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

Recent Opinions

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Date Signal Company Expert Opinion Price
2016-07-18 Unspecified Bank of America
BAC-N
Ben Cheng

(Market Call Minute) Reported today with disappointing numbers, but better than what investors were expecting.


Price: $14.110
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Unknown
2016-07-18 BUY on WEAKNESS Bank of America
BAC-N
Kash Pashootan

If looking for retail/consumer exposure in the US, this is a good way to get into the space. He likes the US consumer, given household debt levels being considerably lower than Canadian. Feels the consumer at some point is going to start doing renovations, buy a nicer home, or upgrade their car. Prefers regional banks, but if you want to step into this one, he would suggest a half position at first on weakness.


Price: $14.110
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2016-07-18 BUY Brookfield Asset Management (A)
BAM.A-T
Ben Cheng

(Market Call Minute) They continue to be very good value players and good financial structurers.


Price: $45.720
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Unknown
2016-07-18 Unspecified BCE Inc.
BCE-T
Ben Cheng

(Market Call Minute) Trading at the high end of its range.


Price: $62.350
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Unknown
2016-07-18 PAST TOP PICK BCE Inc.
BCE-T
Kash Pashootan

(A Top Pick Aug 14/15. Up 21.62%.) Don’t expect another 21% increase over the next 12 months. This is an anchor to a portfolio. It has one of the lowest betas on the TSX. In a time of uncertainty these types of names will hold your portfolio together. Pays a great yield. Still a Buy.


Price: $62.350
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-07-18 COMMENT Ballard Power Systems
BLD-T
Larry Berman CFA, CMT, CTA

In almost 20 years they have not developed as a company.  You get spikes and then disappointments.  You could buy at pullbacks, but chasing breakouts has been bad in terms of returns.  If you like the technology you buy into the pullbacks.


Price: $2.590
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-07-18 BUY Chorus Aviation Inc
CHR.A-T (Unlist
Ben Cheng

They signed a new long term contract with Air Canada until 2020.  There is not a lot that is going to affect their income generation.  They are shielded from fuel and labour costs.  It is very bond like for an equity.


Price: $6.330
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Unknown
2016-07-18 BUY Canadian Imperial Bank of Commerce
CM-T
Ben Cheng

It is a good buy at these levels.  It has a robust dividend and has lagged other bank peers.  This is because investors are waiting for management’s vision for the bank to unfold.  It has been acquisitive and will continue to do so for growth. 


Price: $98.470
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Unknown
2016-07-18 PARTIAL BUY Canadian Imperial Bank of Commerce
CM-T
Kash Pashootan

His weighting in Canadian banks is currently around 10%, making him underweight compared to the index. He likes the yield. On a valuation basis, this is the cheapest. Their recent US acquisition is in the very early stages, which is part of what the market is waiting for. This would be a Buy, but he wouldn’t plow significant capital into it.


Price: $98.470
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-07-18 DON'T BUY Crescent Point Energy Corp
CPG-T
Ben Cheng

(Market Call Minute) Wonderful properties, but it is one of the higher cost producers.  As they work down costs they become more of a buy.


Price: $20.020
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Unknown
2016-07-18 TOP PICK Cisco
CSCO-Q
Kash Pashootan

It is rare in technology that you are able to pick something up that is trading at 13X PE with a dividend yield of 3.48%. With people doing more and more on their mobile phones, data traffic has picked up considerably over the last decade, and he feels it is going to continue. This is a key player in helping cell phone providers stay mobile spectrum efficient. At the same time, the company has been going through a transition to get more involved into the Cloud side of things and to position themselves for the future.


Price: $29.910
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-07-18 COMMENT Chartwell Seniors Housing
CSH.UN-T
Kash Pashootan

The REIT space has run up so much that when bad news comes out, these are going to get hammered quickly. You have to ask yourself if you are there for the yield or the share price appreciation. If you are there for the yield, you can get a similar one in other names which will not be as sensitive. If you are there for share price appreciation, these have run up so much. He would be very cautious.


Price: $15.540
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2016-07-18 TOP PICK DineEquity
DIN-N
Kash Pashootan

The parent of IHOP (US) and Applebee’s chains. Sold off considerably last year and this is now a good entry point. Trading at 13X. Most revenue is coming from the US, and they are expanding into the emerging market countries. Recently announced an agreement to build out 77 IHOPs and Applebee’s in Latin America. Dividend yield of 4.47%.


