Recent Opinions

Date	Signal	Company	Expert	Opinion	Price
2013-05-10	TOP PICK	Crescent Point Energy Corp CPG-T	Bruce Campbell	(Top Pick June 28/12, Up 10.52%) He finds it fairly compelling in value and the yield allows you to buy it and hold it. Great production, raised guidance. 7.19%. Would not be as excited if it were not for the yield because you have to buy it early. Likes it. It was a serial acquirer and that was everyone’s problem. They have 10 years of places to drill. You get paid to wait. They are hedged, too. / Be the first to comment Tweet finance	Price: $38.380 Subject: CANADIAN LARGE Bias: BULLISH Owned: Yes
2013-05-10	HOLD	Canadian Tire Corporation Ltd CTC-T	Bruce Campbell	The REIT would be the third largest REIT in Canada. You have a lot of the value out of it by the announcement. They have done the right thing for the shareholders and the markets have correctly given most but not all of the value. / Be the first to comment Tweet finance	Price: $95.260 Subject: CANADIAN LARGE Bias: BULLISH Owned: Unknown
2013-05-10	TOP PICK	Cenovus Energy CVE-T	Bill Harris, CFA	Low cost producer. Has refining also. Most sensible, conservative way he can own oil in Western Canada. It is 3% position for him. / Be the first to comment Tweet finance	Price: $30.270 Subject: RESOURCE Bias: DEFENSIVE Owned: Yes
2013-05-10	DON'T BUY	Encana Corp ECA-T	Bill Harris, CFA	Needs $6 per MCF to get a good economic return. Prefers TOU-T. ECA’s hedging contracts are running out. Higher cost producer. / Be the first to comment Tweet finance	Price: $19.320 Subject: RESOURCE Bias: DEFENSIVE Owned: Unknown
2013-05-10	WEAK BUY	Empire Company (A) EMP.A-T	Bruce Campbell	Cheap on a net asset value basis but you could always have said that. Bumped a fair bit recently. Owns half of Crombie REIT. There is a margin squeeze in grocery. This is the one he would own in the food group. / Be the first to comment Tweet finance	Price: $70.150 Subject: CANADIAN LARGE Bias: BULLISH Owned: No
2013-05-10	WEAK BUY	Fortis Inc. FTS-T	Bruce Campbell	He owns the preferred. Prefers others in the space. This is a good solid hold, though. / Be the first to comment Tweet finance	Price: $34.480 Subject: CANADIAN LARGE Bias: BULLISH Owned: Yes
2013-05-10	HOLD	Goldcorp Inc G-T	Bruce Campbell	Premier senior and is the one he kept but as a 2.5% position. Has 3 or 4 years of good production growth and has free cash flow at these gold prices. We may be weak in gold over the summer and just get back to where we are now during that time. / Be the first to comment Tweet finance	Price: $30.080 Subject: CANADIAN LARGE Bias: BULLISH Owned: Yes
2013-05-10	BUY	Home Capital Group HCG-T	Bruce Campbell	Canadian Real Estate is much different than in the US. Doesn’t necessarily think it is a bad thing. Bad news (US analyst that doesn’t realize Canadian Real Estate is different) has driven it down to its 10 year cheapest. / Be the first to comment Tweet finance	Price: $50.790 Subject: CANADIAN LARGE Bias: BULLISH Owned: No
2013-05-10	HOLD	H&R Real Estate Inv Trust HR.UN-T	Bruce Campbell	A solid hold. REITs have had another run recently. None are cheap and trade at slight premiums to breakup value. Prefers REI-T and Crombie after that. Little higher growth. / Be the first to comment Tweet finance	Price: $24.550 Subject: CANADIAN LARGE Bias: BULLISH Owned: No
2013-05-10	HOLD	Kinross Gold K-T	Bruce Campbell	Needing help from gold prices. When it reported it showed the stays of some decent cost controls. Thinks they will post-pone some of the CAP-X. If gold stays in $1400s, the stock won’t go anywhere. / Be the first to comment Tweet finance	Price: $5.540 Subject: CANADIAN LARGE Bias: BULLISH Owned: Unknown
2013-05-10	PAST TOP PICK	Keyera Corp KEY-T	Bill Harris, CFA	(Top Pick May 10/12, Up 53.53%) / Be the first to comment Tweet finance	Price: $61.640 Subject: RESOURCE Bias: DEFENSIVE Owned: Yes
2013-05-10	PAST TOP PICK	Manitoba Telecom Services MBT-T	Bruce Campbell	(Top Pick Jun 29/12 Up 0.26%) Sold at beginning of year. Thought they were going to sell Allstream. He made a couple percent. 1 / Be the first to comment Tweet finance	Price: $31.940 Subject: CANADIAN LARGE Bias: BULLISH Owned: No
2013-05-10	WATCH	Magna Int'l. (A) MG-T	Bruce Campbell	Thinks there is a dividend increase coming later in the year but don’t expect 4% ever. This is a growth company. It is still not expensive but autos are cyclical. In a couple more dollars he would take half off the table. / Be the first to comment Tweet finance	Price: $65.460 Subject: CANADIAN LARGE Bias: BULLISH Owned: Yes
