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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
2014-11-24 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Markets.  Oil may be going into the $60s and Brent may be going into the $70s.  What we see in the extremes is that more and more people pile onto the trend.  In this sector you get more volatility.  The energy sector is currently his biggest waiting in his sleep at night portfolio.  He has primarily the Canadian sector because it has been hit harder than the US.  ZEO-T is the ETF he uses.  The biggest in Canada don’t dominate this ETF.  It is one of his bigger positions that he accumulated over the last couple of months.  Small cap markets are getting stretched here.  Small caps are lagging again.  In a robust market, small caps should be leading.  This is telling us the underlying markets are actually weak. 


Price: $0.000
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: _N/A
2014-11-24 BUY A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Caller asked for a recommendation for an ETF for 5 years for a RESP account.  There is no growth in fixed income and probably only 2 or 3 percent.  With a bond fund not having a maturity date, there would be interest rate risk.  He recommended a fund he manages for BMO, the Global Tactical Dividend Fund, the ‘D’ class.


Price: $0.000
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Yes
2014-11-24 N/A A Comment -- General Comments From an Expert
A Commentary
Larry Berman CFA, CMT, CTA

Educational Segment.  Interest Rates.  He and his guest felt interest rates will not be raised next year.  The world economy is slowing even though the US is growing slowly.  Only 37% of Americans are employed, down from 42 in 2007.  There isn’t enough demand to create inflation.  They won’t want to raise interest rates at a time when they will affect the 2016 election. 


Price: $0.000
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: _N/A
2014-11-24 N/A A Comment -- General Comments From an Expert
A Commentary
Peter Brieger

Markets.  The market is in over bought territory.  Either the market will move sideways, or you get a decline.  It will be 5 or 10% at the most.  He thinks Russia could spook the markets regarding the Ukraine.  Thinks we may be nearing the bottom in oil prices.  Sees continued improvement in corporate profits.  Sees a reenergized US consumer.  The outlook is improving dramatically.  There is room for a PE adjustment to the upside.  US inflation should ramp up next year.  Wage rates will be up as unemployment rates come down.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2014-11-24 HOLD Agrium
AGU-T
Peter Brieger

You are looking at a 5% total return.  It does not interest him.  It is getting tired.  He is considering selling it.  If you are a long term holder, then continue to hold it.  The world has to get fed.  He is considering moving to Monsanto (MON-N).


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-24 TOP PICK Bank of Montreal
BMO-T
Peter Brieger

He has been buying it for years.  Likes their presence in Chicago with Harris bank.  As the US does better, so should this bank.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-24 WEAK BUY Bonavista Energy Corp
BNP-T
Peter Brieger

Have had a checkered existence because of a past dividend cut.  But given the current yield and that management learned something about keeping their word, you could own it.  The 7% dividend is a bit of a risk.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-11-24 BUY Bank of Nova Scotia
BNS-T
Peter Brieger

Recently announced some cutbacks and puts some negative attention on them.  It means they are not sitting by and letting payrolls build.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-24 PAST TOP PICK Canfor Corp
CFP-T
Peter Brieger

(Top Pick Nov 25/13, Up 25.64%) He sold it during the interest rate scares.  His re-entry point would be $24/$25 level.  Seasonality will keep him out until spring.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-24 BUY iShares Premium Money Market E.T.F.
CMR-T
Larry Berman CFA, CMT, CTA

Stock vs. Stock.  FIE-T vs. CMR-T.  CMR-T is a money market fund.  FIE-T is a multi holding income strategy holding all kinds of assets, so there will be more volatility.  When markets are up go into CMR-T and FIE-T when they are down.


Price: $0.000
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Unknown
2014-11-24 BUY Crescent Point Energy Corp
CPG-T
Peter Brieger

One of his favourites.  He has owned it forever.  One of the premier oil companies in Canada.  They have been skillful in buying acreage that they think is highly prospective and it has turned out to be just that.  They have looked for companies that have similar acreage to acquire.  They are looking at 7600 wells to be recovered through water flood.  The incremental cash flow is attractive.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-24 BUY iShares Cdn Financial Monthly Income ETF
FIE-T
Larry Berman CFA, CMT, CTA

Stock vs. Stock.  FIE-T vs. CMR-T.  CMR-T is a money market fund.  FIE-T is a multi holding income strategy holding all kinds of assets, so there will be more volatility.  When markets are up go into CMR-T and FIE-T when they are down.


