AGF Management (Symbol-AGF.B)

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randomwalker
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Re: AGF Management (Symbol-AGF.B)

Post by randomwalker »

balk wrote:What caused the huge jump today?
Higher than average volume at 1.4 million shares, buying pressure. Typical volume one to two hundred thousand shares.
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Re: AGF Management (Symbol-AGF.B)

Post by Taggart »

Been looking for an excuse to sell AGF.b ever since the announcement of the sale of their trust company. Now the company has nothing to fall back on. The stock's up from a few days ago, so decided to get out this morning. I've come around to agreeing with the advice given by other members here, strongly implying that AGF's business model is probably broken.
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Re: AGF Management (Symbol-AGF.B)

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Taggart wrote:Been looking for an excuse to sell AGF.b ever since the announcement of the sale of their trust company. Now the company has nothing to fall back on. The stock's up from a few days ago, so decided to get out this morning. I've come around to agreeing with the advice given by other members here, strongly implying that AGF's business model is probably broken.
Wall Street adage:
The Crowd is always wrong.
Buy when there’s blood in the streets.
Be greedy when others are fearful and fearful when others are greedy.
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Re: AGF Management (Symbol-AGF.B)

Post by Taggart »

deaddog wrote:
Taggart wrote:Been looking for an excuse to sell AGF.b ever since the announcement of the sale of their trust company. Now the company has nothing to fall back on. The stock's up from a few days ago, so decided to get out this morning. I've come around to agreeing with the advice given by other members here, strongly implying that AGF's business model is probably broken.
Wall Street adage:
The Crowd is always wrong.
Buy when there’s blood in the streets.
Be greedy when others are fearful and fearful when others are greedy.
Yes deaddog. I memorized these slogans by heart many years ago. I didn't originally buy AGF as a cigar butt though; only good for one puff. I now leave these stocks for others.
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Re: AGF Management (Symbol-AGF.B)

Post by Jungle »

Wow stock is up 11% in one day? hmm no news either.
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Re: AGF Management (Symbol-AGF.B)

Post by Taggart »

I didn't want to answer Liam on the Transalta thread, so I'm responding here:
Liam wrote:
Taggart wrote: I was just looking around on the internet to see if John Heinzl who seems to do a lot of probing on his own regarding dividend investments, had anything to say lately on TransAlta. He wrote this column on December 21, 2012.

How not to invest in 2013

2) Beware of stocks bearing high yields

"The next time you’re tempted by a stock’s outsized dividend yield, ask yourself why the payout is so high. Yellow Media is the poster child for why investors need to be skeptical of high yields and in 2012 investors learned that lesson again with stocks such as TransAlta and AGF Management."
That's funny... AGF.B is up 50% since I bought it last December, when the yield was 12.7%.

I do take Heinzl's point though, and I treat high yield as a synonym for high risk.
I sold my on June 20th, 2012. Looking at the Yahoo graph for that date, it sold for around $11.64. Last trade on Friday of last week was $12.80. Has AGF.b increased it's dividend since I sold it. Nope. No regrets in selling it.
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Re: AGF Management (Symbol-AGF.B)

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Taggart wrote:
I sold my on June 20th, 2012. Looking at the Yahoo graph for that date, it sold for around $11.64. Last trade on Friday of last week was $12.80. Has AGF.b increased it's dividend since I sold it. Nope. No regrets in selling it.
I'm still holding because they haven't cut the dividend. :D
"And the days that I keep my gratitude higher than my expectations, well, I have really good days" RW Hubbard
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Re: AGF Management (Symbol-AGF.B)

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deaddog wrote:
Taggart wrote:
I sold my on June 20th, 2012. Looking at the Yahoo graph for that date, it sold for around $11.64. Last trade on Friday of last week was $12.80. Has AGF.b increased it's dividend since I sold it. Nope. No regrets in selling it.
I'm still holding because they haven't cut the dividend. :D
Unless, AGF can significantly improve on their earnings, how much longer do you think that will last? Negative free cash flow for the last two years, so coverage is not coming from there either. Perhaps it's Laurentian Bank keeping them afloat.
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Re: AGF Management (Symbol-AGF.B)

