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

Recent Opinions

Date Signal Company Expert Opinion Price
2014-10-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Markets.  Every time there is a Monday holiday we seem to get some market volatility.  S&P got down 9.4% and he was looking for 10, so we saw that.  16-17% of the S&P has reported already and he gives it a B+ rating.  IBM missed big, but when looking at various sectors, the change in earnings have been actually pretty good and in fact a bit better than expected by about 2-3% going into the quarter.  Revenue has been better than expected except for IBM and they are pointing to currency problems.  IBM may be a specific story.  We’ve seen some pretty good moves in financial stocks in the US after earnings reports.  He thinks it is a 70% chance it is a market bottom for now.  It may be a challenge in 2015 as the FED tries to ‘remove accommodation’.


Price: $0.020
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: _N/A
2014-10-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

From a 3-5 year perspective he likes oil and gas.  He was looking for pullback and we got it.  Looking out at the dividends from the energy sector, relative to where the banks are, he likes the dividend in the energy sector much better than the banks for the next 3-5 years.  There is talk, though, in the market where Saudi Arabia are going to be complacent in the energy price and this will punish Russia.  The spike below $80 in oil is probably the bottom and certainly in the low end of the range.  Below $75 makes no sense because of cost of production.


Price: $0.020
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: _N/A
2014-10-20 WATCH A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Gold.  A number of months ago he identified a double bottom.  We tested those.  But every rally has gone to lower highs.  The now triple bottom is still vulnerable.  Gold is not responding to recent S&P lows the way it should.  Wait for panic selling and then buy in for the next decade.  The lows of last year have to be taken out and then there has to be panic selling. 


Price: $0.020
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Unknown
2014-10-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

US Dollar and portfolio adjustment.  Japan needs to continue to weaken their currency.  Euro may go to parity.  US dollar staying strong may be a drag on US earnings so you may want to change your portfolio as currencies weaken.


Price: $0.020
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: _N/A
2014-10-20 N/A A Comment -- General Comments From an Expert
A Commentary
David Baskin

Markets.  He is starting to pick at some stuff.  He gets the sense that the worse is over for the correction.  Same for the stories that had people nervous have started to abate.  We were three years without a pullback.  He never sells into those things.  November and December are pretty good months usually.  If you held good solid companies you only got knocked back a few percent. 


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2014-10-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Educational Segment.  Volatility and the Bond Market.  In his sleep at night portfolio he looked for this correction.  Bond markets have done very well.  With 3 ETFs you can buy the entire world of fixed income.  He saw a 10 point spike in their charts.  Hedged fund portfolios are forced to come and buy fixed income securities.  He looked at the spread between VIX futures.  Wednesday of last week we saw the spike in the VIX spot and the bottoming of the S&P.  What he did was to get out of a lot of fixed income and rolled it into equities while they were so low and bonds were so high.


Price: $0.020
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: _N/A
2014-10-20 BUY A Comment -- General Comments From an Expert
A Commentary
David Baskin

Banks or Healthcare?  Banks in Canada have been money makers in Canada as long as the eyes can see.  Banks double every 10 years.  To invest in Healthcare you have to invest outside of Canada and lose the dividend tax credit.  He likes medical device companies.  ZMH-N is a preference in healthcare.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2014-10-20 DON'T BUY A Comment -- General Comments From an Expert
A Commentary
David Baskin

Life Companies.  They make more money when bond yields are higher.  Right now bonds are so unrewarding.  If you are SLF-T or one of the others, then what you get on your bonds is so much less than before the financial crisis.  The question is how they can invest unearned premiums.  He thinks it is premature to buy the pure life insurance companies at this time.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2014-10-20 N/A A Comment -- General Comments From an Expert
A Commentary
Chris Hensen

Markets.  Buys businesses that generate high returns over a period of time.  His value-add is just buying good businesses.  He worries top down and invests bottom up.  He is seeing opportunities in the market since the recent correction.  He has been waiting for the valuations of certain companies to come down.  He has been adding to some positions over the recent volatility.  He expects volatility to remain as global economies continue to diverge. 


Price: $0.020
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: _N/A
2014-10-20 PARTIAL SELL A Comment -- General Comments From an Expert
A Commentary
Chris Hensen

Canadian Banks.  He does not own any in his focus fund.  If you have a big weighting in banks, it is risky.  He is concerned about the amount of leverage they have on the balance sheets.  It would exaggerate any slowdown in the next few years.  He thinks earnings will slow over the next year, so take some profits.


Price: $0.020
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: No
2014-10-20 BUY on WEAKNESS Alaris Royalty
AD-T
Chris Hensen

Owns in his income funds.  Management have done well in deploying their capital.  They have a good long term track record.  Good dividend growth.


Price: $30.080
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: Yes
2014-10-20 DON'T BUY Agrium
AGU-T
David Baskin

Huge bumper crop in US in grains this year.  Prices in agriculture commodity companies have gone down since they went up in the past due to scares the Chinese would need so much more grains and that global warming would reduce supply.  He stays away from this sector.


Price: $94.600
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2014-10-20 DON'T BUY Arc Resources Ltd
ARX-T
David Baskin

He is not bullish on the energy extraction industry at all right now.  There is a whole lot of oil, gas and coal in the world.  These guys are price takers.  There is nothing they can do to better their prospects in the market.  Capping wells is a bad solution for income investors.  Look in a more stable industry like a high paying REIT for income.


