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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
2015-01-19 BUY iShares S&P/TSX Global Gold
XGD-T
Don Vialoux

Gold stocks have outperformed gold which is a really good sign.  We are into a period of seasonal strength.  It just completed a double bottom.  It should go up to its previous peak now.  He prefers an ETF because of the diversification.


Price: $11.300
Subject: TECHNICAL ANALYSIS & SEASONAL INVESTING
Bias: BULLISH
Owned: Unknown
2015-01-19 BUY BMO S&P 500 Hedge to CAD Index
ZUE-T
Larry Berman CFA, CMT, CTA

There is also the XSP-T.  He is fully hedged against the US$.  ETFs are the only way to do this.


Price: $31.260
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2015-01-16 N/A A Comment -- General Comments From an Expert
A Commentary
Kash Pashootan

Markets. He is expecting more volatility and lower equity returns this year. After 4-5 years of steady gains, both in Canada and the US, equities are not undervalued the same way that they were. As a result, we are going to see more volatility. Stocks will not be as immune to bad news as they were when they were cheap. The market will pull back when there is bad news. Now, more than ever, you need to understand what is in your portfolio, because if you have risks in your portfolio that you are not aware of, you are going to feel it more than you have in the past. Now that things are fully valued, you should expect both the losses and the gains. Feels the Chinese slowdown is here to stay. From 1978 until 2008, their economy was growing at about 10.5% per year. That kind of growth is simply not sustainable. Today it is at 7.5% and going to go lower. Still growing, and considerably more than we are in the West, but not at the same rate as they were before so won’t be consuming as much in the way of energy and natural resources. The growth we should expect in energy, commodity and agricultural, for the next decade, won’t be as fruitful as it was in the past decade.


Price: $0.020
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: _N/A
2015-01-16 N/A A Comment -- General Comments From an Expert
A Commentary
Kash Pashootan

86 years of age with all money invested in Canadian banks because of dividend. Is this a reasonable investment? He owns the Canadian banks, and views them as being an important part of the overall portfolio. Easy money with the Canadian banks has been made. They make their profit on the spread between what they pay in interest and bank accounts, and what they earn in loan interest. The spread, being so low, is very tight but has been offset by the Canadian consumer continuing to borrow, borrow, borrow. He doesn’t expect loan growth for Canadian banks to be nearly at the levels that it was, and that will weigh on their bottom line. Dividends are safe and doesn’t feel this will change, but expect more volatility moving forward. You would benefit from talking to a financial advisor and getting some diversification.


Price: $0.020
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: _N/A
2015-01-16 DON'T BUY A Comment -- General Comments From an Expert
A Commentary
Kash Pashootan

Credit card companies? The common denominator for Visa (V-N), MasterCard (MA-N) and American Express (AXP-N) is that they have benefited from the shift with the consumer using less and less cash and using more of their cards. Transaction volume has certainly picked up over the years. Visa is the largest. More of MasterCard’s revenue is global. AMX is different because it is a charge card and you have to pay the full balance at the end of the month. MasterCard has really been investing in the mobile payment platform. They issued over $1 billion in debt last year, which is beefing up their infrastructure for mobile payments. They expect to issue over 500 million cards this year and are seeing growth in that space. However, the easy money has been made and valuations are quite rich. There is a little more opportunity in AMX because it is cheaper, trading at closer to 20 times, relative to the other 2 which are closer to 30X. He would not be stepping into these at this time.


Price: $0.020
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: _N/A
2015-01-16 BUY A Comment -- General Comments From an Expert
A Commentary
Kash Pashootan

Utilities? He likes the space. It is tough to get good dividends these days, and utilities certainly provide that. If you are building a portfolio overall, utilities make sense. What you want to be careful of is to not become too attracted to the cash flows and the dividends because these names will tend to be quite sensitive to rising interest rates. Any real talk of interest rates going up and you will start to see volatility in the share price. He owns Enbridge (ENB-T) and Emera (EMA-T) which are giving good dividends.


