05 DON'T BUY SNC-Lavalin Group Inc.
SNC-T
Brian Acker, CA

Stay away.  If this was trading in the US the justice department would shut it down and take away all its assets.  Stay away and let the dust settle and see what you have at the end.


Price: $36.970
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2015-03-05 WATCH SNC-Lavalin Group Inc.
SNC-T
Hap (Robert) Sneddon FCSI

This whole space should be really good. You don’t want to see this making a new low like we did in December. Some of the indicators are washing out, but it doesn’t mean that it couldn’t go a little bit lower. Look at it on Monday to see if it has stabilized a bit. If you like this theme long-term, which he does, then you could get a good entry point with a good risk/reward in your favour.


Price: $36.970
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-03-05 COMMENT Toronto Dominion
TD-T
Hap (Robert) Sneddon FCSI

Banks should start to run here. They have all fallen off a bit. The chart on this shows a big rounded top. It would need some sort of break out to a new high, which would get it above $59. If you’re buying this simply for the yield, this looks reasonable. Expect some volatility, but he wouldn’t worry about it on a long-term basis.


Price: $54.120
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2015-03-05 BUY on WEAKNESS Visa Inc.
V-N
Brian Acker, CA

It is going to have a stock split.  But these are the stocks you want to buy on a pullback.  It’s been on a roll since the end of October.  This is why we have corrections.  Wait for a pull back of 20%.


Price: $274.130
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Unknown
2015-03-05 TOP PICK George Weston Ltd.
WN-T
Hap (Robert) Sneddon FCSI

(A Top Pick April 7/14. Up 29.88%.) A really good business. With all the good brands under one roof such as Shoppers, Loblaw’s, Weston’s, it is really a good investment to hold. Has a good war chest. Really good management. He has a target of close to $130 on it.


Price: $104.220
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2015-03-05 PAST TOP PICK SPDR Consumer Staples ETF
XLP-N
Hap (Robert) Sneddon FCSI

(A Top Pick April 7/14. Up 18.05%.) He still likes it and all its components.


Price: $49.730
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2015-03-05 HOLD Yahoo!
YHOO-Q
Brian Acker, CA

You are going to get some cash from the sale of Alibaba.  When you take out Alibaba, you have Yahoo for a negative value.


Price: $44.160
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US MARKET
Owned: Yes
2015-03-04 N/A A Comment -- General Comments From an Expert
A Commentary
Bill Harris, CFA

Mining. He has been coming to PDAC for 3 years saying that he just didn’t feel good about the industry. This is probably the 1st time that he is seeing real projects and market caps at good levels where you can actually make money.


Price: $0.020
Subject: RESOURCE
Bias: UNKNOWN
Owned: _N/A
2015-03-04 N/A A Comment -- General Comments From an Expert
A Commentary
Bill Harris, CFA

Growth projections for Northern Ontario? What was really going to drive this area was the Ring of Fire development. It seems completely stuck. You have to have a government that just drives this thing, but Ontario just doesn’t have any money. Companies can’t really afford to put in roads and rails without real guarantees.


Price: $0.020
Subject: RESOURCE
Bias: UNKNOWN
Owned: _N/A
2015-03-04 N/A A Comment -- General Comments From an Expert
A Commentary
Bill Harris, CFA

Oil? You can pick price or timing, but not both, so he won’t pick timing. The marginal cost of producing 93 million barrels a day going to 94 million barrels a day by the end of next year, is somewhere around the high $70-$80 a barrel. There is too much oil coming on now from last year’s activity. Canada is going to produce another 250,000 barrels a day this year, and the Gulf of Mexico and Brazil are coming on with 100,000 barrels, so we have to get through that, but then oil has to go back to that marginal cost of production at some point, and he is taking a 2 year timeframe.


Price: $0.020
Subject: RESOURCE
Bias: UNKNOWN
Owned: _N/A
2015-03-04 N/A A Comment -- General Comments From an Expert
A Commentary
Bill Harris, CFA

Rare earth elements? The problem at this point is just the small business. It’s the size of the copper market that allows you to hedge, build a mine and use public markets to do that. In rare earth elements, the sizes of the projects are so small they can become obscure, and nobody cares. He is of the opinion that you should just ignore them.


