What did you Buy? What might you buy? (2017)

Discuss your favourite picks, broker, and trading or investment style.
Londoncalling
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Re: What did you Buy? What might you buy? (2017)

Post by Londoncalling » 10 Sep 2017 21:23

Got an itch that needs scratching. Placed some orders for Exxon (XOM). Aegon (AEG) and Boston Pizza (BPF.UN). If they are filled it should reduce my cash to about 4% from 11%.

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Re: What did you Buy? What might you buy? (2017)

Post by newin96 » 11 Sep 2017 15:54

Probably going to add to my HCP position (currently underweighted) with proceeds from my ABBV trimming (over weighted).
In my registered account.

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Re: What did you Buy? What might you buy? (2017)

Post by Spidey » 12 Sep 2017 16:10

Took the plunge and added a little to BEI.UN @ $39.50. Net asset value is listed around $60. Currently yields 5.73%. I buy with the full realization that it may take a while to come back and that there may be more downside to come but one thing people will always need is a place to live.
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Re: What did you Buy? What might you buy? (2017)

Post by westcoastfella » 13 Sep 2017 00:36

Catching up on the past couple of weeks of buying:

Added to existing positions in:

- Northwest Company (NWC), in the mid-29's on Monday. Shares were down due to Irma damage to some of their shops in St. Maarten, but their most recent earnings report last week was otherwise very good. Took advantage of a temporary 6% drop due to Irma to add some more.

- General Electric (GE). For now I continue to follow this one down, albeit not in huge amounts. Still down ~15% since initial purchase in January, and still believe that this big ol' industrial can turn itself around, somehow.

- Corby Distilleries (CSW.B), Scotia Bank (BNS), TD Bank (TD) - long term holdings, added to them before the bank earnings

New positions in:

- Algonquin Power (AQN). I used to own, and sold at a pretty nice profit a few years back, in favour of EMA and FTS. Looked at buying again once EMA divested its stake, but never had any free CAD$. In another thread someone mentioned that they had bought on the US side... for some reason never thought about doing that, but I have US cash looking for an investment, voila. Not a full position yet, but will build to one. I have always liked their clean energy bent and growing diversification, they seem to be a good compliment to larger "traditional" EMA.

- Colabor convertible debenture (GLC.DB.A). 2021 addition to my 4-year ladder, now that 2017 was redeemed (Partners REIT, PAR.DB.A). They are probably the riskiest convertible I've purchased, the company is a very small cap food distributor in eastern Canada. I was admittedly attracted to their yield (6% coupon) and price ($94), however recent financials seem to show that they have a strong growth plan (mainly via acquisition), and seem to be growing in the right direction. There is enough there for me to take a chance, and although I usually buy these primarily for the debt, with a conversion price of $2.50, if they do grow the way they want to the price might get there before 2021.

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Re: What did you Buy? What might you buy? (2017)

Post by Descartes » 13 Sep 2017 10:16

Spidey wrote:
12 Sep 2017 16:10
Took the plunge and added a little to BEI.UN @ $39.50. Net asset value is listed around $60. Currently yields 5.73%. I buy with the full realization that it may take a while to come back and that there may be more downside to come but one thing people will always need is a place to live.
Ugh. Down 20%+ more since I posted this a little more than a year ago (and, once more, I reiterate my position):

viewtopic.php?f=33&t=118886&p=581151&hi ... un#p581156

and AR responded with:
BEI.UN owners who bought 3 years ago or so when unit prices were in the high $60 range are obviously suffering near term, but not anyone who has purchased in the $50 range. A year from now, we will be all wondering what the fuss is all about
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Re: What did you Buy? What might you buy? (2017)

Post by AltaRed » 13 Sep 2017 12:47

Always interesting to reflect back on what one said a year or so ago. :shock: :oops: :wink: Obviously, my comments were premature*, but that said, I have no issues holding BEI.UN with an ACB in the $50 range. The shakeout in the AB residential rental space is taking longer than I would have expected, but Boardwalk will be there for the long term. They are doing the right things re-furbishing existing stock and taking advantatge of new space. It is only time before it comes back with a bounce. One quarter with better financials will likely do it. Perhaps 2018 now speculative musing - not a forecast.

