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

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Date Signal Company Expert Opinion Price
2015-05-29 N/A A Comment -- General Comments From an Expert
A Commentary
Jerome Hass

Markets. He tries not to forecast the markets, but is cognizant that we are in the month of May, and selling will have some merit to it. Also, be aware there are opportunities in the summer, which is one of the reasons he has pulled down his net exposure in his portfolios and is sitting on around 67% cash in his flagship fund. Still likes non-bank financials and he tends to use the banks as a hedge for market risk. Likes the consumer stocks as there is a scarcity value of those. As investors flee from the resource space, that tends to be a safe haven for them. Avoids direct exposure to the resource space. More of a “bottom up” investor rather than a sector player. A typical hedging trade could be Canadian Pacific (CP-T) which is overvalued, and where the first risk is market risk and the second industry specific risk. Because of this, it would not normally be in a pairs trade within that sector, so Canadian National (CNR-T) would be a natural choice. If diesel fuel goes up or down, it affects both of them equally, which helps to take out some of the risk in the portfolio. This allows him to focus on the alpha.


Price: $0.020
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: _N/A
2015-05-29 N/A A Comment -- General Comments From an Expert
A Commentary
Don Vialoux

Markets. It is inevitable that we need a correction before we get any kind of a summer rally. Every year, in the last 13 years except for one, there has been a summer rally. It’s difficult to pin down when it happens, but you can tell by watching the VIX Index closely. Historically, something happens in the summer time which causes volatility to increase. When volatility increases, look out because you then go into a corrective phase, and you don’t want to be there because the amount of correction can be significant. Once the correction is over, you are set up for the next move, which is your summer rally. The TSX Composite is really fascinating, because it is hanging in there. If it drops another 80 points, it completes a major breakdown on the index, and establishes a technical selling to move markets lower.


Price: $0.020
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: _N/A
2015-05-29 TOP PICK A Comment -- General Comments From an Expert
A Commentary
Don Vialoux

5 Month Canadian Treasury Bill. We are going into a period of exceptional volatility. You want to protect yourself against a situation where the federal reserve is expected to increase its rates.


Price: $0.020
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: No
2015-05-29 COMMENT A Comment -- General Comments From an Expert
A Commentary
Don Vialoux

Crude Oil. On a seasonal basis it has its strengths from around the end of January right through until the beginning of August. On the other hand, just a couple days ago on a short-term basis, it broke down through a short-term support level. The seasonality may be peaking out a little bit earlier than usual this year. Technically, it has recently been in an upward trend, but is starting to stall. He really doesn’t have a strong opinion on crude oil as the seasonality and technicals are not really coming together.


Price: $0.020
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 TOP PICK A Comment -- General Comments From an Expert
A Commentary
Don Vialoux

2 Month Canadian Treasury Bill. There are a number of sectors that normally do very well in the summer time, so you want to set it up so that when those sectors come into the period of seasonal strength, you are all set to go if the technicals get lined up.


Price: $0.020
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: No
2015-05-29 WATCH Agnico-Eagle Mines
AEM-T
Don Vialoux

Historically, with an increasing volatility, stocks like this move higher. The period of seasonal strength for gold is around the middle of July through until around the beginning of October. Technically the stock is starting to show signs of bottoming, which is encouraging. Once the stock breaks through its resistant level that will confirm that the trend is once again moving upward.


Price: $40.020
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 PAST TOP PICK Sphere 3D
ANY-Q
Jerome Hass

(A Top Pick June 18/14. Up 53.06%.) Short. Had been looking at their technology and had some skepticism about it. This was virtualization technology that was supposed to be able to take any application and run it on any mobile device. Earnings and losses continue to disappoint. Also, they announced an acquisition last year that he found perplexing. He is still comfortable with this.


Price: $3.730
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 COMMENT Callidus Capital Corp
CBL-T
Jerome Hass

On one side you have the Catalyst Fund, one of the largest private equity funds in Canada. On the other side is another large private equity fund of WestPhase (?). These 2 are fighting over various issues and have used this company is a battleground. In Nov/14, WestPhase put forward a short case in the form of a proposition. Callidus is a lender to distressed lenders, so it is pretty easy it is pretty easy to paint a bearish scenario. Because of this, the share price has traded off fairly dramatically. Still holding and is comfortable with it.


Price: $14.500
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 COMMENT Cameco Corporation
CCO-T
Don Vialoux

Has chosen this as his single stock to outperform the market during 2015. Had looked like uranium prices had finally bottomed at around the $28 per pound level. It had actually got as high as $40. Technicals have been fairly positive in the last little while, but the price of uranium has gone from $40-$35, which is not supposed to happen. This has caused the stock to slow down, but it is still in an upward trend. He wouldn’t be overly concerned, but seasonality does not support this particular trade.


Price: $18.640
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 COMMENT Cineplex Inc
CGX-T
Jerome Hass

This is a stock that all money managers seem to love. To him it is trading at very expensive multiples at around 39X last year’s PE and about 26X this year’s. They are embarking on a new venture called the Rec Room, essentially bars and casual dining within the cinemas. As a consequence, he thinks the stock should be de-rated. Has this in a Pairs Trade with Cinemark (CNK-N), with this one being the Short.


Price: $49.050
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 TOP PICK Clearwater Seafoods Inc.
CLR-T
Jerome Hass

The largest owner of shellfish quotas in North America. Likes the long-term dynamics of the business. Seafood is scarce and getting scarcer, so as a consequence you are seeing a very robust pricing across all their seafood products. On top of that quotas are becoming more valuable over time. Also, there is increasing demand as people become a lot more conscious of the benefits of seafood and proteins, particularly in Asia, but more so lately in North America. A nice defensive name that is relatively uncorrelated with what is going on in the rest of the economy. Dividend yield of 1.25%.


