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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
2016-09-20 COMMENT A Comment -- General Comments From an Expert
A Commentary
Tyler Mordy

US infrastructure ETF’s? This is difficult, because a lot of these tend to be a little mislabelled in the sense that they tend to be utility plays. He is working on the thesis of “Where is this money going to be spent?” if “helicopter money” is going to be initiated. He has yet to find a good infrastructure ETF.


Price: $0.020
Subject: ETF's
Bias: BULLISH
Owned: No
2016-09-20 COMMENT A Comment -- General Comments From an Expert
A Commentary
Tyler Mordy

A green or socially responsible ETF? There have been a number of countries that have signed on to the Paris Accord to limit carbon emissions by 2020. If you look over the last couple of years, any green ETF has been very disappointing. There are going to be bright spots in the future. One of the industries he feels would be ripe for an investment at some point, will be solar. It is going through a consolidation, and they have to get the demand up. The way to do that is to lower the cost of solar panels, which is exactly what has happened.


Price: $0.020
Subject: ETF's
Bias: BULLISH
Owned: Unknown
2016-09-20 N/A A Comment -- General Comments From an Expert
A Commentary
Andy Nasr

Market. When the Fed raises interest rates, he doesn’t believe they’re going to do it at each of the next few meetings i.e. in a fast cycle. Rate increases are likely to be gradual because there is still subpar economic growth in the US and in other regions. If they hike rates too aggressively, you would see financial conditions tighten. We are in a low yield environment, and people have gravitated to dividend stocks in search of better yields, and if you look at certain sectors, there is certainly a risk that there could be a rotation out of so-called defensive and expensive dividend paying sectors. What he tries to do is to identify companies that have a very sustainable free cash flow yield that are generating a lot of money with clean balance sheets.


Price: $0.020
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: _N/A
2016-09-20 COMMENT Deutsche X-trackers Harvest CSI 300 China A-Shares
ASHR-N
Tyler Mordy

(A Top Pick July 22/16. Up 1.25%.) Probably his most controversial pick and relates to perceptions of the marketplace that China is about to embark on an economic crash and are going to devalue their currency. His view is that the slowdown was coordinated by policymakers. China is on a longer running slow down, and he can see it going down to 3% GDP in the next few years. The market has really punished the stocks there, particularly the Chinese banking sector. This is a multiyear hold.


Price: $24.650
Subject: ETF's
Bias: BULLISH
Owned: Yes
2016-09-20 TOP PICK Deutsche X-trackers Harvest CSI 300 China A-Shares
ASHR-N
Tyler Mordy

Feels the China story is so important. The market is getting it wrong. Chinese stocks have so many positive benefits in the long term.


Price: $24.650
Subject: ETF's
Bias: BULLISH
Owned: Yes
2016-09-20 HOLD Artis Real Estate Investment Trust
AX.UN-T
Andy Nasr

He owns a little. A good, deep value name for Canadian investors looking for a mid-single digit yield as the payout ratio is under 100%. The concern is not if rates are going to go up and affect their cash flow growth, it really has to do with lower commodity prices in Western Canada. They just did an equity issue to buy some US assets, and there is a little bit of an overhang there. Good value and decent yield.


Price: $12.720
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2016-09-20 PAST TOP PICK Bank of America
BAC-N
Andy Nasr

(A Top Pick Sept 8/15. Down 2.05%.) He still likes the US banks, but his preference now would be J.P. Morgan (JPM-N), Wells Fargo (WFC-N) and some of the others. The issue with US banks has been sentiment related. The money centred banks in the US are exceptionally well capitalized. Because US banks are so well capitalized, they are going to take market share away European counterparts, where the risk rated asset calculations are probably a lot less conservative than they are in the US.


Price: $15.600
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2016-09-20 TOP PICK Boardwalk REIT
BEI.UN-T
Andy Nasr

Trades at a huge discount to replacement value, which he pegs at around $65. Apartments are a defensive asset class and this is a good example. If you are worried about house prices declining in Western Canada, people are going to rent instead of buy. You should see occupancy go up in low income Housing, which is where this company really benefits. 80% of the Net Operating Income comes from Alberta and Saskatchewan, which is why it trades at a sizable discount. Exceptional management team which owns 25% of the company. Dividend yield of 4.5%.