Price: $0.020
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: Unknown
2015-01-16 N/A A Comment -- General Comments From an Expert
A Commentary
Ryan Bushell

Markets. There is quite a bifurcation. Some of the safer sectors have really moved up as the market has rotated out of materials and energy and into utilities. Financials have been sort of treading water. Telecom stocks have really moved. Some areas of the market are extremely depressed and sitting on 5 year lows, while some areas are sitting on nearly all-time highs. However, volatility creates opportunity, and it is a good time to be looking around. Last summer he was pretty well fully invested in energy, especially on the infrastructure side, and had about a 20% weighting. He still feels very good about the energy infrastructure industry. Some of the growth projects might be a little bit pushed out or slowed down, but all that does is give them more distributable cash flow to pay dividends on existing projects. On the producers, he tries to own stronger balance sheets, good companies with good netbacks and cost of production, and those companies have held in decently on the downturn, and he is looking to average into them once he sees some stabilization in crude prices. There has been a lot of negative press on how bad energy prices are going to be for the economy and for the banks. While there is going to be some pain, there is also going to be some big positive offsets. The Cdn$ is down significantly year-over-year, and definitely down from the highs of above parity a few years ago, where a lot of the manufacturing in Ontario and Québec was significantly depleted over that time period.


Price: $0.020
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: _N/A
2015-01-16 COMMENT Apple
AAPL-Q
Kash Pashootan

They are gaining traction in the lower income emerging market countries, so the lower cost phones in the high growth regions strategy is going well. They are continuing to innovate. With Apple Pay and iWatch coming out he doesn’t know when it will be profitable, but they are continuing to innovate. He likes that they have $120 billion in cash and they can’t spend it fast enough.


Price: $105.990
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: Yes
2015-01-16 TOP PICK Altagas Ltd
ALA-T
Ryan Bushell

60% of their current business is power generation and distribution. They are actually a hybrid type of utility company and pipeline. Some of their future growth projects are related to LNG and natural gas, more so than oil. Thinks it has been treated unfairly. Dividend yield of 4.35%, and he is looking for another dividend increase this year of 10%-15%. A good long-term investment opportunity.


Price: $40.660
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 COMMENT Algonquin Power & Utilities Corp
AQN-T
Ryan Bushell

Along with a lot of other utility stocks, this has gone on a tremendous run, especially in the 2nd half of last year. Have some smaller projects that they’ve been able to bring on and they have had one of the most successful years. A great stock to hold. He owns this through his position in Emera (EMA-T), which owns a significant stake. Nothing wrong with Algonquin, but the valuation might give you a bit of a pause.


Price: $9.800
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: No
2015-01-16 DON'T BUY BlackBerry
BB-T
Kash Pashootan

For a long time this has been extremely speculative, and too speculative for him. The future is uncertain. Anybody buying the stock is betting on the fact that they will be able to turn things around. He doesn’t feel there is enough evidence or data to make an educated decision on whether this company will turn it around or not. There are easier ways to pick your way through the market.


Price: $12.230
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: No
2015-01-16 COMMENT BCE Inc.
BCE-T
Kash Pashootan

Inflation numbers out of the US is pretty much at an all-time low, and he doesn’t expect it to be rising with the economy softening. All of this translates into no rush for interest rates to go up, so you are now starting to see money go back into the telcos. Another factor that has been working in their favour is the risk of a foreign carrier coming in. Much less today than it was in the past. This company has done a great job at growing their percentage of revenue from the wireless side. In 2007 it was about 15%, whereas today it is closer to 40%. He likes to see this because the wireless space is quite profitable, especially with the increased sales in smart phones.


Price: $56.900
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: Yes
2015-01-16 PARTIAL SELL BCE Inc.
BCE-T
Ryan Bushell

This is a company that has paid a nice dividend and done well for its investors for a long period of time. He would recommend being cautious at these levels. It has been a definite benefit to the sector rotation that has gone on in valuation. There isn’t a lot of news that is pushing it other than maybe some better synergies out of the Bell Aliant deal they did last summer. Be cautious and maybe take some profits to redeploy them elsewhere in the market.


