Trading Idea
A not so TD-ous trade
Christopher Thom
TD is an extremely well-run bank with diversification across many business lines and geographies. The share price has pulled back from its 52-week high of $71.31 set back in late February by around 8.5%. With shares hovering around the $65 mark, I want to pick up some yield or look to get long the stock at even lower prices. At...
Bottom Fishing Cenovus? Hedging may be Appropriate
Patrick Ceresna
Cenovus stirred up the Canadian oil industry back on March 29th with an announcement on the $17.7 billion-dollar purchase of ConocoPhillips’ Canadian oil sand assets. To say the deal was not well received is an understatement as the stock dropped over 10% on the announcement and continued to actively distribute lower. From...
Purchasing put options or selling call options to protect oneself?
Martin Noël
Is it better to purchase put options or to sell call options for protection against loss? Many investors ask this question but, in this as in many areas, there is no single right answer. As we have seen in earlier articles, purchasing options has one major disadvantage: the erosion of the time value that must be counterbalanced...
Add (ONEX)tra upside without putting on extra downside
Christopher Thom
Onex is a stock that has done very well over the long term. Since going public in 1996, the stock has had an annualized total return over 16%. The company places emphasis on managers owning stock and investing alongside shareholders – this is something I like to look for when investing in a company. For an investor who...
Portfolio Diversifiers
Richard Croft
I assume that all investors understand the value of diversification. It is all about developing a long-term portfolio strategy that will deliver performance within a tolerable level of risk. Bonds are typically used as a portfolio diversifier. The fixed rate of interest delivers critical cash flow to the portfolio to offset the...
Looking for a Bond Substitute?
Richard Croft
Despite the hype around the Trump Rally, some stocks have been left behind. Notable among the group; BCE Inc. (TMX: symbol: BCE) which closed last Friday at $58.28. Well off the highs of August 2016 when the stock traded above $63 per share. A growth investor might consider that tragic. However, most investors see this...
Why pay more when you can PEY less?
Christopher Thom
Peyto (TSE: PEY) shares did well in 2016, rising 33.5%, as natural gas prices rose almost 64%. Natural gas accounts for 90% of Peyto’s total production volume. In my view, the shares are undervalued and could be purchased outright at this level. However, two issues arise with that idea. First, we are here to talk about...
Fading the Trump Hysteria
Patrick Ceresna
The stock markets are first and foremost a behavioral exercise. Investors are always trying to price in the future – 6 to 9 months in advance. To put that statement into perspective, one must recognize that the market is therefore driven by perceptions and assumptions more than it is about realized certainties. That...
“Buying the Dip” on REITs
Patrick Ceresna
It is incredible to have witnessed what has transpired in the month of November 2016. Trump’s victory has spurred a complete 180 degree turn in macro thinking. Some of the great macro men like Ray Dalio, Stanley Drunkenmiller and Jeffery Gundlach have discussed what is now openly believed to be a new growth and inflation...
Playing the US Election
Richard Croft
The US equity markets are re-setting some old records. At the close of trading last week, the S&P 500 composite index and the Dow Jones Industrial Average did something had declined for nine straight sessions. The last time we saw this measure of consistent bearishness was in December 1980 just before Ronald Reagan took...
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