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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
2017-04-24 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Markets.  The new French leader, Macron, is liked by Europe.  There is still a risk, but most likely we don’t need to worry about France for now, except that eventually the EU will break up.  The world needs pro-business, but eventually he thinks Europe will not work.  Analysts are expecting 70% earnings growth this year on the S&P, which he thinks is out to lunch.  There is lots of room for disappointment, but the market should rally for a least a few weeks.  He would sell this rally.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-04-24 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Educational Segment.  US Government Shutdowns.  Valuations are high and this is a ‘risk-off’.  You want to be defensive if you can.  There have been 22 government shutdowns in history.  The most recent two had a small impact on GDP (0.1%).  The market historically gets nervous before a shut down and then is fine afterwards.  From a markets point of view it is a case of buying dips.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-04-24 N/A A Comment -- General Comments From an Expert
A Commentary
Liz Miller

Markets.  People are taking a second look at the Trump administration and wondering how long will it take to put through some of his measures.  The market rally is not entirely about the new administration.  What we have seen is optimism over the underlying economy and then how much more positive it will be under these new measures.  We are seeing a dichotomy in the economic news.  There is optimism but no data to back up the sentiment.    Ultimately the underlying economic story will drive stocks.  She thinks we may be starting a decade of strong growth.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: _N/A
2017-04-24 WAIT Boeing
BA-N
Liz Miller

She would not be a new buyer.  It took off last fall, up 50% on good results and increased defense spending, etc.  It historically has a run and goes sideways for a long time.  You hold it ready for the next run.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2017-04-24 BUY Carnival Corp.
CCL-N
Liz Miller

It was a bargain for a while because a number of the companies in the sector had struggled and had accidents.  This is viewed as the leader in the industry.  Fuel costs being low are an added benefit.  You could have bought it cheaper a year ago but there is plenty of upside going forward.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2017-04-24 COMMENT CCL Industries (B)
CCL.B-T
Larry Berman CFA, CMT, CTA

He does not know the details of how they are going to split it.  There is research that shows there is a perception that you can buy more shares after a split.  This is a human condition.  There is nothing beneficial in fundamentals.  Trade it if you want but because you like the company and then own it post-split but don’t buy it just because it is going to split.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-04-24 PAST TOP PICK Walt Disney
DIS-N
Liz Miller

(Top Pick Nov 9/16, Up 22%) You can’t ever say it is not a great company.  She just waited for the stock price opportunity.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2017-04-24 PARTIAL SELL Facebook
FB-Q
Liz Miller

Nobody needs to hold it considering all the gains.  Take profits if you have made them.  She sees no change in their trends.  They will do phenomenally until it is over.  You will never regret taking profits on a stock that has done this well.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2017-04-24 BUY Honeywell International
HON-N
Liz Miller

It has been a great stock for quite a while, doing better and better.  They had a very good earnings report recently, especially in the aerospace division.  If we see higher defense spending in the US they will benefit.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2017-04-24 PAST TOP PICK Lincoln National Corp.
LNC-N
Liz Miller

(Top Pick Nov 9/16, Up 17%) She continues to buy it.  The story is intact for rising interest rates and lower regulation.  They are well positioned to do meaningfully better going forward.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2017-04-24 COMMENT Mattel
MAT-Q
Liz Miller

It goes in very long waves.  It is about very long cycles.  It will take a number of years for MAT-N to come back again.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2017-04-24 PARTIAL SELL McDonalds
MCD-N
Liz Miller

A perfectly good long term holding.  It had a recent pop and if you had a lot of profits she would recommend taking some off the table.  You expect it to grow in the US with GDP.  Internationally there is still room for them to grow further.  She thinks they are doing everything right but it is a rich stock right now.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2017-04-24 TOP PICK McKesson Corp
MCK-N
Liz Miller

A very big player, and has long been a leader.  The stock is a long way down from its high.  She thinks this company and stock will come back strong.  It is a beautiful entry point for it.  (Analysts’ target: $151.00).


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2017-04-24 WEAK BUY Medtronic Inc
MDT-N
Liz Miller

They have struggled over the most recent years after being a darling.  There is the question of how healthcare will be paid for in the US.  Device companies have the hardest headwinds.  They are also in a very competitive area.  It is not expensive and is a perfectly good way to be in the health care area.  Their struggles may mean they have more upside potential if the healthcare sector improves.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2017-04-24 WEAK BUY Marathon Oil
MRO-N
Liz Miller

It is a big question mark as to how these companies will do under new regulation.  They have really struggled and come down over the last few years.  Don’t put too much faith in the forward PE on this stock because estimates keep going down.  It probably is a value play here.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2017-04-24 BUY Nike Inc
NKE-N
Liz Miller

It has not made a new high above the 2015 peak.  There has been a lot of increased competition as well as a general market pullback.  They have a very strong track record of finding their foothold.  She thinks there is good upside.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2017-04-24 PARTIAL SELL Nvidia Corp
NVDA-Q
Liz Miller

It has been a home run stock, quadrupling in a short amount of time.  When semiconductor companies aren’t darlings, we just pay 10 times earnings for them.  Take profits and wait to see what the future looks like. 


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2017-04-24 WATCH Novartis AG
NVS-N
Liz Miller

The global pharma industry is under this cloud.  The whole subsector is really struggling.  They have come off their bottoms but are working hard going sideways until we get more clarity on healthcare in the US. 


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2017-04-24 BUY on WEAKNESS PepsiCo
PEP-N
Liz Miller

It has been a fabulous stock.  It seems to be doing everything right.  It diversified away from sugary soda.  The risk is thinking of it as a reliable beverage company.  There is always the risk of a trip-up.  She would prefer it to Coke (KO-N).


