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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
2015-03-04 N/A A Comment -- General Comments From an Expert
A Commentary
Bill Harris, CFA

Mining. He has been coming to PDAC for 3 years saying that he just didn’t feel good about the industry. This is probably the 1st time that he is seeing real projects and market caps at good levels where you can actually make money.


Price: $0.020
Subject: RESOURCE
Bias: UNKNOWN
Owned: _N/A
2015-03-04 N/A A Comment -- General Comments From an Expert
A Commentary
Bill Harris, CFA

Growth projections for Northern Ontario? What was really going to drive this area was the Ring of Fire development. It seems completely stuck. You have to have a government that just drives this thing, but Ontario just doesn’t have any money. Companies can’t really afford to put in roads and rails without real guarantees.


Price: $0.020
Subject: RESOURCE
Bias: UNKNOWN
Owned: _N/A
2015-03-04 N/A A Comment -- General Comments From an Expert
A Commentary
Bill Harris, CFA

Oil? You can pick price or timing, but not both, so he won’t pick timing. The marginal cost of producing 93 million barrels a day going to 94 million barrels a day by the end of next year, is somewhere around the high $70-$80 a barrel. There is too much oil coming on now from last year’s activity. Canada is going to produce another 250,000 barrels a day this year, and the Gulf of Mexico and Brazil are coming on with 100,000 barrels, so we have to get through that, but then oil has to go back to that marginal cost of production at some point, and he is taking a 2 year timeframe.


Price: $0.020
Subject: RESOURCE
Bias: UNKNOWN
Owned: _N/A
2015-03-04 N/A A Comment -- General Comments From an Expert
A Commentary
Bill Harris, CFA

Rare earth elements? The problem at this point is just the small business. It’s the size of the copper market that allows you to hedge, build a mine and use public markets to do that. In rare earth elements, the sizes of the projects are so small they can become obscure, and nobody cares. He is of the opinion that you should just ignore them.


Price: $0.020
Subject: RESOURCE
Bias: UNKNOWN
Owned: _N/A
2015-03-04 N/A A Comment -- General Comments From an Expert
A Commentary
Brent Cook

Markets.  There are rays of light.  This year will be better than last year.  We are bouncing along the bottom.  Quality is going to rise above the rest and so mining is where we want to be.  This will be a fantastic year to acquire the few fantastic companies out there.  We are down 80 something percent from the peak in 2011.  We are seeing peak gold production right about now and it is projected to drop off.  The peak in discoveries was in 1995 and it takes 10 to 20 years to put a mine into production.  Mines are now starting to run out of ore.  There are a lot of deposits out there that are margin to uneconomic to extract.  You need to identify the few projects that are economic.  As soon as an investor finds his thesis is not working, he needs to sell and move on.


Price: $0.020
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: _N/A
2015-03-04 N/A A Comment -- General Comments From an Expert
A Commentary
Brent Cook

Silver.  Most comes as a byproduct from other production and there is no shortage.  He is not a silver or gold bull.  He has no opinion on silver.


Price: $0.020
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: _N/A
2015-03-04 DON'T BUY Barrick Gold
ABX-T
Bill Harris, CFA

People keep asking how gold can be up and this company is just a disaster. The enterprise value was $15 billion and is now $30 billion. However, debt has gone from no debt to $10-$12 billion. In effect the debt owns the gold and you don’t.


Price: $15.090
Subject: RESOURCE
Bias: UNKNOWN
Owned: Unknown
2015-03-04 SELL Alderon Iron Ore
ADV-T
Brent Cook

A fantastic deposit in Newfoundland and then the iron price dropped so now he thinks it is dead money.  He got out and lost money.


Price: $0.285
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: No
2015-03-04 COMMENT Alamos Gold Inc
AGI-T
Bill Harris, CFA

A higher quality company. Gold is almost at the highs that it was a few years ago in Cdn$ terms. Doesn’t think this company has anything particularly good, so you actually really need a movement in the gold price. Nothing dynamic right now to be in this.


