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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
2016-06-22 PARTIAL BUY Crescent Point Energy Corp
CPG-T
Kash Pashootan

One of the higher-quality names in the group. Has been frustrated on management doing what they said they wouldn’t do, such as issuing new stock, or stating that there would be no dividend cut. Thinks oil has turned the corner, and you could start a position here. He is looking at this. You might see a breather over the next quarter, and that is when he would be looking to entering this.


Price: $20.300
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: No
2016-06-22 COMMENT Cisco
CSCO-Q
Kash Pashootan

(Market Call Minute.) Going through a transformation in terms of routers to a little bit more Cloud. Have been heavy in acquisitions. You are getting paid a great dividend while you wait, but you will need patience for share price appreciation.


Price: $28.720
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: Unknown
2016-06-22 COMMENT Chartwell Seniors Housing
CSH.UN-T
Paul Macdonald

This is expensive, because it is expensive to live there. Fabulous facilities. Has had a great run. You have to pay a premium when there is nothing else like it in Canada.


Price: $15.510
Subject: HEALTHCARE
Bias: UNKNOWN
Owned: No
2016-06-22 PAST TOP PICK Dr. Pepper Snapple Group
DPS-N
Kash Pashootan

(A Top Pick July 10/15. Up 22.89%.) The carbonated beverage industry is not growing because of all the focus on healthier lifestyles. This company has aggressively been expanding in emerging markets. The highest soda consumption in the world is in Latin America, which is where they have been primarily gearing their focus. Doesn’t expect the same store growth in the next year.


Price: $92.110
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: Yes
2016-06-22 COMMENT Estee Lauder
EL-N
Kash Pashootan

Global and operates in over 150 countries. Skincare is where they are making their money. They are also in fragrance through licensed agreements. Shares have done tremendously well, and a big part of that has been their ability to gain traction in China. Thinks a lot of the future growth in China is already priced in. A catalyst that could add share price appreciation will be their ability to execute on their e-commerce strategy. E-commerce is about 8% of their overall revenue, and if they are able to grow that it will help their income. At 29X PE he wouldn’t be in a rush to Buy this. A very low dividend of about 1.25%.


Price: $93.590
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: Unknown
2016-06-22 HOLD General Electric
GE-N
Kash Pashootan

A name he is looking at closely for an entry point. Have done a tremendous job in selling GE Capital assets, and are now essentially a pure industrial play. The integration of their huge French engineering company acquisition has been digested for the most part. Trading at about 20X PE. Dividend yield of 3%.


Price: $30.780
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: No
2016-06-22 BUY Gilead Sciences Inc.
GILD-Q
Kash Pashootan

This has been a tough ride this year, and is down about 18%. Valuations at these levels have priced in a lot of the bad news. They have a strong pipeline of 38 products, 9 phases in stage III. Trading at around 7X PE and you are getting a decent yield of 2%.


Price: $82.450
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: Yes
2016-06-22 BUY Gilead Sciences Inc.
GILD-Q
Paul Macdonald

Trading around 7X this year’s and next year’s earnings. That tells him there is no growth. Their business is twofold, 35% in HIV franchise. He is seeing declines in their hepatitis C business. Sees increased competition coming in. They need to fill out their pipeline and they have the balance sheet to do it. Very inexpensive.


Price: $82.450
Subject: HEALTHCARE
Bias: UNKNOWN
Owned: Yes
2016-06-22 COMMENT GlaxoSmithKline PLC
GSK-N
Paul Macdonald

Has a deep pipeline of drugs. 25% of their business is in consumer. Trading at around 15X forward earnings. Not a lot of growth, but they have a really attractive yield of 5+ percent which he feels is safe.


Price: $41.760
Subject: HEALTHCARE
Bias: UNKNOWN
Owned: Yes
2016-06-22 HOLD Johnson & Johnson
JNJ-N
Paul Macdonald

One of the leading diversified healthcare companies. They have deep pharmaceuticals and are leaders in medical devices. Has had a fairly good run, and trading well above its trading 52 week forward earnings multiple. Sees this as one of the dominant players in the space.


Price: $116.460
Subject: HEALTHCARE
Bias: UNKNOWN
Owned: Yes
2016-06-22 BUY Keyera Corp
KEY-T
Kash Pashootan

(Market Call Minute.) A good pipeline business, and has proved to be resilient in the face of falling oil prices. A good defensive way to get exposure.


Price: $37.810
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: Yes
2016-06-22 COMMENT Mastercard Inc.
MA-N
Kash Pashootan

(Market Call Minute.) (Visa (V-N) or MasterCard (MA-N)?) He prefers Visa which has a much larger network, more retailers and more users.


