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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
2016-07-22 N/A A Comment -- General Comments From an Expert
A Commentary
Tyler Mordy

ETFs. Early on, praises were sung for low costs, tax efficiencies, etc. Now there is a recognition of a fundamental shift in the way portfolio management is going to be done in the future. It is moving from single high/low stock picking to multi-asset class investing, and recognizing that this is really a game changer for the portfolio manager industry. ETF providers have done this colonization of the asset classes. For example, previously access to gold bullion was very difficult and you had to pay storage costs, etc. Also, the offshore Chinese bond market is a really good example of something that nobody really knows about and is not represented very well in portfolios, but offers a lot of non-correlation as a different portfolio component. His process is to look at super trends, such as a 3-5 year view and looking to see what are going to be the drivers for portfolio returns. Then he looks at a less than 12-month view, which really relies on behavioural analysis including investor psychology and sentiment, and trying to position accordingly.


Price: $0.020
Subject: ETFs & MACRO PORTFOLIO STRATEGIES
Bias: BEARISH on US ECONOMY
Owned: _N/A
2016-07-22 COMMENT A Comment -- General Comments From an Expert
A Commentary
Tyler Mordy

Effects of a Trump win on financial markets? Trump is promising tax cuts and infrastructure spending giving $10 trillion in renewed debt over the next few years. Initially that would be good for corporate profits. His policies relating to protectionism and closing of the world to the US, is very bullish for Asia longer-term.


Price: $0.020
Subject: ETFs & MACRO PORTFOLIO STRATEGIES
Bias: BEARISH on US ECONOMY
Owned: Unknown
2016-07-22 COMMENT A Comment -- General Comments From an Expert
A Commentary
Tyler Mordy

A senior’s ETF portfolio? For his clients, particularly for a retiree, the goal is to avoid big mistakes in a portfolio. The 1st line of defence is global diversification. When constructing a portfolio, think of core and satellite. The best way is to build a core of cheap peer beta, and be as widely globally diversified as possible. As a satellite component, he usually puts in country sector, different asset classes, that he thinks provides better risk return characteristics. The core functions as a minimum level of diversification.


Price: $0.020
Subject: ETFs & MACRO PORTFOLIO STRATEGIES
Bias: BEARISH on US ECONOMY
Owned: Unknown
2016-07-22 COMMENT A Comment -- General Comments From an Expert
A Commentary
Tyler Mordy

Smart beta versus traditional market cap? Original ETFS were based on market capitalization, the underlying weights of the individual stocks, bonds, etc. Any departure from that creeps into the world of “Smart beta” where you can weight stocks by their dividends, revenue, etc. Because he is making the decisions on a global asset allocation basis, he wants the cheapest, purest beta that tracks a particular index, for example gold. You have to be aware of what is under the hood.


Price: $0.020
Subject: ETFs & MACRO PORTFOLIO STRATEGIES
Bias: BEARISH on US ECONOMY
Owned: Unknown
2016-07-22 N/A A Comment -- General Comments From an Expert
A Commentary
Tyler Mordy

ETFs or Mutual Funds? These can coexist together harmoniously, and are not mutually exclusive. Typically, you get smaller size portfolios in mutual funds giving you some trading efficiencies. Also, mutual fund fees are going down, and the industry is definitely undergoing some significant shift.


Price: $0.020
Subject: ETFs & MACRO PORTFOLIO STRATEGIES
Bias: BEARISH on US ECONOMY
Owned: Unknown
2016-07-22 COMMENT A Comment -- General Comments From an Expert
A Commentary
Tyler Mordy

UK £ if rates are cut &/or a faltering UK economy? This is a good currency to own longer-term. Macro fears have really trashed a lot of assets. Some of these currency shares offered in the US or Canada are good way to do it. He also likes UK equities. If he only liked the £ he would be long the FXB (FXB-N), but because he likes UK equities and the £, he is long the EWU (EWU-N).


Price: $0.020
Subject: ETFs & MACRO PORTFOLIO STRATEGIES
Bias: BEARISH on US ECONOMY
Owned: Unknown
2016-07-22 COMMENT A Comment -- General Comments From an Expert
A Commentary
John Zechner

Oil? He was looking at a chart that showed how far the stocks were ahead of the move in oil. Valuations are basically the highest they have been in 40 years relative to the industry. You are obviously paying for a lot more than $44 crude. Oil prices have rolled over from the $52, and the stocks have not come back that much. He has a hard time sticking money in the sector right now.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-07-22 BUY Apple
AAPL-Q
John Zechner

(Market Call Minute.) He likes this. The IOS ecosystem has so much more value. It’s cheap.