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2017-04-24 BUY Pfizer Inc
PFE-N
Liz Miller

She is buying it because you have a high quality company that has done nothing for some time.  Development going on is interesting even if not the block buster drugs of the past.  It is a nice entry point and there will be attractive upside.  You get a nice dividend to wait.  3.8% dividend.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2017-04-24 HOLD Proctor & Gamble
PG-N
Liz Miller

It has had quite a good run over the long haul.  Recently it had a pop after going sideways for a while.  She tends to like these stocks when we are worried about the economy.  It is fully valued right now.  This is not a buying opportunity.  It is a good long term holding.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2017-04-24 WEAK BUY Parker Hannifin Corp
PH-N
Liz Miller

It is probably poised to do well with the industrials as a whole.  It is not a bad buy for the long term.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2017-04-24 TOP PICK Regions Financial
RF-N
Liz Miller

It is a small regional player, the largest deposit taker in the state of Alabama.  The banks will continue to benefit from the slow increase in interest rates.  This is an attractive stock.  It is in a good position now after cleaning up its portfolio after 2008.  (Analysts’ target: $15.00).


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2017-04-24 PAST TOP PICK Starbucks
SBUX-Q
Liz Miller

(Top Pick Nov 9/16, Up 13%) You can own it for the long term.  They are 15 years behind McDonalds.  They are reacting well to changing trends.  It was going sideways for about a year and is still off its peak so there is plenty of opportunity.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2017-04-24 SPECULATIVE BUY Tesla Motors Inc
TSLA-Q
Liz Miller

It is never inexpensive.  It has had quote a pop recently due to an announcement.  It depends on your risk profile.  It continues to be a bit of an unknown.  It is a bit of a speculative purchase.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2017-04-24 WAIT Twitter, Inc
TWTR-N
Liz Miller

It is a frustrating stock.  She has traded it around a bit.  The asset has value.  It is the very first news outlet and there should be value there.  It depends how long you are willing to wait for them to turn over the company.  It depends on your patience.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2017-04-24 HOLD Viacom Inc.
VIA-Q
Liz Miller

It continues to be in a turnaround situation where there is plenty of upside as they improve things.  She thinks there are a few more years and then you still hold it long term.  The assets are every valuable and they have been just struggling with management.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2017-04-24 TOP PICK Ventas Inc
VTR-N
Liz Miller

It is a REIT, the opposite of a bank.  But it is in the health care medical niche.  It recently spun off the nursing home business.  It is an attractive entry point.  She prefers exposure more to office than retail in REITs.  She is out of retail, generally.  (Analysts’ target: $64.00).


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Yes
2017-04-24 HOLD Verizon Communications
VZ-N
Liz Miller

We have seen the pull back across the biggies.  They are now trying to get into content.  Investors are trying to decide what it is they own.  There is a large retail investor base in this stock and it no longer looks like it will be a utility stock going forward.  The 4.9% dividend may not be reliable in the long term, although there is no stress on it.  The content business is not historically that reliable to pay a dividend out of.


Price: $0.000
Subject: US EQUITIES
Bias: BULLISH
Owned: Unknown
2017-04-24 DON'T BUY iShare Core MSCI World of Canada
XAW-T
Larry Berman CFA, CMT, CTA

When you buy a foreign ETF in Canada, you get a dividend tax withholding.  These ETFs have double negative taxation.  They are not the ideal ones to use.  He likes it otherwise for its overall exposure.  It is a fund holding a fund and that causes you to get dinged twice.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-04-24 BUY on WEAKNESS iUnits S&P/TSX Capped Energy ETF
XEG-T
Larry Berman CFA, CMT, CTA

The energy sector outperformed the TSX as energy prices recovered last year, but the TSX has continued to go sideways to slightly higher while the energy sector has gone down.  So he has been adding energy.  He bought equal weight ETFs for North American energy exposure.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: No
2017-04-24 SELL iShares S&P/TSX Capped REIT
XRE-T
Larry Berman CFA, CMT, CTA

REITs.  We are basically coming up to resistance.  He does not think we will break through there.  He is selling REITs and is almost out.  The dividend is not as attractive as in some other sectors.  He would buy REITs if they got back to their lows.  If there is a cyclical recession in the next few years, then REITs will underperform in that kind of environment.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-04-24 WAIT BMO S&P/TSX Base Metals ETF
ZMT-T
Larry Berman CFA, CMT, CTA

An equal weight play on metals.  It has come off significantly from recent highs.  There are massive risks in this sector.  You have to be very, very good on your timing.  He is not stepping in right now.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: No
2017-04-24 COMMENT BMO US Put Write Hedged to CAD
ZPH-T
Larry Berman CFA, CMT, CTA

ZPW-T vs. ZPH-T. You have 100% equity exposure even though they are miss-classified on many trading platforms that look at what is in them.  They are writing options.  The fixed income holing is just there for margin purposes.  It is a treasury bill so there is no risk to it.  These are not fixed income. 


Price: $0.000
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-04-24 COMMENT BMO US Put Write ETF.
ZPW-T
Larry Berman CFA, CMT, CTA

ZPW-T vs. ZPH-T. You have 100% equity exposure even though they are miss-classified on many trading platforms that look at what is in them.  They are writing options.  The fixed income holing is just there for margin purposes.  It is a treasury bill so there is no risk to it.  These are not fixed income. 


Price: $0.000
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-04-24 COMMENT BMO Europe High Dividend Covered Call Hedged to CAD ET
ZWE-T
Larry Berman CFA, CMT, CTA

Europe covered call.  Its biggest weighting is France and it sold off in recent weeks and then today is on new highs.  This is the safeness way to play Europe.