Price: $0.000
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Unknown
2014-11-24 STRONG BUY Goldcorp Inc
G-T
Peter Brieger

He likes gold.  It is too early to say gold has hit its bottom.  You see gold basing here on a 5 year chart.  Gold is approaching a very strong buy here.  This is his favourite in the group.  It is ending its CAP-X cycle so you are going to see pretty strong growth in cash flow.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-24 DON'T BUY General Dynamics Corp.
GD-N
Peter Brieger

It has had a good run.  Russia and the Ukraine will focus investors on defense stocks.  But this one is very over bought.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-24 WEAK BUY General Electric
GE-N
Peter Brieger

If you have a wide number of US holdings then you should be more specific than this one.  Otherwise he thinks this one will be much higher in 1 to 3 years.  Prefers companies with narrower exposure.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-24 BUY Halliburton Co
HAL-N
Peter Brieger

He is particularly interested in it after their acquisition.  It is cheaper than SLB-N.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-11-24 BUY H&R Real Estate Inv Trust
HR.UN-T
Peter Brieger

REITs. H&R is one of his favourites.  He is favourable to REITs now.  They took a nasty hit during the taper scare last year.  All REITs should do well, especially HR.UN-T.  6% yield. 


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-24 TOP PICK Inter Pipeline
IPL-T
Peter Brieger

(Top Pick Nov 25/13, Up 40.53%) As you see the increase in utilization of existing pipelines you will see further dividend growth.  14-15% return is pretty good.  Keystone could provide even more potential for dividend growth.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-24 BUY Loblaw Companies Ltd
L-T
Peter Brieger

It is going to be 2-4 years to see the synergies from the Shoppers acquisition.  The combined company looks awfully good.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-24 BUY First Asset Can-60 C. Call ETF
LXF-T
Larry Berman CFA, CMT, CTA

Likes the way they do their covered call overlays.  They are writing on all the individual stocks in the index rather than on the index itself.  You might underperform over the long term if we are in a growth market.  Get out when the markets go down.


Price: $0.000
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Unknown
2014-11-24 BUY Manulife Financial
MFC-T
Peter Brieger

Stock vs. Stock:  MFC-T vs. SLF-T.  Owns MFC-T and not SLF-T.  MFC’S growth over the next 3 years is higher in each year over SLF-T.  MFC-T’s PE ratio is slightly higher.  SLF-T is a great company and has been outperforming MFC-T but going forward MFC-T can pick up their business.  With their growth rate in Asia and in asset management, they will do particularly well.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-24 TOP PICK Precision Drilling
PD-T
Peter Brieger

He doubled down at $9.22.  He is predicting increasing profit in the next two years.  It is very cheap.  Don’t do anything before the OPEC meeting.  PD-T has priced in $65-$70 oil so he is not too worried.  66% of all drilling is just to maintain current production and this should shelter drillers.  This is one of the premier drillers. 


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-24 DON'T BUY Potash Corp of Saskatchewan
POT-T
Peter Brieger

The move relates to two mine floods in Russia.  The second mine will not be brought back to production.  You are only looking at 5-6% total return, however.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-24 BUY Pembina Pipeline Corp
PPL-T
Peter Brieger

They have more exposure to commodity prices than IPL-T.  He likes it and adds it for new clients coming in.  4% dividend.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-24 BUY on WEAKNESS Shawcor Ltd. (A)
SCL-T
Peter Brieger

Loves it.  25.5% total return expected.  Very favourable PE ratio.  His entry point would be $48 if it got back there.  It dominates its industry.  The big jump in the next year is due to major new contracts.  Thinks pipelines are a growth area and this one will go along for the ride.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-24 BUY Sunlife Financial
SLF-T
Peter Brieger

Stock vs. Stock:  MFC-T vs. SLF-T.  Owns MFC-T and not SLF-T.  MFC’S growth over the next 3 years is higher in each year over SLF-T.  MFC-T’s PE ratio is slightly higher.  SLF-T is a great company and has been outperforming MFC-T but going forward MFC-T can pick up their business.  With their growth rate in Asia and in asset management, they will do particularly well.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-11-24 BUY Toronto Dominion
TD-T
Larry Berman CFA, CMT, CTA

Normally prefers BNS-T because of Latin American exposure but that has not done so well recently.  Loves the ZEB-T equally weighted bank ETF. 


Price: $0.000
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: No
2014-11-24 PAST TOP PICK Toronto Dominion
TD-T
Peter Brieger

(Top Pick Nov 25/13, Up 20.25%) He is holding and buying for new accounts.  Would be a Top Pick but the show does not allow more than 1 Top Pick from the last year.  He is also in BNS-T now.  There will be lots of cross selling to the US consumer.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-24 BUY on WEAKNESS Tourmaline Oil Corp
TOU-T
Peter Brieger

He has looked at it for a long time.  He has CPG-T and ARX-T.  He would add this if was looking for a gas stock.  The lack of a dividend would limit his interest to some extent.  If you see further weakness you might consider buying it.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-11-24 BUY Trinity Industries
TRN-N
Peter Brieger

He likes the rail car making business.  He is looking at it.  It is cheap.  On a macro basis, this industry is very favourable.