Price: $13.250
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 WATCH Celestica Inc
CLS-T
Don Vialoux

The period of seasonal strength is from December to April. Right now it is still looking very good. Technically it is in an upward trend, trading above its 20 day moving average, and its strength relative to the Canadian market is very, very strong. Even though it is past its period of seasonal strength, as long as it continues to outperform the market, stick with it. Watch your technical indicators. As they start to roll over in the corrective phase of the market, that is when you want to start taking money off the table. Stick with this right now, but watch it very closely.


Price: $15.910
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 BUY Computer Modeling Group Ltd
CMG-T
Jerome Hass

They provide software that simulates both the field and production in oil/gas fields. Took a hit along with the energy related names, but it kind of bottomed out around November when people realized it was a very resilient company with about 97% of their revenues recurring. Recently added to his position. A great long-term hold. Dividend yield of just under 3%.


Price: $13.770
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 COMMENT Cinemark Holdings
CNK-N
Jerome Hass

Has this in a Pairs Trade with Cineplex (CGX-T), with this one being the Long position. This one has a better growth profile. They also have some cinemas in Latin America.


Price: $40.530
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 COMMENT Canadian Tire Corporation Ltd. (A)
CTC.A-T
Don Vialoux

This typically has a nice move from the beginning of January into the spring time, and then after that they have difficulty. This one, as well as the retail sector in general, tend to have problems as we get into the summer. Technically it is not looking great right now because it is starting to show signs of rolling over. Very close to its 20 day moving average. If you are a longer-term investor, this is a very interesting and attractive stock, so stick with it.


Price: $128.950
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 TOP PICK Currency Exchange Intl.
CXI-T
Jerome Hass

Essentially a provider of foreign exchange to financial institutions. Likes this as a low-risk, high growth business, that has the potential to be something very big. They carved a niche for themselves in the provision of foreign exchange. They can do foreign exchange cheaper and more efficiently than the banks themselves. Analysts are looking for 35% earnings growth in the next 2 years, and he thinks they are going to exceed that. Management has a history of under promising and over delivering. Feels it could be a $50 stock in the not too distant future.


Price: $35.320
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 DON'T BUY Concordia Healthcare
CXR-T
Jerome Hass

You need to be cautious on this. A very crowded trade and has had a phenomenal run. As an investor he is always cautious about crowded trades. Also, understanding the acquisitions they are making can be difficult.


Price: $82.920
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: No
2015-05-29 PAST TOP PICK Counsel Corporation
CXS-T
Jerome Hass

(A Top Pick June 18/14. Up 27.47%.) Continues to like this. They are #4 in terms of their market share as a residential mortgage lender in Canada, just behind Home Capital Group (HCG-T). They have about $21 billion on mortgages under their administration. It has a lot of potential, which he feels is not being captured by the street.


Price: $2.340
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 COMMENT DirectCash Payments Inc
DCI-T
Jerome Hass

Likes this name. A provider of ATMs in Canada, Australia and the UK. Hasn’t done particularly well as of late, because people were disappointed in the latest quarterly numbers. There was a slowdown in transaction volume in Australia. Last year Australia introduced “Tap & Go”. When it came into Canada several years ago, it had a 3% impact over 3 years on transactions. In Australia, almost as soon as it was introduced, it had about a 10% impact. That had not been anticipated by the company. Management felt this was a one-off downward movement and thinks it is sustainable at these levels. This is “attrition rate” in ATMs versus their ability to grow the business. He is betting on the growth of the business. 9% yield is sustainable.


Price: $15.470
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 DON'T BUY Enterprise Group
E-T
Jerome Hass

This company was having issues, where they had so much business, they were renting a lot of equipment which put pressure on their margins. Raised some money and bought a bunch of new equipment, pretty much at the worst time possible. As a consequence they now have more operational leverage than they had before, and he expects equipment is not being used very well. Doesn’t see any big rush to get back into this name.


Price: $0.220
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: No
2015-05-29 TOP PICK EnerCare Inc
ECI-T
Jerome Hass

A very safe name. An ideal name for retail investors. Has a 5.5% sustainable dividend yield. About a 60% payout ratio, and using maintenance CapX, it drops down to about 48%. Trading at about 8.5X EV to EBITDA, while other utility names trade at about 11 times. They have a growth profile that utilities don’t have, through the sub-metering business.


Price: $14.500
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 WAIT easyhome
EH-T
Jerome Hass

He has been cautious about its exposure to Western Canada. The easy finance business has a lot of exposure to Western Canada, and Alberta in particular. He has exited his position. He would be cautious and wait until there were more tailwinds in Western Canada.


Price: $19.230
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: No
2015-05-29 COMMENT General Electric
GE-N
Don Vialoux

This is part of the industrial sector and historically its period of seasonal strength is from around the middle of October right through until the end of April. The stock is now starting to roll over. Technically the trend is still on the upside, but the strength relative to the market is slightly negative and looks like it is moving below its 20 day moving average as well.


Price: $27.270
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 BUY Grenville Strategic Royalty
GRC-X
Jerome Hass

You can think of this as a listed capital ventures fund. They invest in relatively small companies. Instead of owning one small cap company, they can have a stake in 23. They provide financing to companies that can’t get bank financing, and they take a royalty on the sales. Their payback on these investments is 4 years, and the return on the investments is about 25%. The venture capital business in Canada has been a graveyard for the last 25 years. The guys running this are very experienced and are deploying the money effectively. Have about $33 million invested with about $22 million and capacity. Thinks it will grow substantially this year. Dividend yield of about 5.5%. A great investment and it is early innings of a long-term story.


Price: $0.890
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 COMMENT Hudson Bay Co.
HBC-T
Don Vialoux

This has gone through quite a few permutations for the last few years. It doesn’t have a well defined seasonal trend. Technically it has been an upward trend since mid-2014, but seems to be peaking out from the middle of April, and is now starting to move to the downside. It could come down to its previous support level of around $21.