Price: $0.020
Subject: RESOURCE
Bias: UNKNOWN
Owned: _N/A
2015-03-04 N/A A Comment -- General Comments From an Expert
A Commentary
Brent Cook

Markets.  There are rays of light.  This year will be better than last year.  We are bouncing along the bottom.  Quality is going to rise above the rest and so mining is where we want to be.  This will be a fantastic year to acquire the few fantastic companies out there.  We are down 80 something percent from the peak in 2011.  We are seeing peak gold production right about now and it is projected to drop off.  The peak in discoveries was in 1995 and it takes 10 to 20 years to put a mine into production.  Mines are now starting to run out of ore.  There are a lot of deposits out there that are margin to uneconomic to extract.  You need to identify the few projects that are economic.  As soon as an investor finds his thesis is not working, he needs to sell and move on.


Price: $0.020
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: _N/A
2015-03-04 N/A A Comment -- General Comments From an Expert
A Commentary
Brent Cook

Silver.  Most comes as a byproduct from other production and there is no shortage.  He is not a silver or gold bull.  He has no opinion on silver.


Price: $0.020
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: _N/A
2015-03-04 DON'T BUY Barrick Gold
ABX-T
Bill Harris, CFA

People keep asking how gold can be up and this company is just a disaster. The enterprise value was $15 billion and is now $30 billion. However, debt has gone from no debt to $10-$12 billion. In effect the debt owns the gold and you don’t.


Price: $15.090
Subject: RESOURCE
Bias: UNKNOWN
Owned: Unknown
2015-03-04 SELL Alderon Iron Ore
ADV-T
Brent Cook

A fantastic deposit in Newfoundland and then the iron price dropped so now he thinks it is dead money.  He got out and lost money.


Price: $0.285
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: No
2015-03-04 COMMENT Alamos Gold Inc
AGI-T
Bill Harris, CFA

A higher quality company. Gold is almost at the highs that it was a few years ago in Cdn$ terms. Doesn’t think this company has anything particularly good, so you actually really need a movement in the gold price. Nothing dynamic right now to be in this.


Price: $7.440
Subject: RESOURCE
Bias: UNKNOWN
Owned: Unknown
2015-03-04 COMMENT Bear Creek Mining
BCM-X
Brent Cook

Massive deposit, but low grade and cap X is really high and at these silver prices it does not work.  If silver is going to go up then this is one of the better stocks to own.


Price: $1.400
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 PAST TOP PICK BHP Billiton Ltd.
BHP-N
Bill Harris, CFA

(A Top Pick March 4/14. Down 22.5%.) For him it is all about, can they make money and can they pay their dividends and be a sustaining business going forward. They need to make $10 billion, and they can easily make about $25 billion this year. They have incredible flexibility in their CapX plans. This is defence on a currency basis and on a dividend. He is down about 10% when you take into account currency fluctuation.


Price: $51.620
Subject: RESOURCE
Bias: UNKNOWN
Owned: Yes
2015-03-04 TOP PICK BHP Billiton Ltd.
BHP-N
Bill Harris, CFA

This gives a 5% yield and the stock can go up a couple of dollars a year, giving an 8%-10% rate of return. They also have copper and oil businesses which he thinks can incrementally improve.


Price: $51.620
Subject: RESOURCE
Bias: UNKNOWN
Owned: Yes
2015-03-04 TOP PICK Boralex Inc.
BLX-T
Bill Harris, CFA

Essentially wind electricity in France and Québec. Has great long-term contracts and is incrementally adding to its business. Yield of about 4%.


Price: $13.200
Subject: RESOURCE
Bias: UNKNOWN
Owned: Yes
2015-03-04 DON'T BUY Bankers Petroleum
BNK-T
Bill Harris, CFA

Our own companies are so beaten up right now, why take on that incremental risk of looking to Albania? To go into this one, it needs to be next to nothing and super clean.


Price: $3.010
Subject: RESOURCE
Bias: UNKNOWN
Owned: No
2015-03-04 COMMENT B2Gold Corp.
BTO-T
Bill Harris, CFA

There are about 5 companies in gold that he would like to own, and this is on that list. Great little company. This is going to move with the gold price and it is hard to see anything specific related to their asset, but the amazing thing is that they do incrementally improve their existing assets.


Price: $2.050
Subject: RESOURCE
Bias: UNKNOWN
Owned: No
2015-03-04 BUY B2Gold Corp.
BTO-T
Brent Cook

Impressed with their operational abilities.  Their projects are going to make good money.


