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

Recent Opinions

Date Signal Company Expert Opinion Price
2014-09-10 SELL DHX Media
DHX-T
Alex Ruus

Excellent little Canadian media company. Doesn’t own, but if he did, he would probably be Selling it here. Has a lot of admiration for the company, but thinks it is really expensive now.


Price: $8.130
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2014-09-10 COMMENT Ford Motor
F-N
Alex Ruus

A Hold to a Weak Buy. Likes the outlook. Global auto sales continue to move forward over the coming years. North America is continuing through a very good rebound. Europe is kind of bumping along the bottom, and emerging markets continue to move forward with their auto consumption. His preference would be the auto parts manufacturers, which tends to be more stable dependable businesses. OEMs can make a lot of money from a leverage perspective, but are much more economically sensitive.


Price: $16.630
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2014-09-10 BUY First Capital Realty
FCR-T
Paul Gardner, CFA

They realize the market is expensive so they are lightening up on their acquisitions and are sweating their assets.  The chance to grow their earnings is in Toronto.  They are deleveraging their balance sheet.  They should outperform because of their defensive aspects.  He owns the bonds.


Price: $18.370
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: OPTIMISTIC
Owned: Yes
2014-09-10 STRONG BUY Flyht Aerospace Solutions
FLY-X
Alex Ruus

Owns a lot of this. There is a huge opportunity here. Just turning the corner and should be turning profitable in the next 6 months. They have smart black boxes, so there was a little bit of interest in February after NH370 disappeared. Once commercial airplanes get further than 250 miles off shore, they disappear. This company’s product allows constant monitoring, but more importantly they have a higher ROI product that allows airlines to save money by detecting problems that can be repaired at the next landing.


Price: $0.395
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2014-09-10 TOP PICK Gilead Sciences Inc.
GILD-Q
Alex Ruus

Launched Solvaldi, a new drug, at the beginning of the year. This basically helps cure hepatitis. The best drug to come to the market in history. Looks like this is going to be the most successful drug launched, in the history of the industry. Will likely Sell over $10 billion in the 1st year. Street has underestimated the earnings impact. Generating a lot of free cash flow. Only trading at 11X earnings.


Price: $108.220
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2014-09-10 BUY Guestlogix
GXI-T
Alex Ruus

Point of sale terminals for airlines and trains. An airline/train will process your payment through a credit card and this goes through this company, which gets a small piece of each transaction. A good business.


Price: $1.140
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Unknown
2014-09-10 HOLD Home Capital Group
HCG-T
Alex Ruus

Has looked at this from time to time. Likes the business. Has had a pretty good run over the last year, so the current dip in the stock could be some profit taking. There are still a lot of people who are very cautious about the Canadian real estate market. Rates this as a Hold here and a Buy on significant weakness.


Price: $52.400
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2014-09-10 DON'T BUY H&R Real Estate Inv Trust
HR.UN-T
Paul Gardner, CFA

They are diversified.  They are very transaction-based and that is one of his criticisms.  Their numbers were hurt last quarter.  It is hard to figure out what they are doing, especially in the US.  They are about 70% leveraged and so it is something he would stand away from.


Price: $22.680
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: OPTIMISTIC
Owned: No
2014-09-10 HOLD InterRent REIT
IIP.UN-T
Paul Gardner, CFA

He has looked at it for two years. Ottawa and Toronto apartment strategy, renovating apartments and renting them out at higher rent.  It has come up so much so far.   It is now trying to fit into its growth profile.  Buy it in the low $5s.


Price: $5.680
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: OPTIMISTIC
Owned: No
2014-09-10 HOLD Inter Pipeline
IPL-T
Paul Gardner, CFA

A crazy thing happened to these utilities.  The valuations have doubled.  They are now at 20 times earnings.  It is because interest rates are down and yet there is growth.  They are at capacity and have the pipelines to the oil sands.  He struggles with the valuation but feels they are worth another 10%.  It is a core position.  It is not wrong to take some profits if you have made a lot on it.