Price: $49.950
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2016-09-20 TOP PICK PowerShares Senior Loan Portfolio
BKLN-N
Tyler Mordy

Senior bank loans. They effectively differ from high-yield bonds in that 1) they are higher up in the capital structure and 2) they have a floating rate structure. If you are worried about rising interest rates, this is a way to go. A good comparison would be “junk bonds”. He has liked high-yield bonds for a while and has sold them. He is now moving into this ETF.


Price: $23.130
Subject: ETF's
Bias: BULLISH
Owned: Yes
2016-09-20 BUY Brookfield Property Partners
BPY.UN-T
Andy Nasr

A great example of a truly global real estate company. They have high quality assets all over the world. Part of the recent volatility has to do with BREXIT and underlying concerns about rising interest rates. Great management team and trading at a substantial discount to NAV.


Price: $30.270
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2016-09-20 TOP PICK Cigna Corp.
CI-N
Andy Nasr

A US health insurer provider, one of the largest. There is a pending deal. Aetna (AET-N) (?) wants to buy the company, and it is unlikely that deal gets approved. If the deal doesn’t get approved, the break fee is about $1.5 billion. On top of that, when you look at the cash they can deploy, they are going to have about $10 billion to play with. They can buy back a ton of stock if the deal does not go through. If it does go through, you still get 30% upside. Dividend yield of .03%.


Price: $131.990
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2016-09-20 BUY on WEAKNESS Costco Wholesale
COST-Q
Andy Nasr

He is not a fan of bricks and mortar retailers, but this company has a great brand and has demonstrated excellent long-term growth. His concern is the valuation. The free cash flow yield approximates 3% and it trades north of 20X earnings. He would be more compelled to Buy if it pulled back by 15%. A very defensible business, as two thirds of the revenues really accrue from the memberships they sell.


Price: $152.170
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2016-09-20 BUY Chartwell Seniors Housing
CSH.UN-T
Andy Nasr

(Market Call Minute.) Thinks this is pretty decent here, and he would probably be inclined to accumulate this.


Price: $15.260
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2016-09-20 SELL Concordia Healthcare
CXR-T
Andy Nasr

At the time, this was a compelling pitch. You were buying drugs that were mispriced and were making a lot of money. It is really difficult when looking at a highly leveraged company like this to justify a turnaround. They are going to have to reduce debt and sell off some assets. In the meantime, the regulatory environment is not very favourable at all.


Price: $7.120
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2016-09-20 HOLD Dream Global REIT
DRG.UN-T
Andy Nasr

(Market Call Minute.) Trading at a sizable discount to NAV. However, there are still some single tenant risks. There are other global names he likes more.


Price: $9.050
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2016-09-20 COMMENT Wisdom Tree Japan Hedged Equity
DXJ-N
Tyler Mordy

A good ETF. Everybody can recite the bearish case of Japan, aging demographics as well as loads of debt. If you look at what has happened to Japan, imagine 30 years of an overvalued currency and chronic deflation. That makes the corporate sector extremely lean and extremely efficient. The turning point is that the ROE has been elevated for the last few years.


Price: $42.070
Subject: ETF's
Bias: BULLISH
Owned: Unknown
2016-09-20 PAST TOP PICK Wisdom Tree Japan Hedged Real Estate
DXJR-N
Tyler Mordy

(A Top Pick July 22/16. Down 5.52%.) This was a little eclectic, but it has only been 2 months. Look how cheap real estate is in Tokyo versus New York or Toronto. This has a good yield and is undervalued.


Price: $23.430
Subject: ETF's
Bias: BULLISH
Owned: Yes
2016-09-20 BUY Enbridge
ENB-T
Andy Nasr

A good, long term hold. You can get fussy with valuation and try to get cute, but it is a name you just want to Buy and tuck away for 5-10 years. The assets are very difficult to replicate. The Specter deal helps them securing mid-single digit cash flow and dividend growth for the foreseeable future.


Price: $57.620
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2016-09-20 HOLD Enbridge Income Fund Holdings
ENF-T
Andy Nasr

(Market Call Minute.) Relatively stable assets. He thinks you could see the parent, Enbridge, drop more renewable assets into it, which gives you a nice growth trajectory.


