Stockchase Daily News RSS The Days Comments by Experts http://www.stockchase.com/ en A Comment -- General Comments From an Expert <p><span style="font-family: Times New Roman;"><span style="color: #ff0000;"><strong><span style="font-size: medium;">Markets.</span></strong></span><span style="font-size: medium;"> Thinks valuations are rich when looking at the PE&rsquo;s, certainly in the </span><span style="font-size: medium;">US</span><span style="font-size: medium;"> where it is 19.5 on the S&amp;P and 23-24 for NASDAQ. Earnings growth has been okay, but nothing special. The moves that we have seen in the market over the last year have effectively been valuations being more highly rated or investors being willing to more highly value the earnings. He thinks it is vulnerable. If there were any likelihood of interest rates going much higher, people would start to draw in their horns. Doesn&rsquo;t expect the Fed will drop interest rates at this time. What they have been doing is taking the $10 billion out of the QE4, and we are pretty close to taking all stimulus out. </span></span></p> <p>Expects much higher volatility, especially given the record levels of margin debt, high valuations and the time of the year. It is amazing, with the geopolitical uncertainty, that the markets keep going. A pretty good time to take some of your profits.</p> http://www.stockchase.com/opinions/view/138644 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138644 Cameco Corporation <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Still way below where it was back in 2010-2011. This is a reasonable entry point, if you believe uranium prices are going to remain at this higher level. They also might finally get some growth in production bringing on its new mines.</span></p> http://www.stockchase.com/opinions/view/138645 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138645 Lloyds TSB Group PLC <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>Lloyd&rsquo;s Bank (LYG-N) or Bank of Ireland (IRE-N)?</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> UK government has been selling down its stake quite successfully because the bank has been turned around by the CEO. The major point for this is that it is headquartered in Scotland, which may leave the UK and it will have to re-domicile, making it fairly uncertain as to the immediate future. Bank of Ireland is the one that he would go for.</span></p> http://www.stockchase.com/opinions/view/138646 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138646 Bank of Ireland (Gov & Co) <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>Lloyd&rsquo;s Bank (LYG-N) or Bank of Ireland (IRE-N)?</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> This is a more leveraged bet to a recovery. Ireland is trying to repay the IMF tranche of its bailout from 2010. This would be the one he would go for.</span></p> http://www.stockchase.com/opinions/view/138647 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138647 Atlantic Power Corp. <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">They have slashed the payout and are now trying to sell themselves. The stock price has just plummeted. This is the problem with these former income trusts with very high payout ratios. In the end you have to ask is it well covered and what is the percentage that is being paid out.</span></p> http://www.stockchase.com/opinions/view/138648 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138648 KKR & Co. LP <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Private equity companies are enormously profitable and really cheap because the difficulty is that it is really &ldquo;deal flow&rdquo; (?) for them. They cash in on some of their private equities. When you have a strong market like we have had over the last couple of years, you can float stuff off. There have been a raft of IPOs at very good valuations, and the private equity guys have been raking in even more, which is why they are at low valuations. This is probably not the right time to be in any of them.</span></p> http://www.stockchase.com/opinions/view/138649 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138649 Blackstone Group LP <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Private equity companies are enormously profitable and really cheap because the difficulty is that it is really &ldquo;deal flow&rdquo; (?) for them. They cash in on some of their private equities. When you have a strong market like we have had over the last couple of years, you can float stuff off. There have been a raft of IPOs at very good valuations, and the private equity guys have been raking in even more, which is why they are at low valuations. This is probably not the right time to be in any of them.</span></p> http://www.stockchase.com/opinions/view/138650 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138650 Teck Resources Ltd. (B) <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">A cheaper alternative would be Sherritt (S-T). You want a diversified metal/mineral conglomerate and this is probably the best bet in terms of its size and management. Like all resource stocks, it has been a very uninspiring performer over the last year. The Chinese credit squeeze has definitely hit the prices of most of the base metals. Not the time to be buying unless you are feeling more enthusiastic about the outlook for Chinese domestic growth and its recovery.