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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
2015-04-21 N/A A Comment -- General Comments From an Expert
A Commentary
David Burrows

Markets. We are in a secular bull market for stocks. This is a multiyear period where 2 things happen. Earnings grow, but as people become more confident, multiples that people pay for those earnings expands. One of the hardest things to do in a secular bull market is to stay invested. All the way through the 90s, more value oriented investors felt that multiples were getting too high. If you sold stocks when they started to look more expensive in the early 90s, you missed a big part of the bull market. Against the backdrop of low interest rates, which are likely to stay there for a while, the return that an investor can get buying equity with a dividend, and get dividend growth, is very attractive. Unless you think rates are going to go up a lot, the relative return available to an equity investor is still very compelling. There are several sectors or themes where there are some big macro shifts that have taken place that can support expanding valuations for a few years. We are likely to see more volatility over the next 5 years, then what we saw 2007 through 2011. There were a lot of negative expectations built into the market, but that was more short-term weather driven. Those secular themes are likely slowly kicking in and will be good for industrials, consumers, technology and healthcare.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2015-04-21 N/A A Comment -- General Comments From an Expert
A Commentary
John O'Connell, CFA

Markets. All of the problems he was worried about in December, still exist. Valuations really haven’t changed much. This really validates what his concerns were. You have a rapidly rising US$ and a fairly robust domestic US economy, but you have dislocations. Europe is doing a little bit better and getting a bit of a break on energy prices, which is somewhat transitory. The strong US$ has been a big headwind for US multinational corporations. Whenever you have a strong US$, you tend to have emerging market crises, and we are on the verge of one. There is no question that US domestic businesses have done better than US multinational businesses. His cash levels have built up pretty substantially and he is now standing at 27%. You really have to search around in the weeds to find investment opportunities these days.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: _N/A
2015-04-21 TOP PICK Apple
AAPL-Q
David Burrows

Believes the biggest theme in this market is consumer globally. This is probably the greatest consumer product company on the planet. Very inexpensive trading at 13/14 X earnings. IPhone 6 sales, in the most recent quarter, had only about 15% going to current iPhone users, meaning they are taking market share from everyone. Their service business is 10% of revenues now. Dividend yield of 1.48%.


Price: $126.910
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2015-04-21 PAST TOP PICK Apple
AAPL-Q
John O'Connell, CFA

(A Top Pick April 14/14. Up 73.52%.) Sold some of his holdings in order to get his weighting down to 5% of his portfolio. This remains an exceptionally exciting business to own. You can Buy at these prices. A well-managed company that is capable of creating new product categories and attracting intelligent people to work for them.


Price: $126.910
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2015-04-21 COMMENT Actavis, Inc.
ACT-N
David Burrows

Pharmaceutical sector is really attractive. The industry has moved from more science based to more distribution business model based. This company has made a business of making acquisitions, tucking them in, cutting costs and then using their distribution power to basically put more apples on the applecart when they go out to sell their product. They have done it successfully time and time again. Looks very attractive.


Price: $294.530
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2015-04-21 COMMENT Amgen Inc.
AMGN-Q
John O'Connell, CFA

Biotech Index has had a huge run. It is an area of incredible innovation that is taking place. This company is growing very rapidly. They deal in drugs that people are going to spend a lot of money for repeatedly. Trading at huge valuations and there is substantial competition. There is a battle taking place between drug costs and health insurance costs in the US. About 3% of the drugs that are being prescribed account for about 80% of the bill. This means there is a very big concentration of risk. Thinks there is going to be a battle between the insurers and the drug companies, and that it is not far away. Be careful as there is a lot of volatility.


Price: $168.460
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2015-04-21 BUY Alimentation Couche-Tard (B)
ATD.B-T
David Burrows

Dollarama (DOL-T) or Alimentation Couche-Tard (ATD.B-T)? The consumer sector has been one of the most resilient sectors in the US, and then there is Retail which looks very attractive. In retail, the lower cost providers are in the sweet spot like both of these companies. He would have no problem buying both of these. Great companies. Both pulled back in the last week or so, giving good entry points.


Price: $48.250
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2015-04-21 COMMENT Avigilon Corp
AVO-T
David Burrows

Technically, to him, the stock looks a little bit broken. Unless it is trading above $25, he thinks the jury is out. It has been quite volatile over the last couple of months. There are lots of other opportunities in this market.


Price: $21.420
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2015-04-21 BUY Brookfield Asset Management (A)
BAM.A-T
David Burrows

This is a wonderful company. Have tremendous assets. He would Buy on this pullback.


