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

Recent Opinions

Date Signal Company Expert Opinion Price
2014-10-16 COMMENT Dollarama Inc.
DOL-T
Stan Wong

The stock split coming in November will not have much impact. The valuation on this looks pretty good. Trading at 1.1X PEG ratio and 22X earnings with a near 20% growth rate. Executing extremely well. A good name to own long-term.


Price: $96.390
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: No
2014-10-16 TOP PICK First Capital Realty
FCR-T
Michael Missaghie

Very high quality business.  Management team is very well aligned.  Asset quality has improved.  Payout ratio and leverage that are almost the best in the business.  The valuation is very undemanding.  There is an overhang because of an equity issue done recently.  NAV is about $18-$18.25.  It is a core position in his opinion.  He would add to it right now.


Price: $17.620
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 BUY General Electric
GE-N
Stan Wong

Likes this. The industrial space makes sense at this point if the economy continues to move forward. Globally speaking, and specifically in the US, these types of names are good to own. Has become quite oversold.


Price: $24.250
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 PAST TOP PICK General Growth Properties Inc.
GGP-N
Michael Missaghie

(Top Pick Nov 20/13, Up 19.41%) Owns high quality shopping malls in the US.  Brookfield got it when they filed for bankrupsy during the financial crisis.  They lowered their leverage and staggered out their debt maturities.  Trades at a slight discount to net asset value.


Price: $1.050
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 BUY Google
GOOGL-Q
Stan Wong

Had some disappointing earnings numbers after-hours today. However, he feels there is more of an issue that this is such a large animal with different tentacles, that analysts have trouble trying to pinpoint where the earnings are going to come from on a quarter by quarter basis. When you look at this from its inception to where it is today, it has grown so far and so fast. Anytime you can own this at a decent valuation this is a good name to own.


Price: $536.920
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 HOLD Granite REIT
GRT.UN-T
Michael Missaghie

Magna is the main tenant.  They are trying to reduce that concentration to 50% from 85% now.  They sold some non-core assets.  He will not allocate capital here because he does not like the long term prospects.  Payout ratio and leverage are low enough that there is not a lot of risk if you hold it for the distribution.


Price: $37.480
Subject: REIT's
Bias: OPTIMISTIC
Owned: Unknown
2014-10-16 COMMENT iShares High Dividend Equity
HDV-N
Stan Wong

US dividend ETF? The go to high dividend name that he likes would be this. It holds names like AT&T which pays a pretty high dividend plus others. The fund has done well, and is up about 15% per year over the last 3 years. The yield is about 3.5%.


Price: $71.850
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Unknown
2014-10-16 DON'T BUY Canadian Hotel Income Properties
HOT.UN-T
Michael Missaghie

Limited service hotel industry in the US.  A large part is crew-oriented occupancy – contracts with rail companies.  They are trying to diversify outside of that.  This is a volatile market.  He is not a huge fan.  Their leverage and payout ratio are sound.  It is okay to hold it for the distribution.


Price: $19.070
Subject: REIT's
Bias: OPTIMISTIC
Owned: Unknown
2014-10-16 BUY H&R Real Estate Inv Trust
HR.UN-T
Michael Missaghie

Diversified REIT in industrial and retail.  Have evolved greatly as a company over the last couple of years.  He thinks they will do things that will add value for investors.


Price: $21.380
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 COMMENT HBP S&P500 VIX Short Term VIX ETF
HUV-T
Stan Wong

The VIX is a very difficult measure to predict. It is extremely volatile. The VIX historically in Sept/Oct tends to move up about 15% over those 2 months. Going into Nov/Dec, the VIX tends to fall by about that same amount. He would probably tend to Short this through Nov/Dec. His suspicion is that markets will calm down and this should come off a bit.


Price: $5.520
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: No
2014-10-16 PAST TOP PICK InterRent REIT
IIP.UN-T
Michael Missaghie

(Top Pick Nov 20/13, Up 5.27%) He is one of the largest shareholders.  They are an owner operator and redeveloper of apartments.  Thinks it should be a dollar higher.  They got hurt with repositioning some assets.  He is still confident in the management team.  It is very compelling value.