Price: $2.050
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Yes
2015-03-04 DON'T BUY Continental Gold Limited
CNL-T
Brent Cook

They are very narrow veins.  It is a complicated deposit.  He has issues with how they are taking some of these narrow vein intersections and projecting them off.  It could be a decent play, but he is not comfortable with it.


Price: $2.100
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 COMMENT Crescent Point Energy Corp
CPG-T
Bill Harris, CFA

On his list of about 10 things he would like to own, but his strategy has ended up slightly differently. If their hedges roll off and oil is still that $40-$45, the cash flow will be impacted. His hunch is that this company might get away with getting through this. Extremely well-run with very high margins. Great company.


Price: $30.550
Subject: RESOURCE
Bias: UNKNOWN
Owned: No
2015-03-04 COMMENT Capstone Mining Corp.
CS-T
Bill Harris, CFA

This should have a good story, but it really needs a higher copper price to make their cash flows dynamic. It just doesn’t have a big project and there is no real visible growth going forward right now, so it just sits there. He is going to sit on his hands until there is a better opportunity in a more senior company.


Price: $1.350
Subject: RESOURCE
Bias: UNKNOWN
Owned: No
2015-03-04 TOP PICK Dalradian Resources
DNA-T
Brent Cook

Gold deposit in Northern Ireland.  It is veins.  They are not wide, but are solid.  They have a significant resource outlined right now. 


Price: $1.115
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Yes
2015-03-04 COMMENT Fission Uranium Corp.
FCU-T
Bill Harris, CFA

A year ago, this was too far out of where all the infrastructure was. Any time you bring on a new project you really have to develop the thing. Now that it shows it is expanding, it might be able to live on its own, so that another big uranium player could come in and buy it. It is likely a decision will have to be made by a real producer in the next 12 months.


Price: $1.340
Subject: RESOURCE
Bias: UNKNOWN
Owned: No
2015-03-04 BUY Fission Uranium Corp.
FCU-T
Brent Cook

They have the best new Uranium discovery anywhere in the world.  They just did a hole on land.  If they can build out a resource on land it will be much more attractive.  Current holes under a lake.


Price: $1.340
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 PAST TOP PICK Franco-Nevada Corp.
FNV-T
Bill Harris, CFA

(A Top Pick March 4/14. Up 14.81%.) It had been very difficult to find defensive stocks in gold and this seemed to be about the only game in town. It has been a great place to hide.


Price: $63.330
Subject: RESOURCE
Bias: UNKNOWN
Owned: Yes
2015-03-04 BUY Guyana Goldfields Inc.
GUY-T
Brent Cook

Costs are in the order of $6.50-$7.50.  It looks like it is going to work.


Price: $3.190
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: No
2015-03-04 COMMENT Hudbay Minerals Inc.
HBM-T
Bill Harris, CFA

Copper is the big thing that is going to move the stock. They are bringing the Constancia mine on, pretty much on time and pretty much on budget, which is pretty impressive. Because some of the larger companies are playing defence the whole time, they’ve got a short list of projects that they would like to put money in, rather than somebody else’s projects, so it is hard to see a takeover happening.


Price: $9.850
Subject: RESOURCE
Bias: UNKNOWN
Owned: No
2015-03-04 DON'T BUY Integra Gold Corp.
ICG-X
Brent Cook

The issue is that there seems to be a lot of veins that are open, but not connected so it will be difficult and expensive to mine.  He does not think it will make a good deposit, although he realizes he could be wrong.


Price: $0.290
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: No
2015-03-04 BUY on WEAKNESS Ivanhoe Mines
IVN-T
Brent Cook

An interesting story.  They have the three best discoveries in the world in platinum group metals.  Run by the best promoter in the industry.  The issue they have is that they are massive deposits that will cost billions to build and the money is tough to raise.  He does not know when it will turn.  Buy it and sock it away.  Wait for bad news days to buy.


Price: $0.870
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 BUY on WEAKNESS Kaminak Gold Corp.
KAM-X
Brent Cook

Bought in December/November and sold half since then.  It has good grade and is one of the remaining good gold deposits held by a junior.  They are looking at production into 2018.  If it dropped more, he would buy more.