Price: $28.700
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2014-10-20 DON'T BUY Bank of America
BAC-N
David Baskin

Pretty good earnings and strong quarter.  Prefers JPM-N and GS-N in preference to this one as there are skeletons in this closet.


Price: $16.260
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2014-10-20 BUY Badger Daylighting
BAD-T
Chris Hensen

They are a pioneer of the business.  Their edge is that they manufacture the trucks.  They were ramping up their manufacturing due to demand until last quarter when they said they would take it down from 5 trucks to 4 trucks per week.  This took the momentum off the stock.  But management is managing supply with demand so they don’t flood the market and bring down their daily bill-out rate.  Buy it here for upside within a couple of quarters of about 30%.  They manage the supply side of the business which he likes.


Price: $26.180
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: Yes
2014-10-20 BUY Brookfield Asset Management (A)
BAM.A-T
David Baskin

He has owned it forever, one of the best managed large companies in Canada.  Smart acquisitions of assets and a top notch group.  These guys are constantly building wealth.  If he was a pension fund manager, he would put his money with them for 10 or 15 years.  This is for steady, solid appreciation over time.  He likes the parent also.


Price: $51.560
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-10-20 DON'T BUY BlackBerry
BB-T
David Baskin

Their share of the smart phone market is now under 1%.  They have a new device out – passport.  Does not think they can compete against Samsung or Apple in the consumer market and they are now getting buried in the business market.  The patents are getting less valuable and the cash is dwindling so he does not know why you would buy it.


Price: $11.630
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2014-10-20 BUY BlackBerry
BB-T
Chris Hensen

Don’t make it a big part of your portfolio.  He is a large shareholder and he also owns the debt.  He is confident in the turnaround and that they will leverage the assets.  They should turn a profit next year. 


Price: $11.630
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: Yes
2014-10-20 TOP PICK Bank of Nova Scotia
BNS-T
David Baskin

A laggard.  It is difficult for Canadian banks to grow so each has its strategy.  It is in Mexico, Chili and others.  ROE is very high and dividend is attractive.


Price: $67.270
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-10-20 BUY Cameco Corporation
CCO-T
Larry Berman CFA, CMT, CTA

Uranium.  He added it to his portfolio over the last week.  He thinks the sector will make a bottom, but he does not know when.  He thinks it is a very attractive sector right now and CCO-T is his preferred way to play it.  You have to be willing to sit with it because it is volatile.


Price: $18.640
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Yes
2014-10-20 DON'T BUY Cameco Corporation
CCO-T
David Baskin

Cigar lake came into production finally.  Maybe nuclear power will come back or maybe it won’t.  People don’t see it as the answer like in the past.  Now we have solar power, wind power and the disaster in Japan to change people’s view.


Price: $18.640
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2014-10-20 WATCH Canadian Pacific Rail
CP-T
Chris Hensen

It is a really good business.  Generates very high levels of return.  Does not know when hedge funds might sell this company.  There may be some short term disruptions due to this.  He does not see a lot of upside in it, but with volatility he would want to add to it (say a 25% pull back)


Price: $221.650
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: Yes
2014-10-20 BUY Crescent Point Energy Corp
CPG-T
Larry Berman CFA, CMT, CTA

He turned negative 4-6 months ago.  Now he bought it at $36-$37 and it is neutral to up a little right now.  You don’t need to rush into it as you will see a lot of up and down in this sector.  Wait for the Russia/Ukraine situation to be resolved. 


Price: $38.100
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Yes
2014-10-20 DON'T BUY Crescent Point Energy Corp
CPG-T
David Baskin

Cash flow per share is the more important metric.  Don’t get fussed about the high PE ratio.  The cash flow has to pay the big dividend and replace assets as they deplete.  He has never been bullish on CPG-T because their payout seems overly optimistic.  The payout ratio is unsustainable if oil prices stay low for any period of time.  If they cut the dividend then the stock will fall like a rock.  He only has SU-T and CNQ-T.


Price: $38.100
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2014-10-20 WATCH Cisco
CSCO-Q
Chris Hensen

They see slow spending from businesses.  Likes what they are doing increasing dividend and buying back stock.  He doesn’t like the price when he marries it with the growth potential.  Wait for lower prices (teens).


Price: $22.930
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: Unknown
2014-10-20 PAST TOP PICK Canadian Utilities
CU-T
David Baskin

(Top Pick Oct 21/13, Up 4.25%) Nice and defensive if you need the income. 


Price: $39.050
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-10-20 BUY on WEAKNESS Dollarama Inc.
DOL-T
Chris Hensen

A great business.  They dominate the dollar segment.  900 stores.  They will add 80 a year and there is a potential for a lot of stores.  Their inventory system is impressive.  Very high levels of return (20-25% ROE).  The valuation is up there for a reason.  There is some good upside over a long period of time.  Add to it if it pulls back.  It is in his top 10.


Price: $99.220
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: Yes
2014-10-20 PAST TOP PICK Empire Company (A)
EMP.A-T
David Baskin

(Top Pick Oct 21/13, Up 4.15%) Mostly the distribution.  It’s pretty stable and there are growth prospects in Western Canada.  The expectation is 6% return.


Price: $75.040
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-10-20 TOP PICK Empire Company (A)
EMP.A-T
Chris Hensen

Just purchased Safeway.  Control close to 20% of grocery business in Canada as well as owning Crombie REIT (CRR.UN-T).  They compounded share growth at 10% over the last 10 years. 


