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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
2016-09-23 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Market. Valuations are really high, and it is really hard to be buying. Trump closing in on Hillary is not good. However, stocks are far cheaper than bonds and many asset classes. Thinks we are in a situation where 2 things are happening. We can still have multiple expansion because we are in this low interest rate environment for a very long period of time. Also, we are hearing better news and seeing good barometers, such as FedEx as a bellwether, as well as better volumes on rails. That could be supporting some top line expansion, which we really haven’t seen for the last couple of years. You have to be very careful and selective in what you buy. Stocks are still a good deal if you buy them at the right time. Feels the market still has an upward bias if Hillary still leads in the polls. Of the 2, Trump would probably be in favour of stimulus spending, but both of them will do a lot of that. That is what is needed to get us out of this very low interest rate environment, which will take many, many years.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: _N/A
2016-09-23 COMMENT A Comment -- General Comments From an Expert
A Commentary
Greg Newman

A vehicle for holding cash while waiting for an opportunity? He would recommend a high interest savings account or a Money market account.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Oil sands pipelines. Native communities just made a strong showing as opposing this. Ultimately that stuff matters, but is not sure that this is going to be the thing that moves the needle. He is of the view that what will drive these will ultimately be the price of the commodity.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 N/A A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Market. He didn’t think anyone really thought the US Fed was going to raise rates. This has re-accelerated the game that has been going on in the market for a long time, will they or won’t they. As we approach the 4th quarter and the December meeting, people are really beginning to wonder is this really going to happen given as to how cautious they are. Also, the economy seems to be slowing in the US. The economic data started to deteriorate a couple of weeks before, and with the 3rd and 4th quarter looking weaker than at the beginning of the year, it may be a challenge to raise rates this year, which would be very significant because it would just keep the uncertainty going. While it has inflated asset prices somewhat, it has also increased volatility. Thinks investors should just keep playing the strategy of trying to find equities that pay nice dividends and try to get a yield that way.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: _N/A
2016-09-23 COMMENT A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Telcos. If interest rates were to go up, would you sell, and repurchase them later? If interest rates were to go up, yes he would sell them, but with the Fed delaying a rate hike, you could leave this for at least 2-3 months. Maybe sell them in December, because the probability is quite high that the Fed will raise rates finally, and it will be a selloff much like it was last year. He would start selling Canadian holdings first and US holdings a little bit later.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Cdn$ short and long-term? Long-term, it is very highly correlated with oil prices, and for the first 6 months of this year, it pretty well walked in lockstep with oil. In the last month or 2, it kind of divorced from that and did its own thing. Today, there was a very big move. Overall the direction is down. It won’t be dramatically down because it had a bit of a selloff. Thinks we are looking at $1.33, maybe by year-end. It is not likely to improve as our economy is weaker.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Why are pipelines, utilities and telcos affected by interest rates? The reason is, they have very little growth and tend to pay out earnings in the form of dividends. As a result, because rates are so low, those companies, cash flows and dividends have become so prized right now that investors are trading at a premium to the market. In Canada, a 1% move typically corresponds to a 10% reduction in price on pipelines and utilities. However, that doesn’t really impact companies until you get to a certain threshold level of around 3.5% of a bank of Canada rate 10-year.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 TOP PICK Aecon Group Inc
ARE-T
Greg Newman

A beneficiary of very rich infrastructure spending at all government levels. Very strong backlog in their energy segment, where a lot of people are staying away because it is a big component of their business. They have nuclear opportunities such as the Darlington win last year. There are a lot of additional opportunities from Candu sites. Has a decent dividend with a very low payout ratio. He models 22% cash flow per share growth each and every year for the next couple of years. This is cheap, relative to its 5-year average. Dividend yield of 2.56%.


Price: $17.980
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-09-23 SELL Bird Construction Income Fund
BDT-T
John Stephenson

Management has said 2017 will be a transition year for them. Part of the issue has been a declining backlog in business and declining commodity prices. Thinks the stock is going to be challenged over the next 6 months to a year. This is one that he would rather be Selling or avoiding for the next year. Payout ratio by the middle of next year should spike out at 132%, which is a bit of a worry. Also, are they going to have a dividend.


Price: $11.290
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: No
2016-09-23 BUY Brookfield Infrastucture Partners
BIP.UN-T
Greg Newman

Payout ratio is around 60%-70%. They want to raise their distributions 11%-13% annually. Just upped the dividend by 3.5%. He is modelling that they can grow their AFFO 18% compounded annually. The only bad thing is that you have to pay up for this. Right now it is trading at around 14X 2016 earnings versus a 5-year average of around 13.8.


Price: $45.520
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT Baytex Energy Corp
BTE-T
John Stephenson

Short or Buy? Shorting is always difficult, because the window is quite small, especially for something that is as volatile as crude oil. If you are looking at a multiyear scenario for Holding it, then you are probably okay buying it now. Wait for the next week or so for it to fall. It has a relatively high debt load.


Price: $5.090
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT Cameco Corporation
CCO-T
Greg Newman

This has been a house of pain for so very long. Their Cigar lake operation is now operating in very good stead. Unfortunately, the price of uranium is killing them. Doesn’t think that that will prevail forever. A good, long term, blue-chip name you want to accumulate when it is completely out of favour, which is right now. You can sell Puts and oblige yourself to own it at $10 between now and December and maybe make $1. Eventually this will be worth a lot more.