Price: $56.900
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 PAST TOP PICK Baytex Energy Corp
BTE-T
Ryan Bushell

(A Top Pick Jan 15/14. Down 49.81%.) Management indicated the acquisition they did last year was good because it got some low cost production, and while their debt is a bit higher, it is manageable. Still yields over 6%. When a turn ultimately comes, this will be a good performer.


Price: $18.820
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 COMMENT CitiGroup
C-N
Kash Pashootan

He sees the greatest opportunity in the US financials in the consumer. The best way to play that is through regional banks. Since 2008 this bank, like the other US banks, has made specific efforts to become more conservative, so they divested of their more risky assets. (See Top Picks.)


Price: $47.610
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: No
2015-01-16 SELL Caterpillar
CAT-N
Kash Pashootan

Where this company goes, depends on China. Last year, with mining equipment sales down, they had to really cut prices to finish the year in the green. In 2015, there are all kinds of declines, especially in the energy space. In terms of their agriculture and equipment sales, he thinks they’re going to continue the need to cost cut to keep revenues up. He can’t see where the growth catalyst will come from.


Price: $83.860
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: No
2015-01-16 HOLD Canadian National R.R.
CNR-T
Ryan Bushell

This initially got hit a little bit on oil, because people were worried about crude by rail volumes going down. However, fuel is an input, so they are saving some money. Also, the economy should pick up. If the economy picks up more and you are expecting accelerating growth in the US, this is one of the only North American railroads, and could stand to benefit in this type of environment.


Price: $79.790
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 COMMENT Coach Inc
COH-N
Kash Pashootan

This is having a real hard time. They have fallen out of the consumer’s eye of being the luxury brand that they once were. Once you lose that momentum, it is very difficult to regain it. Sales are down 21% year-over-year in North America. Recently did an acquisition of Stuart Weitzman, a luxury shoemaker, and spent $550 million. Not quite sure how this acquisition is going to help them sell more Coach purses. The good news is that sales in China have been picking up, but not nearly enough to offset what they’ve lost in the US. Given the slowdown in sales in the US, they have had to cut prices to move inventory, and by cutting prices, margins have also shrunk.


Price: $36.110
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: Unknown
2015-01-16 TOP PICK Columbia Banking System Inc
COLB-Q
Kash Pashootan

The idea is to take advantage of where the consumer is going to be growing. They are going to be going to their local bank to get a new credit card, increase their mortgage, borrow against their home or get a car loan. The bank stands to benefit from this. This bank is primarily in the right regions, Pacific Northwest, which would include Seattle, Washington and Portland. All 3 were in the top 10 list of fastest growing regions in the US. There is growth in terms of population, income and employment. Dividend yield of 2.55%.


Price: $25.610
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: Yes
2015-01-16 COMMENT Costco Wholesale
COST-Q
Kash Pashootan

Their business model is somewhat unique in that they are the low cost leaders. The downside of that is that margins are half of their competitors. If the economy starts to slow down, this company doesn’t have the ability to cut prices to move inventory. The only way you can run a model with low margins, is to be moving a lot of units. If we are expecting an economic slowdown, this company will not have the ability to cut prices. Opened about 30 stores last year and are projecting to do the same this year. These store openings will have a little bit of weight on their expenditures, so some of their cash will be used there. Until these are done, there won’t be any major uptick.


Price: $139.720
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: Unknown
2015-01-16 WAIT Crescent Point Energy Corp
CPG-T
Kash Pashootan

There isn’t any evidence that we have reached any sort of stability in oil prices. There have been a couple of days where there has been less decline, but that sentiment can change very quickly. He has been bearish on energy for 4 years. If looking for an entry point, he would wait. This is one of the higher-quality names. If this energy weakness continues, even names like this will be at risk of cutting their dividends.


