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

Recent Opinions

Date Signal Company Expert Opinion Price
2014-10-22 COMMENT Sprylogics International
SPY-X
Bruce Campbell (2)

Have been doing a lot of work on analytics. They have Semantic software and search engine that will basically filter out all the stuff so that they can look into the sports world, investment world, etc. It really surprises him that this is trading at its present value. It should probably be worth considerably more considering the patents that they have and their technology.


Price: $0.350
Subject: CANADIAN
Bias: CAUTIOUS
Owned: Yes
2014-10-22 COMMENT Tricon Capital Group
TCN-T
Bruce Campbell (2)

Has gone sideways and looks like it is building a bit of a base. To take it to the next level, it would require US housing prices to accelerate as well as more activity.


Price: $7.730
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-22 COMMENT Trinidad Drilling Ltd
TDG-T
Bruce Campbell (2)

This one is super cheap right now, and is actually trading below its Book Value. If he had some certainty that energy prices were going to firm up or at least stay at the current level, he would probably take a look at this.


Price: $7.270
Subject: CANADIAN
Bias: CAUTIOUS
Owned: No
2014-10-21 N/A A Comment -- General Comments From an Expert
A Commentary
Jerome Hass

Markets. He always believes in having structure in place in order to be prepared for any market conditions. Having Shorts in place as a form of insurance, is something he believes in. Up to the end of August, markets were up 12% and everybody was happy. When you put Shorts in place, it is actually a drag on performance. It is not until you get to a place like Sept/Oct when the market starts to head south, that you all of a sudden realize the value of having insurance. He uses Shorts for hedging purposes as well. If he has a Long position, he wants to Pair that with a Short position. What people sometimes miss in Pair trading is the relationship between the 2 stocks. You can have a Long and Short position, and both of them can go down and you can still make money, as long as your Short goes down more than your Long. Conversely you can do this in up markets as well. He tries to ignore the day to day movement of the Market itself.


Price: $0.020
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: _N/A
2014-10-21 N/A A Comment -- General Comments From an Expert
A Commentary
John Zechner

Markets. He is calling this V bottom snap back a technical bounce, and we could see lower lows. The TSX dropped all the way from $15,500 to $13,800 and he expects we will recover some of that. Feels the correction is far from over. There are some issues out there to deal with. The slowing growth in Europe, some of the slower numbers we have seen in the US and yet you still have the potential for a US rate rise. China numbers are not blow away anymore. Earnings are not blowing anybody away. He wants everyone to stop saying “let’s buy the dips”.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2014-10-21 COMMENT Air Canada (B)
AC.B-T
John Zechner

This is volatile. Fuel costs coming down is clearly a benefit for them. Offsetting that is a weaker Cdn$. The industry seems to be getting a lot more disciplined. Thinks the stock goes higher over the next couple of years.


Price: $8.180
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-10-21 SELL Aecon Group Inc
ARE-T
John Zechner

They take on the contracts, often fixed priced, and then they can get into overruns which crimps the margins totally. Trying to get their costs under control, and just have not been able to do it in a time when the industry is booming.


Price: $14.590
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-10-21 PAST TOP PICK Athabaska Oil Sands Corp
ATH-T
John Zechner

(A Top Pick Nov 29/13. Down 28.86%.) This was just a bad call. Not generating cash flow right now. A great, long-term asset story. Even at today’s oil price you have an NAV well in excess of $10. Insiders are buying.


Price: $4.610
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-10-21 WAIT Avigilon Corp
AVO-T
John Zechner

He is still on the sidelines on this. Any time a stock drops as much as this did, particularly in technology, he gets interested in trading it, but it really has been an elevator ride down. Some think their product is really getting commoditized which could stunt their growth going forward. He would like to wait and see what the next quarter comes out with.


Price: $16.200
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-10-21 COMMENT Alibaba Group Holding
BABA-N
John Zechner

There is a lot of positive momentum here. What is very impressive is how it has held up in this market decline. The high valuation technology sector has done very well, where there haven’t been earning disappointments. People are paying up for the growth potential down the road. Has a bit of a question mark on the Chinese accounting, and would discount the stock a little bit on that basis. If you are going to own a high risk stock, you could do worse than owning this one.


