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

Recent Opinions

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Date Signal Company Expert Opinion Price
2016-06-30 N/A A Comment -- General Comments From an Expert
A Commentary
Bruce Campbell (2)

Markets.  The Brexit has not changed his investment strategy.  He had been concerned that a few more days of selling would move things toward the negative side but then they turned.  He looks at shorter and longer term cycles.  Shorter is the City shorter term surprise index and longer term the manufacturing index.  The shorter term numbers bottomed in February and the longer term numbers are being lead up now.  We are out of the dangerous area with these levels.  They could have lead to a bear market and recession but now are not.  For the most part the consumer is pretty steady in Canada and the US.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: _N/A
2016-06-30 PAST TOP PICK Alimentation Couche-Tard (B)
ATD.B-T
Bruce Campbell (2)

(Top Pick Jul 3/15, Up 2.73%) A good long term holding.  It is always on his radar screen.  He got out.  If it dropped a little bit more he would want to hold it again.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-30 WATCH Breaking Data Corp
BKD-X
Bruce Campbell (2)

He has talked about it in the past and still owns a small piece.  It is an interesting time for them.  They did a couple of deals in the last year.  They took a lot longer than they expected.  They are integrated now and should see some cash flow.  Another acquisition is now starting to generate cash flow also.  Their burn rate is quite low.  It looks like it could break out here.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Yes
2016-06-30 DON'T BUY Baytex Energy Corp
BTE-T
Bruce Campbell (2)

He owns another name in the sector that ranks ahead of it.  It has price momentum because a lot of stocks were left for dead and now have roared back.  It looks fairly good here but keep a good stop on it if you own it.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-30 BUY Cineplex Inc
CGX-T
Bruce Campbell (2)

(Market Call Minute) It ranks well with him.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Unknown
2016-06-30 BUY Canadian Imperial Bank of Commerce
CM-T
Bruce Campbell (2)

They made a big acquisition in the US and the stock price has languished since then.  The market was surprised by the size of the acquisition.  The market is worried that they took a bigger bite than they anticipated.  The stock price has come down but they have done a good job of integrating acquisitions in the past.  This is probably a good place to own this bank.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Unknown
2016-06-30 PAST TOP PICK Carmanah Technologies
CMH-T
Bruce Campbell (2)

(Top Pick Jul 3/15, Down 44.89%) It is the one that hurt him.  It has deteriorated since he recommended it.  There is nothing structurally wrong with it and they have continued to execute but he paid too much for it.  He got out.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-30 TOP PICK CRH Medical Corp.
CRH-T
Bruce Campbell (2)

It has news out today.  They have a consistent growth business and an acquisition business.  They are making nice earnings growth.  They buy a business for half what the stock trades for.  They are slow and steady about it.  They expanded into the US.  Trading at a reasonable multiple.  A year from now they will have done more acquisitions.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Yes
2016-06-30 BUY Crombie Real Estate Investment Trust
CRR.UN-T
Bruce Campbell (2)

(Market Call Minute) Management has done a good job.  It ranks well.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Yes
2016-06-30 BUY Chartwell Seniors Housing
CSH.UN-T
Bruce Campbell (2)

(Market Call Minute) The demographics are behind them.  They execute well and make nice transactions.  Nice technically as well.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Yes
2016-06-30 BUY Convalo Health International Corp
CXV-X
Bruce Campbell (2)

They continue to execute fairly well.  They have 5 of these pods and are guiding for $80 million of run rate by the end of the year.  They have to get up to speed for you to see this level.  They have started up a lab for all the samples they take from patients.  They are bringing this in-house and it will be a big savings for them from an expense point of view.  They are fairly valued but if you look at the run rate by year end then they look good.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Yes
2016-06-30 HOLD D-Box Technologies
DBO-T
Bruce Campbell (2)

He thought he would buy it when it pulled back but he has not yet stepped into it.  It fits the bill and will continue to grow.  He would not be surprised if we saw a bigger deal in Asia and that would get the stock going.  Add if it pulls back or hold if you already have it.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Unknown
2016-06-30 COMMENT Dollarama Inc.
DOL-T
Bruce Campbell (2)

You can’t argue with how they have executed.  A top pick today is similar to this one.  They continue to build more stores and they continue to get more of each consumers spending.  It has just dropped below where he would like to own it from a ranking point of view but it is because it is expensive.  If you put it away then maybe it gets acquired by a US dollar store at some point in the future. 


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-30 PAST TOP PICK DIRTT Environmental Solutions
DRT-T
Bruce Campbell (2)

(Top Pick Jul 3/15, Down 20.41%) They had a big deal with a Texas company and put a second tower on hold.  They need higher commodity prices.  He sees this as a strong growing business.  You need to look at it on a year by year basis rather than quarter by quarter.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-30 BUY Eastmain Resources Inc
ER-T
Bruce Campbell (2)

(Market Call Minute) There will be a ton of news flow from this one and excitement over the next year.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Yes
2016-06-30 DON'T BUY Grenville Strategic Royalty
GRC-X
Bruce Campbell (2)

He owned it in the past.  The market is concerned.  The dividend is in the double digits.  The market is concerned that they can sustain the dividend.  They lost part of their management team.  He is not looking at it.  If he did it would be from a convertible debenture standpoint.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-30 WATCH Lumenpulse Inc
LMP-T
Bruce Campbell (2)

(Market Call Minute) It does not rank well and he needs to see another stronger quarter.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-30 WAIT Inspira Financial Inc
LND-X
Bruce Campbell (2)