Price: $7.440
Subject: RESOURCE
Bias: UNKNOWN
Owned: Unknown
2015-03-04 COMMENT Bear Creek Mining
BCM-X
Brent Cook

Massive deposit, but low grade and cap X is really high and at these silver prices it does not work.  If silver is going to go up then this is one of the better stocks to own.


Price: $1.400
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 PAST TOP PICK BHP Billiton Ltd.
BHP-N
Bill Harris, CFA

(A Top Pick March 4/14. Down 22.5%.) For him it is all about, can they make money and can they pay their dividends and be a sustaining business going forward. They need to make $10 billion, and they can easily make about $25 billion this year. They have incredible flexibility in their CapX plans. This is defence on a currency basis and on a dividend. He is down about 10% when you take into account currency fluctuation.


Price: $51.620
Subject: RESOURCE
Bias: UNKNOWN
Owned: Yes
2015-03-04 TOP PICK BHP Billiton Ltd.
BHP-N
Bill Harris, CFA

This gives a 5% yield and the stock can go up a couple of dollars a year, giving an 8%-10% rate of return. They also have copper and oil businesses which he thinks can incrementally improve.


Price: $51.620
Subject: RESOURCE
Bias: UNKNOWN
Owned: Yes
2015-03-04 TOP PICK Boralex Inc.
BLX-T
Bill Harris, CFA

Essentially wind electricity in France and Québec. Has great long-term contracts and is incrementally adding to its business. Yield of about 4%.


Price: $13.200
Subject: RESOURCE
Bias: UNKNOWN
Owned: Yes
2015-03-04 DON'T BUY Bankers Petroleum
BNK-T
Bill Harris, CFA

Our own companies are so beaten up right now, why take on that incremental risk of looking to Albania? To go into this one, it needs to be next to nothing and super clean.


Price: $3.010
Subject: RESOURCE
Bias: UNKNOWN
Owned: No
2015-03-04 COMMENT B2Gold Corp.
BTO-T
Bill Harris, CFA

There are about 5 companies in gold that he would like to own, and this is on that list. Great little company. This is going to move with the gold price and it is hard to see anything specific related to their asset, but the amazing thing is that they do incrementally improve their existing assets.


Price: $2.050
Subject: RESOURCE
Bias: UNKNOWN
Owned: No
2015-03-04 BUY B2Gold Corp.
BTO-T
Brent Cook

Impressed with their operational abilities.  Their projects are going to make good money.


Price: $2.050
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Yes
2015-03-04 DON'T BUY Continental Gold Limited
CNL-T
Brent Cook

They are very narrow veins.  It is a complicated deposit.  He has issues with how they are taking some of these narrow vein intersections and projecting them off.  It could be a decent play, but he is not comfortable with it.


Price: $2.100
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 COMMENT Crescent Point Energy Corp
CPG-T
Bill Harris, CFA

On his list of about 10 things he would like to own, but his strategy has ended up slightly differently. If their hedges roll off and oil is still that $40-$45, the cash flow will be impacted. His hunch is that this company might get away with getting through this. Extremely well-run with very high margins. Great company.


Price: $30.550
Subject: RESOURCE
Bias: UNKNOWN
Owned: No
2015-03-04 COMMENT Capstone Mining Corp.
CS-T
Bill Harris, CFA

This should have a good story, but it really needs a higher copper price to make their cash flows dynamic. It just doesn’t have a big project and there is no real visible growth going forward right now, so it just sits there. He is going to sit on his hands until there is a better opportunity in a more senior company.


Price: $1.350
Subject: RESOURCE
Bias: UNKNOWN
Owned: No
2015-03-04 TOP PICK Dalradian Resources
DNA-T
Brent Cook

Gold deposit in Northern Ireland.  It is veins.  They are not wide, but are solid.  They have a significant resource outlined right now. 


Price: $1.115
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Yes
2015-03-04 COMMENT Fission Uranium Corp.
FCU-T
Bill Harris, CFA

A year ago, this was too far out of where all the infrastructure was. Any time you bring on a new project you really have to develop the thing. Now that it shows it is expanding, it might be able to live on its own, so that another big uranium player could come in and buy it. It is likely a decision will have to be made by a real producer in the next 12 months.


