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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
2014-11-28 N/A A Comment -- General Comments From an Expert
A Commentary
Hap (Robert) Sneddon FCSI

Energy. Technicals broke down through the $70’s and have reached a new low in the $67 area. He got out of all his energy stocks by the end of June-beginning of July. Still had some service companies connected to the business and hung onto those because he felt it was more of a price issue on the producers. However, once he got into September, they started acting a little odd. The TSX Energy Index has now moved back into oversold territory, so the herd mentality is decidedly negative. As we retest what looks like October lows, he thinks we are close to finding a bottom and we are getting back to the 2010-2011 levels. At this point, the risk/reward to sort of dabble in energy looks pretty good.


Price: $0.020
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: _N/A
2014-11-28 N/A A Comment -- General Comments From an Expert
A Commentary
Jason Donville

Markets. When a commodity gets smashed down, that is when he mainly wants to own it. Most of the major commodities were going sideways, and in his mind didn’t represent a compelling value. In 2012, he basically got all the resource stocks off his books. The only one he has come back into is natural gas with only a 5% exposure. What is happening with oil is really interesting. This is one of those times when you start to use the negativity, or overreaction, to your advantage. Oil is not going to be a V correction. It is not going to go down to $65 and back to $90 by February, so you have time to do your homework. Feels interest rates are definitely not going higher. What has happened to oil is a confirmation that the global economy has a deflation problem. It is systematic of the problem that the world is not growing anymore. The beauty of it though is that it is a massive tax cut for practically everybody in the world. Very stimulating for the economy, and probably way more effective for the economy than any kind of machinations that can come out of a central bank. He has been positioned, in the last 2-3 years and continues to be, in knowledge based industries. In a slow global economy, the only place you are going to get growth is from knowledge-based industries, such as IT, software, pharmaceuticals, etc.


Price: $0.020
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: _N/A
2014-11-28 N/A A Comment -- General Comments From an Expert
A Commentary
Jason Donville

Portfolios.  He thinks a good number for a retail investor would be 8 quality stocks. The extent to which you diversify or concentrate is directly proportional to your ability to pick winners.


Price: $0.020
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: _N/A
2014-11-28 N/A A Comment -- General Comments From an Expert
A Commentary
Jason Donville

Auto Parts. Doesn’t own them at this phase in the cycle. There is a cyclicality to them. The auto business has done quite well for some time now, and he thinks it is going to have to be eased back on now and will probably be reflected at some point in lower sales. Coming out of 2007-2008, there was a real big delayed effect as far as buying autos. Now a lot of people have gone out and we have kind of caught up right now. He wouldn’t be interested in looking at any of the auto parts. They’re relatively expensive in a historical context.


Price: $0.020
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: _N/A
2014-11-28 PAST TOP PICK AbbVie Inc.
ABBV-N
Hap (Robert) Sneddon FCSI

(A Top Pick Nov 14/13. Up to 48.85%.) Sold his holdings. Healthcare is identifiable, as clearly in a secular bull market for investors. He prefers focusing on the whole sector.


Price: $69.200
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: No
2014-11-28 COMMENT Absolute Software Corp.
ABT-T
Jason Donville

Has been looking at this for a while, wondering where it is going. Have always had some good products, but doesn’t know if they have had the right growth oriented people running it. There are some good things starting to come out of this. A name that he is interested in, but not yet as it is not quite what he is looking for, but it’s getting close. Products were always great, but there is a little bit of change in the executive suite that might be a positive.


Price: $7.750
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: No
2014-11-28 COMMENT Air Canada (B)
AC-T
Jason Donville

Not a big airline fan generally speaking, but you do occasionally get opportunities for trades. Doesn’t think the airline stocks have reacted that strongly yet to the drop in oil prices, so he would say there is still a trade here. For somebody looking for a 90 day trade where they could make 10%-20%, this would be a good one, but that is not his style of investing.


Price: $11.180
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: No
2014-11-28 HOLD Alaris Royalty
AD-T
Jason Donville

Great company, but he missed it. If you want income and you want dividend, see his Top Picks. Has had a great track record and have done a very good job of taking care of their shareholders. (See Top Picks.)