</span></p> http://www.stockchase.com/opinions/view/138651 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138651 Emera Inc <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Has done very nicely over the last year. This is an interest rate play. If interest rates start to move up there will be a pullback, but for the moment this is a very solid, steady, slow grower, and you are probably looking at an 8%-10% total return of which about half is the dividend. A very solid thing to buy.</span></p> http://www.stockchase.com/opinions/view/138652 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138652 Unilever PLC <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">This is the play on the emerging middle class. 57%-58% of their sales are in emerging/frontier markets. The 3<sup>rd</sup> biggest consumer products company globally. Because of this, it is able to grow its top line 5%-7%. CEO is getting rid of the smaller brands in order to concentrate on the million-dollar brands. This is one that you Buy, stick it in your bottom drawer, and take it out in 5 years. You will have done very well. Reasonable yield of about 3.5%.</span></p> http://www.stockchase.com/opinions/view/138653 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138653 Copa Holdings <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>(A Top Pick Sept 13/13. Down 13.45%.)</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> Panamanian airline, the largest in Latin America. Very well run. Growth has been slower because of the Venezuelan situation. Still likes.</span></p> http://www.stockchase.com/opinions/view/138654 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138654 iShares S&P Global Water E.T.F. <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>(A Top Pick Sept 13/13. Up 21.66%.)</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> ETF on water related companies. This is a big, long-term trend. Half of this is utilities and half of it is water purification equipment manufacturers. This is one that you can stick in your bottom drawer for 5 years and it will do very nicely.</span></p> http://www.stockchase.com/opinions/view/138655 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138655 Loews Corp <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>(A Top Pick Sept 13/13. Down 7.9%.)</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> A conglomerate referred to as the mini Berkshire Hathaway. It has insurance, pipelines, offshore oil drilling, etc. Hasn&rsquo;t done well this last year, primarily because things like insurance have had some write-offs. Also, oil drilling has not been an area that has been in favour. Also, took a big write-down on some of the oil/gas acreage which they bought. However, BV continues to increase fairly steadily.</span></p> http://www.stockchase.com/opinions/view/138656 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138656 Telefonica S.A. <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Making some strategic moves including a bid for a Brazilian phone company. This is not going to be an income stock the way it used to be. Repositioning themselves as more of a total return stock. If looking for a phone company to produce income, you are probably better off with one of the Canadians or something like Vodafone (VOD-Q).</span></p> http://www.stockchase.com/opinions/view/138657 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138657 Westport Innovations <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>Do they still have an R&amp;D arrangement with Cummings?</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> He believes the very long-standing relationship is still there. The stock has been very disappointing over the last year and even more so after the last 5 years. It has always been &ldquo;promise without delivery&rdquo;. Until they are producing a lot of buses powered by technology, going somewhere else will be a more productive use of your money.</span></p> http://www.stockchase.com/opinions/view/138658 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138658 Hudbay Minerals Inc. <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Base metal stocks have been suffering. This one has actually been doing a little better and has been the exception. Still well below where it was back in 2010-2011. If you want to switch into energy producers such as Canadian Natural Resources (CNQ-T) or Suncor (SU-T), it would probably not be a bad move.</span></p> http://www.stockchase.com/opinions/view/138659 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138659 Canadian Natural Rsrcs <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">This, along with Suncor (SU-T) are probably the 2 premier energy stocks. Has done well this year, but has been peaking out in the last year. The cyclicality is such that this is the right time of the year.</span></p> http://www.stockchase.com/opinions/view/138660 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138660 Manulife Financial <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">With its most recent move to buy Standard Life&rsquo;s Canadian business, it raised its dividend for the first time since it halved it in 2009. Very encouraging sign. Still likely to have further dividend increases. </span></p> http://www.stockchase.com/opinions/view/138661 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138661 Canadian Western Bank <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Likes this. Has been a consistently successful operation. It&rsquo;s in the fastest-growing economy of Alberta and the Prairies.