Price: $68.130
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2015-04-21 BUY Brookfield Asset Management (A)
BAM.A-T
John O'Connell, CFA

Had a pullback today, which he feels was because of a large $1 billion financing overnight to raise some capital. They made a $300 million commitment to invest in Brookfield Infrastructure (BIP-N). A well-run company.


Price: $68.130
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2015-04-21 TOP PICK Brookfield Infrastructure LP
BIP-N
John O'Connell, CFA

Looking for defensive plays right now because he has a fairly cautious attitude towards potential volatility in the market. They just did a financing and raised about $1 billion. They are making infrastructure investments in energy related type investments globally. With a strong US$, this is giving them the opportunity to invest in assets in Latin America and Australia and build a broadly diversified portfolio. Dividend yield of 4.72%.


Price: $44.690
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2015-04-21 COMMENT Bank of Nova Scotia
BNS-T
John O'Connell, CFA

A great bank. Struggling a little right now because of its exposure to Latin America, which people are worried about. Has a new CEO who is straight shooting. Likes what he is doing. Taking tough medicine in Mexico and Latin American countries. These are cyclical problems, but there is a real risk that you could have some kind of emerging market contagion, and this bank is the most exposed. Be wary of owning an oversized position in this.


Price: $66.600
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2015-04-21 DON'T BUY Calfrac Well Services Ltd
CFW-T
David Burrows

The oil/gas industry has gone through a structural shift. Basically, from an old world of higher risk/high return of drilling and finding, took a long time. Today it is mass manufacturing with a very high probability of success. Going forward, it is less likely that the price of oil is going to have big moves higher, much above the cost of production. May and June are very tough months for service and exploration companies.


Price: $9.960
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2015-04-21 COMMENT Canadian Imperial Bank of Commerce
CM-T
David Burrows

Technically not trading so well and is likely range bound from $90-$100 over the next few months.


Price: $97.040
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2015-04-21 PAST TOP PICK Canadian Natural Rsrcs
CNQ-T
David Burrows

(A Top Pick May 1/14. Down 8.14%.) Sold all of his energy between July/14 and the end of September. Great company, but this is a tough sector to be focused on right now.


Price: $40.130
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2015-04-21 COMMENT Canadian National R.R.
CNR-T
David Burrows

Transports have had a little bit of pressure over the last little while. This and Canadian Pacific (CP-T) came with pretty good numbers considering. He would like to see this stock get turned around. It is trading below its 200 day moving average. Likes the rails in general.


Price: $80.780
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2015-04-21 COMMENT Canadian Utilities
CU-T
David Burrows

The utility sector is relatively less attractive to him right now. He expects a short-term interest rate increase in the US in the next few months. This one is very interest rate sensitive. He would be more inclined to find something that was a little bit more economically sensitive. If you are looking for dividends, you could look at some of the financials in the US where there is going to be some pretty good dividend growth. He would suggest looking at J.P. Morgan (JPM-N) where the currency is going to help you and you are going to get faster dividend growth. This is a sector that people really care about right now.


Price: $40.050
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2015-04-21 TOP PICK DH Corporation
DH-T
David Burrows

The key secular theme in this market is financial technologies. Banks did not spend money for a few years as they needed to. They are behind the curve. This company took an old cheque printing business and, through acquisitions, has converted itself into a financial technologies company. Have done it very effectively, cross-border with Canada and the US. The most recent acquisition is in payment systems, and they have 8 of the 10 listed global banks as customers. Yield of 3.05%.


Price: $42.490
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2015-04-21 BUY Dollarama Inc.
DOL-T
David Burrows

Dollarama (DOL-T) or Alimentation Couche-Tard (ATD.B-T)? The consumer sector has been one of the most resilient sectors in the US, and then there is Retail which looks very attractive. In retail, the lower cost providers are in the sweet spot like both of these companies. He would have no problem buying both of these. Great companies. Both pulled back in the last week or so, giving good entry points.


Price: $69.720
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2015-04-21 COMMENT Encana Corp
ECA-T
John O'Connell, CFA

Doesn’t invest in large cap energy names for the most part, because it is very, very difficult to grow these businesses organically for extended periods of time. This one has been the poster boy for selling low and buying high. They split the company up and ever since then it has been a disaster. Have been having a garage sale to pay a dividend and it has been destroying the stock price for 5 years. Not a fan.