Price: $0.900
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Yes
2015-03-04 DON'T BUY Lundin Gold Inc.
LUG-T
Brent Cook

Ecuador is becoming more mining friendly, but he is suspicious and it seems the government is reactionary and he does not trust what they are doing.  He is leery about putting his money into this country.


Price: $3.980
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 TOP PICK Mariana Resources Ltd.
MARL-LN
Brent Cook

$20 Million market cap.   A month ago they released a drill hole in Turkey.  A few weeks later they released a drill hole 100 meters to the north.  This looks like it might be a significant discovery.  The structure runs for 7 km.  They just raised money and are going to invest it in low probability/high risk projects.  This is the bad news. 


Price: $0.000
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Yes
2015-03-04 DON'T BUY Medgold Resources Corp.
MED-X
Brent Cook

He is a geological advisor to them.  Consulted on a project in Italy, but it was not what he thought it would be.


Price: $0.085
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 TOP PICK Mirasol Resources
MRZ-X
Brent Cook

(Top Pick Mar 4/14, Down 38.51%) They are capable of finding the deposits that we need to find into the future.  They are sitting on about $25 Million in cash.  In a current project surface samples look really good and they have a significant chance of making a major discovery.


Price: $0.990
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Yes
2015-03-04 DON'T BUY Northern Dynasty Minerals Ltd
NDM-T
Brent Cook

This is going to take a long, long time.  There are issues with salmon fisheries and so on.


Price: $0.570
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 WAIT New Gold Inc.
NGD-T
Bill Harris, CFA

Very few companies that are building real projects, so it is now up to them to do it on time and on budget. Project is in BC and then they are coming back to Ontario. With the Cdn$ down, the market should support them. Because of the nature of building things and timing capital, there is always this sweet spot that you never quite know exactly where it is. 12 months before they actually start producing is probably the best time to buy.


Price: $4.610
Subject: RESOURCE
Bias: UNKNOWN
Owned: No
2015-03-04 COMMENT Nevsun Resources
NSU-T
Bill Harris, CFA

There is a theory that we will run out of zinc in a couple of years. This company currently has a copper mine in Eritrea which turns into a zinc mine in 2 years. The only problem is that you get Eritrea, and anything could happen in a country like that. This company is sitting on a ton of cash trying to find a project outside, to diversify. He is waiting on that.


Price: $4.310
Subject: RESOURCE
Bias: UNKNOWN
Owned: Unknown
2015-03-04 DON'T BUY Nautilus Minerals Inc.
NUS-T
Brent Cook

It is an interesting science project.  It is hard to tell if they will make money or not.  It is hard enough mining this, but at these depths even harder.  It is hard to get a handle on their reserves.  Prefers techniques that he knows work.


Price: $0.530
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 BUY Pure Gold Mining Inc.
PGM-X
Brent Cook

A smart group of guys.  They are putting a fair bit of work into proving their concept is right.  They seem to be backing up their thesis.  It is looking like it is working so far.


Price: $0.290
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 TOP PICK Phoenix Energy Services
PHX-T
Bill Harris, CFA

A high quality company that has been beaten up but has low fixed costs and high variable costs, so they can get through this and come out the other side. Directional driller. The problem is with the oil price and efficiencies in drilling on shale, he might like the oil price to come back to $80, but what if it is $65-$70. The one thing he can figure on is that wells are going to get drilled, so you will need drilling at some point.


Price: $7.060
Subject: RESOURCE
Bias: UNKNOWN
Owned: Yes
2015-03-04 DON'T BUY Perseus Mining Limited
PRU-T
Brent Cook

It is low grade and they have had issues getting it to make money.  It probably won’t make a lot of money ever unless the price of gold goes up.


Price: $0.330
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: No
2015-03-04 BUY Radius Gold
RDU-X
Brent Cook

Tempted to buy more.  They may get a small royalty from a mine they found.  They source really good simple projects to explore.  There is no catalyst, but you are buying a good company for less than the cash in the bank.


Price: $0.080
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Yes
2015-03-04 PAST TOP PICK Roxgold Inc
ROG-X
Bill Harris, CFA

(A Top Pick March 4/14. Down 7.94%.) Everybody would like to build a gold mine, but it is a very hard thing to do. This company has all the pieces in place, and hopefully next year at this time they are producing gold in West Africa.


