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

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Date Signal Company Expert Opinion Price
2014-11-17 DON'T BUY Tourmaline Oil Corp
TOU-T
Larry Berman CFA, CMT, CTA

Stock vs. Stock.  SU-T vs. TOU-T.  TOU-T is mostly Gas.  Gas will have more volatility.  FCG-T is a better way to play gas. 


Price: $42.730
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Unknown
2014-11-17 COMMENT United Parcel Services
UPS-N
John Wilson

Too expensive for him. It's a really good business. Exposed to favourable dynamics, in the US especially if he is right about the US economy improving. This also benefits obviously from lower energy costs. Also, from the ongoing transition to online shopping and delivery.


Price: $106.470
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US ECONOMY
Owned: No
2014-11-17 HOLD Vodafone Group PLC
VOD-Q
John Wilson

Sold their US shares of Verizon back to Verizon. The stock went through some pressures the early part of the year. More recently he has seen some instability. Very cheap. They are investing in the network. Have a great balance sheet. Thinks they are starting to pull ahead. Feels the stock works to the mid-$40’s or higher.


Price: $35.960
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US ECONOMY
Owned: Yes
2014-11-17 COMMENT Walgreen Co
WAG-N
John Wilson

Very large pharmacy operator in the US. He has chosen a competitor, CVS (CVS-N), which has the added benefit of running a PBM (Pharmacy Benefit Manager). About a year ago, CVS discontinued selling cigarettes, and he is hearing that a number of their competitors are getting the pressure from other corporate customers that they would have.


Price: $66.550
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US ECONOMY
Owned: No
2014-11-17 BUY iShares S&P/TSX Equity Income
XEI-T
Larry Berman CFA, CMT, CTA

Good diversification across sectors.  It is heavy in energy and oil, however.  It is geared toward bigger dividend payers.  The average dividend is about 4% or so.  It is concentrated, so you have more volatility. 


Price: $22.850
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Unknown
2014-11-17 WATCH Yamana Gold Inc.
YRI-T
Benj Gallander

Has just gone on his watch list.  The price of gold is a huge wild cards.  Thinks there will be more tax loss selling.


Price: $4.490
Subject: CONTRARIAN INVESTING
Bias: CONTRARIAN
Owned: No
2014-11-17 WATCH BMO Short Term Fed Bd E.T.F.
ZFS-T
Larry Berman CFA, CMT, CTA

Short gov’t bonds.  ZFT-T is a smart money market index and they are as good as money markets.  He is okay with short term bonds except right now he does not like the interest rate risk so is holding corporate short term bonds.


Price: $14.710
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Unknown
2014-11-17 BUY BMO MSCI USA High Quality ETF
ZUQ-T
Larry Berman CFA, CMT, CTA

Smart index ETF.  It is called the quality index.  It finds better cash flows and fundamentals.  It is a quality holding and will give you good exposure to the US market.  In the long run you will have a better return relative to the index.


Price: $20.040
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Unknown
2014-11-14 N/A A Comment -- General Comments From an Expert
A Commentary
Zachary Curry

Markets. He would describe himself as mildly constructive on equities. Notwithstanding the correction that has occurred, valuations remain high. More so for the smaller and mid-caps, but nonetheless the S&P 500, trading where it is, causes him a bit of caution. Had been planning for some form of correction and had raised cash through the summer, but just hadn't thought it would come back as quickly. You are starting to see the debt issue spread around developing countries, such as China and India. Also, he doesn't think the European debt crisis is over, by any stretch. Also, doesn't think there will be a huge rise in rates in the near term.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: _N/A
2014-11-14 N/A A Comment -- General Comments From an Expert
A Commentary
Jaime Carrasco