Price: $11.630
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT Canfor Corp
CFP-T
John Stephenson

Valuation is very cheap. Lumber is a hugely contentious issue between Canada and the US, which is one of the problems this industry faces. Also, household formations have changed and many generations are just opting to live in condos, etc. There are under 1 million units currently in the US versus 1.4 million historically. He doesn’t think this is going to pick up meaningfully. Any little uptick will be positive for it.


Price: $14.480
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT Chemtrade Logisitics Inc.
CHE.UN-T
Greg Newman

(Market Call Minute.) A good little company that is paying a good sustainable dividend. You are getting about a 6% distribution which is nice. Not a lot of catalysts for growth right now. They are talking about maybe buying Canexus (CUS-T). You buy it while there is not a lot of growth because that catalyst is going to come at some point.


Price: $18.190
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT CI Financial Corp
CIX-T
Greg Newman

Have had some weak mandates over the last 12-18 months, and some sizable institutional outflows. There are a lot of mutual fund headwinds, but thinks these are more than captured in the valuations. Trading around 13X versus its 18X five-year average. His analysts model 80% growth in 2017 over 2016. There is $1 billion of institutional commitment that could come on over the next two quarters. They have a buy back which helps them. Good 5.5% very well covered dividend yield. Cheap enough that you could write a Put and get paid premiums. This is good here for a nice little trade.


Price: $25.320
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 HOLD Canadian Imperial Bank of Commerce
CM-T
John Stephenson

What metrics decide a good entry and exit point? You could probably walk in blind and buy any of the banks as they have all done really well. This one had a wonderful last quarter, so it is very strong. He feels that Royal (RY-T), National (NA-T) and Bank of Nova Scotia (BNS-T) screen a little better. He looks at earnings as well as net interest margins as well as some of the general macro things. This one is more Canadian focused than virtually all the others. Also, it is more heavily reliant on personal lending as well as being more highly weighted to Alberta.


Price: $102.320
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 BUY on WEAKNESS Canadian Pacific Rail
CP-T
Greg Newman

The rails have probably bottomed here. We are seeing the top line growth falling, starting to come back. The story on this is that they have been cheaper than Canadian National (CNR-T) and probably have more cost cutting tools than their peers. He would buy this on a bit of a pullback.


Price: $192.960
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-09-23 COMMENT Crescent Point Energy Corp
CPG-T
Greg Newman

He doesn’t know if oil is going to recover right away, but if it does it will be really good for this company. They just came to market with another big deal recently and it could be argued that they raised their share count by almost 7%. When looking at the metrics, he sees cash flow per share is set to fall from 2015 to 2017 by 5% per year, which is not uncommon in the oil patch. Right now the stock is very cheap and the deal they just did falls to their balance sheet which gives them time to wait out lower oil for longer, or gives them a better war chest to be opportunistic and make acquisitions. The key to all these companies is the balance sheet. If you like oil, at this level you can buy this. The dividend is sustainable even at $45 oil.


Price: $16.810
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 SELL Canadian Western Bank
CWB-T
John Stephenson

(Market Call Minute.) Oil and gas.


Price: $25.150
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT Dividend 15 Split Corp.
DFN-T
Greg Newman

If he has a right product, this is one where they split it off and preferreds go one way and the equity holders get more of a leveraged play on the dividend basket. If the mechanics are set up properly, this can be really rewarding for people that have a view that dividend stocks can go higher, which is his view. He is not sure he would use this for his clients, as they really enjoy getting their dividends.


Price: $10.690
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 HOLD Denison Mines Corp
DML-T
John Stephenson

Overall, commodities are in a secular decline. Thinks uranium has a little better fundamental than some of the other commodities, so you could see some modest upside. This is driven by nuclear power plant growth, and outside of China, there is not a tremendous amount of nuclear power growth. This is an okay holding. They have a good swatch of properties in the Athabascan region, so it might be a takeover candidate.


Price: $0.630
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 BUY on WEAKNESS Encana Corp
ECA-T
John Stephenson

He likes the company, but it is too pricey for what it is. It had the big raise and is paying down debt, doing all the right things. Because he sees oil/gas quite range bound, maybe even drifting down over the next month or so, he doesn’t think you have to be there. Wait for it to go down 20%-30%.


Price: $11.990
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 BUY Exchange Income
EIF-T
Greg Newman

(Market Call Minute.) This has done all the right things and pays a good dividend. It has a lot more upside. They are finding deals harder to come by. Growth by acquisition, but they are showing discipline.


Price: $35.330
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 BUY on WEAKNESS Enbridge
ENB-T
Greg Newman

There have just been some construction halts on the Dakota pipeline. Thinks it is going to get built, but the risks have gone up. They just did a major deal, which in the near term is dilutive, so he just lowered his 2017-2018 by about 2%. He models 10% EPS growth for the next couple of years. Now that they have just combined with Spectra, they have better growth beyond that. This also helps their balance sheet and addresses funding needs. This is expensive like all yield names, trading at 24X versus its 5-year average of around 26X. It is still cheaper relative to where it has been. This is one you want to continue to Hold, or buy on a pullback.


Price: $57.550
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT Enbridge Income Fund Holdings
ENF-T
Greg Newman

What was bad that in Q2 they stumbled a little from all the fires, but they are recovering. He sees real nice growth here, and is modelling 10% growth being brought down from the parent, each and every year over the next couple of years. The nice thing is that it is really cheap relative to its peers. Trading at around 13.1X  2017 estimates versus others at around 21 or 22. This is a good one.