Price: $36.830
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: OPTIMISTIC
Owned: Yes
2014-09-10 DON'T BUY Killam Properties Inc
KMP-T
Paul Gardner, CFA

Never bought it back because they were always light on their revenue.  It was about ship building contracts, but it did not benefit the company.  Prefers the west where it is growing, vs. the east where it is not growing.  Management is not the best at what they do.


Price: $10.440
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: OPTIMISTIC
Owned: No
2014-09-10 WEAK BUY Legacy Oil and Gas Inc.
LEG-T
Alex Ruus

Would consider this as a Weak Buy. Executing quite well and building a nice little oil/gas company. From his perspective, valuations are a little bit steep compared to some of the stuff he has looked at. They are solid and building a nice business. Below $6.50 would be getting into the Buy range for him.


Price: $6.920
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2014-09-10 PAST TOP PICK Leon's Furniture
LNF-T
Paul Gardner, CFA

(Top Pick Aug 07’13, Up 23.75%)  He has held since day 1.  75% of the stock is owned by the Leons family.  Their transportation network will be a lot more efficient. Consistent earning.  It is one of the toughest businesses.  Their valuation is not too high.  They are going to get a lot of synergies out of their acquisition of the Brick.  They may spin out their real estate.


Price: $15.050
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: OPTIMISTIC
Owned: Yes
2014-09-10 COMMENT Linamar Corp
LNR-T
Alex Ruus

If he owned, he would be switching to Magna (MG-T), but he likes this and Martinrea (MRE-T) along with Magna. They are all good companies and leaders in what they do. He has a very positive outlook on the auto sector.


Price: $61.450
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2014-09-10 PAST TOP PICK LyondellBasell Industries
LYB-N
Alex Ruus

(A Top Pick Dec 6/13. Up 51.29%.) Domiciled in Europe and a global leader in the petro chemical business. Great, great exposure to a super period for petro-chemicals, especially those companies with North American production. This is probably one of the best positioned companies with a percentage of production coming out of North America, where they benefit from the natural gas bubble we have here. A cheap stock and generates a lot of free cash flow. Still a Buy.


Price: $113.450
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2014-09-10 BUY Manulife Financial
MFC-T
Paul Gardner, CFA

The insurance side is struggling in Canada, but they think there is growth in Asia.  This is the benefit of the standard life acquisition.


Price: $22.000
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: OPTIMISTIC
Owned: Unknown
2014-09-10 PAST TOP PICK Magna Int'l. (A)
MG-T
Alex Ruus

(A Top Pick Dec 6/13. Up 44.58%.) Continues to like this one. One of the best positioned companies in the industry to continue to grow market share. They do a great job for their OEM customers. They are leaders in developing new stuff in fuel saving technologies. Thinks it is going higher.


Price: $122.710
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2014-09-10 PAST TOP PICK Timbercreek Senior Mortgage
MTG-T
Paul Gardner, CFA

(Top Pick Aug 07’13, Up 6.20%) Short term financing for apartments or developers that don’t want to go to the banks.  10-15% discount to NAV. 


Price: $8.940
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: OPTIMISTIC
Owned: Yes
2014-09-10 BUY National Bank of Canada
NA-T
Paul Gardner, CFA

Stock vs. Stock.  CM-T vs. NA-T.  Has outperformed by CM-T.  Have a lot less volatility in their earnings.  We are in a late stage market so he would prefer this.


Price: $53.330
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: OPTIMISTIC
Owned: No
2014-09-10 TOP PICK Neptune Tech & Bioresource
NTB-T
Alex Ruus

This is going to be one of the leaders of tomorrow. Probably one of the most exciting opportunities in the market today. They provide fossil lipids, primarily out of Antarctic krill, which has a great affect on your cardiovascular system. Very beneficial for cholesterol and triglycerides. In the next 3 weeks, their subsidiary Acasti Pharma, will be reporting a pivotal phase 2 trial, which he thinks will catalyze the stock and drive both companies up a lot in the market. A multi-bagger potential.


Price: $2.170
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2014-09-10 HOLD Pengrowth Energy
PGF-T
Alex Ruus

Fairly decent high dividend paying Canadian energy company. This is always compared to Enerplus (ERF-T), which he prefers, who are on to some higher ROI type properties and are executing better.