He has a small position.  They announced the quarter and it was a disappointment.  They had been cash flow positive and now are not.  They have a lot of cash in their business (about $.70).  There is some value from that perspective but you have to watch how they execute.  Wait for the next quarter.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Yes
2016-06-30 WATCH Manulife Financial
MFC-T
Bruce Campbell (2)

They will benefit when interest rates go up but it will be 25 basis points at a time.  Apart from the US the rest of the world has been taking interest rates down, though.  You need to see global interest rates going up.  MFCT-T rates in the bottom third in his ranking.  He does not see it forming a base but he is watching it.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-30 WATCH Merus Labs International
MSL-T
Bruce Campbell (2)

It has a lot of exposure in Europe and so has been weak recently.  You would have expected the market to get behind their recent acquisition but there is no momentum behind the healthcare names.  He would like to see it improve just a little bit and if it built this base and started to move up he would look at it.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-30 BUY New Flyer Industries Inc.
NFI-T
Bruce Campbell (2)

(Market Call Minute) He owned it in the past and is looking at it again.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-30 WATCH Nobilis Health Corp
NHC-T
Bruce Campbell (2)

He owned it in the past but was frustrated with it.  They did a lot of the things they said they would do, but there have been a lot of onetime items.  It scares him.  There is too much negative news.  He wants two positive quarters.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-30 TOP PICK Pacific Insight Electronics
PIH-T
Bruce Campbell (2)

Components for the auto industry, focused on LED lighting systems, gauges and components. They saw a ramp up in their earnings.  They are going to cross over the 100 million market cap and show up on a lot of investment companies’ radar screens.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Yes
2016-06-30 DON'T BUY Potash Corp of Saskatchewan
POT-T
Bruce Campbell (2)

If you look at world demographics then this business has to be huge at some point.  But it certainly has not been the case in the short term.  It does not have much strength from a technical perspective.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-30 BUY Red Eagle Mining
RD-X
Bruce Campbell (2)

(Market Call Minute) There is a huge growth potential in this one.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Unknown
2016-06-30 WATCH RYU Apparel Inc.
RYU-X
Bruce Campbell (2)

He would like to see a couple of good quarters out from them.  It is thinly traded.  You have to be prepared to watch it quarter by quarter.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-30 COMMENT Sandvine Corp.
SVC-T
Bruce Campbell (2)

(Market Call Minute) It tends to be lumpy so you should trade it.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-30 WATCH Trican Well Service Ltd.
TCW-T
Bruce Campbell (2)

Owns a small piece but it does not rank well on a fundamental basis.  It can really ramp up from here if you continue to see energy production ramping up.  Hold it if you own it.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Yes
2016-06-30 WATCH Tio Networks Corp
TNC-X
Bruce Campbell (2)

They have payment processing for people without bank accounts.  People pay cell phone bills on the last day they are due in cash.  They saw organic growth from their business.  They just acquired a company and there should be synergies.  They are now looking to acquire more businesses.  They are coming up in the rankings and have broken out of a trading range.  It could become more interesting from the street perspective.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Unknown
2016-06-30 WATCH Whistler Blackcomb Holdings
WB-T
Bruce Campbell (2)

(Market Call Minute) Ranks well but deteriorated in the summer.  Look at it again depending on what winter will bring.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Unknown
2016-06-30 HOLD Wi-Lan Inc.
WIN-T
Bruce Campbell (2)

(Market Call Minute) The business is lumpy and volatile. 


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-30 TOP PICK Sleep Country Canada Holdings
ZZZ-T
Bruce Campbell (2)

It can be the same as DOL-T, building out more stores geographically and getting more of the consumers’ dollar.  It is not just mattresses.  Accessories are higher margin.  11 quarters in a row of earnings growth.


Price: $0.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Yes
2016-06-29 N/A A Comment -- General Comments From an Expert
A Commentary
Stephen Takacsy, B. Eng, MBA

Markets. Stocks are not cheap. The market has had a big run since the financial crisis, and world economic growth is very subdued, so generally he finds stocks, especially large caps, quite expensive. We have been in a low interest rate environment for a prolonged period of time, and this may continue for quite awhile. Dividend yield is very important, so the companies you invest in have to grow profitably, and can hopefully increase them over time. That is how you will make some real returns. There is a cautious stance globally, generally by business leaders and corporations. He has been able to outperform the TSX for 10 years by heavily weighting portfolios by small and mid-cap companies.


Price: $0.020
Subject: CANADIAN
Bias: UNKNOWN
Owned: _N/A
2016-06-29 N/A A Comment -- General Comments From an Expert
A Commentary
John Kim

Program was pre-empted because of the US Presidnt's address to the House of Commons.


Price: $0.020
Subject: NORTH AMERICAN
Bias: UNKNOWN
Owned: _N/A
2016-06-29 COMMENT Andrew Peller
ADW.A-T
Stephen Takacsy, B. Eng, MBA

Thinks they are going to grow their earnings again this year. There were a couple of one-time items, but nothing major. Growing the business organically by launching new products, not just wines, but also spirits. Managing costs extremely well. A solid, well-managed company that is trading at a very reasonable multiple, and a lower one than some of its peers.


Price: $27.640
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2016-06-29 PAST TOP PICK Ag Growth International Inc
AFN-T
Stephen Takacsy, B. Eng, MBA

(A Top Pick June 18/15. Down 12.48%.) Manufactures equipment to store and handle grain, and are growing globally. A great theme, because there are so many developing countries that have decrepit or no infrastructure compared to what we have in North America. Just made an acquisition in Brazil and are selling more and more into Eastern European countries. Very well-managed. If you want a good, global growth company in agriculture and not dependent on the commodity cycle, this is your best bet. You get a good 6% safe yield.