Price: $0.000
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-11-24 BUY iShares Cdn Financials
XFM-T
Larry Berman CFA, CMT, CTA

You have to consider risk adjusted returns.  The key to the success in this market is delivering higher than market returns without increased volatility.  This is a good one.  Go to their web site to get a good look at it.


Price: $0.000
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Unknown
2014-11-24 DON'T BUY Zebra Technologies Corp
ZBRA-Q
Larry Berman CFA, CMT, CTA

You are at risk of lower dividends as the preferred shares reset.


Price: $0.000
Subject: TECHNICAL ANALYSIS & ETF's
Bias: UNKNOWN
Owned: Unknown
2014-11-21 N/A A Comment -- General Comments From an Expert
A Commentary
John Zechner

Markets. This reminds him of 2007-2008. We have low interest-rates, and all this is really doing is inflating the value of financial assets. There is almost a zero interest rates in the US for 5 years which, gave 2.5% growth. Europe is still in the can with zero growth. Japan just slipped back into recession, and now the People's Bank of China has come out saying they are cutting interest rates because the economy is slowing. Markets are going higher, but are creating a bubble kind of condition. He would prefer the market was going higher because of a strong economy and growing earnings. It is going higher because of stock buybacks and higher valuations in the market in general. It is hardly a buoyant economy to justify some of the recent moves, particularly in some of the non-resource parts of the market. He is looking for areas that are a little more value oriented and a little more yield oriented. His cash levels are higher than what they have been before. Today he is Selling into strength rather than doing any Buying.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2014-11-21 N/A A Comment -- General Comments From an Expert
A Commentary
John Zechner

US Growth.  He sees growth better than anywhere else right now. Going forward they have a few more headwinds as the US dollar is going to be a little more difficult for them. With Europe and China slowing down and with Japan in recession, if all your trading partners are doing poorly, it is going to be hard for the US to rise on its own. Earnings are growing generally, but there is a lot that scares him. You feel you are getting pushed into buying stocks because things are going higher, but that is what happened in 1998-1999.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2014-11-21 N/A A Comment -- General Comments From an Expert
A Commentary
John Zechner

For a long-term hold of 5 years or more, what would be the best sector? A lot of people like energy infrastructure and pipelines, but he finds that area overvalued. Some of the big US technology companies that have a global footprint look great. They are generating a lot of cash and margins are holding in. This would be at the top of his list. You could buy an ETF such as SPDR Technology (XLK-N), or pick a basket of 5 or 6 names. Likes healthcare, but it's a tough one to find the right names.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: _N/A
2014-11-21 N/A A Comment -- General Comments From an Expert
A Commentary
Michael Sprung

Markets. The market correction was very short, but he did buy a few things for a few accounts where he was bulking up on some stocks, but it began to run away from him quite quickly. Thinks we are going to see another leg to the downside going forward. PE multiples are still pretty high. The same problems exist in the world that existed before. There are all the geopolitical issues globally. There is also starting to be a real divergence in monetary policies globally. US is backing off from quantitative easing, but we have Europe and Japan going more towards that direction. There are a lot of mixed signals right now. We are towards the end of the year also, and there are a number of areas, particularly in Canada, that are into tax loss selling, which is putting some pressure on materials and energy stocks, for the next few weeks anyways. US seems to be carrying the world on its shoulders at the moment, and he thinks fundamentals are lagging valuations still.


Price: $0.020
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: _N/A
2014-11-21 PARTIAL SELL Alcoa
AA-N
John Zechner

This has done very well. People became bullish on aluminum recently. The increase in usage of aluminum in the automobile is giving more credence. Costs have come down for them because the price of aluminum is relatively flat. Stock has more than doubled, so if you own, he would be inclined to take some profits. He thinks you have seen the best of your gains at this point.


Price: $17.450
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-21 HOLD Apple
AAPL-Q
John Zechner

Apple (AAPL-Q) or General Electric (GE-N)? Two completely different plays in different segments of the market. This has had a great run recently. Thinks this has gone through a crisis period and came out very well. iPhone 6 is selling very well. Have a great brand recognition. He thinks people continue to underestimate and undervalue things like iTunes and the software in general.