Price: $0.580
Subject: RESOURCE
Bias: UNKNOWN
Owned: Yes
2015-03-04 PAST TOP PICK Roxgold Inc
ROG-X
Brent Cook

(Top Pick Mar 4/14, Down 7.94%) He sold.  If you are going to buy it you have to follow it and when things go wrong you have to sell.  If he sees political problems he gets out.  It is a good, high grade deposit and a good project.  In retrospect he should have held on.


Price: $0.580
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: No
2015-03-04 WATCH Sunridge Gold
SGC-X
Brent Cook

This has been a tough play.  They have a high grade pod that they hope to direct ship.  The guys are hard working and sincere, but he would wait to see how it goes and see if they can pull it off.


Price: $0.090
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 PAST TOP PICK Synodon
SYD-X
Brent Cook

(Top Pick Mar 4/14, Down 44.00%) He sold it for a small profit when it became apparent that they would not be able to raise enough capital.  You have to follow these things.  Technically they are very good, but were not successful in raising money when they needed to.


Price: $0.140
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: No
2015-03-04 DON'T BUY True Gold Mining
TGM-X
Brent Cook

Sold it when it became apparent that someone was not going to buy it.  Since then they ran into serious issues with locals burning up tractors and trucks.  It will be a struggle until they get that sorted out.


Price: $0.190
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 DON'T BUY Turquoise Hill Resources
TRQ-T
Brent Cook

Mongolian mines:  They have made so many tries.  They are still fighting with the government there.  The government has shown themselves to be indecisive.


Price: $3.870
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-03 N/A A Comment -- General Comments From an Expert
A Commentary
Dennis Da Silva

Energy. This downturn is not because of the supply side with US shale oil growth, which has always been there, but it was the 2nd half constant revision on the demand side, because of issues around China slowing and Europe not getting back into normalized growth. Thinks the worst is over. There has been a good move in January. If we see a normalized recovery, something closer to $65, he thinks there is still 20%-30% upside in the equities themselves.


Price: $0.020
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: _N/A
2015-03-03 N/A A Comment -- General Comments From an Expert
A Commentary
Dennis Da Silva

Gold. We are a couple of years into this gut wrenching process of becoming more efficient, both in terms of capital and operating costs. This is an industry that was very inefficient with its capital in a very generous market with its equity availability for a number of years. There were some very inefficient acquisitions, and projects were not necessarily run as efficiently as they should have been. With prices now at $1100-$1500 an ounce, you start to see companies really focusing on the bottom line, because the margins just aren’t there. There has been a bit of improvement, but you have to be very specific on how you look at how cost reductions have come about. Are they really improving their operations or are they doing simple things like cutting out exploration, reducing headcount, or deferring sustaining capital spending?


Price: $0.020
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: _N/A
2015-03-03 N/A A Comment -- General Comments From an Expert
A Commentary
Dennis Da Silva

Mining. There is a sense of capitulation. Thinks executives have accepted the situation they are in, and believe this is something for the long term and have to focus on becoming more efficient with their capital and reducing costs for the long-term. Also, becoming smarter with any M&A activity. Getting smaller is not a negative thing in this market, and the seniors are more amenable to reducing their size.


Price: $0.020
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: _N/A
2015-03-03 N/A A Comment -- General Comments From an Expert
A Commentary
Dennis Da Silva

Junior mining companies? We have seen some M&A activity over the last several months. The process has started to see some of the higher-quality projects, which are a bit stranded, find a home in a bigger entity that is better financed and has better availability of capital with lower costs. He expects this process will continue slowly. One CEO has said that there are probably only around 100 real financeable undeveloped projects in the market right now. That will mean very concentrated capital flows.


Price: $0.020
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: _N/A
2015-03-03 N/A A Comment -- General Comments From an Expert
A Commentary
Derek Warren

REITs. There have been great returns this year. Coming into the year, Canadian REITs had underperformed all other global real estate sectors, especially the US. A lot of investors started to notice so, especially with the changing currency, decided this might be a good time to invest in real estate. Investors always like real estate in Canada as a source of stable income. People coming into the sector are going to gravitate towards the larger more liquid REITs. However, he has also noticed that some of the smaller ones were really being neglected, and there is some quality real estate among some of those names. The sectors that are getting a lot of the attention right now starting with retail are those with Hudson Bay, Target. In these, you want to be in the highest quality malls. On the other hand, you can go for a grocery anchored strip centre of needs based retail. Also, likes industrial, which had a weak year last year. He is underweight Office due to construction. Sometime this year you want to be buying into Alberta.


