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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
2016-08-30 N/A A Comment -- General Comments From an Expert
A Commentary
Eric Nuttall

Market. We have had a good move in oil and oil stocks, and thinks people are waiting for the next couple of months to play themselves out to get more conviction in terms of shorter-term direction. He’s been calling for $60 oil for next year. September is usually a poor month for energy stocks and oil. Now we have the distraction of having an OPEC meeting at the end of September, whether it be a freeze or no freeze. Whether they formally agree or not to increase production, is a bit of a joke, but the market has really gotten caught up in it. We have also seen speculative net length in oil itself, increase pretty materially and at the same time there has been a huge drawdown in the Short interest in oil. The oil price must really be high enough that allows US industry to drill enough to grow production once again.


Price: $0.020
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: _N/A
2016-08-30 N/A A Comment -- General Comments From an Expert
A Commentary
Eric Nuttall

Oil or gas? This was topical earlier this year when people were bearish on oil, and then everybody piled into the natural gas names, and not inflated the multiples. He would say that natural gas names are relatively more expensive, so his predisposition would be to buy oil names. Gas is capped whereas oil you could have a pretty significant spike in the next few years. However, he prefers looking at this through individual companies.


Price: $0.020
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: _N/A
2016-08-30 HOLD A Comment -- General Comments From an Expert
A Commentary
John Stephenson

Telecom for an income investor? He likes the telecom sector. It is interest rate sensitive, because typically they are a lower growth sector. The whole idea of whether interest rates go up or not is open to debate. He is very skeptical that rates will go up. Would be inclined to stick with US holdings, and lighten up on Canadian holdings, because valuation is cheaper in the US.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 COMMENT Apple
AAPL-Q
John Stephenson

The European commission is saying to the Irish government that they need to go to Apple and get back 13 billion euros in back taxes. This is outrageous. They are really using competition policy to go after this, and essentially their trampling over the sovereignty of Ireland, who can decide what tax rate to achieve. Thinks it is overreaching.


Price: $106.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 COMMENT Apple
AAPL-Q
John Stephenson

Thinks the bull case for this is that it is cheap and has tons of cash. However, it is hard to see, with 65% of its earnings coming from the iPhone, what is next. It is hard to see how this will grow, as you are not going to get it through iPhone sales or through iPad. A great company with great iconic products, but how do you grow that business?


Price: $106.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 COMMENT Absolute Software Corp.
ABT-T
Eric Nuttall

Sold his holdings earlier this year because, as the company was entering into a transition point where they are investing more in research development and are in more sales staff, there is going to be a compression and margins in the story would just stall out. Intends to revisit this sometime in 2017. They are holding around $60 million in net cash, so the dividend is safe.


Price: $7.100
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: No
2016-08-30 SELL Agnico-Eagle Mines
AEM-T
John Stephenson

(Market Call Minute.) This should have been sold a week ago.


Price: $66.510
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 HOLD American International Group
AIG-N
John Stephenson

(Market Call Minute.)


Price: $59.640
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 BUY Algonquin Power & Utilities Corp
AQN-T
John Stephenson

Thinks this is a great company. Has a good yield and reasonable growth.


Price: $11.850
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Yes
2016-08-30 SELL Amaya Gaming Group Inc.
AYA-T
Eric Nuttall

There was a taint on this due to the previous CEO who resigned. You are now left with a business where they are they market leader in a declining business (poker), but are going to be offsetting that. This has so much animosity that it would be a Sell. (See Top Picks.)


Price: $19.620
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: Unknown
2016-08-30 PARTIAL SELL Boeing
BA-N
John Stephenson

He would not be a buyer, but would Sell, or a Hold at best. It has a credible backlog of about 8 years of production ahead of it, but part of that is premised on a lot of emerging-market sales. A great company, but thinks it has peaked. He would be inclined to lighten up.


