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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
2017-04-17 BUY EnerCare Inc
ECI-T
Barry Schwartz

A business that was going nowhere and now is going somewhere.  It is all about focusing on your balance sheet and generating free cash flow.  Investors need to be patient.  It is a well run business and there is lots more room for them to get growth.


Price: $20.890
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2017-04-17 BUY Facebook
FB-Q
Barry Schwartz

A well run company and generating revenues faster than the S&P500.  PE is 21 times.  Buying it at the IPO would have been a no-brainer.  They are spending a lot on R&D.  If they get the growth 5 years out this could be very inexpensive.


Price: $141.420
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Unknown
2017-04-17 WATCH Home Capital Group
HCG-T
Larry Berman CFA, CMT, CTA

You need to look at the long term chart.  There are lower lows and lower highs.  You can’t call a bottom.  You have to see a sign that it has turned.  Hedge funds are playing this stock.  There is high risk and no technical evidence that a bottom is in.  It is for high speculators only.


Price: $22.120
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-04-17 HOLD Home Capital Group
HCG-T
Barry Schwartz

There is misleading information out there promoted by short sellers.  They were hit last Thursday.  People are worried about a housing market correction and what the Ontario government will do to cool the housing market.  They got rid of their CEO quickly.  They wiped the slate clean.  They got an OSC notice.  There have been no credit losses so far.  It has a very low valuation.  Hopefully it will recover.  He is not going to pull the plug.


Price: $22.120
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2017-04-17 BUY High Liner Foods
HLF-T
Barry Schwartz

They were selling breaded fish as their main product and tastes are changing.  In the past few months they have come out with a bunch of new products that aren’t breaded.  It is the cheapest food processor in the world.  The multiple does not make any sense to him.  Long term, people will still be consuming more fish and seafood.  They are doing a good job of paying down their debt.


Price: $18.090
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Unknown
2017-04-17 DON'T BUY HBP NYMEX Nat'l Gas Bull+
HNU-T
Larry Berman CFA, CMT, CTA

A double leveraged play for Natural Gas.  Future prices of gas are already in this.  This is fine for a short term trade of a week or two, but you need to understand the forward nature of the curve.  You need more increase in gas prices than the futures contracts predict.  He does not think there will be a big boom in Natural Gas this summer.  ZJN-T is junior companies and is a better way to play gas.


Price: $8.260
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-04-17 TOP PICK Intertape Polymer Group
ITP-T
Barry Schwartz

Everything that is shipped has to be professionally taped.  They have done a good job of taking their market share and expanding outside of Canada and the US.  Great dividend that has grown many years in a row. (Analysts’ target: $27.75).


Price: $23.610
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2017-04-17 BUY KP Tissue Inc
KPT-T
Barry Schwartz

He has been continuing to buy this for new and existing customers.  He has now reached the limit of his weighting.  Only 15% of the company’s stock has been sold to shareholders.  This is a well run product with very strong pricing power and a nice dividend.  They are working through a lot of projects including one to get more sales to offices.


Price: $15.940
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2017-04-17 WEAK BUY Lowes Companies Inc.
LOW-N
Barry Schwartz

It is incredible how well they have done, second to HD-T.  So far Amazon cannot do anything to kill them.  The stuff they sell is heavy to ship.  They have done a great job of returning capital to shareholders, but he has other ideas.


Price: $81.950
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Unknown
2017-04-17 TOP PICK Live Nation Entertainment Inc.
LYV-N
Barry Schwartz

Experiential Consumerism.  Concerts and adventure travel.  They make their money not on the concerts, but on the merchandise, the promotions, the sponsorships and they own a lot of the venues.  They are out there buying more and more concerts and live events.  They own Ticket Master.  It does not pay a dividend and the balance sheet is not opaque.  He thinks they can build their cash flow over 40% over the next couple of years.  They have wonderful pricing power.  (Analysts’ target: $33.00).


Price: $30.890
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2017-04-17 WATCH MEG Energy Corp
MEG-T
Larry Berman CFA, CMT, CTA

Look at a 5 year chart.  It looks like there is some stability and that it is turning around, but there are still question marks in his mind.  You need to take out the 2016 highs.