Price: $33.430
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 BUY on WEAKNESS FedEx
FDX-N
Greg Newman

An iconic global brand that is very levered to the new economy which is very important. This is one you can own that is really levered to online buying, which is where the volume is very much going. On any pullback or dip, you could add to this name.


Price: $174.390
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 HOLD FedEx
FDX-N
John Stephenson

(Market Call Minute.) Shipping volumes are slowing. They did have very good earnings which is a positive, but in general the trend has been down


Price: $174.390
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 HOLD Fairfax Financial
FFH-T
John Stephenson

The insurance business is under pressure right now. This is an OK company and is well thought of, but overall their lines of business is probably something he would not be rushing into at present given the slower growth. He would call it a Hold, but wouldn’t recommend buying it.


Price: $750.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: No
2016-09-23 COMMENT Fortis Inc.
FTS-T
Greg Newman

A good name. They have just picked up ITC Corp which is nicely accretive. $0.49 EPS over the next couple of years. Trading at around 18X versus its five-year average of around 19X, versus the peer average of around 21X. The only concern he has is that there is an administrative court decision that is lowering ROE of such facilities as ITC to around 9% or lower. However, he thinks that will be overturned. All in all, this is a nice stock to be owning at this level.


Price: $42.380
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 BUY Alphabet Inc. (A)
GOOGL-Q
John Stephenson

(Market Call Minute.) One of the finest companies around. Just a phenomenal company that is hitting it out of the park.


Price: $797.970
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 PAST TOP PICK Hudson Bay Co.
HBC-T
Greg Newman

(A Top Pick Nov 5/15. Down 22.92%.) Chose this for its real estate upside, because it was becoming a global retailer developing a very good online presence and the low Cdn$ as most of their operations are outside of Canada. A tough company to value, because there are so many different moving parts. He believes they are doing all the right things and that patience will be rewarded.


Price: $17.240
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-09-23 HOLD Hudbay Minerals Inc.
HBM-T
John Stephenson

(Market Call Minute.) Commodities are in a secular decline so there is no need to be there.


Price: $4.890
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 TOP PICK Killam Properties Inc
KMP.UN-T
Greg Newman

This has an in-line valuation relative to their peers, yet it is growing at around 8% FFO over the next couple of years. A good growth at a reasonable price. Dividend yield of 4.89%.


Price: $12.250
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-09-23 COMMENT Loblaw Companies Ltd
L-T
Greg Newman

People have been concerned about this because of food inflation issues. Shoppers Drug Mart has been executing very well for them. He is modelling 12% EPS and 3% dividend growth over the next couple of years. The food inflation rise is over, but they are focusing on more volume, cost cutting and negotiating with vendors. Trading at a good valuation relative to their 5 year. He is buying at these levels.


Price: $68.770
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-09-23 BUY Mastercard Inc.
MA-N
John Stephenson

MasterCard or Visa? You could buy either, but thinks there is a better footprint for Visa. Both are good. The whole idea of facilitating payments is a wave of the future, and will probably get to a world where there is limited or no cash usage. These companies are natural choices. Both are accepted all over the world.


Price: $101.660
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: No
2016-09-23 PAST TOP PICK Mondelez International
MDLZ-Q
John Stephenson

(A Top Pick Oct13/15. Down 2.59%.) Because of its whole favourable attributes, it has a relatively high valuation. A good company and it is fine to continue to Hold it, but he has reduced some of his exposure to consumer package companies, and this was one of them. If you own, he would continue holding it.


Price: $42.910
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: No
2016-09-23 TOP PICK Medtronic Inc
MDT-N
John Stephenson

In general he has been cautious on Biotechs, but this is a medical devices company. It is very, very solid. In the next 5 years it should be growing revenues at mid-single digits. Earnings at low double digits. Dividend yield of 1.96%.


Price: $87.710
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Yes
2016-09-23 PAST TOP PICK Metlife
MET-N
John Stephenson

(A Top Pick Oct13/15. Down 3.64%.) As far as lifecos go, particularly US ones, this is a stand out. Great annuities business, exposure to life insurance in Asia and Latin America. Huge cash reserves. However, this is a financial company and lifecos are kind of challenged. Long-term return assumptions in the marketplace are lower because of lower economic growth as we all age. It is going to be harder for them to have outstanding years. He has dramatically reduced his financial exposure.


Price: $44.520
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: No
2016-09-23 PAST TOP PICK Manulife Financial
MFC-T
Greg Newman

(A Top Pick Nov 5/15. Down 10.79%.) Bought this for a highly visible EPS growth, high dividend growth and a lower Cdn$ because they have some operations outside of Canada. All of this transpired. Unfortunately, their energy book brought down their book value per share. Also, low interest rate hurt the whole sector. He still models an 11% EPS growth, each year, for the next couple of years, and an 11% dividend growth. Trading at 10.2 versus its peers at 11. The whole lifecos sector is cheaper than the banks. This name can still work.


Price: $18.490
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-09-23 PAST TOP PICK Nike Inc
NKE-N
John Stephenson

(A Top Pick Oct13/15. Down 11.39%.) Overall this has been a hot company but there were some worrisome things that started to come up. He sold his holdings earlier this year.