Price: $5.510
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 COMMENT Johnson & Johnson
JNJ-N
Stan Wong

Has just fallen a little bit below the 200 day moving average, so it looks intriguing to own. However, he likes some of the biotechs a bit more. His only concern is that this is trading at 2.3X PEG ratio, which is not cheap.


Price: $96.780
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: No
2014-10-16 WATCH Killam Properties Inc
KMP-T
Michael Missaghie

Apartments REIT in Atlantic Canada.  Their cost of capital has not been attractive in this environment.  They had high expenses based on Nat Gas prices.  It trades at a discount to NAV because of negative sentiment.  It is difficult to find an apartment REIT with this high a discount.  A couple of quarters of free cash flow growth would change market sentiment.


Price: $10.340
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 PAST TOP PICK Michael Kors Holdings
KORS-N
Stan Wong

(A Top Pick October 17/13. Down 2.27%.) The concerns are really about international markets and luxury purchases. However, only 15% of their revenues come from outside of North America. There was also concern about inventory built ups. His sources say that Michael Kors is still very hot with 20-30 year-olds. At today’s prices, you are getting this at .75 PEG ratio. Reporting in a couple of weeks, and if earnings are still on track and the momentum is still there with sales, this is a pretty cheap stock.


Price: $72.070
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 TOP PICK Southwest Airlines
LUV-N
Stan Wong

Fourth-largest US airline. Mainly short-haul type of flights. 100% of its revenues are from the US. They have the most conservative and probably the healthiest balance sheet in terms of debt to capital ratio. Feels recent fears about the spreading Ebola epidemic has moved the stock downwards. Good valuation.


Price: $30.940
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 COMMENT Metlife
MET-N
Stan Wong

Feels this is a decent name, but his favourite name in the US insurance space would be the property/casualty insurer Allstate (ALL-N).


Price: $47.860
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: No
2014-10-16 COMMENT Manulife Financial
MFC-T
Stan Wong

He likes this. When interest rates normalize and equity markets continue to move forward, companies like this will do well. They have a huge exposure in Asia, which is a growing market. The concerns right now are about international markets, but those are short-term concerns. This is well-positioned for the long-term. Pays you well over a 3% yield with probably a 10% growth rate on that yield over the next 3 years.


Price: $19.480
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 BUY Milestone Apartment REIT
MST.UN-T
Michael Missaghie

A newer REIT.  All their assets are in the US.  They are one of the better performers.  High quality assets and in the higher rent range. Payout ratio in around 85% and sustainable.  They just bought assets in Denver and he saw that as attractive.  The dividends are sustainable also.  They see strong free cash flow growth out of the portfolio. 


Price: $11.260
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 COMMENT PepsiCo
PEP-N
Stan Wong

Frito-Lay is definitely the money maker in this company. Beverages are in a bit of a decline. There has been a lot of talk that they should spin off the 2 companies. It is hard to predict if there is going to be a spin off. This is trading at about 2.5X the PEG ratio. Amongst some of the Consumer Staple names this is a pretty solid name. He prefers Mondelez (MDLZ-Q).


Price: $90.790
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Unknown
2014-10-16 TOP PICK Prologis
PLD-N
Michael Missaghie

The largest global industrial REIT.  Majority of assets in North America, but they have exposure to Europe and Asia.  They had a 12 quarter plan that they achieved in 10 quarters with respect to their leverage, quality of assets and the land they have on their balance sheet.  Thinks the market is not recognizing the quality of business and the upside to free cash flow growth.  This is a unique opportunity to buy this one.


Price: $38.420
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 WATCH Plaza Retail REIT
PLZ.UN-T
Michael Missaghie

Smaller cap REIT invested in retail assets, no longer just in Atlantic Canada.  The recent acquisition increased their leverage and payout ratio and in his opinion reduced the quality of their assets.  Management knows they need to right-size the leverage by selling assets.  It is probably at a 7-8% discount to NAV. 