2013-05-10	WATCH	Mood Media MM-T	Bruce Campbell	He owns the bonds. Stock got hit. They made 8-10 acquisitions. Revenues grew nicely and earnings didn’t. They are so big but not so profitable. They need to show 3-4 quarters of increasing profit. The bond is a good place to be because it matures in 2015, convertible and 10% coupon yielding 15%. / Be the first to comment Tweet finance	Price: $1.220 Subject: CANADIAN LARGE Bias: BULLISH Owned: Yes
2013-05-10	TOP PICK	Mosaic Company (The) MOS-N	Bruce Campbell	Different than POT and AGU. This one is a special situation. It has phosphate which is his favourite nutrient. 12 times earnings. $2.5 billion on the balance sheet. Thinks they will buy back stock with the extra cash. / Be the first to comment Tweet finance	Price: $63.280 Subject: CANADIAN LARGE Bias: BULLISH Owned: Yes
2013-05-10	DON'T BUY	Morguard Corporation MRC-T	Bruce Campbell	Morgard Corp is a big entity that has a bunch of pieces. He doesn’t own it. He owns the REIT. It has not recovered like some of the others. It is a little bit too big. A fine company but probably going to lag a little bit because of size. 1 / Be the first to comment Tweet finance	Price: $116.550 Subject: CANADIAN LARGE Bias: BULLISH Owned: No
2013-05-10	WATCH	Potash Corp of Saskatchewan POT-T	Bill Harris, CFA	There are a couple of problems. You have planted this year’s crop right to the fence post and we are expecting record crops, which will push prices down including potash. There is a large supply of potash and the price may not stay up here. Nat gas prices are going higher so increased input costs. Entry point is low 80s. / Be the first to comment Tweet finance	Price: $43.790 Subject: RESOURCE Bias: DEFENSIVE Owned: Unknown
2013-05-10	WEAK BUY	Potash Corp of Saskatchewan POT-T	Bruce Campbell	Probably nitrogen is going to have a bad quarter. Long term he owns some, but prefers another which is a TOP PICK tonight. / Be the first to comment Tweet finance	Price: $43.790 Subject: CANADIAN LARGE Bias: BULLISH Owned: Yes
2013-05-10	DON'T BUY	Pembina Pipeline Corp PPL-T	Bill Harris, CFA	He owns IPL. PPL has historically had a little more debt. The multiple is really high. You can’t go much higher. / Be the first to comment Tweet finance	Price: $34.360 Subject: RESOURCE Bias: DEFENSIVE Owned: No
2013-05-10	WEAK BUY	Quebecor Inc (B) QBR.B-T	Bruce Campbell	Internet and Cable are fine, but news paper disturbs it. It is still good and it ran up and bumped down. He has some of the bonds. / Be the first to comment Tweet finance	Price: $44.500 Subject: CANADIAN LARGE Bias: BULLISH Owned: Yes
2013-05-10	HOLD	Regal Lifestyle Communities RLC-T	Bruce Campbell	He owns it. We have been expecting an acquisition and it is slow coming and this is a great entry point. He is prepared to wait. / Be the first to comment Tweet finance	Price: $8.820 Subject: CANADIAN LARGE Bias: BULLISH Owned: Yes
2013-05-10	SELL	Renegade Petroleum Ltd. RPL-X	Bill Harris, CFA	Likes it. At this oil price the dividend is not sustainable. They addressed operational issues. If they cut the distribution he thinks the market would agree. / Be the first to comment Tweet finance	Price: $1.230 Subject: RESOURCE Bias: DEFENSIVE Owned: Unknown
2013-05-10	HOLD	Renegade Petroleum Ltd. RPL-X	Bruce Campbell	He sold. All of a sudden after an acquisition there is a 100% payout ratio. They are now saying they are going to restructure. They should cut the dividend. Get out if it runs for no reason. He lost money on this one. There is not much more downside on this one. / Be the first to comment Tweet finance	Price: $1.230 Subject: CANADIAN LARGE Bias: BULLISH Owned: No
2013-05-10	TOP PICK	Sherritt International Corp. S-T	Bill Harris, CFA	Just sold his Sherritt bonds because they may restructure the company in a way that is not good for the bonds but is good for the stock. The stock itself with almost 4% yield should give him 10% return. / Be the first to comment Tweet finance	Price: $4.870 Subject: RESOURCE Bias: DEFENSIVE Owned: Yes
2013-05-10	WAIT	Silver Wheaton SLW-T	Bill Harris, CFA	Seems it is waiting until June or July to buy these things. Buy on weakness in the summer. / Be the first to comment Tweet finance	Price: $24.590 Subject: RESOURCE Bias: DEFENSIVE Owned: Unknown
2013-05-10	DON'T BUY	Suncor Energy Inc SU-T	Bill Harris, CFA	It is just not that cheap (on operating costs). He owns CVE-T. / Be the first to comment Tweet finance	Price: $32.040 Subject: RESOURCE Bias: DEFENSIVE Owned: No