Price: $25.470
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 WATCH Hudbay Minerals Inc.
HBM-T
Don Vialoux

Base metal stocks have very distinct seasonality. There are 2 of them. One of the better ones is normally from January until April of each year. On a technical basis, it has done very well and has just broken through new highs. Stock is in an upward trend and is outperforming the market. Even though the period of seasonal strength has ended, it is still a winner and you want to stick with it. Look for opportunities to take some profits, and that will probably happen within the next 2-3 weeks. We are already seeing signs that copper and zinc prices have already rolled over and are showing signs of weakness.


Price: $11.120
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 TOP PICK HAP Floating Rate Bond ETF
HFR-T
Don Vialoux

You want to set up your portfolio so that when the summer rally happens, (he thinks it will happen between now and the end of October) you have the ability to go into it. This is short-term corporate and government bonds, basically a form of cash, giving you the ability to take some cash out for investments. In the meantime, you pick up a little bit of return.


Price: $10.130
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Yes
2015-05-29 PAST TOP PICK HBP S&P/TSX 60 Index ETF
HXT-T
Don Vialoux

(A Top Pick April 14/15. Down 2.35%.) Most markets peak on May 5, but the TSE Composite actually peaks on May 29. If you have invested in this, now would be a good time to consider making your move into more conservative investments, preferably cash, bonds, short-term notes, etc.


Price: $28.230
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: No
2015-05-29 WAIT Iamgold Corp
IMG-T
Don Vialoux

The chart indicates that it is trying to bottom, which is encouraging. There are slight pauses of relative strength which is also encouraging. Below its 20 day moving average. The technicals are getting lined up, but the trend is still on the downside. It is probably getting lined up for a seasonal trade starting in July.


Price: $2.530
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 COMMENT Intertain Group
IT-T
Jerome Hass

He likes uncrowded trades, and this is a very popular trade, so he would be cautious about this. Would prefer Great Canadian Gaming (GC-T) as a safer play. Has been thinking about a possible Short on this.


Price: $19.390
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: No
2015-05-29 DON'T BUY Just Energy Group
JE-T
Jerome Hass

In terms of valuation, it is about 8.5X EV to EBITDA, a similar multiple that EnerCare (ECI-T) trades at, but it appears inflated to him. Comparing the underlying fundamentals to EnerCare, there should be no comparison. He doesn’t understand what this company’s business is. Their attrition rate is about 16% per year. This means to just stand still they have to find 16% in new customers. That is not a very sustainable model. He is Short this stock.


Price: $6.780
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 HOLD Manulife Financial
MFC-T
Don Vialoux

This has been doing amazingly well in the last little while. It has recently re-established an upward trend and broke through a new high. Seasonality tends to be very similar to the financial service sector and has reached the end of it seasonal strength. Watch for signs of technical weakness going forward, which will be the time to take some profits.


Price: $22.830
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 HOLD Magna Int'l. (A)
MG-T
Don Vialoux

Longer-term charts indicate this is still going higher. Typically people buy cars in the spring, so the auto sector does really well at that time of year until the beginning of May. After that seasonality tends to slow down. This stock is clearly in an upward trend and just broke through a new all-time high. It is outperforming the TSE composite and is well above its 20 day moving average. Technically you are in gear. You want to continue holding this as long as the technicals remain positive.


Price: $71.470
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 COMMENT Micron Technology
MU-Q
Don Vialoux

A semiconductor stock and this sector is on fire. Has broken through its all-time highs. The problem with the sector is that its period of seasonal strength, from October to January of each year, is already past. Watch very closely for an opportunity to take profits.


Price: $27.930
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 BUY NYX Gaming Group Ltd
NYX-X
Jerome Hass

A spinout from Amaya (AYA-T), which is focused on the back end of the online gaming systems. They provide the software and hardware rather than running the games themselves. He likes that as a risk profile. There will be a capital raise, but the question is how much of that is already baked in.


Price: $4.690
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 DON'T BUY Proctor & Gamble
PG-N
Don Vialoux

This is a consumer staple stock which normally does okay at this time of year. Consumer staple stocks are the best performing sector from May to October. It doesn’t mean that they go up a lot, just that they go down less then the rest of the market. Technicals are not so good. It is in a downward trend, underperforming the market, below its 20 day moving average and as yet has shown no signs of bottoming. Getting very close to its support level, so your downside risk is probably minimal. However, your upside potential is not the greatest.


Price: $78.390
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 WATCH Potash Corp of Saskatchewan
POT-T
Don Vialoux

This has very strong seasonality. Its best time is from October until early January. This can show positive signs even earlier than October. Historically it tends to bottom right around June-July, and starts to perform during that time, but doesn’t make you any money. Technically it is finally starting to show signs of bottoming, which is very encouraging. Still too early and he would encourage you to wait until October, but on occasion this can start to show its upward trend as early as the end of June.


Price: $39.140
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 PAST TOP PICK Pilgrim's Pride
PPC-Q
Jerome Hass

(A Top Pick June 18/14. Down 19.37%.) Pairs Trade. (Long Pilgrim’s Pride (PPC-Q) and Short this.) Materialized a lot faster than expected, so he exited his position.


Price: $25.580
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: No
2015-05-29 PAST TOP PICK Power Share QQQQ ETF
QQQ-Q
Don Vialoux

(A Top Pick April 14/15. Up 2.69%.) The cubes tend to outperform both the TSE Composite and the S&P 500 in the month of May. After that, they have a tendency to underperform going forward. Now is the time to take some profits.