Price: $34.790
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: No
2014-11-28 COMMENT Aecon Group Inc
ARE-T
Hap (Robert) Sneddon FCSI

Has fallen back into a range which can be normal, before it goes back out. A lot of indicators are really oversold. On a long-term basis he thinks this is still in the right space and is building a bit of a base here.


Price: $12.010
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2014-11-28 HOLD Alimentation Couche-Tard (B)
ATD.B-T
Jason Donville

A fantastic company, but had a much higher P/E ratio than virtually anything else that he owned, so he sold his holdings, strictly on the basis of valuation. He regrets it because it keeps going higher. If he owned it now, he would probably just hold on to it.


Price: $40.500
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: No
2014-11-28 WAIT Bombardier Inc (B)
BBD.B-T
Hap (Robert) Sneddon FCSI

The $3.50 level was really critical and pretty good. Until you see it get above the $4.75 and $5 marks, he would wait. $5 really clears the deck up until around $7.20-$7.50.


Price: $4.360
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2014-11-28 COMMENT Bank of Nova Scotia
BNS-T
Jason Donville

Toronto Dominion (TD-T) or Bank of Nova Scotia (BNS-T)? Thinks all Canadian banks are a good deal for the retail investor generally speaking. Of these 2, he would prefer TD in terms of their key franchises. Thinks that the retail consumer banking franchise that it has, is an even stronger bet than the current Caribbean, Latin American business. However, they are both really high quality global banks. Well capitalized and very well-run.


Price: $70.500
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: Unknown
2014-11-28 HOLD Boyd Group Income Fund
BYD.UN-T
Jason Donville

A superb company. Had owned, but it had gotten expensive. He is looking at potentially going back into this. This is at least a Hold and probably a Buy.


Price: $46.800
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: No
2014-11-28 BUY Callidus Capital Corp
CBL-T
Jason Donville

This company’s model is one where you should do well in a bad economy. People are more likely to use their services when they are a little bit stretched or have problems. It does well when a lot of the rest of the economies are not doing too well. Has a very high ROE in the 23%-24% range.


Price: $21.500
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: Yes
2014-11-28 COMMENT Catamaran Corp
CCT-T
Hap (Robert) Sneddon FCSI

A pretty volatile stock with some pretty big swings between low $40’s and high $50’s. Until we see it break out above $60, it wouldn’t interest him. If you are trying to leg into this in the shorter term, you could use some Volatility Stops.


Price: $57.770
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2014-11-28 SELL Carfinco Financial Group
CFN-T
Jason Donville

Sold his holdings months ago when the deal first came out. (See Top Picks.)


Price: $11.170
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: No
2014-11-28 BUY Chesswood Group
CHW-T
Jason Donville

Had a bit of a correction recently. Feels there has been some insider selling. Good company. Within the financial services area, there is a smaller, dividend yielding play. Yield of 6.4%. (See Top Picks.)


Price: $12.200
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: Unknown
2014-11-28 COMMENT Clearwater Seafoods Inc.
CLR-T
Jason Donville

Stock has been kind of wobbly in the last 3-4 days, but he has not been given any insight as to why. This is a great consumer product company, so if people are worried about the economy, this should do well. One frustration for him is that the accounting is really obtuse and complex. He wouldn’t read too much into the selloff in the last couple of days.


Price: $11.060
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: Yes
2014-11-28 COMMENT Canadian Imperial Bank of Commerce
CM-T
Hap (Robert) Sneddon FCSI

On a short-term basis, this bank is running into resistance. Some of the indicators are a little bit high right now. The whole sector is reasonable and ranks well. One of the few pro-cyclical sectors that do rank well besides tech and industrials. He would rather pick this one up at around $95 or wait for it to break out to new highs at around $107.


Price: $106.490
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: No
2014-11-28 WAIT Canadian National R.R.
CNR-T
Hap (Robert) Sneddon FCSI

Crude by rail and all the ancillary stuff related to oil have had an impact. This is one you could wait for as he doesn’t think there will be a quick resumption on the upside. Doesn’t feel oil is going to change the dynamic in the next week or 2.


Price: $81.230
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2014-11-28 WAIT Canadian Pacific Rail
CP-T
Hap (Robert) Sneddon FCSI

Unlike Canadian National Rail (CNR-T), this is a little bit more oversold on a daily basis. The chart shows a gap, and it could come down a little bit more. Hugging the 16 week low, which is really relevant.