Price: $6.410
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2014-09-10 DON'T BUY Potash Corp of Saskatchewan
POT-T
Paul Gardner, CFA

This is a food commodity and it is unethical to keep fertilizer prices high.  Things broke with the cartel so it dropped. He would buy at 15 times earnings but would prefer to step aside until 8 times earnings. 


Price: $37.190
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: OPTIMISTIC
Owned: Unknown
2014-09-10 HOLD Petrowest Corp
PRW-T
Alex Ruus

Would rate this as a Hold to a Buy. Likes the business longer term. Had a pretty good run over the last year, but it is in the right area. The biggest growth in Canada continues to be the Alberta, BC areas, primarily driven on the back of energy development. This company plays right into that as well as some infrastructure development support they do. Pretty economically dependent on the activity level out there, but the backdrop is pretty good. If there is a pullback, these guys will have a drop in demand. This isn’t a high margin business and a drop can really affect it. Prefers Enterprise Group (E-T).


Price: $1.260
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2014-09-10 TOP PICK Quebecor Inc (B)
QBR.B-T
Paul Gardner, CFA

Videotron 7.125% Jan 15, 2020 Bond.  Credit metrics of an investment grade bond.  They are the cable providers of Quebec.  They have to push their profits up to QBR.B-T, but in the case of any insolvency of QBR, Videotron is made whole.  The biggest risk is that they would be the 4th big player out there.


Price: $28.460
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: OPTIMISTIC
Owned: Yes
2014-09-10 HOLD Surge Energy Inc
SGY-T
Alex Ruus

A very good energy company. Thinks the dividend is sustainable. Excellent management team that is very astute at picking up under-valued assets. They are building the company around a portfolio of lower decline assets that have high returns on invested capital. Sees this as a $10 stock in the next 12-24 months.


Price: $7.760
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2014-09-10 BUY Student Transport of America Ltd.
STB-T
Paul Gardner, CFA

Dividend is safe.  Third largest operator of school busses in the US.  15-18% margins.  It is cheap 10-15%.  Capital structure is fine, but it is a small cap.


Price: $7.040
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: OPTIMISTIC
Owned: Unknown
2014-09-10 TOP PICK Tricon Capital Group
TCN-T
Paul Gardner, CFA

(Top Pick Aug 07’13, Up 21.95%) This is a play on US housing recovery.  20-25% discount to NAV.  A proxy for the US home recovery, which is now in growth mode.  Their lending costs are going to drop.


Price: $7.670
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: OPTIMISTIC
Owned: Yes
2014-09-10 DON'T BUY Tesla Motors Inc
TSLA-Q
Alex Ruus

He has a very strong answer on this one. DO NOT BUY THIS STOCK! You could lose a lot of money. An extremely expensive stock. Look at what happened to Ballard Power (BLD-T) around 2000. At the end of the day fuel cells are a niche business. Thinks you will make money Shorting it.


Price: $281.100
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2014-09-10 COMMENT Walgreen Co
WAG-N
Alex Ruus

Just started working on this and finds it very interesting. Has always liked this company. The leading drug store in the US as well as now being a big player in Europe. Good franchise. Looks like a pretty good investment, but he hasn’t made a firm decision yet.


Price: $63.320
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2014-09-10 TOP PICK Wellpont Health Networks
WLP-N
Alex Ruus

Largest US health insurer. A really well positioned company longer term. Health insurers are a part of the solution to controlling health costs because of the nature of the market. You have buyers going to suppliers and generally don’t have the information that they need. This company acts as a middle man to help get the best prices. Trading at a cheap valuation of 12X next year’s earnings. Almost 2% in dividend, which is increased every year.


Price: $119.800
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2014-09-10 COMMENT Exco Technologies
XTC-T
Alex Ruus

Provider of some tooling for the auto parts industry, as well as getting into some auto parts areas. They are still really small. Likes where they are going and what they are doing, but it has had a heck of a run. He would prefer something like a Magna (MG-T).


Price: $10.500
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2014-09-10 HOLD Yum! Brands
YUM-N
Alex Ruus

Excellent restaurant company with very good brands. One of the best exposed to longer term growth in China. They are having some short term issues, primarily in China, where same store sales are down. Having some issues with their KFC franchise so short term growth is stagnating a bit.