Price: $40.450
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-06-29 TOP PICK Badger Daylighting
BAD-T
Stephen Takacsy, B. Eng, MBA

By far the biggest North American players in hydro-vaccuing with over 1000 trucks that excavate without breaking pipes and wires. Stock was hit because of their exposure to the oil/gas industry, especially in Western Canada. However, two thirds of sales are now coming out of the US. They are growing their utility infrastructure business. Thinks there will be a big turnaround in 2017. They make great profit margins and great free cash flow. Very well-managed. Not expensive, trading at under 8X next year’s EBITDA. Dividend yield of 1.76%.


Price: $22.740
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-06-29 SELL Cott Corp
BCB-T
Stephen Takacsy, B. Eng, MBA

(Market Call Minute.) Trying to morph themselves from a private label contract manufacturing to a bottled water and coffee distributor. For that kind of business, they are overvalued.


Price: $18.010
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2016-06-29 COMMENT CAE Inc
CAE-T
Stephen Takacsy, B. Eng, MBA

A great company. A lot of technology and a lot of grey matter there. They benefited from the global growth in aviation, etc. Military spending slowed down, but they were able to replace that with the aviation growth. Has a hard time seeing the stock doubling from here over the next 5 years or so.


Price: $15.630
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-06-29 BUY CCL Industries (B)
CCL.B-T
Stephen Takacsy, B. Eng, MBA

(Market Call Minute.) Loves the company and made a lot of money on it. Sold his holdings recently. Current price is not bad for company that is well-managed.


Price: $222.810
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-06-29 COMMENT Corus Entertainment (B)
CJR.B-T
Stephen Takacsy, B. Eng, MBA

One of his largest positions. Loaded up the truck at $9. Still very, very cheap, and it is a cash cow. A traditional broadcaster that is facing some secular challenges, but with the acquisition of Shaw Media it is now really the only game in town for women’s, children’s and family advertising on TV, which still has the biggest viewership. Thinks they will squeeze a lot of costs out from the merger, more than anticipated. Expects they will renegotiate advertiser rates this fall, so you will be able to see them start to grow again. Also, doing great things with Nelvana on the content creation side. Generates a lot of cash, so the dividend is safe.


Price: $12.920
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-06-29 HOLD Clearwater Seafoods Inc.
CLR-T
Stephen Takacsy, B. Eng, MBA

(Market Call Minute.) A very capital intensive business, but have some very valuable fishing licenses. They’ve done a good job so far.


Price: $13.840
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2016-06-29 TOP PICK D-Box Technologies
DBO-T
Stephen Takacsy, B. Eng, MBA

An extremely cheap stock. The world leader and the only company that supplies motion systems for movie theatre seats, as well as for the industrial market to train people in different types of vehicles. Also, video games and soon virtual reality. Have just started to scratch the surface in movie theatres. Cineplex has been rolling out D-Box seats for a number of years in many of their theatres. Cinemark (CNK-N), the 3rd largest US theatre chain, just announced they are starting to roll out in the US. He has modelled this company to reach about a 3% penetration rate globally within the next 10 years. Feels this will follow a similar evolution as 3-D screens did. The stock has the potential to reach $1-$2 depending on the growth rate and profit margins they are able to maintain. They have a record backlog now and just announced record sales. Just opened an office in China. China is opening 30 screens per week. Trading at only 3X sales, which is not a lot for a technology company.


Price: $0.670
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-06-29 COMMENT DHX Media
DHX.B-T
Stephen Takacsy, B. Eng, MBA

Very interesting a very well-managed. Had quite a run consolidating children’s content, making acquisitions and doing a hell of a job monetizing it with the new trends towards streaming content. The stock was always too rich for him. Their top line is slowing down a little. They bought the family Channel from BCE (BCE-T) and are losing subscribers because all the Disney (DIS-N) content that was on this channel has gone over to Corus (CJR.B-T) now. Starting to give this a hard look because the valuation is becoming more reasonable. Still expensive for a value investor, but thinks they have a lot of value in some of their assets.


Price: $6.370
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-06-29 BUY Element Financial
EFN-T
Stephen Takacsy, B. Eng, MBA

(Market Call Minute.) The stock has come down too much and there is some good value creation that is going to be happening in the next year.


Price: $13.580
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-06-29 WAIT Empire Company (A)
EMP.A-T
Stephen Takacsy, B. Eng, MBA

Really getting hammered today. A lot of it is self-inflicted from their acquisition of Safeway. Out West they are having a lot of integration problems having made some bad news in marketing and pricing. Eventually they will get it right. Not sure that now is the time to buy.


Price: $19.250
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-06-29 COMMENT Espial Group
ESP-T
Stephen Takacsy, B. Eng, MBA

Owns a small position. They basically supply cable and telcos globally with the new interface. Started riding the ITP wave with a lot of the telecoms, and are now trying to help cable companies catch up to the telecoms, in terms of making it easier to navigate more user-friendly for video subscriptions, etc. Very contract driven. There is a long sales cycle before they land a deal to develop software for a large cable or a telco. The business will be a bit lumpy, but they are onto some very good contracts in Europe that are starting to kick in. Hopefully they will make some large announcements this year.


Price: $2.140
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-06-29 SELL Home Capital Group
HCG-T
Stephen Takacsy, B. Eng, MBA

Lost credibility with what happened last year, with some of the mortgage applications that were doctored or exaggerated. Prefers Equitable (EQB-T) which does basically the same business, except they follow everything by the book and have a much higher growth rate. He would switch.