Price: $90.900
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-10-21 BUY Bank of America
BAC-N
John Zechner

Thinks you are past the worse with this one. With the $70 billion settlement they have had now, they have taken the hit on the Countrywide Financial. Feels the US bank valuations are still relatively attractive. There is a lot of earnings leverage, and he expects another move out of the housing sector.


Price: $16.600
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-10-21 COMMENT Boulevard Industrial REIT
BVD.UN-X
Jerome Hass

Still likes this. Likes the industrial REIT space and its predictability. They are getting attractive cap rates within the sector, so they can make attractive acquisitions at 8%-9% cap rates and borrowing at 4%. If you have long-term lock-in leases at 9% and you are borrowing at 5%, the 500 basis point margin is very attractive. In industrial REITs, there are virtually zero costs to property owners. Feels this is going to be a growth stock going forward.


Price: $0.160
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 TOP PICK Callidus Capital Corp
CBL-T
Jerome Hass

Long. A Pairs trade with a Short on Laurentian Bank (LB-T). This is an asset based lender, which he feels is an underserved niche in Canada. Although the big banks have them, it’s not something they really embrace. They don’t like high risk lending. An attractive growth story.


Price: $20.770
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 COMMENT Cameco Corporation
CCO-T
John Zechner

The largest player in the world which is where people move generally when the sector starts to turn around. To play uranium directly, he would use Uranium Participation (U-T). This is effectively like buying the commodity. Even the Japanese seem to have enough inventory for now. Longer-term, uranium prices have to go higher. You are not going to find new supplies anywhere close to the current price.


Price: $19.200
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-10-21 TOP PICK Catamaran Corp
CCT-T
John Zechner

This is just a good growth story in healthcare management. Basically going online to manage all your pharmacies and health care needs. Obama care is driving everything to these private and public exchanges these guys own. Have been kicking out excess cash flow which has been used to make acquisitions. You are getting all of this for about a 20 multiple.


Price: $46.800
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-10-21 COMMENT Carfinco Financial Group
CFN-T
Jerome Hass

About 6 weeks ago, a large Spanish bank decided to get into the Canadian subprime business in terms of auto lending and made a cash offer of about $11.25. This is very good news for the non-banks in general. The stock peaked in Jan/Dec at around $12 and fell to the $8 level. Doesn’t think there will be another bid coming. If you own, he would tender your shares.


Price: $11.200
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: No
2014-10-21 TOP PICK Cineplex Inc
CGX-T
Jerome Hass

Short. They have a 77% market share in Canada, so there is not much scope for them to grow by acquisition. This was the worst summer in North American cinemas in 17 years on an inflation adjusted basis. Thinks they are going to have some issues in their Q3 numbers. When attendance goes down 13%, it is going to have a big impact on profitability. There are also longer-term structural issues that they face. Netflix is competing against them. There is going to be Pick & Pay on cable TV. There was a recent announcement that HBO is going to have direct offering, so Netflix is looking to bypass some movies. Yield of 3.6%. Valuation is at 30X earnings and 13.5X EBITDA, which to him is very expensive.


Price: $41.330
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 BUY Computer Modeling Group Ltd
CMG-T
Jerome Hass

Provides software that helps companies to model very sophisticated oil/gas fields and helps with the extraction. Previously had been exclusively focused on oil, but have branched out to gas. Very attractive long-term play. Nice yield. They are just on the cusp of developing new software that will be rolling out in the next couple of quarters. Attractive at these levels. A lower risk, lower volatility way to play oil and gas.


Price: $11.210
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 TOP PICK Currency Exchange Intl.
CXI-T
Jerome Hass

This is a name that he has held since the IPO. It is a great core holding. They are a wholesaler of foreign exchange, so they provide physical currencies to any financial institution. They are in the supply and logistics business. Likes this as a low risk business. Feels they are going to be growing at about 30%. Have applied for a bank license, which would be a catalyst for them in terms of both marketing and improving profitability. Has a lot of growth potential.