Price: $30.070
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: No
2015-01-16 COMMENT Crescent Point Energy Corp
CPG-T
Ryan Bushell

Has had an interesting record. Coming out of 2008, spot prices got down to the mid-$30 a barrel range, and this company was able to maintain its dividend at that point. Currently they are on track to maintain their dividend through this cycle, but it all depends on how fast the oil price comes back. He feels this company has built itself as good as one can in terms of a conservative balance sheet, good properties and a propensity to work hard at maintaining the dividend. This is about as good as you are going to get in terms of dividend sustainability in a light oil producer in Canada. There might be another buying opportunity for you in the next few months.


Price: $30.070
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 COMMENT Cisco
CSCO-Q
Kash Pashootan

Has been focusing on the mobile side of things. Did 6 acquisitions last year to beef up their ability to take advantage of what is going on in the mobile side. With increased sales in smart phones, there is certainly an increase in data traffic. This company’s network solutions help carriers manage that data traffic, but also stay spectrum efficient. From that perspective, he likes the name. The challenge at this point is China, where a large part of their revenues come from, but where they have a brand imaging problem with the NSA scandal. The Chinese government is saying the US government spied on them using this company’s equipment. This pays a decent dividend, but the valuation is not compelling enough for him.


Price: $27.680
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: No
2015-01-16 DON'T BUY Canadian Tire Corporation Ltd. (A)
CTC.A-T
Ryan Bushell

The consumer staples sector was the best performing sector in Canada last year. He recently ran a bunch of blue-chip consumer stocks against blue-chip energy stocks over the last 20 years. With some of the consumer stocks sitting on multiyear highs, and the energy stocks sitting at multiyear lows, the energy stocks still outperformed. He just doesn’t think consumer discretionary in Canada is all that exciting for the long-term. The dividend yields are not there and there aren’t any sustainable competitive advantages.


Price: $120.260
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: No
2015-01-16 TOP PICK Cenovus Energy
CVE-T
Ryan Bushell

(A Top Pick Jan 15/14. Down 13.51%.) He is trying to look at what he wants to own for the long-term. This has underperformed in the last couple of years. Represents a good investment opportunity for the real, long-term investor. Good quality assets and a good quality management team. Yield of 4.32% is pretty safe.


Price: $24.640
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 COMMENT Dr. Pepper Snapple Group
DPS-N
Kash Pashootan

He likes this. They own more than Snapple. They also own Crush, Canada Dry and A&W Root Beer. High margin business with gross margins around 60%.. Their focus has been gaining market share in Mexico, which is the highest soda consumption per capita globally. In North America, they have been moving towards the consumer preference of healthier lifestyle and diet, and have introduced their 10 Platform, a lower calorie soft drink. It trades around 20 times, whereas Pepsi and Coke are closer to 30 times. However this is not a growing industry.


Price: $76.460
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: Yes
2015-01-16 BUY Emera Inc
EMA-T
Kash Pashootan

Pays a good dividend of about 3.7%. They are focused on Atlantic Canada and have the capacity to provide about 40% of their power.


Price: $40.550
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: Yes
2015-01-16 HOLD Freehold Royalties
FRU-T
Ryan Bushell

He likes that this has very little CapX exposure. They get a lot of revenue without having to spend a lot of money. It still yields over 6%, so you are still getting paid to be there. The market discounted the 1st move down to about $60 a barrel, but on the 2nd move from $60 to $45; he felt the market was a little more rational. Because of this, he thinks the price is going to stay here longer than a few months, so you are probably going to get another opportunity to average down. He is waiting to see some stability and strength in the commodity price. Hold your position and look for another opportunity to average down.


Price: $17.170
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 COMMENT Fortis Inc.
FTS-T
Ryan Bushell

Has done some acquisitions which will fuel some growth and should field better dividend growth. They announced a 6% dividend increase in December, which is about double their run rate than it has been for the last few years. Looks pretty good going forward.


Price: $40.370
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 COMMENT Goldcorp Inc
G-T
Kash Pashootan

Believes the dividend is safe. Generates about $1 billion a year in cash flow from operations, and pay out about half of that. So from that perspective, there is a healthy buffer. Debt level has increased considerably over the last few years and he would keep an eye on this. You should also ask yourself if you really want to be in the gold space right now, and he doesn’t.