Price: $110.050
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 COMMENT NXT Energy Solutions
SFD-X
Jerome Hass

One of his favourite names. They have a technology that allows oil/gas companies to use their exploration budget more efficiently. It augments 2-D and 3-D seismic, and about a 30th of the cost of 2-D. Allows companies to pinpoint where they should be using their seismic budget. A lot of their customers currently are the national oil companies. Ironically, as a lot of the oil prices dumb down, there is a lot more pressure on them to increase revenues and production. Recently signed a $13 million deal with a Bolivian National oil Company and another with a national oil company in Pakistan. Both have room to expand. This is also a direct play on the denationalization of Mexico, of which phase I has actually started. Because of this, some of the super majors who want exposure in the Gulf of Mexico are going to start using this company’s technology.


Price: $2.400
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-29 COMMENT Stella-Jones Inc.
SJ-T
Jerome Hass

Has been very surprised at the resilience of their business. They make railway ties and telephone poles, pretty simple businesses. A great long-term story. To him it is expensive and there is a lot priced in. When you get a stock like this, if there is any disappointment in earnings, you can expect a big impact. Be cautious.


Price: $44.730
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: No
2015-05-29 PAST TOP PICK SPDR S&P 500 ETF
SPY-N
Don Vialoux

(A Top Pick April 14/15. Up 0.79%.) On average, the US and most global markets peak on May 5, so the whole idea is that you want to own this until May 5. He got out on that date, but it turned out to be a little bit early.


Price: $211.140
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: No
2015-05-29 DON'T BUY Toronto Dominion
TD-T
Don Vialoux

In the last few days all the banks have been coming out with their earnings, and they all beat their consensus estimates. You would think this was good news and the stock would be moving higher, but not so. This broke a key support level today, so it established a downward trend. Bank stocks have 2 periods of seasonal strength, October until December and February to April. This is not the right season and the trend is starting to work lower. There are better opportunities elsewhere.


Price: $54.150
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: UNKNOWN
Owned: Unknown
2015-05-29 PAST TOP PICK Tyson Foods Inc.
TSN-N
Jerome Hass

(A Top Pick June 18/14. Down 19.37%.) Pairs Trade. (Long Pilgrim’s Pride (PPC-Q) and Short this.) Materialized a lot faster than expected, so he exited his position.


Price: $42.450
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: No
2015-05-29 DON'T BUY Westjet Airlines
WJA-T
Jerome Hass

Airlines have benefited from the collapse of crude prices, but he thinks a lot of that is already baked into the stock. This company has some specific problems that have yet to be reflected in the share price. The 1st one is Rouge, a discounted airline which has about a 22% overlap between the 2 on their routes, as well as being significantly cheaper. Also, there is a potential launch of another airline in Western Canada. He is Short this stock.


Price: $27.140
Subject: CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias: UNKNOWN
Owned: Yes
2015-05-28 N/A A Comment -- General Comments From an Expert
A Commentary
Patrick Horan

Markets.  The underlying constant is the growth. The oil fall has given cover and inflation and Cap X have come down, but underlying things are quite strong.  He sees an overheated economy next year, primarily in the US.  There will be an 8 month lag for Canada.  The balance sheet of the average consumer in the US is actually quite healthy.  Inflation can be an incentive for people to make major purchases before the price goes up next year.  He sees growth rather than defense.  He is out of anything that has done well over the last 5 years. 


Price: $0.020
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: _N/A
2015-05-28 N/A A Comment -- General Comments From an Expert
A Commentary
Patrick Horan

When you buy back your stock it is a tax effective way of increasing your earnings per share.  He prefers dividend raises because he believes when boards raise a dividend they ask 3-5 years out how sustainable that is, whereas a buy back is immediate. 


Price: $0.020
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: _N/A
2015-05-28 N/A A Comment -- General Comments From an Expert
A Commentary
Patrick Horan

Short Sales of Stocks.  The stocks he shorts are large and liquid.  If there was a technical squeeze and there is not enough stock to borrow, your broker might demand it returned.  This never happens in the large caps.  When you go to borrow for a short sale.  You want to do it from a larger broker. 


Price: $0.020
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: _N/A
2015-05-28 N/A A Comment -- General Comments From an Expert
A Commentary
Paul Harris, CFA

Markets.  Investors need to embrace volatility.  It is an important part of the market place because it allows you an opportunity to purchase things.  You need to understand the valuations of the companies you are buying.  He feels you will not see strong, strong economic growth in the world.  Even in the US people are not spending all the money they are saving with oil being down.  They paying down debt or saving more money.  That will lead to lower economic growth.  That is the world we live in now.  The Canadian dollar should be around $0.95 and the weakness below that was caused by things like lower oil prices.  You need to have a long term approach to investing.


Price: $0.020
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: _N/A
2015-05-28 BUY Amgen Inc.
AMGN-Q
Paul Harris, CFA

They are massive biotechs.  It has a dividend yield.  They are focused on cutting costs.  They have great products in the pipeline.  You aren’t taking typical biotech risk. 


Price: $157.350
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 PAST TOP PICK Avigilon Corp
AVO-T
Patrick Horan

(Top Pick June 20/14, Down 21.10%) Every time the CEO speaks there is controversy.  After the past quarter it was down 20% and he saw multiple buyers on the stock so that told him something positive was happening.


Price: $18.060
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2015-05-28 PAST TOP PICK Bank of America
BAC-N
Paul Harris, CFA

(Top Pick May 29/14, Up 11.12%) It is not expensive.  Trading below book at about 10 times earnings.  Their M&A side is doing well.  The brokerage business and asset management business is doing well.  We just need interest margins to do well.  He thinks they will move the dividend up when they can.


Price: $16.670
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Yes
2015-05-28 BUY Brookfield Asset Management (A)
BAM.A-T
Paul Harris, CFA

He likes it.  It is incredibly well run and understands the businesses they are in.  This has been a great story and the infrastructure space is an incredible space.  They are very good at understanding when assets are cheap and selling them well.  They can do well over a long period of time.