Price: $130.810
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 TOP PICK Birchcliff Energy Ltd.
BIR-T
Eric Nuttall

A natural gas name that has re-birthed from an acquisition with Encana (ECA-T) on the Gordon Dell property. It is still trading at a discount valuation. He thinks people will recognize how cheap this name is relative to its fundamentals. On a forward basis he would have it trading at about 7.2X cash flow. Its peers trade at 8X or 9X, and yet with this property acquisition, they’ve increased inventory to a highly perceptive liquids rich play. Most importantly, they have taken down their debt. He is looking at a $13 share price in 2 years, if using an 8X multiple.


Price: $9.090
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: Yes
2016-08-30 COMMENT Bankers Petroleum
BNK-T
Eric Nuttall

Just won a tax dispute against the Albanian government. Up until a few months ago, the $57 million would be a major win, but right now it is going to be going into the pockets of the Chinese company that is bidding on the company. If you own this, you are just holding for another nickel or dime.


Price: $1.920
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: Unknown
2016-08-30 COMMENT Bank of Nova Scotia
BNS-T
John Stephenson

Favours this on a turnaround and a relative valuation basis. He still thinks income and yield oriented products are still going to do a little better.


Price: $69.930
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 HOLD Baytex Energy Corp
BTE-T
Eric Nuttall

He loved this earlier this year. He liked that it had no debt maturities coming until 2021, so the balance sheet was a lot stronger than people had thought. However, that trade has kind of played itself out. He would love to own this in the $5 space.


Price: $6.020
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: Unknown
2016-08-30 COMMENT Baytex Energy Corp
BTE-T
John Stephenson

This has a fairly high debt level. Overall it is a pretty good company, but there has been a lot of volatility in the oil complex, particularly of late. Oil prices are not supportive of higher oil prices.


Price: $6.020
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 PAST TOP PICK CASH
CASH
John Stephenson

(A Top Pick Sept 26/15.) At the time we had had a very rough August, and September was not much better. He is pretty much fully invested now with not much cash on hand.


Price: $0.010
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Yes
2016-08-30 COMMENT Cardinal Energy Ltd
CJ-T
Eric Nuttall

He likes this, because it is still trading at a discount multiple, relative to some of its peers. It has a stronger than average balance sheet, lower than average decline rate, better than average properties and the ability at a higher oil price. 80% of their oil gets sold at a discount to light oil, because it is medium gravity and the product leverage to a rise in the oil price is that much more magnified. He could see this at $15 in 2 years.


Price: $8.770
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: Yes
2016-08-30 BUY on WEAKNESS Cargojet Inc
CJT-T
Eric Nuttall

Sold his holdings earlier this year. The story has now played itself out, and he would love to buy this on weakness. Trading liquidity can be fairly thin.


Price: $40.370
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: No
2016-08-30 TOP PICK Campbell Soup Company
CPB-N
John Stephenson

*Short*. This trades at an expensive valuation at roughly 21X earnings. It is dependent primarily on soup, which is in secular decline, and is the high margin part of their business. A lot of it is dependent on weather. Dividend yield of 2.05%.


Price: $60.730
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Yes
2016-08-30 PAST TOP PICK Crescent Point Energy Corp
CPG-T
Eric Nuttall

(A Top Pick Aug 25/15. Up 71.25%.) At the current price, this is not a Hold, but in the next 2 months it is his intention to Buy below $20. If he can get it in the high $18-low $19, he would buy it aggressively. Thinks this is a $28 stock 2 years out at $65 oil in 2018.


Price: $20.390
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: No
2016-08-30 HOLD Chartwell Seniors Housing
CSH.UN-T
John Stephenson

(Market Call Minute.)


Price: $15.540
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 COMMENT Diversified Royalty Corp.
DIV-T
Eric Nuttall

A top 5 holding in his small-cap fund with a 9.2% yield. Payout ratio is around 100%, but they had to pay out $8 million due to a lawsuit. That is now over, so the next quarter will be the 1st quarter where you don’t have those embedded costs, which should bring the payout ratio down. You also get a hidden exposure to an improvement in the oil price, because part of their revenue comes from a restaurant chain in Alberta. At the same time there is an underpinning of real estate across the country and a royalty stream on Mr. Lube.


Price: $2.460
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: Yes
2016-08-30 COMMENT Element Financial
EFN-T
John Stephenson

Splitting into a fleet side and a finance side. In general, this is a great company, and if he owned he would stay with the fleet side, which is where it is uniquely positioned.


