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Compiling comments that experts make about stocks while on public TV.

Recent Opinions

Date Signal Company Expert Opinion Price
2014-09-17 COMMENT Crescent Point Energy Corp
CPG-T
Brian Acker, CA

The issue here is that it is now an $18 billion company, but the stock price hasn’t moved. They issue capital basically to keep the dividend out. They do acquisitions. Now in the US because they have probably dried up all the capital in Canada for a company of this size. His model price is $38.33, a 10% discount. If you are looking for appreciation, you are not going to get it here.


Price: $42.100
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2014-09-17 TOP PICK Cisco
CSCO-Q
Brian Acker, CA

His model price is $37.35, a 40% upside. It is right at the bottom of one of EBV +3 one of his levels. Great support. Yield of 3.01%.


Price: $25.205
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2014-09-17 BUY Chartwell Seniors Housing
CSH.UN-T
Christine Hughes

In a rate rising scenario, you are locked in to your contracts. These are longer-term in nature. She feels this one can manage through a higher rate environment. These are retirement residences and because of deaths their portfolio is culled continuously and they can adjust to a higher rate environment. This has 90% occupancy.


Price: $11.000
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2014-09-17 TOP PICK Covanta Holding Corp.
CVA-N
Christine Hughes

A very stable business. A large part of its business is waste energy. They use industrial, commercial and municipal waste and burn it and turn it into energy. It had been hit because of power prices coming down in the US, but those prices are bottoming and are starting to come up. Yield of 4.68%.


Price: $21.360
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2014-09-17 PAST TOP PICK Chevron Texaco
CVX-N
Brian Acker, CA

(A Top Pick Oct 15/13. Up 9.49%.) Loves the value in this. His model price is $168.90, a 35% upside. To him this has potential to break up. There is a lot of implied value here. Nice dividend of 3.4%.


Price: $124.720
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2014-09-17 BUY DH Corporation
DH-T
Christine Hughes

Has a really boring stable business of cheque writing, which is shrinking. A recent software acquisition has facilitated bank loans, which has been a big win for them. As they continue to integrate and develop, it will continue to create synergies.


Price: $33.140
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: No
2014-09-17 BUY Danaher Corp.
DHR-N
Brian Acker, CA

Over a long period of time, this has a nice growth in assets and a very consistent model price. His model price is $85.55, a 10% upside.


Price: $78.730
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2014-09-17 PAST TOP PICK DHX Media
DHX-T
Christine Hughes

(A Top Pick Dec 10/13. Up 73.91%.) Still a Buy on pullbacks. It’s the US investors that are taking it up now. It’s content and the value of content has increased away from the distribution channels such as TV, Internet, etc. They can take all of their content and create new episodes.


Price: $8.170
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2014-09-17 COMMENT Facebook
FB-Q
Brian Acker, CA

His model price is $41, a 46% downside. His issue with this company is that they bought WhatsUp for $19 billion. That will double the assets of the company, which will probably have a big impact on his model price calculation. He is waiting for the completion of this.


Price: $76.430
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2014-09-17 WAIT Canyon Services Group
FRC-T
Brian Acker, CA

His model price is $25.86. This is a small cap energy services company and creates a huge valuation in his calculations. Doesn’t think this is sustainable. Feels that all of these companies are coming back to a reasonable value.


Price: $14.690
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2014-09-17 COMMENT General Electric
GE-N
Christine Hughes

She likes this and likes industrials in general a lot, because we are in the midst of a business cycle maturing. In terms of the midterm of the business cycle, industrials do well. That is because business spending picks up.


Price: $26.270
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: No
2014-09-17 COMMENT Gibson Energy
GEI-T
Christine Hughes

All the pipelines went down recently. However, they were all up on a stick and needed to take a breather for a few months. She puts these in with the midstream energy companies that have a high dividend yield and are growing. Because of this, they can accommodate higher interest rates.


Price: $36.260
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2014-09-17 COMMENT Google
GOOGL-Q
Christine Hughes

There has been a lot of pressure on tech stocks with the selling to make way for the Alibaba IPO. This creates a buying opportunity. Google’s hands are in absolutely everything. She likes it. Incredibly well managed.