Price: $98.660
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-07-22 TOP PICK Deutsche X-trackers Harvest CSI 300 China A-Shares
ASHR-N
Tyler Mordy

There is a lot of misinformation on China. Everyone is trying to interpret the Chinese economy through a Western prism. If you are going to understand the Chinese economy, you have to look at the directives of the government. There was a big bull market from 2002 to 2011 that was driven by exports. Now the government is wanting to rebalance to stimulate the middle class. 40% of this is banks, which are trading at very, very cheap valuations. The worst crash possible is already priced in.


Price: $24.340
Subject: ETFs & MACRO PORTFOLIO STRATEGIES
Bias: BEARISH on US ECONOMY
Owned: Yes
2016-07-22 PAST TOP PICK Avigilon Corp
AVO-T
John Zechner

(A Top Pick Aug 10/15. Down 19.24%.) He likes where it is positioned. A competitor was taken out at about 20X earnings. What he thinks they do better at than everybody else is integrating their systems more, and giving more security. What has hurt in the last couple of years is that they built a new facility in the US, and it has been ramping up. While they have been doing that they have been spending a lot of money without seeing any results, so margins came under pressure and they missed a little on their earnings.


Price: $12.980
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-07-22 PARTIAL SELL Boeing
BA-N
John Zechner

This is a great company. They own the market share in planes. The Paris air show was on recently and he feels people were really disappointed in the order flow. The global airlines are all shutting capacity back a bit. If you own he would be inclined to Sell a little.


Price: $133.470
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-07-22 COMMENT Alibaba Group Holding
BABA-N
John Zechner

Short Sell? He applauds your aggressiveness. He would like to Short it as he thinks it is a house of cards. In China there is an ability to keep companies sustaining at a higher level longer than what they otherwise would. From what he has seen on their accounting, he doesn’t know that there are real earnings being generated on a real cash flow. He wouldn’t own this.


Price: $84.490
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2016-07-22 COMMENT Choice Properties REIT
CHP.UN-T
John Zechner

Doesn’t think there is any problem with this REIT. Good backing and good tenant. Probably less growth. He is uncomfortable with the whole REIT sector’s valuations. It is completely dependent on the interest rate move. You get the high yield when you pay out 90% of your earnings to the unit holders.


Price: $14.330
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-07-22 HOLD Concordia Healthcare
CXR-T
John Zechner

This has a little of the Valeant Shadow, but there is a similar financial structure. Debt to cash flow is 5.5X. A lot of their expenses are in British pounds. They have a good product portfolio rolling out, probably 60 new products in the next 3 years. The AMCO acquisition looks like it is doing fairly well. Generating tons of free cash flow this year. It won’t take much to get the thing right. The cash flow starts to grow, you get a lot of free cash and you start to pay down debt.


Price: $25.550
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-07-22 PAST TOP PICK Walt Disney
DIS-N
John Zechner

(A Top Pick Aug 10/15. Down 10.8%.) The ESPN was a bit of a worry along with the cable unbundling, and they had a quarterly miss for the 1st time in almost 20 quarters. Content is king in this market, and nobody owns better content than Disney. Nobody cross sells content in different venues better.


Price: $97.710
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-07-22 TOP PICK Wisdom Tree Japan Hedged Real Estate
DXJR-N
Tyler Mordy

The property market has been going down for about 25 years. It turned up in 2012, and is now growing quite robustly. This ETF tracks REITs, homebuilders, and is a play on a recovery in Japanese real estate. This also has a good yield.


Price: $25.020
Subject: ETFs & MACRO PORTFOLIO STRATEGIES
Bias: BEARISH on US ECONOMY
Owned: Yes
2016-07-22 COMMENT Enbridge
ENB-T
John Zechner

An interest sensitive stock, and he would be a little wary of some of the interest sensitives that have run so hard. Would be more inclined to play the Enbridge Income Fund (ENF-T). It is a bit of a higher yield, slower growth and the valuation is not as extended.


Price: $52.810
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2016-07-22 DON'T BUY Euronav NV
EURN-N
John Zechner

(Market Call Minute.) Valuation is a little excessive for him.


Price: $8.850
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2016-07-22 BUY on WEAKNESS Facebook
FB-Q
John Zechner

You are always nervous about owning a company like this in front of earnings, because of any hiccup in the numbers. However, this is a great quality company. He would own this and Alphabet (GOOG-Q) together, because you then own the digital ad market basically. He would tend to be a Buyer on any weakness.


Price: $121.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-07-22 DON'T BUY Goldcorp Inc
G-T
John Zechner

He doesn’t have big expectations on any of the gold stocks. They have been doing a pretty good job of bringing their costs down, particularly in Mexico. But have a higher valuation than most. For a while it was the quality “go to” senior, and Barrick seems to have got back a little of that this year. Not the time to add, and he would more likely be getting out of it.