Price: $82.320
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-07-18 BUY Dream Industrial REIT
DIR.UN-T
Ben Cheng

(Market Call Minute) He likes it.  He thinks it will continue to move higher because industrial space is still very much in demand.


Price: $9.010
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: No
2016-07-18 COMMENT ELEMENTS Dogs of the Dow Linked to the Dow Jones
DOD-N
Larry Berman CFA, CMT, CTA

Dogs of the DOW.  It is not something he uses.  He is not that familiar with it.  It invests in stocks that have underperformed for a while.  In the long run all the stocks should perform equally so you buy the under performers and they catch up.


Price: $18.000
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: No
2016-07-18 DON'T BUY Fortis Inc.
FTS-T
Kash Pashootan

The challenge with all these quasi-utility names is that they have had a huge run up. Feels the sector is significantly overvalued and he has been trimming for a couple of months now. You have to be very careful, because they are pricing in perfection.


Price: $43.290
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2016-07-18 HOLD Gibson Energy
GEI-T
Ben Cheng

(Market Call Minute) The storage business is doing well, but the trucking business is lagging.


Price: $14.600
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Unknown
2016-07-18 COMMENT Great West Lifeco
GWO-T
Larry Berman CFA, CMT, CTA

Negative interest rates leaking into North America will hurt insurance companies more than anyone else.  Best case scenario you are in a range.  You could add at the low end of the range, but negative interest rates leaking in from Europe are a big risk.


Price: $34.280
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-07-18 WAIT Horizons Cdn Midstream Oil & Gas Index
HOG-T
Larry Berman CFA, CMT, CTA

Mostly pipeline space.  He thinks it is a fine holding, trying to equal weight them all.  The pipelines are a place of safety.  A couple of years ago this one was in a downtrend.  It is not without risk.  The valuation is not attractive at this point.  If oil prices drop, and this ETF drops back, then it is probably a decent thing to own.  This is not a great growth holding.  It is a yield holding.


Price: $8.090
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-07-18 COMMENT American Hotel Income Properties
HOT.UN-T
Ben Cheng

It has come under pressure for two fronts.  Across the US there is quite a bit of new hotel product that is coming on stream over the next 12-24 months.  But they are not competing in the same tier 1 cities as the new product so should not be affected by the new volume.  Also, they have a lot of contracts with rail operators.  Volumes for rails have dropped off considerably.


Price: $10.350
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Yes
2016-07-18 BUY H&R Real Estate Inv Trust
HR.UN-T
Ben Cheng

They have a very good portfolio.  They are now refocused back on Alberta.  REITs here are being supported because index players are buying the stock.  REITs are tucked within financials, but at the end of the month they will be a separate sector (GIC).


Price: $23.290
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Unknown
2016-07-18 COMMENT Kinder Morgan Inc.
KMI-N
Kash Pashootan

Pretty much anything you bought shortly after BREXIT has done really well, including this one. This is now showing some stability and share price appreciation. Although it is well off of its highs, he is not comfortable with its valuations. If you have made some good, short-term money, he would be a seller. On the other hand, if you have lost money, he wouldn’t be in a rush to Sell, because it is still quite a way off from where it was at its highs. Doesn’t like this one long-term.


Price: $21.760
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2016-07-18 DON'T BUY Lloyds TSB Group PLC
LYG-N
Kash Pashootan

Too much risk. The valuations look attractive, but you could have said that a few times over the last several quarters. There is still lots of uncertainty with how the euro zone is going to unfold in the coming years. Until there is certainty on a geopolitical front, the selloff can continue.


Price: $3.000
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2016-07-18 WATCH Magna Int'l. (A)
MG-T
Ben Cheng

Brexit is going to affect growth in sales in the UK and Europe.  They have exposure to Volkswagen as well.  It is probably a decent entry point here, however.  It could be two or three years before they come out of this cycle. 


Price: $49.330
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: No
2016-07-18 BUY Magna Int'l. (A)
MG-T
Kash Pashootan

Outlook on auto part makers? The P/E ratio on these names are single digit right now, and you are getting a good dividend to wait. He would be a buyer, and Magna (MG-T) would be a top pick in that space, as they are a leader. This sold off recently and the valuation looks good. Thinks auto demand has been discounted too much.


Price: $49.330
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-07-18 BUY Morneau Shepell Inc
MSI-T
Ben Cheng

Tens of thousands of employees laid off in Alberta represent a source of growth to them.  When oil and gas companies start hiring again this will be a source of business for MSI-T.