Price: $75.040
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: Yes
2014-10-20 WATCH General Electric
GE-N
Chris Hensen

Earnings last week beat expectations.  Has the highest organic growth rate when it is one of the world’s biggest companies.  The new GE is totally different than the old one.  They are deemphasizing financial services.  They will split out the rest of it next year.  Likes what management is doing.  They are focusing on business that don’t need as much capital.  He doesn’t see a lot of growth relative to the stock price.  At the end of the day it is a great business.  He just can’t pay up for it at this level.


Price: $25.030
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: Unknown
2014-10-20 BUY Google
GOOGL-Q
David Baskin

Stock has come down about 15%.  People didn’t like the earnings last week.  Revenue was light and EPS was light.  People are worried about the pay per click they are getting.  It is hard to find a 16 Billion dollar company growing at 20%.


Price: $532.380
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2014-10-20 PAST TOP PICK Goldman Sachs
GS-N
David Baskin

(Top Pick Oct 21/13, Up 11.53%) Recommended on the premise that it would do a lot of investment banking and proprietary trading and that it could raise dividends.  They did all that.  It is 1.25 times book value.


Price: $177.840
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-10-20 BUY Imperial Oil
IMO-T
Chris Hensen

They have a tremendous record over the last 15 years.  They have very low costs (about $10) and so generate great profits.  They have one of the best production profiles coming on over the next 10-15 years.  They are very patient with their capital allocation.  Probably one of the best managed oil companies in the world.


Price: $51.420
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: Unknown
2014-10-20 BUY Inter Pipeline
IPL-T
David Baskin

The mid stream sector took a massacre in the last 6 weeks.  Some had very high valuations, but they got sold off much too much.  He likes them.  Less commodity exposure.  They are attractive to buy right now.


Price: $34.960
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2014-10-20 TOP PICK Moody's Corp.
MCO-N
Chris Hensen

Credit/debt rating agency.  Control close to 40% of the market.  You can’t issue debt without a rating.  A lot of their revenues are recurring in nature.  They buy back stock as well.


Price: $91.490
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: Yes
2014-10-20 TOP PICK Magna Int'l. (A)
MG-T
David Baskin

Bought some today.  It is down significantly over the last 7 weeks.  He knew there were going to be a lot of cars sold and therefore a lot of car parts.  There are another 2-3 years of good growth in North America in the auto industry and then after that it will repeat in Europe.  A PE of 10 so it is a perfect value stock.  Earnings growth exceeded the growth in the stock.


Price: $101.140
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-10-20 BUY on WEAKNESS Magna Int'l. (A)
MG-T
Chris Hensen

It has done a great job since the 2008 selloff.  One of the most diversified auto parts sellers.  The opportunity for growth is in China.  They are going to turn around their European operations where they have lower margins.  He likes what management is doing with capital.  They bought back close to $2 billion in shares.  He sees an 8% return so he would add to a position at a lower price point and hold for the long term.


Price: $101.140
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: Unknown
2014-10-20 TOP PICK MTY Food Group
MTY-T
Chris Hensen

Has been around for a long time.  They are Thai Express, Mr. Sub, Jugo Juice and Extreme Pita.  They have close to 30 brands in their portfolio.  They have done a fantastic job growing the business.  He sees this as a tremendous opportunity.  They can double their revenues in the next 7 years as they roll out into the US.


Price: $28.970
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: Yes
2014-10-20 DON'T BUY Power Corp
POW-T
David Baskin

Went down because of bond yields and because of investor’s group management because stocks went down and so then their fees went down. He thinks the stock is cheap and the dividend is sustainable.  He would recommend being at the top of the pyramid because if value is released that is where it will happen.


Price: $28.460
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2014-10-20 WATCH Transocean Inc.
RIG-N
Larry Berman CFA, CMT, CTA

The stock has been cut in half from a year ago and is very attractive here because somewhere here oil bottoms.  This stock could see more volatility and fall another 20%, but look out 5 years and it is very attractive.


Price: $29.320
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Unknown
2014-10-20 WATCH Suncor Energy Inc
SU-T
Chris Hensen

There is no way to know where the oil price will go in a couple of years.  It is hard to invest in this area.  It is a high cost producer with the majority of assets tied up in the tar sands so when oil sells off it gets hit more.  But he likes their integrated structure with the upstream and downstream.  He just doesn’t see a lot of upside here.  He would like to see it a lot lower before adding to it.


Price: $38.100
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: Yes
2014-10-20 SELL Telus Corp
T-T
Chris Hensen

There are interesting dynamics in the space.  Are the regulators going to let in a 4th service provider?  He owns RCI.B-T.  They will all grow about the same amount.  Likes the media and broadcasting assets of Rogers.  Telus lacks this.  He doesn’t see any upside to this one.  He would swap out of T-T and into RCI.B-T


Price: $38.320
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: No
2014-10-20 SELL Transalta Corp
TA-T
David Baskin

No one likes burning coal very much.  They were propped up by the dividend which they were not earning.  He would stay away from it.


Price: $10.870
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2014-10-20 SELL Tim Hortons
THI-T
Chris Hensen

He is confident the deal will get done.  This is a great business.  He sold it, but was upset because it was a great business.  He wants to see more evidence of what management is going to do now.  There is a great opportunity to take this brand global.  The US business has not been generating the return they thought it would.  He is now interested in DOL-T.