Price: $55.150
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: No
2016-09-23 PAST TOP PICK Norbord Inc.
OSB-N
Greg Newman

(A Top Pick Nov 5/15. Up 23.8%.) This was a play on US housing, OSB prices going higher, adjusting their Ainsworth earnings and a lower Cdn$. He still sees 18% EPS growth compounded annually over the next couple of years. This is a better place to be then with pure lumber players due to the trade dispute uncertainty. Thinks this is going to $38.


Price: $24.400
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-09-23 BUY Open Text
OTC-T
John Stephenson

(Market Call Minute.) A very strong company.


Price: $86.510
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT Potash Corp of Saskatchewan
POT-T
Greg Newman

He doesn’t own this, but does own Agrium (AGU-T), and they are going to have to show him whether to be part of that combined entity. Potash is a commodity and is a long term play on the price of the commodity. Whereas Agrium is mostly insulated from that with their retail operations. He would be careful about this one here. Maybe buy it when it really sells off.


Price: $21.000
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: No
2016-09-23 COMMENT Power Corp
POW-T
Greg Newman

Power Financial (PWF-T) or Power Corp. (POW-T)? This one has a lot more internal holdings. Power Financial is basically a function of Investors Group, Mackenzie Financial and Great West Life. If you want a pure play, he feels you should go with Power Financial.


Price: $28.130
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT Power Financial Corp
PWF-T
Greg Newman

Power Financial (PWF-T) or Power Corp. (POW-T)? This is basically a function of Investors Group, Mackenzie Financial and Great West Life. If you want a pure play, he feels you should go with this. It pays a bigger dividend, and believes it is trading at a bigger discount to its 10-year historical average. Likes both, but sees this as having 6% annual dividend growth over the next couple of years, decent earnings growth, and trading at about a 19% discount.


Price: $31.200
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 TOP PICK Quebecor Inc (B)
QBR.B-T
Greg Newman

They have about 25% wireless growth due to their Spectrum advantages over the incumbents in Québec. That drives the 20% EPS over the next couple of years. The stock is trading cheaper than its five-year average by a wide margin. There is also $500 million of Spectrum licenses that they can monetize on. Dividend yield of 0.45%.


Price: $39.730
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-09-23 BUY RioCan Real Estate Investment
REI.UN-T
Greg Newman

(Market Call Minute.) REITs have come down a little and this is a quality name. Has an excellent balance sheet relative to others.


Price: $27.490
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 HOLD Royal Bank
RY-T
Greg Newman

This doesn’t have the highest growth rate, but has a pretty good one. Bank of Nova Scotia (BNS-T) has the highest at around 8% over the next couple of years. He is modelling 6% for this. Very high capital ratio. One of the catalysts that Royal has is that it has not had restructuring plans like the others, but if they do that, the market will be rewarding it.


Price: $81.400
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT Shopify Inc.
SH-T
Greg Newman

(Market Call Minute.) A high risk name, but they are the very large successful market and a very good bet.


Price: $54.680
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 TOP PICK Shake Shack Inc
SHAK-N
John Stephenson

*Short* This is a specialty burger restaurant. Danny Myers is the entrepreneur behind it. He has some wonderful restaurants, in New York in particular, but this is his high end burger joint, and it is trading at a ridiculous multiple. The price of eating out has gone up and up, and consumers’ incomes are not going up at the same level.


Price: $34.950
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Yes
2016-09-23 COMMENT Student Transport of America Ltd.
STB-T
Greg Newman

(Market Call Minute.) They just had a great quarter and a great number, and the stock is probably trading a little ahead of itself. Have been growing their contract revenues. Not a bad story for income oriented investors.


Price: $7.940
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 BUY on WEAKNESS Teck Resources Ltd. (B)
TCK.B-T
John Stephenson

This has been overbought. It is a good name. Has no debt issues and a good balance sheet, but it is a commodity producer in the market that is probably in decline for many, many years. Zinc exposure is positive, coal not so positive and copper not so positive right now. Thinks it is going to far and too fast. He would look to be a buyer on a big dip of 20%-30% or more.


Price: $23.950
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT Toronto Dominion
TD-T
Greg Newman

Doesn’t see as much growth out of this in the next couple of years as he does out of the others. It is about 4.5%. Trading at a premium valuation. Q3 numbers were very wholesale heavy. Their flagship Canadian unit was fairly sluggish. This has benefited from having the biggest US exposure, and you are probably not going to have the same performance in the next year or 2.


Price: $58.160
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 HOLD Thomson Reuters Corp
TRI-T
John Stephenson

(Market Call Minute.) He would love to call this a Buy but it is a Hold.


Price: $54.480
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 COMMENT Twitter, Inc
TWTR-N
John Stephenson

(Market Call Minute.) In general this is a declining property, but it is likely to be acquired by SalesForce (CRM-N).


Price: $19.110
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 BUY Visa Inc.
V-N
John Stephenson

MasterCard or Visa? You could buy either, but thinks this one has a better footprint. Both are good. The whole idea of facilitating payments is a wave of the future, and will probably get to a world where there is limited or no cash usage. These companies are natural choices. Both are accepted all over the world.


Price: $82.540
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Yes
2016-09-23 SELL Vermilion Energy Inc
VET-T
John Stephenson

Buy or Sell? Probably a good time to Sell. This has been a name that has been fairly good and he has liked it because of its international exposure. It is currently being driven by a gas field off the Irish coast which has helped overall earnings quite a bit as there are no royalties with that find. However, commodities are range bound at best. It is very hard for any company to square the circle when you’ve got a 6-week revenue line. Because this is getting international Brent prices, it gets stronger currencies, but overall this is a Hold.


