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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
2016-06-21 HOLD Fairfax India Holdings Corp
FIH.U-T
Mohsin Bashir

(Market Call Minute.) He would prefer owning the parent company of Fairfax Holdings.


Price: $10.660
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-06-21 COMMENT Fortis Inc.
FTS-T
Zachary Curry

Pays out a good distribution. They make big acquisitions. The past 2 have been outside of Canada, which will take a while to digest. Once they get going, it’s very similar, slow and steady. They continue to increase their dividend. Feels that for the next year or 2, interest rates are going to stay low, which is positive for utilities.


Price: $42.150
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-21 COMMENT Alphabet Inc. (A)
GOOGL-Q
Zachary Curry

A wonderful company. The splitting of their divisions was a good thing. Advertising continues to be an important part. The company continues to grow including a shift from desktop to mobile, searches targeting your history experiences, home connectivity, etc. Good valuation.


Price: $708.880
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-21 COMMENT Johnson & Johnson
JNJ-N
Zachary Curry

Kind of a healthcare conglomerate. They have the Pharma side, consumer side and devices. Demographically strong. World-class brands and world-class products. The valuation might be a tad rich, but a great company.


Price: $116.180
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2016-06-21 TOP PICK Keyera Corp
KEY-T
Zachary Curry

One of the larger midstream businesses. Their specialty is natural gas processing and gathering. On the liquids side they do storage. Management team has been in place for ever. Top, top, top quality. A very conservative team. The payout ratio is 60%. Their latest partnership is with a large producer on building a sour gas processing plant. Dividend yield of 4.01%.


Price: $37.700
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-21 TOP PICK Kroger Co.
KR-N
Mohsin Bashir

They are across all the US and are the largest market share in terms of business that also has a niche play into affordable organic foods, which was only launched 2 years ago, but represents $1.2 billion of their annual sales. They recently made an $800 million acquisition and got 24 new grocery store locations, giving them access to Wisconsin and the Mariano’s name in Chicago. They are #2 in terms of market share, 2nd only to Walmart. Dividend yield of 1.22%.


Price: $34.470
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-06-21 COMMENT Loblaw Companies Ltd
L-T
Mohsin Bashir

Thinks that there is growth in this stock. It speaks to management of being very strategic about the assets that they are buying, such as Shoppers. This is going to be slow and steady growth.


Price: $69.090
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-06-21 TOP PICK McDonalds
MCD-N
Zachary Curry

They have a new CEO and are doing great things. Changing menu items, value items, all Day breakfast, revamping stores, etc. A little rich on the earnings valuation at 22X. Same-store sales are close to 6%. Dividend yield of 2.91%.


Price: $122.630
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-21 PAST TOP PICK Medtronic Inc
MDT-N
Mohsin Bashir

(A Top Pick Sept 18/15. Up 22.15%.) Their merger with Covidien has worked out well, and they successfully moved their headquarters to Ireland. There continues to be hefty chunks of cash flow that can be used for tuck in acquisitions or further dividend increases down the road.


Price: $84.590
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-06-21 COMMENT Manulife Financial
MFC-T
Zachary Curry

In terms of life insurers, this is arguably one of the best. Under the new CEO, they have separated into 2 focuses, their core business and their investment side. With lifecos, low rates are very detrimental to them and volatility in the stock market is not good. With a company like this, they really need to focus on the core business. A good place to be and a good company.


Price: $18.400
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2016-06-21 PAST TOP PICK Magna Int'l. (A)
MG-T
Mohsin Bashir

(A Top Pick Sept 18/15. Down 22.75%.) One of the best at what they do, and the market is not recognizing them for it. Trading ultra cheap at 8X on a PE basis. Doing all the right things. They are honing in on the accretive type segments of their business. Sold off their interior business and bought a German transmission company, which specializes in dual-clutch transmission systems, and gives them access to new geographies in Europe and Asia.


Price: $50.000
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-06-21 SELL Micron Technology
MU-Q
Mohsin Bashir

(Market Call Minute.) What happened with this company and flash drive memory taking over hard drives, that same type of cannibalization can be taking place with Cloud services.


Price: $12.750
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-06-21 SELL ON STRENGTH Potash Corp of Saskatchewan
POT-T
Mohsin Bashir

Sold his holdings early last year because he was worried about potash pricing. The ones calling the shots are China and India. The company has already cut their dividend, but if that pricing downward trajectory continues on contract pricing, there is a question if the dividend cut was enough. If he owned, he would probably try to find an area of strength where he could trim back, or use covered call writing.