</span></p> http://www.stockchase.com/opinions/view/138662 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138662 A Comment -- General Comments From an Expert <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>US banks?</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> Has never been a big fan of US banks, because they did much worse than Canadian banks. Most of them cut their dividends and have the weight of the government regulation bearing down on them as well as enormous fines. Of them, Wells Fargo (WFC-N) has been consistently the best run. If you have to buy one, buy Wells Fargo.</span></p> http://www.stockchase.com/opinions/view/138663 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138663 Banco Santander SA <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Largest bank in Spain. Like most European banks, it has not done particularly well over the last 5 years. This will give you the dividend plus maybe a little bit of growth. Yield is quite high at over 7% and there is a concern that they may have to cut that if the European banking regulations require them to put more capital on.</span></p> http://www.stockchase.com/opinions/view/138664 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138664 Cisco <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">This was the Apple (AAPL-Q) in its day back in 2000 and is still below where it was. However, it is a really well run company and has loads of cash. Looks like demand on the front end is dropping off somewhat. This may be the time to move out of large-cap tech and move into something like the oils or something a little more defensive. 3% dividend return.</span></p> http://www.stockchase.com/opinions/view/138665 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138665 Trans Canada Corp <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Amongst the best performers in the bull market we have had in the last 6 years. It looks like Keystone won&rsquo;t get approved this year. However it is doing very nicely. Decent yield. Might well be worth looking at.</span></p> http://www.stockchase.com/opinions/view/138666 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138666 Cenovus Energy <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>Will it spin off its royalty assets?</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> A number of companies have done so and the market is prepared to pay up. This company could do so. This has quite a good growth profile. He would prefer Suncor (SU-T) and Canadian Natural Resources (CNQ-T).</span></p> http://www.stockchase.com/opinions/view/138667 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138667 Hudson Bay Co. <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">The big thing with this is its Sak&rsquo;s acquisition that has &ldquo;stay-at-home&rdquo; growth. On the operational side, this might be some improvement. Real estate spin out might be nice, but frankly you want the underlying business to actually be working okay.</span></p> http://www.stockchase.com/opinions/view/138668 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138668 Royal Bank of Scotland PLC <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">(Market Call Minute.) In 2 day&rsquo;s time, you will know if it has to relocate to London. The big thing is 1) the UK government is going to be selling shares and 2) will be selling its Citizens financial US bank. After the referendum this will be a Buy, if you are comfortable with UK government selling its shares later.</span></p> http://www.stockchase.com/opinions/view/138669 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138669 National Bank of Canada <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">(Market Call Minute.) This bank has had the highest dividend growth of any of the big 6.</span></p> http://www.stockchase.com/opinions/view/138670 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138670 DH Corporation <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">(Market Call Minute.) Have effectively become a mortgage processor, a very successful move.</span></p> http://www.stockchase.com/opinions/view/138671 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138671 LuLulemon Athletica (US) <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">(Market Call Minute.) Stock price is reflecting that it is very difficult for a fast-growing company to keep growing as fast.</span></p> http://www.stockchase.com/opinions/view/138672 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138672 Goldcorp Inc <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">(Market Call Minute.) The largest gold company with the best management. It will continue to see growth in production even if the gold price doesn&rsquo;t move.</span></p> http://www.stockchase.com/opinions/view/138673 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138673 Yahoo! <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">(Market Call Minute.) You hold this until Ali Baba goes public and probably goes to a premium. They own 23% of Ali Baba.</span></p> http://www.stockchase.com/opinions/view/138674 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138674 Canadian National R.R. <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">(Market Call Minute.) Yield of about 1.3%, but it keeps making its dividend and the stock price does really well. Really well-run.