2013-05-10	HOLD	Telus Corp T-T	Bruce Campbell	The whole group is the same. They are all at all time highs and raising dividends. You can’t expect much more. But if things stay as they are, you will get 3-5% dividend and 7-9% total return. It has never come back 10% once. The entry point is a little high. / Be the first to comment Tweet finance	Price: $37.510 Subject: CANADIAN LARGE Bias: BULLISH Owned: Unknown
2013-05-10	WATCH	Twin Butte Energy TBE-T	Bill Harris, CFA	There are a handful of these companies that say they want to be dividend payers. They hit a hiccup. We have to see if they can execute the plan. See if they address their operational issues. They have a sustainable business. / Be the first to comment Tweet finance	Price: $2.140 Subject: RESOURCE Bias: DEFENSIVE Owned: Unknown
2013-05-10	PAST TOP PICK	Toronto Dominion TD-T	Bruce Campbell	(Top Pick Jun 29/12, Up 9.20%) Favorite Canadian Bank. Doing well in the US and leaves them less exposed to a Canadian Real Estate melt down if it were to come. Doesn’t see the same kind of melt down. / Be the first to comment Tweet finance	Price: $83.290 Subject: CANADIAN LARGE Bias: BULLISH Owned: Yes
2013-05-10	TOP PICK	Yamana Gold Inc. YRI-T	Bill Harris, CFA	(Top Pick May 10/12, Down 12.86%) He has added back the half he sold earlier in the year. It is now actually expensive. It may go a little lower into the summer. It has a growth profile going forward. / Be the first to comment Tweet finance	Price: $12.160 Subject: RESOURCE Bias: DEFENSIVE Owned: Yes
2013-05-09	WAIT	A Comment -- General Comments From an Expert A Commentary	Jon Vialoux	Oil. does well from July to September. Don’t go in now as there is usually a lull. It has not broken out right now. You want to see a breakout. / Be the first to comment Tweet finance	Price: $0.020 Subject: TECHNICAL ANALYSIS Bias: SELECTIVE Owned: Unknown
2013-05-09	N/A	A Comment -- General Comments From an Expert A Commentary	Jon Vialoux	Markets. Sell in May and Go Away. We came away from a strength on May 5^th. The S&P tends to lower .5% in this period and TSX drops 1.5%. There are opportunities out there. Some sectors do better at this time of year. Buy staples, health care, utilities, and anything that yields do better. Works on both Bay and Wall streets. He looks for a positive trend, wants to confirm the trend before he goes in. Sell in May and Selectively Go Away. You don’t want to end up with a half percent loss. Anything with a yield tends to do very well. / Be the first to comment Tweet finance	Price: $0.020 Subject: TECHNICAL ANALYSIS Bias: SELECTIVE Owned: _N/A
2013-05-09	N/A	A Comment -- General Comments From an Expert A Commentary	David Burrows	Markets. There are some very clear and long lived themes that continue to perform very well. The companies that are highly economically sensitive are not doing as well and companies that are benefiting from monetary policy and have a good dividend policy. Investors lack income replacement. Highly cyclicals are doing well, but consumer cyclicals are benefiting. Companies and sectors where their ability to pay is improving are doing well. Telecom, Real Estate Investment Trusts, and Pharmaceutical. These companies are willing to pay out more of their earnings. He avoids materials, energy producers, and golds. / Be the first to comment Tweet finance	Price: $0.020 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: _N/A
2013-05-09	N/A	A Comment -- General Comments From an Expert A Commentary	David Burrows	When Interest Rates Go Back Up: Banks are good at managing their liabilities. Will not pose a problem. Higher interest rates allow them to widen out their spreads. Higher rates will mean economic growth and this will mean more loan growth, so you would expect banks to do very well. / Be the first to comment Tweet finance	Price: $0.020 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: _N/A
2013-05-09	WATCH	Apple AAPL-Q	Jon Vialoux	Has been YOUR tech spot until last month. It has been bottoming for some time. He wishes it to retest previous levels. / Be the first to comment Tweet finance	Price: $456.770 Subject: TECHNICAL ANALYSIS Bias: SELECTIVE Owned: Unknown
2013-05-09	PAST TOP PICK	Abbott Labs ABT-N	David Burrows	(Top Pick May 17/12, Up 24.24%) He stayed with this and not the spin-out. This is about the best performing part of the market this year. Good dividend growth and very strong balance sheets. / Be the first to comment Tweet finance	Price: $36.180 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: Yes