Price: $593.290
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: No
2014-09-17 PAST TOP PICK BSM Technologies
GPS-X
Christine Hughes

(A Top Pick Dec 10/13. Down 38.56%.) Sold her holdings. Kept disappointing on earnings.


Price: $1.950
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: No
2014-09-17 COMMENT Hudson Bay Co.
HBC-T
Christine Hughes

Continues to be a very interesting situation. With the backing of a pension fund, they bought Saks. So far that story has been about financial engineering and unlocking value that was there and about the REIT spin out that is probably coming at the end of this year or early next year. If you hold it through the REIT spin out, what do you do? If you continue to hold, you have to be willing to give them the benefit of the doubt that this is going to be a good retail, it was a very bold, ambitious plan to unroll Saks out into the Canadian marketplace. She expects this will be successful.


Price: $15.250
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: No
2014-09-17 TOP PICK Husky Energy
HSE-T
Brian Acker, CA

His model price is $48.59, a 46% upside. Pays a nice dividend yield of 3.64%.


Price: $33.180
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2014-09-17 BUY on WEAKNESS Inter Pipeline
IPL-T
Christine Hughes

Historically these pipelines are expensive. Interest rates have been falling for some time and now the Fed is saying that next year they could be looking at tightening if things go well. However, backlogs are bigger than she has seen in the last 25 years. Because of this, they deserve a higher valuation. Pipelines in general have growth potential and growth in earnings and they have huge dividends. You want to buy these opportunistically.


Price: $37.050
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2014-09-17 TOP PICK Intertape Polymer Group
ITP-T
Christine Hughes

Manufactures industrial tape. One of its largest customers is Amazon. Very stable and doesn’t tend to move much. They have already doubled their dividend. When they have their new plant online in Q1, things will be settled and they will be increasing their dividend again.


Price: $15.600
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2014-09-17 COMMENT Labrador Iron Ore Royalty
LIF-T
Brian Acker, CA

Has been hitting new lows. Its high was back in 2011 at $40. He has a model price of $46.05. China is slowing down quite markedly. Thinks our material stocks are really picking up that slow down. This is at a crucial level in his programs (EBV +4) at $25.40. If there is a negative transit of that, this is a shoo-in to go to level EBV +3, his red line of $20.30, so there is downside risk.


Price: $26.710
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2014-09-17 PAST TOP PICK Metlife
MET-N
Brian Acker, CA

(A Top Pick Oct 15/13. Up 17.06%.) Model price is $72.40, a 31% upside. His program is telling him that the market likes its assets. Quite a bit cheaper than Sun Life (SLF-T) or Manulife (MFC-T).


Price: $55.280
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2014-09-17 BUY Manulife Financial
MFC-T
Brian Acker, CA

Manulife (MFC-T) or Sun Life (SLF-T)? These are equal as to which one he likes. This one has a model price of $25.72, a 16% upside. You have got to love the insurance companies. 2.5 years ago they were both coming out of the blue (his strategy). He has been holding both and they are both great. Thinks they will do well.


Price: $22.050
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2014-09-17 BUY Manulife Financial
MFC-T
Christine Hughes

Receipts are being offered because of the Standard Life acquisition. If the deal falls through, you will get your money back. She would buy the receipts, and upon the deal closing, you turn it into the stocks. She likes lifecos in this environment. Rate increases tend to be very good for them.


Price: $22.050
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2014-09-17 BUY Precision Drilling
PD-T
Christine Hughes

We need fewer gas drilling rigs for the number of holes because of horizontal drilling. They can produce far more per well than on the conventional vertical. However, on the whole natural gas picture, there is a lot of supply. We are coming into winter right now and storage currently is 20% less than last year. We’ll see better pricing on natural gas and more exploration. However, you get through the winter and you are into the 1st year of LNG exporting. Because of this, she thinks we are in a bottoming phase for natural gas prices over the next few years.