Price: $21.400
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-06-21 BUY on WEAKNESS Power Financial Corp
PWF-T
Mohsin Bashir

This is all encompassing within the investment industry. It has exposure to Great West Life (GWO-T), Investors Group and Mackenzie. All those components that are working together. The payout ratio is very sustainable and you are getting a yield of about 4%. They will keep increasing the dividend. He is looking to buy a little bit more under $30.


Price: $31.270
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-06-21 COMMENT Restaurent Brands International
QSR-T
Zachary Curry

The company has done good things. Valuation is fairly rich, but they are good at cutting costs and integrating. Thinks you will see a lot of synergies, certainly in Canada. If there is a negative economic period of growth, they go down the least, because it is a cheap way to eat.


Price: $55.130
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2016-06-21 COMMENT Royal Bank
RY-T
Zachary Curry

Not his favourite, but a good bank. Thinks fintech is going to be a threat going forward. There are lots of small players and very niche, which means they can attack the bigger banks in a number of ways.


Price: $78.620
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-21 PAST TOP PICK Spartan Energy Corp
SPE-T
Zachary Curry

(A Top Pick May 19/15. Up 2.56%.) He would argue that this is one of the best managed energy companies out there. They are going to continue to execute well.


Price: $3.180
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-21 COMMENT Stryker Corp.
SYK-N
Zachary Curry

Demographically this is really positive. Mr. Trump and Mrs. Clinton debate doesn’t factor into a company like this. They make knees and hips, and are into shoulders a bit now. They now include technology so that if a hip has problems, it can send a message. A little expensive, but a good grower and there is room for acquisitions.


Price: $116.460
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-21 TOP PICK Transcontinental Inc. (A)
TCL.A-T
Mohsin Bashir

This is arguably the last man standing in the printing business. Printing is in secular decline. The age of digital is upon us, and people are using less paper. This company prints magazines, newspapers and flyers. Flyers for grocery stores and pharmacy chains are publications that millennials prefer to read in print. The company is moving to the flexible packaging business and in the last 2 years have upped the revenues to 10%. Dividend yield of 4.15%.


Price: $17.850
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-06-21 TOP PICK Tricon Capital Group
TCN-T
Mohsin Bashir

Their focus is principally on residential real estate. They have Tricon American Homes which focuses on the Sunbelt in the US. Most people want to own single family rental properties in that particular space. Trades at a significant discount to their NAV of around $13, and he sees room for growth. Dividend yield of 3.03%.


Price: $8.570
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2016-06-21 COMMENT Toronto Dominion
TD-T
Zachary Curry

His favourite bank. It has had a focus in the US and is diversifying away from Canada. His view is that this is a retail bank focused on the customer, and less risky than capital markets and international. A conservative way to play the banking sector.


Price: $56.350
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-21 HOLD Visa Inc.
V-N
Mohsin Bashir

(Market Call Minute.) The valuation is very high and the payments network environment is going through a significant change right now.


Price: $77.330
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-06-21 DON'T BUY Valeant Pharmaceuticals
VRX-T
Zachary Curry

A company he wouldn’t own. The new CEO is not a miracle worker. A growth by acquisition story which was entirely fuelled by debt. It was predicated on price increases and being able to borrow and grow the company. There will be many more opportunities to get this company without having to jump in now. (See Top Picks.)


Price: $27.700
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2016-06-21 HOLD Veresen Inc
VSN-T
Zachary Curry

There are other names that would be better. Had a big project at Aux Sable which they had some trouble with. They got partial financing for it. If Aux Sable went forward, that would be a positive. Prefers companies that have smaller and more manageable bets.


Price: $10.980
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2016-06-21 COMMENT Verizon Communications
VZ-N
Mohsin Bashir

One of the relatively cheaper telecommunication companies. In this macro environment, he is not keen on being overweight in telecommunications. Most of these are trading at very high multiples. This is one you can hang on to and collect a reasonable amount of income, and not have to pay for the multiple.


Price: $54.100
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-06-21 HOLD Walgreen Boots Alliance
WBA-Q
Mohsin Bashir

A very strong business. Prefers CVS (CVS-N) which is both on the retail front as well as Pharmaceutical Benefits Management. However, they are struggling outside of their business. Walgreen has better metrics and scores better in terms of customer satisfaction results. Both companies are very close in terms of operational management expertise.


Price: $83.200
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2016-06-21 COMMENT Wells Fargo
WFC-N
Mohsin Bashir

US Banks? The whole notion of lowering interest rates and all these efforts that Central bankers have taken, is really just to ensure the system doesn’t break down. This bank is one of his favourites, but he owns TD (TD-T) which he considers as Wells Fargo North.