Price: $0.000
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-04-21 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Market. Dividends make you rich over the long-term. Bond yields are still very low. Dividend payout ratios on the TSX are at very healthy levels. There is a lot of opportunity for dividend growth and EPS. We may be in a bit of a sideways environment here. Feels the economic background is still quite favourable for stocks over bonds. The Canadian market has better upside over the next 4-5 years than the US one.


Price: $0.020
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: _N/A
2017-04-21 COMMENT A Comment -- General Comments From an Expert
A Commentary
EDITOR

Tonight's program is on taxes, not stocks.


Price: $0.020
Subject: N/A
Bias: UNKNOWN
Owned: Unknown
2017-04-21 BUY on WEAKNESS Algonquin Power & Utilities Corp
AQN-T
Greg Newman

This has a DRIP program, which can work very well. Sees about 22% EPS this year and next, and yet it is trading at a very similar multiple to its peers. There is some very good dividend growth of around 8%. They just beat their Q4 numbers. He would add on any sort of weakness.


Price: $12.930
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-21 BUY Aecon Group Inc
ARE-T
Greg Newman

Probably not a bad thing to be buying now. Trading in line with its 3-year average, but cheaper than its peers. 2017 is probably going to be an off year for them in terms of revenues. Beyond that, he sees really nice growth. They have a really good infrastructure backlog which will really help them. Just increased their dividend by 8.2%. Very strong balance sheet. He sees good growth into 2018.


Price: $16.220
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-21 COMMENT Arc Resources Ltd
ARX-T
Greg Newman

Low cost natural gas producer. Very efficient and very reliable growth. Production has steadily increased every year since 2012. Relative to the group, the valuation is okay. Great balance sheet, which is key in the oil names. A quality name, and probably an opportunity here.


Price: $18.420
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-21 TOP PICK Bank of America
BAC-N
Greg Newman

This has a BV of less than 1. He sees 20% EPS growth. It is very well positioned towards the Trump agenda. Thinks they will do something about the Volker rule and probably lower taxes a little. This bank is very well positioned towards the domestic side of the economy. He doesn’t see a lot of risks. Dividend yield of 1.3%. (Analysts’ price target is $26.50.)


Price: $22.710
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-21 COMMENT Bombardier Inc (B)
BBD.B-T
Greg Newman

This has had a history of almost 20 years of being a very bad story for Canadians. The good news is that the new management team does appear to be executing. They beat on free cash flow on Q4 and have held on to their 2017 guidance, which is very important. Very speculative. He has been owning this by Selling Puts. Not for the faint of heart.


Price: $2.240
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-21 HOLD BCE Inc.
BCE-T
Greg Newman

Not cheap at around 17X, which is ahead of its 5-year average. 57% of revenues come from wire line which is not good, because of increasing competition from cable. Their wireless numbers are probably going to be pretty good at about 30% of their revenues. He sees growth of about 4% this year over last year. They will be boosting their dividend every year by about 5%. A name that you just Hold, and sell some Calls on it.


Price: $61.350
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-21 PAST TOP PICK Brookfield Infrastucture Partners
BIP.UN-T
Greg Newman

(A Top Pick May 4/16. Up 53%.) He liked this for their solid pipeline of growth, and still models a 20% EPS growth over the next couple of years. Just bumped their distribution by 11%. 67% payout ratio, so the dividend is good. It has reached his target price, so he would not be adding to it.


Price: $52.130
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-21 COMMENT Bonavista Energy Corp
BNP-T
Greg Newman

If you are a trader, this is one you could probably trade. Not a bad entry. They continue to improve in asset concentration. About 70% is hedged for 2017. The very small dividend is safe. Even though its balance sheet is a lot better than its peers, it still has a cash flow of 2.6%, which is high for where oil/gas is. There are safer names, but probably not a bad little bet for a trade.


Price: $3.010
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-21 PAST TOP PICK Bank of Nova Scotia
BNS-T
Greg Newman

(A Top Pick May 4/16. Up 28%.) Had felt this was the cheapest of the Canadian banks, had the best opportunity, and was less understood. It has very good growth. Emerging markets are turning.


Price: $76.830
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-21 COMMENT Brookfield Property Partners
BPY.UN-T
Greg Newman

This is pricey, trading at around 21X. Has about a 110% payout ratio, so distribution isn’t perfect. Q4 was a little light. However, he models very strong growth, 16% adjusted funds from operations growth 2016-2018. Trading at about 16% below his assumed NAV per unit. This is a name that you can be constructive on.


Price: $31.060
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-21 COMMENT Crescent Point Energy Corp
CPG-T
Greg Newman

Hitting a 52-week low. Payout ratio is under 100%. Growth rate is not bad. A name he has liked because production has increased every year since 2014. It isn’t the best in the oil patch in terms of efficiency, but it should be trading at a lot more than what it is currently. Thinks the fall has probably been overdone. Yield of 2.7%.


Price: $13.620
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-21 COMMENT Cominar Real Estate Inv Tr
CUF.UN-T
Greg Newman

Their NOI dropped 3.7% in Q3. He models less than 1% growth over the next couple of years, versus its peers which are in a 2.5%. They have an all-in payout ratio of 114%. Making asset sales to bring down their balance sheet, which is good. Feels the fundamentals of Québec and Ontario are slightly better than what they have been. Trading at 11X. Probably not a bad place to be picking away, but it is not your highest quality REIT.


Price: $14.430
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-21 BUY on WEAKNESS EnerCare Inc
ECI-T
Greg Newman

This has everything going for it, except valuation. They beat Q4, due to strength in their service experts and their home services segment. Increased their dividend by 4%. Trading a little higher than its 3-year average, and he prefers buying names that are a little lower or where there is a catalyst. He sees 9% EBITDA growth over the next couple of years. Wait for a pullback before buying.