Price: $86.680
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: No
2014-10-20 TOP PICK Trans Canada Corp
TRP-T
David Baskin

Keystone XL does not matter anymore.  Growth of the company will happen inside Canada.  They may spin out their power generating assets and release value.  This is a dividend grower. 


Price: $53.540
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-10-20 BUY Verizon Communications
VZ-N
David Baskin

Took a hit in the correction, but he thinks it is well positioned as a content provider.  He likes this one.  It is a value stock with a low PE, share buybacks, nice dividend and the ability to raise it.  He prefers it to others in Canada with the dividend tax credit because the metrics of the earnings are that much better.


Price: $48.480
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-10-20 BUY on WEAKNESS Wells Fargo
WFC-N
Chris Hensen

He does not own any of the banks in Canada or the US.  A lot of the banks delivered significantly.  WFC-N survived.  It is probably one of the best managed banks over time.  They compounded their book value per share 11%.  Returns will be lower because leverage has come down.  They are buying back stock and increasing the dividend, but he shies away from the banks.  He likes that they are retail funded rather than wholesale.  You may want to add to the position on a pullback.


Price: $49.180
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: Unknown
2014-10-20 DON'T BUY Exxon Mobil
XOM-N
David Baskin

Profitable at $80 oil.  Better than Chevron. Go with the giant in this case. The easy oil is gone so everything being developed now has something tricky about it. Nothing is cheap any more. If the oil price comes down too low, many projects will get shelved and supply will come down and then the price will go up.


Price: $91.770
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2014-10-17 N/A A Comment -- General Comments From an Expert
A Commentary
Eric Nuttall

Markets.  This is the best time in 5 years to buy energy stocks.  It is the best correction going back to 08/09.  It was not the speculative names, but the majors.  Physical demand for oil world wide remains strong.  You look at inventory spreads.  Demand is up over a million barrels a day, but financial demand for oil is very, very weak. These are people who do not expect delivery of the oil when they invest in the future.  There has been a trade to sell oil because it was strong.  This put enormous short term pressure on the price of oil.  It is thought that oil futures are grossly oversold.  US oil companies are massively outspending cash flow.  As the price hits $80 going up, their cap-X should respond.  Companies are now thinking about their 2015 spending plans.  This weak oil price is very much a self correcting oil price.  The opportunity is in Canadian oil companies and in the ones that have simply sold down with the market.


Price: $0.020
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: _N/A
2014-10-17 N/A A Comment -- General Comments From an Expert
A Commentary
James Hodgins

Markets.  He thinks this week has to do with the Fed unwinding QE.  Also, you are seeing numbers out of Europe, China and Japan that are quite worrying.  The US can implement QE without impacting the purchasing power of its currency, whereas Japan, when they did QE, created a tremendous weakness in the Yen.  Even grocery sales are down significantly.  It means the whole QE game globally is coming to an end.  We could see the Fed reverse their course, but does not think they will do that for credibility reasons.  There are record levels of debt in margin accounts, even compared to 2007.  Lighten up on risk assets and try to get diversified and not sensitive to broader market fundamentals.  Volatility is quite concerning to him.


Price: $0.020
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: _N/A
2014-10-17 SELL Altus Group
AIF-T
James Hodgins

He has been lightening up.  The big decline in energy services impacts this one.  He does not see a lot of positive change for this company.  He has a small position that he is looking to exit.


Price: $20.250
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: Yes
2014-10-17 PAST TOP PICK Athabaska Oil Sands Corp
ATH-T
Eric Nuttall

(Top Pick Sep 25/13, Down 38.25%) He got out in the mid $7s.  They settled with first nations.  The challenge now is the indiscriminant selling in the energy market and which ones to buy.


Price: $4.350
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-10-17 DON'T BUY Bonavista Energy Corp
BNP-T
Eric Nuttall

Great team, but on his uninvestible list because of their debt.


Price: $11.450
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-10-17 DON'T BUY Calfrac Well Services Ltd
CFW-T
Eric Nuttall

He has eliminated all his service exposure except for two companies, two days ago.  CFW-T’s margin expansion will not happen and budgets will not be as aggressive as they would have been two months ago.  The whole thesis for buying these names has evaporated. Prefers producers who have hedging.


Price: $13.550
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-10-17 BUY Cardinal Energy Ltd
CJ-T
Eric Nuttall

It is a good buy although it does not trade enough for him to get into it.  Their decline rates are amongst the lowest in the business.  The yield is a little low.  It does well in terms of capital appreciation.  It is a good name.


Price: $17.100
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-10-17 HOLD Crescent Point Energy Corp
CPG-T
Eric Nuttall

120% payout ratio with low oil prices.  But their cash flow sensitivity is not that related to the oil price.  The dividend is safe. 


Price: $37.680
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Unknown
2014-10-17 DON'T BUY Crescent Point Energy Corp
CPG-T
James Hodgins

Dividend stability depends on the price of oil.  If oil falls, he thinks either cap X or the dividend will have to be cut.  Does not like names with relatively high debt that attract investors with the yield.


Price: $37.680
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: Unknown
2014-10-17 DON'T BUY DHX Media
DHX.B-T
James Hodgins

It is relatively expensive.  It is similar to Chorus now.  They just restructured the shares due to a CRTC requirement.  It does not have an impact on the company.


Price: $8.680
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: Unknown
2014-10-17 BUY DeeThree Exploration
DTX-T
Eric Nuttall

Rock solid balance sheet and wells are getting better year after year.