Price: $220.560
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2014-11-28 DON'T BUY Crescent Point Energy Corp
CPG-T
Jason Donville

Big strong name. Great assets, but he is not a big fan of senior management. Their stock issuance is junky. They love capital markets, and he thinks the market is getting fed up with them. Wouldn’t own this.


Price: $29.680
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: No
2014-11-28 PAST TOP PICK Constellation Software Inc.
CSU-T
Jason Donville

(A Top Pick Oct 18/13. Up 81.67%.) Showing a lot of vitality. The current year’s growth rate is something like 35%-40%, and is expecting them to grow by at least 20% next year.


Price: $331.560
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: Yes
2014-11-28 TOP PICK DirectCash Payments Inc
DCI-T
Jason Donville

Got beat up by Veri-Tax (?) last year because of a lack of disclosure, so they started disclosing more, and now the stock is starting to re-rate. Besides the 8.5% dividend yield, there is good capital appreciation ahead and he thinks the stock goes back to $20 fairly quickly, and you will still have a great yield.


Price: $16.440
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: Yes
2014-11-28 HOLD Delphi Energy Corp.
DEE-T
Jason Donville

This had not been a good Call by him. The price of gas is actually held up well. This company, like all the other companies, has just been thrown out. Thinks the market is overreacting to energy stocks, but with the gas stocks, the underlying cash flows haven’t changed that much because gas is still above $4. Because the stocks are down and this is tax loss season, there are going to be more people selling the stocks, up to Jan 1st. At the same time, our coldest temperatures of the year will come in Jan, Feb and March. These 2 things will put you in a better position. He expects that you will get a better price in January then you will get right now.


Price: $1.610
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: Yes
2014-11-28 COMMENT DHX Media
DHX.B-T
Hap (Robert) Sneddon FCSI

Hugging just below $9, which is the 50 day moving average, which is positive. Also, has the 16 week relative low, sort of converging. All these things are converging, where the risk/reward sets you up in a good situation. The upside, compared to the downside, is a lot greater. On a long-term basis, some of the indicators are starting to roll over.


Price: $9.030
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2014-11-28 COMMENT Denison Mines Corp
DML-T
Hap (Robert) Sneddon FCSI

At this level it would sort of be a screaming Buy. It has a base that goes back 5 years. If it breaks down through that level, there is something else going on. You might have to be patient with this, and go through a little bit of fits and starts. Very volatile.


Price: $1.170
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2014-11-28 COMMENT Descartes
DSG-T
Jason Donville

Has always been over capitalized. The old CEO has now stepped down and there is a new management team. Products were always great, but there is a little bit of change in the executive suite that might be a positive for them.


Price: $17.280
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: No
2014-11-28 PAST TOP PICK Enbridge
ENB-T
Hap (Robert) Sneddon FCSI

(A Top Pick Nov 14/13. Up 19.59%.) Chart shows it had a very good upward trend. It could come down further. Didn’t like when he started to see a demand issue in later August-September. This is one of the 1st places investors will go back to, when the energy picture starts to improve.


Price: $52.500
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: No
2014-11-28 TOP PICK Exelon Corp
EXC-N
Hap (Robert) Sneddon FCSI

This company has lagged a little, but thinks there is going to be a breakout happening pretty soon. If it breaks out, he expects it is pretty good until about $48. Looking for earnings to improve over the next few years.


Price: $36.170
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2014-11-28 PAST TOP PICK Fortis Inc.
FTS-T
Hap (Robert) Sneddon FCSI

(A Top Pick Nov 14/13. Up 30.77%.) Chart shows it has really gone parabolic. He would expect it to come back into the range of $35-$37.50. This is in the right space.


Price: $40.610
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2014-11-28 TOP PICK iShares Xinhua China 25 ETF
FXI-N
Hap (Robert) Sneddon FCSI

The 25 largest Cap stocks in China. China is down 60% from 2007. Pretty volatile. From a fundamental and risk perspective, things have been lining up. There has been a lot of bad news come in. This is more for a long-term Buy and Hold investor.