</span></p> http://www.stockchase.com/opinions/view/138675 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138675 Air Canada (B) <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">(Market Call Minute.) This is the end of an economic expansion, but it still has a high cost structure. If you want to be in a Canadian airline, be in Westjet (WJA-T).</span></p> http://www.stockchase.com/opinions/view/138676 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138676 Corus Entertainment (B) <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">This is the content part of the Shaw family of companies. Children&rsquo;s and women&rsquo;s programming. Stock price hasn&rsquo;t done a great deal in the last year. Raises its dividend consistently, and has bought a couple of French language channels in a couple of radio stations. It is now the 2<sup>nd</sup> largest French language producer of content. Trading at around 12X this year&rsquo;s earnings. Yield of 4.43%.</span></p> http://www.stockchase.com/opinions/view/138677 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138677 Dream Global REIT <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">This is a portfolio of German property that it bought from Deutsche Post. It has used the cash it raised to buy good quality office buildings to complement that. A Korean pension plan has bought a half share in 7 of the office buildings for &euro;120 million. Payout ratio of about 91% of adjusted funds from operations. Yield of 8.85%. A good play on the German economy.</span></p> http://www.stockchase.com/opinions/view/138678 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138678 Intact Financial <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">One of the largest property/casualty insurers. They consistently make a profit underwriting, so their costs to revenue is consistently below 100%, which is very rare in insurance. Trades at 11.5X earnings. Yield of 2.66%.</span></p> http://www.stockchase.com/opinions/view/138679 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138679 A Comment -- General Comments From an Expert <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>Markets.</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> He has always had quite a bit of cash in his portfolios and it hasn&rsquo;t hurt his results. Has been able to find some pretty decently valued companies. The overall domestic situation in the US is quite good and there is pretty decent economic growth. They may raise interest rates, but they are not going to start raising them dramatically. It is going to be very data dependent. The businesses he does own, he is quite optimistic about and there are good things to happen. There are probably some constituents in the Federal Reserve that would like to start taking a more hawkish stance, particularly just to maintain their credibility. The Fed is on a trajectory and will stop tapering at the end of October. At some time they will start raising interest rates, but it doesn&rsquo;t mean they will start raising rates in January. The numbers are good, but there are still lots of warning clouds on the horizon, growth is still very modest and is likely to decelerate again after we&rsquo;ve had a build up after very weak winter and spring numbers. Problems in Europe are also a bit of a drag. We are not going to see any huge inflationary pressures. There is no reason for the Fed to go and stomp on economic activity that they have tried so hard to foster.</span></p> http://www.stockchase.com/opinions/view/138680 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138680 Statoil ASA <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">They have talked about disposing of some of their assets after having made big acquisitions here. Norwegians are very environmentally conscious and he thinks they are getting sucked into the &ldquo;dirty oil vs. clean oil&rdquo; argument. It is hard to make a lot of money on these large quasi state run enterprises. It is very hard for them to show consistent production per share growth. If you have a really bullish view on energy prices, you probably want to have a reasonably bullish view on the Cdn$, so why would you be investing in energy names and using up your valuable foreign dollars, when you can buy good quality energy names in Canada.</span></p> http://www.stockchase.com/opinions/view/138681 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138681 Suncor Energy Inc <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>Switch to another oil such as Canadian Natural Resources (CNQ-T)?</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> These are 2 really good companies. Both are very well run and if you wanted to own 2 large cap names, these would be the 2 you want to own. Doesn&rsquo;t think the trade would be worth it because of the possible tax implications and transaction costs.</span></p> http://www.stockchase.com/opinions/view/138682 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138682 United States Steel <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">The steel industry is a tough business. Has gone through a great deal of consolidation, and some people are going to make the argument it is going to be like the airline business where you got down to a certain number of reasonable and responsible players. What he doesn&rsquo;t like about this industry is that we are going to be an information-based society. On the big capital spend that we are all looking for, 60% of it is going to be on technology. He would tilt towards technology rather than this sector.