Price: $16.500
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 HOLD Counsel Corporation
CXS-T
Jerome Hass

There is a lot of attractive valuation in this stock. Have had a lot of costs this year in preparing for their bank license, and they don’t have any of the revenues. He is hopeful that when the bank license comes in, they will be able to capitalize on their investments.


Price: $1.620
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 DON'T BUY Detour Gold
DGC-T
John Zechner

Traded in and out of this in the last week. The interesting thing is that this is the levered play right now. They have a high cost of production at about $1200 an ounce. With the US$ going higher, that is another downward move on gold. Because this is a higher risk play right now, he would stay on the sidelines.


Price: $9.180
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-10-21 PAST TOP PICK Walt Disney
DIS-N
John Zechner

(A Top Pick Nov 29/13. Up 26.63%.) Firing on all cylinders and have the right assets. Also, they cross sell tremendously well. Their acquisitions have been phenomenal.


Price: $87.540
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-10-21 HOLD Descartes
DSG-T
Jerome Hass

CEO has stepped down, but the transition has been smooth. This is one of the most predictable stocks. On the 1st day of a quarter, they know 90% of what their revenues are, so they spend the next 90 days working on the 10%. This is a stock that never disappoints because it is so predictable.


Price: $15.300
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 BUY Enterprise Group
E-T
Jerome Hass

Very cheaply valued and views this as a nice play on pipeline construction. They have a business called Arctic Therm which he thinks is the jewel of the business. Also, have Calgary Tunnelling. Feels the volatility in the stock is unjustified.


Price: $0.680
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 PAST TOP PICK EnerCare Inc
ECI-T
Jerome Hass

(A Top Pick Sept 18/13. 67.35%.) Pairs Trade. Went long on this stock and Shorted Just Energy (JE-T). Still really likes this name. They rent water heaters, primarily in southern Ontario. Have very predictable and steady business. Good yield. Trades at about 7X EBITDA.


Price: $14.800
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 BUY easyhome
EH-T
Jerome Hass

Likes this. They have a furniture business, but really make their money through Easy Finance which is a finance of the furniture. Have been building up their business in terms of top line growth for the last 5 years, but what he is starting to see now is that it is falling down to the bottom line. The move in profitability for the last 4 quarters has been great and he thinks that continues. A long-term growth story. Attractive at these levels.


Price: $23.700
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 COMMENT Exchange Income
EIF-T
Jerome Hass

He has been Short this name most of this year and just covered his position in August. They are a holding company. Have 2 primary businesses, a regional airline business and maintenance and construction of cell phone towers in the US. AT&T is a customer. Just announced they are going to sell this US division.


Price: $19.010
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: No
2014-10-21 COMMENT Guardian Capital Group
GCG-T
Jerome Hass

He has been Long Guardian Capital (GCG.A-T) and Short the Bank of Montréal (BMO-T) since April/09. There is about $2.50 left on the stub for this company. It is a very solid business and has been growing and firing on all 4 cylinders for the last 48 months. They have started to sell some of the BMO shares, using some of the capital for strategic acquisitions. It will take some time for some of those investments to pan out. Feels their perspective on this is a great one. Expects that at some point this company will get taken out.


Price: $19.670
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 TOP PICK Google
GOOGL-Q
John Zechner

Some people were disappointed with the earnings last week, but he still thinks this company is better positioned than almost anybody at technology. People keep forgetting that they own the Android operating system, the most powerful OS and the one that is running better than 70% of the global cell phones right now. At some point they are going to monetize that. They own search, and when he looks at where data and data management is going, he feels they have tremendous value. Making very good acquisitions. You get all of this for about a market multiple or a little bit more.


Price: $538.030
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-10-21 COMMENT Guestlogix
GXI-T
Jerome Hass

Is Ebola scaring investors off? His view is that the Ebola crisis may have some short-term impact on airline and airline traffic, but this one is really a long-term play on ancillary revenues that airlines charge. He likes the stock, it is a long-term structural story. The street is waiting to see what the next couple of quarters looks like. A great story.