Price: $7.050
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Unknown
2014-10-17 PAST TOP PICK DragonWave Inc.
DWI-T
James Hodgins

(Top Pick Sept 30/13, Down 41.87%) The build-out never really happened.  The structure of the financing was so dilutive in the end.  It paid investors in the deal to sell the shares.


Price: $1.200
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: No
2014-10-17 WAIT Guestlogix
GXI-T
James Hodgins

Airlines are their biggest customers, whose stocks are down due to the Ebola virus.  They have 80% market share.  They have had 20 new deployments this year.  He does not expect a major uptick this quarter, but next quarter and into next year.  Revenues could be up 40%.


Price: $0.930
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: Unknown
2014-10-17 BUY Ikkuma Resources
IKM-X
Eric Nuttall

Was buying this stock this morning.  Was a past pick a month and a half ago.  This is an opportunity.


Price: $1.740
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Yes
2014-10-17 TOP PICK Ikkuma Resources
IKM-X
James Hodgins

They did a share consolidation.  It is trading ridiculously cheap here.  TD is estimating 80 cents of cash flow next year.  Great balance sheet and good growth.


Price: $1.740
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: Yes
2014-10-17 PAST TOP PICK Legacy Oil and Gas Inc.
LEG-T
Eric Nuttall

(Top Pick Sep 25/13, Down 22%) He switched out this week after management issued themselves another 900k of performance units.  It is a name where they did a great job of reducing leverage.  He does not know what they have to do to gain investor traction.


Price: $4.950
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-10-17 DON'T BUY Long Run Exploration
LRE-T
Eric Nuttall

120% payout ratio.  They could dial back Cap-X spending.  The price of oil would have to stay back for a couple of years in order to cause a dividend cut.


Price: $3.570
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Unknown
2014-10-17 SELL Lightstream Resources
LTS-T
Eric Nuttall

Not a prime takeover candidate, payout ratio of 155%. He would not own this one.


Price: $3.940
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Unknown
2014-10-17 SELL Lightstream Resources
LTS-T
James Hodgins

He has been short for a long time.  When they have a lot of leverage or are higher on the cost curve, they are sensitive to weak oil prices.  He thinks they will be in a lot of trouble if oil stays low.  The dividend is a big warning sign and is not sustainable.  If oil prices rallied, the stock might do fine.


Price: $3.940
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: Yes
2014-10-17 TOP PICK Merus Labs International
MSL-T
James Hodgins

(Top Pick Sept 30/13, Up 5.71%) The new CEO is better than the prior.  They have expanded the drug base to 3 in the portfolio.  The new CEO will be much more aggressive at growing the portfolio of drugs from 3 to 6 next year to 12 the following year.  It is ridiculously cheap.Thinks you will see a double in the next while.


Price: $1.480
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: Yes
2014-10-17 PAST TOP PICK Neulion
NLN-T
James Hodgins

(Top Pick Sept 30/13, Up 104.00%) Rogers is using them, as is BNN.  Thinks you will see more deals like this with sports leagues. 


Price: $1.000
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: Yes
2014-10-17 BUY Patient Home Monitoring
PHM-X
James Hodgins

Business is great.  They have been very successful in cross selling and creating organic growth.  He holds both their debt and their equity.


Price: $0.425
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: Yes
2014-10-17 DON'T BUY Pine Cliff Energy
PNE-X
Eric Nuttall

They can still have some element of free cash flow.  He has no idea if this will be a cold winter.  He prefers oil.


Price: $1.560
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-10-17 BUY Parex Resources Inc.
PXT-T
James Hodgins

Relatively low cost, high return on capital and lots of growth prospects. 


Price: $10.750
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: Yes
2014-10-17 SELL BlackPearl Resources Inc
PXX-T
Eric Nuttall

This is a heavy oil producer and the differential is very small.  Their project, however, requires massive funding.  There are such great opportunities in businesses that are fully funded.  Move money into his top picks today.


Price: $1.730
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Unknown
2014-10-17 WAIT Redknee Solutions
RKN-T
James Hodgins

He has been short for a while.  He thought they would have integration problems when they bought a company 8 times their size, which was shrinking.  It is getting to levels where he is considering covering his shorts.


Price: $3.560
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: Yes
2014-10-17 TOP PICK The Score Inc.
SCR-X
James Hodgins

The application for the phone is just so slick.  People also check the app for movement in the odds.  Their growth is accelerating.  Up 151% year over year.  They are just getting to the point where the size of audience is starting to kick in to attract very big advertisers.


Price: $0.350
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: Yes
2014-10-17 TOP PICK Spartan Energy Corp
SPE-T
Eric Nuttall

Best prospects of any North American oil company.  This is part of a flight to quality.  They have so little debt.  They have a seven year inventory of wells.  There is a possibility they could be a full year ahead of their production success. Can grow cash flow at 29%.  They could massively surprise to the upside if the remainder of their drilling program come in as expected.  Strong balance sheet.


Price: $3.180
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Yes
2014-10-17 SELL Spot Coffee
SPP-X
James Hodgins

Very speculative.  They changed to a franchise model.  Now they are just in upstate New York and Pennsylvania.  They are having some success here.


Price: $0.040
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: Unknown
2014-10-17 SELL Sandvine Corp.
SVC-T
James Hodgins

He sold back in the early summer when the FCC opened comments for net neutrality rules.  The opinions coming back were quite negative for SVC-T.  They would address the case where carriers would want to identify certain packets and give them a higher priority, e.g. Netflix, where they would cut a deal with them.