Price: $16.670
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2015-04-21 BUY Facebook
FB-Q
John O'Connell, CFA

Really admires the company. Has done an outstanding job. Has owned this off and on and wishes he had never sold. They have done a fantastic job of growing the business. Thinks virtual reality is going to be a big thing, not just for gaming but also for shopping, education and training. Has a very large ecosystem of people and are able to monetize it. Trading at a rich valuation, but not at an outrageous one.


Price: $83.620
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2015-04-21 DON'T BUY Fluor Corp.
FLR-N
John O'Connell, CFA

This is an interesting area. Has been beaten up a lot with a lot of exposure to the energy space. You don’t need to be involved in this area at all. Expects there will be a lot of continued pressure on spending for a significant period of time.


Price: $59.750
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Unknown
2015-04-21 DON'T BUY Canyon Services Group
FRC-T
David Burrows

He doesn’t think oil services is the right sector to be focused in. Their margins are all being compressed. They’re cutting jobs and there are more cuts to come.


Price: $8.200
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2015-04-21 BUY CGI Group (A)
GIB.A-T
David Burrows

This is in the services business. They get contracted to manage IT services for corporations and government bodies. Have a history of making very good acquisitions. A Canadian company, but with big US exposure. Also, have a very stable business in their government related operation in the US.


Price: $55.780
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2015-04-21 BUY Gildan Activewear Inc.
GIL-T
John O'Connell, CFA

The kind of company that benefits from a weaker loonie. It has been a very, very well-run company. A tremendous creator of wealth for its investors. Doing a lot of business for Under Armour (UA-N). A little bit rich here, but they continue to drive costs down and acquire product lines and businesses. Really strong operators.


Price: $38.550
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2015-04-21 PAST TOP PICK Gilead Sciences Inc.
GILD-Q
David Burrows

(A Top Pick May 1/14. Up 32.55%.) He really likes the biotech sector. Breadth has been expanding very nicely. The stock has consolidated over the last 4 months, and is breaking out today to the upside. Feels there are some potential M&A opportunities they may have. Has just bought more shares today.


Price: $105.200
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2015-04-21 DON'T BUY Google
GOOGL-Q
David Burrows

Technically this stock has been range bound and consolidating. Numbers have been decent, not exceptional. When he looks at the Internet space, there are a whole bunch of companies that are beating and exceeding expectations with estimate revisions going higher. If this broke about $580, technically it would look more attractive. It is sort of stuck in neutral, and he would wait to see it get in gear before he put money into it.


Price: $542.925
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2015-04-21 PAST TOP PICK Google
GOOGL-Q
John O'Connell, CFA

(A Top Pick April 14/14. Up 0.27%.) Dealing with some competitive threats. There has been the consistent drop in cost per click they are receiving and have done the best they can to mitigate that. The competition of Spacebook has done an exceptionally good job. Google is making a lot of investments behind the scenes that we don’t even know about. Great balance sheet and exceptionally profitable.


Price: $542.925
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2015-04-21 COMMENT Home Capital Group
HCG-T
John O'Connell, CFA

Seems to be a large short position. Considering they missed their last 2 earnings, what do you anticipate in the next 6 months? Short sellers aren’t dumb and they’ve done their homework. It is true that this company could get into trouble at some point. This is a bet on the housing market. For most Canadians that have their net worth tied up in housing, it is probably not really necessary for you to double up on your personal portfolio by owning an investment such as this. It has been a very well-run company and has been very profitable. If the housing market continues to perform well and this company continues to execute well, the short Squeeze could cause the stock to pop when short sellers try to cover. Doesn’t think Canadian investors should be making bets on derivative plays associated with the Canadian housing market.


Price: $45.900
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Unknown
2015-04-21 DON'T BUY Herbalife Ltd.
HLF-N
David Burrows

You take on some binary risks here that you don’t need to take. He would not be participating in this.


Price: $46.760
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2015-04-21 COMMENT Horizons Cdn Midstream Oil & Gas Index
HOG-T
David Burrows

If you are going to invest in the energy sector, this would probably be the one sector you would focus in. His view right now is that there are probably some challenges going forward that are not going to play out overnight. If you’re capital is limited, you want to focus on sectors that probably have a tailwind. You probably won’t get hurt too badly with this. He was a big investor in pipelines for 4 years, and it was a tremendous sector. It was very hard to exit last year. Thinks there are better places to focus.


Price: $10.150
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2015-04-21 TOP PICK iShares Nasdaq BioTech ETF
IBB-Q
David Burrows

One of his core themes for the last couple of years has been biotech. There are all kinds of new products coming down the pipe, with companies that are not terribly expensive. This is a way to get broad exposure to the sector without taking the binary risk that comes in some of the earlier stage companies.