Price: $3.900
Subject: REIT's
Bias: OPTIMISTIC
Owned: Unknown
2014-10-16 PAST TOP PICK Canadian Real Estate Investment
REF.UN-T
Michael Missaghie

(Top Pick Nov 20/13, Up 15.74%) A core position.  It was compelling value.  Lower leverage, low payout ratio, but above average growth.  Still likes it and it is a top holding.


Price: $47.470
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 STRONG BUY RioCan Real Estate Investment
REI.UN-T
Michael Missaghie

Retail REIT invested across Canada.  Improved capital structure and lowered leverage and payout ratio. They improved the quality of their assets. They talked about starting to develop apartments. You will do well owning it.


Price: $25.350
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 BUY Royal Bank
RY-T
Stan Wong

Most Canadian banks are trading at fair value. Technically, this one is sitting right at the 200 day moving average. Not a bad time to be buying banks at this level. Trading at a 200 day moving average with a dividend that is reliable, predictable and growing, this is a good, long term name to hold.


Price: $77.340
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 DON'T BUY SNC-Lavalin Group Inc.
SNC-T
Stan Wong

Looking at the infrastructure space, 66% of this company’s revenues are coming from Canada. He would rather look at an industrial name that is going to have more revenues from other parts of the world that are growing a bit faster.


Price: $48.070
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: No
2014-10-16 BUY Suncor Energy Inc
SU-T
Stan Wong

Baytex Energy (BTE-T) or Suncor (SU-T)? Certainly 2 very different names. Baytex gives you an 8% yield while you don’t get that with this. For yield hunters, Baytex is one that he would look at. He actually likes and owns both names, and they are both fine. You are probably getting a little bit more leverage in terms of the movement in oil price relative to the stock price with Baytex, where this one might be a little bit steadier being in the oil Sands space.


Price: $37.140
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 COMMENT A T & T US
T-N
Stan Wong

Payout ratio is around 50% so the dividend appears quite reliable and safe. Feels the dividend is going to grow by mid-single digits over the next few years. Currently it is at 5%. However, the telecom space in general is a bit stretched in valuations. Lots of competition and a lot of things happening. Would choose Verizon (VZ-N) over this as it has a little bit better growth profile with a slightly lower dividend.


Price: $33.640
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: No
2014-10-16 COMMENT Telus Corp
T-T
Stan Wong

You are buying this one for the growth relative to the other telcos. You are probably going to see a rising dividend growth profile on this with a starting point of 4%.


Price: $37.970
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 WATCH Tricon Capital Group
TCN-T
Michael Missaghie

The US housing market is treading water.  TCN went into single family housing and manufactured housing.  Sentiment surrounding the housing market in the US has caused it to underperform recently.  You have a very well aligned management team.  Stock is worth $8-$9.  They need to deliver on free cash flow growth.


Price: $7.410
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2014-10-16 PAST TOP PICK Toyota
TM-N
Stan Wong

(A Top Pick October 17/13. Down 13.81%.) With the recalls and the currency exchange, he exited this position.


Price: $110.180
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: No
2014-10-16 COMMENT Twitter, Inc
TWTR-N
Stan Wong

When looking at the social media space, a lot of them are trading at pretty lofty valuations. He tends to stay away from these types of names. The one name that stands out that is a bit cheaper in terms of its growth profile relative to its PE is Facebook (FB-Q), and is making money and moving forward.


Price: $48.230
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: No
2014-10-16 BUY Visa Inc.
V-N
Stan Wong

Visa (V-N) and MasterCard (MA-N) are very similar financial profiles, so whether you purchase one versus the other, they are both good names. This is a very strong long-term name to own. Lately some of these credit card companies have not done as well as some of the lesser-known credit card companies. This is a decent name to own long-term. You are going to get 50% growth rate, and it’s trading at 20X PE right now.


Price: $203.000
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: OPTIMISTIC
Owned: No
2014-10-16 DON'T BUY WPT Industrial REIT
WIR.U-T
Michael Missaghie

A new REIT, trading in and around where it came out and he thinks the NAV is around $11.  One of the higher quality REITs that have IPO’ed.  Assets are in and around key distribution states.  Payout ratio and leverage are sound.  He would own if it was larger.  They may have trouble raising equity for acquisitions.