Price: $6.800
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-04-17 TOP PICK Vail Resorts Inc
MTN-N
Barry Schwartz

The moat is the mountains.  They own world class, top properties and are looking to expand. It is not cheap, but they have a good track record of increasing their dividend. (Analysts’ target: $210.00).


Price: $189.860
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2017-04-17 PAST TOP PICK Oracle
ORCL-N
Barry Schwartz

(Top Pick June 24/16, Up 15%) They are getting more subscriptions and more products on the cloud.  There is lots of completion in the cloud space, but they have done a great job.  They are still inexpensive.


Price: $44.520
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2017-04-17 PAST TOP PICK Priceline.com Inc.
PCLN-Q
Barry Schwartz

(Top Pick June 24/16, Up 43%) It’s a very volatile name.  It has the best on-line booking platform in the world.  They generate great margins.  It is growing 20% a year and trading at 20 times earnings, ex cash.


Price: $1770.610
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2017-04-17 BUY Pembina Pipeline Corp
PPL-T
Barry Schwartz

Clients have owned it on and off for 17 years.  It has survived and done beautifully.  They have so many projects on the go.  In this low oil environment they are doing well.  He would prefer KEY-T because they have underperformed.


Price: $44.330
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2017-04-17 PAST TOP PICK Saputo Inc.
SAP-T
Barry Schwartz

(Top Pick June 24/16, Up 25%) It is all about timing.  He still likes the business.  The family has a majority position.  He is happy to buy more in pull backs.  These guys generate lots of free cash and know what to do with it.  They are very diversified geographically.


Price: $46.630
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Yes
2017-04-17 TOP PICK Sphere FTSE Emerging Sustainable Yield ETF
SHZ-T
John DeGoey

(He’s been telling people for years that they should be buying more emerging markets. Tonight, he is giving 3 different ways to play the same theme.) This one started trading about 6 months ago and is focused on sustainable yield. It is small. The important thing is, it has a sustainable yield as part of its methodology. That is the value screen. He is a proponent of factor investing.


Price: $10.330
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-04-17 BUY TFI International Inc
TFII-T
Barry Schwartz

Transforce, the trucking company.  A number of analysts downgraded it for the first quarter.  We saw preannounced lousy results from US truckers recently.  He thinks that at the end of the day, since they are very good capital allocators, that this will be a gift from the gods.  14 times PE.


Price: $29.820
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: Unknown
2017-04-17 PAST TOP PICK Vanguard FTSE Cdn High Div Yd.
VDY-T
John DeGoey

(A Top Pick May 2/16. Up 19%.) A broadly diversified way of getting Canadian dividends. He doesn’t believe you should use dividends as an income investment, but this is for those people who are looking for dividends.


Price: $33.650
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-04-17 PAST TOP PICK Vanguard FTSE Emerg. Mkts. All Cap ETF
VEE-T
John DeGoey

(A Top Pick May 2/16. Up 24%.) This is something that he recommends quite often. He is a big fan of emerging markets, and in his mind, this is the best single way to play it. It is a most broadly diversified and the lowest cost.


Price: $32.070
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-04-17 TOP PICK Vanguard FTSE Emerg. Mkts. All Cap ETF
VEE-T
John DeGoey

(He’s been telling people for years that they should be buying more emerging markets. Tonight, he is giving 3 different ways to play the same theme.) If there was only one way to play it, this would be the one that is the most diversified and the lowest cost.


Price: $32.070
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-04-17 BUY Waste Management
WM-N
Barry Schwartz

There are no bargains in this business.  They have pretty good growth and can make many good acquisitions going forward.  Valuations are high.  He likes the business, however. 


Price: $72.500
Subject: NORTH AMERICAN
Bias: OPTIMISTIC
Owned: No
2017-04-17 TOP PICK iShares MSCI Emerging Markets
XEC-T
John DeGoey

(He’s been telling people for years that they should be buying more emerging markets. Tonight, he is giving 3 different ways to play the same theme.) This has a small-cap bias. The 2 main factors that are the most important to him are value and market capitalization.


Price: $24.890
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-04-17 PAST TOP PICK iShares CNX Nifty India
XID-T
John DeGoey

(A Top Pick May 2/16. Up 29%.) He is a fan of emerging markets. India has good fundamentals. In the next 10-11 years, it will pass China in population, and has a well educated workforce. This would still be a Buy.


