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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
2015-06-26 TOP PICK Pilot Gold
PLG-T
Brent Cook

Likes management. Note that there is nothing immediately happening. It’s not something to chase, but just accumulate over the summer. Turkey is not bad at all, it is a democratic system. Their mining code is working. He thinks they have permitted 10 mines in 10 years. This company is technically very, very competent. Sitting on $15 million. They have one discovery that they made, which they have 40% of. The TV Tower project is multiple centres of mineralization, copper, copper/gold, silver. They are just now getting the opportunity of drilling it like they should, so he likes the potential there.


Price: $0.620
Subject: JUNIOR EXPLORATION
Bias: BEARISH
Owned: Yes
2015-06-26 DON'T BUY Pembina Pipeline Corp
PPL-T
David Cockfield

A well managed company.  On a longer term basis there is some concern that relates to the oil sands, which he is negative on as an economic driver.  It pays a good dividend and has projects still under way.


Price: $41.290
Subject: CANADIAN & ETF's
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2015-06-26 TOP PICK Reservoir Minerals
RMC-X
Brent Cook

A great group. Have about $30 million in cash, that will last them 5 years at the rate they spend it. Have a joint venture with Freeport and made a discovery of a high grade, high sulfidation copper/gold system, and basically have 65 million tons of 2.1% copper and 1.2 g of gold. Very rich and very economic. Freeport is looking for that plus the portion that comes down below it, which should be. They’ve done a lot of to deep drilling and there are 4 rigs on site right now.


Price: $4.360
Subject: JUNIOR EXPLORATION
Bias: BEARISH
Owned: Yes
2015-06-26 PAST TOP PICK Roxgold Inc
ROG-X
Brent Cook

(A Top Pick March 4/14. Up 15.87%.) Sold his holdings in Oct/14 when there were political problems in Burkina Faso. Good high grade deposit that they are moving ahead with and it is fully funded. Good project. If you own, continue to Hold.


Price: $0.710
Subject: JUNIOR EXPLORATION
Bias: BEARISH
Owned: No
2015-06-26 BUY on WEAKNESS SNC-Lavalin Group Inc.
SNC-T
David Cockfield

He stepped in when it dipped under $40.  He likes it and it has great potential.  They have existing investment assets that have great profit potential, like the 407.  The scandals are more or less behind them.  They have cleaned house quite effectively.  The world really needs the kind of projects they are capable of doing.  He would add under $40.


Price: $43.270
Subject: CANADIAN & ETF's
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2015-06-26 PAST TOP PICK Synodon
SYD-X
Brent Cook

(A Top Pick March 4/14. Down 74%.) A fantastic, unique proprietary technology, where they can detect gas leaks from helicopters. Have been contracting a lot of pipeline companies and gas companies. They couldn’t generate enough free cash flow to keep going and need to raise money to build another one of their machines. This is why he sold his holdings. Long-term he thinks it is a pretty good company with fantastic upside.


Price: $0.070
Subject: JUNIOR EXPLORATION
Bias: BEARISH
Owned: No
2015-06-26 BUY Telus Corp
T-T
David Cockfield

He owns three of the Telcos.  T-T has good management and can compete well with BCE-T.  It has been under pressure because of their Western Canadian exposure.  Still they are okay.  They are a good growth company.  It is a good long term hold.


Price: $43.050
Subject: CANADIAN & ETF's
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2015-06-26 BUY Toronto Dominion
TD-T
David Cockfield

He was a little disappointed in their last earnings.  It was because of closing some branches in the US.  He expects better results out of the US.  He thinks they are second only to RY-T over the last year.  The shorts are going to get it wrong again. 


Price: $54.340
Subject: CANADIAN & ETF's
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2015-06-26 COMMENT Trevali Mining Corp
TV-T
Brent Cook

This is a real problem with mining companies that go into production. If we could plot this company’s market cap, you could see it going up, but the share price has not done very well. What this means is that they keep issuing and issuing shares to build. They get production, but the problem is that as shareholders, we get no benefit.