Price: $9.900
Subject: REIT's
Bias: OPTIMISTIC
Owned: No
2014-10-15 N/A A Comment -- General Comments From an Expert
A Commentary
Fabrice Taylor

Market. Feels the biggest thing in this volatile market is the profit taking. We have had a big run on the markets. His theme for the last year or so is that it has been harder and harder to find cheap stocks. A lot of people are moving to the sidelines and locking in for the year-end. At some time there has to be a bounce. He tends to avoid commodities because you can never predict what they’re going to do, and they are violent when they start to selloff. At some point oil should stabilize because the marginal cost of production is around its current area now of around $80-$90, so it shouldn’t go below that for very long. He always tells people to take profits. Buy and Hold is overrated. It is nice to have cash right now, and he is close to 50%. It just makes sense that as this market cycle evolves and you are up on positions, you take money off the table so you have cash when this happens. He hasn’t been doing a lot of buying right now, but at some point he is going to start writing and recommending new names, but for now he is just going to ride this out.


Price: $0.020
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: _N/A
2014-10-15 N/A A Comment -- General Comments From an Expert
A Commentary
Fabrice Taylor

Energy. Saudi Arabia is doing a real shift compared to what they usually do, which is to cut their production to stabilize prices. This time they are competing on price. Maybe they are worried about the US and its growing production and their exports of refined products. Who knows? Usually when there is political instability in the world, oil prices go up. Currently we have Isis, Russia, Iran and oil is going down. He is guessing there is a lot of politics going on that we don’t know about.


Price: $0.020
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: _N/A
2014-10-15 N/A A Comment -- General Comments From an Expert
A Commentary
Fabrice Taylor

Home Price Indexes. He showed a chart indicating the US housing market with a big correction. Canadian market has not had a correction. The government is obviously worried about it because they are forcing CMHC to get more restrictive. Also, banks are concerned about it, but they are less exposed because they tend to sell a lot of mortgages off, but nonetheless they have some exposure. It seems impossible to him that an asset class can defy the long-term average this long. He feels that something has to happen.


Price: $0.020
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: _N/A
2014-10-15 N/A A Comment -- General Comments From an Expert
A Commentary
Fabrice Taylor

Consumer discretionary. In the last 6 months he has noticed a lot of consumer discretionary stocks moving up. To the extent that they have sold off, the thesis of going into this sector makes sense. In the US, lower oil prices can put a lot more money into the average consumers’ pocket. Not a bad idea. However, if we are heading for a recession, or at least a slowdown, the thesis starts to fall apart despite oil prices.


Price: $0.020
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: _N/A
2014-10-15 N/A A Comment -- General Comments From an Expert
A Commentary
Fabrice Taylor

Canadian $. Thinks this is going to get weak against the greenback because of 1) oil prices and 2) if their interest rates go up and ours don’t, then naturally the trade will be in favour of the US$. He has been moving his investments assuming that this is going to happen.


Price: $0.020
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: _N/A
2014-10-15 COMMENT A Comment -- General Comments From an Expert
A Commentary
Barry Schwartz

Markets. Every single pullback since the beginning of time has been a buying opportunity. However, he can’t say when the markets are going to recover. He doesn’t buy the market, he buys individual securities. He is looking for value and has put cash to work over the last few days. Avoids commodities, companies with no profits, companies that are speculative and he avoids overweighting sectors. Feels very, very comfortable about the economy. There is absolutely no reason to panic.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2014-10-15 PAST TOP PICK Apple
AAPL-Q
Barry Schwartz

A Top Pick Nov 28/13. Up 27.14%.) Doesn’t think the iPad is the real mover of the company. He still thinks it is the iPhone. Valuation ex-cash is still cheap.