Price: $1.340
Subject: RESOURCE
Bias: UNKNOWN
Owned: No
2015-03-04 BUY Fission Uranium Corp.
FCU-T
Brent Cook

They have the best new Uranium discovery anywhere in the world.  They just did a hole on land.  If they can build out a resource on land it will be much more attractive.  Current holes under a lake.


Price: $1.340
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 PAST TOP PICK Franco-Nevada Corp.
FNV-T
Bill Harris, CFA

(A Top Pick March 4/14. Up 14.81%.) It had been very difficult to find defensive stocks in gold and this seemed to be about the only game in town. It has been a great place to hide.


Price: $63.330
Subject: RESOURCE
Bias: UNKNOWN
Owned: Yes
2015-03-04 BUY Guyana Goldfields Inc.
GUY-T
Brent Cook

Costs are in the order of $6.50-$7.50.  It looks like it is going to work.


Price: $3.190
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: No
2015-03-04 COMMENT Hudbay Minerals Inc.
HBM-T
Bill Harris, CFA

Copper is the big thing that is going to move the stock. They are bringing the Constancia mine on, pretty much on time and pretty much on budget, which is pretty impressive. Because some of the larger companies are playing defence the whole time, they’ve got a short list of projects that they would like to put money in, rather than somebody else’s projects, so it is hard to see a takeover happening.


Price: $9.850
Subject: RESOURCE
Bias: UNKNOWN
Owned: No
2015-03-04 DON'T BUY Integra Gold Corp.
ICG-X
Brent Cook

The issue is that there seems to be a lot of veins that are open, but not connected so it will be difficult and expensive to mine.  He does not think it will make a good deposit, although he realizes he could be wrong.


Price: $0.290
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: No
2015-03-04 BUY on WEAKNESS Ivanhoe Mines
IVN-T
Brent Cook

An interesting story.  They have the three best discoveries in the world in platinum group metals.  Run by the best promoter in the industry.  The issue they have is that they are massive deposits that will cost billions to build and the money is tough to raise.  He does not know when it will turn.  Buy it and sock it away.  Wait for bad news days to buy.


Price: $0.870
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 BUY on WEAKNESS Kaminak Gold Corp.
KAM-X
Brent Cook

Bought in December/November and sold half since then.  It has good grade and is one of the remaining good gold deposits held by a junior.  They are looking at production into 2018.  If it dropped more, he would buy more.


Price: $0.900
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Yes
2015-03-04 DON'T BUY Lundin Gold Inc.
LUG-T
Brent Cook

Ecuador is becoming more mining friendly, but he is suspicious and it seems the government is reactionary and he does not trust what they are doing.  He is leery about putting his money into this country.


Price: $3.980
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 TOP PICK Mariana Resources Ltd.
MARL-LN
Brent Cook

$20 Million market cap.   A month ago they released a drill hole in Turkey.  A few weeks later they released a drill hole 100 meters to the north.  This looks like it might be a significant discovery.  The structure runs for 7 km.  They just raised money and are going to invest it in low probability/high risk projects.  This is the bad news. 


Price: $0.000
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Yes
2015-03-04 DON'T BUY Medgold Resources Corp.
MED-X
Brent Cook

He is a geological advisor to them.  Consulted on a project in Italy, but it was not what he thought it would be.


Price: $0.085
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 TOP PICK Mirasol Resources
MRZ-X
Brent Cook

(Top Pick Mar 4/14, Down 38.51%) They are capable of finding the deposits that we need to find into the future.  They are sitting on about $25 Million in cash.  In a current project surface samples look really good and they have a significant chance of making a major discovery.


Price: $0.990
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Yes
2015-03-04 DON'T BUY Northern Dynasty Minerals Ltd
NDM-T
Brent Cook

This is going to take a long, long time.  There are issues with salmon fisheries and so on.


