Table View - Opinions in Detail

Money has moved out of the Bond market, and into large cap defensive equities.  They are defensive in terms of the volatility of their cash flow,  but there comes a time when they are less defensive.  He thinks that there are specific stocks that are worth adding to a portfolio. Something that has a strong balance sheet that can survive a slow growth market, but still able to grow if the market improves.

Doesn't see a correction in the near future, and if we do pull back, that represents a buying opportunity

Nice entry point due to planting season concerns, the  "Jana Drama" with the hedge fund and concerns of natural gas going up.   A very good footprint on the retail side. A couple of expansion programs are coming to an end, leaving more cash flow, which will go to share buy backs and dividends.

The dividends are in question over the long term, would not buy for the dividends.

Not a bargin here,  it's still got a great yield and the dividend will keep growing. But the earnings growth will start to slow.  It's right near a new high.

He is moving his money outside of Canada and Scotia Bank has a large footprint in Latin America. Likes the prospects of outside of Canada currently.

A small drilling company, with a very strong balance sheet. Have got horizontal drilling rigs, and if things turn up they will benefit.  Efficient operators with high quality top performing rigs.  Prefers the smaller guys as they fly under the radar, and have good relationships with the massive amounts of equipment. Could see $6 to $6.50 depending on what happens in the oil.

Has done a good job growing the concession side of the business. This year has been a poor year for movies. Thinks it is expensive now.

Recommended at $52.35 now $65.86, up 27.95%  An American company based in Ireland for tax reasons. Creates health care products, used in surgery or doctors offices. They sensitive to the economy because when people aren't working they tend to put off surgeries. They are splitting off their generic drug division, which he views as a very positive move.

Is the old Chessy system railroad in the US. He is positive on railroads. If you thnk the US economy is picking up, then a railroad will also pick up. One difference between CSX and a Canadian railroad is they are tied in to coal shipments and that's been a little depressed. It's yield is 2.3% and has grown it's dividend 24% over the last 5 years.

The dividend is sustainable, and they are growing across Canada. He views it as a staple as opposed to a discretionary stock.

Favours this over Fortus for growth in Labrador and Newfoundland, will be better dividend growth and value growth.

It's expensive, but it's been expensive for long time.  Expects it to grow 10% over the next year, but wouldn't rush into it at this point.  $44 would be a better entry point.

World wide engineering company, probably the biggest in the world. He would take money out of Fluor and put it into SNC-Lavalin Group. He feels that all the negative press SNC has been having is actually old news, and it's pushing the stock down past where it should be.  Has a lot of confidence in the new management.

Favours Emera over Fortus for dividend growth.

Goodyear is tied into new car sales, and miles driven (need replacement tires more often in a good economy). As the economy increases it will be good for Goodyear as well.

The company is no bargin here. The company continues to grow, but is too expensive now.

Likes life insurance over the banks. See interest rates going up eventually. Equity markets going up as well, which is also positive for them.

Thinks there is no better business to be in then tobacco. Margins in the business are fabulous.

Doesn't like the Canadian banks currently, earnings growth is muted. Much prefers the US banks.

Is luke warm on the cable companies, because of the incursion into the TV market by the telcos. Plus the additional competition from Netflix. Doesn't care for the fundementals of the company.

Recommended at $37.32 now $42.04 up 15.17% Bought a bit early, but still feels it's a great buying opportunity.  They will be fined a lot of money, but their balance sheet can take it. They have new contracts coming on.

Was at 60.11 now 37.34(split) up 16.46% The government has been trying to get small players into the market, and these are being acquired by the bigger telcoms.  It's pretty fully valued here. So he wouldn't buy it now.

Will benefit from the reduction in heavy oils. Like Batex only with a smaller price. A long term hold. If oil stays at it's current levels, we could see $3 easily.

Doesn't own any airlines, because airlines are trades at best, but not a long term investment.

His investment style is value driven, staying away from the index. So very low banking and resource exposure. Tends to invest in sectors that are underrepresented in the index. Won't be talking about banking and resources because, resources are very volatile, and there are better opportunities then banks for dividend yields. The world stock market is anticipating too optimistic an economic scenario. China is devaluing their currency, US is pumping money into the economy and it's barely growing. Try to avoid companies that depend too much on export market. Tend to stick to domestic companies that rely on the Canadian economy. The European and German money is starting to come to Canada these days.

Recommended at 571.72 now 434.58 down 22.35% They did a share purchase plan a few weeks ago, which put a floor on the recent drop in share price.  Still some catalysts, Apple TV, Iphone. Have started buying it for new clients recently. The growth won't be as big as it has been in the past.

They put up wireless towers, are considered a REIT, and a cash cow. In 5 years there will be more smartphones and tablets out there.

One of the fastest growing power producers. Likes because it's not paying a dividend, so can get in at much cheaper valuations then it's peer groups, and it's also the fastest growing.  Will be doubling it's capactity in the next three years.   At some point will be paying a dividend, probably in the next 12 to 24 months which will drive the stock higher.  Sees it going to $20 to $25 range in a couple of years. Mostly in wind power in France, and thermal power in Canada. Have their biggest project, a wind farm in Quebec going on stream at the end of this year. This is the end of phase one which is the biggest phase, will be complete, which will probably give a dividend in the next 3 years.

Cisco ranks well in their ranking system.  If you don't own it, don't buy it's too high right now. Tech sector is one of the more undervalued sectors now.

Have held for a long time.  Up 30% with a dividend over the last 12 months. Their strategy is to acquire all the premium names they can. Really not a lot of competition in their space.