Price: $24.090
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-07-22 TOP PICK Alphabet Inc (C)
GOOG-Q
John Zechner

They own digital advertising very well and the search engine is strong. With the Android system they have 75%+ of global mobile devices running on this platform. If they ever monetize that, there would be tremendous value. They kick off huge cash flows. You are getting this for a market multiple.


Price: $742.740
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-07-22 COMMENT Horizons Managed Global Opportunity
HGM-T
Tyler Mordy

Grandchildren’s RESP investments for the next 15-18 years? You want to have something that has more risk given the time horizon, as well as something that is broadly diversified. You can either put together a collection of ETF’s, or you can access an ETF package such as this one. Vanguard and iShares both offer a variety of total market ETFS.


Price: $10.220
Subject: ETFs & MACRO PORTFOLIO STRATEGIES
Bias: BEARISH on US ECONOMY
Owned: Unknown
2016-07-22 HOLD iShares Hi Yield Corp Bond ETF
HYG-N
Tyler Mordy

The high-yield bond market in the US is interesting. In January everybody thought the troubles in the high-yield bond market would echo itself into something that would look more like a sub prime crisis in 2008. He had disagreed with this, so has been very Long on this all year. The bond and credit markets have done really well over the last few months, so he would recommend you shorten your duration in bond markets and increase your credit risks.


Price: $86.170
Subject: ETFs & MACRO PORTFOLIO STRATEGIES
Bias: BEARISH on US ECONOMY
Owned: Yes
2016-07-22 COMMENT iShares Hi Yield Corp Bond ETF
HYG-N
Tyler Mordy

High-yield bonds with a shorter duration? This is a relatively short duration of around 5 years, and would be his preferred choice.


Price: $86.170
Subject: ETFs & MACRO PORTFOLIO STRATEGIES
Bias: BEARISH on US ECONOMY
Owned: Unknown
2016-07-22 BUY iShares MSCI India ETF
INDA-US
Tyler Mordy

India? The Indian central banker has just resigned. He was a great central banker and has done a lot of good things for the country. However, he doesn’t think this resignation will impede the plans of the Mohdi government. It would be hard to find a better emerging market than India. Everything you see in the West, such as aging demographics, high debt levels or low interest rates, there is the exact opposite in India. This is the ETF that he uses to plays this theme. This is especially a good, long term holding.


Price: $0.000
Subject: ETFs & MACRO PORTFOLIO STRATEGIES
Bias: BEARISH on US ECONOMY
Owned: Unknown
2016-07-22 TOP PICK iShares Emerging Markets Local Currency Bond
LEMB-N
Tyler Mordy

Emerging markets have been underperforming for 5 years, and nobody seems to like them. He likes this one for the interesting credit quality. Looking at the world, which is divided roughly between Western markets and emerging markets, all the good things are happening in the emerging-market. Their currencies have been beaten up over the last 5 years, so they are incredibly cheap. Doesn’t think it will be a huge performer, but it will be a stable part of a globally balanced portfolio.


Price: $44.860
Subject: ETFs & MACRO PORTFOLIO STRATEGIES
Bias: BEARISH on US ECONOMY
Owned: Yes
2016-07-22 BUY Magna Int'l. (A)
MG-T
John Zechner

Thinks people are pricing in the next recession in the auto industry right now. The average age of the auto is still too high in the US. Even if the cycle rolls over a little it is not going to roll over too much. European exposure has always benefited this company, and it is a growing market. They are also positioning themselves around the next breed of electric vehicles.


Price: $51.160
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-07-22 TOP PICK Martinrea
MRE-T
John Zechner

Very good management. Strong numbers. They’ve been growing. Have put some new platforms in place in the US. Did a hostile acquisition. Very strong European growth. They are more levered to the use of aluminum parts in automobiles than any other manufacturer, which will be a growing area in autos. Trading at about 7X earnings and 3X operating cash flow. Dividend yield of 1.37%.


Price: $8.750
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-07-22 PARTIAL SELL Norbord Inc
OSB-T
John Zechner

This stock always comes down to one thing, where is the pricing for Oriented Strand Board going. This company dominates that market. They pay out a good chunk of their earnings in dividends. He has a bit of a problem with seeing OSB prices going higher from here. If you have made a profit, he would be inclined to Sell some of your position.


Price: $30.980
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-07-22 PAST TOP PICK Open Text
OTC-T
John Zechner

(A Top Pick Aug 10/15. Up 35.9%.) They have done what they have always done. A good suite of products and they continue to add and make acquisitions. Have done a good job of moving to cloud based services.


Price: $80.760
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
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