Price: $33.050
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Unknown
2016-09-20 COMMENT Fairfax India Holdings Corp
FIH.U-T
Andy Nasr

IPO’d in 2014. They raised $1 billion with the premise being they were going to take the money and buy public and private securities in India. They have made several transactions. It is going to evolve and they are probably going to raise additional money to make more acquisitions, however, it is tough to get a handle on because the businesses are relatively opaque and disclosure is not all that good. If anything, he would be inclined to wait for a pullback and buy it at a discount to NAV. However, if you are looking at this as an emerging market, he thinks the fundamentals are fine.


Price: $10.950
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2016-09-20 DON'T BUY CurrencySh British Pound
FXB-N
Tyler Mordy

His firm really views currency as one of the ways to outperform or add alpha. When analysing currencies, he looks at it very much as analysing stocks; it can become overvalued or undervalued. His criteria is to see 1) an undervalued currency, 2) a certain revulsion to a currency, and 3) a catalyst. The British pound meets the first 2, but fails to see a catalyst.


Price: $127.090
Subject: ETF's
Bias: BULLISH
Owned: Unknown
2016-09-20 HOLD General Electric
GE-N
Andy Nasr

(Market Call Minute.) Moving away from GE Capital, and thinks that most of the transitions happen. Looks like 90% is manufacturing and GE Capital only contributes 10%. If you can kind of get there in 2017-2018, he thinks the business dynamics will change a lot and you should have better visibility.


Price: $29.670
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2016-09-20 COMMENT iShares Nasdaq BioTech ETF
IBB-Q
Tyler Mordy

Has been a holder in the biotech industry at times through the post crisis period. In a post crisis environment, many of these types of industries tend to do really well. This one is aligned with the health boom and aging demographics. The biggest risk factor today is the US elections. Depending on your view of the US election and where the industry goes, it is a good hold longer-term.


Price: $295.700
Subject: ETF's
Bias: BULLISH
Owned: Unknown
2016-09-20 TOP PICK iShares MSCI India ETF
INDA-US
Tyler Mordy

India is a story that is a little more popular. Everybody can recite the positives such as young demographics, the government led by Modi or the monetary policies. The real thing you want to see in emerging markets is the “triple merit scenario”; falling interest rates, rising currencies and a rising stock market. The way to do that is to get inflation down, and inflation has been a huge problem in emerging markets for a while. India has stuck to the program.


Price: $0.000
Subject: ETF's
Bias: BULLISH
Owned: Yes
2016-09-20 COMMENT Kinder Morgan Inc.
KMI-N
Andy Nasr

He likes the longer-term growth prospects. Feels that you can really bank on mid-single digit cash flow growth and dividend growth. It has energy infrastructure assets throughout the US and is a relatively large player. It came under pressure when commodity prices sold off so there are some sentimental related risks, unless there is a rebound in oil prices. Relatively strong balance sheet and the dividend growth is sustainable. He might increase his exposure if there is a pullback.


Price: $21.880
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2016-09-20 PAST TOP PICK iShares Emerging Markets Local Currency Bond
LEMB-N
Tyler Mordy

(A Top Pick July 22/16. Up 0.91%.) If you look at the developed world, and consider that more than $10 trillion worth of sovereign bonds yield negative rates, where is money going to flow? Emerging markets are moving up the credit scale. They don’t have quantitative easing or negative interest rate policies. Yields are good at around 5%.


Price: $45.020
Subject: ETF's
Bias: BULLISH
Owned: Yes
2016-09-20 COMMENT Lloyds TSB Group PLC
LYG-N
Andy Nasr

Sold his holdings leading into BREXIT on concerns of what that could do to the financial services sector. That is the one sector in the UK where he worries about what is going to happen with respect to employment and longer-term growth. This bank is going to be somewhat challenged, however the valuation looks compelling. He may re-enter this at some point once he gets more confident about what the domestic economy is going to look like in 2017.