Price: $72.590
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2014-09-09 N/A A Comment -- General Comments From an Expert
A Commentary
David Burrows

Markets. We are in a secular bull market. When he looks at the signals, he tries to understand what the market is saying. In general, in a healthy market over time, a broader and broader number of securities should be participating in market strength. In the spring, the developed markets were leading the world, led by the US, followed up with Europe and some other developed markets. We have seen buying in equities spread beyond developed markets and into developing markets. China is certainly behaving better for the first time in 2 years. Latin American markets are behaving a little bit better. The breadth of buying in markets has been expanding, and does not look overcooked when looking at credit markets. Corporations are being able to borrow money at very low rates so the market is not concerned about business risks at this point.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: _N/A
2014-09-09 N/A A Comment -- General Comments From an Expert
A Commentary
Christine Poole

Market. The market has been very good, but we are always vulnerable to a pullback. Everybody keeps talking about a 10% pullback, but we haven’t seen that yet. Given the strength of the market, it will be sensitive to any potential negative news. Economically the growth in the US is quite good. There have been very strong industrial manufacturing measurements in the last couple of weeks. The Fed will be finished tapering in November and they’ll probably start to increase interest rates at some point. If the US economy comes on too strong, she could see the market pull back. Thinks growth will be somewhat muted, but because of the strong manufacturing activities, we’ll see job growth accompanying that, which will be positive. Outside of the US, things are slowly improving, but it is very bumpy. The Ukraine/Russian situation is having an impact on the European economy, but we have seen the central banks there inject more liquidity into the system to keep everything going. As long as profits keep rising in the high single digits, she expects there is more upside.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: _N/A
2014-09-09 N/A A Comment -- General Comments From an Expert
A Commentary
Christine Poole

What are your favourite REITs? Feels there is a place for having some REITs in your portfolio, whether you are an income or a growth investor. Maybe 5%-6%. High quality REITs do provide a quality cash flow stream and give you yields of 4%-5%. She owns Chartwell (CSH.UN-T) in seniors housing. She also owns H&R (HR.UN-T) which has a high quality, blue-chip portfolio list of tenants. Occupancy is very high. If there was a high spike in interest rates, REITs would probably not do very well.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: _N/A
2014-09-09 SELL Alcoa
AA-N
Christine Poole

This has done very well and is probably a Sell. Aluminium prices increased by about 15%-20% in the last 3 months, due to some production curtailment. This is one commodity that China produces domestically. Capitalization in this industry is quite low at about 78%, which means there is plenty of capacity out there.


Price: $17.110
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2014-09-09 BUY Apple
AAPL-Q
David Burrows

Apple’s New Product Event: Ultimately, what Apple is trying to do, is to re-establish some growth in the business. They have a history of trading up into these events and then back off a little afterwards. It will really depend on what they come out with. There are high expectations for some new products. Payments could potentially be quite interesting, depending on how the business model works. This is something that a lot of companies have been trying to do, and Apple probably has a critical mass to drive. He would expect them to deliver some very great products. An investment in this company is just an investment in some very secular long-term themes towards wearables, wireless data, etc. Stock has been behaving well into the news and is in a strong sector.


Price: $97.990
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: Yes
2014-09-09 TOP PICK Archer Daniels Midland Company
ADM-N
David Burrows

This is a beneficiary of the huge crop in corn and wheat. Prices for the product are very weak, but all they do is process, so it just comes down to volume for them. They came off 2 years where there was drought in the US and their earnings were depressed. They have become very efficient to deal with that. Now they have a bumper crop and are likely to have much higher volumes. Generates cash flow yield of almost 8%. Very shareholder friendly. Have grown their dividend 15% a year over the last 4 years. That is likely to continue. Yield of 1.9%.


Price: $50.460
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: Yes
2014-09-09 PAST TOP PICK American International Group
AIG-N
David Burrows

(A Top Pick Aug 8/8/13. Up 14.07%.) He continues to like insurance. They continue to have opportunities and tailwinds that will continue to go on. This is still a Buy.