Price: $94.060
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: Unknown
2016-06-22 HOLD Medtronic Inc
MDT-N
Paul Macdonald

Acquired Covidien about a year or so ago. A very synergistic acquisition. Has had a great run. A name he would absolutely continue to hold onto. Great balance sheet. Growing in their businesses. His preferred choice in medical devices.


Price: $84.260
Subject: HEALTHCARE
Bias: UNKNOWN
Owned: Yes
2016-06-22 TOP PICK Magna Int'l. (A)
MG-T
Kash Pashootan

A screaming buy at these levels. Not because he expects mega-growth in the automobile industry, but when you look at the valuation, this is pricing in a doomsday scenario, to say the least. Trading at around 8X PE, and comfortably could be at around 11X or 12X, so doesn’t believe they need to grow their earnings considerably to see a multiple expansion that reflects the current market environment. Dividend yield of 2.58%.


Price: $50.000
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: Yes
2016-06-22 TOP PICK Merck & Company
MRK-N
Paul Macdonald

He likes the balance sheet and the income he is getting from this. They have a hepatitis C drug that is coming out as well as a great oncology drug. They have 26 phase 3 trials. Sees a slight increase in revenues over the next 2 years. Dividend yield of 3.22%.


Price: $57.040
Subject: HEALTHCARE
Bias: UNKNOWN
Owned: Yes
2016-06-22 PAST TOP PICK National Penn Bancshares
NPBC-Q (Acquire
Kash Pashootan

(A Top Pick July 10/15. Down 2.96%.) This was acquired by a larger regional bank. 


Price: $10.720
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: No
2016-06-22 BUY Novartis AG
NVS-N
Paul Macdonald

60% of their business is in pharmaceuticals, 20% in ophthalmology and 20% in Sandoz, a biosimilar company, the 1st one to get a biosimilar approved in the US. Attractive balance sheet.


Price: $79.710
Subject: HEALTHCARE
Bias: UNKNOWN
Owned: Yes
2016-06-22 COMMENT Pfizer Inc
PFE-N
Paul Macdonald

You are not paying a lot for the valuation on this, about 13X next year’s earnings. Has 3 business lines including innovative drugs, established pharmaceuticals and oncology and consumer. You could see a split of one of those businesses. Has a great dividend.


Price: $34.470
Subject: HEALTHCARE
Bias: UNKNOWN
Owned: Yes
2016-06-22 SELL Potash Corp of Saskatchewan
POT-T
Kash Pashootan

The name you want to own if you want to be in potash, but this is really the wrong time to be here. With continued slowdown in Brazil and China, agricultural demand is weak. Also, there are still stockpiles of potash in China. Doesn’t believe the 6% dividend is safe, and expects it could easily get cut in half. Agrium (AGU-T) would be a better pick.


Price: $21.190
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: No
2016-06-22 COMMENT Power Corp
POW-T
Kash Pashootan

(Market Call Minute.) The mutual fund business is under pressure which is going to translate into earnings.


Price: $28.730
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: Unknown
2016-06-22 DON'T BUY Power Financial Corp
PWF-T
Kash Pashootan

Feels the dividend is safe, but in their underlying components, a big part are mutual funds, which he is quite negative on. With CMR II, a disclosure for retail investors, it could put a squeeze on margins. Expects the growth will come from the Great West Life (GWO-T) portion.


Price: $31.160
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: No
2016-06-22 COMMENT Rite Aid Corp.
RAD-N
Paul Macdonald

He doesn’t cover this, because as a pharmacy it is considered a consumer staple. Right now this is being subject to a takeover by Walgreen Boots Alliance (WBA-Q).


Price: $7.730
Subject: HEALTHCARE
Bias: UNKNOWN
Owned: No
2016-06-22 PAST TOP PICK Rogers Communcations (B)
RCI.B-T
Kash Pashootan

(A Top Pick July 10/15. Up 22.54%.) This was a valuation story when he recommended it. It has more debt than their competition, which has impaired their ability to raise the dividend, but with share price appreciation like it has had, he is okay with it.


Price: $51.240
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: Yes
2016-06-22 COMMENT Shaw Communication (B)
SJR.B-T
Kash Pashootan

(Market Call Minute.) Trading at about 18X PE with about a 5% dividend. Nothing specifically wrong with this but he would rather be in Rogers (RCI.B-T) or BCE (BCE-T).