Price: $44.690
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 DON'T BUY Bank of Montreal
BMO-T
Patrick Horan

He does not mind it here.  It is okay.  They have a good dividend yield.  The risk is that we have a recession that causes a consumer recession and then loan losses come back and bite them.  He prefers US banks.  He prefers TD-T and RY-T and then perhaps NA-T in Canada.


Price: $77.110
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2015-05-28 COMMENT Bank of Nova Scotia
BNS-T
Paul Harris, CFA

Great dividend yield.  One of the problems is that people give it a higher multiple because of their emerging market assets.  Because that area is now very tough people have stepped back from it.  The volatility in those markets should help these guys when they make acquisitions.  Their Canadian franchise isn’t as good as other Canadian Banks.


Price: $64.570
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 BUY CAE Inc
CAE-T
Patrick Horan

He likes it and thinks it is a good buy here.  It has done okay.  He bought it in the fall and was patient.  They are a Canadian manufacturer that has leadership in their space and benefit from the rising US dollar.  You should see 8 to 10% earnings growth over the next 3 to 5 years.


Price: $14.970
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2015-05-28 BUY on WEAKNESS Cameco Corporation
CCO-T
Paul Harris, CFA

It is trading at 12 times earnings with a decent dividend.  Certainly Uranium is going to go up soon.  Japan is going to start their nuclear power program soon.  He would look to buy it a little cheaper.


Price: $18.510
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 WAIT CHC Student Housing Corp.
CHC-X
Patrick Horan

They are a small cap REIT.  For the most part he is not interested in REITs.  These guys go to university towns and reformat buildings to facilitate university residence.  Their big competitor is the university itself, which find buildings cost too much when you consider the services to operate residences.  This business model has been exploited in the US and UK and thinks it is coming to Canada.  There is a new stock issue coming and it appears to be an attractive business model.  Talk to your advisor.  No yield yet and highly illiquid.  Don’t buy it today, but wait for the new issue.  Their returns per unit of housing are quite high.


Price: $7.900
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Unknown
2015-05-28 DON'T BUY Canadian Pacific Rail
CP-T
Patrick Horan

TCK.B-T is pulling back on coal shipments, announced today.  You have a lot of time before you buy into CP-T.  It is very expensive.  He admires management and had a positive oil market work in his favour.  Commodities are starting to work to their disadvantage now.  He is very cautious on the stock.  Now is the time to take your profits if you held it over the last few years.


Price: $208.800
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Unknown
2015-05-28 PAST TOP PICK Deere & Co.
DE-N
Paul Harris, CFA

(Top Pick May 29/14, Up 5.48%) He was expecting 10%.  They had great numbers last quarter.  The farming side of the business has slowed down.  If this ticks up they should do very well.  We can buy the stock cheap at these levels.


Price: $93.500
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Yes
2015-05-28 TOP PICK DH Corporation
DH-T
Paul Harris, CFA

He likes it and owns it.  It is a ‘thin-tech’ company.  Cheques are 20% of their business still.  They made acquisitions that give them a bigger presence in the US.  They can continue to grow both organically or with bolt-on acquisitions.  The one risk is that they are not merging the sales forces in the last acquisition, so it is something to look out for.  You won’t see a lot of dividend increases because they really want to grow.  They should grow quite substantially over the next little while.


Price: $41.250
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Yes
2015-05-28 DON'T BUY eBay Inc
EBAY-Q
Paul Harris, CFA

You want to own PayPal because that is the growth part of the business.  EBAY-O has slowed down a fair bit. 


Price: $60.560
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 TOP PICK Element Financial
EFN-T
Paul Harris, CFA

They just did an issue to get cash for acquisitions.  They may do a deal with GE for their capital business.  You can certainly see it go higher from here.


Price: $18.800
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Yes
2015-05-28 SHORT Emera Inc
EMA-T
Patrick Horan

Stock vs. Stock.  FTS-T vs. EMA-T.  He is short both.  Utilities are overvalued.  They are very levered.  EMA-T has more organic opportunity.  He would not be in either and is short both.  If you have to be long, get EMA-T.


Price: $41.410
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2015-05-28 PAST TOP PICK Enbridge
ENB-T
Patrick Horan

(Top Pick June 20/14, Down 21.60%) The earnings have come in just fine, perhaps just slightly disappointing.  They have initiated a tax arbitrage so they can stream more earnings to their shareholders by moving assets down.


Price: $60.490
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2015-05-28 PAST TOP PICK Evertz Technologies Ltd.
ET-T
Patrick Horan

(Top Pick June 20/14, Down 6.29%) 4% dividend.  They are leaders.  They follow election and Olympic cycles and we have seen none of these this year.  He would hold on to it.  He has added in fact.


Price: $16.000
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2015-05-28 SHORT Fortis Inc.
FTS-T
Patrick Horan

Stock vs. Stock.  FTS-T vs. EMA-T.  He is short both.  Utilities are overvalued.  They are very levered.  EMA-T has more organic opportunity.  He would not be in either and is short both.  If you have to be long, get EMA-T.


Price: $38.110
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2015-05-28 BUY General Electric
GE-N
Patrick Horan

Covers the world.  Management has refocused their efforts and got out of several lines.  They really cleaned up their act.  They are THE industrial play in the world.  They have good technology.


Price: $27.630
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Unknown
2015-05-28 DON'T BUY General Electric
GE-N
Paul Harris, CFA

He does not think it will go up a lot.  They are getting out of GE capital.  It is back to its roots as an industrial company.  He thinks you will get increasing dividends and share buybacks.  It is not a bad story, but he does not see it trading at huge multiples like it used to. 