Price: $33.240
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-04-17 COMMENT iShares S&P 500 (CAD-Hedged) ETF
XSP-T
John DeGoey

iShares S&P 500 (CAD-Hedged) (XSP-T) or iShares Russell 2000 (CAD-Hedged) (XSU-T)? He frequently talks about factor investing, and one of the factors that is very real and very tangible is the small caps outperforming large caps over time. As a result, he expects XSU will give slightly higher returns, although it is a bit more volatile.


Price: $26.890
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-04-17 COMMENT iShares Russell 2000(CAD-Hedged)
XSU-T
John DeGoey

iShares S&P 500 (CAD-Hedged) (XSP-T) or iShares Russell 2000 (CAD-Hedged) (XSU-T)? He frequently talks about factor investing, and one of the factors that is very real and very tangible is the small caps outperforming large caps over time. As a result, he expects this will give slightly higher returns, although a bit more volatile.


Price: $29.130
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-04-17 COMMENT BMO MSCI Europe High Quality
ZEQ-T
John DeGoey

BMO Europe High Dividend Covered Call hedged to CAD (ZWE-T) or BMO MSCI Europe High Quality (ZEQ-T)? ZWE is basically a value screen, or alternatively you can for a quality that is similar, but not exactly the same through this one. Either way, you are looking at factor investing. He doesn’t find a lot to choose between the 2. Either would do well for you.


Price: $19.640
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-04-17 COMMENT BMO Covered Call Cdn Banks ETF
ZWB-T
John DeGoey

Individual banks have done a lot better, so why should a person buy this ETF? If you have enough money to buy all 5 banks individually and you don’t mind paying for 5 trade tickets, then you might very well be better off buying the 5 banks. If you are worried about banks going sideways, this at least gives you the chance to make some money on the covered call writing that this ETF does.


Price: $18.650
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-04-17 COMMENT BMO Europe High Dividend Covered Call Hedged to CAD ET
ZWE-T
John DeGoey

BMO Europe High Dividend Covered Call hedged to CAD (ZWE-T) or BMO MSCI Europe High Quality (ZEQ-T)? This one is basically a value screen, or alternatively you can go for a quality that is similar, but not exactly the same through ZEQ. Either way, you are looking at factor investing. He doesn’t find a lot to choose between the 2. Either would do well for you.


Price: $21.850
Subject: PERSONAL FINANCE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-04-13 N/A A Comment -- General Comments From an Expert
A Commentary
EDITOR

BNN presented special cannabis legislation coverage LIVE from Ottawa at 1pm ET. Market Call was pre-empted.


Price: $0.020
Subject: N/A
Bias: NEUTRAL
Owned: _N/A
2017-04-13 N/A A Comment -- General Comments From an Expert
A Commentary
Paul Harris, CFA

Market. People felt very uncomfortable last year that we were in a slow growth, low inflation environment. They worried about the Fed increasing rates. This year they are more comfortable with the Fed raising rates, feels the economy is going to grow faster, and maybe more inflation. Globally, we are seeing a lot of positive numbers coming out. We are in a better environment from an economic point of view. Deflation seems to be less of a worry in Europe. The economy can handle the Fed increasing rates and the economy can grow a little faster than people expect. However, he doesn’t think that is going to happen until 2018. The world is looking for faster growth and maybe higher inflation, and he doesn’t expect we’ll see that until later on in the year. There may be a pullback, and if so, he could buy some companies he likes that are cheaper.


Price: $0.020
Subject: GLOBAL
Bias: UNKNOWN
Owned: _N/A
2017-04-13 PAST TOP PICK Apple
AAPL-Q
Paul Harris, CFA

(A Top Pick, May 5/16. Up 54%.) Had felt this was very cheap on a valuation basis. Trading at almost 10X earnings and has a great dividend yield. Still a very cheap tech stock.


Price: $141.050
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2017-04-13 COMMENT Amgen Inc.
AMGN-Q
Paul Harris, CFA

A great company. It is considered a biotech company, but has a market cap of over $1 billion. Trading at only 13X earnings and has a great free cash flow yield of almost 12%. He feels their pipeline is really strong and that the value of the company is 20% higher than it is here.