Price: $47.230
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2016-06-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

India. One of his favourite places to invest, because of the potential for economic growth through their phenomenal demographic profile. The chart, showing the Indian rupee falling versus the US$ for the last 40 years, shows it has basically been a persistent decline. There have been periods where it has been relatively stable for a decade or more, but generally in the last 10 years, it has been towards a weaker rupee. You could lose 3%-4% a year just on the currency.


Price: $0.020
Subject: NORTH AMERICAN & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-06-20 DON'T BUY A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Gold? Sold the last of his holdings (bullion) when gold was at around $1300. He likes gold when it is below $1100, which is when there is value. Gold has its place, but it yields nothing. You could buy it on dips as a trade, but doesn’t know why you would want it here.


Price: $0.020
Subject: NORTH AMERICAN & ETFs
Bias: UNKNOWN
Owned: No
2016-06-20 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Educational Segment. Brexit? Feels Brexit is probably not going to happen. Generally speaking, the undecided voter speaks for the status quo. What is happening globally is the anti-establishment vote. More and more people are upset. He doesn’t think Europe works in the common currency and in some of the things they are trying to do. Loves the idea of the EU and Europe working together, but the reality is that these countries did not meet their criteria and debt is a problem. A chart on the British pound shows that it broke down in January at about 1.48-1.49 when this really started to get in the mainstream. The long-term multi-decade support of 1.39-1.40 is the range. If the British pound gets above 1.49 or below 1.39 that is going to tell you how things are going to play out.


Price: $0.020
Subject: NORTH AMERICAN & ETFs
Bias: UNKNOWN
Owned: _N/A
2016-06-20 N/A A Comment -- General Comments From an Expert
A Commentary
John Zechner

Markets. One of his concerns is the Chinese banking system. That is a story that started in 2009. The big global stimulus that came with the recovery in the financial meltdown really started in China, which was a massive spending program for a number of years. They spent to keep capital going, keep people employed and to keep their economy going. When you look at it, it was unproductive spending, and was done mostly on borrowed funds. There is a day of reckoning for that kind of expenditure. When you look at the amount of debt that powered up in China in the past number of years, you are at about 250% of their growth domestic product. It is sort of where Greece is, and we know what that situation caused. Because China is an opaque government, you don’t really see what is going on in the banking system. He thinks that a lot of this stock lift has had to do with extremely low interest rates. People like stocks because earnings are going higher, but they are not; because of the growing economy, it is slowing down; valuations are low, but they are not.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2016-06-20 COMMENT A Comment -- General Comments From an Expert
A Commentary
John Zechner

Gold. The best case for gold is low interest rates, but more importantly is the anti-currency. When everybody is rushing to depreciate the value of their currencies, that should get some rise out of gold. The problem is, it is a psychologically driven asset, and the stocks are harder to value. He would be inclined to have no more than 5% of your portfolio in gold, as a little bit of insurance.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-06-20 N/A A Comment -- General Comments From an Expert
A Commentary
James Telfser

Markets. After Janet Yellin’s dovish statements, growth projections have come down. Even the most hawkish Fed Governor doesn’t think the Fed is going to be raising rates for the next few quarters. Probabilities are still below 50% all the way through to the end of the year. These are reasons to be more constructive on stocks, and to use any weakness now to stay invested. He is finding his portfolio of stocks, on a weighted basis, are getting below 11X earnings. It’s as cheap as his portfolio has been in a long time. If you don’t believe we are going to go into a recession in Canada or the US in the next few months, then stocks are going to do extremely well. He is finding good value in this market in a lot of areas where the companies are doing well and revenues are growing. He looks for stocks that have good operating momentum and price momentum, and that look good on the charts and operationally. He is about 95% invested.


Price: $0.020
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: _N/A
2016-06-20 HOLD Apple
AAPL-Q
John Zechner

Thinks the Bears have it wrong on this company. The company will survive even if they had to keep selling 50 million iPhones every quarter. What is being missed is the IOS, their software ecosystem where there are probably 1 billion users worldwide right now. They are generating applications and uses of recurring revenue. 


Price: $95.100
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-06-20 SELL AGT Food & Ingredients
AGT-T
James Telfser

(Market Call Minute.) You look at the chart and it looks pretty good, but it is not a great business. Benefited from a lot of tailwinds that are not going to be long-term in nature. Low ROE and high valuation versus its peers.


Price: $34.950
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Unknown
2016-06-20 HOLD Aecon Group Inc
ARE-T
John Zechner

(Market Call Minute.) They are really levered heavily to spending in the Alberta region, which might get a bit of a lift off the fires. They need to get margins higher, and that has been a bit of a struggle.