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If if wasn't for the fact that AGF is the largest buyer of shares through their ongoing share buy back program I doubt their would have been much in the way of appreciation in the price over the last year and the dividend would be unsustainable at the current level. That being said I should think the end game is to take the company private with an offer being made for shares outstanding by holders of the privately held "A" shares that is to say the Goldring family. The question then becomes when and what the premium will be over the market price. Given that the "A" share owners have majority control of the publicly traded "B" share I should think they can offer as much or as little as they like. Such are things with dual class structured companies. The only speed bump to be satisfied is Blackrock (BLK) which owns 8.66% of the "B" shares. Worth a punt at the current level?
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Re: AGF Management (Symbol-AGF.B)

Post by deaddog »

You think AGF is marking up the price on itself? If they wanted to accumulate shares they should start a rumor about a dividend cut and buy into the panic selling.
Your hypothesis about a private take over may be true but someone else is marking the price up.
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Re: AGF Management (Symbol-AGF.B)

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Obviously there are other buyers beyond AGF but as Taggart has pointed out above there isn't a lot of good news at the company these days so I would conclude that the other buyers are reading the tea leaves the same way I am as in " AGF is buying back shares but why...? Where or what could be the hidden value? Riding the coattails of the smart money some might say. Or as they say on the street "when you got a hunch, buy a bunch."

Not a recommendation. I'm neither long nor short the stock.
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Re: AGF Management (Symbol-AGF.B)

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randomwalker wrote: Riding the coattails of the smart money some might say.
Always a good sign when a stock advances on bad news.
"And the days that I keep my gratitude higher than my expectations, well, I have really good days" RW Hubbard
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Re: AGF Management (Symbol-AGF.B)

Post by George$ »

Some work out - others don't - and in some I have been stupid - that is me in AGF.

This post is to balance my boasting of good results against my poor results

A few years ago I put in some $ in AGF (not that much). My mistake - I should have known. I recall thinking that Canada might continue giving its money to AGF - and its dividend seemed high.

Today AGf is down about 45% from what I paid.

Read today's G&M - AGF to slash dividend in major step in transforming business

NOTE - recent Bylo's post is more interesting - and will also come to Canada and eat AGF some day - When? - I dunno :?
Bylo Selhi wrote:Coming to Canada too? Vanguard turns firepower on shake-up of financial advice market [FT(*)]
Executives at Vanguard’s Valley Forge, Pennsylvania headquarters have been quietly working on a way to give simple but effective portfolio advice to US savers. It promises to offer the service at a fraction of the cost of the average financial adviser, 0.3 per cent of assets annually compared with an industry average of more than 1 per cent. Using mainly online tools, including webcam chats with advisers, it will avoid the expensive infrastructure of existing financial adviser chains...

The open question is what the US’s 225,000-strong industry of financial advisers is going to think about Vanguard entering its territory. And it is an important question, since a large part of the company’s recent growth has come from advisers putting their clients into Vanguard funds.
(*) To scale the FT paywall Google on the headline then click the link in search results.
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Re: AGF Management (Symbol-AGF.B)

Post by Taggart »

As mentioned above, I dumped the common shares of AGF back in the spring of 2012, but if I'd held on instead, I would of sold right after the dividend cut. As I've said in the past, this is the kind of stock I leave for the value guys to ponder over.

=======================================

A value play? Analysts cautious on AGF after dividend slashed

BRENDA BOUW
The Globe and Mail
Published Tuesday, Dec. 16 2014, 7:42 PM EST
Last updated Tuesday, Dec. 16 2014, 7:42 PM EST
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Re: AGF Management (Symbol-AGF.B)

Post by Peculiar_Investor »

I'm guessing that since the last post on this topic was about 4 years ago that many no longer follow this company. From yesterday's news cycle we learned that a non-Goldring will be running the company for the first time ... Blake C. Goldring Announces Decision to Transition to New Role as Executive Chairman Kevin McCreadie named Chief Executive Officer ...
AGF press release wrote:AGF Management Limited (TSX: AGF.B) announced that Blake C. Goldring, CEO and Chairman for AGF, has made the decision to transition into a new role as Executive Chairman for the firm. Kevin McCreadie, President and Chief Investment Officer, has been named as his successor and Judy Goldring, Executive Vice President and Chief Operating Officer, has been named to President and Chief Administration Officer (CAO), effective December 1, 2018.
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