Price: $364.500
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2015-04-21 TOP PICK Kelt Exploration
KEL-T
John O'Connell, CFA

Growing very, very rapidly. Has a highly respected management team. Sold their last business to Exxon and made a ton of money. Have been accumulating more land. Just shy of 20,000 barrels a day in production. Have all the resources they need to grow their production substantially and have the cash flow to do it. There are going to be LNG facilities in North America, and that is going to change the liquids rich gas business in Canada substantially. Because of this, someone is going to want to own a large, large resource-based company, and this is one of them.


Price: $8.750
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2015-04-21 COMMENT Kraft Foods Group
KRFT-Q
David Burrows

Consumer staples is a sector that looks pretty attractive. The deal with Heinz is backed by some pretty smart people. 3G, who are the instigators, have a tremendous record of getting in, making acquisitions and bringing profitability. Great company and there is lots of opportunity for cost cutting between the 2 businesses. Expects this is a very good long-term hold.


Price: $88.470
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2015-04-21 PAST TOP PICK Lear Corp.
LEA-N
David Burrows

(A Top Pick May 1/14. Up 40.92%.) He owns a lot of auto exposure right now. This is just a play on a recovering global consumer, and is one that he would continue to Buy at these prices. He moved out of this in September at about $103 to get into some other space


Price: $0.480
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2015-04-21 TOP PICK McDonalds
MCD-N
John O'Connell, CFA

Gives a huge dividend of about 3.6%. Have grown their dividend at about 10% a year for the last 10 years. Going through some struggles right now. He has seen this happen before. A very powerful franchise and is struggling with competitive pressure, currency pressures and menu pressures. Very, very strong balance sheet.


Price: $94.870
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2015-04-21 HOLD Magna Int'l. (A)
MG-T
David Burrows

The auto sector looks very good and this would be in his top 3 positions. Although it is a Canadian company, you are buying a global business. There is opportunity for them to make acquisitions which could be game changers. They will benefit as Europe to improve.


Price: $65.820
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2015-04-21 BUY NXP Semiconductors
NXPI-Q
David Burrows

This is in “near field“ communication chips such as those that go into your Visa card or an iPhone for Apple pay that oil will come to Canada as some point. Also, have a strong position in automotive. Has been one of his big positions in semiconductors for quite some time and he would continue to buy it.


Price: $101.240
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2015-04-21 DON'T BUY Paramount Resources
POU-T
David Burrows

Tourmaline (TOU-T) or Paramount Resources (POU-T)? He would buy financials before he bought energy.


Price: $36.950
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2015-04-21 COMMENT Rogers Communcations (B)
RCI.B-T
John O'Connell, CFA

(Caller has a core position and things have not been working. He thinks it is cheap and is considering adding to it and when the stock goes back up, he would trim it out a little.) Nothing fundamentally wrong with this company and this would be a good strategy on this.


Price: $42.060
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Unknown
2015-04-21 BUY SAP AG ADR
SAP-N
David Burrows

Enterprise software, and one of the very early movers into software as a service. They also were very early in the move into Cloud-based computing. Stock has been rallying recently even though the euro has been weak. This would be a good, long term hold. 2.5% dividend yield.


Price: $74.140
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2015-04-21 BUY Starbucks
SBUX-Q
David Burrows

The consumer has been 8-9 months of putting those dollars into their pocket that they saved on gasoline. A lot of the money has been saved, not necessarily spent. Because of this, he feels this company has a big tailwind in the market and lots of opportunity for adding to their business.


Price: $48.370
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2015-04-21 PAST TOP PICK Spartan Energy Corp
SPE-T
John O'Connell, CFA

(A Top Pick April 14/14. Down 15.25%.) When he recommended this, it was producing about 3000 barrels a day. It is now producing about 10,000 barrels a day. Has one of the best balance sheets in the country. One of the best and most respected management teams. Oil prices are down 50% and this company is down 15%, which is a testament to how well the company has been managed and how well the resource play holds up compared to others. Still a Buy at these levels.


Price: $3.280
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2015-04-21 COMMENT A T & T US
T-N
John O'Connell, CFA

This pays you much more than the US treasury bond does. Also, likes it because it is a defensive type of investment. Feels the dividend is reasonably safe, but it is dealing in a very, very competitive world. There is a lot of debt involved. 10% dividend yield.