Price: $0.570
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 WAIT New Gold Inc.
NGD-T
Bill Harris, CFA

Very few companies that are building real projects, so it is now up to them to do it on time and on budget. Project is in BC and then they are coming back to Ontario. With the Cdn$ down, the market should support them. Because of the nature of building things and timing capital, there is always this sweet spot that you never quite know exactly where it is. 12 months before they actually start producing is probably the best time to buy.


Price: $4.610
Subject: RESOURCE
Bias: UNKNOWN
Owned: No
2015-03-04 COMMENT Nevsun Resources
NSU-T
Bill Harris, CFA

There is a theory that we will run out of zinc in a couple of years. This company currently has a copper mine in Eritrea which turns into a zinc mine in 2 years. The only problem is that you get Eritrea, and anything could happen in a country like that. This company is sitting on a ton of cash trying to find a project outside, to diversify. He is waiting on that.


Price: $4.310
Subject: RESOURCE
Bias: UNKNOWN
Owned: Unknown
2015-03-04 DON'T BUY Nautilus Minerals Inc.
NUS-T
Brent Cook

It is an interesting science project.  It is hard to tell if they will make money or not.  It is hard enough mining this, but at these depths even harder.  It is hard to get a handle on their reserves.  Prefers techniques that he knows work.


Price: $0.530
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 BUY Pure Gold Mining Inc.
PGM-X
Brent Cook

A smart group of guys.  They are putting a fair bit of work into proving their concept is right.  They seem to be backing up their thesis.  It is looking like it is working so far.


Price: $0.290
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 TOP PICK Phoenix Energy Services
PHX-T
Bill Harris, CFA

A high quality company that has been beaten up but has low fixed costs and high variable costs, so they can get through this and come out the other side. Directional driller. The problem is with the oil price and efficiencies in drilling on shale, he might like the oil price to come back to $80, but what if it is $65-$70. The one thing he can figure on is that wells are going to get drilled, so you will need drilling at some point.


Price: $7.060
Subject: RESOURCE
Bias: UNKNOWN
Owned: Yes
2015-03-04 DON'T BUY Perseus Mining Limited
PRU-T
Brent Cook

It is low grade and they have had issues getting it to make money.  It probably won’t make a lot of money ever unless the price of gold goes up.


Price: $0.330
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: No
2015-03-04 BUY Radius Gold
RDU-X
Brent Cook

Tempted to buy more.  They may get a small royalty from a mine they found.  They source really good simple projects to explore.  There is no catalyst, but you are buying a good company for less than the cash in the bank.


Price: $0.080
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Yes
2015-03-04 PAST TOP PICK Roxgold Inc
ROG-X
Bill Harris, CFA

(A Top Pick March 4/14. Down 7.94%.) Everybody would like to build a gold mine, but it is a very hard thing to do. This company has all the pieces in place, and hopefully next year at this time they are producing gold in West Africa.


Price: $0.580
Subject: RESOURCE
Bias: UNKNOWN
Owned: Yes
2015-03-04 PAST TOP PICK Roxgold Inc
ROG-X
Brent Cook

(Top Pick Mar 4/14, Down 7.94%) He sold.  If you are going to buy it you have to follow it and when things go wrong you have to sell.  If he sees political problems he gets out.  It is a good, high grade deposit and a good project.  In retrospect he should have held on.


Price: $0.580
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: No
2015-03-04 WATCH Sunridge Gold
SGC-X
Brent Cook

This has been a tough play.  They have a high grade pod that they hope to direct ship.  The guys are hard working and sincere, but he would wait to see how it goes and see if they can pull it off.


Price: $0.090
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 PAST TOP PICK Synodon
SYD-X
Brent Cook

(Top Pick Mar 4/14, Down 44.00%) He sold it for a small profit when it became apparent that they would not be able to raise enough capital.  You have to follow these things.  Technically they are very good, but were not successful in raising money when they needed to.


Price: $0.140
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: No
2015-03-04 DON'T BUY True Gold Mining
TGM-X
Brent Cook

Sold it when it became apparent that someone was not going to buy it.  Since then they ran into serious issues with locals burning up tractors and trucks.  It will be a struggle until they get that sorted out.