Price: $47.220
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-09-23 TOP PICK Vodafone Group PLC
VOD-Q
John Stephenson

A telecommunications company, essentially in the mobile space. It is basically in the UK, but only 10% of its earnings come from the UK. This is a cash return story. We are in “a lower for longer” environment. This is throwing off close to a 7% yield. As long as it stays flat, you’ve got a pretty good return in an otherwise lacklustre market.


Price: $29.150
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Yes
2016-09-23 HOLD Wells Fargo
WFC-N
Greg Newman

History has shown that when you have solid, great iconic brands like this, that when they fall into trouble you are going to be fine long-term. This is going to go where all the US banks go. They have headwinds in terms of low interest rates, but are very, very cheap.


Price: $45.740
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-09-23 SELL United States Steel
X-N
John Stephenson

This has had a really great recovery off the bottom, but the steel cycle is very challenged. Every significant country wants the steel industry. It is part of independence. There is too much steel capacity out there, and you are really at the mercy of imports.


Price: $18.950
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: No
2016-09-23 COMMENT BMO Low Volatility Cdn Eqty ETF
ZLB-T
Greg Newman

A great product for people who are looking for a little lower volatility, but he prefers doing that himself. Sometimes people stick in lower volatility names that are supposed to be lower volatility, and they end up not being lower volatility. Feels there are better ways to get at lower volatility.


Price: $28.900
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: No
2016-09-22 N/A A Comment -- General Comments From an Expert
A Commentary
Stephen Takacsy, B. Eng, MBA

Markets.  He does not know if we are climbing the wall of worry or if things are being inflated by election worries.  He does not think we have seen the fallout of Brexit.  That is unavoidable.  There are always plenty of things to spook investors.  There is a definite political trend in effect out there that is not positive for markets.  A lot of money is in the stock market and it is very expensive.  He is being very prudent.  He is going to wait for volatility in the markets to subside before moving into his favourite names.


Price: $0.020
Subject: CANADIAN
Bias: CAUTIOUS
Owned: _N/A
2016-09-22 N/A A Comment -- General Comments From an Expert
A Commentary
Benj Gallander

Market.  Thinks people are overreacting to what the Fed is doing. This interest rate increase has been going on for about a year. It is constant, constant, constant. They did have one little brief uptick. He expects there is going to be a lot of volatility going forward. US elections are going to cause some. BREXIT is kind of out of the news now, but could come back in. There are a lot of other countries that are not in good shape, and if they moved back into the news, there will be more volatility again. The key to volatility is to avoid the noise. You have to look past it and through it, and not worry about it so much. Often you can get a stock at a much better price when the markets go crazy, because the stock price can dip quite a bit more. Then if things get really hot, you can get a better price when you are looking to Sell.


Price: $0.020
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: _N/A
2016-09-22 COMMENT A Comment -- General Comments From an Expert
A Commentary
Benj Gallander

Gold.  Doesn’t know where it is going to go. It is not cheap or expensive. He sold a lot of the companies that he had. Likes gold to a degree, but it is not as attractive as it was 1.5 years ago. Don’t be seduced by gold, but look at the companies’ balance sheets very, very carefully before investing in them.


Price: $0.020
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Unknown
2016-09-22 DON'T BUY Alaris Royalty
AD-T
Stephen Takacsy, B. Eng, MBA

It is hard to judge if the dividend is sustainable.  They had a pretty good track record up to a certain point.  He prefers a direct operating company.


Price: $22.910
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2016-09-22 HOLD Andrew Peller
ADW.A-T
Stephen Takacsy, B. Eng, MBA

It is his biggest position, one of the best managed companies in Canada.  They are growing organically.  They recently did a 3 for 1 stock split.  It is not the value it was.  He would hold it.


Price: $34.750
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2016-09-22 COMMENT Aegon N.V.
AEG-N
Benj Gallander

An insurance company out of Holland. They also own Transamerica in the US. This will do better when interest rates go up. They are doing a lot like General Electric (GE-N); all kinds of trades. They are buying into companies, selling companies. He is always wary of that kind of thing because there are so many costs involved, and figuring out where they end up is difficult to do. Has a huge yield of 7.4%, which he thinks is reasonably safe. He is happy to continue holding.


Price: $3.740
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-09-22 COMMENT AgJunction Inc
AJX-T
Benj Gallander

Did a merger with Novarient about a year ago. Usually when companies of equal size merge, there are often a lot of write offs, which has happened somewhat in this case. He likes the company and thinks it has a lot of potential. It wouldn’t surprise him if there was a lot of tax loss selling towards the end of the year. Before buying, he would probably wait towards the end of the year just in case there is more tax loss selling, but you could do well by buying now.


Price: $0.710
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-09-22 COMMENT Algonquin Power & Utilities Corp
AQN-T
Benj Gallander

(Market Call Minute.) This really doesn’t interest him very much at this point.


Price: $11.980
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: No
2016-09-22 PAST TOP PICK Badger Daylighting
BAD-T
Stephen Takacsy, B. Eng, MBA

(Top Pick Aug 26/15, Up 51.63%)  They had a lot of exposure to the US, but had such a great business model.  They have mobile assets.  They have great cash flow.  They will continue to grow in the US and may increase their dividend in the future.