Price: $2.790
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: No
2014-10-17 WAIT Symbility Solutions
SY-X
James Hodgins

He sold at the end of last year when they lost their biggest customer.  That customer has an agreement to the end of the year and following that the stock may drop to levels where one should get in.


Price: $0.290
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: Unknown
2014-10-17 HOLD Twin Butte Energy
TBE-T
Eric Nuttall

Management ran into sharp objects last year.  They then had decline rate issues. The dividend is safe.  Collect the 13% yield and wait for it to go back up.


Price: $1.530
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Unknown
2014-10-17 HOLD Trinidad Drilling Ltd
TDG-T
Eric Nuttall

Sold it from his funds yesterday and today.  There is nothing specific about the company.  There is going to slack in the drilling and pressure pumping businesses.  The balance sheet is fine, but the trade is dead at this time.


Price: $7.500
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Unknown
2014-10-17 DON'T BUY Tekmira Pharmaceuticals
TKM-T
James Hodgins

It is up a lot, but it is just so speculative.  It is not his cup of tea.  If the outbreak of Ebola starts to come under control, then this stock should decline back down.


Price: $24.600
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: Unknown
2014-10-17 TOP PICK Torc Oil & Gas Ltd
TOG-T
Eric Nuttall

(Top Pick Sep 25/13, Up 46.03%) He bought last week. Nothing has changed fundamentally except for the recent correction.  This is the one in the list of most safe.  Clean balance sheet and plenty of plays.  Management team owns a lot of the company and can surprise to the upside.  They have not bought a lot of other assets. but if share price goes up they could do some wildly accretive acquisitions.  A light oil name.  Was buying two to three days ago.


Price: $11.500
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Yes
2014-10-17 HOLD Tourmaline Oil Corp
TOU-T
Eric Nuttall

Sold a week ago, but nothing to do with the company, but taking a bear position in natural gas.  Prefers Seven Generations.  Hold if you are bullish on Nat Gas.


Price: $46.010
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: No
2014-10-17 SELL Temple Hotels
TPH-T
James Hodgins

The stock really got creamed.  He is short this one.  Once projects start to slow in the oil sands, the need for the accommodations declines.


Price: $4.520
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: Yes
2014-10-17 HOLD Vecima Networks Inc.
VCM-T
James Hodgins

Sell networking equipment.  The core business has not been great this year, but they are unlocking value with hidden assets like real estate and some wireless spectrum that they are selling off.  It is not expensive.


Price: $7.800
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: Yes
2014-10-17 DON'T BUY Vogogo Inc.
VGO-X
James Hodgins

A compliance platform for bit coin processing.  He sold.  It is the only bit coin play that is publicly traded and so the valuation is way ahead of the fundamentals.  He is skeptical of the concept.


Price: $3.020
Subject: MARKET NEUTRAL INVESTING: SMALL/MID-CAP
Bias: UNKNOWN
Owned: No
2014-10-17 TOP PICK Whitecap Resources
WCP-T
Eric Nuttall

Will see some early money.  Dividend is one of the most sustainable dividends.  At $80 oil can grow production by 15%.  Their balance sheet is very under levered.  They have low decline.  They can bring on production very efficiently.  CEO and directors are buying stock actively.


Price: $14.890
Subject: OIL & GAS
Bias: BULLISH on OIL
Owned: Yes
2014-10-16 N/A A Comment -- General Comments From an Expert
A Commentary
Michael Missaghie

Markets.  REITs have held up well in this market downturn.  The 10 year bond in the US fell 60-70% this year when people thought it would go up.  REIT fundamentals continue to be strong: above average free cash flow growth from occupancy increases, rent increases, interest savings on refinancing, acquisitions and development.  We saw a number of things that derailed global growth projections.  The US recovery will remain, but it will be a slow recovery.  We have an environment right now where the economy is improving, but rates are not rising.  Occupancy increases don’t happen overnight.


Price: $0.020
Subject: REIT's
Bias: OPTIMISTIC
Owned: _N/A
2014-10-16 N/A A Comment -- General Comments From an Expert
A Commentary
Stan Wong

Markets. Seeing 10% declines on the TSX was a bit of a surprise. The S&P didn’t quite get to the 10% mark. October is often a month characterized by market declines, but also characterized by market reversals as well, so we may see that this month. We have an alphabet soup of different problems. We have Ebola, China, Europe, Isis, the Fed, etc. There are a lot of issues, a lot of concerns, a lot of problems and worries in the market, but when something starts to go right, the market starts to reverse upward. If you look at the fundamentals, the economy globally and the US are still moving forward. There are some question marks as to whether we are seeing some stalling in Europe and in China, but it is still moving forward. The bull market is still alive. You want to take advantage of these opportunities, and use any cash that you have built up, and put it back to work.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: _N/A
2014-10-16 HOLD Apple
AAPL-Q
Stan Wong

Trading at about 15X near market valuations, but better than the market growth rate. Still a pretty good name. Trading at under 1.0 PEG ratio, which is pretty cheap. Thinks the valuations are getting more normalized at this point.


Price: $96.260
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 DON'T BUY Amica Mature Lifestyles
ACC-T
Michael Missaghie

Seniors housing.  Leverage is seen as too high by the street (65%).  Payout is safe at around 85%.  They have to deal with the leverage.