Price: $97.540
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2014-10-15 COMMENT Athabasca Minerals
ABM-X
Fabrice Taylor

Did very well, but has done poorly in the last month. Fortunately, he exited before the selloff happened. They operate some gravel pits in Fort McMurray, and have a frac sand deposit, which is where the bulk of the value was when it was at $3. Frac sand still has a tremendous influence on the stock price. They don’t have enough cash flow to develop the mine themselves. However, he feels it is a tremendous asset if you believe in healthy oil prices.


Price: $1.230
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: No
2014-10-15 DON'T BUY Barrick Gold
ABX-T
Barry Schwartz

Very hard to value. He had bought it at the height of the 2008 recession figuring that he would find some protection in gold. Exited his position and he wouldn’t touch any gold company.


Price: $15.240
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2014-10-15 WEAK BUY Alabama Graphite Corp
ALP-X
Fabrice Taylor

Very small and very risky. Graphite is an interesting material. Graphite is used in batteries, including the Tesla batteries who’re building a big giga factory in Nevada. The gamble here is that this company may be a supplier of graphite to that factory and others. This is a speculation.


Price: $0.195
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: Yes
2014-10-15 COMMENT Bird Construction Income Fund
BDT-T
Fabrice Taylor

This is a stock that has done well and pays a dividend. Getting beaten up a little bit in this market. If you are concerned about things slowing down out West, you want to factor this into your valuation. These construction firms can lose contracts fairly quickly. Pipelines and backlogs are not guaranteed revenues, and can disappear if oil prices get really weak.


Price: $13.110
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: Unknown
2014-10-15 STRONG BUY Bank of Nova Scotia
BNS-T
Barry Schwartz

Since 1974 the compound return on banks has been 17%. A remarkable place to be. There has never been a 10 year period where you have not doubled your money in Canadian banks. They have a license to print money. There is absolutely no competition. Canadian economy is going to grow at 1%-2%, while the US economy is going to grow at 2%-3%.


Price: $65.800
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2014-10-15 COMMENT CI Financial Corp
CIX-T
Barry Schwartz

One of the biggest independent mutual fund companies. He likes this business. The last few men standing are going to make a lot of money. They’ll probably have to cut some of the prices of its funds. He is bullish on stock markets and thinks this will continue to do very, very well.


Price: $31.000
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2014-10-15 COMMENT Canadian National R.R.
CNR-T
Fabrice Taylor

This company should benefit from lower oil prices, but it is very sensitive to the economy. Doesn’t know if it is super cheap now. At some point it might become an amazing Buy. Railroads are good businesses because they are difficult to replicate. We are seeing some M&A activity in the railroads right now, which also could help.


Price: $70.490
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: Unknown
2014-10-15 DON'T BUY Canadian Tire Corporation Ltd. (A)
CTC.A-T
Barry Schwartz

If you add all the parts together, it is worth a fair bit more than where it is trading at now. However, it doesn’t seem to him to be a great value or a wonderful opportunity here. Doesn’t see a lot of upside.


Price: $117.690
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2014-10-15 PAST TOP PICK Cemex SA
CX-N
Fabrice Taylor

(A Top Pick Sept 6/13. Up 2.21%.) This is his highly leveraged bet on an improving economy, but obviously it didn’t work out very well. If you believe in the economy, it is a good one to own, but feels it is dangerous to own it right now.


Price: $11.170
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: Yes
2014-10-15 COMMENT Counsel Corporation
CXS-T
Fabrice Taylor

Used to follow this and owned it, but got out when he got frustrated with how the market behaved. This is one of those stocks that would sell off for no reason. They put out good numbers and the stock would go down. This company is in the mortgage space and would be hurt by a housing correction. He is not interested in this one right now.


Price: $1.520
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: No
2014-10-15 BUY Dorel Industries
DII.B-T
Barry Schwartz

They make bikes, baby furniture, baby equipment, car seats, etc. The family that is involved in it owns a significant stake. He sees better days ahead. It is trading at a reasonable valuation. Dividend yield of about 4%.