Economy. The signal that Japan sent, when they increased their QE to devalue their currency, is a beautiful example of a country exporting its deflation. Looking at it from the US side, it is a rise on the currency, but by the same token it is a rise on the debt. They have been trying to control the low interest-rate environment, and they say they might be able to control interest rates much further down, but the currency is being kept. All of a sudden you have a rise in the currency, and that is almost the same as a rise in interest rates. That is deflation. China and everybody is feeling it, and in order to control it they either have to accelerate QE on their own country or try to devalue their own currency. This is similar to what has happened in the 30s. Because of that he thinks that at the currency level we are going to see a lot more volatility, because countries will have to deal with it. If you listen to what China and a lot of other countries are saying, they are all affected by the volatility in the US$, and it is getting harder and harder to do trade. We are starting to see a dislocation in a lot of the processes that we have set up over time. He had instituted a lot of stop/losses for his clients and did raise cash levels in September. Staying flexible is still important. Also, feels that precious metals should be a part of everybody's portfolio as insurance.


Price: $0.020
Subject: RESOURCE, UTILITY & REITs
Bias: CAUTIOUS
Owned: _N/A
2014-11-14 COMMENT A Comment -- General Comments From an Expert
A Commentary
Jaime Carrasco

Energy. What is happening right now with petroleum prices is good for Canada because it is killing the shale industry in the US. Shale industry has extremely high outputs and then levels off, so it is not a very productive industry, and it needs a lot of money and high prices. Long-term the geopolitics of the middle east should overtake any short-term decline in price.


Price: $0.020
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: _N/A
2014-11-14 COMMENT A Comment -- General Comments From an Expert
A Commentary
Jaime Carrasco

Precious metals. Between gold and silver, he expects silver will outperform gold, but we have to wait for gold to take off. Thinks the miners are going to take off first. Looking at that sector, he would rather own the miners before he owned the commodity. You have to be careful in what you are buying. You have to look at management, the geography, etc. People are buying silver. The demand out of India has increased when they were switching out of gold.


Price: $0.020
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: _N/A
2014-11-14 PARTIAL SELL Apple
AAPL-Q
Zachary Curry

If you own, taking some money off the table is always a prudent decision. Doesn't  feel this can keep going up at the rate it has been. Likes the products and the valuation. Cash flows are great. Thinks people are getting carried away by expectations of the holiday season.


Price: $114.180
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2014-11-14 COMMENT Barrick Gold
ABX-T
Jaime Carrasco

This is one that he does not follow, but his company has a target of $17. His issue with the company is that it is big and they are having to shut down at the same time that the price of gold has been down, since the cost of production is so much higher. His strategy is to own companies that can produce at the lowest cost of production. (See Top Picks.)


Price: $13.830
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: No
2014-11-14 TOP PICK Agnico-Eagle Mines
AEM-T
Jaime Carrasco

(A Top Pick Dec 20/13. Up 5.93%.) Loves the operational performance of this company. It just doesn't show up on the stock. In their last quarter earnings, they reported a write-down on a lot of their CapX in Alaska. They are actually acquiring a lot of companies. Good management.


Price: $28.310
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: Yes
2014-11-14 COMMENT Alibaba Group Holding
BABA-N
Zachary Curry

Long-term history isn't there, so it is going to be a pretty volatile start, until you start to see some more quarters come out of it. The nice thing about this one is that you are getting a real marketplace. Doesn't have a lot of overhead. A little too early for him to own, but this is a name that is on his radar.


Price: $115.100
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2014-11-14 COMMENT Bombardier Inc (B)
BBD.B-T
Zachary Curry

Getting the orders seems to be a problem. Feels they have just been behind the curve so long that people want to see orders. You need them to be financially feasible. A very tough business. Their rail side is a bit more positive.


Price: $4.060
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2014-11-14 COMMENT Bank of Montreal
BMO-T
Zachary Curry

This bank seems to have found a footing in the US with their recent acquisition and seems to be trucking along fairly well. He is generally constructive on this bank, but it wouldn't be his top pick. Good dividend yield.


Price: $82.190
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2014-11-14 COMMENT Bonavista Energy Corp
BNP-T
Jaime Carrasco

Likes this one long-term, but is concerned about where commodity prices are going. He has a $14 target on this. On an $80 oil environment, they seem to be able to stay put for now.