</span></p> http://www.stockchase.com/opinions/view/138683 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138683 Canadian National R.R. <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>Canadian National (CNR-T) or Canadian Pacific (CP-T)?</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> He thinks both of these look a little bit rich as compared to other transportation companies. If he was in the sector, it would be something like FedEx (FDX-N) or UPS (UPS-N).</span></p> http://www.stockchase.com/opinions/view/138684 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138684 Canadian Pacific Rail <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>Canadian National (CNR-T) or Canadian Pacific (CP-T)?</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> He thinks both of these look a little bit rich as compared to other transportation companies. If he was in the sector, it would be something like FedEx (FDX-N) or UPS (UPS-N). Hunter Harrison seems to have done a phenomenal job of turning this around and is saying there is still a lot of operating leverage to take place, so if you have to pick one, he would probably go with this one.</span></p> http://www.stockchase.com/opinions/view/138685 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138685 Gildan Activewear Inc. <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Recently looked at this and it is a company that deserves close attention. There has been a drop in cotton prices recently, which could be a big boon to their margins. Also, they are looking to expand their market share and potentially get into new products. These things have all had very big moves. A big component of their profitability is cotton prices, so you have to keep your eye on the weather. A low-margin product with a big input cost. He would not likely own this one.</span></p> http://www.stockchase.com/opinions/view/138686 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138686 Intel <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>(A Top Pick Oct 8/13. Up 60.79%.)</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> Hit his target so he sold his holdings at around $27-$28. We do have a good PC upgrade cycle and they do seem to be doing things well in the mobile market, but there are rumours that they are paying people to use their chips.</span></p> http://www.stockchase.com/opinions/view/138687 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138687 Stryker Corp. <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>(A Top Pick Oct 8/13. Up 25.76%.)</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> Great, great growth story. Compounded dividend growth in the last 5 years was around 25% per annum and he expects more of this. Great growth story in terms of healthcare story in the US with more people spending money on surgery.</span></p> http://www.stockchase.com/opinions/view/138688 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138688 Tourmaline Oil Corp <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>(A Top Pick Oct 8/13. Up 31.17%.)</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> They continue to hit the ball out of the park. Will exit this year at about 150,000 barrels a day equivalent. They have a huge contiguous land with all kinds of different zones that they can build. 2016 will probably be at about 250,000 barrels a day. It always looks expensive. Strong management team. You can&rsquo;t go wrong owning this kind of company. He would use this weakness as an opportunity to pick away at a great company at a very reasonable valuation.</span></p> http://www.stockchase.com/opinions/view/138689 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138689 AutoCanada Inc. <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Have done some big deals and have made some pretty substantial acquisitions and have grown very rapidly. There is nothing that says you can&rsquo;t combine car dealerships and get efficiencies, but he is really concerned about the Canadian consumer, which has a lot of instalment debt and a lot of mortgage debt. Car loans are very, very expensive. At this stage of the cycle and with Canadian economic situation being as tenuous as it is, he would not want to own a company selling cars with the majority of the people relying on debt. There have been discussions that the CEO may buy the land with the dealership going to the company to help finance things. He doesn&rsquo;t like it when interests are not aligned with shareholders.</span></p> http://www.stockchase.com/opinions/view/138690 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138690 Yahoo! <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">The Alibaba IPO is going to be a business that might be worth more or worth less. It is going to be up to management to take the cash and turn it into something that is going to grow. This company has been struggling. His guess is that Alibaba is going to be a really, really volatile stock. You don&rsquo;t need to be in the risk arbitrage business by owning this. </span></p> http://www.stockchase.com/opinions/view/138691 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138691 Crescent Point Energy Corp <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">They have done a great job of executing. They have sold so much equity and it is owned by so many retail investors and portfolio managers that they need to go and find some new investors. They also need to say to Canadian dealers who have made a killing selling new issues for them, &ldquo;We&rsquo;re going to the US and hire Merrill Lynch and find some new investors.