Price: $28.810
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2016-09-22 COMMENT BlackBerry
BB-T
Benj Gallander

(Market Call Minute.) Thinks it has a lot of upside and likes what John Chen is doing, but to turn around a big ship like this takes time.


Price: $10.320
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-09-22 BUY on WEAKNESS Brick Brewing Company Ltd.
BRB-T
Stephen Takacsy, B. Eng, MBA

Management is doing a great job turning the company around.  They just licensed two brands from the US.  He finds it to be fully valued.


Price: $3.100
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2016-09-22 COMMENT Bellatrix Exploration Ltd.
BXE-T
Benj Gallander

They just sold some assets for around $45 million. They needed money in the kitty for sure. The company is in a certain amount of danger. Thinks there is a possibility it could go bankrupt. If they sell a few more assets, it could actually have a huge, huge return to form. Oil/gas prices are key.


Price: $1.250
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-09-22 COMMENT Canam Group Inc.
CAM-T
Benj Gallander

Believes they just reported a loss of about $28 million which is huge, but their backlog he believes, is at a record level. Their financial statements are pretty good. With their structural steel division, it is 12.8% of the enterprise. They are talking about wrapping that down, and possibly eliminating it. If they do that, there are going to be some write offs associated with it, which will negatively impact the stock price. He likes the company overall.


Price: $10.360
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: No
2016-09-22 COMMENT Century Aluminum Co.
CENX-Q
Benj Gallander

A very volatile stock. Right now the aluminum market is changing. Alcoa is looking to divide. They have had some problems with their Mount Hope in South Carolina which has created some difficulties. Management has seen a lot of ups and downs over many, many years, and have pulled the company through before. It sells at about half BV. His initial Sell target is better than $20. That is not “pie-in-the-sky”, it is where the company has traded in the past.


Price: $0.000
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-09-22 BUY Corus Entertainment (B)
CJR.B-T
Stephen Takacsy, B. Eng, MBA

He loves the sustainable dividend.  The Shaw media acquisition is a huge plus for CJR.B-T.  You are going to see the company having pretty strong pricing power this fall on advertising.


Price: $12.230
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2016-09-22 WEAK BUY Cargojet Inc
CJT-T
Stephen Takacsy, B. Eng, MBA

He really likes the company, but not the valuation.  They are by far the biggest player in terms of coast to coast transportation.  They have done a phenomenal job of integrating the big contracts they got last year.  They had to take on a fair amount of debt.  So far so good.  They are delivering the goods.  They are not a cheap stock right now.


Price: $43.750
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2016-09-22 TOP PICK D-Box Technologies
DBO-T
Stephen Takacsy, B. Eng, MBA

The management has been delivering.  It is seats in theatres that move.  No dividend.  They will be supplying 143 systems in China.  They are opening a motion code studio in China.


Price: $0.680
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2016-09-22 PAST TOP PICK DirectCash Payments Inc
DCI-T
Stephen Takacsy, B. Eng, MBA

(Top Pick Aug 26/15, Up 15.65%) It is still a very cheap stock.  He recently sold a third because of the Brexit vote.  It is paying a good, sustainable dividend.  He is hoping to see organic growth in the next few quarters. 


Price: $12.800
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2016-09-22 COMMENT DH Corporation
DH-T
Stephen Takacsy, B. Eng, MBA

He passed on it last year.  It was down and there were shorts reports.  It is now considered technology and it is hard to understand the various businesses.  The market is concerned about organic growth.  It is not an easy company to get your head around these days.


Price: $28.960
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2016-09-22 HOLD Dollarama Inc.
DOL-T
Stephen Takacsy, B. Eng, MBA

It is too expensive and they keep defying the odds.  They are doing a great job of execution. It is priced for perfection.  Just hold it.  If growth slowed or margins got narrower, then get out.


Price: $101.970
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2016-09-22 HOLD Element Financial
EFN-T
Stephen Takacsy, B. Eng, MBA

He has a small position.  He thought they would be growing the one company.  Time will tell if it is the right position.


Price: $15.710
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2016-09-22 BUY Enbridge
ENB-T
Stephen Takacsy, B. Eng, MBA

He owns Spectra.  He is receiving shares for that.  He thinks pipelines are a great business.  He will hang on to the shares.  They have great assets.  It is a tough business to build new pipelines.  These are great income and cash generating businesses.  This is a monster of a player in North America.


Price: $57.510
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2016-09-22 WATCH Espial Group
ESP-T
Stephen Takacsy, B. Eng, MBA

So far it has been a bit of a disappointment.  It is a show-me story.  He is hoping for announcements in the near future.


Price: $2.000
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2016-09-22 PAST TOP PICK Extendicare Inc
EXE-T
Benj Gallander

(A Top Pick Sept 18/15. Up 20.03%.) Sold off their US assets for $1.2 billion, and they still have a little more to sell off, which is going to happen soon. Expanding in Canada in 2 ways. Have done a lot of takeovers and are doing a lot of organic growth. Management is doing a good job. It could pretty much double from the current price. Good dividend yield.


Price: $9.150
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-09-22 TOP PICK First United
FUNC-Q
Benj Gallander

A bank out of Oakland Maryland. It has a pretty good balance sheet. This bank didn’t dilute at all during the recession. Thinks they will start paying a dividend after 2017, and the stock should start to move up.