Price: $6.940
Subject: REIT's
Bias: OPTIMISTIC
Owned: Unknown
2014-10-16 DON'T BUY Agrium
AGU-T
Stan Wong

He is pretty neutral on this particular space. Thinks the US farmer is quite mature at this point, in terms of their spending patterns. We have seen earnings estimates fall a bit and level off somewhat. He would look at other sectors.


Price: $93.990
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: No
2014-10-16 BUY American Homes 4 Rent
AMH-N
Michael Missaghie

Largest single family home rental owner in the US.  Assets across the country.  They have an operating platform to manage single family rental homes and he likes it for this reason.  Thinks you will see consolidation over the next few years.


Price: $16.760
Subject: REIT's
Bias: OPTIMISTIC
Owned: Unknown
2014-10-16 TOP PICK Artis Real Estate Investment Trust
AX.UN-T
Michael Missaghie

Large proportion (20%) of their assets are in the US and the rest in the four western Canadian provinces.  Took advantage of very open capital markets to grow its portfolio on the asset side accretively.  They brought down the payout ratio and the leverage.  The distribution is over 7%.  Thinks the NAV is approximately $17.


Price: $15.130
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 COMMENT Bank of America
BAC-N
Stan Wong

He likes the US financials in general and he likes this bank. Has been focusing more closely on some of the US regional banks such as Wells Fargo (WFC-N). He doesn’t know if he has a favourite, but you might want to start watching out for some of the multinational names because of the US$ advancing so much.


Price: $16.080
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Unknown
2014-10-16 PAST TOP PICK Bank of Nova Scotia
BNS-T
Stan Wong

(A Top Pick October 17/13. Up 12.5%.) This gives you a 4% yield with a growing dividend profile. More international than the other Canadian banks. Long-term he expects you will see a ton of growth from those areas.


Price: $65.860
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 DON'T BUY Brookfield Property Partners
BPY.UN-T
Michael Missaghie

Real estate arm for Brookfield asset family.  Office properties.  It continues to trade at a discount.  They are trying to make it their global real estate entity and to diversify the portfolio.  He used to own it, but exited as it went up.  Prefers BAM-T.


Price: $23.800
Subject: REIT's
Bias: OPTIMISTIC
Owned: No
2014-10-16 BUY Baytex Energy Corp
BTE-T
Stan Wong

Baytex Energy (BTE-T) or Suncor (SU-T)? Certainly 2 very different names. This one gives you an 8% yield while you don’t get that at Suncor. For yield hunters, this is one that he would look at. He actually likes and owns both names, and they are both fine. You are probably getting a little bit more leverage in terms of the movement in oil price relative to the stock price with this, where Suncor might be a little bit steadier being in the oil Sands space.


Price: $35.270
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 BUY Canadian Natural Rsrcs
CNQ-T
Stan Wong

This stock was definitely oversold. The dominant name in Western Canada with additional operations in the North sea and Africa. Extremely well managed. Solid property and good acquisitions. Low cost of production. Cash flow is the key for this company. He would own this for the long-term. 2.7% dividend that will grow.


Price: $37.570
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 BUY Canadian National R.R.
CNR-T
Stan Wong

Likes both Canadian National (CNR-T) and Canadian Pacific (CP-T), but prefers CP a little better. Feels the growth metrics for it are a little bit stronger and valuations are a little cheaper when looking at a PEG ratio analysis. Given the fact that they have both sold off quite a bit, especially this one, he would be a buyer. These are good entry points.


Price: $71.900
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Unknown
2014-10-16 BUY Canadian Pacific Rail
CP-T
Stan Wong

Likes both Canadian National (CNR-T) and Canadian Pacific (CP-T), but prefers this a little better. Feels the growth metrics for this are a little bit stronger and valuations are a little cheaper when looking at a PEG ratio analysis. Given the fact that they have both sold off quite a bit, especially CNR, he would be a buyer. These are good entry points.


Price: $218.120
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: No
2014-10-16 HOLD Crescent Point Energy Corp
CPG-T
Stan Wong

You do not want to sell these names at this point. This one is giving you a 7.5% yield. In fact he has been looking at buying some of these names.


Price: $36.800
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 WEAK BUY Crombie Real Estate Investment Trust
CRR.UN-T
Michael Missaghie

Sobeys is the largest tenant.  Over the last few years they grew outside of their Atlantic Canada focus.  They also tried to improve their payout ratio and leverage.  He would like it lower, however.  But they substantially improved their asset quality and they diversified outside of the Atlantic region.  The free cash flow growth still does not screen as well as others.


Price: $12.770
Subject: REIT's
Bias: OPTIMISTIC
Owned: Unknown
2014-10-16 COMMENT CT Real Estate Invest Trust
CRT.UN-T
Michael Missaghie

Canadian Tire.  Predominantly leased by Canadian Tire.  Continues to be held 80% by Canadian Tire Corp.  A sustainable distribution ratio of about 90%.  If you look at single tenant REITs, the growth is not as good as a more diversified REIT.  They should get 3% AFFO growth.  If they developed on their redevelopment acquisitions it could be more.  Lease terms are 8-9 years so there is not a lot of risk to their cash flows.  But after that things could change.


Price: $10.990
Subject: REIT's
Bias: OPTIMISTIC
Owned: Unknown
2014-10-16 TOP PICK CVS Health
CVS-N
Stan Wong

Feels it is important to stick with names that have high US revenues, and this one has 100% of its revenues from the US. The largest healthcare provider in the US. They are going to benefit from an aging US population, an increase in generic drugs and an increase in growth in specialty prescription drugs. Trading at 17X Forward Earnings and has a 14%-15% growth rate. A pretty cheap 1.2%X PEG ratio relative to the other consumer staple names.