&rdquo;. These deals are just too big. Company has done a great job of executing, but it is strictly a case of flow of funds, too many shares in too few accounts.</span></p> http://www.stockchase.com/opinions/view/138692 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138692 Gluskin Sheff and Associates <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">They&rsquo;ve done a good job of managing money. The only thing he would point out is that 2-3 years ago, they were probably trading at 6-7 times EBITDA, which is a reasonable number to buy a public money management company. This is now trading at around 13-14 times EBITDA. Pretty rich valuations.</span></p> http://www.stockchase.com/opinions/view/138693 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138693 Gilead Sciences Inc. <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Trading at reasonable valuations. The drug they have is a big deal and it works. They also have some good drugs in the pipeline. It will be volatile and you have to worry that somebody else will come up with a cheaper solution.</span></p> http://www.stockchase.com/opinions/view/138694 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138694 Fiera Sceptre Inc. <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">They have been buying up money management companies. They have a big shareholder in National Bank (NA-T) when they bought out one of National&rsquo;s businesses. What he doesn&rsquo;t like is that they are thinking of buying wealth management companies similarly to the way they have been buying institutional money managers. Thinks this is a very, very dangerous strategy to pursue.</span></p> http://www.stockchase.com/opinions/view/138695 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138695 Painted Pony Petroleum <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">They have amassed a significant resource in North-Eastern BC, which is right in the fairway where all the pipelines go. It can go north, south, west and east. They have enormous reserves. Getting those reserves out of the ground is going to require that an LNG facility is going to be built. They have signed an agreement with AltaGas (ALA-T) to do some processing. He doesn&rsquo;t know if investors are going to have much patience waiting for an LNG facility to get built. This won&rsquo;t happen until at least 2020. A much more sensible place to build an LNG facility is not in BC, but in Oregon which has a better port facility.</span></p> http://www.stockchase.com/opinions/view/138696 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138696 A Comment -- General Comments From an Expert <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>Cash. How much&nbsp;should a retiree have in their portfolio?</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> He is running little bit higher than 15%. Somewhere between 15% and 20% feels right to him. It puts you in a position of confidence when the market corrects and they start to sell off. Also, if you have cash, make it US$&rsquo;s. He is positive on the US$.</span></p> http://www.stockchase.com/opinions/view/138697 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138697 Apple <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Thinks the new watch is going to be amazing because he thinks it is going to be part of the whole point of sale transaction. It&rsquo;s on your body and the biometrics is going to work and will just scan your watch when you walk out of the store. Feels the company is transforming the whole shopping experience. The ApplePay is a really, really big deal and the watch is going to sync with that.</span></p> http://www.stockchase.com/opinions/view/138698 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138698 Google <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Thinks that 80% of the world is working off this company&rsquo;s operating system for mobile and mobile is really the way we are all going. YouTube is a hugely undervalued asset. The fact that they are able, with all that cash, to acquire and invest in developing new technologies, makes it a company that you just have to own. Very reasonable valuations.</span></p> http://www.stockchase.com/opinions/view/138699 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138699 Spartan Energy Corp <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">It made its projections of 7000 barrels a day on its most recent quarter, and that is when they were only able to drill 60% of the wells than they were hoping for, because it was so wet. It just shows how conservative and how much they build in problems into their business model. The criticism that they are just buying assets is not a fair accusation. They are clearly skilled operators and skilled at buying companies at reasonable valuations. They have lots of land to grow their business.</span></p> http://www.stockchase.com/opinions/view/138700 Tue, 16 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138700 A Comment -- General Comments From an Expert <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>Markets.