Price: $55.080
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: No
2014-09-09 COMMENT American Tower
AMT-N
David Burrows

This company owns cell towers around the world. In effect, it is a REIT that owns real estate which contains cell towers. Their tenants are the phone companies that put their gear up on the tower to transmit and receive. There is a boom in data use. As that continues, more equipment has to go up on these towers. The average tower has 2.5 tenants and could go to 5 tenants over time. When they come with new generations of gear, they don’t take the old gear down, because people still have some old equipment. He likes this as a dividend growth story.


Price: $98.560
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: Yes
2014-09-09 DON'T BUY BlackBerry
BB-T
David Burrows

This company has gone through a significant change in their business. They are really trying to make money on their enterprise system. He thinks there is a fair bit of risk in the business so he would prefer others.


Price: $11.270
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: No
2014-09-09 DON'T BUY Bonavista Energy Corp
BNP-T
David Burrows

Hasn’t taken a close look at this one recently. One of the things he watches for when a sector has been doing very well is for those companies that start to under-perform early. Earlier this summer, natural gas stocks were having a very good run, but this companies share price started to back off. They have under-performed coming into and during this rally, and are now under-performing and starting to selloff early.


Price: $13.680
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: No
2014-09-09 COMMENT Caterpillar
CAT-N
Christine Poole

Very much tied to the global economy. Stock has not done that well. There has been a slowdown in mining which is not good for this company. Some of the regions were over inventoried, so they were not selling. A high quality name. Still a little too early to Buy. If gold does eventually pick up, this company will do fine.


Price: $107.400
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2014-09-09 HOLD Cineplex Inc
CGX-T
Christine Poole

The traffic flow into theatres has been relatively weak. Provides a pretty attractive yield at 3.5%. Have been increasing dividends slowly. Very well-managed. They can’t really control the movie slate, but have been very good at increasing their concession sales, using theatres for alternative programs and introducing premium priced movies. The movie slate coming forward looks to be more positive.


Price: $40.620
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2014-09-09 BUY Canadian Imperial Bank of Commerce
CM-T
David Burrows

(Market Call Minute.) Canadian banks put up great earnings. Most companies beat on their wealth management businesses.


Price: $106.360
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: Yes
2014-09-09 COMMENT ConocoPhillips
COP-N
David Burrows

(Market Call Minute.) Their refining margins should benefit from energy prices. They will trade like the rest of the integrated oil companies. Will be somewhat dependent on the price of oil. You could buy it here, but the risk is falling prices.


Price: $78.960
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: Unknown
2014-09-09 COMMENT Canadian Pacific Rail
CP-T
David Burrows

There is a slowly improving market environment in North America. This company moves a lot of stuff. Transports are hitting a new high, which tells you the market believes the economy is slowly getting better. They are a big beneficiary of the lower energy prices.


Price: $226.240
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: Yes
2014-09-09 BUY Crescent Point Energy Corp
CPG-T
David Burrows

(Market Call Minute.) This is at risk to the energy prices, but they have a shareholder base who bought this for the distributions and dividends. This will pay you along the way so if you want energy exposure, this is a good one to own. Good defensive play.


Price: $42.630
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: Yes
2014-09-09 BUY Crescent Point Energy Corp
CPG-T
Christine Poole

Their acquisitions have generated criticism in the last couple of years. Stopped doing that for a while and focused on internal development. Have just acquired a land package which is expanding their holdings in their core area. This is positive. Has pulled back a little so it is an attractive time to Buy or to build a position. Very nice yield of over 6% which she feels can be fully supported.


Price: $42.630
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2014-09-09 COMMENT Cenovus Energy
CVE-T
Christine Poole

This is more the oil side of the old Encana (ENC-T). Good company. Hasn’t done much because of the commodity price. She is getting a little more interested in Canadian Natural Resources (CNQ-T).


Price: $33.490
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2014-09-09 BUY DuPont
DD-N
David Burrows

We have gone from a market between 2000 and 2012 that was for price setters. Producers of products that were in short supply were able to set prices. Price takers, that had to pay those higher prices were under pressure. Feels we have gone through a watershed over the last few years, where the price takers are doing much better because commodity producers are having a hard time setting price. Anybody buying commodities now are benefiting from the weakness in commodity prices. The chemical industry has been a huge beneficiary of the boom in oil/gas production in the US. He likes chemical industries as a whole. This is a great company in that they have been shedding the commodity chemical business and focusing on specialty chemicals, which are higher margins.