Price: $161.610
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2017-04-13 TOP PICK Bank of America
BAC-N
Paul Harris, CFA

The stock ran up and has pulled back, giving a good opportunity to buy. It has 10% of all the retail assets in the US. It continues to reduce costs through technology and headcount. They have 3 very strong good businesses, retail, corporate investment banking and the brokerage business. Trading just below BV. Thinks the stock is worth in the $38-$40 range. Dividend yield of 1.3%. (Analysts’ price target is $26.)


Price: $22.340
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2017-04-13 COMMENT Brookfield Asset Management (A)
BAM.A-T
Paul Harris, CFA

He sold his holdings, because he felt it was going to kind of move sideways from here. Because they own a bunch of different assets, you have to think of it not from a PE basis, but from a NAV basis. It pays a nice dividend.


Price: $48.440
Subject: GLOBAL
Bias: UNKNOWN
Owned: No
2017-04-13 DON'T BUY Bombardier Inc (B)
BBD.B-T
Paul Harris, CFA

Not a stock he would ever think about buying. They are still probably not making money. There are so many better companies available.


Price: $2.270
Subject: GLOBAL
Bias: UNKNOWN
Owned: No
2017-04-13 TOP PICK Blackstone Group LP
BX-N
Paul Harris, CFA

Trading at 10X earnings and has a very good dividend yield of 5.2%. 2 things happened with this company. They were very smart at buying a lot of assets in the downturn in the equity market, and if it continues like this, it will give them the opportunity to harvest gains from that. The other thing was that they raised about $100 billion. They have a lot of firepower if something happens to the stock market. Feels the company is worth somewhere between $55 and $60 if things work out. (Analysts’ price target is $34.75.)


Price: $28.860
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2017-04-13 COMMENT Canadian Imperial Bank of Commerce
CM-T
Paul Harris, CFA

His problem with this bank is that it has an OK retail franchise, an OK investment banking franchise, and they paid a lot of money to buy a bank in Chicago. He prefers Toronto Dominion (TD-T) and Royal (RY-T).


Price: $112.170
Subject: GLOBAL
Bias: UNKNOWN
Owned: No
2017-04-13 TOP PICK CVS Health Corp
CVS-N
Paul Harris, CFA

A kind of integrated health care company. It is a pharmacy and has a long-term care business. Trades at 13X earnings. The stock has pulled off from its highs. Has a free cash flow yield of about 7%. They’ve had some issues on the same store sales side over the last while, and he thinks that is stabilizing. On the healthcare side, they need to make a few more acquisitions. Thinks the intrinsic value is somewhere between $90 and $95. Dividend yield of 2.6%. (Analysts’ price target is $87.50.)


Price: $77.960
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2017-04-13 COMMENT DH Corporation
DH-T
Paul Harris, CFA

Being acquired at $25.30 a share. It doesn’t look like there is going to be anybody else coming in and paying a higher price. If you have another idea, then you could sell it right now and move on.


Price: $25.290
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2017-04-13 BUY Enbridge
ENB-T
Paul Harris, CFA

Enbridge (ENB-T), Toronto Dominion (TD-T) or split the money in half? This is a tough question, as he owns both. Both stocks have their merit. TD over the long run probably has the better story because of their large US franchise. However, Enbridge acquired Spectra. He would split the money and buy them both.


Price: $56.290
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2017-04-13 PAST TOP PICK Firstservice Corp
FSV-T
Paul Harris, CFA

(A Top Pick, May 5/16. Up 39%.) A great story and a great Canadian company. They maintain properties, gated communities and apartments. Also, owns College Pro Painters. He likes that they have a large US presence. When they sign contracts, it is for quite a long time. There is a lot of capacity to make acquisitions from mom and pop type businesses at a reasonable price.


Price: $79.680
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2017-04-13 DON'T BUY General Electric
GE-N
Paul Harris, CFA

An industrial company that had a massive financial services business attached to it. That financial services had a very high return on equity, that kind of masked the cyclicality of the industrial businesses. Trading at 18X earnings with a 3.3% dividend yield, but it is a 90% industrial company, and is more cyclical than it ever was before. He would say this is fairly valued at these prices.