Price: $13.680
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 HOLD Emera Inc
EMA-T
John Stephenson

(Market Call Minute.)


Price: $47.390
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 HOLD Fortis Inc.
FTS-T
John Stephenson

(Market Call Minute.)


Price: $41.620
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 BUY on WEAKNESS General Electric
GE-N
John Stephenson

This has had a great run, so he would recommend waiting for a selloff before picking it up. Maybe pick a target price of 5%-10% lower. This company is leading the world in being the Internet of things. A fabulous company that is firing on all cylinders.


Price: $31.370
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 COMMENT Grenville Strategic Royalty
GRC-X
Eric Nuttall

They reported another crummy quarter last night, and the stock is getting obliterated. When it is down 30% on heavy volume, he thinks it is just somebody saying “get me the heck out”. He owns a small piece, and doesn’t know what to do. They are signalling a dividend cut. Has to think about this one.


Price: $0.250
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: Yes
2016-08-30 STRONG BUY Home Depot
HD-N
John Stephenson

(Market Call Minute.)


Price: $134.100
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 TOP PICK American Hotel Income Properties
HOT.UN-T
Eric Nuttall

Hotels. His small cap fund has a large percentage of dividend paying companies. The great thing with the small-cap spectrum is that, just as you can find unloved or uncovered companies that trade at very low PE relative to their growth rates, you can find companies whose base business allows them to generate enough cash to pay a dividend. Some of the growth is through acquisitions where they bought hotels and refurbished them. A lot of the revenue is guaranteed by rail companies. That has been weak because of a lack of coal demand and frac sand demand. Dividend yield of 7.84% at about a 70% payout ratio.


Price: $10.900
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: Yes
2016-08-30 HOLD Keg Royalties Income Fund
KEG.UN-T
John Stephenson

Not widely followed and not very liquid. Overall this is a decent story. You would have to evaluate some of the story to Alberta and whether that is significant. A lot of these restaurant royalty funds have done quite well, because the consumer has proven that they are overspending like a drunken sailor on a shore leave.


Price: $21.000
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: No
2016-08-30 SELL Lightstream Resources
LTS-T
Eric Nuttall

He would sell this and take a tax loss, and take your money and put it into almost any other name. This company has no equity value in his opinion.


Price: $0.115
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: No
2016-08-30 STRONG BUY Lloyds TSB Group PLC
LYG-N
John Stephenson

(Market Call Minute.) 6.5% yield, cheap on a multiple basis. Terrific.


Price: $3.160
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 TOP PICK Medtronic Inc
MDT-N
John Stephenson

A healthcare company, but not a pharmaceutical company. They are very big in cardiovascular and diabetes. Growing their top line at roughly 5%-10% per annum, and the bottom line closer to 12%-13% for the foreseeable future for the next 4-5 years. They are in the right place at the right time, and are likely to return about $1 billion a year to the shareholders for the next few years. They are committed to increasing their dividends. Dividend yield of 1.98%.


Price: $86.850
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Yes
2016-08-30 SELL Manulife Financial
MFC-T
John Stephenson

(Market Call Minute.)


Price: $18.310
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 PAST TOP PICK Northern Blizzard Resources INC
NBZ-T
Eric Nuttall

(A Top Pick Aug 25/15. Up 29.76%.) A heavy oil name. They were being painted, almost by a bankruptcy brush, as it fell off, but 80% of their production was protected by hedges. That play has played itself out. He wouldn’t own this today, because as the hedges rolled off they were renewing them at lower oil prices.


Price: $4.070
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: No
2016-08-30 TOP PICK NYX Gaming Group Ltd
NYX-X
Eric Nuttall

This is a company with the best product in their space, a space that is growing at 10%. Last quarter they organically grew by almost 30% plus you tack on acquisitions. It is mired by a stink due to 2 other companies, which are hopefully going to go very soon. Their next quarter is in November which will be the 1st clean quarter where you won’t have M&A noise and be up to fully assess their organic business and their recent acquisition. Trading at less than half its peer multiple, despite having stronger growth rates, and at an almost 20% free cash flow yield. Has the best software in the business, and yet is trading at around 7X next year’s EBITDA. At 9X EBITDA, this is a $4 stock, about 100% upside from here.