2013-05-09	DON'T BUY	Barrick Gold ABX-T	David Burrows	(Market Call Minute) Avoids golds. If dollar gets stronger they will have a tough time. / Be the first to comment Tweet finance	Price: $21.060 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: Unknown
2013-05-09	BUY	Alaris Royalty AD-T	David Burrows	An interesting company that provides financing in exchange for a royalty on their revenues. They have a portfolio of cash-flow generating assets. Payout has been steadily growing and no risk in any one business. / Be the first to comment Tweet finance	Price: $29.340 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: Yes
2013-05-09	DON'T BUY	Agrium AGU-T	David Burrows	This is the time of year to buy agriculture. But there are headwinds. Late US crop due to weather. Nat Gas prices are higher and it is an input cost. Second quarter is the big one for them. Weather could hold back some of their orders. He would prefer Monsanto. He is short the stock. / Be the first to comment Tweet finance	Price: $95.610 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: Yes
2013-05-09	BUY	Altagas Ltd ALA-T	David Burrows	He has recommended a few times. Biggest single theme that he is invested in (energy infrastructure). This industry will continue to be revalued. There are a lot of analysts that want to look at the last 10 years, but the opportunity now is different and the growth rate is different. Assets are very long life and contracts have indexing to inflation. They have big new projects that will add significantly to their cash flow over the next two years. If your window is 3 years you get 4% yield and 7-10% dividend years. / Be the first to comment Tweet finance	Price: $38.550 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: Unknown
2013-05-09	BUY	Alerian MLP ETF AMLP-N	David Burrows	Mid stream energy infrastructure companies in the US are usually held in a master limited partnership. The problem is that the investor has to pay taxes locally in the state they are in. AMLP-N is an ETF that takes care of the tax problem. He likes it. / Be the first to comment Tweet finance	Price: $17.750 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: Yes
2013-05-09	DON'T BUY	Athabaska Oil Sands Corp ATH-T	David Burrows	(Market Call Minute) Big integrated oil companies have no pricing power so own the infrastructure companies, same as IMO-T. / Be the first to comment Tweet finance	Price: $5.840 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: Unknown
2013-05-09	DON'T BUY	Bell Aliant BA-T	David Burrows	With a 7% dividend that is not covered, he prefers not to own this kind of company. Prefers T-T (Telus Corp.). / Be the first to comment Tweet finance	Price: $28.000 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: Unknown
2013-05-09	DON'T BUY	Bombardier Inc (B) BBD.B-T	Jon Vialoux	Tends to do alright here. This one will do well until mid-July and then falls off a cliff. 10% down on average over 17 years. It is bottoming right here and there is no reason to pursue it this time of year. Wait for third quarter. / Be the first to comment Tweet finance	Price: $4.470 Subject: TECHNICAL ANALYSIS Bias: SELECTIVE Owned: Unknown
2013-05-09	WEAK BUY	Bombardier Inc (B) BBD.B-T	David Burrows	Their recent numbers were pretty good and bookings are strong. Prefers Boeing. BBD is following in suit, though. Price breakout on the chart and you could own it. / Be the first to comment Tweet finance	Price: $4.470 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: No
2013-05-09	PAST TOP PICK	CASH CASH	David Burrows	(Top Pick May 17/12, Flat) Investors now believe that central bankers are dead serious about putting a floor under asset prices. / Be the first to comment Tweet finance	Price: $0.010 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: Yes
2013-05-09	HOLD	Canadian Imperial Bank of Commerce CM-T	David Burrows	The problem is not a quality problem but that there is a lot of international money in Canada that is moving out of Canadian stock markets. US banks should see more dividend growth. Prefers US financials. / Be the first to comment Tweet finance	Price: $79.630 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: Unknown