Price: $31.900
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-06-29 COMMENT Intertape Polymer Group
ITP-T
Stephen Takacsy, B. Eng, MBA

Manufactures tape and are head-to-head against the Goliath 3M (MMM-N). Have had periods of success and other times have had a really rough ride. A good company and they do a good job. Very much a commoditized business, and they try to add value through specialty tapes. Wouldn’t be his favourite sector.


Price: $21.340
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-06-29 COMMENT Martinrea
MRE-T
Stephen Takacsy, B. Eng, MBA

The auto parts companies have really gotten hammered lately. Thinks some investors feel it is the end of the growth cycle. This was the weaker of the 3. Had some production problems in ramping up new plants over the years, but thinks that is behind them now. Prefers Linamar (LNR-T) which is the cheapest one for the growth going forward.


Price: $8.080
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-06-29 COMMENT Morneau Shepell Inc
MSI-T
Stephen Takacsy, B. Eng, MBA

A great company and very well-managed. However, for him it is always too expensive. They’ve been able to grow organically, and he presumes they will increase the dividend as they continue to grow. A pricey stock.


Price: $17.790
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-06-29 COMMENT Neulion
NLN-T
Stephen Takacsy, B. Eng, MBA

Had trimmed half his position when it got up to the $1.40 area, and is buying it back now. Very, very cheap and generates a lot of cash. Growing globally. They are signing deals with companies globally for broadcasters of live sports and also other video content. Just completed an acquisition in England. They run pretty lean and mean. He is very confident the company will continue to grow.


Price: $0.890
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-06-29 PAST TOP PICK Prism Medical Ltd.
PM-X
Stephen Takacsy, B. Eng, MBA

(A Top Pick June 18/15. Up 36.64%.) Just being taken out by a Swedish company, Handicare. Focused on the institutional market, hospital, long term care, acute care and focused on ceiling lifts and floor lifts, slings, etc. He will probably accept the tender at $12.50, but is hoping for one or 2 more dividends.


Price: $12.410
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-06-29 BUY on WEAKNESS Restaurent Brands International
QSR-T
Stephen Takacsy, B. Eng, MBA

A solid company. An expensive stock. Have a lot of debt, but it is well-managed. They’ve cut out a lot of costs and have a lot of free cash flow. A good, long term investment, but Buy it on weakness.


Price: $53.420
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-06-29 COMMENT Ritchie Bros Auctioneers Inc.
RBA-T
Stephen Takacsy, B. Eng, MBA

Because of the uniqueness of the company, it has always been very expensive. This goes with cycles when there is used equipment on the market and there are liquidations, etc. Growing globally, and Canada is just a small part of their operations. Wait for a significant miss or earnings warning before buying this.


Price: $43.110
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-06-29 DON'T BUY Reitmans
RET-T
Stephen Takacsy, B. Eng, MBA

A value trap. Clothing retailing is one of the toughest businesses out there. This is well-managed, but they can’t fight the trend. Closed a huge number of stores. They’ve tried to cut costs, but he thinks they are still losing money despite some recent same-store sales growth. Not sure how long they will continue paying dividends.


Price: $4.220
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-06-29 COMMENT TheScore Inc.
SCR-X
Stephen Takacsy, B. Eng, MBA

Still trying to grow the business, but are burning a lot of cash in the process. Has a very high respect for management, but a pure data company like this is a tough business to try and grow. The burn rate hasn’t diminished that much.


Price: $0.280
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-06-29 PAST TOP PICK Savaria Corp
SIS-T
Stephen Takacsy, B. Eng, MBA

(A Top Pick June 18/15. Up 42.79%.) They have been growing organically and through acquisitions. Their big focus is supplying homes with stair lifts, elevators, and other equipment to help accessibility and mobility. A big part of their business is van conversions. Demographics are really going in their favour. They manufacture in China and assemble in Brampton and Lavalle Québec. Have been growing their dividend. Sees a tremendous future for them to really grow North American wide. More and more of their sales are in the US.


Price: $8.290
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-06-29 HOLD Student Transport of America Ltd.
STB-T
Stephen Takacsy, B. Eng, MBA

Management is second to none. A great company, but very low organic growth. They have to win contracts, and have been winning a bunch of new school bus contracts lately. Recently bought back a lot of shares. Thinks it is fairly valued. The dividend is safe. Wouldn’t expect huge capital appreciation from this point on.


Price: $6.610
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2016-06-29 TOP PICK Sandvine Corp.
SVC-T
Stephen Takacsy, B. Eng, MBA

One of those great Canadian technology companies. They are really a global leader in helping telco, cable and wireless companies better manage their Internet traffic. Picture a 10 lane highway with all the slow pokes on the left and Netflix hugging all the other lanes. This company is able to provide solutions for broadband networks increase and smooth out the traffic as well as collect and manage data as a value added service to their customers. Dividend yield of 2.73%.


Price: $2.620
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-06-29 BUY Telus Corp
T-T
Stephen Takacsy, B. Eng, MBA

(Market Call Minute.) This is a long-term Buy. Great company and well-managed in a good industry.


Price: $41.890
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-06-29 DON'T BUY Transalta Corp
TA-T
Stephen Takacsy, B. Eng, MBA

Sold his holdings in the mid-teens. It is unbelievable how far it has dropped. The Alberta electricity/power market is very tough. There is also a big dependence on coal, which is being phased out. It has been rumoured to be for sale for a while now, and there doesn’t seem to be any takers. There are better opportunities elsewhere.