Price: $0.020
Subject: REIT's
Bias: UNKNOWN
Owned: _N/A
2015-03-03 COMMENT Pure Industrial Real Estatetrust Trust
AAR.UN-T
Derek Warren

One of his favourites. Last year didn’t do so well, but year-to-date has done very, very well. Industrial markets are fine. They are in very good condition even in Calgary and Edmonton, but the other dynamic is that they are right on the border of whether they can go into the TSX or not. That would create a lot of volume and a lot of interest in the stock.


Price: $5.110
Subject: REIT's
Bias: UNKNOWN
Owned: Unknown
2015-03-03 COMMENT Barrick Gold
ABX-T
Dennis Da Silva

One of his concerns is that there is a lack of growth. Even in a poor market like this, there are still opportunities for companies adding production and cash flow and earnings-per-share. They are in the process of shrinking a bit, looking at asset sales and trying to fix the balance sheet. He prefers Agnico-Eagle (AEM-T) and Goldcorp (G-T).


Price: $15.610
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: No
2015-03-03 COMMENT Agellan Commercial REIT
ACR.UN-T
Derek Warren

They do not have a buy and hold strategy, so you have to get comfortable that management will aggressively be churning the portfolio. Have recently expressed interest in selling their Canadian assets to put the money to work in the US. If there is a drag from selling to deploying, then the dividend is a little bit strained, but at this point the dividend is fully covered. He is watching this one from the sidelines.


Price: $9.620
Subject: REIT's
Bias: UNKNOWN
Owned: No
2015-03-03 COMMENT Athabaska Oil Sands Corp
ATH-T
Dennis Da Silva

This is one of those companies that really got squeezed by the commodity fall. Unfortunately gas prices have worked against them in the Duvernay, where they are still in the process of improving cost efficiencies to make it truly economic and generate rates of returns that should be north of 25%-30%. Their other major asset, which is just steaming up and wrapping up, is their Hangingstone heavy oil project. The 2 things that you probably don’t want to own in a $50 oil and $2.50 gas environment, is an early stage, capital intensive gas project and a heavy oil project.


Price: $2.170
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: Unknown
2015-03-03 COMMENT Artis Real Estate Investment Trust
AX.UN-T
Derek Warren

This is something he has been spending a little bit more time on. Has been tarred with the Calgary brush. It has a large Calgary exposure with a lot of it in the suburban office or beltline office. There is a question that with the oil decline, how much this is going to affect Calgary. However, he is seeing the US portfolio is performing very well, and the stock is cheap. If you have a long-term view, you can get in now, otherwise you may hold off a bit.


Price: $15.330
Subject: REIT's
Bias: UNKNOWN
Owned: Yes
2015-03-03 BUY on WEAKNESS Brookfield Asset Management (A)
BAM.A-T
Derek Warren

Although it has gone up very far and very fast, it is in line with what US REITs have done in Cdn$’s. Not cheap and is getting expensive. Feels it is fairly valued. At some time, in the next few months, there will be a pullback and that would be the time to jump in.


Price: $67.610
Subject: REIT's
Bias: UNKNOWN
Owned: Yes
2015-03-03 TOP PICK Boardwalk REIT
BEI.UN-T
Derek Warren

The 10 year average return on this was 17% annualized. Because of its exposure to the oil markets, it has come off and rightly so. However, this is one to watch. As oil weakness reaches a peak, there is an opportunity to buy into the real estate at a discount valuation. Try to get it at around $55-$58 or under $60. Yield of 3.48%.


Price: $58.700
Subject: REIT's
Bias: UNKNOWN
Owned: Yes
2015-03-03 COMMENT BrightPath Early Learning
BPE-X
Derek Warren

A microcap company and a consolidator of day cares. This stock has not done well, however he thinks that most of the changes they needed to do have been done and are looking for efficiencies going forward. At some point he thinks it will be worth $.40-$.50, but it will take some patience to go there. This is a long shot and is probably a bit niche for individual investors.