Price: $1.020
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: No
2014-10-21 COMMENT Horizon North Logistics
HNL-T
Jerome Hass

There is some potential news coming out today. The BC legislature is going to announce the tax regime for LNG. The perception is that as long as it comes in at less than 7%, it would be perceived as a positive for camp stocks such as this and Black Diamond (BDI-T). Has traded off pretty hard along with the other oil/gas related names.


Price: $4.710
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 COMMENT Interfor Corp
IFP-T
John Zechner

Doesn’t own any right now, but in the past week, especially the way the market has rolled over, he has been looking at the lumber names. There is no better sector that benefits when you got the Cdn$ falling like it is. This one is probably the most levered with the most growth potential so he would be inclined to take this over the West Fraser Timber (WFT-T) at this point. The recent move back down in US interest rates is going to be positive for the US housing market.


Price: $16.150
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-10-21 PAST TOP PICK Just Energy Group
JE-T
Jerome Hass

(A Top Pick Sept 18/13. Up 11.81%.) Pairs Trade. Shorted this stock and went long Enercare (ECI-T). This is primarily door-to-door salesman trying to convince customers to switch to their product. He doesn’t understand their business model, and has a lot of issues with their accounting. Feels this has further downside so he continues to Short it.


Price: $5.370
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 DON'T BUY Coca-Cola Company
KO-N
John Zechner

Thinks growth is really being compromised. Look at what Pepsi’s strategy has been in terms of diversification and adding product. The core market of Coca-Cola has really slowed down. They haven’t diversified enough into other product growth areas to upset that slowdown. Multiple is still relatively high.


Price: $40.680
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-10-21 TOP PICK Laurentian Bank
LB-T
Jerome Hass

Short. A Pairs trade going Long on Callidus Capital (CBL-T). He put this one on just to hedge some financial risk. Nothing against the bank, it’s just that they have the smallest capital markets group, so if markets go up, this is the least likely to participate. It also takes off some market risk for him.


Price: $49.360
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 COMMENT Lundin Mining Corp.
LUN-T
John Zechner

This is more of a pure play on copper based on where their properties are and the acquisition they did last week. Copper is clearly struggling at the $3 level, but from what he has seen, a lot of the estimates on copper global production and global demand, it looks like everyone was expecting a $400-$500 thousand surplus coming into this year, but it now looks like it is going to be more of a deficit. Very well-positioned in terms of growth.


Price: $5.170
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-10-21 PARTIAL BUY Manulife Financial
MFC-T
John Zechner

Banks or Insurers? He thinks he would lean more towards lifecos at this point on a longer-term basis. There is a little bit of risk on this one short-term, which is why there was a selloff. There is still real leverage within the portfolio regarding higher interest rates and stronger stocks. There might be a little bit of earnings risk on this so he wouldn’t put all of your money in.


Price: $20.440
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-10-21 PAST TOP PICK Martinrea
MRE-T
John Zechner

(A Top Pick Nov 29/13. Up 34.41%.) Getting a new CEO who is clearly an industry guy. During the fight among the board, this created an opportunity. The stock became pummelled unnecessarily and it became a great Buy. Thinks he is getting closer to exiting the stock rather than buying at this time.


Price: $11.800
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-10-21 BUY Precision Drilling
PD-T
John Zechner

The problem with drillers is that they are dependent on the cash flow of the oil/gas industry, so when oil/gas stocks are coming down and their cash flows are getting impaired everyone worries that the drillers are going to take the first heat on that. Thinks the drillers are still a great long-term story. Valuations in Canada are much cheaper than they are in the US. The drillers generate very good cash flows. (See Top Picks.)


Price: $10.190
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-10-21 PAST TOP PICK Patient Home Monitoring
PHM-X
Jerome Hass

(A Top Pick Sept 18/13. Up 61.54%.) Still likes the name. This is a consolidator in the healthcare space. They are acquiring businesses at relatively attractive multiples and using their paper as currency to finance them. This gives them the ability to cross sell their products. Feels there is a lot of potential within the healthcare space.


Price: $0.425
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 PAST TOP PICK Reitmans (Canada) Ltd. (A)
RET.A-T
Jerome Hass

(A Top Pick Sept 18/13. Up 12.23%.) Short. He got out at about $6 in January.