Price: $12.570
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2014-09-17 COMMENT Pulte Homes Inc
PHM-N
Brian Acker, CA

His model price is $32 and this is at a very good support level. If you like the homebuilders, this is probably a very low risk trade.


Price: $19.400
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: No
2014-09-17 TOP PICK Paramount Resources
POU-T
Christine Hughes

She has been a bull on energy in general since last fall. We’ve had an epic cold winter and an epic cold summer. Energy prices rallied and then checked back this summer because of the cold. Summer is over. They have incredibly strong assets.


Price: $61.050
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2014-09-17 COMMENT RioCan Real Estate Investment
REI.UN-T
Brian Acker, CA

He is not invested in REITs at all. Doesn’t like them. All REITs have a lot of debt. Also, they are pro-cyclical. Under IFRS (international accounting standards), they are allowed to capture gains in their portfolio and put them on their balance sheet. He can’t think of a worst thing to do for a cyclical such as real estate.


Price: $26.320
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: No
2014-09-17 SELL Russel Metals
RUS-T
Brian Acker, CA

His model price is $48.04, a 33% upside. This is in a precarious position here as it is at the top of his zone. It could have a correction back to $30.37. If it got back to $30.37, he would be a Buyer. If he owned this, it would be on his sell list.


Price: $36.370
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: No
2014-09-17 BUY Sunlife Financial
SLF-T
Brian Acker, CA

Manulife (MFC-T) or Sun Life (SLF-T)? These are equal as to which one he likes. You have got to love the insurance companies. 2.5 years ago they were both coming out of the blue (his strategy). He has been holding both and they are both great. Thinks they will both do well.


Price: $41.680
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2014-09-17 PAST TOP PICK Suncor Energy Inc
SU-T
Brian Acker, CA

(A Top Pick Oct 15/13. Up 18.72%.) His model price is $79, an upside of 81%. He is willing to be patient and wait for the value to be created.


Price: $43.040
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2014-09-17 WATCH Savanna Energy Services
SVY-T
Brian Acker, CA

Had liked the energy services sector, but it is coming off and coming off hard. His model price is $15.07, 106% upside, but it is coming down to a level of $7.07, and if it had a negative transit, it is going to go all the way back to $6.


Price: $7.190
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: No
2014-09-17 COMMENT Toronto Dominion
TD-T
Christine Hughes

With your bond background, how do you approach a stock like this? Her approach to this is the same as her approach to any stock. It is whether or not the risk area of the market is a good idea at the time. You have to deflect to the bond market and not to the earnings for this bank as that is backwards looking and the bond market is dynamic current and forward-looking. If we are in the stage of the cycle that is positive for equities and the bond market is supportive of that, it means the banks are making money. She likes this bank.


Price: $57.350
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Yes
2014-09-17 WAIT Tourmaline Oil Corp
TOU-T
Brian Acker, CA

His model price is $48.11, a negative 6%. It is hitting right on its value. but it has had a negative transit of EBV +4. He would be very watchful. It looks like it wants to go to EBV +3 of $41, which would create some value.


Price: $50.920
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2014-09-17 HOLD Yahoo!
YHOO-Q
Christine Hughes

Alibaba IPO is not that well known in terms of the retail public, but it is a tremendous IPO and rumours are that once it starts trading, it will come out at a $170 billion market cap. Because there is so little of it and so much demand, they will take it up to $200 billion quickly. Every $5 billion change in the market cap of Alibaba has the impact of almost $0.90 on Yahoo. Because of this, she is hearing that this company can get to $70.


Price: $42.590
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
2014-09-16 N/A A Comment -- General Comments From an Expert
A Commentary
Gavin Graham

Markets. Thinks valuations are rich when looking at the PE’s, certainly in the US where it is 19.5 on the S&P and 23-24 for NASDAQ. Earnings growth has been okay, but nothing special. The moves that we have seen in the market over the last year have effectively been valuations being more highly rated or investors being willing to more highly value the earnings. He thinks it is vulnerable. If there were any likelihood of interest rates going much higher, people would start to draw in their horns. Doesn’t expect the Fed will drop interest rates at this time. What they have been doing is taking the $10 billion out of the QE4, and we are pretty close to taking all stimulus out.