Price: $29.560
Subject: GLOBAL
Bias: UNKNOWN
Owned: Unknown
2017-04-13 COMMENT Gilead Sciences Inc.
GILD-Q
Paul Harris, CFA

Feels the market is discounting way too much on their hepatitis C drug. Because it is curing everybody, the growth rate in that drug keeps falling. He likes it at this range and it pays a good dividend. Trading at 7X earnings, incredibly cheap. Has a huge cash flow yield. They have a good balance sheet with lots of cash. Their HIV drug continues to do very well for them. Feels the market is giving zero value to their drug pipeline, where they have some very interesting products.


Price: $66.510
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2017-04-13 COMMENT Lloyds TSB Group PLC
LYG-N
Paul Harris, CFA

Primarily a retail bank in the UK. Sold off a lot of non-core assets. There are 2 things holding back the stock. The UK owns a position, and have to sell it off. Also, the stock ran up a lot and was well ahead of itself, so has pulled back. A great business and a great company and incredibly well run.


Price: $3.170
Subject: GLOBAL
Bias: UNKNOWN
Owned: Unknown
2017-04-13 COMMENT Manulife Financial
MFC-T
Paul Harris, CFA

Insurance companies have been predicated upon interest rates going up in the next little while. They’ve made a lot of money on investment sales in the last couple of quarters, and he thinks that is going to be pulling back a little. One of the keys is their Asian business. They have a very strong and developing emerging markets/Asian business, which is what you want to own the stock for over the long-term.


Price: $22.690
Subject: GLOBAL
Bias: UNKNOWN
Owned: No
2017-04-13 COMMENT Magna Int'l. (A)
MG-T
Paul Harris, CFA

Not expensive at 7X earnings, and has a decent dividend yield. The car industry kind of collapsed in 2008-2009 and then it took off. The number of cars sold is off the charts in the last several years. There is a feeling that this volume cannot continue. Magna is a parts producer so they deal with everybody. Even though the car industry may grow at 1%, Magna could probably grow at between 3% and 5%. You should see better margin improvements. The car industry will probably have most of its growth in emerging markets over the next several years, and they are moving into that area. They have a pristine balance sheet, so they could look for some acquisitions. Dividend yield of 2.8%.


Price: $52.780
Subject: GLOBAL
Bias: UNKNOWN
Owned: Unknown
2017-04-13 PAST TOP PICK Potash Corp of Saskatchewan
POT-T
Paul Harris, CFA

(A Top Pick, May 5/16. Up 11%.) Sold his holdings because he felt they weren’t executing well. Also, felt that potash prices had to come down a lot more because of the overcapacity.


Price: $22.060
Subject: GLOBAL
Bias: UNKNOWN
Owned: No
2017-04-13 COMMENT Sun Life Financial Inc
SLF-T
Paul Harris, CFA

This has run up on expectation of higher interest rates, but pulled back and is moving sideways. The risk is that interest rates don’t go up as much as people are expecting. Not an expensive stock, and you can own it if you have a 3-5 year time frame.


Price: $46.690
Subject: GLOBAL
Bias: UNKNOWN
Owned: Unknown
2017-04-13 BUY Toronto Dominion
TD-T
Paul Harris, CFA

Enbridge (ENB-T), Toronto Dominion (TD-T) or split the money in half? This is a tough question, as he owns both. Both stocks have their merit. TD over the long run probably has the better story because of their large US franchise. However, Enbridge acquired Spectra. He would split the money and buy them both.


Price: $64.870
Subject: GLOBAL
Bias: UNKNOWN
Owned: Yes
2017-04-13 COMMENT Teva Pharmaceutical
TEVA-N
Paul Harris, CFA

The largest generic company globally. They need a new CEO. They acquired Allergan. There are a lot of things happening, so it is a wait and see story. A very good company and incredibly cheap. They can maintain their dividend yield, which he thinks is at about 4%.


Price: $32.060
Subject: GLOBAL
Bias: UNKNOWN
Owned: No
2017-04-13 BUY on WEAKNESS Wells Fargo
WFC-N
Paul Harris, CFA

Just reported and beat estimates. A great company and well run. Trading at 1.6X Book with a small dividend yield of 2.7%. Trading at 13X earnings. Net interest income, the biggest thing in this company because it is primarily a retail bank, is about 2.87%, a couple of basis points lower than expected. However, expenses went up. Costs are impacting them because of the issues they face with their employees, sales tactics, etc. That will affect them over the next couple of quarters, and earnings will be slightly depressed. As a franchise, this company is pretty incredible. If you get a nice pullback, he would buy it.