Price: $0.920
Subject: JUNIOR EXPLORATION
Bias: BEARISH
Owned: Unknown
2015-06-26 TOP PICK BMO Low Volatility Cdn Eqty ETF
ZLB-T
David Cockfield

If you don’t know what the market is going to do this has the upside, but gives you some protection.  It is an anchor in your portfolio.  Approximately a 2% yield.  Over three years it outperformed the TSX because of a lack of energy exposure.


Price: $26.850
Subject: CANADIAN & ETF's
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2015-06-25 N/A A Comment -- General Comments From an Expert
A Commentary
Craig Millar

Markets.  The economy is continuing to recover, unemployment is continuing to go down and house prices are continuing to go up.  There are huge savings for the US consumer because of gasoline prices.  We are just waiting for Greece to get out of the way.  Stocks in Europe are relatively cheap.  QE in Europe is good.  The stock outlook is good, even if the economic outlook is tepid.  China slowed down a lot faster than people expected.  You have excess capacity and prices dropped to clear out inventory and that impacted margins.  He doesn’t like Japan because of corporate governance problems.  They all claim they are going to increase dividends and buy back stocks.  You haven’t heard that in 20 years and this is significant.  He is bottom up and only 10% macro.  He has a good US weighting and is overweight in Europe.  He has a low weighting in Asia.  He is a marginal buyer in Japan. 


Price: $0.020
Subject: GLOBAL
Bias: BULLISH
Owned: _N/A
2015-06-25 N/A A Comment -- General Comments From an Expert
A Commentary
Stan Wong

Markets. For the last several months North American equity markets have been trading in a very narrow trading range. There is anxiety among investors regarding equity valuations. The S&P is trading at around 17-18 times PE earnings and the same with the TSX. There are geopolitical pressures that stem from Greece which is at the forefront right now. US$ headwinds are talked about all the time. There is an eventual pending liftoff of US interest rates, and investors are worried about the trajectory of interest rates. Expect this sideways pattern will continue, especially given the fact that we will traditionally have some seasonal summer weakness in the months ahead. We need to see the earnings backdrop improve before we see a more meaningful advance for the markets. Expects some market swings that will be driven once again by global central bank inactions. Volatility is the key. We’ll probably see plenty of market movement, but probably not a lot of direction or conviction. Equities still look better than bonds, certainly with interest rates moving up, and they still look better than cash.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: _N/A
2015-06-25 TOP PICK Apple
AAPL-Q
Stan Wong

The valuation on this is still very, very solid. Trading on a 13 X forward PE multiple with a 15% long-term growth rate. That puts it at a PEG ratio of 1.0%. Balance sheet is unbeatable with $94 billion in cash. That allowed them to do a $140 billion share buyback. Yield of 1.63%.


Price: $127.500
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Yes
2015-06-25 SELL Alcatel-Lucent
ALU-N
Craig Millar

Came together in the mid-2000s.  It will give NOK-N a third of the market.  You want to own NOK-N going forward to realize all these synergies.  He would sell the others.  He would sell this one in case the deal does not go through.  Sell this and buy NOK-N because it will do better regardless of how the deal goes because the market really does not like the deal.


Price: $3.820
Subject: GLOBAL
Bias: BULLISH
Owned: Unknown
2015-06-25 BUY Bank of America
BAC-N
Stan Wong

He likes the US financials, especially when compared to the Canadian ones. This is trading at a 0.8 price to BV and 13X forward earnings. Has a 9% growth rate.


Price: $17.370
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2015-06-25 DON'T BUY BHP Billiton Ltd.
BHP-N
Craig Millar

One of the world’s largest commodity related companies.  The commodity markets are suffering from excess capacity.  He does not know what is going to be able to move the needle.  When China is growing above 10% the growth in metals is much higher than 10%, but when it slows then metals are less than 1% growth.  He would be cautious in this sector today.