Price: $28.490
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: No
2015-01-16 COMMENT Goldcorp Inc
G-T
Ryan Bushell

Gold is a very difficult commodity to handicap, because of the lack of physical demand and its speculative demand that comes with Central Banks, etc. As a producer, this company does a pretty good job. They have good mines and good low cost production. Have a pretty good dividend policy. Maintained their dividend through the last gold swoon of the last couple of years. Currently yielding between 2%-3%, so this is the one that he does own, although only 2.5% of his portfolio.


Price: $28.490
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 TOP PICK GameStop Corp.
GME-N
Kash Pashootan

The stock ran up considerably. In 2013 it was up 100% and had moved up in anticipation of the new Sony and Xbox consoles coming out. It ran up too much and spent last year playing catch-up when the stock was down about 30%. Although it declined in 2014, the fundamentals of the company actually improved. They diversified their income stream from solely being dependent on the gaming market and are now moving into the mobile market. They acquired 46 outlets of Simply Mac, which sells Apple products. They have Cricket and Spring Mobile, which are pre-paid and post-paid AT&T phones and services. Very clean balance sheet with very little debt, about $4 million. Dividend yield of 3.72%.


Price: $36.350
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: Yes
2015-01-16 COMMENT Goldman Sachs
GS-N
Kash Pashootan

If looking to invest in this bank, you really have to ask yourself “what is the exposure that I want to achieve?”. Some US banks have exposure to the retail consumer, and this one would not fit. Very heavily dependent on merger and acquisition and wealth management. He prefers to play the consumer in the US. You could do this through Bank of America (BAC-N) or Wells Fargo (WFC-N). He prefers to play this through regional banks such as National PA Bancshares (NPBC-Q), as not all regions in the US are recovering at the same pace. (See Top Picks.)


Price: $177.230
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: Unknown
2015-01-16 COMMENT Gluskin Sheff and Associates
GS-T
Ryan Bushell

The asset management industry as a whole is a difficult industry to be invested in. It is sort of a high beta version of the market. When the market is doing well and the asset managers have strategies that are doing well, they can subscribe to pretty nice valuation, but the opposite is true on the downside. It is a little more stable to get that exposure through the banks. All the banks have large wealth management divisions, especially Royal (RY-T) and Toronto Dominion (TD-T). With this kind of company, you are sort of living and dying with the performance of the market and the performance of their managers. This is doing well and will probably continue to do well as long as the cycle goes, but the downside is also great and he tries to limit the downside for his clients.


Price: $26.980
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: No
2015-01-16 DON'T BUY Industrial-Alliance Life Ins
IAG-T
Kash Pashootan

Similar to Manulife (MFC-T) or Sun Life (SLF-T) but much smaller. This is a space where you would benefit from buying the larger, higher-quality names at this time. You could buy this one in the later stages of recovery once the other 2 have started to become more expensive. Valuation is still quite cheap on the big names, and that is where he would start.


Price: $40.250
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: Unknown
2015-01-16 HOLD Inter Pipeline
IPL-T
Ryan Bushell

DRIP programs? You sometimes get incentives to take these with a little bit of extra percentages. He prefers to take all of his dividends in cash. It is a way for him to reallocate funds. However, for most investors, a DRIP is a decent way to stay invested and get the compounding effect going. This company is one of those companies that offer the DRIP. A great company and has owned it in the past. A little bit more exposed to oil and oil sands projects then some of their peers, but by and large, their customers are going to stay in business, so the volumes will be there to transport.


Price: $30.610
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: No
2015-01-16 COMMENT Manulife Financial
MFC-T
Kash Pashootan

Has done a better job of shifting revenues from insurance to wealth management. He likes wealth management revenues because they are re-occurring and provide some stability in the income stream. They also did a nice acquisition last year, buying Standard Life, which deepens their group benefits exposure. Most importantly, this company is well positioned in China, and he feels the middle class in China will continue to grow.