Price: $32.660
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Unknown
2015-04-21 DON'T BUY Teck Resources Ltd. (B)
TCK.B-T
David Burrows

He looks for sectors where there have been some macro shifts that can lead to multiple expansion going forward. In the commodity sector, it looks as though 2012 marked a cycle peak for commodities. We are into a period where money is leaving commodities in favour of investing in equities and consumer led economies. Expecting relative underperformance for commodities going forward.


Price: $15.830
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2015-04-21 COMMENT Toronto Dominion
TD-T
John O'Connell, CFA

Bank stocks have all had a pretty good run recently. This would be one of his preferred picks. Likes its US exposure. Good dividend growth potential. Feels you could buy this here, but wouldn’t be surprised if there was a 10% correction lower and that it got down to the low $50’s. Consider Wells Fargo (WFC-N) as a good growth opportunity. Expects US banking operations will probably outperform the Canadian banking operations.


Price: $55.990
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2015-04-21 DON'T BUY Tourmaline Oil Corp
TOU-T
David Burrows

Tourmaline (TOU-T) or Paramount Resources (POU-T)? He would buy financials before he bought energy.


Price: $41.630
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2015-04-21 BUY Visa Inc.
V-N
David Burrows

Their business is continuing to grow around the world and they have lots of opportunities. This is a growth company.


Price: $65.350
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2015-04-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

US$. Where there are free-flowing currencies, and countries have to repay interest and the notional value of the bond in US dollars, it is going to be a lot more expensive for them. This will likely cause some credit stress over the next year or so. He is pretty sure the dollar is going to remain strong over the next year or so versus most currencies, specifically the euro and the yen. For the first time ever, Chinese estate values are going down. Money has been coming out of there to feed the stock market. Chinese mainland stocks have doubled over the last year or so, more importantly the last 6 months. Margin requirements were raised on Friday, but to combat that a shift in the reserve ratios to kind of neutralize things, the market seem to be a little positive this morning that there is no worsening in the Greek situation. Year-on-year earnings are declining, most of it, not all, is coming from the energy sector. He expects this for the next number of quarters.


Price: $0.020
Subject: STOCKS, BONDS & ETFs
Bias: UNKNOWN
Owned: _N/A
2015-04-20 COMMENT A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Fixed Income Suggestions. There are a couple of things to consider. You have credit risks. Corporate bonds, with the worse quality of these being high-yield or junk bonds. You will get a much higher yield, but those correlate a lot more with equity returns than they do with bond returns in general. If you don’t want a lot of interest rate risks, then a short term, 1 to 5 year laddered bond portfolio. All of the providers have them. If you fear that credit might be a problem at some point, then you want something with a bit longer duration on the government side. If stocks fall, government bonds will tend to do well. Longer  maturities tend to do better than shorter ones when you have a flight to safety.


Price: $0.020
Subject: STOCKS, BONDS & ETFs
Bias: UNKNOWN
Owned: Unknown
2015-04-20 BUY A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Gold. At $1150, he kind of likes some exposure to gold. If you are going to hold gold for a long period of time, you are probably better holding gold equities, as gold bullion yields nothing. If you are thinking about trading, ETF’s are fine for that. He would suggest 5% or 10% in your portfolio.


Price: $0.020
Subject: STOCKS, BONDS & ETFs
Bias: UNKNOWN
Owned: Unknown
2015-04-20 COMMENT A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Natural gas ETF, based on an outlook prices will increase in 3-5 years. There are 2 ways to play this. In the US FCG-N is the large cap natural gas weighted ETF of the companies. You get a dividend on this. In Canada ZJN-T is the Junior natural gas weighted ETF. If you have a 3 to 5 year view, do not even remotely consider any ETF’s linked to the underlying commodity. The underlying NAV erosion, over a long period of time, could be toxic.


Price: $0.020
Subject: STOCKS, BONDS & ETFs
Bias: UNKNOWN
Owned: Unknown
2015-04-20 COMMENT A Comment -- General Comments From an Expert
A Commentary
Barry Schwartz