Price: $116.470
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 COMMENT Alimentation Couche-Tard (B)
ATD.B-T
Michael Sprung

This is not a value stock. Has had a very good run. Very smart management. A lot of their growth has been by acquisition. Good operations in Canada and US as well as Europe. He looks at the multiples and can't justify the current price. If you want to play this, Metro (MRU-T) owns about 5%-8%, and has been doing very well lately.


Price: $38.930
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 COMMENT Athabaska Oil Sands Corp
ATH-T
John Zechner

Chart is a very ugly picture, but at $3 it gives the company a market capitalization of $1.2 billion. This is basically what Petro China paid them. He likes what they have in their Duvernay assets and the growth they have in Hangingstone. If oil prices slipped down to $60-$65 a barrel, there is going to be risk to the whole energy sector, but their balance sheet is in very good shape.


Price: $3.200
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 BUY BCE Inc.
BCE-T
John Zechner

Until last night, resource stocks have really been under a lot of pressure. People are worried about commodity prices because of the higher US$, so in Canada people are gravitating to non-resource areas, the smaller part of the market. Areas like telecoms are growing and pay a decent dividend yield, and the valuations are not excessive. It's a logical place to move. They all stick out as relatively good value even though the industry is slowing down. Doesn't feel there is a lot of downside or risk to the area.


Price: $53.320
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 HOLD Bonterra Energy Corp
BNE-T
John Zechner

The pressures on this stock are simply industry related. Oil production growth is fine. They have a decent dividend yield. Good management and a good strong track record.


Price: $48.870
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 TOP PICK Bank of Nova Scotia
BNS-T
Michael Sprung

Relative valuation has taken a bit of a hit lately, because in their recent quarter they reported a bit of a hiccup in their international operations. It is fairly rare that you are able to buy this bank for a lower Price to Book valuation than its competitors. At current levels, it’s a pretty good place to be. In the meantime, you are being paid 3.8% dividend yield and that dividend is likely to go up in the coming years. Tier 1 capital of about 10.9%.


Price: $70.000
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 HOLD Baytex Energy Corp
BTE-T
Michael Sprung

A well-managed company. Good assets. Doesn't think the balance sheet is in terrible condition. Have been severely affected along with a lot of other oil/gas stocks. Believes it is going to level out from here. If we have some stability in the energy market, he thinks this will come out of this downtrend and reverse itself. Wouldn't be surprised to see this appreciate fairly quickly, should conditions improve a little.


Price: $30.940
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 HOLD Canadian Oil Sands
COS-T
Michael Sprung

Where it is trading today, he would not necessarily sell. If you are looking to participate in the oil sands, he might choose a different vehicle, but overall this company is at a level now where it looks reasonably valued. An extremely long-term play.


Price: $17.650
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-21 BUY Crescent Point Energy Corp
CPG-T
Michael Sprung

Has reached a valuation where he has started to nibble at it.  Has a very good distribution. Used to depend a lot on their dividend reinvestment plan to finance it, but much less now with their production increasing. They have so much good land position where their future drilling opportunities are quite numerous, and have been very good at executing their strategies. Thinks they will continue to exploit their opportunities in the Bakken and Shaunavon areas. At these levels it is becoming a compelling price for a longer-term investor.


Price: $36.670
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 COMMENT Canadian Western Bank
CWB-T
Michael Sprung

Their dominant operation is in the energy geographies, and he feels that is where a lot of the concerns have rolled in. Selling at a relative discount to the other banks than it used to. Latest quarter has been okay.  Net interest margin was squeezed a little in the last quarter, but those things are transitory. Have a fairly good capital base. Tier one capital is about 8% and thinks they will probably have to increase that over time. Longer term, this is probably a pretty good investment to have. Yield is just a little over 2%. You get a much better yield with some of the other Canadian banks.


Price: $37.920
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 PAST TOP PICK Encana Corp
ECA-T
Michael Sprung

(A Top Pick Dec 11/13. Up 10.03%.) This is a company that is really in transition. Have gone from primarily being a gas producer to much more exposure to liquids in a short period of time. What have astounded people are the prices they have got for the assets they have sold. Have also made some very smart purchases.


Price: $20.880
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 HOLD EnerCare Inc
ECI-T
Michael Sprung

Has appreciated fairly sharply in the last short period of time. This is a company with a very low Book Value and selling at a high multiple of Book, but the earnings on that Book are significant, and the cash flow it has been generating has been improving. Just finished acquiring some holdings from Direct Energy. Thinks they are in very good position in the longer term. At the current price, he considers this as a Hold not a Buy.