Price: $20.230
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: Yes
2015-01-16 BUY Magna Int'l. (A)
MG-T
Kash Pashootan

Good way to avoid having to bet on an auto manufacturer, but to get exposure to the space. Have been growing new plants in Mexico to new plants in India. Recently acquired the remaining piece of Magna E-Car, so they have positioned themselves well to produce parts for the next generation automobile. You are buying it today at quite a low valuation. Historically it has traded anywhere between 7 and 70 times Price to Earnings, and today it is at about 12 times.


Price: $111.620
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: Yes
2015-01-16 PARTIAL SELL 3M Co.
MMM-N
Kash Pashootan

An industrial conglomerate which does everything from postage to Scotch tape. Innovation is really their growth catalyst. They produce 20 products, on average, a year and a 3rd of their revenue comes from products that are less than 5 years old. They are still continuing to expand aggressively. They are issuing $3-$5 billion of debt this year, looking to putting it to work for growth. Stock has continued to run up. If you own, it is a good time to take some money off the table, just because of its valuation. Historical PE is around 12X, and is currently trading at close to double that.


Price: $162.000
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: No
2015-01-16 TOP PICK Novo-Nordisk
NVO-N
Kash Pashootan

Largest manufacturer of insulin products with margins that double its competitors. In over 180 countries. They have the largest market share in diabetes care as well as the broadest portfolio of diabetes products. He sees significant growth in this space. Diabetes has grown at 11% per year for the last 10 years, and it is projected that by 2035 there will be 2 times the amount of people globally that have diabetes. The fastest growing region for diabetes cases is in the emerging markets. Dividend yield of 1.9%.


Price: $44.290
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: Yes
2015-01-16 COMMENT Potash Corp of Saskatchewan
POT-T
Ryan Bushell

In the short term this has been looking pretty good. Some of the money that stayed in the resource sector has flowed to fertilizers, as they seem to be viewed right now as the more stable resource part of the market. He likes this because of the declining CapX profile, and they will be increasing the dividend, which they have done for the last couple of years. Short term, it is anybody’s guess how that sector rotation goes, one way or another. There is a lot of volatility in the resource space right now, but longer-term he really likes this company. Thinks they will grow their dividends. They are stable and have low cost production and will be there for years and years. He owns this for the long-term.


Price: $42.010
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 BUY Power Corp
POW-T
Kash Pashootan

He likes that this is a diversified name, but at the end of the day this stock will be very closely correlated as to how the market does, primarily because of the asset management side of the business. For all of the asset management businesses, he feels that the easy money has been made. However, this is a name that you can own as part of a portfolio and you are getting paid a good dividend to wait, but be realistic on growth expectations for the share price.


Price: $29.520
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: No
2015-01-16 BUY Pembina Pipeline Corp
PPL-T
Ryan Bushell

Energy has more of an indirect relationship to their natural gas exposure. They have been making a lot of money in the last few years, taking liquids out of natural gas. That business has been hurt to some extent, but the good news is that they have been rapidly reorganizing their business towards “cost of service” type contracts. Thinks they will get through this. They have less risk on the commodity side than they used to. If you don’t own any of these stocks, it is time to look at them.


Price: $38.090
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 DON'T BUY Reitmans
RET-T
Kash Pashootan

When looking at Canadian consumer discretionary names, you want to remind yourself that the Canadian consumer, at some point, is going to slow their spending. Household debt levels have continually risen over the last 5 years. Today debt, as a percentage of income, is among the highest it has ever been. At some point the consumer is going to slow, and that will certainly put downside pressure on all these names. He prefers the US side for the consumer discretionary space.


Price: $7.200
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: No
2015-01-16 COMMENT Russel Metals
RUS-T
Ryan Bushell

Has a significant exposure to energy, somewhere between a third and a half of their business. They will certainly feel some pain. He really likes the management team. They have done a good job of maintaining the dividend. Cut their dividend in 2008 during the financial crisis, but increased it coming back out. The rest of their business actually stands to benefit from this. It is more economically sensitive, manufacturing related, so he thinks this is going to be okay through this. Thinks the stock overshot itself on the downside.