</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> This may be the 2<sup>nd</sup> inning of a huge secular bull market in the US$. The performance of the US$ relative to the $index is the best it has been in 17 years. Today it made an eight-year high against the Japanese yen. He loves long-term secular trends. He showed a chart going back to 1997, which shows a long-term bull bottom forming on the US$. Once it passes new highs, the world will wake up and portfolio managers globally will be allocating assets back to the US. There is a lot of good, long-term news coming in that is beneficial to the US$. Europe is certainly a basket case economically, and will be for quite some time. The Japanese certainly want to engineer the yen lower. His client holdings is up to about 45% in US$ equities, this was actually zero 2 years ago.</span></p> http://www.stockchase.com/opinions/view/138701 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138701 Abbott Labs <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">His model price is $48.91, a 14% upside. Saw that they are going to spin off another company, the gift that keeps on giving. He loves large-cap drug companies. Yield of 2.02%.</span></p> http://www.stockchase.com/opinions/view/138702 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138702 Cisco <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">His model price is $37.35, a 40% upside. It is right at the bottom of one of EBV +3 one of his levels. Great support. Yield of 3.01%.</span></p> http://www.stockchase.com/opinions/view/138703 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138703 Husky Energy <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">His model price is $48.59, a 46% upside. Pays a nice dividend yield of 3.64%.</span></p> http://www.stockchase.com/opinions/view/138704 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138704 Manulife Financial <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>Manulife (MFC-T) or Sun Life (SLF-T)?</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> These are equal as to which one he likes. This one has a model price of $25.72, a 16% upside. You have got to love the insurance companies. 2.5 years ago they were both coming out of the blue (his strategy). He has been holding both and they are both great. Thinks they will do well.</span></p> http://www.stockchase.com/opinions/view/138705 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138705 Sunlife Financial <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>Manulife (MFC-T) or Sun Life (SLF-T)?</strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"> These are equal as to which one he likes. You have got to love the insurance companies. 2.5 years ago they were both coming out of the blue (his strategy). He has been holding both and they are both great. Thinks they will both do well.</span></p> http://www.stockchase.com/opinions/view/138706 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138706 Bank of America <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">This one just came out of the blue (his strategy) last week. His model price is $19.17, a 15% upside. The market is saying that they finally believe in its balance sheet. They have $2 trillion in assets, so it is very important that the market gives it&rsquo;s A-OK.</span></p> http://www.stockchase.com/opinions/view/138707 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138707 Danaher Corp. <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Over a long period of time, this has a nice growth in assets and a very consistent model price. His model price is $85.55, a 10% upside.</span></p> http://www.stockchase.com/opinions/view/138708 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138708 Russel Metals <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">His model price is $48.04, a 33% upside. This is in a precarious position here as it is at the top of his zone. It could have a correction back to $30.37. If it got back to $30.37, he would be a Buyer. If he owned this, it would be on his sell list.</span></p> http://www.stockchase.com/opinions/view/138709 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138709 RioCan Real Estate Investment <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">He is not invested in REITs at all. Doesn&rsquo;t like them. All REITs have a lot of debt. Also, they are pro-cyclical. Under IFRS (international accounting standards), they are allowed to capture gains in their portfolio and put them on their balance sheet. He can&rsquo;t think of a worst thing to do for a cyclical such as real estate.</span></p> http://www.stockchase.com/opinions/view/138710 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138710 BCE Inc. <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">This is an interest sensitive stock. Has a yield of over 5%. His model price is $36.97, a negative 23% above what he considers Fair Value.</span></p> http://www.stockchase.com/opinions/view/138711 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138711 A Comment -- General Comments From an Expert <p><span style="color: #ff0000; font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;"><strong>Alibaba IPO. Rumour is that this will open in the $60-$70 range. </strong></span><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">He tried, but couldn&rsquo;t figure out the fundamental value of this. He has it coming with a valuation of EBV+7, which is very, very expensive. Until he gets a final balance sheet, and one or two quarters down the road, he is taking a wide step away from this. He has been playing this through Yahoo (YH00-Q). He would buy Yahoo instead.