Price: $10.400
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-09-22 COMMENT General Electric
GE-N
Benj Gallander

Pays a good dividend of 3%, and they like to increase it. The company is very different than what he had bought into. It is very difficult to understand the corporation going forward. He has a Sell target of $35+. If it happens in November or December, he likely won’t sell until next year, so that he can defer taxes.


Price: $30.040
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-09-22 BUY Knight Therapeutics
GUD-T
Stephen Takacsy, B. Eng, MBA

They are not going to be taken over.  They are sitting on a good amount of cash.  They may buy some good assets on the cheap.  This is driving the stock upwards.  It is more of a mutual find on the health care industry.  It is for long term investors.


Price: $9.180
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2016-09-22 PARTIAL SELL High Liner Foods
HLF-T
Stephen Takacsy, B. Eng, MBA

There is volatility in this sector.  It is because of the rising US dollar.  Volumes went down.  Take some profits if you are up.


Price: $25.290
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2016-09-22 TOP PICK Innodata Isogen Inc.
INOD-Q
Benj Gallander

They do digitalization and deal with technology solutions. Bought this at $2.21 and has a target of over $7. Very nominal debt. Insiders own quite a bit. They are moving into new fields, and he is not sure how successful that will be. Feels management has a pretty good idea of what they are doing.


Price: $2.230
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-09-22 COMMENT International Road Dynamics
IRD-T
Benj Gallander

(Market Call Minute.) Up about 150% in the last 2 weeks. They’re making a bit of money. Big backlog which bodes well, but not one that really interests him.


Price: $2.500
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: No
2016-09-22 PAST TOP PICK Jinpan International Ltd
JST-Q (Merged)
Benj Gallander

(A Top Pick Sept 18/15. Up 57.98%.) This got taken over at $6 in April.


Price: $5.940
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: No
2016-09-22 WEAK BUY K-Bro Linen Inc
KBL-T
Stephen Takacsy, B. Eng, MBA

Laundry company for hospitals.  He regrets not going after it.  The contracts are long term and get renewed automatically.  He may start looking at it again.  It is very chunky in terms of contracts.  Don’t expect huge organic growth.


Price: $43.250
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2016-09-22 TOP PICK Logistec Corp
LGT.B-T
Stephen Takacsy, B. Eng, MBA

Pure infrastructure in ports and environmental services.  They repair water pipes.  Sales are growing at double digit rates.  It has gone up 8 fold in the last 10 years.  It came down last year.  It is a great time to accumulate it.  A very well managed company.


Price: $34.530
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2016-09-22 DON'T BUY Liquor Stores N. A.
LIQ-T
Stephen Takacsy, B. Eng, MBA

He thinks it should be avoided.  They cut their dividend.  They have a lot of Cap-X ahead of them.  He does not like the business model. 


Price: $10.810
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2016-09-22 BUY Linamar Corp
LNR-T
Stephen Takacsy, B. Eng, MBA

He follows the industry and owns LNR-T because it is better managed and initiates new programs for the auto industry.  It has higher earnings growth.  He prefers LNR-T.


Price: $54.190
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2016-09-22 COMMENT Manulife Financial
MFC-T
Benj Gallander

Too many people are impatient with stocks, so you should go back to basics and ask why did you originally Buy the company. Does your original rationale still stand up? It pays a reasonable dividend. When interest rates go up, which he believes they will, insurance companies should do better.


Price: $18.740
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: No
2016-09-22 COMMENT Magic Software Enterprises Inc
MGIC-Q
Benj Gallander

(Market Call Minute.) He can see this going up a fair bit further. Revenue and bottom-line are both up.


Price: $7.550
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-09-22 DON'T BUY Martinrea
MRE-T
Stephen Takacsy, B. Eng, MBA

He follows the industry and owns LNR-T because it is better managed and initiates new programs for the auto industry.  It has higher earnings growth.  He prefers LNR-T.


Price: $8.460
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2016-09-22 HOLD Mullen Group Ltd
MTL-T
Stephen Takacsy, B. Eng, MBA

It is a very well run company.  Probably still a good time to buy it.  The founder has a lot of skin in the game.  Don’t step in now to anything that is tied to the energy sector.


Price: $16.190
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2016-09-22 BUY on WEAKNESS Premium Brands Holdings Corp
PBH-T
Stephen Takacsy, B. Eng, MBA

He does not follow it that carefully.  They are doing a good job of consolidating.  It is quite expensive right now.  But if you want to add to your position, wait for weakness.


Price: $64.480
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2016-09-22 COMMENT Pengrowth Energy
PGF-T
Benj Gallander

Management hasn’t come through with a lot of the promises they made through the years. Conference calls always sounds like things are going really well, but for years the stock price has kept going down. It may be at a turning point now. The stock is cheap on many levels. They still have a lot of debt to deal with. If they don’t deal with that well, that will come home to roost in the next year or so.


Price: $1.990
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-09-22 COMMENT Patient Home Monitoring
PHM-X
Benj Gallander

Management is talking about splitting the company into 2. A lot of companies, when they split, do very well. Sometimes it takes a while for it to happen. There are all kinds of costs associated with it. He would be very wary of this company. Given that it is splitting, you might want to Hold. Look closely at the financials and the promises they have made, and how they have done with that.


Price: $0.185
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Unknown
2016-09-22 BUY Park Lawn Income Trust
PLC-X
Stephen Takacsy, B. Eng, MBA

They have huge spare capacities.  Nice dividend.  He sees a lot of growth ahead of them. 