Price: $20.960
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-21 PARTIAL BUY Exchange Income
EIF-T
Greg Newman

He models a 12% EBITDA growth over the next couple of years. Trades at a valuation that is lower than its five-year average. Debt to EBITDA continues to improve at around 2.2. The 5.5% dividend yield looks pretty safe. Missed on Q4 due to weather and equipment issues. You could be picking away at this time.


Price: $38.160
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-21 COMMENT Financial 15 Split Corp
FTN-T
Greg Newman

This separates the preferred shares from the capital. The dividend is pretty safe, because they are stripping it away from the capital, and it is the banks. The real risk is if you are Long the capital portion, what if you don’t get capital appreciation quickly. These deals last for about 5 years. If you don’t have capital appreciation, and you have embedded fees, the leverage investment on the capital financials won’t work out that well. That is the real risk. Feels the banks are pretty good place to be with interest rates likely to go higher in the next 5 years.


Price: $10.420
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-21 COMMENT Inter Pipeline
IPL-T
Greg Newman

Trading at around 20X versus its peers of around 26X. They just won their Q4 numbers, due to their recently acquired Williams assets. He doesn’t see a lot of growth.


Price: $28.000
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-21 PAST TOP PICK Manulife Financial
MFC-T
Greg Newman

(A Top Pick May 4/16. Up 34%.) He chose this for its Asian growth, its US currency exposure and for wealth management tailwinds. It was really cheap at the time. He still models good EPS and good dividend growth from here.


Price: $23.140
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-21 BUY on WEAKNESS Pembina Pipeline Corp
PPL-T
Greg Newman

They announced 2 new projects in April, and boosted their dividend by about 6%. This has really impressive growth. He is modelling 30% EPS 2017-2018. A really nice dividend with a steadily declining payout ratio. Good dividend, and the balance sheet is in really great shape. Trading in line with the other pipelines, but with a much better growth profile. You can add to this on any small pull back.


Price: $44.280
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-21 TOP PICK Power Financial Corp
PWF-T
Greg Newman

He likes financials. This one has a very nice dividend and is very defensive. It should benefit with slightly higher interest rates and a better stock market with their underlying holdings. He models a 9% EPS growth over the next couple of years. Dividend yield of 4.8%. (Analysts’ price target is $37.00.)


Price: $34.290
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-21 BUY on WEAKNESS RioCan Real Estate Investment
REI.UN-T
Greg Newman

This is turning the corner. Retail has been a tough place. They’ve had to release a lot of their Target properties and have done a good job there. He is projecting that they do 3% FFO growth from 2016 to 2018. Very good balance sheet. They have a lot of development and intensification projects that they can use to grow. His target price is $28. On bad days when there is a yield scare, you could pick it up at about $25, get paid some premium, and when it gets to $28 sell some Calls.


Price: $26.530
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-21 COMMENT Russel Metals
RUS-T
Greg Newman

Payout ratio is about 102%, down a lot from 2016. It is starting to do a lot better. Metal prices have come up a lot. One of the largest distributors in Canada. Their energy segment, a pretty big component of their business, is a bit of a wildcard. He has been adding to this a lot over the last 6 months. Dividend yield of 5.7%.


Price: $26.300
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-21 BUY on WEAKNESS Student Transport of America Ltd.
STB-T
Greg Newman

A cozy little company with a nice 8% dividend yield, which is covered pretty well with a 60% payout ratio. He is looking at 7% revenue growth on contract wins next year, combined with some cost cuts. The only problem is, it is trading a little above its 5-year average right now. He would wait for a bit of a pullback.


Price: $7.960
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-21 COMMENT Toronto Dominion
TD-T
Greg Newman

Bought a $64 January 2018 Call option for $325. When do you take the stock? Do you take into account what you paid for the Call and add that to when you took the stock? One of the problems when you buy a Call option, you are buying a lot of time volatility. That time value will shrink to zero. You pull your trigger when you are at your maximum advantage, which is a whole other discussion which would take too much time to answer on this program.


Price: $65.630
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-21 BUY on WEAKNESS Veresen Inc
VSN-T
Greg Newman

This was a Top Pick March 24/17. It has had a pretty big move in the last month or so, and is currently at a level where he doesn’t see much upside as there was. They are looking to increase the Alliance pipeline by 30%, which could be very accretive. Pays a good distribution that is getting safer. Try to add to this on a bit of a pullback.


Price: $15.850
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-21 TOP PICK iShares MSCI Emerging Markets
XEM-T
Greg Newman

This is the time for emerging markets, and this is a nice interesting basket. He likes where they are spread out. Good yield. There have been positive earnings revisions in the area. Stronger growth and stronger currencies, with a slightly weaker US$.


Price: $29.710
Subject: CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-20 PAST TOP PICK Temp Holdings Co Ltd
2181 JP
Mark Grammer

(Top Pick Dec 16/16, Up 16%) In Japan you have very low unemployment, with everyone looking for work having 1 and a half offers.  This is a human resources company.


Price: $0.000
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: Yes
2017-04-20 TOP PICK Temp Holdings Co Ltd
2181 JP
Mark Grammer

Corporations in Japan have to use agencies to help them recruit.  It is the job opportunities to applicant ratios.  We are seeing tiny increase in wages which we would need to see accelerate to get a full-fledged consumption boom in Japan, but we are getting there.  (Analysts’ Target: ¥2400).