Price: $2.000
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: Yes
2016-08-30 PAST TOP PICK Petroleo Bras Sa Petro
PBR-N
John Stephenson

(A Top Pick Sept 26/15. Down 130.15%.) He closed this off about a month after he had recommended it, because oil started to ramp up. The company had an extremely high debt load and oil prices looked under pressure. Also, there was a corruption scandal going on. The company has slashed their CapX to the bone and were able to keep their free cash flow on side. The story has improved materially.


Price: $9.390
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: No
2016-08-30 COMMENT Peyto Exploration & Develop.
PEY-T
Eric Nuttall

The Best of Breed natural gas, where it has a very loyal shareholder base. Because of that, this trades at a premium multiple compared to some peers, who he thinks can grow faster.


Price: $38.270
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: No
2016-08-30 COMMENT Perpetual Energy
PMT-T
Eric Nuttall

Has a lot of respect for management and the family. Generally speaking, these plays are not tier 1, although they’ve done a good job in the past couple of years to rein in costs. There are better names if looking for oil exposure.


Price: $1.920
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: No
2016-08-30 COMMENT Potash Corp of Saskatchewan
POT-T
John Stephenson

There is a potential merger with Agrium (AGU-T), which is probably good for this company, but not so good for Agrium. This company has really struggled lately. A merger would create a behemoth and would probably get through regulatory scrutiny, but it will control roughly 62% of the potash production domestically and 30% of nitrogen and phosphate. It would essentially be a cartel. This is a response to weak prices and oversupply, particularly in the potash market. To really extract value, you are going to have to see layoffs.


Price: $23.300
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 SELL Painted Pony Petroleum
PPY-T
John Stephenson

Really doesn’t see any strong catalyst short of a sale for this name. It is hard to see how it is going to continue to go up in a sideways oil tape. It has had an okay run of late, and you could certainly lighten up. There is nothing fundamentally wrong with it, but doesn’t see any reason why you should be there.


Price: $8.490
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 STRONG BUY Starbucks
SBUX-Q
John Stephenson

(Market Call Minute.)


Price: $56.400
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 COMMENT Secure Energy Services
SES-T
Eric Nuttall

A very well respected services company where a lot of people have been hiding to have service exposure, given that a lot of their revenue is a lot more secure. Feels you can do a lot better in other service areas such as pressure pumpers and frac sand companies. Dividend yield of 2.7%.


Price: $8.980
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: Unknown
2016-08-30 BUY on WEAKNESS Shopify Inc.
SH-T
John Stephenson

A good company. It is not cash flow positive currently, but it is close. They are getting more and more merchants on the platform which brings in the average revenue per user ad increases. There are more delivery and other services being added, which will increase the operating leverage.


Price: $54.020
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 HOLD Suncor Energy Inc
SU-T
John Stephenson

(Market Call Minute.)


Price: $36.420
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 PAST TOP PICK Teck Resources Ltd. (B)
TCK.B-T
John Stephenson

(A Top Pick Sept 26/15. Down 239.83%.) This was good for a little while, but closed off at the beginning of the year. Had felt that super-cycle mining and commodities had largely ended. It is probably currently overvalued.


Price: $21.870
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 COMMENT Trican Well Service Ltd.
TCW-T
Eric Nuttall

A leveraged call on oil. Of the entire service complex, the 2 areas that will tighten the fastest are the frac sands as #1 and pressure pumpers as #2. At $2.15, this stock is very attractive and has been picking away at this in the last month or so.


Price: $2.150
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: Yes
2016-08-30 COMMENT Trican Well Service Ltd.
TCW-T
John Stephenson

A good company, but a higher beta play. There is incredible value in oil services names, and he would extend that to US names such as Transocean (RIG-N) and Schlumberger (SLB-N). These are names that you can walk into at this point, and have limited risk. On the other hand, if you are willing to hold this for a year or 2, you will probably be very pleasantly surprised.