Price: $17.710
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-06-20 BUY Aecon Group Inc
ARE-T
James Telfser

One of those great Canadian names that is benefiting from that trend of becoming a $1 billion company. Have a massive backlog, which is up over 50% year-over-year. Valuation is reasonable at 6-6.5X EBITDA.


Price: $17.710
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Yes
2016-06-20 BUY Alimentation Couche-Tard (B)
ATD.B-T
James Telfser

(Market Call Minute.) A long-term Buy.


Price: $52.930
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Unknown
2016-06-20 PAST TOP PICK Avigilon Corp
AVO-T
John Zechner

(A Top Pick Aug 10/15. Down 16.56%.) The issue has been a worry that security cameras and software products are becoming commoditized. He doesn’t think that is completely right. Security cameras are doing so much more than they used to, so people are paying more for them. The problem in the last year is that they have been building a new plant in Texas that has used up a lot of cash. Thinks the market is still positioned to grow aggressively.


Price: $13.190
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-20 COMMENT Brookfield Asset Management (A)
BAM.A-T
James Telfser

Had always thought of this as a high-quality stock and one that you always want to buy on the dips. Over the last few weeks, it went from being included in the financial sector and one of the main indices, but then got removed from a global REIT index, which created more flow out of the name.


Price: $43.310
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-20 BUY BCE Inc.
BCE-T
John Zechner

Whatever the trends are in the US, they are coming up here. AT&T (T-N) customers are getting rid of land lines, and this action will impact BCE. However, the company is a great growth story. They have positioned themselves very well in wireless. Have also added content. Good yield. When you want safety and income, this is a better Buy today than Canadian banks, with the risk of housing markets and energy.


Price: $59.220
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-06-20 BUY Airboss of America
BOS-T
James Telfser

A rubber compounding company. The most interesting thing they do is called Flexible Products, a company they bought, which makes flexible components for cars. There has been weakness in anything to do with automobile components, because everybody believes we are at peak auto sales. Also, oil prices have been rallying, which is an input into making rubber. Rubber components are actually picking up. This is a pretty attractive Buy here.


Price: $14.340
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Unknown
2016-06-20 DON'T BUY Berkshire Hathaway Inc. (B)
BRK.B-N
John Zechner

(Market Call Minute.) The insurance business will ultimately drive this, and it is hard for him to get excited about the insurance side of the business right now.


Price: $141.670
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-06-20 COMMENT Cameco Corporation
CCO-T
James Telfser

Tends to like stocks when they are rallying and had gotten interested in this when it was about $18. A cheap stock given what it is, but it is never really that cheap. Uranium pricing has been very, very weak. Everybody seems to think it is a very tight dynamic supply/demand and can’t understand why prices are so low. That is the problem with commodity stocks. He tends to lean towards stocks that he can understand fundamentally. Because of that, he has always stayed away from this.


Price: $14.360
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-20 HOLD Corus Entertainment (B)
CJR.B-T
John Zechner

Has wanted to own this, because it has come down so much off the peak. Valuation is low on an earnings basis. However, consumers’ behaviour has changed and have moved to a lot of areas of products where this company is not very well represented. The company levered up recently to add assets in the Shaw deal, so the balance sheet is a little stretched. If you own, continue to hold. He just questions if there is much growth anymore.


Price: $12.910
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2016-06-20 PAST TOP PICK Clearwater Seafoods Inc.
CLR-T
James Telfser

(A Top Pick June 17/15. Up 15.14%.) Have finally made an acquisition, McDuff in the UK. This gives them a whole lot of new species and new markets to sell into. There is a huge barrier to competition because of quotas. The 2nd half of the year is their strongest half, so he is looking forward to the 2nd half.


Price: $14.000
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Yes
2016-06-20 BUY Computer Modeling Group Ltd
CMG-T
James Telfser

(Market Call Minute.) An industry leader. It does something that nobody else does, and you have to take these opportunities when they come.


Price: $9.800
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Unknown
2016-06-20 BUY Canadian National R.R.
CNR-T
James Telfser

Industrial company with a good, safe dividend. Very well-run. He is considering buying at these levels. Valuations usually don’t get down to these levels. A high-quality dividend growth stock, and one you can buy and tuck away for a few years.


Price: $75.480
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-20 BUY Crescent Point Energy Corp
CPG-T
John Zechner

(Market Call Minute.) Not a big fan of energy stocks in general, but likes this one. Has a good portfolio and a good land base to drill on. Generating a decent cash flow.