Price: $40.600
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2014-11-28 TOP PICK CGI Group (A)
GIB.A-T
Jason Donville

If looking for inexpensive growth, this company has grown at a 20% per annum level for the last 5 years. The reason you want to own this for next year is, when you look at the large cap growth companies in Canada, this is the only one that is trading at 10X earnings, a really, really low multiple. Secondly, it is highly likely they will do a big acquisition which will be accretive, and the stock would likely pop after that. Thinks 2015 is going to be a good year for this company.


Price: $41.680
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: Yes
2014-11-28 PAST TOP PICK Home Capital Group
HCG-T
Jason Donville

(A Top Pick Oct 18/13. Up 39.68%.) Have had a very consistent ROE. Risk management is extremely prudent. With interest rates low and stable where they are, he thinks this will continue to generate those 20%-25% returns every year. One of those great stocks that you can ride forever and ever. One of the cheaper stocks on the TSO.


Price: $52.150
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: Yes
2014-11-28 COMMENT High Arctic Energy Services Inc
HWO-T
Jason Donville

After he does all his research and the price of oil bottoms out, it might be one that he would add to. Very high ROE and a great company. Sold off with the oil complex, but because it is a high-quality name, it hasn’t come off anywhere near as hard as some of the other players. Good management team.


Price: $3.810
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: Yes
2014-11-28 COMMENT Legacy Oil and Gas Inc.
LEG-T
Hap (Robert) Sneddon FCSI

This is starting to get back into the post-recession levels at the $3 range. A lot of the indicators are very oversold. When you have something that is oversold, it doesn’t mean that it can’t continue to be oversold. Looks like it is going to probe some of the low levels in 2008-2009 and the high $1’s and the low $2’s. Anything in that area is good if you are a long-term investor.


Price: $2.940
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2014-11-28 HOLD Manitoba Telecom Services
MBT-T
Hap (Robert) Sneddon FCSI

Always seems to give a lot more promise that it doesn’t quite deliver. Had a downtrend from mid-2013, and he would like to see it get above $30 with a little bit of conviction. 5.9% dividend yield.


Price: $28.840
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: No
2014-11-28 BUY Manulife Financial
MFC-T
Hap (Robert) Sneddon FCSI

Good investment. Just poking above the early highs that were there at the beginning of the year. This needs a stock market that goes up, and they need rates to go up. The markets have been good even though there has not been a rise in rates. This looks like a pretty good place to be.


Price: $22.770
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: No
2014-11-28 WAIT Magna Int'l. (A)
MG-T
Hap (Robert) Sneddon FCSI

Chart shows a pretty nice trend since 2012. There is going to be a little bit of resistance at the previous peak of about $124. He would like to see this break out with a little bit of volume. He would wait until it broke out before getting in.


Price: $122.300
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Unknown
2014-11-28 COMMENT Precision Drilling
PD-T
Jason Donville

There is still a lot of tax loss selling that will happen between now and the 15th or 16th. As liquidity starts to dry up as we get closer to Christmas, a lot of investors will try to have their tax loss selling done around 15th or 16th, so if there is a chance for some stink bids for some bargains on really inexpensive stocks, do it between the 15th and the 23rd or 24th. This is a pretty high-quality name, and he would do a quarter or a 3rd at that time.


Price: $7.420
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: Unknown
2014-11-28 PAST TOP PICK Parkland Fuel Corp
PKI-T
Jason Donville

(A Top Pick Oct 18/13. Up 22.07%.) When he was looking at this, the ROE was over 20%, and this started to creep down a little to the 16%-17% range. Because of that, he sold his holdings. Good company. Likes the CEO.


Price: $21.350
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: No
2014-11-28 COMMENT Pulse Seismic
PSD-T
Jason Donville

Like a lot of the energy stuff, the stock is not performing well, but the earnings are strong. There has been a recent upwards revision. There are great cash flows in the business. He believes this one will eventually come good.


Price: $2.900
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: Yes
2014-11-28 HOLD Rifco Inc.
RFC-X
Jason Donville

Frustrated with the stock. The ROE has come down from 40% to 26%-28%, which is still excellent. If it can plateau here in the high 20%s, then he is happy to hold onto it, and potentially add to it. Something is shifting, but he is not panicking.