Price: $10.830
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: Unknown
2014-11-14 WAIT Bank of Nova Scotia
BNS-T
Zachary Curry

Last results were a bit lumpier than people were hoping for. New CEO is probably putting his stamp on a number of things. Given that there were some job cuts, the big potential worry for him would be on the Latin American side, is that a one-off or will it be dragging into the future. Given the yield, valuation is very compelling, compared to the other banks. He would like to wait another quarter.


Price: $68.660
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2014-11-14 COMMENT Cameco Corporation
CCO-T
Jaime Carrasco

This seems to be coming to life. Not sure how this is going to be affected by the price of oil coming down. If you take the view that you want to be in this for a long time, this is a good entry point.


Price: $21.330
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: No
2014-11-14 COMMENT Cineplex Inc
CGX-T
Zachary Curry

This is more of a cyclical type, where their movie hits haven't been very good over the past year, and it cycles down. However, the movie and entertainment business is a little fickle. You’ll start to see this come back if things improve. Thinks Netflix and YouTube are factored in already.


Price: $44.220
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2014-11-14 COMMENT Crescent Point Energy Corp
CPG-T
Jaime Carrasco

Like this company and is one of his key holdings. It is important to pick the companies that have good balance sheets, good hedging positions and where the dividend is safe. This is probably one of the 1st ones he would add if he sees an appreciation in the price of oil.


Price: $36.140
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: Yes
2014-11-14 COMMENT Capstone Infrastructure
CSE-T
Jaime Carrasco

Has owned this for a long time. They continue to pay a really good dividend. Has a great operational management team. A solid company. His target is $4.50 a year out. Mostly co-generational wind power. He is not concerned about the dividend.


Price: $4.100
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: Yes
2014-11-14 COMMENT CSX Corp
CSX-N
Zachary Curry

Cheap compared to Canadian National (CNR-T) and Canadian Pacific (CP-T). This is really a valuation play. Compared to Canadian operators, it is as good an operator with room to grow. With the volumes and price increases we have seen, he doesn't know if it can continue. Buying this is a better option than being in the Canadian rails.


Price: $36.790
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2014-11-14 COMMENT CVS Health
CVS-N
Zachary Curry

The biggest thing with this company and the retail space in the US is the price of gas basically coming down. While the pharmacy component is a big part of this company, you also see a good “front of store” component. With retail sales heading into the holidays, he expects there will be some positive
retail numbers and consumer confidence in the US. You could hold this for a long period of time.


Price: $89.130
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2014-11-14 COMMENT Detour Gold
DGC-T
Jaime Carrasco

A very well run company. He has a $17 target. He likes this company. It has been delivering along the way. Started production and continues to survive.


Price: $9.380
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: Yes
2014-11-14 TOP PICK Element Financial
EFN-T
Zachary Curry

This is a non-bank financial which provides some diversification. Their earnings were great, slow and steady. On a valuation basis, it is cheaper than its peers, but also the growth rate is higher than the earnings multiple, which is always a great sign when you can buy something for less than what it is growing at. Balance sheet is in great shape.


Price: $13.880
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2014-11-14 DON'T BUY First Quantum Minerals
FM-T
Jaime Carrasco

Has been avoiding base metals for a while. China PMI's just came out and showed another slow down, so we are in a level of some contraction. There are currency issues that are occurring. He would shy away from base metals until there is some clear direction as to where the economy is.


Price: $17.460
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: No
2014-11-14 TOP PICK Google
GOOGL-Q
Zachary Curry

Doing great things. Not necessarily focused on advertising although the bulk of the revenue comes from that. Lots of neat projects underway that could develop into bigger things. The main focus for him is the shift from advertising into mobile. Likes their tighter control of the Android operating system, which could make a good competitor for the IOS system.


Price: $555.190
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2014-11-14 HOLD H&R Real Estate Inv Trust
HR.UN-T
Zachary Curry

Has sold down his investments in REITs over the past year or so. This one got into trouble in the crisis of 2008-2009 and used the opportunity to shore up its balance sheet. REITs is more of an interest rate play, so if you think interest rates are going to stay lower for longer, it would be an advantageous investment. However, as soon as those 1st signs come in, you are going to see volatility. In his view, a company like Inter Pipeline (IPL-T) would be able to offset a rate increase.