* My call on a solid bottom to oil prices and an eventual recovery have been premature too. I'd thought by mid-2016, we would be well into recovery mode with a bounce in resource stock prices. It is unusual for a slide that began in late 2014 would not have sorted itself out on a supply/demand basis 3 years later. I knew US oil shale would be an overhang, but even that has persisted surprisinngly so. US oil production (except for this past few weeks) was getting very close to previous peaks near 9.5 milllion barrels per day. Beware those making forecasts!
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Re: What did you Buy? What might you buy? (2017)

Post by FinEcon » 13 Sep 2017 21:27

AltaRed wrote:
13 Sep 2017 12:47
Always interesting to reflect back on what one said a year or so ago. :shock: :oops: :wink: Obviously, my comments were premature*, but that said, I have no issues holding BEI.UN with an ACB in the $50 range. The shakeout in the AB residential rental space is taking longer than I would have expected, but Boardwalk will be there for the long term. They are doing the right things re-furbishing existing stock and taking advantatge of new space. It is only time before it comes back with a bounce. One quarter with better financials will likely do it. Perhaps 2018 now speculative musing - not a forecast.

* My call on a solid bottom to oil prices and an eventual recovery have been premature too. I'd thought by mid-2016, we would be well into recovery mode with a bounce in resource stock prices. It is unusual for a slide that began in late 2014 would not have sorted itself out on a supply/demand basis 3 years later. I knew US oil shale would be an overhang, but even that has persisted surprisinngly so. US oil production (except for this past few weeks) was getting very close to previous peaks near 9.5 milllion barrels per day. Beware those making forecasts!
I know you and I have gone back and forth about this over the years but this one sits in the 'You're smart and I'm right so someday you'll see that I'm right on this one.' Boardwalk and other REITs provide such comprehensive disclosure it is fairly straightforward to reconstruct their portfolio value. IMO, if you look at Boardwalk's own internal portfolio valuation and assume a long holding period (10-15 years), you will see:

$60 is absurd
$50 is too expensive
$40 is at the upper end of prudent value for an Edmonton centric multifamily REIT
$30 is cheap given portfolio and management quality
sub $30 is a slam dunk where returns will almost certainly exceed returns to the asset base over time

The claims above are because of how cap rates act on portfolio value so unless one believes cap rates will remain as low as they have been in the last few years in perpetuity, one must use a long term likely cap rate across the portfolio value. Do that and watch the book value plummet. It gets even worse for large REITs with an older asset base because ROC is a low % of their payout becasue you should be adjusting the asset base calculation for your effective tax situation to cross compare with other REITs.
What the human being is best at doing is interpreting all new information so that their prior conclusions remain intact

-- Warren Buffett

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Re: What did you Buy? What might you buy? (2017)

Post by AltaRed » 13 Sep 2017 21:44

I don't see what you do, albeit a $60 NAV in this environment is unrealistic*. I've been through all their comprehensive data from Q2 and believe they've turned the corner. What appears to have precipitated the 'sudden' drop from circa $50 unit price to $40 unit price istheir distribution is now 100% of their FFO. The principals own >25% of outstanding units so they are not fools. Absent another curve ball to AB's economy, this is a short lived phenomenom and I'm comfortable sticking with this one. Let's chat again mid-2018.

* I was going to say absurd but actual RE prices are holding beter than one would think, both in condo and SF.
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Re: What did you Buy? What might you buy? (2017)

Post by Hammerer » 16 Sep 2017 11:36

My limit order for Hydro One went through at $22.54, paid for with my (once in a lifetime?) proceeds from Teck.

Short-term reasons:
I think they'll get a little bit of a bump when they inevitably sell their datacentre and fibre-optic business (utilities love to sell these).

I suspect the land they own is worth a ton in some areas, but not represented on their balance sheets. Bury the lines (or change the routing) and sell the land for $$$. Looks like I'm mostly incorrect on this: looks like the province held onto the transmission corridor properties: http://www.infrastructureontario.ca/PSLUP-FAQs.aspx

Plus more efficient billing practices that better balance supply and demand limiting maintenance costs. And technology enabling equipment to do that (better energy storage systems). Right now, large customers get billed based on their peak demand, but a more intelligent practice would be to bill customers their consumption fraction of peak line/region/system demand.
Anything that helps keep the lines running at, say, 75% utilization instead of 50% and 100% will save them a ton.

Risks: Could OPG start to say: Hey, we don't need Hydro One, we could transmit directly to utilities X, Y & Z. Or municipal utilities might build their own gas plants, but I guess existing users would just pay more under Energy Board rates.