Price: $0.000
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: Yes
2017-04-20 N/A A Comment -- General Comments From an Expert
A Commentary
Mark Grammer

Markets.  Borrowing costs are staying low for the foreseeable future because they are driven by inflation and we aren’t seeing it.  Low interest rates are actually incentivizing people to save, contrary to what people would think.  The rest of the world is cheaper than America.  Growth rates are actually higher with multiples being lower.  He looks for opportunities there.  Emerging markets have been much better in the last 12 months than the last few years.  With the US dollar stabling or weakening this bodes well for emerging markets.  Trump tweets and speaks, but then does not act as he indicated.


Price: $0.020
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: _N/A
2017-04-20 N/A A Comment -- General Comments From an Expert
A Commentary
Mark Grammer

Deflationary environment.  He does not feel we are headed here.  He sees unemployment going down, globally, and wages trickling up.


Price: $0.020
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: _N/A
2017-04-20 N/A A Comment -- General Comments From an Expert
A Commentary
Mark Grammer

US Fed Monetary Policy.  There is concern we might be heading to an inverted yield curve (indicating we are headed for a recession).  We are not yet seeing that.  The bond market is projecting the growth rate is not as robust as the Fed feels.  He would be very surprised if we did not get two more rate rises this year, but they would not impact the 2 and 10 year yields.  We need to get interest rates normalized.


Price: $0.020
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: _N/A
2017-04-20 COMMENT A Comment -- General Comments From an Expert
A Commentary
Mark Grammer

Saudi Aramco.  It should be a trillion dollar company.  They are fully integrated.  He has not yet finished looking at it for valuation.  There will be a risk premium because the country is effectively an emerging market.  He will look at it for sure.


Price: $0.020
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: Unknown
2017-04-20 N/A A Comment -- General Comments From an Expert
A Commentary
Lorne Zeiler

Market. The US markets are overvalued, meaning that return expectations should be lower. Earnings were at roughly 115 last year, and are projected at about 132 this year, so we are looking at 18-18.5 on a multiple basis. Other areas are looking more attractive than the US market. People should be looking at Japan and particularly Europe. Europe has had quite a few months now of positive economic surprises. ETF’s would be a good entry for most investors.


Price: $0.020
Subject: DIVIDEND STOCKS
Bias: UNKNOWN
Owned: _N/A
2017-04-20 N/A A Comment -- General Comments From an Expert
A Commentary
Lorne Zeiler

A stock or ETF for European exposure? If making an entry into a market where you have never been before, an ETF is a good way to do it. You get good diversification across countries and across sectors. Everyone assumes Canadian ETFs are all cheap and are all going to give diversification. That is not necessarily so. He’s been buying into Europe through a US listed ETF. (See Top Picks.)


Price: $0.020
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: _N/A
2017-04-20 PAST TOP PICK Apple
AAPL-Q
Lorne Zeiler

(A Top Pick Dec 23/16. Up 23%.) This has been a great buy. Has reduced his holdings, because the catalysts he was looking for hasn’t happened yet. Two of them were related tax reforms, particularly the possible repeat duration of offshore funds. He is also hearing of delays of iPhone 8. He still likes this. Still at a reasonable valuation.


Price: $142.440
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-20 COMMENT Pure Industrial Real Estatetrust Trust
AAR.UN-T
Lorne Zeiler

A sector that sold off a few years ago, as people were thinking that with less manufacturing there was less industry. Since then we have had a major change in how people shop. There is a lot of online shopping, and this company’s holdings have become hubs for a lot of storage for businesses. One of the leaders in this space, and probably one of the best names in the industrial space.


Price: $6.560
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-20 PAST TOP PICK AbbVie Inc.
ABBV-N
Lorne Zeiler

(A Top Pick Dec 23/16. Up 4%.) A one trick pony with their drug Humira. Valuation is quite reasonable and is going to be 12-13X projected earnings. A lot of that is based on sales of Humira, a life altering drug, which accounts for over 60% of their revenues. Made 2 very large acquisitions in the past few years, and we are starting to see some of those drugs in the pipeline getting approved.


Price: $63.780
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-20 WEAK BUY Alibaba Group Holding
BABA-N
Mark Grammer

The Chinese Internet space is strong and this company is well positioned.  It has opened up markets for a variety of businesses.  He does not have a huge exposure to China.  Tencent (TCEHY-5) (WeChat) is the only one he has and feels it is better than BABA-N.


Price: $112.960
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: No
2017-04-20 BUY Bank of America
BAC-N
Lorne Zeiler

One of the best names in the US. A very diversified base. There is talk of reducing the Frank-Dodd effect which would be helpful to the sector. Also, rising interest rates will be helpful to them. He is expecting a lot more growth on their loan activity. If you are going to have one name in the US, this is the one.


Price: $23.070
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-20 COMMENT Brookfield Asset Management (A)
BAM.A-T
Lorne Zeiler

In the last number of years, this has been moving more and more of the business to actually being an advisor or fund manager, versus directly owning the assets. There has been a major shift in the last 5-6 years in the landscape of investments. Of all the money that went into mutual funds in the last 3 years, 8X of all funds put together went into the Vanguard funds. Long-term, he thinks there is going to be more assets moved into the space, more assets that have a target performance around it, and you are going to see earnings increase.


Price: $49.460
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-20 HOLD BCE Inc.
BCE-T
Lorne Zeiler

A great income name and has been a great dividend stock. 4.7% dividend yield, and expects that will get increases of about 5% over the next few years. That is likely to equal what the earnings growth is going to be. They’ve had some good penetration on the wireless business. Has a great deal with Telus (T-T) which allows them to lower the costs of their infrastructure. Trading at a high valuation of over 18X earnings.