Price: $2.980
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2016-09-20 COMMENT Manulife Financial
MFC-T
Andy Nasr

In a low interest rate environment, it is very difficult for lifecos to make money. Auditors at some point are going to look at the reinvestment rate required, and there is speculation they may actually lower it, meaning the company has to hold more cash on its balance sheet. However, the franchise value is excellent. Great wealth management business. Growing hand over fist in Asia. If they can just overcome the negative sentiment as it pertains to interest rates and maybe start to take a longer term time horizon into 2017-2018, then you can make a case for it.


Price: $18.360
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2016-09-20 BUY MacQuarie Infrastructure LLC
MIC-N
Andy Nasr

(Market Call Minute.) Has held this for a long time in his infrastructure fund. He really likes it.


Price: $80.670
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2016-09-20 HOLD Morguard Real Estate Inv Trust
MRT.UN-T
Andy Nasr

A very well diversified Canadian REIT. Retail exposure and located in several different provinces. Morguard Corp substantially controls and owns a lot of the REIT. At some point, if the REIT gets cheap enough, it trades at a sizable discount to NAV, and you could see Morguard take it in and monetize it.


Price: $15.690
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Unknown
2016-09-20 PAST TOP PICK Microsoft
MSFT-Q
Andy Nasr

(A Top Pick Sept 8/15. Up 33%.) He still likes this. A very well capitalized company. When you think of the transition to the Cloud, they have certainly done that more successfully than others. Feels they are going to continue to redeploy capital and be able to effect mid-single digit increases if not a single digit increase in earnings and cash flow.


Price: $56.810
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2016-09-20 COMMENT Milestone Apartment REIT
MST.UN-T
Andy Nasr

A great name with a good management team and a decent balance sheet. They own garden style apartments through the US. Thinks there could be some additional upside. Apartments are a very defensive asset class, because if there is slower economic growth, there is more demand for low income housing. Home ownership in the US is at a 50 year low, mainly because credit conditions are still tight. The only concern is that there is going to be some additional supply come onto the market towards the end of 2017-2018, and rent growth will start to decelerate.


Price: $19.000
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Unknown
2016-09-20 TOP PICK Nestles
NSRGY-OTC
Andy Nasr

He has shied away from the US consumer staple sector, however he does find good consumer staple opportunities in Europe, and this is an example of a fantastic company. You are getting a mid-single digit free cash flow yield. It is also a company that has optionality. A new CEO is coming in January, and the focus is going to be on cost control and margin improvement. Dividend yield of 2.9%.


Price: $0.001
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2016-09-20 BUY Pembina Pipeline Corp
PPL-T
Andy Nasr

(Market Call Minute.) Great visibility through to 2018. $5 billion worth of organic growth that they are going to be able to execute on, fully contracted and fully supported. Good cash flow visibility.


Price: $39.360
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Unknown
2016-09-20 HOLD RioCan Real Estate Investment
REI.UN-T
Andy Nasr

(Market Call Minute.) Trades at a bit of a premium to NAV. A high-quality company. 80% of its real estate is in Canada’s 6 largest cities.


Price: $27.510
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2016-09-20 COMMENT Robo-Global Robotics and Automation
ROBO-Q
Tyler Mordy

This is a pretty niche ETF, and when he is constructing client portfolios, he is looking for bigger themes. However, he thinks this is going to be a big theme in the future. In this post crisis environment, any industry that is disruptive or creative and inventive, will do well in the future. This is on his radar, but he is waiting for this to become a bigger industry.


Price: $0.000
Subject: ETF's
Bias: BULLISH
Owned: No
2016-09-20 COMMENT SPDR S&P 500 ETF
SPY-N
Tyler Mordy

As a global investor he has been moving away from the US in the last few quarters. The US will be travelling a different monetary passage than other Central Banks. Also, looking at where we were 7 years ago we had a hugely undervalued US$. The US has dramatically outperformed a lot of other stock markets, and during that period it became really expensive. He feels the US is somewhat overvalued relative to other stock markets, which is going to be a headwind. Also, valuations are just not as good as other countries.


Price: $213.450
Subject: ETF's
Bias: BULLISH
Owned: Unknown
2016-09-20 BUY on WEAKNESS Tricon Capital Group
TCN-T
Andy Nasr

(Market Call Minute.) Single family home strategy in the US and trading at a discount to NAV. He would buy more if it got a little cheaper.