2013-05-09	WAIT	Canadian National R.R. CNR-T	Jon Vialoux	Industrial, which you want to avoid this time of year. Exposed to volatility. Wait for October. / Be the first to comment Tweet finance	Price: $101.890 Subject: TECHNICAL ANALYSIS Bias: SELECTIVE Owned: Unknown
2013-05-09	WEAK BUY	Canadian Tire Corporation Ltd. (A) CTC.A-T	David Burrows	Buy the REIT or the stock? He reduced REIT exposure in the last few months, thinking Canada is slowing a little with the US being better. Thinks the value on the real estate is higher than they put it at. Prefers the US. The only risk is that it is a single tenant risk. But they are unlocking value in the short term. There probably is upside. / Be the first to comment Tweet finance	Price: $82.360 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: No
2013-05-09	PAST TOP PICK	Currency Share Canadian Dollar ETF FXC-N	Jon Vialoux	(Top Pick Mar 18/13, Up 1.93%) / Be the first to comment Tweet finance	Price: $98.660 Subject: TECHNICAL ANALYSIS Bias: SELECTIVE Owned: Yes
2013-05-09	BUY	Gilead Sciences Inc. GILD-Q	David Burrows	Biotech group has been performing extremely well. There is growth and there is an expectation that they will be bought by a traditional drug company. You are buying something for growth here. Prefers to own the group, such as XBI-N, an ETF. / Be the first to comment Tweet finance	Price: $52.790 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: No
2013-05-09	DON'T BUY	Home Capital Group HCG-T	David Burrows	(Market Call Minute) High profile US short sellers. This is a headwind. / Be the first to comment Tweet finance	Price: $52.290 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: No
2013-05-09	TOP PICK	Home Depot HD-N	David Burrows	Recovery in housing. Were out of favour for a long period of time. Restructured to come out the other side strong. Rationalized locations, got very focused on financial metrics and bought back shares. Raised dividend by 34%, strong cash flow. Beneficiary of pent up demand in home improvement. / Be the first to comment Tweet finance	Price: $75.870 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: Yes
2013-05-09	DON'T BUY	Imperial Oil IMO-T	David Burrows	(Market Call Minute) Big integrated oil companies have no pricing power so own the infrastructure companies, same as ATH-T / Be the first to comment Tweet finance	Price: $39.540 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: Unknown
2013-05-09	BUY	Inter Pipeline Fund IPL.UN-T	David Burrows	One of the best ways to participate in the growth of the oil sands. Core competency is taking distillates and ship them up a pipeline to be used in the oil sands. Almost 5% dividend and dividend growth of 5-10%. A core position for him. Good numbers came out today. / Be the first to comment Tweet finance	Price: $23.940 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: Yes
2013-05-09	TOP PICK	iShares Dow Jones Real Estate E.T.F. IYR-N	Jon Vialoux	Seasonal strength does well until May 5^th, so take advantage of weakness to get in ready for the summer strength. Usually gains 7.1% over the summer. 3 out of 4 years. Mix of real estate products. Sell in September. / Be the first to comment Tweet finance	Price: $73.820 Subject: TECHNICAL ANALYSIS Bias: SELECTIVE Owned: Yes
2013-05-09	TOP PICK	Johnson & Johnson JNJ-N	David Burrows	Pharma. Sterling track record of growing cash flow over time. 8% compound growth rate in dividend over 10 years. 50% cash flow growth. Pharma and consumer businesses are strong. A little bit more expensive compared to past but worth it. / Be the first to comment Tweet finance	Price: $85.150 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: Yes
2013-05-09	PAST TOP PICK	Kraft Foods Group KRFT-Q	David Burrows	(Top Pick May 17/12, 24.96%) Actually the spin-out, MDLZ-O. He ultimately exited the KRFT-O. / Be the first to comment Tweet finance	Price: $55.050 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: No
2013-05-09	BUY	Eli Lilly & Co. LLY-N	David Burrows	50% payout ratio. Drugs are coming off patent. You are buying for yield and low volatility. There are better names in the group but they are in the sweet spot in the market. / Be the first to comment Tweet finance	Price: $54.560 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: No
2013-05-09	BUY	Linamar Corp LNR-T	David Burrows	(Market Call Minute) Big shareholder in Magna and looking hard at LNR right now. MG is the leader and now he wants to add more from the group. / Be the first to comment Tweet finance	Price: $26.760 Subject: NORTH AMERICAN - LARGE Bias: SELECTIVE Owned: No