Price: $61.260
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-20 BUY Canadian Imperial Bank of Commerce
CM-T
Lorne Zeiler

From a valuation metric, this would look like a certain Buy. It has the cheapest valuation for a bank. Trading at 11.5X earnings. High dividend yield of about 7.5%. In the last 8 quarters, they have beaten on earnings and on revenue. There is the acquisition of the US bank which they had to pay up for. They are going to have to issue equity, which may cause some near-term weakness. Also, it is the least geographical diverse Canadian bank and is the most reliant on the Canadian consumer.


Price: $112.540
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-20 COMMENT Cisco
CSCO-Q
Lorne Zeiler

If you include the cash, this is quite a cheap stock. It is basically trading at about 16-17X earnings and the market cap is about $165 billion. People forget that there is $60 billion plus in cash sitting on the balance sheet. Even if you net out the debt of about $30 billion, you are taking the valuation down to about 13 or 14 times. Not including the debt, it is about 10 times. The growth profile is going to be low. The dividend is about 3% and there is a strong potential that you could see some special dividends, or an acquisition to drive growth. An attractive investment.


Price: $32.830
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-20 PAST TOP PICK Diageo PLC
DGE-LN
Mark Grammer

(Top Pick Dec 16/16, Up 9%) He still likes the name.  They are going through slow changes to improve profitability.  If you look at their big exposures they are US and China.  The US economy is healthy.  In China the whole corruption crackdown has waned so people are going out more and spending more.


Price: $0.010
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: Yes
2017-04-20 COMMENT Dividend Growth Split Corp
DGS-T
Lorne Zeiler

Effectively a creation of a preferred share and a capital share. If the stock performed quite well, you are getting a leveraged investment effectively on the preferred share. EG, on a $60 stock, you could have a $30 preferred share and a $30 capital share. If the capital share goes from $60 to $66, you have now gone from $30 to $36 giving you a 10% improvement in terms of return. What people don’t realize is a) the leverage, but b) preferred shares in the structure have to be paid out first. Consequently, the way these are structured is that the dividend coming from the underlying portfolio, simply pays the dividend to the preferred share. If they are paying a dividend on the capital side, that is typically coming from expected price appreciation or option writing. If you are a higher risk investor, it is something you could consider.


Price: $7.910
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-20 TOP PICK iShares MSCI Edge Min Vol EAFE
EFAV-N
Lorne Zeiler

There are better opportunities now in Europe and Japan. This gives you a broader exposure across Europe of all the countries, with a little bit less on the UK. Also, there is a better mix in terms of stability in the sectors. In the last 3 years, there has been significant outperformance on this ETF, but last year underperformance. Good dividend yield.


Price: $66.400
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-20 COMMENT Enbridge
ENB-T
Lorne Zeiler

Enbridge (ENB-T) or Enbridge Income Fund (ENF-T) for dividend income? This one is the company that is building the pipeline and the energy services, etc. Once that is completed, it is largely sold to the Enbridge Income Fund.


Price: $56.430
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-20 COMMENT Enbridge Income Fund Holdings
ENF-T
Lorne Zeiler

Enbridge (ENB-T) or Enbridge Income Fund (ENF-T) for dividend income? Enbridge is the company that is building the pipeline and the energy services, etc. Once that is completed, it is largely sold to this fund. Pays about a 6.1% dividend yield. The stock is about 8%-10% off its high, and is a reasonable valuation. They are expecting about $9 billion of additional products in the next 3 years and dividend hikes of about 10% a year in the next 2-3 years.


Price: $33.690
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-20 COMMENT Fortis Inc.
FTS-T
Lorne Zeiler

Which utility stock has the best dividend growth profile? He would suggest you look at this one, which recently made a big acquisition in the US. They are paying about 3.6% now, and are committed to growing the dividend at about 5%-6% per year. Earnings are projected to grow at a similar rate. Trading at a reasonable valuation.


Price: $44.240
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-20 BUY on WEAKNESS Heineken NV
HINKY-OTC
Mark Grammer

It is a much more pure play on beer.  They are exposed to emerging markets.  He likes the company, but the valuation is on the higher end.  He would be very interested in the name if it sold off 10%.  It could not get taken out because it is family controlled.


Price: $0.010
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: No
2017-04-20 DON'T BUY HSBC Holdings P L C
HSBC-N
Mark Grammer

There is not that much to get excited about.  They are doing well in China.  They have a good dividend yield (6.4%).


Price: $40.030
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: Unknown
2017-04-20 DON'T BUY ING Groep NV
ING-N
Mark Grammer

A good, well managed bank with good capital ratios.  But it is not a pan-European bank.  A better way to play that would be BMP, a French bank with exposure to the entire continent.  He does not own either because there is not enough growth opportunity.  He prefers Spanish banks because unemployment is coming down and their exposure to emerging markets is good.


Price: $15.290
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: Yes
2017-04-20 PAST TOP PICK Intesa Sanpaolo
ISP-BIT
Mark Grammer

(Top Pick Dec 16/16, Up 3%) It is one of the gems of the banking world in Europe.  People assume the prospects and capital are weak, but they are not.  He expects the high dividend yield to grow.  It should see a slight boost to growth and loans. Non-performing loans are starting to go down.


Price: $0.000
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: Yes
2017-04-20 DON'T BUY Jardine Matheson
JM-SP
Mark Grammer

A Conglomerate based in Hong King.  He finds conglomerates too complicated. 


Price: $0.010
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: No
2017-04-20 TOP PICK Johnson & Johnson
JNJ-N
Lorne Zeiler

Recently missed on revenues and the stock sold off a bit. They actually beat on the earnings per share. This company has 3 solid lines of business, pharmaceuticals, consumer products and medical devices. There should be significant earnings growth this year. They did a significant acquisition last year which should be coming into earnings this year. Trading at about 20X earnings. Dividend yield of 2.6%. (Analysts’ price target is $130.)