Price: $6.490
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: No
2014-10-21 BUY RepliCel Life Sciences
RP-X
Jerome Hass

Life sciences. Have an interesting regenerative technology. For example, they can take a hair follicle and extract certain cells, and then replicate them 1 million times and then re-inject them back in areas where they are needed. It is very, very rare to have a company this small with 2 products in phase 2 trials. Feels phase 2 is when life science companies add the most value. Next year they will have a 3rd, which is very rare for a company. Thinks they will put the company up for sale next year, and it will become a bidding war.


Price: $0.440
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 STRONG BUY Shawcor Ltd. (A)
SCL-T
Jerome Hass

Really likes this and just acquired more recently. The #1 pipe coater maker globally. Also, the dominant player in the offshore segment, the fastest-growing segment of the oil/gas world. Likes this, it is a great, long-term hold, because we don’t know who is going to be building the next pipeline or where it is going to be built, but this company is very likely going to be in the middle of it. Also, this is going to be an attractive acquisition for somebody down the road.


Price: $50.280
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 COMMENT NXT Energy Solutions
SFD-X
Jerome Hass

This has had a very volatile year, and he generally doesn’t like this kind of volatility. He still thinks the fundamentals are great. The market has been waiting 1st for the Pemex deal since Aug/13. As a consequence, the share price traded off. However, it has also forced them to look beyond Pemex for another buyer of the product. Last week Pacific Rubiales (PRE-T), one of their first clients, announced exploration deals in Mexico. Feels this helps to speed up the process. However, there has been a transformation in Pemex and NXT is the best way to play it. He would be very surprised if he didn’t hear an announcement on one of those deals before year-end.


Price: $1.590
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 TOP PICK Trinidad Drilling Ltd
TDG-T
John Zechner

Stock has dropped 40%. There was a bit of an earning’s miss last quarter, but it was very explainable as they were in the process of moving some rigs to new locations. They have tremendous growth, especially with their joint venture they have with Halliburton on a global basis for deep rigs. Dividend yield of 2.63%.


Price: $7.610
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-10-21 SELL Tekmira Pharmaceuticals
TKM-T
John Zechner

Doesn’t know exactly what is going to happen with the treatment of Ebola. The stock has had a tremendous run. They are miles away from being a valuation story at this point. If you have made some money in the stock, he would be inclined to take profits and move on.


Price: $20.170
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-10-21 DON'T BUY Tweed Marijuana Inc.
TWD-X
Jerome Hass

This is pretty early for the sector. One of his observations is that it is less profitable than people think. It is really an agricultural stock with all the risks that are associated with it. Also, there is a lot of hype behind it. He has been Short this one since April. Feels it is overvalued and overhyped. There is going to be more competition for them.


Price: $1.930
Subject: CANADIAN MID-LARGE & SHORT-LONG STRATEGIES
Bias: SELECTIVE
Owned: Yes
2014-10-21 HOLD Walgreen Co
WAG-N
John Zechner

The growth is still there and they still have market dominance. Well-positioned in terms of where the consumer is going and where the retail pharmacy industry in general is positioned.


Price: $61.550
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-10-21 BUY on WEAKNESS Whitecap Resources
WCP-T
John Zechner

This is a great story. Has good growth going forward and has had very accretive acquisitions in the last little while. He took some profits when they were lightening up on oils, and bought some of the back last week. A good, long-term story.


Price: $15.840
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-10-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Markets.  Every time there is a Monday holiday we seem to get some market volatility.  S&P got down 9.4% and he was looking for 10, so we saw that.  16-17% of the S&P has reported already and he gives it a B+ rating.  IBM missed big, but when looking at various sectors, the change in earnings have been actually pretty good and in fact a bit better than expected by about 2-3% going into the quarter.  Revenue has been better than expected except for IBM and they are pointing to currency problems.  IBM may be a specific story.  We’ve seen some pretty good moves in financial stocks in the US after earnings reports.  He thinks it is a 70% chance it is a market bottom for now.  It may be a challenge in 2015 as the FED tries to ‘remove accommodation’.