Price: $25.060
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: Unknown
2016-06-22 DON'T BUY Sun Life Financial Inc
SLF-T
Kash Pashootan

(Market Call Minute.) If you have to have a Lifeco, Manu Life (MLF-T) has been beaten up more and has more of its revenue coming from Asia.


Price: $43.570
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: No
2016-06-22 BUY Telus Corp
T-T
Kash Pashootan

(Market Call Minute.) Great dividend. A good entry point. He likes that it is a pure mobile space, and sees that space continuing to grow. Feels the dividend is safe.


Price: $41.300
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: Unknown
2016-06-22 COMMENT Teva Pharmaceutical
TEVA-N
Paul Macdonald

They are in the process of buying Allergan’s (AGN-N) generics business. Generics aren’t great looking forward, at least in the very short term, and he thinks this is priced into the valuation. There are a lot of synergies on drug duplication that can come through. 


Price: $51.190
Subject: HEALTHCARE
Bias: UNKNOWN
Owned: Yes
2016-06-22 TOP PICK UnitedHealth Group Inc
UNH-N
Paul Macdonald

HMOs have really benefited from the Affordable Care Act with new lives coming on to getting insurance. Also, benefiting from lower employment rates. This is the “elephant in the room” in healthcare insurance in the US. Dividend yield of 1.81%.


Price: $137.900
Subject: HEALTHCARE
Bias: UNKNOWN
Owned: Yes
2016-06-22 COMMENT Visa Inc.
V-N
Kash Pashootan

(Market Call Minute.) (Visa (V-N) or MasterCard (MA-N)?) He prefers Visa which has a much larger network, more retailers and more users. However, the business is under pressure with Walmart pushing back on fees. There might be some compromises which could impact earnings, but more and more people are switching from cash to credit card, and this company stands to benefit.


Price: $76.530
Subject: NORTH AMERICAN DIVIDEND & PORTFOLIO CONSTRUCTION
Bias: OPTIMISTIC
Owned: Unknown
2016-06-22 COMMENT Valeant Pharmaceuticals
VRX-T
Paul Macdonald

Has never owned this because he could never get his head around their negative ROE. There is a lot of noise around pricing and investigations. They have a huge amount of debt and $31 billion in overhang. Also, there are some regulatory issues in the US. On most value metrics, this is very inexpensive, but you have to realize what you are buying. This is a company that has lost its reputation with its clients, physicians and payers, and they need to rebrand that. If you have risk tolerance in high risk, there is opportunity here.


Price: $27.730
Subject: HEALTHCARE
Bias: UNKNOWN
Owned: No
2016-06-22 COMMENT Zoetis Inc
ZTS-N
Paul Macdonald

An animal health company that was spun out of Pfizer (PFE-N) in 2013. They have 2 lines of business. 1.) Vaccines and antibiotics for livestock including cattle, swine and poultry, in that order, for about 65% of their revenue. 2.) Antibiotics for companion animals. A great growth profile in emerging markets. Trading at about 25X PE this year, going down to about 20X with about 20% EPS growth. A well-run company. He could see more upside in this.


Price: $47.330
Subject: HEALTHCARE
Bias: UNKNOWN
Owned: No
2016-06-21 N/A A Comment -- General Comments From an Expert
A Commentary
Zachary Curry

Markets. Sees pretty weak tepid economic growth globally, but does see a bit of recovery in commodities. The market is more skewed towards the back half of 2016. Expects a bit of volatility heading into the summer which leads to potential opportunities. That would be followed by a better and stronger back half of 2016. Valuations are where they were in 2015, not necessarily cheap. He likes energy on the TSX, technology and healthcare in the US.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2016-06-21 N/A A Comment -- General Comments From an Expert
A Commentary
Mohsin Bashir

Markets. Thinks this is going to be a cruel summer. There are so many events that have yet to transpire over the balance of the year. We have Brexit in 2 days, further announcements from the US Fed, China is slowing down, and Japanese currency issues. All these things are reason enough to have some level of anxiety going into the summer. Rather than “Sell in May and go away”, it may be more appropriate to Sell in May, but stick around in case there is added volatility that creates opportunities. Accessed information is so much more ubiquitous now, so the level of volatility the market reflects as a result of these added benefits of information create a lot more swings in terms of sentiment. Thinks the markets are a little expensive right now. Trading at 17X 2016 earnings, and if you push that out further by a year, it is still 16X on a PE basis. That is not very rich, but not very cheap either. With added volatility thrown into the mix, there are brief moments when companies are cheap enough for you to be able to pull the trigger.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: _N/A
2016-06-21 COMMENT Apple
AAPL-Q
Mohsin Bashir

A bit conflicted on this. It is a business that is finding its way into being a mature technology company. Most mature technology companies don’t get attributed with a very high multiple on a PE basis. They have oodles of cash on their balance sheet. Have started a program of paying a dividend and increasing it. However, what is lacking is their ability to innovate the way they once did. You’ll probably have to be patient with this. Prefers others.