Price: $6.630
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-06-29 STRONG BUY Ten Peaks Coffee Co
TPK-T
Stephen Takacsy, B. Eng, MBA

The world’s only decaffeinater of coffee that uses a chemical free water process. This is one of his top holdings. Very inexpensive for a company that is a global leader in decaffeinating on an organic and chemical free basis. They are growing tremendously with large accounts, such as Tim Hortons and McDonald’s (MCD-N) and a lot of specialty coffee shops that are going organic and higher quality. There is tremendous growth ahead. Will be building a 2nd plant in Vancouver this year, in order to double their capacity.


Price: $7.800
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2016-06-29 COMMENT TorstarCorp (B)
TS.B-T
Stephen Takacsy, B. Eng, MBA

This is a tough business. Feels they have been making a lot of moves, but always at the wrong times. Made a huge acquisition last year. After selling Harlequin for a good chunk of change, they spent a lot of that money on a hodgepodge of websites. He is not keen on management and would not depend on the 16% dividend.


Price: $1.640
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-06-29 SELL Wi-Lan Inc.
WIN-T
Stephen Takacsy, B. Eng, MBA

Used to own this and did well for a number of years, and then the bottom fell out. Management sort of lost credibility of his eyes. A huge Index fund sold all their shares, which drove it down, but it has had quite a rebound from the lows. They cut a lot of costs and it is probably being managed a little more responsibly now. Doesn’t think it is a big bargain. In a tough sector. If you made some money, he would take it and run.


Price: $3.400
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-06-29 BUY on WEAKNESS Winpak Ltd.
WPK-T
Stephen Takacsy, B. Eng, MBA

He really, really loves this, but has failed to pull the trigger on numerous occasions. A little pricey but a really well run company. Great value added packaging. Growing mostly organically. Buy on weakness, but it doesn’t weaken too often. You would hold this for the long run.


Price: $46.330
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2016-06-28 N/A A Comment -- General Comments From an Expert
A Commentary
Benj Gallander

Economy. House prices have gone up like crazy and he expects that by the end of 2018 there will be a housing bust. Thinks the government should increase the amount needed for down payments. There should be a special tax for foreign buyers based on the price of the home and should pay more in taxes. Knows the government will not be raising interest rates soon, but they should think about doing that.


Price: $0.020
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: _N/A
2016-06-28 N/A A Comment -- General Comments From an Expert
A Commentary
Jim McGovern

Markets. Today’s rally shouldn’t have been too much of a surprise, as you always get a snap back after a big plunge in the market. This is a normal market action. He will probably use this as a chance to Sell more. Views BREXIT as a continuation of what has been going on for quite some time. It is really a function of big secular changes going on in the global economy, which manifest themselves in these sorts of situations. We are going to be in a sort of disinflation, deflationary type environment for quite some time. It sets up some really interesting opportunities for investors, but just outright Long equities are probably not the optimal solution. There are 7 or 8 really big things that have manifested themselves in today’s vernacular of lower for longer in terms of both rates and global growth going lower. We have a lot of debt, and this debt needs to get addressed. You can either write it off, monetize it or mark it down.


Price: $0.020
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: _N/A
2016-06-28 COMMENT Apple
AAPL-Q
Jim McGovern

Has this as a Short. Their products are fabulous, but the bottom line is that the iPhone is everything to them, and it is in decline. Trading roughly at around 10X. Expects the stock to fall 10%-15% from here.


Price: $93.590
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-06-28 BUY AgJunction Inc
AJX-T
Benj Gallander

This is GPS for agriculture. They also concentrate on steering for tractors. Just did a deal today with a much bigger company, and provide the steering that it needs. A clean balance sheet with no debt. Thinks it can do well going forward.


Price: $0.670
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-06-28 TOP PICK Albemarle Corp
ALB-N
Jim McGovern

The biggest in the lithium space. He is not super excited about base metals, but is very positive on precious metals. Last quarter their earnings exploded to the upside. They want to be the dominant player in lithium. Just sold their chemicals business. Expects they will make some more acquisitions. The thesis of this selection is electric cars.


Price: $78.290
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-06-28 COMMENT Alacer Gold Corp
ASR-T
Benj Gallander

They have the financing in place for their copper deposits in Turkey. They are now producing gold. Management has really been doing what they said they would do. He sees how this could go up a long way from here. He likes the company.


Price: $2.970
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-06-28 BUY Bank of America
BAC-N
Benj Gallander

He likes this. The key thing is that they have moved through this horrible tunnel of litigation. Because of that, the bottom line should improve. Dividend has been increased from $.01 a share to $.05 a share, and thinks it will go up further. Can see the shares going up quite a distance from here. Dividend yield of 1.6%.


Price: $12.700
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-06-28 COMMENT BlackBerry
BB-T
Benj Gallander

Had a huge loss of over $600 million in the past quarter. Often one of the good things to do is to back a good jockey, and John Chen is a good jockey. Thinks he has the ability to turn this around. When you have a company like this that is very, very popular and very much in the news, if and when it turns, it can turn in a nanosecond. Thinks it is a worthwhile play.


Price: $8.440
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-06-28 COMMENT Bird Construction Income Fund
BDT-T
Benj Gallander

When you see what the government is planning on doing on infrastructure and building, this company could do well. A smartly run company. Thinks it has a fair bit of upside from here.


Price: $13.190
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: No
2016-06-28 DON'T BUY PowerShares Senior Loan ETF
BKL-T
Jim McGovern

Presumes this is a floating rate type senior loan fund and is marketed principally on the idea that you are going to be protected. As rates go up your income will go up. There are always small problems with these loan portfolios. They are typically offered as leveraged companies, and he has found that it is all good, and then one day it is not good.