Price: $20.530
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-20 TOP PICK Concordia Healthcare
CXR-T
John Zechner

The story is holding together really well with the big AMCO acquisition they did last year and 60 new products coming out in the next couple of years. The core business is doing well. They have some orphan drugs. Stock is trading basically at 5X earnings, 7X Operating Cash Flow. They will generate free cash flow and pay down the debt, and at that time the multiple starts to go higher. Dividend yield of 1.3%.


Price: $29.400
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-20 COMMENT Concordia Healthcare
CXR-T
James Telfser

Believes this is deep value here. Has been extremely volatile with lots of noise, but you have to look past a lot of that. You have to monitor it very closely. Trading at less than 4X earnings and around 9X on an EB to EBITDA basis because they brought a lot of debt on for the AMCO acquisition, so it is a pretty cheap stock, especially when you consider all the free cash flow they are going to generate.


Price: $29.400
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Yes
2016-06-20 COMMENT iShares Global Advantage Dividend E.T.F.
CYH-T
Larry Berman CFA, CMT, CTA

A global high dividend paying ETF hedged to the Cdn$? There are a couple of options. The yield on this is just under 4%. It is hedged globally. There are many more choices in the US.


Price: $17.190
Subject: NORTH AMERICAN & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-06-20 COMMENT DHX Media
DHX.B-T
John Zechner

Has been buying this aggressively in the last couple of weeks. They did a financing earlier this year at $7.50, which fell a little flat. Last quarter was a bit of a miss, but they were still suffering a little with the loss of the Disney (DIS-N) contract a year ago. They have refilled the content side very well, and that is a bigger part of their business right now. The stock is looking exceptionally cheap compared to others in the sector.


Price: $6.320
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-20 PAST TOP PICK Walt Disney
DIS-N
John Zechner

(A Top Pick Aug 10/15. Down 9.68%.) Has been under pressure. With a lot of the Fang stocks they have got pushed down. The worries about this company are misplaced. They are doing what they have always done. They cross sell better than anybody, they own content, have delivered consistently year in and year out for decades, and you are getting this for the less than a market multiple.


Price: $99.570
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2016-06-20 COMMENT Diversified Royalty Corp.
DIV-T
James Telfser

Very impressed with management. They have some good businesses and are just getting underway to build this business up. Expects them to do a couple of deals a year. Hasn’t bought this yet, but is following it very closely. The dividend might be in question if they have to keep paying legal fees.


Price: $2.200
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-20 SELL DIRTT Environmental Solutions
DRT-T
James Telfser

This makes customized solutions, so you can customize a wall, desk, or an office which they can manufacture in-house and ship them out. They were on to something, and then unfortunately they got hit with the slowdown in Alberta. They would like to expand into residential which would be great.


Price: $5.310
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: No
2016-06-20 BUY Element Financial
EFN-T
James Telfser

If people think there is going to be a slowdown in the global economy, this impacts a company like this in a big way. This is the headwind they are facing right now. A tailwind for them has been the US$, which has kind of reversed course. They have a great asset, and you can Buy it on the cheap now if you believe that we are not going to go down to 1% or a negative GDP growth. Announced plans to split into 2 separate companies, which creates an incredible amount of value. ROE potential of their fleet asset will really shine through, and are not getting credit for that right now because of their combined entity.


Price: $14.160
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Unknown
2016-06-20 COMMENT Enbridge
ENB-T
John Zechner

(Market Call Minute.) This is looking a little expensive. Look at the Enbridge Income Fund (ENF-T) instead, which on a yield basis looks a little more interesting.


Price: $53.790
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-06-20 TOP PICK Firstservice Corp
FSV-T
James Telfser

A great Canadian story. Split from Colliers in 2015, and this was the property management side. They also have a number of brands such as California Closets, a restoration business, and recently made an acquisition to buy Sentry Fire which provides fire extinguishers, sprinklers, etc. Mostly in South-Eastern Florida. They have a huge amount of recurring revenue and are growing organically in the 5%-7% range. Their acquisitions are all small, mom-and-pop private businesses that they are able to buy at only 5X EBITDA, and they come from these with cash flow. This has a long runway in a fragmented industry. Dividend yield of 0.97%.


Price: $58.350
Subject: CANADIAN
Bias: OPTIMISTIC
Owned: Yes
2016-06-20 TOP PICK Alphabet Inc (C)
GOOG-Q
John Zechner

Best growth in technology. They own the Android operating system and are giving it away for nothing. If you ever monetized that, it would be a huge value for them. What they know about the consumer has so much value. They are positioned better than anybody to get all this growth. 


Price: $693.710
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
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