Price: $43.340
Subject: GLOBAL
Bias: BULLISH
Owned: No
2015-06-25 BUY Berkshire Hathaway Inc. (B)
BRK.B-N
Craig Millar

Effectively a levered bet on the US economy.  They can borrow money cheaper than everyone else.  You might as well lever an investment with them.  They are so big it is hard for them to move the needle.  The two portfolio managers they hired did not distinguish themselves in 2008 and if that is who he chose when he can choose anyone, that tells us something.  The two managers have done extremely well.  It is fine from a succession point of view.


Price: $139.450
Subject: GLOBAL
Bias: BULLISH
Owned: Unknown
2015-06-25 COMMENT Costco Wholesale
COST-Q
Stan Wong

The share price has been suffering. However, long term he expects they will continue to capture market share, especially with the economy improving. The issue is that the stock is trading at 26X forward PE, with an expected 10% long-term growth rate. This puts it at 2.6X Peg Ratio, which is rather high. There are some foreign exchange headwinds, as 30% of its revenues come from international markets. He would prefer the dollar stores at this time.


Price: $137.450
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2015-06-25 COMMENT Chartwell Seniors Housing
CSH.UN-T
Stan Wong

Has been moved out of the REIT Index, which is part of the reason for its drop. Dividend of about 4.8%, which should grow about 5.4%. The demographics certainly make sense. He is relatively neutral on REITs, given that rising interest rates are not great for real estate trusts.


Price: $11.480
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2015-06-25 TOP PICK CVS Health Corp
CVS-N
Stan Wong

The price has done very well, but the valuations are still very reasonable for a name like this. The Affordable Care Act is something that will benefit companies like this for a very, very long time. You can expect to see an increase in generic drug sales and specialty drugs as well. The recent acquisition of Omnicare (OCR-N) is very solid. They bought Target’s (TGT-N) 1,600 pharmacies, which will give them more exposure and scale with the ability of more purchasing power. 20X forward PE with a 14% long-term growth and 1.4 PEG ratio. Dividend yield of 1.33%.


Price: $105.010
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Yes
2015-06-25 TOP PICK Walt Disney
DIS-N
Stan Wong

The most dominant media entertainment name out there with its multiplatform of theme parks, consumer products, films and television. Have done brilliant acquisitions, which are going to spell benefits for a very, very long time to come. Just announced they are going to pay a dividend twice a year instead of just once. Dividend yield of 1.15%.


Price: $114.450
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Yes
2015-06-25 TOP PICK Brinker International
EAT-N
Craig Millar

1500 restaurants, Chili’s for example.  There is pent up demand because good traffic has not caught up to 2007.  You get a 2% dividend and 5-7% of stock bought back each year.


Price: $58.610
Subject: GLOBAL
Bias: BULLISH
Owned: Yes
2015-06-25 PAST TOP PICK iShares MSCI EAFE E.T.F.
EFA-N
Stan Wong

(A Top Pick June 24/14. Down 1.05%.) The actual investment itself was up 14.5%, but because of the rising US$, it has taken away from the returns, so he moved into Wisdomtree International Hedged Equity Fund (HEDJ-N) giving exposure to Europe.


Price: $65.770
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2015-06-25 PAST TOP PICK First Republic Bank
FRC-N
Craig Millar

(Top Pick Jun 3/14, Up 24.02%) A fabulous bank.  A bank you can own for a long, long time.  There is speculation they might get taken out.  Last year they announced they would pass 50 Billion in assets, but that meant absorbing a lot of costs to manage themselves.  This was a buying opportunity.  They need to beef up their reporting requirements.  Silicon valley, California. 


Price: $63.710
Subject: GLOBAL
Bias: BULLISH
Owned: Yes
2015-06-25 DON'T BUY Greenbriar Cos.
GBX-N
Craig Millar

Rail car manufacturing business.  Their cars carry bulk chemicals and crude as well as covered hoppers.  Orders went through the roof from fracking.  It is down because this activity is grinding to a halt with the decline in oil prices.  The backlog is starting to weaken due to cancelations. 