Price: $0.320
Subject: REIT's
Bias: UNKNOWN
Owned: Unknown
2015-03-03 PAST TOP PICK Brookfield Property Partners
BPY.UN-T
Derek Warren

(A Top Pick April 29/14. Up 51.1%.) Their downtown Manhattan assets started to really lease up. This is a core area where people want to work and live, so it has attracted a lot of attention.


Price: $30.600
Subject: REIT's
Bias: UNKNOWN
Owned: Yes
2015-03-03 COMMENT Belo Sun Mining
BSX-T
Dennis Da Silva

This has gone through a lot of turmoil. Brazil has created some unique problems. It seems to be a really difficult country. For this company there is a lot of concern on permitting on federal levels and environmental approval. A great resource with a high grade open pit, so he likes the optics of the project, but they’ve been saddled by jurisdiction and uncertainty about ultimate permitting that has weighed down on the price.


Price: $0.215
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: Unknown
2015-03-03 COMMENT BTB Real Estate Investment Trust
BTB.UN-T
Derek Warren

This is a levered play to the Québec economy. Quite well-run. Management understands the market and the players. This is a stock with a high payout and quite high debt.


Price: $4.890
Subject: REIT's
Bias: UNKNOWN
Owned: Unknown
2015-03-03 COMMENT Canadian Apartment Properties
CAR.UN-T
Derek Warren

Just did a new issue and are paying off their $35 million credit line, with the rest going to future acquisitions. Excellent company. Knocked the ball out of the park on their last earnings with a very strong same store growth. Thinks the Canadian apartment market is a very good place to be. If you are in for a long term hold, this is a good time to get in.


Price: $28.360
Subject: REIT's
Bias: UNKNOWN
Owned: Unknown
2015-03-03 TOP PICK Cardinal Energy Ltd
CJ-T
Dennis Da Silva

One of those premier, smaller dividend payers producing around 11,000-12,000 BOE’s a day of medium gravity oil. Very cost-efficient and very efficient in general with their capital. Good margins. About 35% hedged, so they can withstand this downturn into 2016. A good defensive name to own. A little bit pricier compared to its peer group, but that is because of its low cost of capital, high-quality of assets and the ability to generate good margins. Dividend yield of about 6%.


Price: $14.620
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: Yes
2015-03-03 HOLD Crescent Point Energy Corp
CPG-T
Dennis Da Silva

One of the granddaddies of the energy sector paying dividends. A core holding for him in any of his income portfolios. In a good position to be opportunistic in this market. There is a lot of talk of them spinning out assets, may be into a merger with a more troubled oil producer, to create a more growth oriented company.


Price: $30.490
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: Yes
2015-03-03 COMMENT Crombie Real Estate Investment Trust
CRR.UN-T
Derek Warren

A very interesting time for this company. Have not done much since they bought the Safeway portfolio. During that time, similar REITs have done quite well, so he thinks the market has been a little bit harsh on this one, and this is a time to be looking at it.


Price: $13.790
Subject: REIT's
Bias: UNKNOWN
Owned: Unknown
2015-03-03 PAST TOP PICK Chartwell Seniors Housing
CSH.UN-T
Derek Warren

(A Top Pick April 29/14. Up 24.7%.) A core holding in any portfolio. The demographics that are with the seniors housing’s trend are very strong. Companies like this are specialists in providing this kind of care. Because of this, their portfolio continues to attract a lot of interest from the user base, but is also attracting a lot of interest from the Americans. They have been coming up into Canada and spending significant amounts of money on our seniors housing buildings. This could be a possible take out in the future.


Price: $12.460
Subject: REIT's
Bias: UNKNOWN
Owned: Yes
2015-03-03 COMMENT Cominar Real Estate Inv Tr
CUF.UN-T
Derek Warren

Did a large equity issue which helped clear up a little bit of the debt issue. Thinks they will have to do one more equity issue to get that down to where they would really like it. Recently announced some large developments in Québec City. Yield is safe, so if you are happy with a 7% yield, this is a good place to be.


Price: $19.680
Subject: REIT's
Bias: UNKNOWN
Owned: Unknown
2015-03-03 TOP PICK Calloway REIT
CWT.UN-T
Derek Warren

Very stable retail name. Wal-Mart (WMT-N) is their largest tenant which continues to expand giving them some expansion growth. This REIT was trading at significant discount to its peers. 99% occupied. Have some very significant developments happening in Vaughn, Ont. which offers some very interesting opportunities. It has pulled back so it is a nice opportunity to get into it. Dividend yield of 5.27%.