Price: $27.630
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 HOLD CGI Group (A)
GIB.A-T
Patrick Horan

They are hoping on an acquisition.  They want to bring in margins and raise the margins of their acquirer.  He expects it to happen in the next 6 months.  You might have to wait for a catalyst.


Price: $52.650
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Unknown
2015-05-28 HOLD Home Capital Group
HCG-T
Patrick Horan

It is okay to hold this stock.  It is a derivative of oil because of the momentum out of Western Canada.  He thinks we are at $50-60 this year and $60-70 next year.  At that rate Calgary will do ‘okay’.  Then there will always be a discount on this stock.  He was short at the beginning of this year, but is not any longer.


Price: $42.200
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2015-05-28 DON'T BUY IGM Financial Inc.
IGM-T
Paul Harris, CFA

You want to buy their stock and not their mutual funds.  The industry had really consolidated.  They had a lot of issues because a lot of funds are high priced.  We are moving into a world where they have to take less and less money.  They have some high MER products.  Own other parts of the power group.


Price: $42.250
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 BUY Intertape Polymer Group
ITP-T
Patrick Horan

They had some issues and it is not a bad time to buy now.  He thinks US housing will go up. 


Price: $19.350
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2015-05-28 SELL Kraft Foods Group
KRFT-Q
Paul Harris, CFA

It is being bought by a Brazilian firm.  You could sell your shares now because he thinks no one else will come in and bid on them.  He thinks it will be a better company because of the acquisition. 


Price: $85.140
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 BUY Lloyds TSB Group PLC
LYG-N
Paul Harris, CFA

The UK government is slowly getting out of this stock.  LYG-N have gone back to the original retail banking.  They are in a good position and the UK economy is coming along quite nicely.  You will see dividend increases and the stock will do better.


Price: $5.410
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 TOP PICK Mainstreet Equity Corp
MEQ-T
Paul Harris, CFA

It is a real estate corporation and does not pay a dividend.  It is trading at a 25% discount to its NAV.  People worry because it is in Alberta.  He thinks that business will be fine.  They have a great balance sheet and liquidity so they can make acquisitions.  It has fallen as people worry about Alberta.


Price: $38.250
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Yes
2015-05-28 BUY Magna Int'l. (A)
MG-T
Patrick Horan

It is a good entry point.  His view is that the global growth, which Magna is exposed to, will continue.   Car sales will remain high.  He sold it a year ago as he prefers MRE-T.


Price: $71.980
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2015-05-28 TOP PICK Martinrea
MRE-T
Patrick Horan

Lower PE compared to MG-T and they have margin expansion.  MRE-T has had very flat margins and he thinks they will now expand from 6 to 9% so you get faster earnings growth. 


Price: $14.180
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2015-05-28 HOLD Pall Corp.
PLL-N
Paul Harris, CFA

They make filtration systems.  It is a great business because the customer can’t go to anyone else once they start doing business.  Being acquired is a good fit.  It is a well run company.  It will work out in the long run.  If you want to get out to move on to something else, then you could do that.  He would take the stock you receive.


Price: $124.640
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 PAST TOP PICK Qualcomm
QCOM-Q
Paul Harris, CFA

(Top Pick May 29/14, Down 9.98%) China is not as big a problem for them as people think.  They have a great road map, but had trouble executing.  They have a good dividend and can buy back shares.  It is a great story, but there are bumps along the way.


Price: $70.600
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Yes
2015-05-28 BUY RioCan Real Estate Investment
REI.UN-T
Paul Harris, CFA

A premier real estate company with 5% yield.  If rates go up it pulls back and is a buying opportunity.  Incredibly well run with great growth prospects and they are executing well in the US.


Price: $28.240
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 TOP PICK Saputo Inc.
SAP-T
Patrick Horan

Short.  It is expensive.  This is ultimately a low growth market.  They are a good management team, but facing headwinds in Canada and the US.  It looks like it will roll back.  He has shorted for at least a year and will stick with the short.


Price: $34.340
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2015-05-28 BUY Sandvine Corp.
SVC-T
Patrick Horan

They had a decent move and are not cheap.  He has not sold any shares yet.  It has worked out quite nicely in their portfolio.  He thinks it could go to a double.  There is a lot of liquidity that is trapped.  If money moves into growth stocks, then this one could really benefit.  He really needs to see the back of the bond yield to go up for that to happen.  It is at a record high right now.


Price: $4.450
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2015-05-28 BUY Telus Corp
T-T
Paul Harris, CFA

Great dividend yield.  They grew their wire line and wireless businesses.  They split some of the CAP X with BCE-T.  They have a great pricing strategy.  He likes the stock here.  They are more of a pure play.


Price: $42.540
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 BUY Toronto Dominion
TD-T
Paul Harris, CFA

The earnings look pretty good to him.  Canada was good to them.  Canadian banks are very cheap to him.  TD-T are growing their franchise by buying credit card businesses and by developing a brand in the US. 


Price: $55.370
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 BUY Union Pacific Corp
UNP-N
Paul Harris, CFA

He owns and prefers CNR-T.  This is a great industry.  They are great for transporting as opposed to trucking.  There is a chance you can buy it a little cheaper.  They had soft volumes last quarter due mainly to oil.  UNP-N has outperformed CNR-T, not taking currency fluctuations into account.


Price: $101.360
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 BUY on WEAKNESS Visa Inc.
V-N
Paul Harris, CFA

A story that he regrets missing.  It is a toll booth essentially.  They take on no credit risk.  Apple-pay is done through Visa.  It is in great shape.  It is a very international company relative to MasterCard.  When you had a pullback you should have bought the stock.  There is a lot of growth and that is why people are happy to pay the higher multiple.


Price: $69.560
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 HOLD Vodafone Group PLC
VOD-Q
Paul Harris, CFA

It has done so well because there is talk that Liberty Global is thinking about talking about a merger.  6% yield on the ADR.  5% dividend on the UK shares.  He thinks the merger would make a lot of sense.