Price: $49.500
Subject: GLOBAL
Bias: BULLISH
Owned: Unknown
2015-06-25 BUY General Electric
GE-N
Craig Millar

It is a black box and it is hard for analysts to know what is inside of it.  The root cause of a lot of that was GE Capital, which they recently announced they are selling 90% of.  By 2018 their earnings will be 90% industrial activities.  They will get cash from selling those businesses.  They are going to buy back $50 Billion in stock during that time.  A third of the stock price will be returned to you by 2018.  It looks very good.  The dividend yield is very attractive.  LII-N is his favourite company in this space.  The air conditioners from 2006 now need replacement.  The Furnaces have a life expectancy 5 years longer.  It is a great replacement cycle.


Price: $27.040
Subject: GLOBAL
Bias: BULLISH
Owned: No
2015-06-25 COMMENT General Electric
GE-N
Stan Wong

Nice dividend at 3.4%, which should grow by about 4%-5% on a yearly basis. Trading at about 19X forward earnings, with a decent growth rate in the high single digit/low double-digit. Valuations are getting a bit stretched, but technically it is breaking out a little bit and is above the 50 day moving average.


Price: $27.040
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Yes
2015-06-25 PAST TOP PICK Google
GOOGL-Q
Stan Wong

(A Top Pick June 24/14. Down 2.55%.) This seems to be a tech name that has taken the year off. He still likes it. Trading at 19X Forward Price Earnings with a 17% expected long-term growth. PEG ratio is just over 1 which offers pretty good value. They are putting a lot of money into R&D. A lot of things are happening. They are monetizing YouTube, getting into glasses, etc., etc.


Price: $557.950
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Yes
2015-06-25 TOP PICK Grandvision NV
GVNV-AMSTERDAM
Craig Millar

There are 2.4 billion people in the world that need glasses and don’t have them.  They have 6k outlets in 43 countries.  40% of people in Holland need glasses and 85% of seniors need them.  It is a great play on aging.  Low double digit growth.  They are looking at Canada as a possible country to expand into.


Price: $0.000
Subject: GLOBAL
Bias: BULLISH
Owned: Yes
2015-06-25 PAST TOP PICK HAL Trust
HAL-EN
Craig Millar

(Top Pick Jun 3/14, Up 48.93%) 3.6% dividend.  They spun out a business called Grand Vision.  It is a holding company.  It is a way to get a diversified business at a discount to NAV. 


Price: $0.000
Subject: GLOBAL
Bias: BULLISH
Owned: Yes
2015-06-25 COMMENT iShares High Dividend Equity
HDV-N
Stan Wong

Pretty well diversified amongst different sectors. The idea is to get a very high dividend for shareholders. He would be cautious about being too overweight in dividend paying names, because as interest rates start to move up, these would be proxy for bonds and could have a sideways movement.


Price: $74.720
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2015-06-25 PARTIAL BUY iShares Nasdaq BioTech ETF
IBB-Q
Stan Wong

Within the healthcare space, biotech is one of the better valued areas. When you look at some of the names, they offer very good value as well as very good growth. This one has done well, so layer into it at this time.


Price: $375.840
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Unknown
2015-06-25 WATCH ICICI Bank Ltd.
IBN-N
Craig Millar

He owned this 10 years ago or more when life was a little different and India was just emerging.  Indian growth has been slowing down over the last couple of years.  The new government really lit up the stock market until recently.  You get to participate in the growth and pro-reform government in India.  It is an easy way to play that company.  Indian stocks are hard to buy.  The market is still not cheap enough for him to pound the table.


Price: $10.520
Subject: GLOBAL
Bias: BULLISH
Owned: No
2015-06-25 COMMENT iShares US Healthcare Providers
IHF-N
Stan Wong

In the healthcare sector, this is one that he has been looking at. This will have the hospital names, some of the pharmacy benefit managers, etc. Has taken a bit of a run and is kind of scary to be buying it, but healthcare in this particular space, are the ones that are going to benefit the most.