Price: $5.020
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: Yes
2014-11-28 BUY Raytheon
RTN-N
Hap (Robert) Sneddon FCSI

This does well in the environments that we are in. Chart shows a long-term upward trend from 2012. It may start to roll over a little. Doesn’t think you can get this a heck of a lot cheaper. If you are looking out for the couple of years, you can probably buy it and not worry about it.


Price: $106.700
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: No
2014-11-28 BUY Toronto Dominion
TD-T
Hap (Robert) Sneddon FCSI

This is lagging the other groups on a short-term basis, but the chart shows a nice solid trend line going up. It is banging right into the 21 day, around $51, right now, which is important for short-term traders, and he would like to get above that. He would like to see it test the October low again of about $48, or break out to a new high. You could buy this knowing that the downside is kind of limited and knowing you don’t have to wait too long for an upside breakout.


Price: $57.620
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: No
2014-11-28 COMMENT Toronto Dominion
TD-T
Jason Donville

Toronto Dominion (TD-T) or Bank of Nova Scotia (BNS-T)? Thinks all the Canadian banks are a good deal for the retail investor generally speaking. Of these 2, he would prefer this one in terms of their key franchises. He thinks that the retail consumer banking franchise that this bank has, is an even stronger bet than the current Caribbean, Latin American business. However, they are both really high quality global banks. Well capitalized and very well-run.


Price: $57.620
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: Unknown
2014-11-28 TOP PICK Valeant Pharmaceuticals
VRX-T
Jason Donville

ROE is great at over 30%. A lot of the businesses they acquired are actually doing better than people thought. Sold his holdings because the inversion thing was making him nervous, but that is starting to settle down. He thinks this is going to be less oriented towards inversions going forward, and just acquiring good accretive businesses.


Price: $166.400
Subject: GROWTH & FINANCIALS
Bias: UNKNOWN
Owned: Yes
2014-11-28 TOP PICK SPDR Consumer Staples ETF
XLP-N
Hap (Robert) Sneddon FCSI

Thinks consumers will be opening their wallets a little bit wider for staples, but feels discretionary (Consumer Discretionary (XLY-N)) is a little bit tired. Had a little bit of headwind from the US$, but thinks that story is not going to push exceptionally higher, and if anything come back a little bit.


Price: $49.300
Subject: TECHNICAL ANALYSIS
Bias: UNKNOWN
Owned: Yes
2014-11-27 N/A A Comment -- General Comments From an Expert
A Commentary
Martin Davies

Markets.  Panic selling through the energy markets.  Tax loss selling is going on at the same time.  Today Americans are distracted by the NFL and tomorrow there could be more selling in the oil sector.  He likes buying when there is a lot of fear in the streets.  If you have companies you like and are watching, this is a buying opportunity.  We have some amazing reserves in Canadian projects.  We are showing reductions in costs and it is very encouraging in the kinds of rates of return our companies are returning.  It is more to do with the balance sheet than the market cap that determines if they participate in this.


Price: $0.020
Subject: OIL & GAS
Bias: BULLISH on OIL & GAS
Owned: _N/A
2014-11-27 N/A A Comment -- General Comments From an Expert
A Commentary
Paul Harris, CFA

Markets.  We are not in the midst of a price war in oil.  You tend to get an overreaction in the market place when these things happen (OPEC NOT cutting back on production).  Canadian oil stocks are great companies.  You just have to buy quality.  You can then buy them at these levels.  Tomorrow could be a quieter day in the US so these companies may open lower.  If oil bottoms at $60 it may not bounce right back.  At some point in time, since we do use it, prices should eventually go up.  There may be a lack of drilling until it does.  Some capacity gets shut in.  He always looks at the US first before Europe for a sector that he likes.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias: CAUTIOUS on OIL
Owned: _N/A
2014-11-27 DON'T BUY Apple
AAPL-Q
Paul Harris, CFA

Don’t buy it at a record level.  He has never owned it.  One product almost generates 50% of their revenue and this bothers him.  It is such a large company that at some point it will be harder and harder to grow.  Thinks the Christmas season is already built into the stock price.  The price may pull back at some point.  Thinks they will not be able to innovate as much as people think.