Price: $65.270
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: No
2014-09-09 BUY Walt Disney
DIS-N
David Burrows

There are a lot of drivers behind this company. It is benefiting from the same tailwind that the whole US economy is benefiting from, which is 72% consumer. With falling food and energy prices, with falling financing costs and less strain from commodity prices, the consumer has more money to spend. The first thing people spend money on is travel and entertainment. It doesn’t hurt that Disney has strong strength in media. In the movies, they have a bunch of franchises that will really start to hit over the next year.


Price: $89.600
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: Yes
2014-09-09 COMMENT Dollarama Inc.
DOL-T
Christine Poole

Have executed really well and are obviously the leader in Canada. Right now the multiple is relatively high. Thinks they will be facing a few headwinds going forward. Reporting on Thursday so there will be some commentary regarding that. They source a lot of their product from the US, so the strong US$ is going to hurt them. Also, there is going to be an increase in the minimum wage in Ontario, which will hurt their costs slightly. Starting in 2015, the tariffs on imports from China will be going up.


Price: $93.490
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2014-09-09 COMMENT Encana Corp
ECA-T
Christine Poole

This is on her watchlist. They have a big war chest and the thought is that they will be using that to acquire something. Have announced that they are focusing on liquids rich natural gas.


Price: $25.500
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2014-09-09 TOP PICK Emerson Electric
EMR-N
Christine Poole

Very high quality, global, industrial company. A great way to play the increasing industrial manufacturing activity in the US and the rising CapX, as well as improving globally. They automate, regulate, monitor and measure manufacturing processes and power generation. Also, big manufacturers of compressors. Dividend yield of 2.64%.


Price: $65.110
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2014-09-09 COMMENT Enbridge
ENB-T
David Burrows

This is a great study of being a leader within a group, at a time when the group has been out of favour. In 2009 this was a sector that was generally unloved, but this company has been executing very well. It is a remarkably disciplined business. They look at every potential new project based on return of capital. They had a lot of long-term projects lined up to build. They continue to be that way. He thinks there is a long runway for the energy infrastructure companies, and this company will participate in that.


Price: $56.080
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: Unknown
2014-09-09 COMMENT Diamondback Energy
FANG-Q
David Burrows

One of the biggest changes in his portfolio over the last 6-8 weeks has been reduction in exposure to exploration and production companies so he is no longer in this. A great company and their production growth is remarkable. The problem is some near-term concern on the price of West Texas crude and Brent Sea oil, so producers have been backing off. Stock is behaving very, very well and has not broken down technically. He has just been increasing his Consumer Discretionary exposure and reducing some of his energy producers.


Price: $76.460
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: No
2014-09-09 BUY Gibson Energy
GEI-T
David Burrows

This is a beneficiary of the boom in oil/gas production. Have all kinds of different operations in water treatment, disposal and oil field waste management. They are integrated through the industry. Will continue to benefit through cash flow growth. The risk would be if there is a very substantial pullback to the price of crude that would slow the growth of production. He doesn’t see this. 3.3% dividend yield which he expects will grow at 5%-6% a year.


Price: $36.460
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: Yes
2014-09-09 PAST TOP PICK CGI Group (A)
GIB.A-T
Christine Poole

(A Top Pick Sept 10/13. Up 15.63%.) Doesn’t pay a dividend, so it is really for a more growth oriented investor. Have had a really good track record of making acquisitions.


Price: $39.140
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2014-09-09 BUY Gilead Sciences Inc.
GILD-Q
David Burrows

Hepatitis C drug is one of their big products. There is competition in the space, but they have predominant products. The biotech sector is very interesting because the very large ones have a much greater growth rate than the typical drug company, but trade of multiples that are very similar. Thinks there will continue to be consolidation of pharmaceutical companies buying biotechs.


Price: $105.890
Subject: NORTH AMERICAN - LARGE
Bias: BULL
Owned: Yes
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