Price: $145.570
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2015-06-25 COMMENT Johnson & Johnson
JNJ-N
Stan Wong

This is above 45% in the pharmaceutical space, and the rest is in devices, etc. Not necessarily his favourite when looking at pharmaceuticals. Trading at about 16X forward earnings with a 7% long-term growth and a 2.3 PEG ratio. When you get north of 2 it is a bit expensive.


Price: $99.120
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Unknown
2015-06-25 BUY Boskalis Westminster NV
KKWFF-N
Craig Millar

A good business, a huge dredging company.  It is a giant vacuum on a huge ship.  You create land out of what they dredge up.  It is slowly coming back.


Price: $0.000
Subject: GLOBAL
Bias: BULLISH
Owned: No
2015-06-25 DON'T BUY Las Vegas Sands Corp.
LVS-N
Stan Wong

Technicals show that this is starting to form a bit of a base, but it is falling. Both the 200 and 60 day moving averages are falling. The stock price is below both of those numbers. He would stay away for the time being.


Price: $51.580
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2015-06-25 COMMENT Magna Int'l. (A)
MG-T
Stan Wong

He still likes this company. The average car in the US is about 12 years old, so certainly there is a product cycle upgrade at some point. Have a very strong balance sheet and have enacted a lot of shareholder friendly actions over the years. Trading at 12X PE forward with a 10% growth rate, which puts it at only a 1.2 PEG ratio, so it is a pretty good stock to own. This is on his radar.


Price: $71.440
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2015-06-25 COMMENT Netflix Inc.
NFLX-Q
Stan Wong

This is a great service and the stock has done very well, but at the end of the day you are looking at a stock that is trading at a 200 blended 12 month forward PE, which is quite high. There is a lot of cost in what they are doing in coming out with original content. Expanding internationally which is very, very good.


Price: $664.240
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2015-06-25 BUY Nokia
NOK-N
Craig Millar

The market did not like the deal.  He knows an analyst that actually really likes this deal because NOK-N can bring out 900M Euros of value.  The stock could be a really strong performer.


Price: $7.240
Subject: GLOBAL
Bias: BULLISH
Owned: No
2015-06-25 SELL Pall Corp.
PLL-N
Craig Millar

It is being acquired.  An excellent company that got an attractive bid with 10 times 2016 earnings.  It has high recurring revenue.  The risk reward is not in your favour.  This is the highest multiple paid in that industry in a long time.  What if the deal gets called off?  The risk/reward is not in your favour.


Price: $124.420
Subject: GLOBAL
Bias: BULLISH
Owned: Unknown
2015-06-25 DON'T BUY Royal Dutch Shell PLC (A)
RDS.A-N
Craig Millar

One of the world’s biggest and this is one of the ones to own outside of Canada. The industry has headwinds because of oil prices and because of the oil and shale gas phenomenon.  The costs of off shore oil exploration are very, very high.  He owns very few oil and gas companies outside of Canada.


Price: $59.230
Subject: GLOBAL
Bias: BULLISH
Owned: No
2015-06-25 PAST TOP PICK Sun Life Financial Inc
SLF-T
Stan Wong

(A Top Pick June 24/14. Up 14.76%.) With better equity markets and rising bond yields, the life insurers will do well. They have a balanced approach in terms of growth by investing in North America and at the same time getting into emerging markets.


Price: $42.950
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Yes
2015-06-25 COMMENT Toronto Dominion
TD-T
Stan Wong

Canadian Banks are very steady type of names. This is trading at 11X forward PE, which is historically the average type of PE for most bank stocks. You will probably see a 9% growth rate in terms of earnings. 3.5% dividend yield will probably grow at around 6%-7% per year.


