Table View - Opinions in Detail

Banks.  Looks at tech analysis but it is not a key platform.  Based on fundamentals.  Does not own any Canadian banks.  US regional banks have more leverage to US economy improving.  He believes Canadian housing has peaked.  Prefers West coast US Banks.  He is buying some today.

23% of mining companies on venture exchange of 3 months or less of cash.  There are 8-9 hundred companies in platinum, silver and gold on TSX Venture.  Not all of those companies all scrambling for the same investor dollar are going to make it.  With juniors you have financing risk, commodity risk, and management risk.  Thinks in the next few years 50% of them will be gone.

He thinks it has had its run.  He is selling down because it is now just purely a dividend story.

(Market Call Minute) Doubled in last year.  Cheap, but litigation risk.  But it could do well.

Uncertainty level is far too high.  You have to be prepared to trade it fairly actively.  Thinks they will never return to the old form of relevance. 

This is the industry that lead us into the 07/08 crisis.  Now the company is transitioned into a retail machine and 65% of earnings come from outside US.  Deferred tax asset.  It is low risk.

Got into it last summer. Story has played out as he had hoped.  70% market share in core business.  Really well managed company.

(Top Pick Apr 29/13, Down 1.25%)

Services business is a derivative of the energy business.  He is skeptical of any services name right now.  Avoid it.  They are just too volatile.  They only bring them in when times are good.

(Top Pick Apr 10/12, Down 6.69%)  It is a good company overall.  Did a phenomenal job of developing mines.  With the big Inmet project they will be dealing with it for some time.  It’s been a great name but the catalyst didn’t happen.  In the future it will be a buying opportunity.

Prefers Methonex.  Would rather see resolution into how this stuff gets out of the oil patch before going in too deep.

Energy retailer business has struggled because people don’t want to answer to the door to them.  Not a bad business but it is hard to see where dramatic growth is coming from. There is also a new American competitor.

If you believe equity markets are going higher, you could see mid 20% return for S&P so you need to be in private equity.  5.3% yield.  Impeccable balance sheet.  Best of breed.

(Market Call Minute) Decent yield but difficult environment.

Thinks it will go straight sideways. Little growth. Balance sheet is improving, however.  We are having demand destruction in North America, though.

(Top Pick Apr 10/12, Up 2.80%) It traded up and AGU weakened over time.  There is a lot of production coming on in potash in the next couple of years.  The reality is that farmers will skip potash in favour of nitrogen some years.  Doesn’t see why you need to be here.

Likes Canadian financials.  RY is a wonderfully well-run company.  They are the Canadian global capital markets story.  They are the number 10 asset manager globally and #10 advisory service.  Prefers US financials right now, however.  He still has TD and Commerce as well.

(Market Call Minute) A decent name to hold.

Tremendously long lifed.  Going out 3 years you could own this stock if you don’t worry month to month.  Returns a lot of cash to shareholders.  Ultimately he thinks Keystone will get approved but it will take longer than people think.  2.4% yield.  Should increase dividend every year and maybe throw in a big buyback.  If oil goes up you get good leverage to that.

Not bad on fundamentals side.  But it is not a big enough producer and the cycle is working against them.

For many years was a great stock.  Built out their business but problem is where is growth going to come from?  The US market was a struggle for them.  It is hard to see where you could put another one.  Dunkin Donuts has a much lower multiple.

(Top Pick Apr 29/13, Down 4.45%)  SHORT.  It was not a month long thesis.  There were missteps in China.  There are some growth problems in China.

Markets.  Fundamentals in the oil sector are quite negative.  New oil production growth in North America is more than global demand growth.  Thinks normal seasonal patterns will occur this year.  We are now seeing gas inventories build and if they get more than historical then prices could drop $1 for Nat Gas.  You may want to take profits in Nat Gas if you are overweight and wait for a buying opportunity.

(Top Pick Jun 25/12, Up 48.13%) Has been a core holding for years.  Tremendously well run company with a discipline for hedging gas prices and paying a sustainable dividend.  Exciting resource behind this company and an inventory to last years.  He will be scaling out of it as it has risen and will now be buying it back on a dip.  He trades it.  60% gas / 40% oil.

(Top Pick Jun 25/12, Up 128.33%)  Struck a deal with Koreans.  A core holding for him.

(Market Call Minute) Bullish on heavy oil.  Coming off 28 day turnaround.

(Market Call Minute) Has done exceptional job of growing production.

(Top Pick Sep 25/12, Up 16.95%) They believe they can take the company much higher in production.  They have figured out how to frack.  He likes the company a lot. Buy at a dollar.

Forth largest pressure pumper in Canada, newest fleet.  Canadian focused.  Easy story to understand.  Almost 6% dividend. 

Has been taking a closer look at it.  Well run South American company in Columbia, Peru and Argentina.  Cash on the balance sheet.  Interesting exploration program.  Ultimate recoverable resource in Peru could be much larger than anyone would have thought.  He is doing more work on it.