Price: $15.520
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-21 PAST TOP PICK Element Financial
EFN-T
John Zechner

(A Top Pick Feb 10/14. Up 11.09%.) Has taken profits on this earlier in the year and is looking to add it back. Likes what management is doing on a longer-term basis. This is a leasing business, which is a very low margin business, but they lever them up. As they start to lever it up they’re going to see better earnings growth. Could be volatile.


Price: $14.450
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 DON'T BUY Enbridge
ENB-T
Michael Sprung

Has a little of this in some accounts, but only from a legacy position. Has been an extremely well run company, but always sold at somewhat of a premium multiple. His problem is that a lot of the pipelines, at over 20X earnings, look expensive at current levels. The price you are paying today is anticipating a lot of future dividend increases. People should be concerned about how much debt is going to be financed for pipeline growth.


Price: $52.350
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 COMMENT Finning Int
FTT-T
Michael Sprung

Very, very dependent on the resource industries, particularly mining, energy as well as construction. Insofar as you can see the economic landscape picking up, this one longer-term is a good industrial holding from here. For him to get interested in it, he would want to see it below $25.


Price: $27.920
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 DON'T BUY General Electric
GE-N
John Zechner

Apple (AAPL-Q) or General Electric (GE-N)? Two completely different plays in different segments of the market. This is obviously more of a play on capital spending. They have got out of a lot of their consumer businesses and will be spinning out the leasing businesses. Some of their capitals spending customers are slowing down a little, so he would be a little concerned there.


Price: $26.990
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: No
2014-11-21 PAST TOP PICK Hudbay Minerals Inc.
HBM-T
Michael Sprung

(A Top Pick Dec 11/13. Up 23.61%.)  A lot of people doubted their ability to finance and bring on the constancy of a mine, which will be coming on stream next year. That will provide a further boost to their valuation. In the meantime, they have done some very smart things by selling a royalty stream into Silver Wheaton (SLW-T).  Management has done a very good job of manoeuvring this company and putting it in place for future production increases. Should there be any appreciation in commodity prices in the next couple of years that will be an added kick to the valuation.


Price: $9.530
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 COMMENT Home Capital Group
HCG-T
Michael Sprung

Very diversified portfolio of mortgages, so he wouldn't be concerned about their exposure to any particular community. Extremely well-managed. Their loan losses are very, very low. Good management team.


Price: $51.620
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-21 PARTIAL SELL Home Depot
HD-N
John Zechner

If you own, he would be tempted to take some profits. Has had a tremendous bounce off the August lows. The recent earnings beat. There is a little bit of the US market in general that he doesn't like such as a lot of earnings beat was because of share buybacks. The US housing market is improving which they are benefiting from, but feels the valuation multiples are very high for single-digit growth.


Price: $98.280
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-21 COMMENT Loblaw Companies Ltd
L-T
Michael Sprung

Has a lot of interesting parts to it. Has gone through a bit of transformation over the last 2 years in terms of reorganizing their supply, putting in SAP systems, etc. There has been some management turnover. Overall it is a lot more efficient than it was 5 years ago. Looking out a few years, you could see them earning around $3.75, a fairly significant multiple from a few years back. It may be a little ahead of itself if it were to go up very quickly from here.


Price: $61.410
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 BUY Manulife Financial
MFC-T
John Zechner

Manulife (MFC-T) or Canadian banks? He has both. However, if it came to one or the other, he would be inclined to go with Manulife right now. The bank sector valuation is at a very high level and earnings growth is slowing down. Feels the housing market in Canada is a little bit riskier than it is in the US. This company has done restructuring and have got their balance sheet in better shape.


Price: $21.910
Subject: NORTH AMERICAN - LARGE
Bias: CAUTIOUS
Owned: Yes
2014-11-21 COMMENT Manulife Financial
MFC-T
Michael Sprung

Doesn't think this is fully valued right now. They have a very, very strong balance sheet. Required capital is 248%, one of the highest in the industry. Since the financial crisis, they have really de-risked their balance sheet to a great extent, changed their sales mix into products that have more predictable profitability, gotten out of a lot of the market sensitive products. Extremely well-managed. Expects you could see upside from here. Wouldn't be surprised to see the dividend increased in the next year or two.


Price: $21.910
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Unknown
2014-11-21 PARTIAL SELL Magna Int'l. (A)
MG-T
Michael Sprung

The automotive industry has done a lot better over the last few years. As a result, there has been good appreciation in the auto suppliers. Since we have seen such great appreciation in the auto sector, unless it keeps going and growing, he doesn't see a whole lot of potential going forward. If you own, consider taking profits.


Price: $118.200
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
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