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Re: What did you Buy? What might you buy? (2017)

Post by Thegipper » 18 Sep 2017 13:03

Bought some NVDA . With the digital revolution this tech company seems to be in the forefront. I also bought some Salesforce [CRM] it's growth has been very solid. By and large the USA offers the most in the tech sector.
Last edited by Thegipper on 19 Sep 2017 15:42, edited 1 time in total.

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Re: What did you Buy? What might you buy? (2017)

Post by jay » 19 Sep 2017 11:25

AltaRed wrote:
13 Sep 2017 21:44
I don't see what you do, albeit a $60 NAV in this environment is unrealistic*. I've been through all their comprehensive data from Q2 and believe they've turned the corner. What appears to have precipitated the 'sudden' drop from circa $50 unit price to $40 unit price istheir distribution is now 100% of their FFO. The principals own >25% of outstanding units so they are not fools. Absent another curve ball to AB's economy, this is a short lived phenomenom and I'm comfortable sticking with this one. Let's chat again mid-2018.

* I was going to say absurd but actual RE prices are holding beter than one would think, both in condo and SF.
I am watching BEI.UN closely as well and will likely add if it continues dropping, say to $35. There is no real rationale for this price target except that it would be 20% below my ACB of $43.5, which is when I usually consider DCA'ing at.

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Re: What did you Buy? What might you buy? (2017)

Post by Thegipper » 19 Sep 2017 15:41

Thegipper wrote:
18 Sep 2017 13:03
Bought some NVDA . With the digital revolution this tech company seems to be in the forefront. I also bought some Salesforce [CRM] it's growth has been very solid. By and large the USA offers the most in the tech sector.

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Re: What did you Buy? What might you buy? (2017)

Post by Descartes » 20 Sep 2017 10:49

Descartes wrote:
24 Aug 2017 14:17
I sold some of my Morneau-Shepell (MSI) to continue adding to Enbridge (ENB). It hurt.

MSI has been great for capital gain (I've held it for about seven years from when I first heard about it right here from Scomac :thumbsup: , I believe) but, despite analysts promising dividend increases are "just around the corner" for the last 3 years, I've lost faith. I'm still holding a good chunk of it but it is time to shift the rest of it towards more reliable dividend growth.

I just have a 1/4 position in Enbridge so far (up from zero at the beginning of the year) and I still need to hold my nose when I buy it.
I have never liked its P/E or its income-investor-pandering, overly-complicated-financing management but I like its size and its foothold in the US.
I finally jettisoned the last of my Riocan (REI.UN) and soaked up more Enbridge with the proceeds + some new funds. I have a full position in Enbridge now (god help me).

Despite my confidence in Riocan management, with the on-going deterioration of bricks-and-mortar retail (ToysRUs, Sears, Teavana, Gap..), I've felt like I've been trying to hold back the tide.

The last distribution growth was in 2012 and there is no prospect for more in the near future.

Riocan has an idea of developing their valuable real estate into hybrid condo/retail centres, which I think is a good idea, but the strain of financing that kind of expenditure is going to bring the price further down providing opportunities to jump back in later if I want to.
"A dividend is a dictate of management. A capital gain is a whim of the market."

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Re: What did you Buy? What might you buy? (2017)

Post by AltaRed » 20 Sep 2017 11:00

Descartes wrote:
20 Sep 2017 10:49
Riocan has an idea of developing their valuable real estate into hybrid condo/retail centres, which I think is a good idea, but the strain of financing that kind of expenditure is going to bring the price further down providing opportunities to jump back in later if I want to.
I am still a RioCan owner based on this premise but whether they can re-develop fast enough to make a difference is an unkonwn. I am hanging in (for now) simply because they have some superb retail locations that would make highly valuable multi-purpose redevelopment locations. Truth be known... I probably should have sold my units a few years ago in the $29 range. Ultimately, patience will be rewarded but it may be a long wait.
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Re: What did you Buy? What might you buy? (2017)

Post by Thegipper » 20 Sep 2017 12:10

AltaRed wrote:
20 Sep 2017 11:00
Descartes wrote:
20 Sep 2017 10:49
Riocan has an idea of developing their valuable real estate into hybrid condo/retail centres, which I think is a good idea, but the strain of financing that kind of expenditure is going to bring the price further down providing opportunities to jump back in later if I want to.
I am still a RioCan owner based on this premise but whether they can re-develop fast enough to make a difference is an unkonwn. I am hanging in (for now) simply because they have some superb retail locations that would make highly valuable multi-purpose redevelopment locations. Truth be known... I probably should have sold my units a few years ago in the $29 range. Ultimately, patience will be rewarded but it may be a long wait.
With the disruption being caused by Amazon and the stand alone big box operations I wonder about the future prospects for the retail Reits. Sears looks in trouble, JC Penny is in trouble and numerous others are in the same boat.