Price: $95.910
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-06-21 COMMENT Barrick Gold
ABX-T
Mohsin Bashir

Gold. We are in an environment of currency wars, and as long as there is lesser confidence in the US currency appreciating, that means there is money going towards gold. The deferral of rising interest rates means that the US$ remains depressed for a longer period of time. Because of that, gold gets a significant lift. That can continue, because there always seems to be some excuse to not move on rates. He owns a different gold stock.


Price: $24.540
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-06-21 COMMENT Altagas Ltd
ALA-T
Zachary Curry

Stock has come down fairly significantly from the high $40s. Recently did an equity financing which he participated in and is happy with, because it bolsters the balance sheet. Pays a good dividend yield of over 6%.


Price: $31.170
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-21 BUY on WEAKNESS Aecon Group Inc
ARE-T
Mohsin Bashir

Sell Crombie (CRR.UN-T) and buy Aecon (ARE-T)? REITs have had a long time to be able to move higher and higher in terms of valuations. Probably not a bad time to be making a switch, but be careful of moving to Aecon because it has also moved considerably. You probably want to Buy this under $15, where the PE is about 14.3X on a forward earnings basis. This is going to be a direct beneficiary of infrastructure spending in Canada.


Price: $17.550
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-06-21 COMMENT Alimentation Couche-Tard (B)
ATD.B-T
Zachary Curry

A growth by acquisition story, which presents a lot of opportunities as well risks. Their last acquisition of Pantry was a bit of a dog’s breakfast along with some potential integration issues. This would be only a hiccup, as management has done very well at integrating in the past.


Price: $52.370
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-06-21 BUY Brookfield Asset Management (A)
BAM.A-T
Zachary Curry

A very complicated structure with this as the main portion and all the offshoots down below. His view is that money will always flow to the top. They have raised a lot of money. Their operators have been in place for a long time. Very good at what they do. For the long-term, you could certainly own this.


Price: $44.140
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-21 COMMENT BCE Inc.
BCE-T
Zachary Curry

Trimmed half his position 2 years ago. Considers this to more of a utility rather than a growth stock. The recent Manitoba Tel (MBT-T) will bode well for them and their dividend. Payout ratio is fairly high. The dividend goes up every year. They are going to have to find some avenue to continue the growth of the dividend.


Price: $59.740
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-21 COMMENT Brookfield Infrastucture Partners
BIP.UN-T
Zachary Curry

Sold half his position recently. A good company. He is a bit hesitant on their allocation of projects. They had a big allocation towards Brazil, and doesn’t see that economy performing well. Pays a good dividend in US$s.


Price: $56.830
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-21 HOLD Bank of Montreal
BMO-T
Zachary Curry

Brexit affect on Canadian Banks? His view is that it will be a non-event. This bank is working its way more into the US, which he likes. Last acquisition was good and they seem to be hitting their stride.


Price: $82.650
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2016-06-21 PARTIAL SELL ConAgra Foods
CAG-N
Mohsin Bashir

Thinks they have done all the right things with the acquisitions they have been making and their focus. It is all ceramic strategic assets. Within the food business, there is a secular push towards people wanting to lead healthier lives. If you own, consider taking some profits.


Price: $47.460
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-06-21 BUY Clearwater Seafoods Inc.
CLR-T
Mohsin Bashir

(Market Call Minute.)


Price: $13.930
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-06-21 WAIT Canadian National R.R.
CNR-T
Zachary Curry

Feels the rails are in for a bit of a rough go. There are a bunch of factors working against them. Oil shipping by rail is a factor and consumer demand is pulling back. The change in the CEO will create some potential small dislocation. If holding for a long-term, it is a great one.


Price: $74.800
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2016-06-21 HOLD Canadian Pacific Rail
CP-T
Mohsin Bashir

(Market Call Minute.) Freight rate volumes are down 8% year-over-year, so you want to be careful.


Price: $159.300
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-06-21 COMMENT Crescent Point Energy Corp
CPG-T
Zachary Curry

A well run company. The best thing management did was to reduce their dividend. In the old days they paid out a lot of money in dividends, and they were serial issuers. His hope is that they do not raise the dividend if oil prices go up, or to start issuing equity again. He is looking at this one.