Price: $51.350
Subject: GLOBAL
Bias: UNKNOWN
Owned: Unknown
2017-04-12 N/A A Comment -- General Comments From an Expert
A Commentary
Christine Poole

Market. S&P 500 has rallied about 10% since the November election. There has been a lot of soft data in terms of sentiment/optimism by consumers and businesses. That has gone up a lot since the election in hopes of Trump’s pro-growth policies, tax cuts and regulatory reform coming into place. It hasn’t happened yet, and now we are seeing a lull, and the S&P 500 has been in a trading range for the last few months at the 2300-2400 range. Going forward, the earning season is coming, but with markets trading at about 18X forward earnings, and historical averages around 15X, it is arguably on the high-end. If we do get some tax reforms, that will boost EPS and moderate the multiple. In terms of earnings, she wants to see what the companies are saying and what they are seeing out there. They may be holding back on capital spending until they see some of these reforms being put in place.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: _N/A
2017-04-12 N/A A Comment -- General Comments From an Expert
A Commentary
John O'Connell, CFA

Interest Rates. Doesn’t think Canada will see an interest rate hike in the next year. The Bank of Canada is in a difficult position, because they want to have a strong economy, but are worried about the housing market. The economy, generally speaking, is doing well, but there are concerns out there about trade policies with the Americans. There is no inflation, and other than the housing market, government employment and employment related to housing, there is not really a lot of strength. He doesn’t think they want to raise rates, and raising rates to stop the housing market is a pretty heavy duty club to bear on everybody.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: _N/A
2017-04-12 WAIT A Comment -- General Comments From an Expert
A Commentary
John O'Connell, CFA

Large US construction companies that can take advantage of Trump’s promises? Whether Mr. Trump’s going to be able to deliver on his promises are unknown. There is a lot of expectations in these companies already. If the market sells off on disappointments, this is going to be pushed out to 2018-2019, which he thinks is reasonable. That is when he would make his investments. He would also look at housing. Rates have gone back down again, which will be a bit of an impetus.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-04-12 DON'T BUY A Comment -- General Comments From an Expert
A Commentary
John O'Connell, CFA

Gold .He is not a big believer in golds, and doesn’t really know how you would derive the price of it.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2017-04-12 COMMENT A Comment -- General Comments From an Expert
A Commentary
John O'Connell, CFA

Energy. We are in the beginning of a new multiyear market, that is going to have its ups and downs. Oil needs to be well above $50 on a global basis to sustain the investment that is going to keep up with the demand that is growing by about 1.5 million barrels a day. Over the last 5 years, energy consumption has increased by 7 million barrels. There is a lot of talk about American oil coming out of the ground at $50 and they can make profits. There are going to be a certain number of fields that can produce that amount of oil, but not 9 million barrels a day forever.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
2017-04-12 PAST TOP PICK Apple
AAPL-Q
John O'Connell, CFA

(A Top Pick May 3/16. Up 52%.) Feels the upgrade cycle is going to be a big cycle. They are building their service business really well. Trading at reasonable valuations. It is a big, big weight in the index, and there is a lot of money going into index funds, which is a positive. A very, very innovative company.


Price: $141.800
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-04-12 COMMENT Altagas Ltd
ALA-T
Christine Poole

Made an acquisition in the US that is going to strengthen their growth outlook. Feels the dividend is safe. There are a number of players in that space, kind of midstream operations/pipeline. She owns Inter Pipeline (IPL-T) and Pembina (PPL-T) which she knows better, and which also have good cash flow growth. Dividend yield of 6.8%, which is sustainable.


Price: $31.060
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: No
2017-04-12 COMMENT Brookfield Asset Management (A)
BAM.A-T
Christine Poole

Brookfield Asset (BAM.A-T) or Brookfield Infrastructure (BIP.UN-T)?  Between the 2, her preference would be this one. It is much more diversified, plus it has interest in Brookfield Infrastructure. It gives access to their fund management side, the private equity funds. That is also where senior management executives own their shares. Dividend yield of 2.2%.


Price: $48.850
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Unknown
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