Price: $9.160
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2016-09-20 DON'T BUY U.S. Oil Fund E.T.F.
USO-N
Tyler Mordy

His view on oil is a little different than what you are used to hearing. He would view it as a “lower for longer” phase. Looking back at timelines of commodity markets, they tend to move in long waves of boom and bust. From 2002 to 2011, the big China era, oil was doing well. After a bubble, which he thinks oil is in, you have the guillotine phase, and then it is sandpaper for 3 years. Thinks $50 is going to be about the ceiling, and will be range bound from $25 to $50. The story is not one of demand, it is one of supply. There is a lot of supply out there, so any time oil prices spike, we get regions increasing supply. He wouldn’t be Long on this.


Price: $10.070
Subject: ETF's
Bias: BULLISH
Owned: No
2016-09-20 SELL Valeant Pharmaceuticals
VRX-T
Andy Nasr

At the time, this was a compelling pitch. You were buying drugs that were mispriced and were making a lot of money. It is really difficult when looking at a highly leveraged company like this to justify a turnaround. They are going to have to reduce debt and sell off some assets. In the meantime, the regulatory environment is not very favourable at all.


Price: $34.830
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2016-09-20 PAST TOP PICK Whirlpool Corp
WHR-N
Andy Nasr

(A Top Pick Sept 8/15. Down 0.9%.) An interesting company, and a tale of 2 economies. They get about half their sales from the US and the other half comes from international markets that have been challenged. This is a nice way to get exposure to emerging markets through a developed market company.


Price: $160.440
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2016-09-20 COMMENT Wal-Mart Stores Inc.
WMT-N
Andy Nasr

Amazon has affected the retail environment for a lot of traditional retailers. His concern would be how this company pivots; how they react and whether or not they can increase their e-commerce presence. The free cash flow yield in terms of long-term growth is hard to reconcile in a company like this. Doesn’t think growth profile is all that robust.


Price: $71.970
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2016-09-20 COMMENT iShares S&P/TSX Global Gold
XGD-T
Tyler Mordy

If the Fed hikes rates, this would damage the allure of this ETF. This is a great holding.


Price: $14.770
Subject: ETF's
Bias: BULLISH
Owned: Unknown
2016-09-20 BUY SPDR Financial E.T.F.
XLF-N
Tyler Mordy

They just took out the REIT sector yesterday, and there were good reasons to do that. He likes US banks, and going Long at this stage makes sense.


Price: $19.320
Subject: ETF's
Bias: BULLISH
Owned: Unknown
2016-09-20 COMMENT iShares Diversified Monthly IF ETF
XTR-T
Tyler Mordy

For revenue and safety of capital? A good holding, diversified and everything. Looking at the bigger picture with retirees facing an income crisis, he would favour a different approach. Rather than trying to source income from North America into domestic, he would favour looking further afield for income opportunities, and assemble a portfolio with a diversified yield. It could be an emerging market debt, a high dividend yielding country ETF. He launched this in 2008 and it has been a highly effective strategy.


Price: $11.210
Subject: ETF's
Bias: BULLISH
Owned: Unknown
2016-09-20 COMMENT BMO Equal Weight US Banks ETF
ZBK-T
Tyler Mordy

The US banking sector has been the most unloved sector. Thinks it is going to get more interesting. The big pressure on margins has been a flat yield curve, and it is hard to loan out and make any money. Thinks an overweight in banks is going to be the way to go.


Price: $17.990
Subject: ETF's
Bias: BULLISH
Owned: Unknown
2016-09-20 COMMENT BMO MSCI EAFE Hedged TO CAD
ZDM-T
Tyler Mordy

A good ETF. He prefers FEZ-N, an unhedged version of the European stock index. If you look at where the euro is now, he can’t see any reason to hedge it out.


Price: $18.190
Subject: ETF's
Bias: BULLISH
Owned: No
2016-09-20 COMMENT BMO US Dividend ETF
ZDY-T
Tyler Mordy

He is a big fan of BMO’s suite of dividend funds. Rather than just rating stocks according to their overall yield, they have put in some constraints, such as a three-year rise in dividend payouts. This is sort of a high-quality sustainable yield oriented ETF. He likes this, but he is tending to move away from US equities.