Price: $18.850
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-06-28 COMMENT Brick Brewing Company Ltd.
BRB-T
Benj Gallander

It looks like this quarter could be a boffo quarter. It is not only the spring/summer season, but looks like their sales are really perking up. Have moved into a new facility and have taken care of some of their costs. He would like to see some company, swallow this.


Price: $2.420
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-06-28 COMMENT CAE Inc
CAE-T
Benj Gallander

This has had an incredible run. They are leaders in the field. It is a good company and well-run.


Price: $15.480
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: No
2016-06-28 COMMENT CDI Corp.
CDI-N
Benj Gallander

The new CEO has made a lot of changes. Have had a lot of write-downs, and because of that they have been losing money. Thinks the CEO is on the right track. They cut the dividend and eliminated about $10 million of money that was going out of the company. Selling at about half BV. If you take out goodwill, it is selling at far less then BV. He is happy to be holding onto this.


Price: $5.640
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-06-28 COMMENT Cisco
CSCO-Q
Jim McGovern

This is a terrific company. Have made some really clever acquisitions in the last few years. Feels the dividend is quite safe.


Price: $27.790
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-06-28 COMMENT iShares Global Advantage Dividend E.T.F.
CYH-T
Jim McGovern

(RESP 15-20 year minimum?) European equities hedged to the Cdn$. Pretty much everything in Europe and the UK, but without financials. He would advocate a broader global strategy and without the Cdn$ hedge. This is a perfect time, because you can average in through all the nonsense that is going on.


Price: $17.000
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-06-28 COMMENT D-Box Technologies
DBO-T
Benj Gallander

Has recently expanded its relationship with Cineplex (CGX-T). Also, did a deal with an Alibaba (BABA-N) subsidiary, which bodes well. Revenues have gone up quite smartly. The debt load is very, very reasonable.


Price: $0.590
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Unknown
2016-06-28 BUY on WEAKNESS Walt Disney
DIS-N
Jim McGovern

Leaning a little towards the bearish camp on this, but wouldn’t be Short, but only because he thinks we are at peak sports in regards to money that is being paid. However, besides ESPN, this company has some other terrific businesses. People are not ascribing a very high multiple to their movie business, because every now and then you don’t have a hit. This is a Buy in the low $90s.


Price: $96.050
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-06-28 PAST TOP PICK Extendicare Inc
EXE-T
Benj Gallander

(A Top Pick June 19/15. Up 15.49%.) Pays a nice dividend. Stock recently got hit, because the payout ratio last quarter was about 86%, much higher than normal. Recently revenues and the bottom line went up very, very smartly. They’ve withdrawn from the US market and got $1.2 billion. They are expanding in the Canadian market. A demographic play because it is health and Senior citizens’ homes, etc.


Price: $8.220
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-06-28 COMMENT Fission Uranium Corp.
FCU-T
Benj Gallander

This company doesn’t fit into his model at all. He doesn’t like companies that don’t have revenue and a lot of it is hype and hope.


Price: $0.680
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: No
2016-06-28 DON'T BUY Female Health
FHCO-Q
Benj Gallander

A worldwide leader in female contraceptives. The problem is that they are a one product company and management is in their 80s. This would be a good fit with a larger company. They have money in the bank and no debt, and are constantly profitable. Doing a deal with Aston Park pharmaceuticals, a company with a number of products in the pipeline, but none them have revenues. He is hoping the deal doesn’t go through.


Price: $1.260
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-06-28 SHORT Foot Locker
FL-N
Jim McGovern

This is 75% Nike distribution, but Nike has an online platform now where you can order customized running shoes online. This is a terrific Short here, and thinks it is going substantially lower.


Price: $52.180
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-06-28 COMMENT Flyht Aerospace Solutions
FLY-X
Benj Gallander

They supply some of the ingredients for the black boxes on airplanes. A small company with about $10 million in revenues, and about $6 million in debt. This could go higher, but one of the dangers of a company like this is dilution. In May they sold more stock and gave out more options. This is a wing and a prayer.


Price: $0.180
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: No
2016-06-28 BUY General Electric
GE-N
Jim McGovern

Probably one of his favourite companies in terms of safety. He would buy this for the long-term. They have jettisoned their financial services business, which is virtually all complete now. It is now wired up and ready to go. If we do get a recession in the US, this will be at acquisitive company again.


Price: $29.940
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-06-28 COMMENT Golden Star Resources
GSC-T
Benj Gallander

This company has some knocks against it. They had a lot of difficulties with the gold price being down. They always have trouble making money. Royal Gold made a royalty agreement and are giving them $130 million, but of course there is a whole payback with that, which will depress their earnings. He can see this going up $1.25.


Price: $0.830
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Unknown
2016-06-28 COMMENT Imperial Metals Corp
III-T
Benj Gallander

Had a spill that really hurt them. They still have a difficult row to hoe, and is no longer on his watch list. There are companies out there that are not nearly as expensive, so this wouldn’t be first on his Buy list.


Price: $6.150
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: No
2016-06-28 TOP PICK Innodata Isogen Inc.
INOD-Q
Benj Gallander

This does digitalization. They are into e-books, work with the insurance industry and with the healthcare sector. This has virtually no debt. In the last few years they have lost a fair bit of money, and right now are operating at about breakeven. Wishes management were a bit more proactive. Just did a takeover of another company, but there is little information in the public sphere. The stock price tends not to be a slow grower, but tends to jump. He has a target price of over $7. His hope is that it will have one of the spikes that it has every few years, at which time he would jump out very, very quickly.