Price: $30.400
Subject: REIT's
Bias: UNKNOWN
Owned: Yes
2015-03-03 HOLD Dream Office REIT
D.UN-T
Derek Warren

Has a lot of Toronto, Calgary and Edmonton office exposure, and for that reason the stock has not done that well. He thinks the worse has probably been seen when it comes to this company. While there still is a big supply, he thinks they are doing a very good job of maintaining the stability of their properties, creating a positive leasing environment. Although he doesn’t see a lot of growth to the upside, your yield is very safe and you will see slow growth from now on.


Price: $27.330
Subject: REIT's
Bias: UNKNOWN
Owned: No
2015-03-03 WAIT Detour Gold
DGC-T
Dennis Da Silva

A lot of people have compared this to Osisko with large open pit low-grade deposit, a lot of moving of material throughput and mill availability being crucial to the costs, as to whether you are going to be making money or not. Osisko’s Malartic went through an extended ramp up period, which wasn’t easy and is still going through major improvements. He thinks Detour Gold is going through the same process. Their balance sheet can withstand a little bit of a delay in terms of going into free cash flow mode. He is looking for another few quarters of throughput improvement. With steady progress and costs continuing to fall off, it will be a great free cash flow generator.


Price: $11.400
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: No
2015-03-03 BUY on WEAKNESS Goldcorp Inc
G-T
Dennis Da Silva

One of the lower cost producers which will progressively get lower. Just did an acquisition of Probe mine, which leverages off existing infrastructure, so that they don’t have to build a mill. Have 2 mines ramping up that are meaningful and should take the company from about 2.8 million ounces to about 3.4 million ounces by 2016. Likes the cost structure of the company, and thinks it becomes even a little more efficient. Waiting for a better entry point. Any potential problem with ramp ups could provide a better entry point. This is one that he would own for the long-term.


Price: $26.080
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: No
2015-03-03 COMMENT Hudbay Minerals Inc.
HBM-T
Dennis Da Silva

This is all about Constancia, their copper project in Peru. It is going to add very meaningfully to their copper production growth over the next 2-3 years. Together with Lalor in Manitoba, we should see copper production triple by 2017. The CapX phase is done. Now, as it goes through this very sensitive start-up period in 2015, the other side of the rainbow is if they can do it smoothly enough. Free cash flow at the end of the rainbow is the scenario. He sees good free cash flow going into 2016. In this kind of market that is very crucial.


Price: $10.010
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: Yes
2015-03-03 COMMENT H&R Real Estate Inv Trust
HR.UN-T
Derek Warren

The main reason for the large amount of trading volume recently is because this is the 2nd largest REIT. There are fund flows coming from other countries into REITs. Earnings were very solid. Have moved into garden style apartments in Texas, a completely new sector for them. He thinks that would have been better left to the experts.


Price: $23.850
Subject: REIT's
Bias: UNKNOWN
Owned: Yes
2015-03-03 DON'T BUY InnVest Reit
INN.UN-T
Derek Warren

Expensive at the current price. You are seeing more insider buying in that there is a bit of feeling that with the weak Cdn$ there will start to be a large flow of US tourists coming back into Canada to spend their big dollars. It may be a little bit early for that call. Also, the leverage is a bit too high.


Price: $5.910
Subject: REIT's
Bias: UNKNOWN
Owned: Unknown
2015-03-03 TOP PICK Kelt Exploration
KEL-T
Dennis Da Silva

Purchased their 50% partner Artek Exploration. Originally targeting a Doig play in Northeast BC, but the last couple of wells were Montney, and really liked what they had done with the wells and some of the economics. Feel they can improve this further and make it one of their better plays. One of his favourite names. Good management team. They are making sure the balance sheet is clean in order to make more M&A activity.


Price: $8.220
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: Yes
2015-03-03 DON'T BUY Long Run Exploration
LRE-T
Dennis Da Silva

Cut their dividends to zero and trading at a deep discount. Highly leveraged. They were in the process of trying to improve their efficiencies, but unfortunately got caught up in the oil correction. Not a preferred name for him. He would focus on companies with good balance sheets, who cannot only focus on their existing asset base, but take advantage of possible asset acquisitions.


Price: $1.050
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: No
Showing 1 to 120 of 137,732 entries
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