Price: $0.020
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: _N/A
2014-10-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

From a 3-5 year perspective he likes oil and gas.  He was looking for pullback and we got it.  Looking out at the dividends from the energy sector, relative to where the banks are, he likes the dividend in the energy sector much better than the banks for the next 3-5 years.  There is talk, though, in the market where Saudi Arabia are going to be complacent in the energy price and this will punish Russia.  The spike below $80 in oil is probably the bottom and certainly in the low end of the range.  Below $75 makes no sense because of cost of production.


Price: $0.020
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: _N/A
2014-10-20 WATCH A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Gold.  A number of months ago he identified a double bottom.  We tested those.  But every rally has gone to lower highs.  The now triple bottom is still vulnerable.  Gold is not responding to recent S&P lows the way it should.  Wait for panic selling and then buy in for the next decade.  The lows of last year have to be taken out and then there has to be panic selling. 


Price: $0.020
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Unknown
2014-10-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

US Dollar and portfolio adjustment.  Japan needs to continue to weaken their currency.  Euro may go to parity.  US dollar staying strong may be a drag on US earnings so you may want to change your portfolio as currencies weaken.


Price: $0.020
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: _N/A
2014-10-20 N/A A Comment -- General Comments From an Expert
A Commentary
David Baskin

Markets.  He is starting to pick at some stuff.  He gets the sense that the worse is over for the correction.  Same for the stories that had people nervous have started to abate.  We were three years without a pullback.  He never sells into those things.  November and December are pretty good months usually.  If you held good solid companies you only got knocked back a few percent. 


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: _N/A
2014-10-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Educational Segment.  Volatility and the Bond Market.  In his sleep at night portfolio he looked for this correction.  Bond markets have done very well.  With 3 ETFs you can buy the entire world of fixed income.  He saw a 10 point spike in their charts.  Hedged fund portfolios are forced to come and buy fixed income securities.  He looked at the spread between VIX futures.  Wednesday of last week we saw the spike in the VIX spot and the bottoming of the S&P.  What he did was to get out of a lot of fixed income and rolled it into equities while they were so low and bonds were so high.


Price: $0.020
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: _N/A
2014-10-20 BUY A Comment -- General Comments From an Expert
A Commentary
David Baskin

Banks or Healthcare?  Banks in Canada have been money makers in Canada as long as the eyes can see.  Banks double every 10 years.  To invest in Healthcare you have to invest outside of Canada and lose the dividend tax credit.  He likes medical device companies.  ZMH-N is a preference in healthcare.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: Unknown
2014-10-20 DON'T BUY A Comment -- General Comments From an Expert
A Commentary
David Baskin

Life Companies.  They make more money when bond yields are higher.  Right now bonds are so unrewarding.  If you are SLF-T or one of the others, then what you get on your bonds is so much less than before the financial crisis.  The question is how they can invest unearned premiums.  He thinks it is premature to buy the pure life insurance companies at this time.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH
Owned: No
2014-10-20 N/A A Comment -- General Comments From an Expert
A Commentary
Chris Hensen

Markets.  Buys businesses that generate high returns over a period of time.  His value-add is just buying good businesses.  He worries top down and invests bottom up.  He is seeing opportunities in the market since the recent correction.  He has been waiting for the valuations of certain companies to come down.  He has been adding to some positions over the recent volatility.  He expects volatility to remain as global economies continue to diverge. 


Price: $0.020
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: _N/A
2014-10-20 PARTIAL SELL A Comment -- General Comments From an Expert
A Commentary
Chris Hensen

Canadian Banks.  He does not own any in his focus fund.  If you have a big weighting in banks, it is risky.  He is concerned about the amount of leverage they have on the balance sheets.  It would exaggerate any slowdown in the next few years.  He thinks earnings will slow over the next year, so take some profits.


Price: $0.020
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: No
2014-10-20 BUY on WEAKNESS Alaris Royalty
AD-T
Chris Hensen

Owns in his income funds.  Management have done well in deploying their capital.  They have a good long term track record.  Good dividend growth.


Price: $30.080
Subject: NORTH AMERICAN
Bias: SELECTIVELY BULLISH
Owned: Yes
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