Price: $121.870
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-20 TOP PICK Kasikorn Bank
KBANK-BBK
Mark Grammer

Thailand is an interesting economy right now.  Elections next year.  They are starting to spend on infrastructure.  Lending has to be done to all the companies doing the actual work.  They have strong growth.  (Analysts’ target: 192.50 Thai Bhat).


Price: $0.000
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: Yes
2017-04-20 BUY Kraft Heinz Company (merged)
KHC-Q
Mark Grammer

This industry is a very reliable cash flow generator and management here has a very good track record of being able to improve profitability.  It is probably a reasonable investment if you have a long term approach.


Price: $92.040
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: Unknown
2017-04-20 TOP PICK LVMH Moet Hennessy Louis Vuitton SA
LVMUY-(OTC)
Mark Grammer

They are well positioned for the improving global economy.  It is strong in the US.  The reduced corruption push in China means more spending on luxury goods.  One of the best managed in that whole space.  (Analysts’ target:  €225.00).


Price: $0.000
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: Yes
2017-04-20 DON'T BUY Lloyds TSB Group PLC
LYG-N
Mark Grammer

He has no exposure to the UK banks.  This one has excellent management, but he is concerned with the uncertainty with BREXIT.  He would prefer to stay away from UK banks.  BREXIT could be ugly for the UK.  He can find banks elsewhere to own.


Price: $3.330
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: No
2017-04-20 COMMENT Manulife Financial
MFC-T
Lorne Zeiler

All the financials had a big, big move, and this was probably one of the greatest recipients of this bump in Canada. In terms of an overall stock, their valuation is reasonable. It looks like they are putting some improvements in place with the John Hancock business, which has been a huge headache. ROE is still lower than its competitors. (See Top Picks.)


Price: $23.240
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-20 WEAK BUY Nike Inc
NKE-N
Mark Grammer

They have been losing share to ADS-GR.  The prospects for Nike are good.  They are doing well in China.  He would not count them out.  Adidas has been a fantastic stock over the last couple of years.


Price: $56.400
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: No
2017-04-20 BUY Novartis AG
NVS-N
Mark Grammer

It is a really strong global pharma company.  They are turning around their eye care business acquisition and their cardiac drug which had a bungled launch.  If they are successful they will do quite well.  It could be a blockbuster.


Price: $73.620
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: Yes
2017-04-20 BUY Banco Santander SA
SAN-N
Mark Grammer

They are well positioned in emerging markets.  They have some of the strongest franchises in Latin American countries.  The Spanish economy is doing much better.  It is the favourite of the Spanish banks.


Price: $6.070
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: Unknown
2017-04-20 WATCH Societe Generale A
SCGLY-5
Mark Grammer

A French bank.  The one risk is the French elections.  Wait and see what happens before diving into a French bank.  The French economy is improving. 


Price: $0.000
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: No
2017-04-20 DON'T BUY Sherwin-Williams Co.
SHW-N
Lorne Zeiler

This has had huge growth in both earnings and share price over the last number of years, because it has been tied into both the US consumer and the US housing market. It is a brand most used by contractors. However, it is at a very high premium in terms of valuation at roughly 26X earnings. They are expecting earnings growth of 10%. This is not one he would be buying.


Price: $324.020
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: No
2017-04-20 TOP PICK Sun Life Financial Inc
SLF-T
Lorne Zeiler

Compared to the other insurers, their valuation is more reasonable at 7.6X earnings. Recently they’ve provided their medium-term outlook, looking at 8%-10% earnings growth per year. Very stable name. Dividend yield of 3.6%. (Analysts’ price target is $54.)


Price: $47.800
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-20 BUY on WEAKNESS Samsung Electronics
SMSN-LSE
Mark Grammer

It is a great company with good exposure to the semi conductor business.  If you are optimistic in both telecom and semiconductor industries, this one could do well for you.  If it sold off he would get more interested.


Price: $0.001
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: No
2017-04-20 HOLD Toronto Dominion
TD-T
Lorne Zeiler

Why are the banks consolidating or flat? In 2015, the earnings of the banks were fantastic. They were beating the estimates and they were increasing, but people were concerned and there was a decline in the bank shares of about 10%-15%. Last year, there was a massive run up. They were giving returns generally of about 30%, so a pause is in order. This is a great, long term hold.


Price: $66.040
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-20 PARTIAL BUY Teva Pharmaceutical
TEVA-N
Lorne Zeiler

A cheap, but troubled stock. It is the leading generics pharmaceutical provider globally. They overextended themselves a while ago, in trying to get into specialty Pharma areas, which has been a bit of a problem. Expected to generate a little over $5 in earnings next year, a 6X earnings multiple. The Pharma sector as a whole tends to be 3X, so this is very, very cheap. The dividend is over 4%. The negative is that the management team is in flux. Also, the Department of Justice now has an inquiry into price fixing potential by the generic providers. The balance sheet is incredibly levered at 4.8X EBITDA. This is worth taking a half position and then growing that out. If things start to normalize and they get the earnings they are projecting, it should really start seeing 20%, 30%, 40% growth from here.


Price: $30.760
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-20 BUY Toyota
TM-N
Mark Grammer

It is one of the strongest auto companies in the world.  It is a global player.  Japan is improving for them.  The biggest swing factor for them is the US.  The Yen strengthening has been a negative for this company. 


Price: $106.000
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: No
2017-04-20 BUY Total SA
TOT-N
Mark Grammer

One of the few oil companies he owns.  It is a fully integrated oil company.  It has growth.  Their downstream and retail businesses are doing well and help modulate their cash flows.  (5.3% yield).