Price: $0.190
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-04 DON'T BUY Turquoise Hill Resources
TRQ-T
Brent Cook

Mongolian mines:  They have made so many tries.  They are still fighting with the government there.  The government has shown themselves to be indecisive.


Price: $3.870
Subject: JUNIOR MINING & COMMODITIES
Bias: SELECTIVE
Owned: Unknown
2015-03-03 N/A A Comment -- General Comments From an Expert
A Commentary
Dennis Da Silva

Energy. This downturn is not because of the supply side with US shale oil growth, which has always been there, but it was the 2nd half constant revision on the demand side, because of issues around China slowing and Europe not getting back into normalized growth. Thinks the worst is over. There has been a good move in January. If we see a normalized recovery, something closer to $65, he thinks there is still 20%-30% upside in the equities themselves.


Price: $0.020
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: _N/A
2015-03-03 N/A A Comment -- General Comments From an Expert
A Commentary
Dennis Da Silva

Gold. We are a couple of years into this gut wrenching process of becoming more efficient, both in terms of capital and operating costs. This is an industry that was very inefficient with its capital in a very generous market with its equity availability for a number of years. There were some very inefficient acquisitions, and projects were not necessarily run as efficiently as they should have been. With prices now at $1100-$1500 an ounce, you start to see companies really focusing on the bottom line, because the margins just aren’t there. There has been a bit of improvement, but you have to be very specific on how you look at how cost reductions have come about. Are they really improving their operations or are they doing simple things like cutting out exploration, reducing headcount, or deferring sustaining capital spending?


Price: $0.020
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: _N/A
2015-03-03 N/A A Comment -- General Comments From an Expert
A Commentary
Dennis Da Silva

Mining. There is a sense of capitulation. Thinks executives have accepted the situation they are in, and believe this is something for the long term and have to focus on becoming more efficient with their capital and reducing costs for the long-term. Also, becoming smarter with any M&A activity. Getting smaller is not a negative thing in this market, and the seniors are more amenable to reducing their size.


Price: $0.020
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: _N/A
2015-03-03 N/A A Comment -- General Comments From an Expert
A Commentary
Dennis Da Silva

Junior mining companies? We have seen some M&A activity over the last several months. The process has started to see some of the higher-quality projects, which are a bit stranded, find a home in a bigger entity that is better financed and has better availability of capital with lower costs. He expects this process will continue slowly. One CEO has said that there are probably only around 100 real financeable undeveloped projects in the market right now. That will mean very concentrated capital flows.


Price: $0.020
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: _N/A
2015-03-03 N/A A Comment -- General Comments From an Expert
A Commentary
Derek Warren

REITs. There have been great returns this year. Coming into the year, Canadian REITs had underperformed all other global real estate sectors, especially the US. A lot of investors started to notice so, especially with the changing currency, decided this might be a good time to invest in real estate. Investors always like real estate in Canada as a source of stable income. People coming into the sector are going to gravitate towards the larger more liquid REITs. However, he has also noticed that some of the smaller ones were really being neglected, and there is some quality real estate among some of those names. The sectors that are getting a lot of the attention right now starting with retail are those with Hudson Bay, Target. In these, you want to be in the highest quality malls. On the other hand, you can go for a grocery anchored strip centre of needs based retail. Also, likes industrial, which had a weak year last year. He is underweight Office due to construction. Sometime this year you want to be buying into Alberta.


Price: $0.020
Subject: REIT's
Bias: UNKNOWN
Owned: _N/A
2015-03-03 COMMENT Pure Industrial Real Estatetrust Trust
AAR.UN-T
Derek Warren

One of his favourites. Last year didn’t do so well, but year-to-date has done very, very well. Industrial markets are fine. They are in very good condition even in Calgary and Edmonton, but the other dynamic is that they are right on the border of whether they can go into the TSX or not. That would create a lot of volume and a lot of interest in the stock.