Expects much higher volatility, especially given the record levels of margin debt, high valuations and the time of the year. It is amazing, with the geopolitical uncertainty, that the markets keep going. A pretty good time to take some of your profits.


Price: $0.020
Subject: GLOBAL
Bias: CAUTIOUS
Owned: _N/A
2014-09-16 N/A A Comment -- General Comments From an Expert
A Commentary
Gavin Graham

US banks? Has never been a big fan of US banks, because they did much worse than Canadian banks. Most of them cut their dividends and have the weight of the government regulation bearing down on them as well as enormous fines. Of them, Wells Fargo (WFC-N) has been consistently the best run. If you have to buy one, buy Wells Fargo.


Price: $0.020
Subject: GLOBAL
Bias: CAUTIOUS
Owned: _N/A
2014-09-16 N/A A Comment -- General Comments From an Expert
A Commentary
John O'Connell, CFA

Markets. He has always had quite a bit of cash in his portfolios and it hasn’t hurt his results. Has been able to find some pretty decently valued companies. The overall domestic situation in the US is quite good and there is pretty decent economic growth. They may raise interest rates, but they are not going to start raising them dramatically. It is going to be very data dependent. The businesses he does own, he is quite optimistic about and there are good things to happen. There are probably some constituents in the Federal Reserve that would like to start taking a more hawkish stance, particularly just to maintain their credibility. The Fed is on a trajectory and will stop tapering at the end of October. At some time they will start raising interest rates, but it doesn’t mean they will start raising rates in January. The numbers are good, but there are still lots of warning clouds on the horizon, growth is still very modest and is likely to decelerate again after we’ve had a build up after very weak winter and spring numbers. Problems in Europe are also a bit of a drag. We are not going to see any huge inflationary pressures. There is no reason for the Fed to go and stomp on economic activity that they have tried so hard to foster.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2014-09-16 N/A A Comment -- General Comments From an Expert
A Commentary
John O'Connell, CFA

Cash. How much should a retiree have in their portfolio? He is running little bit higher than 15%. Somewhere between 15% and 20% feels right to him. It puts you in a position of confidence when the market corrects and they start to sell off. Also, if you have cash, make it US$’s. He is positive on the US$.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2014-09-16 TOP PICK Apple
AAPL-Q
John O'Connell, CFA

Thinks the new watch is going to be amazing because he thinks it is going to be part of the whole point of sale transaction. It’s on your body and the biometrics is going to work and will just scan your watch when you walk out of the store. Feels the company is transforming the whole shopping experience. The ApplePay is a really, really big deal and the watch is going to sync with that.


Price: $100.860
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Yes
2014-09-16 DON'T BUY Air Canada (B)
AC.B-T
Gavin Graham

(Market Call Minute.) This is the end of an economic expansion, but it still has a high cost structure. If you want to be in a Canadian airline, be in Westjet (WJA-T).


Price: $8.960
Subject: GLOBAL
Bias: CAUTIOUS
Owned: Unknown
2014-09-16 COMMENT AutoCanada Inc.
ACQ-T
John O'Connell, CFA

Have done some big deals and have made some pretty substantial acquisitions and have grown very rapidly. There is nothing that says you can’t combine car dealerships and get efficiencies, but he is really concerned about the Canadian consumer, which has a lot of instalment debt and a lot of mortgage debt. Car loans are very, very expensive. At this stage of the cycle and with Canadian economic situation being as tenuous as it is, he would not want to own a company selling cars with the majority of the people relying on debt. There have been discussions that the CEO may buy the land with the dealership going to the company to help finance things. He doesn’t like it when interests are not aligned with shareholders.


Price: $66.910
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2014-09-16 DON'T BUY Atlantic Power Corp.
ATP-T
Gavin Graham

They have slashed the payout and are now trying to sell themselves. The stock price has just plummeted. This is the problem with these former income trusts with very high payout ratios. In the end you have to ask is it well covered and what is the percentage that is being paid out.