Price: $18.200
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Unknown
2016-07-18 PAST TOP PICK Primary Health Properties
PHP-LN
Ben Cheng

(Top Pick Dec 3/15, Up 8.12%) There was certainly some volatility.  The actual business itself will not be affected by Brexit.  They are looking at properties in Ireland now.  91% of their revenues currently come from the NHS in the UK.  He sold last week because he cannot predict the continual political changes in the UK and it was at a high.


Price: $0.000
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: No
2016-07-18 BUY Parkland Fuel Corp
PKI-T
Ben Cheng

You need to be aware of fuel margins.  Oil costs are steady as are gasoline costs right now so they should be able to do a little bit better.  Things should be okay for them in this environment.


Price: $23.090
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Unknown
2016-07-18 TOP PICK Park Lawn Income Trust
PLC-X
Ben Cheng

A consolidator in the funeral home business.  They are not doing this via debt.  They use equity rather than debt.  3.25% yield.  He still sees upside on this one.


Price: $14.330
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Yes
2016-07-18 DON'T BUY Potash Corp of Saskatchewan
POT-T
Kash Pashootan

Doesn’t like this name. The dividend is decent today, but there is a significant chance of the dividend getting cut. When you look at their CapX and how much they are paying in their dividend, it is essentially what their entire free cash flow is, which doesn’t leave much left for a buffer.


Price: $22.600
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2016-07-18 HOLD Power Financial Corp
PWF-T
Ben Cheng

It is still trading at a discount.  There are some things weighing it down.  There are concerns in the mutual fund industry regarding fees.  You have to keep this in mind.  However, the family is very committed to this company and if anyone can figure it out, they can.  The 5% dividend is safe.  If markets continue to move higher you want to hold the investment managers.


Price: $30.340
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Unknown
2016-07-18 BUY Richards Packaging Income Fund
RPI.UN-T
Ben Cheng

It has been on a tremendous run and he does not think it is going to stop.  Management is solid and the balance sheet is solid.  They are benefiting from the shift away from physical stores.


Price: $23.960
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Yes
2016-07-18 BUY Russel Metals
RUS-T
Ben Cheng

It has done very well.  Everything is ticking along for them.  They made several improvements to their balance sheet over the years and the dividend is not risk.  As we get clarity as to where scrap metal prices will settle out we will find out if the dividend will increase or not.


Price: $23.620
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Unknown
2016-07-18 COMMENT Sun Life Financial Inc
SLF-T
Kash Pashootan

This pays about 3.7% dividend yield, and is trading at about 11-12X PE. Canadian banks give you a similar valuation and also pay a higher dividend. He finds Canadian banks are more attractive.


Price: $42.740
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2016-07-18 TOP PICK Slate Retail REIT
SRT.UN-T
Ben Cheng

He likes both their REITs.  He is bullish on this one because they focus on grocery anchored malls.  Above 7% yield and it is sustainable.  He feels they will make tuck in acquisitions and increase the yield.


Price: $13.700
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Yes
2016-07-18 HOLD Student Transport of America Ltd.
STB-T
Ben Cheng

(Market Call Minute) Valuation is at an all time high.


Price: $6.850
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Unknown
2016-07-18 HOLD Suncor Energy Inc
SU-T
Ben Cheng

They have a massive operation that had to shut down due to wild fires.  They raised capital and paid down debt on their balance sheet.  Investors don’t understand the potential for free cash flow in the next year.  It is quite powerful.  It is a good hold here.  Management says they could run the business as low as US$30 a barrel.


Price: $36.190
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Unknown
2016-07-18 BUY Suncor Energy Inc
SU-T
Kash Pashootan

Great name. High quality. Has been quite negative on the energy space for 4-5 years now. However, this is one that he has recently added to his portfolios. If looking for a conservative way to start legging into energy, this company does that. Unfortunately, with everything that has happened with Fort Mac, they had to shut down projects. However, overall this is a name that is going to give you exposure to oil prices and the recovery that is slowly taking place. Pays a good dividend.


Price: $36.190
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-07-18 TOP PICK Telus Corp
T-T
Kash Pashootan

This company needs to play some catch-up. They lagged partly because of Alberta. These things work themselves out. When you get some weakness that is not a structural or balance sheet related issue, it is a buying opportunity. Have committed $2.2 billion to expand their 4G network. Dividend yield of 4.28%.