Price: $5.110
Subject: REIT's
Bias: UNKNOWN
Owned: Unknown
2015-03-03 COMMENT Barrick Gold
ABX-T
Dennis Da Silva

One of his concerns is that there is a lack of growth. Even in a poor market like this, there are still opportunities for companies adding production and cash flow and earnings-per-share. They are in the process of shrinking a bit, looking at asset sales and trying to fix the balance sheet. He prefers Agnico-Eagle (AEM-T) and Goldcorp (G-T).


Price: $15.610
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: No
2015-03-03 COMMENT Agellan Commercial REIT
ACR.UN-T
Derek Warren

They do not have a buy and hold strategy, so you have to get comfortable that management will aggressively be churning the portfolio. Have recently expressed interest in selling their Canadian assets to put the money to work in the US. If there is a drag from selling to deploying, then the dividend is a little bit strained, but at this point the dividend is fully covered. He is watching this one from the sidelines.


Price: $9.620
Subject: REIT's
Bias: UNKNOWN
Owned: No
2015-03-03 COMMENT Athabaska Oil Sands Corp
ATH-T
Dennis Da Silva

This is one of those companies that really got squeezed by the commodity fall. Unfortunately gas prices have worked against them in the Duvernay, where they are still in the process of improving cost efficiencies to make it truly economic and generate rates of returns that should be north of 25%-30%. Their other major asset, which is just steaming up and wrapping up, is their Hangingstone heavy oil project. The 2 things that you probably don’t want to own in a $50 oil and $2.50 gas environment, is an early stage, capital intensive gas project and a heavy oil project.


Price: $2.170
Subject: CANADIAN RESOURCE
Bias: OPTIMISTIC on ENERGY
Owned: Unknown
2015-03-03 COMMENT Artis Real Estate Investment Trust
AX.UN-T
Derek Warren

This is something he has been spending a little bit more time on. Has been tarred with the Calgary brush. It has a large Calgary exposure with a lot of it in the suburban office or beltline office. There is a question that with the oil decline, how much this is going to affect Calgary. However, he is seeing the US portfolio is performing very well, and the stock is cheap. If you have a long-term view, you can get in now, otherwise you may hold off a bit.


Price: $15.330
Subject: REIT's
Bias: UNKNOWN
Owned: Yes
2015-03-03 BUY on WEAKNESS Brookfield Asset Management (A)
BAM.A-T
Derek Warren

Although it has gone up very far and very fast, it is in line with what US REITs have done in Cdn$’s. Not cheap and is getting expensive. Feels it is fairly valued. At some time, in the next few months, there will be a pullback and that would be the time to jump in.


Price: $67.610
Subject: REIT's
Bias: UNKNOWN
Owned: Yes
2015-03-03 TOP PICK Boardwalk REIT
BEI.UN-T
Derek Warren

The 10 year average return on this was 17% annualized. Because of its exposure to the oil markets, it has come off and rightly so. However, this is one to watch. As oil weakness reaches a peak, there is an opportunity to buy into the real estate at a discount valuation. Try to get it at around $55-$58 or under $60. Yield of 3.48%.


Price: $58.700
Subject: REIT's
Bias: UNKNOWN
Owned: Yes
2015-03-03 COMMENT BrightPath Early Learning
BPE-X
Derek Warren

A microcap company and a consolidator of day cares. This stock has not done well, however he thinks that most of the changes they needed to do have been done and are looking for efficiencies going forward. At some point he thinks it will be worth $.40-$.50, but it will take some patience to go there. This is a long shot and is probably a bit niche for individual investors.


Price: $0.320
Subject: REIT's
Bias: UNKNOWN
Owned: Unknown
2015-03-03 PAST TOP PICK Brookfield Property Partners
BPY.UN-T
Derek Warren

(A Top Pick April 29/14. Up 51.1%.) Their downtown Manhattan assets started to really lease up. This is a core area where people want to work and live, so it has attracted a lot of attention.


Price: $30.600
Subject: REIT's
Bias: UNKNOWN
Owned: Yes
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