Price: $2.810
Subject: GLOBAL
Bias: CAUTIOUS
Owned: Unknown
2014-09-16 DON'T BUY Blackstone Group LP
BX-N
Gavin Graham

Private equity companies are enormously profitable and really cheap because the difficulty is that it is really “deal flow” (?) for them. They cash in on some of their private equities. When you have a strong market like we have had over the last couple of years, you can float stuff off. There have been a raft of IPOs at very good valuations, and the private equity guys have been raking in even more, which is why they are at low valuations. This is probably not the right time to be in any of them.


Price: $32.500
Subject: GLOBAL
Bias: CAUTIOUS
Owned: Unknown
2014-09-16 COMMENT Cameco Corporation
CCO-T
Gavin Graham

Still way below where it was back in 2010-2011. This is a reasonable entry point, if you believe uranium prices are going to remain at this higher level. They also might finally get some growth in production bringing on its new mines.


Price: $21.040
Subject: GLOBAL
Bias: CAUTIOUS
Owned: Unknown
2014-09-16 TOP PICK Corus Entertainment (B)
CJR.B-T
Gavin Graham

This is the content part of the Shaw family of companies. Children’s and women’s programming. Stock price hasn’t done a great deal in the last year. Raises its dividend consistently, and has bought a couple of French language channels in a couple of radio stations. It is now the 2nd largest French language producer of content. Trading at around 12X this year’s earnings. Yield of 4.43%.


Price: $24.610
Subject: GLOBAL
Bias: CAUTIOUS
Owned: Yes
2014-09-16 COMMENT Canadian Natural Rsrcs
CNQ-T
Gavin Graham

This, along with Suncor (SU-T) are probably the 2 premier energy stocks. Has done well this year, but has been peaking out in the last year. The cyclicality is such that this is the right time of the year.


Price: $45.740
Subject: GLOBAL
Bias: CAUTIOUS
Owned: Unknown
2014-09-16 BUY Canadian National R.R.
CNR-T
Gavin Graham

(Market Call Minute.) Yield of about 1.3%, but it keeps making its dividend and the stock price does really well. Really well-run.


Price: $80.720
Subject: GLOBAL
Bias: CAUTIOUS
Owned: Unknown
2014-09-16 DON'T BUY Canadian National R.R.
CNR-T
John O'Connell, CFA

Canadian National (CNR-T) or Canadian Pacific (CP-T)? He thinks both of these look a little bit rich as compared to other transportation companies. If he was in the sector, it would be something like FedEx (FDX-N) or UPS (UPS-N).


Price: $80.720
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2014-09-16 DON'T BUY Canadian Pacific Rail
CP-T
John O'Connell, CFA

Canadian National (CNR-T) or Canadian Pacific (CP-T)? He thinks both of these look a little bit rich as compared to other transportation companies. If he was in the sector, it would be something like FedEx (FDX-N) or UPS (UPS-N). Hunter Harrison seems to have done a phenomenal job of turning this around and is saying there is still a lot of operating leverage to take place, so if you have to pick one, he would probably go with this one.


Price: $225.960
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2014-09-16 PAST TOP PICK Copa Holdings
CPA-N
Gavin Graham

(A Top Pick Sept 13/13. Down 13.45%.) Panamanian airline, the largest in Latin America. Very well run. Growth has been slower because of the Venezuelan situation. Still likes.


Price: $116.620
Subject: GLOBAL
Bias: CAUTIOUS
Owned: Yes
2014-09-16 COMMENT Crescent Point Energy Corp
CPG-T
John O'Connell, CFA

They have done a great job of executing. They have sold so much equity and it is owned by so many retail investors and portfolio managers that they need to go and find some new investors. They also need to say to Canadian dealers who have made a killing selling new issues for them, “We’re going to the US and hire Merrill Lynch and find some new investors.”. These deals are just too big. Company has done a great job of executing, but it is strictly a case of flow of funds, too many shares in too few accounts.