Price: $39.180
Subject: NORTH AMERICAN/GLOBAL
Bias: SELECTIVELY OPTIMISTIC
Owned: Unknown
2015-05-28 DON'T BUY Valeant Pharmaceuticals
VRX-T
Patrick Horan

It is about 7-8% of the TSX composite.  He doesn’t care if it is in the index.  They are a roll up story and these tend to end in tears.  He does not see the growth in the business, but the market does.  Momentum is a wonderful thing if you are on the right side of it.  This one will NEVER be held in the portfolio.  It is noise.


Price: $300.480
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2015-05-28 TOP PICK Canadian Satellite Radio
XSR-T
Patrick Horan

Hasn`t done that well in the past.  There were large sellers like the CBC and they have not sold anything yet so that is an overhang.  It has a 7% dividend and decent growth.  Auto sales should stick in and benefit this company.  He thinks it has upside. 


Price: $5.810
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2015-05-27 N/A A Comment -- General Comments From an Expert
A Commentary
Bill Bonner

Energy. Believes that OPEC has got the US shale into a position where they want them, and that is in a decline in production. They want to see the high cost oil production in the world decline. It is the summer driving season and he expects the big US inventory numbers to decline. On the production side, there is an oversupply. Believes the demand upticks, followed with production declines in some of the high cost basins are going to resolve that problem. Feels that the bottom is probably behind us. Doesn’t believe anybody believes in $80 oil, and maybe the right number is $60.


Price: $0.020
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: _N/A
2015-05-27 COMMENT A Comment -- General Comments From an Expert
A Commentary
Bill Bonner

Natural gas. The US will consume about 75 BCF per day this year. They produce about 70 and get about 7 out of Canada and another 2 from elsewhere. The North American market is probably oversupplied by maybe 3 BCF a day. There are some LNG projects coming on that will completely consume that.


Price: $0.020
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Unknown
2015-05-27 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Markets.  As a whole there is a new reality of growth slowing.  We are looking at half the previous growth around the world.  Real returns, however, are going to be only slightly lower on portfolios.  You are better with 8% return and 2% inflation than 10% return and 6% inflation.  There are some defensive sectors that you can hide out in.  Emerging markets are growing twice as fast as developed economies. 


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: DEFENSIVE
Owned: _N/A
2015-05-27 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Getting an Adviser.  Go to the web site for the Financial Planning Standards Counsel.  Young people may want to consider a Robo advisor.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: DEFENSIVE
Owned: _N/A
2015-05-27 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Caller withdrew from TFSA then the limit was increased.  Can he contribute now?  CRA gets suspicious when you make a withdrawal and then a contribution in the same year.  CRA would prefer you wait until the new calendar year.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: DEFENSIVE
Owned: _N/A
2015-05-27 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

RRSP vs. TFSA.  If you are going to be in the same tax bracket when you are working as when you retire, it makes no difference.  If you will be in a lower bracket after retirement then it makes sense to defer tax with the RRSP.  If you are a low income earner you probably want to use the TFSA.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: DEFENSIVE
Owned: _N/A
2015-05-27 BUY A Comment -- General Comments From an Expert
A Commentary
John DeGoey

ETFs for long term investing.  Canada is 4% of the world market.  Don’t get over exposed to Canada.  VXC-T and XAW-T are two products with little or no exposure to Canada.  He might tilt towards emerging markets instead. 


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: DEFENSIVE
Owned: Unknown
2015-05-27 BUY A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Is there growth in the near future?  There is nothing to make him think markets in the western world will drop any time soon.  Where is the money going to go?


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: DEFENSIVE
Owned: Yes
2015-05-27 BUY A Comment -- General Comments From an Expert
A Commentary
John DeGoey

He would just as soon use a GIC instead of an income ETF because a GIC won’t drop if interest rates go up.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: DEFENSIVE
Owned: Unknown
2015-05-27 COMMENT A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Broad Index REIT ETF.  XRE-T is the largest and best known in Canada.  ZRE-T is equal weight and might a better strategy.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: DEFENSIVE
Owned: Unknown
2015-05-27 COMMENT A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Passive Index ETFs.  Have been around for a while and do a very good job of matching the markets.  VCE-T and VCN-T are examples and he prefers VCN-T.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: DEFENSIVE
Owned: Unknown
2015-05-27 N/A A Comment -- General Comments From an Expert
A Commentary
John DeGoey

Moving stocks into the TFSA.  If it is a losing stock, you have to wait 30 days before buying it back but there is no problem if it is a winning stock.


Price: $0.020
Subject: PERSONAL FINANCE & ETFs
Bias: DEFENSIVE
Owned: _N/A
2015-05-27 COMMENT Altagas Ltd
ALA-T
Bill Bonner

Loves this one. Did a deal with Painted Pony (PPY-T) that was brilliant. It gives them leverage to the LNG story on both sides of the border. They are in the power plant extraction and the processing business, all the right ones. They don’t care about the actual commodity itself. They are the conduit from the wellhead to the market. Very secure dividend of 4.82%.


Price: $39.870
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Yes
2015-05-27 SPECULATIVE BUY Athabaska Oil Sands Corp
ATH-T
Bill Bonner

The deal they did with the Chinese group has now been concluded and the cash is in the bank. They have access to $1 billion of funding. The question now is what do they do next. Thinks it is a pretty good speculative buy currently.


Price: $2.150
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: No
2015-05-27 COMMENT Bellatrix Exploration Ltd.
BXE-T
Bill Bonner

A gas plant needed to get constructed at their Alder Flats area. This is a bottleneck issue that appears to be close to being resolved. That will probably be a good signal to the market. They have been busy with a variety of joint ventures, and he thinks the joint venture funding is a unique source off balance sheets, none dilutive to the shareholder base, and is a good thing. If they can convince the market that the balance sheet risk is going away, it will probably get a response.