Price: $54.200
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Yes
2015-06-25 COMMENT T, Rowe Price Group
TROW-Q
Stan Wong

In general, he likes the asset managers with the equity markets moving higher over the last several years, and still expects equities to move higher. Asset managers should do quite well. This is more targeted in the target date retirement type of funds, which is kind of their sweet spot because of the aging demographics. Trading at about 15-16 times forward earnings with a 12% growth rate. He prefers Blackrock (BLK-N), which is a little bit better in terms of valuations. The growth in this one is closer to 15%.


Price: $78.060
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2015-06-25 COMMENT Twitter, Inc
TWTR-N
Stan Wong

There are talks of a takeover, but he tends not to want to purchase a stock hoping that there is some kind of a takeover. Looking at fundamentals this needs to find more opportunities to grow its user base and increase engagement. The user base is at 302 million active users, which is pretty strong for a company that just IPO’d not that long ago. Ultimately they need to better monetize and find ways of making earnings and revenues. The CEO transition could lead to more product changes, which is a good thing. If there is too long a transition in finding a permanent CEO, it could find trouble being independent. Its current level could be its support level. A bit oversold, so from a trading standpoint it might make some sense.


Price: $35.170
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2015-06-25 PAST TOP PICK United Technologies
UTX-N
Craig Millar

(Top Pick Jun 3/14, Down 1.08%) It is flat in an otherwise decent market.  Earnings are about 23% lower than two years ago.  They will sell or spin off their troubled helicopter business. Historically a great return on equity but now it is a low return on investment and with a new CEO.


Price: $113.300
Subject: GLOBAL
Bias: BULLISH
Owned: Yes
2015-06-25 TOP PICK Wells Fargo
WFC-N
Craig Millar

Best of breed.  One of the most well respected US banks.  They pay a strong dividend and buy back stock.  They cross sell.  They are a very conservatively managed bank so you have less headline risk.  A good combination of offense and defense.  16% ROE next year.  A great core holding.


Price: $57.170
Subject: GLOBAL
Bias: BULLISH
Owned: Yes
2015-06-25 HOLD Wal-Mart Stores Inc.
WMT-N
Craig Millar

The fundamental problem is that they are so big that it is hard for them to grow.  A lot of gas price savings have been saved instead of being spent at Wal-Mart.  We still have not seen consumer discretionary spending pick up.  The economy has become so good that people are spending money on big ticket items instead of at places like Wal-Mart.  This should improve over the next couple of years.


Price: $71.860
Subject: GLOBAL
Bias: BULLISH
Owned: Yes
2015-06-25 COMMENT SPDR HOMEBUILDERS E.T.F.
XHB-N
Stan Wong

US home construction ETF? This is the name that he would like. It includes some of the retailers as well. If you want more of a pure play, you could look at the iShares US Home Construction (ITB-N) which would be the actual home constructors.


Price: $37.220
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Unknown
2015-06-25 COMMENT iShares S&P/TSX Cap. Cons. St.
XST-T
Stan Wong

This has done extremely, extremely well. Some of the valuations are getting slightly stretched at some point. He prefers the BMO’s Low Volatility ETF (ZLB-T) which gives more diversification.


Price: $46.460
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Unknown
2015-06-24 TOP PICK Olympus
7733-JP
Charles Lannon

They have a camera business that is small and dwindling, but the lion share of profits comes from medical devices. A global leader in flexible endoscopes (over 70% global market share) and surgical endoscopes. Had a huge accounting and board scandal 3-4 years ago, and completely changed the board and senior leadership and cleaned up their books. Really starting to benefit from this. Dividend yield of 0.39%.


Price: $0.010
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: Yes
2015-06-24 PAST TOP PICK KDDI Corp
9433 JP
Charles Lannon

(A Top Pick June 11/14. Up 53.07%.) There are 3 Japanese telcos and they don’t compete particularly hard. Japan is just in the early stages of the smart phone rollout, so they are still seeing good growth. He continues to like this name.