Price: $42.360
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2014-09-16 COMMENT Cisco
CSCO-Q
Gavin Graham

This was the Apple (AAPL-Q) in its day back in 2000 and is still below where it was. However, it is a really well run company and has loads of cash. Looks like demand on the front end is dropping off somewhat. This may be the time to move out of large-cap tech and move into something like the oils or something a little more defensive. 3% dividend return.


Price: $25.220
Subject: GLOBAL
Bias: CAUTIOUS
Owned: Unknown
2014-09-16 COMMENT Cenovus Energy
CVE-T
Gavin Graham

Will it spin off its royalty assets? A number of companies have done so and the market is prepared to pay up. This company could do so. This has quite a good growth profile. He would prefer Suncor (SU-T) and Canadian Natural Resources (CNQ-T).


Price: $33.460
Subject: GLOBAL
Bias: CAUTIOUS
Owned: Unknown
2014-09-16 BUY Canadian Western Bank
CWB-T
Gavin Graham

Likes this. Has been a consistently successful operation. It’s in the fastest-growing economy of Alberta and the Prairies.


Price: $40.350
Subject: GLOBAL
Bias: CAUTIOUS
Owned: Unknown
2014-09-16 PAST TOP PICK iShares S&P Global Water E.T.F.
CWW-T
Gavin Graham

(A Top Pick Sept 13/13. Up 21.66%.) ETF on water related companies. This is a big, long-term trend. Half of this is utilities and half of it is water purification equipment manufacturers. This is one that you can stick in your bottom drawer for 5 years and it will do very nicely.


Price: $23.770
Subject: GLOBAL
Bias: CAUTIOUS
Owned: Yes
2014-09-16 BUY DH Corporation
DH-T
Gavin Graham

(Market Call Minute.) Have effectively become a mortgage processor, a very successful move.


Price: $33.300
Subject: GLOBAL
Bias: CAUTIOUS
Owned: Unknown
2014-09-16 TOP PICK Dream Global REIT
DRG.UN-T
Gavin Graham

This is a portfolio of German property that it bought from Deutsche Post. It has used the cash it raised to buy good quality office buildings to complement that. A Korean pension plan has bought a half share in 7 of the office buildings for €120 million. Payout ratio of about 91% of adjusted funds from operations. Yield of 8.85%. A good play on the German economy.


Price: $9.040
Subject: GLOBAL
Bias: CAUTIOUS
Owned: Yes
2014-09-16 COMMENT Emera Inc
EMA-T
Gavin Graham

Has done very nicely over the last year. This is an interest rate play. If interest rates start to move up there will be a pullback, but for the moment this is a very solid, steady, slow grower, and you are probably looking at an 8%-10% total return of which about half is the dividend. A very solid thing to buy.


Price: $33.710
Subject: GLOBAL
Bias: CAUTIOUS
Owned: Unknown
2014-09-16 DON'T BUY Fiera Sceptre Inc.
FSZ-T
John O'Connell, CFA

They have been buying up money management companies. They have a big shareholder in National Bank (NA-T) when they bought out one of National’s businesses. What he doesn’t like is that they are thinking of buying wealth management companies similarly to the way they have been buying institutional money managers. Thinks this is a very, very dangerous strategy to pursue.


Price: $13.430
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2014-09-16 BUY Goldcorp Inc
G-T
Gavin Graham

(Market Call Minute.) The largest gold company with the best management. It will continue to see growth in production even if the gold price doesn’t move.


Price: $27.780
Subject: GLOBAL
Bias: CAUTIOUS
Owned: Yes
2014-09-16 COMMENT Gildan Activewear Inc.
GIL-T
John O'Connell, CFA

Recently looked at this and it is a company that deserves close attention. There has been a drop in cotton prices recently, which could be a big boon to their margins. Also, they are looking to expand their market share and potentially get into new products. These things have all had very big moves. A big component of their profitability is cotton prices, so you have to keep your eye on the weather. A low-margin product with a big input cost. He would not likely own this one.


Price: $60.070
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
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