Price: $3.510
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: No
2015-05-27 HOLD Boulder Energy Ltd
BXO-T
Bill Bonner

(Formerly DeeThree Exploration which spun out Granite Oil (GXO-T) and this company.) He applauds the deal, but if you add the sum of the parts it may not equal what was there before. Thinks the deal probably make sense. This is the Brazeau assets. There is tons of running room up there, but it is really an organic growth story.


Price: $10.000
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Yes
2015-05-27 COMMENT Cardinal Energy Ltd
CJ-T
Bill Bonner

This company has done an absolutely outstanding job of executing on their Cardium drilling play. The dividend is absolutely secure. One of the lowest payout ratios of any of the dividend paying enterprises that he has looked at, and tons of room on their asset base. 5.7% dividend yield.


Price: $14.860
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: No
2015-05-27 TOP PICK iShares Global Agriculture ETF
COW-T
John DeGoey

We are always going to have to have food.  We have to grow more food in the next 40 years than we have grown in the last 10,000 years just to feed the global population.  Climate change says that some of the best farmland is going to fry some of our food.  It is a supply and demand story.  It is global.


Price: $34.350
Subject: PERSONAL FINANCE & ETFs
Bias: DEFENSIVE
Owned: Yes
2015-05-27 COMMENT Crescent Point Energy Corp
CPG-T
Bill Bonner

The behaviour in the market today would suggest that the financing they did didn’t go as smoothly as what they had hoped. Just acquired Legacy (LEG-T), which was a name that he liked once. As time marched on, their balance sheet just overcame all the upside. Crescent Point is getting some outstanding assets. This is one of the best Saskatchewan operators, but he prefers others.


Price: $28.190
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: No
2015-05-27 PAST TOP PICK Cequence Energy Ltd.
CQE-T
Bill Bonner

(A Top Pick July 16/14. Down 64.82%.) He liked everything they had going, but as redemptions rolled in, he had to make a decision as to what to remove and what to keep. Just announced a transaction that makes a lot of sense. Have consolidated their interest in the Simonet field and have sold part of the facilities. That will allow them to carry out some CapX. This is a name that he will look at again.


Price: $0.840
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: No
2015-05-27 COMMENT Crew Energy Inc.
CR-T
Bill Bonner

One of those companies that transformed into a serious Montney player and have done a pretty good job. One of the best Montney players out there, but he thinks the market has been a little bit harsh on this one. The area they operate in is big play/big cost one.


Price: $5.640
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Yes
2015-05-27 HOLD Granite Oil Corp
GXO-T
Bill Bonner

(Formerly DeeThree Exploration which spun out this company and Boulder Energy (BXO-T).) He applauds the deal, but if you add the sum of the parts it may not equal what was there before. Thinks the deal probably makes sense. These are the Alberta Bakken assets. Very little capital required to hold production flat, and low declines. There is lots of running room in this play. A dividend has been implemented, which he feels is very secure.


Price: $5.980
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Yes
2015-05-27 BUY Kelt Exploration
KEL-T
Bill Bonner

Absolute brilliant execution on the operating front, but this is a tight market. The team demonstrated their abilities in the past. You can take comfort in the quality of management in this organization.


Price: $8.970
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: No
2015-05-27 HOLD Madalena Ventures
MVN-X
Bill Bonner

Has owned this because of their Argentinian play. Thinks the bottom line for Argentina is that they need to have the elections in the fall happen. You just have to be patient with the story.


Price: $0.415
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Yes
2015-05-27 COMMENT Perpetual Energy
PMT-T
Bill Bonner

This was a gas story at one point, but the leverage is excessive. If he wants to be in the gas business, he wouldn’t be going to this one.


Price: $0.940
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Unknown
2015-05-27 TOP PICK Painted Pony Petroleum
PPY-T
Bill Bonner

(A Top Pick July 16/14. Down 35.05%.) Altagas (ALA-T) made an investment in the Company, which gave them access to a gas plant that will be built in 2016. This will take their production from 16,000 BOE to 40,000 BOE in the next 18 months to 2 years. That is a huge lift. With Altagas, they don’t need the LNG play to move their gas to market. They make about a 15% return at $2.40 of MCF.


Price: $8.210
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Yes
2015-05-27 PAST TOP PICK Petrowest Corp
PRW-T
Bill Bonner

(A Top Pick July 16/14. Down 76.5%.) The LNG story was unfolding and the Site C dam, a big project in BC, was in the cards. He had really felt this company would be one of the benefactors of all that activity. Both of these things still apply.


Price: $0.320
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Yes
2015-05-27 COMMENT Penn West Petroleum
PWT-T
Bill Bonner

Their leverage is far too high. The market is being absolutely merciless with corporations where the balance sheet doesn’t look strong or pristine. Thinks this is going to be pretty dead money for a while.


Price: $2.430
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Unknown
2015-05-27 TOP PICK Rock Energy Inc.
RE-T
Bill Bonner

Have done a really good job in their Saskatchewan oil assets. One of the neat things that happened at their Mantario project is an enhanced recovery program with a polymer flood. The royalty rate drop from 25% to 1% which gave an instant boost to cash flow. There breakeven point is $25 oil, so there is lots of running room there. At this price it is a screaming buy.


Price: $3.510
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: Yes
2015-05-27 COMMENT RMP Energy
RMP-T
Bill Bonner

Things have gone very well with the Ante Creek and the plant expansion they did there. Thinks the market is a little tired of the story, which really surprises him. Expects a little bit of “show me” has to happen. There are other places he would rather be.


Price: $2.990
Subject: CANADIAN ENERGY
Bias: UNKNOWN
Owned: No
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