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Re: What did you Buy? What might you buy? (2017)

Post by AltaRed » 20 Sep 2017 12:40

True though you need to look at their properties, locations and major tenants to get a perspective of how vulnerable they might be. For RioCan owners/interested investors, they should look at their leasing portfolio.http://riocan.com/leasing-portfolio

A lot of it is big box and stable businesses, rather than department store type operations (Walmart is one exception). Not much in the way of Sears, the Bay, etc. and very few malls. Still, there are likely better places to invest your money.
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Re: What did you Buy? What might you buy? (2017)

Post by jay » 21 Sep 2017 14:27

Added to TSE:BEI.UN at $38.75. Was hoping it would get even cheaper but didn't want to wait. I think it is cheap enough.

Also started half positions in each of High Liner Foods (TSE:HLF) and Intertape Polymer Group (TSE:ITP). Both are relatively cheap by many fundamental measures and are trading at 52-week lows. Both may also be considered moats (HLF in frozen foods and ITP in speciality packaging) and thus have an advantage over competitors. They are also small/mid-cap in size which I am happy to have some of in my portfolio

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Re: What did you Buy? What might you buy? (2017)

Post by morleymarkle » 22 Sep 2017 14:54

After watching this thread ( http://www.cornerofberkshireandfairfax. ... -citibank/ ) throughout most of the summer, decided to buy a small amount of CitiGroup (C-N) yesterday.

Still holding lots of cash.

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Re: What did you Buy? What might you buy? (2017)

Post by farco » 22 Sep 2017 18:31

Initiated a position today with RNW @$13.68. I don't have much of utilities outside of CPX, time to change that a bit.

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Re: What did you Buy? What might you buy? (2017)

Post by AltaRed » 25 Sep 2017 13:36

I bought a half position in ITP in the low $18's this morning despite my mantra (preference?) for not buying until a stock has found a firm bottom. Like Jay, I think this stock is oversold as a result of the last quarterly results but the market is still pushing it down. Metrics seem reasonable at this level other than P/B and I like the stock for its beta and forward opportunity. Perhaps early tax loss selling? Will watch it for the next 2 months to perhaps average down to fill position.
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Re: What did you Buy? What might you buy? (2017)

Post by Thegipper » 25 Sep 2017 15:05

AltaRed wrote:
25 Sep 2017 13:36
I bought a half position in ITP in the low $18's this morning despite my mantra (preference?) for not buying until a stock has found a firm bottom. Like Jay, I think this stock is oversold as a result of the last quarterly results but the market is still pushing it down. Metrics seem reasonable at this level other than P/B and I like the stock for its beta and forward opportunity. Perhaps early tax loss selling? Will watch it for the next 2 months to perhaps average down to fill position.
I am reluctant to buy this type of stock until the late part of December or the New Year because of tax loss selling.

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Re: What did you Buy? What might you buy? (2017)

Post by AltaRed » 25 Sep 2017 18:24

I would agree except Technical Analysis would indicate support at just over $18, so there may be resistance in computer trading to anything much below $18. 3Q results in early Nov may also support that price level. Time will tell.
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Re: What did you Buy? What might you buy? (2017)

Post by deaddog » 25 Sep 2017 20:04

AltaRed wrote:
25 Sep 2017 18:24
I would agree except Technical Analysis would indicate support at just over $18, so there may be resistance in computer trading to anything much below $18. 3Q results in early Nov may also support that price level. Time will tell.
Where does it go if it breaks support? Traders will get stopped out and cause more selling.
Most of our so-called reasoning consists of finding arguments for going on believing as we already do.( J.H. Robinson)

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Re: What did you Buy? What might you buy? (2017)

Post by AltaRed » 25 Sep 2017 20:24

IMO, technical buys get triggered at resistance levels. The traders have been long stopped out in the 25% decline already.
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Re: What did you Buy? What might you buy? (2017)

Post by deaddog » 25 Sep 2017 23:47

With a tight stop in case you are wrong. :D
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