Price: $26.860
Subject: ETF's
Bias: BULLISH
Owned: Unknown
2016-09-20 COMMENT BMO Equal Weight Utilities Index ETF
ZUT-T
Tyler Mordy

If your view is that utilities is going to be a good place to be in Canada for the foreseeable future, and you want to diversify away from energy and financials, it is a good holding. Be aware that some yields may not be sustainable for the long-term. Dividend yield of 4.1%.


Price: $16.790
Subject: ETF's
Bias: BULLISH
Owned: Unknown
2016-09-20 COMMENT BMO Europe High Dividend Covered Call Hedged to CAD ET
ZWE-T
Tyler Mordy

European equities are fraught with political risks, but looking at European equities, particularly with a yield versus government bond yields, there is a radical difference. At a certain point, there is going to be a rotation back into equities, and these institutions will have to take on more risks to meet their liabilities. He likes this ETF and it is a good hold. Dividend yield of over 7%.


Price: $19.460
Subject: ETF's
Bias: BULLISH
Owned: Unknown
2016-09-19 TOP PICK Keyance
6861-JP
David Fingold

Manufactures sensors and machine vision systems. Automation is necessary to move to where we are trying to go in in terms of manufacturing quality. A very entrepreneurial company. All their products create tremendous cost savings for their clients. Dividend yield of 0.21%.


Price: $0.000
Subject: NORTH AMERICAN/GLOBAL
Bias: UNKNOWN
Owned: Yes
2016-09-19 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Markets.  Credit is becoming a major threat in China.  This has been a major risk for years.  100% of the growth in China has been fueled by debt since the Lehman moment.  You see an increase globally in defaults in debts since 2015.  There is a warning signal here.  Trump is picking up inch by inch.  He has a reasonable chance here. 


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-09-19 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

How to Short.  The simplest way is to buy a long ETF with inverse exposure, avoiding those with leverage.  You can cushion the downside or profit from corrections.  We are almost certain to have a recession within the next two years.  You can’t short in your RRSP, so you have to buy inverse ETFs.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-09-19 DON'T BUY A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Parking Cash.  He assumes that means risk-free.  There is nowhere to park cash risk free with a yield.  It does not exist today. 


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-09-19 BUY A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Covered Call Strategies.  When he is neutral to negative, he wants to hold things that he can get more yield from and that have less market risk.  Covered calls do this.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2016-09-19 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Agricultural ETFs to take advantage of sector mergers.  You won’t get a pure exposure to those affected.  They will be 4-7% of the ETF.  COW-T has 80% exposure to the US.  MOO-N has closer to 40% of the chemical side of things.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-09-19 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Buy silver and sell gold through an ETF.  He is not sure there is an ETF to do this.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-09-19 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Educational Segment.  The market thinks the likelihood is 18% for a rate hike.  He thinks they will go for it this week, however.  They have not unexpectedly raised rates since 1994.  ’94 was the worse bond market we had for a generation.  This will not be similar.  It is all about the psychology of how they do it.  We will almost certainly get another recession in the next couple of years and Canada and the US will have to go to negative interest rates.  Economic numbers are getting worse, but the market has not reacted. 


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-09-19 N/A A Comment -- General Comments From an Expert
A Commentary
Teal Linde

Markets.  Investors have been moving into economically sensitive sectors since Brexit.  We are seeing signs that US profits are actually going to turn positive after a number of quarters of negative earnings growth.  We are finally going to see earnings growth year over year.  Stocks are not cheap right now.  Interest rates are starting to move up around the world.  The negative yields have started to lift and certain areas are starting to turn positive.  The market moves ferociously to talk of a quarter point move in interest rates.


Price: $0.020
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: _N/A
2016-09-19 PARTIAL BUY A Comment -- General Comments From an Expert
A Commentary
Teal Linde

Canadian Banks.  Definitely one of the sectors to consider if you want a yield, as long as you are willing to think long term.  The challenge is that you have to be able to ride up the volatility.  The valuations are quite modest.  To start buying today you should stagger in over time.


Price: $0.020
Subject: NORTH AMERICAN
Bias: BULLISH
Owned: Unknown
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