Some of the reasons to own gold in the past, such as the global financial crisis, and fears of the US dollar falling to nothing or inflation running away have dissipated. And some of the reasons to sell gold Portugal, Spain. Italy have said they are going to sell their reserves to meet their financial obligations, Cyprus is already doing that. which will put pressure on the price of gold.

Mortgages that the banks don't want, but well secured by the value of the house. They've had a nice correction, by some US hedge fund managers who don't understand the Canadian market, they "are going to loose their shirts by betting against the banks" :)

A very good entry point. Other companies in the same area that are a bit less expensive are Equitable Group or Capital group.  More growth, or upside from the smaller companies.

They are very focused on value added. They won't be buying a company that actually goes out and catches the fish. He would be buying on the pull back.  They will likely increase their dividend once a year every year.

Is the bank he likes to own.

Had owned this from the early days ($1.25) and have recently sold all of it. Last two quarterly earnings were negative growth. They need to make an acquisition.   Under $20 he would buy, but otherwise hold.

They've taken their profits so no longer own it. But still likes it.

Recently purchased. Leading manufacturing of digital and wireless equipment. They have a chip set called snap-dragon which is geared towards the media center, video and television on the smart phone. Thinks tech is a bit undersold at this point.

Is starting to look interesting. Pays 5.6% yeild. Might be oversold right now. Long term should be fine. Telcos are a good place to be in Canada.

Very well managed company. They put the company up for sale last year, but didn't manage to sell it, making you wonder why.  There's not anything wrong with the company, but maybe asking too rich of a price. Stock is expensive. It's not clear.

Yield at 3.6%, they've just had a split and increased their dividend. Dividend will continue to grow 10% a year over the next 3 years.

2009 was the trough, or the worst year ever. Luxury spending is starting to rise again. They are trying to expand into the emerging markets as well. They are under penetrated in the emerging countries. We have things like the Walmarts in the emerging sectors, but not the luxury areas.

A patent technology company. Had a tough year last year, with litigation expensive, which will be seeing the fruits of their labor this year. They sue to make money. Most of the time, things are settled out of courts, they have a few jury trials coming up.

Is a basket of names. He prefers HDV as there is more room for growth. 

Recommended at $66.77 now at $69.64, total return up 6.55% Stroke of bad luck due to bird flu coming into the mix. Those types of things affect things for 2 or 3 quarters, and then they go back to normal. They are highly into developing contries, and are a long term growth name, with some short term bad luck.

Canada is dominated by energies and financials and also the gold sector. He feels that financials have relativily weak earnings going forward. Energies depend on the keystone pipeline being built. Gold has been under a huge strain, gold has been "more or less washed out".

In the US the market is doing very well, up 15% year to date. Will likely continue to do ok.

Large cap investers in Canada need to think long term, 3 to 5 years. Find companies that trade below average multiple of earnings relative to their long term averages. Look for earnings growth and dividend growth in their forecast for the company. If all three things are good then they will take a position.

You don't want to concentrate in any one sector, you should have 6 or 7 sectors to be diversified.

Its price is back at the mid-90's level. Has been a huge disappointment. Thinks it's a high quality business.  They hold considerable debt. Might churn for a while. Thinks it might have a reasonable return going forward, but it all depends on the gold prices.

They used to own it, and have sold it on the way up. He likes the business and management. The stock has risen a lot and there is some weakness in nitrogen pricing. You could buy it here, though because it is a strong business.

50% office 25% industrial, 25% retail, 6.5 % yield

90% of their funds come from their operation.

Mentioned as an alternative to RIE.

US banks are hard to analyse, he looked at 3 banks, Bank of America, JP Morgon and Goldman Sachs.  Bank of America was the hardest to analyse especially because of the real estate assets.  That said, because of the US recovery the opportunity to sell the "gnarly" properties is getting better day by day. Feels Goldman Sachs or JP Morgon is the better investment opportunitiy.

People are waiting to see the new jet.

Three things for sure in life: death, taxes and garbage. As the economy grows there is more garbage. More industrial and residental waste. Has been pretty quiet, then last quarter started showing signs of life. Bin still sees a lot of opportunity for consolidation, so dividends aren't necessarily in the future.

Not his favourite among the banks, but it is a buy.

He likes JP Morgan and Goldman Sachs

Have owned for a few years. Is one of the highest costs producers of oil in the world. Can only be profitable if oil prices stay at the price they are now. Second problem is transportation, which has become much more prohibitive over the last 5 years. If we see natural gas replacing diesel, and shale oil being produced in the US, then CNQ is not in a good place.

Their only rail holding at the moment because it was the cheapest.  About 1/2 the price of CP, so twice as likely to go up in his view.

Used to own it, sold about 4 years ago.  It looks to be in a good place now. A downtrodden stock that has real value. Particularly when things are moving towards natural gas.  The whole fracking thing took the sector by surprise.

Not big on gold. A lot of the problems in the world economy are being resolved or have resolution in sight. Gold miners are totally dependant on the price of gold.

The stock has been a little weak lately. They are an alternative lender. They are well capitalized. Trades at very low multiple to earnings around 9X. Long track record of profitable growth. Thinks the stock is low because of unfounded concerns of a housing price crash.

Market leader in property and casualty business. Stock has been a bit weak lately because of the mandated Ontario auto premium reductions. Likely to earn around $6 a share this year. Payout ratio is about 30%, with a 2.8% dividend yeild. Management has been acquiring businesses, and are likely to continue doing so.

The gold sector has been decimated, and Kinross made some questionable acquisitions.  If gold goes above $1400 per ounce, then you might make some money.

All banks are down. Good quality blue chip stock with over a 4% dividend. Good growth prospects. All Canadian banks are an absolute BUY right now.