Price: $42.960
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2016-07-18 PAST TOP PICK TransForce Inc.
TFI-T
Kash Pashootan

(A Top Pick Aug 14/15. Up 2.95%.) Sold this to move into CNR (CNR-T). He continues to like the company. They are doing a good job in their acquisition and consolidation strategy, and pay a decent yield. Still a Hold.


Price: $24.400
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2016-07-18 COMMENT Veresen Inc
VSN-T
Ben Cheng

They have been in the news quite a bit because they are looking for an answer to Jordon Cove.  Their dividend is very safe according to Management, but there will be pressure on it if they don’t get approval for Jordan Cove.  Results are expected sometime this fall.


Price: $10.930
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Unknown
2016-07-18 PAST TOP PICK Webster Financial Corp.
WBS-N
Ben Cheng

(Top Pick Dec 3/15, Down 5.30%) He exited just below where it is now.  They are in the US and are the number 1 provider of HSAs.  They are wonderful vehicles that save for healthcare costs.  The other 75% of their business is traditional banking.  It is difficult for them to maintain margins with interest rates so low.


Price: $35.880
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: No
2016-07-18 BUY Westport Innovations
WPT-T
Ben Cheng

(Market Call Minute) Continuing acquisitions.


Price: $1.790
Subject: REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias: OPTIMISTIC
Owned: Unknown
2016-07-18 DON'T BUY iShares MSCI EAFE (CAD-Hedged) ETF
XIN-T
Larry Berman CFA, CMT, CTA

International developed markets outside of North America.  It has a higher dividend yield than the US markets.  It is currency hedged, which he likes.  But we have some serious growth challenges in Europe and he does not think it is over yet.  It is hard to be wildly positive on it.  It is too early.


Price: $21.670
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2016-07-18 WATCH iShares S&P/TSX Capped REIT
XRE-T
Larry Berman CFA, CMT, CTA

He sold most in the spring.  He is out of REITs now.  Interest rates will stay low for decades, but it is only a goto sector during periods of weakness.


Price: $17.110
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: No
2016-07-15 N/A A Comment -- General Comments From an Expert
A Commentary
Michael Sprung

Markets. There is a lot of fear mongering by politicians, particularly with BREXIT and what we are seeing in the US. People are upset and politicians are finding it very easy to point fingers at globalization and free trade as being culprits, rather than at the effects of technology. Those jobs are probably never going to come back, but will be supplanted by technology to a great extent. We are undergoing a major shift in the workforce, which is having an effect on the markets. They have been trying to keep things going since 2008 through zero to negative interest rate policies globally. Today we have over $13 trillion of “negative” trading bonds in an attempt to keep the economy limping along. He questions if politics can trump economics in the end, but somehow doubts it. The economic cycle is alive and well, and we are going to go into a period of greater volatility. There is a bifurcation of markets with the bond market telling you things don’t look so good going ahead. At some point postings have got to come together, which will provide a real opportunity for value investors. Expects people will come to realize that expansion of trade and expansion of economics is good for jobs in the long run.


Price: $0.020
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: _N/A
2016-07-15 COMMENT A Comment -- General Comments From an Expert
A Commentary
EDITOR

Market Call Tonight was just a repeat of last night's.


Price: $0.020
Subject: N/A
Bias: UNKNOWN
Owned: Unknown
2016-07-15 COMMENT Air Canada (B)
AC-T
Michael Sprung

Trading at 3X earnings, because earnings have done relatively well recently. He doesn’t like investing in airline stocks, which are capital intensive, highly unionized and very cyclical. This has just gone through a great positive cycle where earnings have gone up. You want to look at these when they aren’t earning very much and have been in a downtrend.


Price: $9.480
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: No
2016-07-15 PAST TOP PICK AGT Food & Ingredients
AGT-T
Michael Sprung

(A Top Pick July 29/15. Up 14%.) A well-run company in a pulse market that is growing. They are expanding more and more into the food ingredients area. Have been expanding their production line.


Price: $33.960
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2016-07-15 TOP PICK AGT Food & Ingredients
AGT-T
Michael Sprung

Has pulled back enough that it is relatively attractive again. The pullback is as a result that the most recent crop of pulses had been somewhat disappointing, which hurt volumes. However, going into the fall, he is expecting a fairly large crop in Canadian pulses. The UN has declared 2016 to be the International Year of the Pulse. Export pulses is increasing very rapidly. Dividend yield of 1.76%.