Price: $15.110
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2016-09-22 DON'T BUY Performance Sports Group
PSG-T
Stephen Takacsy, B. Eng, MBA

There is an investigation going on.  There is a lot of debt.  They are not cheap.  A lot of costs are in US dollars.  There are a lot of negatives going for this company.  It is not for the faint of heart.  He is staying away from it for now.


Price: $5.090
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2016-09-22 COMMENT Reitmans (Canada) Ltd. (A)
RET.A-T
Benj Gallander

Just reported great numbers. For a long time their numbers had been awful. Same-store sales were going up, especially online. The company was getting hit because the US$ was going up so much. He can see this getting up over $15 again. Pays about a 3% dividend, and they have no debt on the books.


Price: $6.530
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-09-22 PAST TOP PICK Rona Inc
RON-T (Dead)
Benj Gallander

(A Top Pick Sept 18/15. Up 73.8%.) (Reset preferreds (A) March 2016.) He bought the preferreds because he wanted a little bit less risk. He thinks there is still a possibility that Lowes (LOW-N) might buy out the preferreds at $25 at some point. He loves the dividend tax credit he is getting.


Price: $23.990
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-09-22 COMMENT Star Gas Partners LP
SGU-N
Benj Gallander

Thinks this has more upside. Has a huge dividend. Very, very choppy on results. They will lose a bunch of money on one quarter, and then make a bunch. Thinks it can have a 20%-25% upside from here.


Price: $9.710
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-09-22 COMMENT Savaria Corp
SIS-T
Stephen Takacsy, B. Eng, MBA

The stock has been really driven as of late as it got added to the small cap index.  It may be a little ahead of itself.  They just raised the dividend 30% last week. It is very well managed and if you are a long term investor you could hold it for many years to come.  Short term investors should take profits now.


Price: $11.010
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2016-09-22 HOLD Stella-Jones Inc.
SJ-T
Stephen Takacsy, B. Eng, MBA

He sold a little too early.  There are still acquisition candidates out there.  You are paying a high price for the acquisitions they are making.  It never seems to get cheap enough for him.  It is well managed, but not cheap.


Price: $46.310
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2016-09-22 DON'T BUY Student Transport of America Ltd.
STB-T
Stephen Takacsy, B. Eng, MBA

School bus business.  Not a high growth business.  Very well managed, but not a high moving  stock. 


Price: $7.880
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2016-09-22 BUY Sandvine Corp.
SVC-T
Stephen Takacsy, B. Eng, MBA

He likes it. They are sitting on a lot of cash and trading at a low multiple.  He recently bought some.  It is somewhat seasonal.  A lower than expected quarter is a great time to buy it.  It is a very valuable service to the telcos across the world.  It is worth more than it is trading at right now.


Price: $2.975
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2016-09-22 PAST TOP PICK Ten Peaks Coffee Co
TPK-T
Stephen Takacsy, B. Eng, MBA

(Top Pick Aug 26/15, Down 8.46%)  New accounting practices made results more volatile compared with the year before.  Now there is the potential to get more of the MCD-N business from the US.  He has been accumulating.  Markets are improving.  Some of the volume growth has disappointed the market in the last 6 months.


Price: $6.910
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2016-09-22 COMMENT Ten Peaks Coffee Co
TPK-T
Benj Gallander

When he sees what people are paying for coffee, it astounds him. People like chemical free products and they will pay more for it. You have to remember that competition in this space is absolutely fierce. It is a small company. Can they keep on competing going forward?


Price: $6.910
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: No
2016-09-22 DON'T BUY Transat A. T.
TRZ-T
Stephen Takacsy, B. Eng, MBA

He likes it as a consumer, but as an investment it is probably worse than liquor stores (LIQ-T): low margins and competitive.  There are players that are wobbling.  It is a tough business. 


Price: $6.600
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2016-09-22 WATCH TorstarCorp (B)
TS.B-T
Stephen Takacsy, B. Eng, MBA

The industry has been hammered in the last couple of years.  It is hard to analyze.  The results aren’t that transparent.  It is hard to know how it is doing organically.  He does not think the company was that well managed in the past.  It is a wait and see approach.


Price: $1.700
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2016-09-22 HOLD TorstarCorp (B)
TS.B-T
Benj Gallander

(Market Call Minute.) Just sold off one of their properties for $54 million. They have no debt and have money in the bank.


Price: $1.700
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Unknown
2016-09-22 TOP PICK United Security Bancshares Inc
USBI-Q
Benj Gallander

A small bank located in Alabama with about 20 retail outlets. Great bottom-line and a dividend yield of 0.82%. Clean balance sheet. 6 million shares outstanding, and they didn’t dilute at all during the recession. He can see it doing better than a double from here.


Price: $9.180
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-09-22 DON'T BUY Vecima Networks Inc.
VCM-T
Stephen Takacsy, B. Eng, MBA

He looked at it a few years ago.  They have a small number of clients.  This stock can become quite volatile.  He finds too much customer concentration.  But they did a good job of unlocking value over the last couple of years.


Price: $9.700
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Unknown
2016-09-22 TOP PICK Velan Inc
VLN-T
Stephen Takacsy, B. Eng, MBA

A classic value play, trading below book value.  World leaders in nuclear valves.  The backlog is growing again.  They buy back their stock regularly below book value.  They may sell the company some day.  Margins should grow significantly in the next few years.


Price: $16.400
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
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