Price: $23.140
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 COMMENT Royal Bank
RY-T
Ryan Bushell

There are a lot of worries on banks right now. The energy sector and the debt associated with it has created some concern. Relative to utilities, pipelines and telcos, banks are very cheap on an earnings basis. Relative to other banks globally, they might be a little bit expensive. He doesn’t think any of the Canadian banks, even in a bad housing market, oil market or both, will be cutting their dividends. At a 3.5%-4% dividend yield, they are in line with other dividend payers, and thinks they are going to be alright, so holding positions in a bank is going to be a good thing to do.


Price: $75.510
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 COMMENT Shawcor Ltd. (A)
SCL-T
Ryan Bushell

Because of his affinity for energy infrastructure, this one fits into his space. They do pipeline coating, etc. It has been on the growthier end of the spectrum. Has been growing its dividend rapidly, sort of 15%-20% per year. Still has a pretty low yield, but growth in the dividend should continue. Had a Russian project cancelled that put some worry into the stock, but largely their projects have continued. They have all-time highs in their backlog, which will bring cash flow down the road. Doesn’t think demand for energy infrastructure is going anywhere. A good stock to own. It could get a little cheaper.


Price: $38.830
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 PARTIAL SELL Shaw Communication (B)
SJR.B-T
Ryan Bushell

This definitely benefited from some cable co-mergers in the US with possibly US investors thinking the same would happen here. Has a good stable business. They are also out of the wireless which has benefited them, as people have worried about wireless regulations. A good stable company, but is in a sector where money has moved in and pushed prices up. He is looking to reposition some of that money. If you own, consider doing some pruning.


Price: $29.750
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 COMMENT Sunlife Financial
SLF-T
Kash Pashootan

After 2008, the Canadian insurance companies have become more conservative and defensive in terms of their practices. They spent a good few years after 2008 playing defence, and now for the 1st time, they are slowly starting to play offense. This one is a good name, but he prefers Manulife (MFC-T).


Price: $37.470
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: Unknown
2015-01-16 TOP PICK Sunlife Financial
SLF-T
Ryan Bushell

Stock has been performing pretty well. Came off recently with the recent interest rate move. 10 year rates to the downside hurts insurers short term. Longer-term he believes that interest rates will rise, which will benefit these companies. Also, with demographics being the way they are, there is more demand for financial and retirement products, and insurance companies are good with these types of products. Expects them to continue having good growth. Their division in the US is doing well on the asset management side. Yield of 3.84%.


Price: $37.470
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 COMMENT Suncor Energy Inc
SU-T
Ryan Bushell

Suncor (SU-T) or Cenovus (CVE-T)? This has some higher cost production because they do mining operations. Mining operations tend to be higher cost over time because of the cost of creating a barrel, as well as the maintenance cost of the machines in use. Cenovus has oil underground and just has to pump it out. They are both good companies, but the growth in Cenovus has better assets with lower cost production going forward. The growth in this company is largely the Fort Hills project that is higher cost production. Cenovus pays a higher dividend, which he likes. This company will have better leverage to oil prices when they recover. (See Top Picks.)


Price: $36.000
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Unknown
2015-01-16 BUY Toronto Dominion
TD-T
Ryan Bushell

All the banks have had a pretty good run over the last year. They have really led the Canadian market up. This bank’s business, with their US exposure, is probably set up pretty well relative to some of the other Canadian banks. The US consumer is getting a big benefit out of this price drop in oil, which probably stands to filter back through some of their branches in the US. This is one of his core bank positions. This is a decent time to average into a bank.


Price: $50.210
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 PAST TOP PICK Thomson Reuters Corp
TRI-T
Ryan Bushell

(A Top Pick Jan 15/14. Up 20.79%.) This is one of the key benefactors of the Cdn$ going down. This is helping in translating their earnings back in Canadian dollars and, as well, the dividend is paid in Cdn$. The company is still turning itself around and trying to get to positive net sales in its financial division. Feels this is a holding he will have for a while.