US currency and the US market? He wouldn’t put 100% of his clients’ money into the US, but currently is about 65% Canada and 35% US. The currency has worked in his favour recently, but that doesn’t mean it is going to continue to work in his favour. You have to own the best companies that you think are reasonable, cheap on valuation and are going to grow. Currency has a way of working itself out over the long-term. The companies he buys, he plans to own for 3 to 5 years or longer.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: _N/A
2015-04-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Greece. We are now in Act III of the Greek tragedy. No one knows for sure how this is going to play out. For a German taxpayer, who has just had his retirement age raised to 67, to use his tax dollars for his government to fund Greece, where a guy there retires at 55, it doesn’t add up. Feels it ultimately comes apart, but the pride in Europe is really strong and they are going to try to keep it together. A chart showing capital outflows as a percentage of GDP in Greece shows the intensity in the last 6 months is far greater than in previous ones. People with money in the banks in Cyprus actually lost money on their deposits. This is why money is fleeing Greece. About a year ago, Greece was able to come back to the bond market and issue bonds. They issued a 3 year bond at 3.38 which is currently yielding 27%. That is pricing in over a 50% chance of default. The European bank Index is still 60% below its peak before the crisis of 2008-2009. We are back up to the levels where we had seen problems. The vast majority of European banks failed the stress tests. He doesn’t think a QE is going to help and fix this.


Price: $0.020
Subject: STOCKS, BONDS & ETFs
Bias: UNKNOWN
Owned: _N/A
2015-04-20 DON'T BUY A Comment -- General Comments From an Expert
A Commentary
Barry Schwartz

Energy. Has sold all his energy producers and is out of energy completely, except for Pembina Pipeline (PPL-T) and Keyera (KEY-T). Hasn’t made a lot of money on energy, even in good times. Prefers owning companies that have strong pricing power, have the ability to raise their prices, and the ability to raise and compound capital over time, in a more certain business environment.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Yes
2015-04-20 N/A A Comment -- General Comments From an Expert
A Commentary
Barry Schwartz

Markets. 25% of the Canadian Index is tied to energy or energy related companies, as well as other related plays in the index. Not easy to get diversified, so he has gone outside of Canada to get exposure. The great companies have PEs priced at excessive levels, because there is nothing else to buy. When you gravitate to looking for non-commodity related companies, everybody else is looking for them too, so valuations are too high. Because of this, he is looking outside of Canada and has found a lot of good ideas in the US. US and Canadian financials look extremely cheap. Also, healthcare and US technology also look attractive.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: _N/A
2015-04-20 N/A A Comment -- General Comments From an Expert
A Commentary
Barry Schwartz

Currency hedging? His issue is that this is costly, and if you do it through a hedge product, it will eat into your fees or your dividend. Because of this, he doesn’t do it. He would be buying J.P. Morgan (JPM-N) or Goldman Sachs (GS-N).


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: _N/A
2015-04-20 N/A A Comment -- General Comments From an Expert
A Commentary
Keith Richards

Markets. There is a greater than average probability of a correction this summer, probably 10%-20%, or probably a bit higher. There are a lot of different factors involved. First of all there are formations on the market. We have not had a 20% correction on the S&P 500 for literally for 4 years. Lack of volatility is not a great thing. He is also starting to see some of the secondary indicators that are showing that volatility might return. When levels of the VIX (volatility index) get too low, we tend to not stay there forever. His chart show that we have been hanging around in the low end (10 to 13) for a couple of years. This can’t last forever and he thinks we are probably going to see a move up. Looking at Breadth, it basically says how much participation there is in the stock market. He is looking at a 40 day moving average of the new highs and new lows on the NYSE. The chart shows stocks are moving up, but the moving average is heading down. 71% of Dumb Money (unsophisticated such as retail investors) is very bullish, versus 35%-36% of Smart Money (basically professionals, i.e. insiders, pension managers, sophisticated investors, etc.) A 2 to 1 ratio. Not such a great thing when Smart Money is leaving the room and Dumb Money is piling in.


Price: $0.020
Subject: TECHNICAL ANALYSIS
Bias: CAUTIOUS
Owned: _N/A
2015-04-20 TOP PICK Apple
AAPL-Q
Barry Schwartz

Good companies that have high ROE’s and generate lots of free cash flow with great branded products are going to grow. Thinks they are going to earn $8.40 this year and well over $9 next year. Add in the cash balance and trading at 10 or 11 times earnings, it may be the best company in the world. Dividend yield of 1.47%.


Price: $127.600
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Yes
2015-04-20 PAST TOP PICK American International Group
AIG-N
Barry Schwartz

(A Top Pick March 27/14. Up 18.08%.) One of the biggest insurance companies globally. Good management. Buying back stocks below Book Value. Still a Buy.


Price: $57.510
Subject: NORTH AMERICAN - LARGE
Bias: BEAR on ENERGY
Owned: Yes
Showing 1 to 60 of 139,192 entries
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