Price: $21.980
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2014-11-14 PAST TOP PICK HBP US 30 yr Bond Bear+ ETF
HTD-T
Jaime Carrasco

(A Top Pick Dec 20/13. Down 21.99%.) Had a stop-loss on this and was stopped out back in January.


Price: $6.030
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: No
2014-11-14 COMMENT IBM
IBM-N
Zachary Curry

80% of their business was hardware 20 years ago, and now it is 80% software. Generally constructive on this at these levels. But not out of the woods based on their missed guidance going forward. It's a question of what announcements come out and what they are working on in R&D developments. He has a “wait-and-see” approach.


Price: $164.160
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2014-11-14 COMMENT Inter Pipeline
IPL-T
Zachary Curry

Recommended for a 3-5 year Hold? He likes this company. Other companies would be worse off than this one, if interest rates were to rise. This is a company that is growing, more so than other dividend paying companies. A good company for a 3-5 year Hold.


Price: $34.050
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2014-11-14 PARTIAL SELL Keyera Corp
KEY-T
Zachary Curry

Likes this company. Great management team. Not a cheap stock. Has performed quite well, but it is expensive. Given where commodity prices are now, you could see some uncertainty here with the projects they are developing. At a certain point you can build and create the pipelines or facilities, but if the producers aren't able to pay them effectively, you're not going to be able to put anything through there. If you've had some good profits in this, it wouldn’t be bad to take some off the table.


Price: $92.830
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2014-11-14 COMMENT Manulife Financial
MFC-T
Zachary Curry

New management seems to be focusing on their core results, pretty much selling insurance, and have mandated a pretty good target going forward. In the last quarterly earnings results, he saw some of the equity and investment return come back into that core number, so they are getting a bit blending as to whether they are selling insurance or are they investment gains. Low interest rates is a very big factor in insurance companies.


Price: $21.740
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2014-11-14 COMMENT Microsoft
MSFT-Q
Zachary Curry

Has been doing fairly well over the past while. His view is really favourable towards mobile and mobile computing, and he does question what their offerings might be. Unless there are some real projects that come online, they might be behind the curve on the mobile side, and that is really the future of growth on the technology front.


Price: $49.580
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2014-11-14 WEAK BUY Proctor & Gamble
PG-N
Zachary Curry

Not cheap. Doesn't think you're going to shoot the lights out on growth, but it has a good yield, and over the long-term, could think of worse things to own.


Price: $88.110
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Unknown
2014-11-14 PARTIAL SELL Pembina Pipeline Corp
PPL-T
Jaime Carrasco

As we are entering all this volatility, you have to have a strategy of stop losses. The only issue here is that the yield is fairly low now. This is a good time to trim some back. He would rather be looking at other sectors where you get a little bit higher yield. Utility would be a better place to be. He would also rather be holding cash for now. (See Top Picks.)


Price: $43.010
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: Yes
2014-11-14 COMMENT Rogers Communcations (B)
RCI.B-T
Zachary Curry

He prefers Bell Canada
(BCE-T) and Telus (T-T). The whole space in Canada is very confusing, but potentially challenging. There are 3 big players. Are there going to be new ones? He looks at this through content. The landscape in terms of telecommunication is changing so much with the content delivery. It is how you deliver what you own, or what you don't own to consumers. In Canada, all 3 companies are delivering wireless services. Feels the new CEO is positive, but it is like trying to turn a huge ship around, which could take some time.


Price: $43.340
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2014-11-14 COMMENT Spartan Energy Corp
SPE-T
Zachary Curry

This has been caught up in decline of commodity prices. Nonetheless, a very well-managed company with a great balance sheet. At $65 oil, they can live within their cash flow. Production is still growing, albeit at only 3%, but at $65 oil. Debt to cash flow levels would still be far under 1.