Price: $2.280
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-06-28 TOP PICK iPath DJ-AIG Grains Index
JJG-N
Jim McGovern

These type of investments are very good diversifiers. This is composed of 3 different agricultural commodities, wheat, corn and soybeans. Soybeans has been the big driver, principally because there is a shortage in Brazil. Wheat is kind of finished, but corn is kind of interesting because we have this kind of El Niño affect coming down the pipe now, creating super hot and super dry in the US. Wouldn’t make it a big position in your portfolio.


Price: $33.320
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-06-28 COMMENT Loblaw Companies Ltd
L-T
Jim McGovern

Fabulous management and great market share. Their purchase of Shoppers was fabulous. It is a bit expensive. There is some talk that they are going to spin out the gas station part. It is hard to see it going up a lot from here, however he doesn’t see it going down a lot either.


Price: $68.650
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-06-28 DON'T BUY Linamar Corp
LNR-T
Jim McGovern

The rule of cyclicals is that you sell them when PEs are low and buy them when PEs are high. The PE on this is dirt low right now. Over the long-term you are going to be fine, but in the short run this is still dead money.


Price: $43.880
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-06-28 BUY Lundin Mining Corp.
LUN-T
Jim McGovern

His favourite name in the copper space, but has been one of the poorest performers year to date because it is such a good company. They don’t have a lot of debt. Thinks a lot of investors are nervous about buying a company that wants to buy somebody else. He would have this is a Long, offset was some Shorts on companies he is not favourable on.


Price: $4.190
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-06-28 COMMENT Manulife Financial
MFC-T
Jim McGovern

Financials do not rate high on a Buy list in these markets. Has pretty much been Short financials since starting his fund 18 months ago. Insurance companies in particular are in a tough bind. With these low rates, putting premiums to work and earning a decent return without a lot of risk, is very tough. This doesn’t have much European business. Asian and wealth management businesses have been great, but offsetting those 2, they have had some issues with energy debt. The good thing is that it is really cheap. If you take an 18-36 month view, you can be okay.


Price: $16.970
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-06-28 DON'T BUY Magna Int'l. (A)
MG-T
Jim McGovern

The rule of cyclicals is that you sell them when PEs are low and buy them when PEs are high. The PE on this is dirt low right now. Over the long-term you are going to be fine, but in the short run this is still dead money.


Price: $43.990
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-06-28 COMMENT Norsat International
NII-T
Benj Gallander

His plan was that when they had a consolidation he would Buy back in. However, it is a stock that hardly ever trades and it is very difficult to buy and sell. Good management. Thinks it can go higher.


Price: $8.900
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: No
2016-06-28 COMMENT Nike Inc
NKE-N
Jim McGovern

Just reported and were disappointing on their revenue and future order front. Thinks the shoe business has peaked out.


Price: $53.090
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-06-28 COMMENT Orange SA
ORAN-N
Benj Gallander

Orange (ORAN-N) or Banco Santander (SAN-N)? A telecom leader in France and many other countries. He likes the company and thinks it can double from here. Pays a good dividend. The French market is very, very competitive. If he were buying either, it would be Banco Santander.


Price: $15.610
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-06-28 PAST TOP PICK Orvana Minerals
ORV-T
Benj Gallander

(A Top Pick June 19/15. Down 31.03%.) When they reported their recent quarterly results, they got a “going concern” attached to it. That often means bankruptcy is not too far away, however their debt is only a few million dollars. They have to do some reclamation in Spain which will cost them $6 million, plus in Bolivia they wanted to get the mine moving forward. Just got a loan of $7.9 million for their Bolivia holdings. Production is primarily gold and copper. He doesn’t know who the CEO will be going forward. A good speculative buy.


Price: $0.205
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-06-28 HOLD Pfizer Inc
PFE-N
Jim McGovern

A super, high quality stock that people have owned for decades and decades. A constant dividend grower. Has always had a great pipeline of drugs. Doesn’t believe the entire drug industry is either a Long or a Short. Wait to see who is elected in the US, because that will have a very big impact on sentiment.


Price: $34.440
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-06-28 TOP PICK Reitmans
RET-T
Benj Gallander

A tough market because of Amazon (AMZN-Q) and the Internet. The major knock is that they are losing money. Last quarter they lost millions of dollars as well as in the quarter before. However, they have over $100 million in the bank. Margins have been squeezed because the US$ has gone up in the past year. Revenues have been flat for the last year which a lot of people felt was not good, except they closed 60 stores. Same-store sales have gone up about 8.8%. Included in that is the 56%+ that their online sales have gone up. Dividend yield of 4.85%.


Price: $4.210
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-06-28 COMMENT Banco Santander SA
SAN-N
Benj Gallander

Orange (ORAN-N) or Banco Santander (SAN-N)? This got hit in the last couple of days. Goldman Sachs said it was going to cost them a fortune because of BREXIT and their profits would go way down. However, the CEO said she didn’t expect a lot of impact. Pays a nice dividend and constantly makes money. If he were buying either, it would be this one.


Price: $3.840
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: No
2016-06-28 COMMENT Banco Santander SA
SAN-N
Benj Gallander

This just got trounced in the past couple of days. It has been on his list for quite a while. He is watching it very closely. They have a lot of problems in Brazil, and have a lot of business in Britain. It pays a nice dividend. Thinks Europe is a good play.