Price: $32.770
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2014-10-15 TOP PICK Diversified Royalty Corp
DIV-T
Fabrice Taylor

Acquired a royalty on a restaurant chain out West. The current free cash flow yield is about 8%, and they will start paying a dividend soon. They are planning on acquiring as many royalties as they can and fund a dividend with that. CEO is very smart and was involved in a lot of the restaurant royalties 10-15 years ago, so he knows the business. Likes the cash flow and the yield, and it should hold up well. They have been (unable?) to finance which is why the stock is off a little bit, but once that is done he thinks you are going to see analysts’ coverage and a lot more eyeballs on the stock.


Price: $2.360
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: Yes
2014-10-15 PAST TOP PICK DirectTV Group
DTV-Q
Barry Schwartz

(A Top Pick Nov 28/13. Up 26.62%.) Being acquired by AT&T (T-N)


Price: $83.630
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2014-10-15 TOP PICK Delavaco Residential Prop.
DVO.U-X
Fabrice Taylor

This company was formed about 3 years ago to acquire US houses on the cheap. They did that and then went public. Their houses have appreciated a lot in value. They are starting to sell down their health portfolio, and their plan is to reinvest the cash into multifamily (apartment buildings), which is a very interesting and attractive space. He believes this is trading for less than the value than what you would get if it were liquidated. Expects they will start paying a dividend in the next couple of quarters.


Price: $0.920
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: Yes
2014-10-15 DON'T BUY Exchange Income
EIF-T
Fabrice Taylor

Stock is not doing very well. This started off as a sort of conglomeration of various businesses. Started off in the airline space, basically ambulances and government contracts moving people from the north down to Winnipeg for medical care. That is a good business because the government is your customer. Then they ventured off into things such as cell phone towers, and this is what is causing a lot of concern right now. He would be very careful about this. It has a feeling that there is something wrong.


Price: $15.900
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: Unknown
2014-10-15 TOP PICK Empire Company (A)
EMP.A-T
Barry Schwartz

The Sobey’s chain is excellent. There was worry that there was going to be a lot of new grocery chain retail space in Canada. Wal-Mart seems to be not growing as fast and Target is not doing well. Feels the NAV is $85-$90, so you are paying a discount for this company. Dividend yield of 1.44%.


Price: $74.270
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2014-10-15 DON'T BUY Flyht Aerospace Solutions
FLY-X
Fabrice Taylor

Have a very innovative black box technology. It got a little ahead of itself, but has now pulled back. Interesting, but risky. When the economy starts to weaken, these guys, who are relying on new projects, sometimes they get deferred. A fine company but a speculative idea, but this is not really the time to be speculating.


Price: $0.460
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: Unknown
2014-10-15 COMMENT Fortis Inc.
FTS-T
Barry Schwartz

Sold his holdings when they made a deal in the US. He didn’t really see the synergies. Has never disappointed shareholders in the long-term. A serial dividend increaser. Very fair valuation. Valuation was too rich for him, given its low growth. If it fell, he would look at this one again.


Price: $34.330
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Unknown
2014-10-15 DON'T BUY Graphene 3d Lab
GGG-X
Fabrice Taylor

This is a material that is basically one layer of carbon. It is very difficult to produce. It is produced a little bit in labs and sells for a very high price, but hasn’t really been mass produced as yet. It could be the material of the future. It is revolutionary. Very light and very strong and conductive. It is awfully early in this game. Stock has done very well, but the valuation looks pretty rich. It is a long way off from revenue. Very speculative.


Price: $1.680
Subject: NORTH AMERICAN
Bias: CAUTIOUS
Owned: No
2014-10-15 TOP PICK High Liner Foods
HLF-T
Barry Schwartz

Distributor of frozen food as well as value added. The company is slowly, but surely gaining more presence in the US through the retail chain, as well as selling into restaurants and hospitality. Likes their recent acquisition, and expects they did this to get more into Wal-Mart and Sam’s Clubs, and that would be more of a jumping point to try and sell more of its existing retail products and get a better relationship with Wal-Mart. Thinks they will earn between $1.50 and $1.60 in 2015. Yield of 2.1%.


Price: $20.000
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
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