Price: $78.810
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 BUY Calloway REIT
CWT.UN-T
Michael Missaghie

Trading at a larger discount to NAV than REI.UN-T.  But you get a slightly lower growth.  Sustainable payout ratio as well as a sustainable leverage.  99% occupancy level with Wal-Mart stores as tenants.  Will grow free cash flow at a higher level than in the past since new CEO came in and is looking to provide value for investors.


Price: $26.200
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 HOLD Dream Office REIT
D.UN-T
Michael Missaghie

Office assets across Canada.  Has been in a range because sentiment around the office sector is very poor right now.  There is supply coming on in both Toronto and Calgary and the market fears lower rents and lower occupancies.  It is trading at a 10% discount to net asset value. 


Price: $27.390
Subject: REIT's
Bias: OPTIMISTIC
Owned: Unknown
2014-10-16 TOP PICK Walt Disney
DIS-N
Stan Wong

If you can pick up a world-class name like this on a pull back like this that is a good thing. They have a multiplatform strategy. They bring out a movie or a character, and put it in their theme parks. Their content is unrivalled by any of the other competitors, so it deserves a premium multiple. Expects the stock to grow in earnings by 12%-15% long-term.


Price: $81.740
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 COMMENT Dollarama Inc.
DOL-T
Stan Wong

The stock split coming in November will not have much impact. The valuation on this looks pretty good. Trading at 1.1X PEG ratio and 22X earnings with a near 20% growth rate. Executing extremely well. A good name to own long-term.


Price: $96.390
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: No
2014-10-16 TOP PICK First Capital Realty
FCR-T
Michael Missaghie

Very high quality business.  Management team is very well aligned.  Asset quality has improved.  Payout ratio and leverage that are almost the best in the business.  The valuation is very undemanding.  There is an overhang because of an equity issue done recently.  NAV is about $18-$18.25.  It is a core position in his opinion.  He would add to it right now.


Price: $17.620
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 BUY General Electric
GE-N
Stan Wong

Likes this. The industrial space makes sense at this point if the economy continues to move forward. Globally speaking, and specifically in the US, these types of names are good to own. Has become quite oversold.


Price: $24.250
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 PAST TOP PICK General Growth Properties Inc.
GGP-N
Michael Missaghie

(Top Pick Nov 20/13, Up 19.41%) Owns high quality shopping malls in the US.  Brookfield got it when they filed for bankrupsy during the financial crisis.  They lowered their leverage and staggered out their debt maturities.  Trades at a slight discount to net asset value.


Price: $1.050
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 BUY Google
GOOGL-Q
Stan Wong

Had some disappointing earnings numbers after-hours today. However, he feels there is more of an issue that this is such a large animal with different tentacles, that analysts have trouble trying to pinpoint where the earnings are going to come from on a quarter by quarter basis. When you look at this from its inception to where it is today, it has grown so far and so fast. Anytime you can own this at a decent valuation this is a good name to own.


Price: $536.920
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 HOLD Granite REIT
GRT.UN-T
Michael Missaghie

Magna is the main tenant.  They are trying to reduce that concentration to 50% from 85% now.  They sold some non-core assets.  He will not allocate capital here because he does not like the long term prospects.  Payout ratio and leverage are low enough that there is not a lot of risk if you hold it for the distribution.


Price: $37.480
Subject: REIT's
Bias: OPTIMISTIC
Owned: Unknown
2014-10-16 COMMENT iShares High Dividend Equity
HDV-N
Stan Wong

US dividend ETF? The go to high dividend name that he likes would be this. It holds names like AT&T which pays a pretty high dividend plus others. The fund has done well, and is up about 15% per year over the last 3 years. The yield is about 3.5%.


Price: $71.850
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Unknown
2014-10-16 DON'T BUY Canadian Hotel Income Properties
HOT.UN-T
Michael Missaghie

Limited service hotel industry in the US.  A large part is crew-oriented occupancy – contracts with rail companies.  They are trying to diversify outside of that.  This is a volatile market.  He is not a huge fan.  Their leverage and payout ratio are sound.  It is okay to hold it for the distribution.


Price: $19.070
Subject: REIT's
Bias: OPTIMISTIC
Owned: Unknown
2014-10-16 BUY H&R Real Estate Inv Trust
HR.UN-T
Michael Missaghie

Diversified REIT in industrial and retail.  Have evolved greatly as a company over the last couple of years.  He thinks they will do things that will add value for investors.


Price: $21.380
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 COMMENT HBP S&P500 VIX Short Term VIX ETF
HUV-T
Stan Wong

The VIX is a very difficult measure to predict. It is extremely volatile. The VIX historically in Sept/Oct tends to move up about 15% over those 2 months. Going into Nov/Dec, the VIX tends to fall by about that same amount. He would probably tend to Short this through Nov/Dec. His suspicion is that markets will calm down and this should come off a bit.


Price: $5.520
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: No
2014-10-16 PAST TOP PICK InterRent REIT
IIP.UN-T
Michael Missaghie

(Top Pick Nov 20/13, Up 5.27%) He is one of the largest shareholders.  They are an owner operator and redeveloper of apartments.  Thinks it should be a dollar higher.  They got hurt with repositioning some assets.  He is still confident in the management team.  It is very compelling value.


Price: $5.510
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
Showing 1 to 120 of 133,087 entries
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