Price: $3.840
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: No
2016-06-28 BUY on WEAKNESS Sba Communications Corp
SBAC-Q
Jim McGovern

Tower businesses have been reclassified as REITs, and they are terrific businesses. Cell phones aren’t going away, and with all the changes going on and what you can put through the lines, these towers are going to continue to be valuable properties. Any pullback would be a great time to get in.


Price: $103.540
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-06-28 BUY Starbucks
SBUX-Q
Jim McGovern

Some of the more growthier type names have been sold down. This one has a tremendous loyalty program. Has done quite well in China. It is one you can buy and tuck away for ever.


Price: $54.850
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-06-28 COMMENT Tricon Capital Group
TCN-T
Jim McGovern

Nice dividend and great management team. They were buying a lot of residential real estate property in the US when nobody else wanted it. Feels their block of properties is worth a lot of money. At some point there will be further consolidation in the space, and at some point they could be an acquisition.


Price: $8.430
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-06-28 COMMENT Trican Well Service Ltd.
TCW-T
Benj Gallander

On his watch list, but unfortunately it has gone up like crazy. The Wilkes Brothers were buying a lot. They are huge into the company, and are pretty sharp investors. As oil/gas comes back, this company should come back. Far less attractive to him now because it has gone up so much. For somebody wanting to get into the area, it could be a good pick, but there might be better picks with better balance sheets.


Price: $2.270
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: No
2016-06-28 TOP PICK iShares TIPS Bond E.T.F.
TIP-N
Jim McGovern

These are inflation protected securities. Thinks that CPI is going to continue to bump up. Expects the core PCE (?) in the US to be fully through 2% this year. A safer bet with less capital risk.


Price: $116.520
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-06-28 PAST TOP PICK United Security Bancshares Inc
USBI-Q
Benj Gallander

(A Top Pick June 19/15. Up 6.31%.) Based in Alabama and have 20 branches. They make money year after year and have excellent capitalization ratios. Selling at about two thirds of BV, which is something you generally don’t see in banking. In 2011 they eliminated the dividend, but it is now $.02 a quarter. Thinks there is tremendous upside on this. He can see the price quadrupling from this level.


Price: $8.620
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-06-28 TOP PICK United Security Bancshares Inc
USBI-Q
Benj Gallander

He likes regional banks. Also, has First United (FUNC-Q) and Bank of Commerce Holdings (BOCH-Q) in California. He started buying into the sector in 2009. This is a sector that has moved up for the most part, but this stock has not moved up as much. With BREXIT, there might be less inflation now for interest rates to move up in the US. If interest rates go up, that is good for the banks as it helps their bottom line. Dividend yield of 0.93%.


Price: $8.620
Subject: CONTRARIAN INVESTING
Bias: UNKNOWN
Owned: Yes
2016-06-28 COMMENT Visa Inc.
V-N
Jim McGovern

A great company and pretty much a staple in every portfolio managers holding. Visa Europe is very interesting and they are obviously taking in the rest of that. He has a series of shorts against this, such as Capital One, Discover and Allied Financial.


Price: $75.160
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Yes
2016-06-28 COMMENT Whitecap Resources
WCP-T
Jim McGovern

Right now he is very lightly positioned in energy. It has had a big move and he has seen a lot of energy stocks back up. A good company and management is fine. Doesn’t think you are going to get hurt on this except just through the general commodity malaise.


Price: $9.930
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-06-28 BUY on WEAKNESS Wells Fargo
WFC-N
Jim McGovern

If you are going to buy one US bank, this would be it. The loan quality, credit quality and management are superb. However, it is one of the more expensive large cap banks in the US. It depends on your time horizon. Eventually rates will go up. Dollar cost into the name over the next year.


Price: $46.100
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-06-28 DON'T BUY WSP Global Inc.
WSP-T
Jim McGovern

In the very short run, this is not the best time to buy this. A pure play engineering company, growth by acquisition. Terrific management. Believes it has about 10%-20% exposure to the UK. If things play out on a macro standpoint the way he thinks they will, at some point infrastructure spend starts to kick in, and this would be one of the beneficiaries.


Price: $38.010
Subject: NORTH AMERICAN LARGE - ETF'S & MACRO STRATEGIES
Bias: UNKNOWN
Owned: Unknown
2016-06-27 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

EU and the euro. Feels the UK vote will hasten the development of the breakup of the EU and the euro. There will be an election in France next April, which will be very, very important, as well as an election in March in the Netherlands, and a recent survey indicated that most people would want to see a referendum. Feels people really understand that the EU is not working. Doesn’t think that foreign exports for markets is not a big deal. London is one of the greatest cities in the world, and with the pound weakening and the UK markets coming off, there is going to be some phenomenal shopping to do in London.


Price: $0.020
Subject: NORTH AMERICAN & ETFs
Bias: CAUTIOUS
Owned: _N/A
2016-06-27 COMMENT A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Negative bond yields? The entire spectrum of Swiss bonds/government bonds has negative yields. With this flight to safety, it shows that people are worried about equities.


Price: $0.020
Subject: NORTH AMERICAN & ETFs
Bias: CAUTIOUS
Owned: _N/A
2016-06-27 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Markets. You would think that VIX would be spiking up today in a big way. There was a big spike on Friday because the BREXIT results were not expected. However, today with the markets down as they are, VIX is not spiking again. Either markets are a bit complacent or there is much more to come. He is leaning on the side of much more volatility to come. We will get trading rallies, but those trading rallies are not something you want to get excited about just yet. There is a lot more downside, right through to the US election.


Price: $0.020
Subject: NORTH AMERICAN & ETFs
Bias: CAUTIOUS
Owned: _N/A
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