Price: $47.720
Subject: CANADIAN LARGE (DIVIDENDS)
Bias: OPTIMISTIC
Owned: Yes
2015-01-16 COMMENT Verizon Communications
VZ-N
Kash Pashootan

He has chosen to get his exposure to the telecoms through the Canadian names, primarily because there is a lot less competition. Verizon has done a good job of growing the percentage of their revenues that come from wireless. A few years ago it was close to 60% and is now at 70%. Also, they acquired the remaining 45% from Vodafone (VOD-Q) which makes them very wireless heavy moving forward. With the increased sales of smart phones and the 4G technology, the average revenue per unit is going up because of the increased subscription to data. All of these are positive. Great dividend of about 4.5%. Stock is cheap trading at 10 or 11 times earnings. On paper it looks perfect, but the one challenge for them is that it is a very competitive space. There is constant cost-cutting to compete with one another.


Price: $47.990
Subject: NORTH AMERICAN - LARGE - DIVIDEND
Bias: DEFENSIVE
Owned: No
2015-01-15 BUY A Comment -- General Comments From an Expert
A Commentary
Michael Bowman

REITs vs. Banks.  Banks have better valuations, but he would buy both.  Banks are only 3% oil so are not going to be affected as much.  They are in the sweet spot of valuation.  HR.UN-T and REI.UN-T are off because of the Target story.  He holds all 5 banks.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: Bullish on Canadian Equities
Owned: Yes
2015-01-15 BUY A Comment -- General Comments From an Expert
A Commentary
Michael Bowman

US Dividends?  You can never correctly forecast currencies or interest rates.  You pick an investment that will go higher and unfortunately the currency will move one way or the other.  You can get a Canadian listed, US dividend ETF.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: Bullish on Canadian Equities
Owned: Unknown
2015-01-15 N/A A Comment -- General Comments From an Expert
A Commentary
Michael Bowman

Markets.  There is this ‘Sell Canada’ thing going on here.  But we are trading ahead of the long term average in oil price.  Right now we have excess supply and no demand.  9 of 12 countries in OPEC have a break even cost of production of $75.  OPEC is 26% of world production and are maintaining production and North America has 21% and is cutting back.  Oil and related stocks are incredibly low.  He is starting to pick away at stocks.  Mid stream companies are not all that affected by oil prices.  Companies that have already cut back dividends or spending are worth looking at.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: Bullish on Canadian Equities
Owned: _N/A
2015-01-15 N/A A Comment -- General Comments From an Expert
A Commentary
Michael Bowman

Ontario Real Estate.  Are we heading for recession?  We may be seeing some signals, but he doesn`t think we are heading for recession. He likes situations that signal to the Americans that we are not like them, illustrated by Target leaving Canada.  He does not see anything weakening because of Target leaving Canada and it should not significantly impact the REITs affected.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: Bullish on Canadian Equities
Owned: _N/A
2015-01-15 N/A A Comment -- General Comments From an Expert
A Commentary
Gordon Reid

Markets. We have had a period of abnormally calm markets, probably driven in part because the direction of the market was pretty well orchestrated by the Central Bank. Their goal and role was to inflate assets, to inspire confidence, increase spending and the velocity of spending in the economy. They have been successful, and it led to a very long period of low volatility. Now we are entering a period where the banks are indicating they are going to raise rates. We are now going back to normal, which includes volatility. He tends to look a lot more at the companies than he does stock prices. Stock prices are a much more volatile beast than the companies themselves.


Price: $0.020
Subject: US EQUITIES
Bias: OPTIMISTIC
Owned: _N/A
2015-01-15 N/A A Comment -- General Comments From an Expert
A Commentary
Gordon Reid

Energy. Hasn’t changed his strategy, because he had a good strategy coming in. The majority of his clients are in balanced accounts. His average balance account has about 8% exposure to energy. Within that 8%, he has gravitated to more senior producers. He likes good management. These are the companies that, during times like this, would take advantage of the weak and buy at low prices those distressed situations.


Price: $0.020
Subject: US EQUITIES
Bias: OPTIMISTIC
Owned: _N/A
Showing 241 to 300 of 136,337 entries