Price: $20.540
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2016-06-21 COMMENT Crombie Real Estate Investment Trust
CRR.UN-T
Mohsin Bashir

Sell Crombie (CRR.UN-T) and buy Aecon (ARE-T)? A well-managed business, but REITs have had a long time to be able to move higher and higher in terms of valuations. Probably not a bad time to be making a switch, but be careful of moving to Aecon because it has also moved considerably. 


Price: $15.200
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-06-21 PAST TOP PICK Cisco
CSCO-Q
Zachary Curry

(A Top Pick May 19/15. Up 0.48%.) Sold his holdings earlier this year. Not a bad company. It does well and will continue to do so. It is like the backbone of the Internet. Pays a good dividend.


Price: $28.770
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2016-06-21 TOP PICK Concordia Healthcare
CXR-T
Zachary Curry

Unfortunately, this gets compared with Valeant (VRX-T). They are not as dependent on price increases. The negative is that they did bite off a big chunk of debt to buy AMCo. Last quarter was the 1st full quarter with AMCo in their results. The numbers were okay and the margins were good at close to 80%. If they can demonstrate that they are going to take the free cash flow and pay down debt, that is going to be a great thing. Dividend yield of 1.33%.


Price: $29.600
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-21 COMMENT Concordia Healthcare
CXR-T
Mohsin Bashir

It is not fair, but this company moves in lockstep with Valeant Pharmaceuticals (VRX-T), and is a very different company. Have about 60 new products coming on stream that specialize in particular treatments, that don’t have a whole lot of widespread diseases, but very acute and very specific ones. Trading ultra, ultra cheap, at about 5X on a cash flow basis. Over the long-term it could possibly be a takeover target. The biggest “if” and the biggest “risk” is the amount of debt they have on the balance sheet. Their recent acquisition of AMCo of about $2 billion, took their net debt to EBITDA ratio to 20X.


Price: $29.600
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-06-21 PAST TOP PICK DH Corporation
DH-T
Mohsin Bashir

(A Top Pick Sept 18/15. Down 17.75%.) Recently there was a hedge fund that had a Short position, and came out with a bad report on their accounting practices. He exited his position at about $34.50.


Price: $32.240
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-06-21 PAST TOP PICK Walt Disney
DIS-N
Zachary Curry

(A Top Pick May 19/15. Down 9.29%.) This is slipping over concerns of ESPN, and thinks it will be a hangover for them for a long time. A superb franchise. Best in class.


Price: $98.820
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-21 COMMENT Dollarama Inc.
DOL-T
Zachary Curry

This company has done well, starting off with a $1 price point, then $2, then $3 and are going to go to $4. There could be some good opportunities if you are going to Sell it here and buy it back later, but it is a very hard thing to do. Thinks they will continue to do well.


Price: $90.450
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-06-21 WAIT Element Financial
EFN-T
Zachary Curry

At today’s price, you can wait on the sidelines. Eventually when the split happens, you will get the majority in the form of a leasing company and the balance will be a spinoff, which could create some uncertainty. You will then be open to pick and choose which particular company you would like to own.


Price: $14.280
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-21 BUY Facebook
FB-Q
Zachary Curry

New class C non-voting shares? Very similar to what Google did with Alphabet. This doesn’t change his view on the company. It is just a way for management to keep control and to sell down their stake. A great company. Valuation is high, but growth is higher. He is positive on this company.


Price: $114.380
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-21 BUY Facebook
FB-Q
Mohsin Bashir

(Market Call Minute.) You have to close your eyes and hold your nose and not look at the valuation. This is strategic virtual real estate that you are buying.


Price: $114.380
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-06-21 HOLD Fairfax India Holdings Corp
FIH.U-T
Mohsin Bashir

(Market Call Minute.) He would prefer owning the parent company of Fairfax Holdings.


Price: $10.660
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-06-21 COMMENT Fortis Inc.
FTS-T
Zachary Curry

Pays out a good distribution. They make big acquisitions. The past 2 have been outside of Canada, which will take a while to digest. Once they get going, it’s very similar, slow and steady. They continue to increase their dividend. Feels that for the next year or 2, interest rates are going to stay low, which is positive for utilities.


Price: $42.150
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-21 COMMENT Alphabet Inc. (A)
GOOGL-Q
Zachary Curry

A wonderful company. The splitting of their divisions was a good thing. Advertising continues to be an important part. The company continues to grow including a shift from desktop to mobile, searches targeting your history experiences, home connectivity, etc. Good valuation.


Price: $708.880
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
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