Price: $3.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2014-11-14 COMMENT Silver Standard Resources Inc.
SSO-T
Jaime Carrasco

This is his primary silver holding. It's a company that he really likes. Cost of production is really low and they continue to deliver. They have a mine being built in Mexico. Positioned extremely well to go forward.


Price: $5.940
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: Yes
2014-11-14 WAIT Suncor Energy Inc
SU-T
Jaime Carrasco

Good for a 3-5 year hold? Hasn't owned this for a long time. Finds the dividend is lower than what he likes to see. In this environment, this might be a good one because it is a solid, big company. He would wait for some price stability.


Price: $39.570
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: Yes
2014-11-14 PAST TOP PICK Stanley Works, The
SWK-N
Zachary Curry

(A Top Pick Nov 19/13. Up 20.38%.) Instead of looking at a homebuilder, he chose this one based on getting the renovation market and not exposed to the new home market.


Price: $95.670
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2014-11-14 PAST TOP PICK Stryker Corp.
SYK-N
Zachary Curry

(A Top Pick Nov 19/13. Up 20.73%.) Artificial hips, joints etc. There has been some consolidation and there will be more. This is one of the bigger names, so they could be the buyer. Technology is playing a big role. Demographics will play a big role in this. He is also looking at other names in this space.


Price: $88.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2014-11-14 COMMENT Twin Butte Energy
TBE-T
Jaime Carrasco

Management has stated that they want to have a higher dividend yield and have increased their payout. He thinks that in this case they can afford to hold this for a while. Yield of around 13% is a touch of a warning, but is also a concern of how much the price has dropped. He has a target of $2.25 and he likes it on drilling and execution risk.


Price: $1.490
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: Yes
2014-11-14 COMMENT Teck Resources Ltd. (B)
TCK.B-T
Jaime Carrasco

This has a strong balance sheet, is well diversified and is still making money. Looking at a 5 year hold, you're getting a 5% dividend during that period. They are expecting the coal market to even out next year. This is not a bad plan. His company has a $25 target on this.


Price: $18.100
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: No
2014-11-14 TOP PICK Toscana Energy Income Corp.
TEI-T
Jaime Carrasco

This is a royalty play, so there's hardly any management risk to it. It flows out of the ground, the government takes their royalty and this company takes its royalty. Dividend is very safe. The nice thing is that management has almost $40 million in cash that it can spend on other properties. For every $1 they have spent in the past, they have usually seen a $2 return. Yield of 13.34%.


Price: $12.140
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: Yes
2014-11-14 TOP PICK Tourmaline Oil Corp
TOU-T
Zachary Curry

(A Top Pick Nov 19/13. Up 3.8%.) Currently it is a little over 60% gas and 40% oil. Released some great 3rd quarter numbers and hit the ball out of the park. Good production growth, the best in their history. Market is not reflecting this. Outstanding management and good balance sheet. Can produce natural gas at full cycle under $3 per MCF.


Price: $43.380
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2014-11-14 PAST TOP PICK Trans Canada Corp
TRP-T
Jaime Carrasco

(A Top Pick Dec 20/13. Up 20.83%.) Has been adding to his holdings in the last week, just on speculation of the Keystone project.


Price: $55.800
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: Yes
2014-11-14 TOP PICK Veresen Inc
VSN-T
Jaime Carrasco

Likes the pipelines that are actually adding capacity. This one is building an LNG plant in Oregon. Once it is built, it is going to add quite a lot of revenue going forward. In the meantime, you get a dividend yield of 5.48%, which is higher than the other pipelines. With all of these plays, pension money needs to find yield in this whole interest rate environment, and that is going to give some backing to all these plays.


Price: $18.250
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: Yes
2014-11-14 HOLD Whitecap Resources
WCP-T
Jaime Carrasco

This has a good hedging position. His target on this is $21. Their CapX program is on line and there is some sustainability. It would be good to wait a bit. We are coming into winter. Also, there are the issues with Russia and Ukraine. There are a lot of politics in oil right now, and because of that market forces are a little dislocated.