Price: $50.270
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: Yes
2017-04-20 PAST TOP PICK Trans Canada Corp
TRP-T
Lorne Zeiler

(A Top Pick Dec 23/16. Up 4%.) He thought there might be some uptick if the Keystone pipeline was approved and the integration of the Columbian pipeline. A great name to continue to hold. They are projecting dividend growth of over 10% over the next 3 years. They have $23-$24 billion of projects coming on in Mexico, the US and Canada.


Price: $63.560
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2017-04-20 DON'T BUY Tata Motors Ltd.
TTM-N
Mark Grammer

They are a beneficiary of what is going on in India.  Their Land Rover investment has been fairly profitable.  You get an emerging market play so there is more risk.  He has limited exposure to auto.  His preference is BMW.


Price: $34.190
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: No
2017-04-20 WEAK BUY Unilever NV
UN-N
Mark Grammer

Consumer staples have always been appealing for low volatility; however this sector is now quite pricey.  They are focusing on improving productivity and margins.  The prospects are probably relatively good.


Price: $51.140
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: Unknown
2017-04-20 BUY Vodafone Group PLC
VOD-Q
Mark Grammer

There is hope for the value to go up.  It is a very competitive industry.  They are spending money on spectrum.  They pay a decent dividend.  It is not a bad place to be if you are looking for yield (5.9%).  It is one of the better telecom companies in Europe.


Price: $25.930
Subject: GLOBAL
Bias: BULLISH on GLOBAL STOCKS
Owned: No
2017-04-20 COMMENT Verizon Communications
VZ-N
Lorne Zeiler

Even though the street does not like this, it is a name you might want to look at. Trading at 13X earnings. They were basically only $.01 under earnings, but missed quite a bit on the revenue side. He thinks that is going to change.


Price: $48.410
Subject: DIVIDEND STOCKS AND MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2017-04-19 N/A A Comment -- General Comments From an Expert
A Commentary
David Burrows

Market. Since last February, we have been in a very productive equity market. We are having a little pause right now which he doesn’t think will take very long. There has been a great focus on passive, low fee investing and being an index investor, at precisely the moment when correlations, or the degree to when stocks and sectors behave the same, is at its lowest level in 15 years. The opportunity to target specific themes and companies is really an outsized opportunity right now, and he hopes people will be able to take advantage of it. From 1966 to 1982, the market travelled sideways in a series of advances and declines. The late 70s was when Vanguard got its start in Index investing. That was the last time managers had been stupid for the previous 15 years. The S&P 500 from 2000 to 2013 travelled sideways in a series of advances and declines, and many managers had a hard time beating it. The topic now is index investing/passive investing, but that is looking backwards. Today, we have very strong clear themes in this market, and the opportunity to target and be an active manager has not been better in 15 years. The market bottomed in 1981, and by 1985 no one was talking Index investing.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2017-04-19 N/A A Comment -- General Comments From an Expert
A Commentary
David Burrows

Stops? He uses Stops on all positions he invests in. Half the battle is knowing when to Sell. Doesn’t use automatic Stops, but monitors a stock for when it gets close to an exit price. He uses “point and figure” price charts, which help him to recognize inflection points where behaviour is changing in the security. For a longer-term investor, they could use the 150-day moving average.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2017-04-19 N/A A Comment -- General Comments From an Expert
A Commentary
Bruce Murray

Market. We are in the very constructive environment. Globally, the economy is doing very well. Germany is doing well, China is coming on, India is doing well. We are in a healthy global economy, just coming out of a 10 year, following the mortgage crisis. However, with long bonds at 2% and equity risk premiums at ranges of 4%-5%, we are seeing bond substitute companies like Coca-Cola selling at 25X earnings. Valuations are fine if interest rates don’t move. We are in a very healthy environment and thinks growth stocks are fine.


Price: $0.020
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: _N/A
2017-04-19 COMMENT Apple
AAPL-Q
Bruce Murray

Has a target price of about $168. The dividend will go up. Their new product seems to be taking hold. This is not expensive, trading at about 15X.


Price: $140.680
Subject: LARGE CAP GROWTH & DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-04-19 TOP PICK Adobe Systems
ADBE-Q
David Burrows

The leader in creating digital media. There is enormous growth in the creation of Digital media. They used to sell their software as a package, with an upgrade every couple of years. There was an enormous number of people pirating their software. They then started selling by subscription. They caught a bunch of pirates that needed their software and had to wind up subscribing. This is a quickly growing pie. As their subscriptions go up, their margins go up. They now have 10 million subscribers. There are 7 million users that continue to use old versions, and will have to upgrade. (Analysts’ price target is $145.)


Price: $130.220
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-04-19 COMMENT American Tower
AMT-N
David Burrows

A REIT which owns cell phone towers all over the world. Cell phone towers are pretty interesting REITs as they have almost unlimited capacity. They have all the major wireless providers as customers, putting their gear up on their towers. Every time there is a new generation of gear, they don’t take the old stuff off, but put the new one on, so rents keep going up. They’ve done a great job of growing geographically. Has a broad customer base and isn’t levered to any one mobility provider. Over the next couple of years, we are going to start seeing 5G LTE coming, the next generation of wireless gear. They’ll continue to grow their dividend.


Price: $124.670
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2017-04-19 BUY Algonquin Power & Utilities Corp
AQN-T
David Burrows

Probably his biggest utility-like position. It has outperformed the sector for quite some time and has been able to grow its cash flow and dividend handily. 4.7% dividend yield is very attractive.


Price: $12.930
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
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