Price: $119.000
Subject: NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias: CAUTIOUS on OIL
Owned: No
2014-11-27 TOP PICK Bank of America
BAC-N
Paul Harris, CFA

10% of all deposits in the US are with them.  Stock has not done much at all this year, but you should see improvements in the company next year.  They have a great retail and commercial franchise, great investment banking business and a great wealth management business.  They will continue to generate lots of capital and then buy back shares and increase the dividend with it.


Price: $17.110
Subject: NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias: CAUTIOUS on OIL
Owned: Yes
2014-11-27 COMMENT Bonavista Energy Corp
BNP-T
Martin Davies

Senior intermediate sized company with high distribution.  Debt is over two times, but they have the same CEO from a long time ago and he can steer them through good and bad times.  He is condensing the portfolio of properties to leave only the very best ones.  Good hedging policy.  Some of the better internal rates of returns in the province.


Price: $9.810
Subject: OIL & GAS
Bias: BULLISH on OIL & GAS
Owned: Unknown
2014-11-27 BUY Bank of Nova Scotia
BNS-T
Paul Harris, CFA

They have a new CEO, took a write-off.  They got a multiple for being in high growth areas, but some of those countries are slowing down.  They are doing the right thing now and it will benefit them down the road.


Price: $70.850
Subject: NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias: CAUTIOUS on OIL
Owned: Unknown
2014-11-27 WEAK BUY Baytex Energy Corp
BTE-T
Martin Davies

Has a debt to cash flow of more than two times.  Rule of thumb is that when you get more than two it is a warning sign.  They did a large acquisition earlier in the year in the US.  The company looks stretched, but they have a lot of discretion about how they can allocate the capital.  Management has a history of guiding the company well.  Thinks they have the ability to skate through this.  He is optimistic about the Canadian heavy oil price. 


Price: $25.600
Subject: OIL & GAS
Bias: BULLISH on OIL & GAS
Owned: Unknown
2014-11-27 STRONG BUY Canelson Drilling
CDI-T
Martin Davies

Very new fleet of drilling rigs.  These rigs can very efficiently drill the kinds of wells they drill.  The company is small and new and growing fast.  Excellent balance sheet and exemplary management team.  He really likes the company.  4.9% distribution -- mostly capital gains.  2 to 3 year timeframe.


Price: $4.780
Subject: OIL & GAS
Bias: BULLISH on OIL & GAS
Owned: Unknown
2014-11-27 DON'T BUY Colgate Palmolive
CL-N
Paul Harris, CFA

A great company, but has a high multiple, at the high end of these consumer type companies.  Prefers PG-N, who are making some changes and getting rid of some products and buying back some of their shares.  These companies need to re-think their product line and rationalize it.  CL-N is a well run company, but you pay a higher multiple.


Price: $68.690
Subject: NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias: CAUTIOUS on OIL
Owned: Unknown
2014-11-27 TOP PICK Canadian Natural Rsrcs
CNQ-T
Martin Davies

Excellent at how the management has consistently delivered on what they are trying to do.  They brought an oil sands mine on stream on time and on budget.  Very few can do this.  Still produce a tremendous amount of free cash flow.  Amazingly diverse group of assets. It is compelling. Over time it should re-rate itself.


Price: $38.450
Subject: OIL & GAS
Bias: BULLISH on OIL & GAS
Owned: Yes
2014-11-27 BUY Canadian Natural Rsrcs
CNQ-T
Paul Harris, CFA

Great management and incredibly well run.  A fantastic company.  Dropped to the lows of October so he would look to buy more at these levels.  At some point oil will stabilize and then go up.


Price: $38.450
Subject: NORTH AMERICAN - LARGE & GLOBAL EQUITIES
Bias: CAUTIOUS on OIL
Owned: Unknown
2014-11-27 BUY Crescent Point Energy Corp
CPG-T
Martin Davies

Very large company with good balance sheet, making large acquisitions and using equity offerings to finance it.  This is the only issue he has.  The things they have acquired have been very attractive.  There is a great deal of hedging.  He likes the assets and how they are executing.


Price: $30.700
Subject: OIL & GAS
Bias: BULLISH on OIL & GAS
Owned: Unknown
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