</span></p> http://www.stockchase.com/opinions/view/138712 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138712 Chevron Texaco <p><span style="color: #ff0000;"><strong>(A Top Pick Oct 15/13. Up 9.49%.) </strong></span>Loves the value in this. His model price is $168.90, a 35% upside. To him this has potential to break up. There is a lot of implied value here. Nice dividend of 3.4%.</p> http://www.stockchase.com/opinions/view/138713 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138713 Metlife <p><span style="color: #ff0000;"><strong>(A Top Pick Oct 15/13. Up 17.06%.) </strong></span>Model price is $7.40, a 31% upside. His program is telling him that the market likes its assets. Quite a bit cheaper than Sun Life (SLF-T) or Manulife (MFC-T).</p> http://www.stockchase.com/opinions/view/138714 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138714 Suncor Energy Inc <p><span style="color: #ff0000;">(<strong>A Top Pick Oct 15/13. Up 18.72%.)</strong></span> His model price is $79, an upside of 81%. He is willing to be patient and wait for the value to be created.</p> http://www.stockchase.com/opinions/view/138715 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138715 Savanna Energy Services <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Had liked the energy services sector, but it is coming off and coming off hard. His model price is $15.07, 106% upside, but it is coming down to a level of $7.07, and if it had a negative transit, it is going to go all the way back to $6.</span></p> http://www.stockchase.com/opinions/view/138716 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138716 BlackBerry <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Loves this company. Bought this when it came down to the $7 range. Doesn&rsquo;t have a model price. They will be launching a new phone this fall and he thinks security will be one of the main issues going forward.</span></p> http://www.stockchase.com/opinions/view/138717 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138717 Pulte Homes Inc <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">His model price is $32 and this is at a very good support level. If you like the homebuilders, this is probably a very low risk trade.</span></p> http://www.stockchase.com/opinions/view/138718 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138718 Agnico-Eagle Mines <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Gold has been in a bear market. If his scenario is right in terms of the US$, gold bullion will struggle here and certainly will not move higher because it trades opposite to the US$. A lot of these companies have to get their costs back into line. He would love to see this one come back more.</span></p> http://www.stockchase.com/opinions/view/138719 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138719 Labrador Iron Ore Royalty <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">Has been hitting new lows. Its high was back in 2011 at $40. He has a model price of $46.05. China is slowing down quite markedly. Thinks our material stocks are really picking up that slow down. This is at a crucial level in his programs (EBV +4) at $25.40. If there is a negative transit of that, this is a shoo-in to go to level EBV +3, his red line of $20.30, so there is downside risk.</span></p> http://www.stockchase.com/opinions/view/138720 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138720 Facebook <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">His model price is $41, a 46% downside. His issue with this company is that they bought WhatsUp for $19 billion. That will double the assets of the company, which will probably have a big impact on his model price calculation. He is waiting for the completion of this.</span></p> http://www.stockchase.com/opinions/view/138721 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138721 Canyon Services Group <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">His model price is $25.86. This is a small cap energy services company and creates a huge valuation in his calculations. Doesn&rsquo;t think this is sustainable. Feels that all of these companies are coming back to a reasonable value.</span></p> http://www.stockchase.com/opinions/view/138722 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138722 Tourmaline Oil Corp <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">His model price is $48.11, a negative 6%. It is hitting right on its value. but it has had a negative transit of EBV +4. He would be very watchful. It looks like it wants to go to EBV +3 of $41, which would create some value.</span></p> http://www.stockchase.com/opinions/view/138723 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138723 Crescent Point Energy Corp <p><span style="font-family: 'Times New Roman'; font-size: 12pt; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-CA; mso-fareast-language: EN-CA; mso-bidi-language: AR-SA;">The issue here is that it is now an $18 billion company, but the stock price hasn&rsquo;t move. They issue capital basically to keep the dividend out. They do acquisitions. Now in the US because they have probably dried up all the capital in Canada for a company of this size. His model price is $38.33, a 10% discount. If you are looking for appreciation, you are not going to get it here.</span></p> http://www.stockchase.com/opinions/view/138724 Wed, 17 Sep 2014 00:00:00 -0400 http://www.stockchase.com/opinions/view/138724