Price: $33.960
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2016-07-15 TOP PICK Canadian Imperial Bank of Commerce
CM-T
Michael Sprung

This has lagged the other banks recently, because of their acquisition of PrivateBankcorp in the US, which they paid a big price for. They are trying to establish more of a footprint in the US, so longer-term this should pay off for them. Management has concentrated on de-risking and shoring up the balance sheet by retrenching and focusing on core competencies. Dividend yield of 4.91%.


Price: $98.490
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2016-07-15 COMMENT Constellation Software Inc.
CSU-T
Michael Sprung

Who do you like in Canadian Tech? As a value investor, he may like a Canadian Tech company, but may not be able to buy it because of its valuation. Two that stand out are Constellation Software (CSU-T) and CGI Group (GIB.A-T), and CGI is probably selling closer to reasonable multiples. Both are extremely well-managed. He also likes that they are both much more software dependent, not mixing any hardware which can be so fickle in today’s technology market.


Price: $500.130
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Unknown
2016-07-15 COMMENT Canadian Tire Corporation Ltd. (A)
CTC.A-T
Michael Sprung

This has been the star of Canadian retailers, and has held up very well. It has done extremely well over the last number of years despite retail undergoing the biggest shift in technology in the way people shop. They have a new CEO, who he believes is going to take a longer-term focus and position them for going forward. It still looks a little expensive to him. If he saw it correct 10%-15% from here, he would be taking a really serious look at it.


Price: $137.560
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: No
2016-07-15 COMMENT Element Financial
EFN-T
Michael Sprung

This has been positioned in a unique line of financing that makes it stand out. The only problem he has is the valuation. As a value investor, he finds it very difficult to pay for future growth without using a fairly severe discount rate on it. You have to take a longer-term view of the stock. This contains a great component of companies in a rather unique area.


Price: $14.180
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: No
2016-07-15 COMMENT Fairfax Financial
FFH-T
Michael Sprung

He admires Prem Watsa and the company he has built. Extremely well-run, but it is an insurance business, particularly in property and casualty. A highly, highly variable business. Sometimes the combined ratios are in your favour and you make a lot of money, and sometimes the premium intake doesn’t cover the expenses. This company has always relied on its investment acumen. People taking a longer term point of view stands a better chance of making money, but shouldn’t expect a smooth ride given the nature of the businesses that it is in. This doesn’t look like an unreasonable place to position yourself, but you have to be willing to be a long-term player.


Price: $685.000
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Unknown
2016-07-15 COMMENT CGI Group (A)
GIB.A-T
Michael Sprung

Who do you like in Canadian Tech? As a value investor, he may like a Canadian Tech company, but may not be able to buy it because of its valuation. Two that stand out are Constellation Software (CSU-T) and CGI Group (GIB.A-T), and CGI is probably selling closer to reasonable multiples. Both are extremely well-managed. He also likes that they are both much more software dependent, not mixing any hardware which can be so fickle in today’s technology market.


Price: $56.790
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Unknown
2016-07-15 COMMENT Kinross Gold
K-T
Michael Sprung

Made a very large acquisition of Taslast in Mauritania a number of years ago, which wasn’t a gold producer, and which changed the shape of this company. They have a few projects which are coming on. He would prefer others.


Price: $6.870
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: No
2016-07-15 BUY Labrador Iron Ore Royalty
LIF-T
Michael Sprung

Thinks this has gone up so much recently because it had such a high yield before, and is just normalizing a little. It really depends on the throughput of iron ore and the royalties it receives. At current levels, he feels the dividend is fairly safe.


Price: $15.300
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2016-07-15 PAST TOP PICK Manulife Financial
MFC-T
Michael Sprung

(A Top Pick July 29/15. Down 19.79%.) People are a little concerned about its exposure to Asia and the slowdown that is occurring there. At this price you have the ability to buy a well-run insurance company that has de-risked its balance sheet greatly over the last number of years. It has changed its product mix to the extent that it is a lot less market sensitive than it used to be. Trading at less than BV, and is still a Buy.


Price: $17.760
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Yes
2016-07-15 COMMENT Methanex Corp
MX-T
Michael Sprung

Feels the methanol market has been in a bit of a disarray over the last year or 2, and that has been reflected in the stock’s price. A very, very cyclical business. If you feel the world is going into a slower growth, slower economy stage, he would hold off buying this.


Price: $38.070
Subject: CANADIAN LARGE
Bias: UNKNOWN
Owned: Unknown
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