Price: $2.150
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 PAST TOP PICK Torc Oil & Gas Ltd
TOG-T
Eric Nuttall

(A Top Pick Aug 25/15. Up 81.77%.) Has a lot of respect for management. This had been a poorer performer last year than others, and had went from trading at a discount to trading at a pretty good premium. Using $60 oil, he would have it trading at around 8X EBITDA to cash flow, which implies zero upside from today’s oil price. He would say this has 35% upside using $65 oil.


Price: $7.830
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: No
2016-08-30 BUY on WEAKNESS TSO3 Inc
TOS-T
Eric Nuttall

Sold his holdings too early. Had thought valuations were getting a little stretched. They have a device that cleans something that goes into an area which can be fairly high in bacteria levels. On a further pullback, he would look at owning again.


Price: $3.160
Subject: CANADIAN ENERGY & SMALL CAP
Bias: UNKNOWN
Owned: No
2016-08-30 DON'T BUY Tesla Motors Inc
TSLA-Q
John Stephenson

This is not a car company; it is a technology company. It’s a wonderful product. The valuation is stretched, unless you think they are going to be able to scale the business up. That assumes that the competition is just going to sit there and do nothing. As a stock, this is highly overvalued.


Price: $211.340
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-30 TOP PICK Vodafone Group PLC
VOD-Q
John Stephenson

A UK telco company, a mobile player really. Only 10% of its revenues and earnings come from the UK. It is mainly Pan-European. Extremely strong growth is coming up in the next little while. It has integrated an acquisition, but it trades cheaper than the US and Canadian telcos. Dividend yield of about 6.7%.


Price: $30.630
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Yes
2016-08-30 DON'T BUY iUnits S&P/TSX Materials ETF
XMA-T
John Stephenson

Thinks this is going to go down. So much of the weighting in the materials is gold, which has been in a downward trend for the last week or so. A rate hike is very good for the US$, which kind of throws the gold thesis under the bus.


Price: $13.390
Subject: NORTH AMERICAN - LARGE & RESOURCE
Bias: UNKNOWN
Owned: Unknown
2016-08-29 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Markets. The biggest cost to the US government for the next 20 to 30 years is healthcare, but you don’t get the development of drugs from companies without the profits. We need to watch the IBB-N biotech ETF.  He thinks it might re-test the lows.  He sees a 40% chance of a rate hike in September and a 63% chance in December. Don’t think the fed will not raise interest rates in front of the election.  They have done it before.  He thinks the US$ will rise from here as we have challenges in Europe and Japan.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-08-29 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Educational Segment.  The US$.  The market changed dramatically after the Fed said the rates were to go up September and December both.  The Euro is 57.6% of the US dollar index, so it matters what Europe does.  The notion that currency doesn’t matter is wrong.  It is the most important factor when investing.  A rate hike will put downward pressure on commodities and upward pressure on the US$.  He thinks we re-test the Brexit lows over the next couple of months.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-08-29 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Do you trim preferred or common shares when you need to lighten up on equities?  Perpetual preferreds trade more like bonds.  They may underperform in the next while whereas rate resets may do better.  Common shares will have even more volatility.  So he would sell these when rebalancing.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-08-29 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Sell a losing stock or a winning stock when you need to lighten up on equities?  He would crystallize the loss.  But it all depends on the particular situation, whether it is a taxable account and how it is diversified.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-08-29 N/A A Comment -- General Comments From an Expert
A Commentary
Brian Acker, CA

Markets.  We are in the early stages of secular bull market for the US$.  We are going to hike rates in the US for September and that is bullish.  Unless we get the right data point between now and the third week of September the raise should happen.  An increasing US$ brings earnings down when repatriated.  He thinks attracted investment into the US will counteract it in valuations.  Canada is SO overvalued.  It is crazy – all assets – housing & markets.  Canada topped out in earnings in 2011.  Canada doesn’t look good.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: _N/A
2016-08-29 BUY A Comment -- General Comments From an Expert
A Commentary
Brian Acker, CA

Where to park US$ for 6 months?  No equity is a safe haven.  Verizon would be the closest he could find .  He has a  $52 model price and it has a 4% yield.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
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