Price: $0.000
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: Yes
2015-06-24 N/A A Comment -- General Comments From an Expert
A Commentary
Charles Lannon

Markets. The potential for higher interest rates and the stronger US$ has affected the performance of the markets. US markets are up 2% year-to-date, essentially unchanged, whereas European and Japan are up mid-teen rates year-to-date. Most of his US holdings are up and down, basically sideways. The strong contributors to performance have been European and Japanese names. Typically, expanding interest rates coincide with more rapid economic growth, and he sees economic growth continuing to stabilize and pick up on a global basis. Once you focus through the headwinds, profit outlook will improve into 2016. US and Canadian equity markets should start to pick up again as we get closer to 2016-2017. European growth was basically zero last year and will probably be around 1% this year, which is a horrible growth. It’s the incremental change of growth that is very, very positive for risk assets and how stocks will behave.


Price: $0.020
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: _N/A
2015-06-24 N/A A Comment -- General Comments From an Expert
A Commentary
John Hood

Markets. The US is his favourite place. He doesn’t see anything going wrong there. It has a great capital market, great currency, continuing ongoing recovery, low interest rates and lots of oil. He sees things continuing to improve. Has been doing a little bit of selling in Canada because he sees a lot of headwinds here. Moved some of his funds into Europe and sold some of his Canadian equities to do that. Thinks there are a lot of good reasons to be in Europe, but at the moment he is still a little bit tentative about it because there are still geopolitical situations. Also, has some investments in Asia, not a lot, but he likes the Japanese situation.


Price: $0.020
Subject: ETF's & OPTIONS
Bias: BULLISH on US MARKET
Owned: _N/A
2015-06-24 COMMENT A Comment -- General Comments From an Expert
A Commentary
John Hood

ETF’s versus Mutual Funds? Both of these are fund trusts. There is no front end commission or back end commission on ETF’s. The annual MER’s (Management Expense Ratio) are somewhere between 7 to 20 basis points, but in a mutual fund, you are going to perhaps be paying 250 basis points, which is to cover off the 5% commission that is paid up front to the financial planners. Not only are ETF’s cheaper, but you have to look at the long-term impact of these extremely high fees on your portfolio.


Price: $0.020
Subject: ETF's & OPTIONS
Bias: BULLISH on US MARKET
Owned: _N/A
2015-06-24 COMMENT Apple
AAPL-Q
Charles Lannon

It is important to separate the outlook for the stock versus the company. They both have challenges. At the company level, it is no longer a fast growth company. The key areas where it makes its profits are pretty mature. It is hoping to develop new revenue lines through music streams, watches, etc. As the stock goes through the transition of being a very high growth company, to being a lower growth company, to being an average growth company you are going to get a rotation in their shareholder base. It is tough to see how the stock will do well over a sustained period of time.


Price: $128.110
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: Unknown
2015-06-24 DON'T BUY Aegon N.V.
AEG-N
Charles Lannon

A large Dutch insurer. Like many insurers, business has been hurt by persistently low insurance rates. European interest rates are going to rise sometime over the next 5 years, but he doesn’t expect this to be material. He would be cautious on this one.


Price: $7.570
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: Unknown
2015-06-24 COMMENT iShares Global Real Estate ETF
CGR-T
John Hood

He normally doesn’t follow this. One of his concerns with REITs is interest rates. If you like the real estate sector and you want to do it on a global basis; he doesn’t see anything wrong with it. This is something that he normally doesn’t follow.


Price: $26.690
Subject: ETF's & OPTIONS
Bias: BULLISH on US MARKET
Owned: Unknown
2015-06-24 PAST TOP PICK Cineworld Group PLC
CINE-LN
Charles Lannon

(A Top Pick June 11/14. Up 40.82%.) Even though movie ticket sales are anaemic, the industry has done a very good job of up-charging you on concessions. Still has plenty of space to go both in their British and central European operations.


Price: $0.000
Subject: GLOBAL
Bias: OPTIMISTIC
Owned: Yes
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