Price: $14.600
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: Unknown
2014-11-14 COMMENT Westjet Airlines
WJA-T
Zachary Curry

Airlines have been doing really well, partially due to the growing economy, but also a decline in energy prices. In Canada, airlines seem to be doing fairly well. Load factors are high. The question with this company is where do they expand to. Thinks generally there will be a positive outlook on airlines for the foreseeable future.


Price: $30.880
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Unknown
2014-11-14 HOLD Yamana Gold Inc.
YRI-T
Jaime Carrasco

They reported a touch of a loss on account of their dividend, but their production came online and they are a low-cost producer. This is one of the ones that will have the leverage when we come out of this. It just requires patience.


Price: $4.370
Subject: RESOURCE, UTILITY & REITs
Bias: UNKNOWN
Owned: Yes
2014-11-13 N/A A Comment -- General Comments From an Expert
A Commentary
Mohsin Bashir

Markets.  Earlier in the early days of summer, he felt it would be nice to have a 10% correction in this market and that is pretty much what you got.  It was a cleansing and a need the market had before continuing its healthy trend upward.  Some people may wonder if this market can handle this trajectory without the extra help of QE.  He feels we are 2/3rds or 3/4ths of the way through this cycle.  You have to be selective and adjust asset allocation according to change in the environment. You have to be ready for a transition to take place sometime next year.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: _N/A
2014-11-13 N/A A Comment -- General Comments From an Expert
A Commentary
Derek Warren

REITs. REITs have been very strong this year. Took a bit of a dip last year, which was very painful, but what this has proven is that this is not the kind of asset class to have those sharp selling reactions. The value of real estate did not plummet and increase in the last 6 months. This is proof of the steady cash flow that these products produce, and shows the strength of real estate, as people sell out of some of the more volatile sectors in oil/gas/mining and have been coming back into real estate. One of the main attractions is the yield. If you look at some of the other yield sources, such as bonds, yields in REITs look very attractive. He is favouring some of the US REITs over Canadian, but also there are some Canadian REITs with some kind of US connection. The US REIT market has had quite a run and has done very well, so there is a chance of a short pullback. That would be a buying opportunity. A lot of smaller cap REITs have been neglected and have very attractive value in some of the names.


Price: $0.020
Subject: REIT's
Bias: BULLISH on REITs
Owned: _N/A
2014-11-13 N/A A Comment -- General Comments From an Expert
A Commentary
Derek Warren

Are large indoor malls dying? There is a question as to what are our shopping habits going to be in the future. He doesn't think the mall is dead. People are not going to sit at their computers and shop all day. Shopping is a community experience, so they are going to continue to go to these areas. It is the smaller, secondary, tertiary areas that are going to be difficult. There is also a certain amount of re-tenanting that is going to have to happen. Certain stores are just not going to survive the Internet age, but they will be replaced.


Price: $0.020
Subject: REIT's
Bias: BULLISH on REITs
Owned: _N/A
2014-11-13 PAST TOP PICK Pure Industrial Real Estatetrust Trust
AAR.UN-T
Derek Warren

(A Top Pick Nov 13/13. Up 4.88%.) Still good value. Sees this as still being cheap. The value is there. On a US
theme, a stronger US means more shipping to the US, meaning more logistics, which all implies using the industrial properties like this company has.


Price: $4.430
Subject: REIT's
Bias: BULLISH on REITs
Owned: Yes
2014-11-13 HOLD AutoCanada Inc.
ACQ-T
Mohsin Bashir

Overall he thinks the easy money has been made.  The recent report in the last quarter signals warning signs.  Average selling price in dealerships has been coming down.  He can see some correction here.  There is still a huge runway to consolidate dealerships in this country.  14 acquisitions year to date.  Dividend increase recently.  It is not impossible to see this name revisit an $80 level.  But it looks now like a falling knife.


Price: $52.820
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2014-11-13 BUY AGT Food & Ingredients
AGT-T
Mohsin Bashir

They have dominance in Saskatchewan and in Turkey.  They signed on an agreement for Kraft.  A lot of people are moving to alternate sources of protein.  Their additives are gluten free and lentil based.


Price: $27.600
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
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