How To Invest
In addition, Pat thinks then beginner investors should cultivate two important qualities: a healthy sense of skepticism and patience.
Investors should approach all investments with a healthy sense of skepticism. This can help keep you out of fraudulent stocks that masquerade as high-quality stocks. It will also keep you out of legally operated, but poorly managed, companies that promise more than they can possibly deliver.
If you are a new investor, you should also realize that losing patience can cause you to sell your best choices right before a big rise. All too often, investors buy a promising stock just as it enters a period of price stagnation. Even the best-performing stocks run into these unpredictable phases from time to time. They move mainly sideways in a wide range for months or years before their next big rise begins. (Stock brokers often refer to these stocks as “dead money.”)
If you lack patience, you run a big risk of selling your best choices in the midst of one of these phases, prior to the next big move upward. If you lose patience and sell, you are particularly likely to do so in the low end of the trading range, when stock prices have weakened and confidence in the stock has waned.
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CANADIAN PACIFIC RAILWAY $164.15 (Toronto symbol CP; Shares outstanding: 175.2 million; Market cap: $28.8 billion; TSINetwork Rating: Average; Dividend yield: 0.9%; www.cpr.ca) transports freight between Montreal and Vancouver and connects with hubs in the U.S. Midwest and northeast.
CP continues to benefit from its plan to improve its efficiency with new locomotives, better tracks and software that optimizes train loads and speeds. That’s helping it deal with colder-than-normal winter weather.
In the three months ended December 31, 2013, CP’s earnings per share rose 49.2%, to $1.91 from $1.28. Revenue gained 7.0%, to a record $1.6 billion from $1.5 billion.
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CP continues to benefit from its plan to improve its efficiency with new locomotives, better tracks and software that optimizes train loads and speeds. That’s helping it deal with colder-than-normal winter weather.
In the three months ended December 31, 2013, CP’s earnings per share rose 49.2%, to $1.91 from $1.28. Revenue gained 7.0%, to a record $1.6 billion from $1.5 billion.
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VANGUARD FTSE EMERGING MARKETS ETF $37.39 (New York symbol VWO; buy or sell through brokers) aims to track the Financial Times Stock Exchange (FTSE) Transitions Index, which is made up of common stocks of companies in developing countries. The fund has an MER of just 0.18%.
Vanguard FTSE Emerging Markets ETF’s top holdings include Taiwan Semiconductor (Taiwan: computer chips), China Mobile (China: wireless), Petroleo Brasileiro SA (Brazil: oil and gas), Vale SA (Brazil: mining), Gazprom (Russia: gas utility), China Construction Bank, Tencent Holdings (China: Internet), Industrial & Commercial Bank of China, Naspers Ltd. (South Africa: media) and MTN Group (South Africa: wireless telecommunications)
The $62.4-billion fund’s breakdown by country is as follows: China (22.1%), Taiwan (13.6%), Brazil (13.2%), South Africa (9.5%), India (9.3%), Russia (7.1%), Mexico (5.8%), Malaysia (4.9%), Indonesia (2.5%), Thailand (2.5%), Chile (1.9%), Poland (1.7%), Turkey (1.7%) and others (4.2%).
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Vanguard FTSE Emerging Markets ETF’s top holdings include Taiwan Semiconductor (Taiwan: computer chips), China Mobile (China: wireless), Petroleo Brasileiro SA (Brazil: oil and gas), Vale SA (Brazil: mining), Gazprom (Russia: gas utility), China Construction Bank, Tencent Holdings (China: Internet), Industrial & Commercial Bank of China, Naspers Ltd. (South Africa: media) and MTN Group (South Africa: wireless telecommunications)
The $62.4-billion fund’s breakdown by country is as follows: China (22.1%), Taiwan (13.6%), Brazil (13.2%), South Africa (9.5%), India (9.3%), Russia (7.1%), Mexico (5.8%), Malaysia (4.9%), Indonesia (2.5%), Thailand (2.5%), Chile (1.9%), Poland (1.7%), Turkey (1.7%) and others (4.2%).
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VANGUARD GROWTH ETF $88.97 (New York symbol VUG; buy or sell through brokers) aims to track the Center for Research in Security Prices (CRSP) U.S. Large Cap Growth Index, a broadly diversified index that mainly consists of stocks of large U.S. companies. The fund’s MER is just 0.10%.
The $37.5-billion Vanguard Growth ETF’s top holdings are Apple, IBM, Google, Coca-Cola, Philip Morris International, Oracle, Amazon.com, Comcast, Qualcomm and Walt Disney Co.
The fund’s breakdown by industry is as follows: Technology (25.6%), Consumer Services (20.3%), Industrials (12.1%), Financials (11.9%), Consumer Goods (10.6%), Health Care (10.0%), Oil and Gas (7.1%), Materials (1.6%), Telecommunication Services (0.4%) and Utilities (0.4%).
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The $37.5-billion Vanguard Growth ETF’s top holdings are Apple, IBM, Google, Coca-Cola, Philip Morris International, Oracle, Amazon.com, Comcast, Qualcomm and Walt Disney Co.
The fund’s breakdown by industry is as follows: Technology (25.6%), Consumer Services (20.3%), Industrials (12.1%), Financials (11.9%), Consumer Goods (10.6%), Health Care (10.0%), Oil and Gas (7.1%), Materials (1.6%), Telecommunication Services (0.4%) and Utilities (0.4%).
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ISHARES CDN REIT SECTOR INDEX FUND $15.52 (Toronto symbol XRE; buy or sell through brokers; ca.ishares.com) holds the 15 Canadian real estate investment trusts in the S&P/TSX Capped REIT Index. The weight of each REIT is limited to 25% of the ETF’s value.zxc iShares CDN REIT’s expenses are 0.60% of its assets....
ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $32.88 (Toronto symbol AP.UN; Units outstanding: 68.5 million; Market cap: $2.2 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.3%; www.alliedpropertiesreit.com) owns 133 office buildings, mostly in major Canadian cities. These mainly Class I properties contain over 9.5 million square feet of leasable area.
Class I refers to 19th- and early-20th-century light industrial buildings that have been converted to retail space. They usually feature exposed beams, interior brick and hardwood floors.
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RIOCAN REAL ESTATE INVESTMENT TRUST $25.35 (Toronto symbol REI.UN; Units outstanding: 302.3 million; Market cap: $7.5 billion; TSINetwork Rating: Average; Dividend yield: 5.6%; www.riocan.com) is Canada’s largest real estate investment trust (REIT), with interests in 346 shopping malls containing over 83 million square feet of leasable area. That total includes 51 U.S. malls with over 14 million square feet.
In the quarter ended September 30, 2013, Rio- Can’s revenue rose 3.1%, to $272 million from $248 million. Cash flow rose 6.6%, to $113 million from $106 million. Cash flow per unit rose 2.8%, to $0.37 from $0.36, on more shares outstanding.
RioCan continues to see growth opportunities in Canada and the U.S. In 2012, it spent $926 million on properties. In the first three quarters of 2013, it bought 16 more for a total of $576 million.
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In the quarter ended September 30, 2013, Rio- Can’s revenue rose 3.1%, to $272 million from $248 million. Cash flow rose 6.6%, to $113 million from $106 million. Cash flow per unit rose 2.8%, to $0.37 from $0.36, on more shares outstanding.
RioCan continues to see growth opportunities in Canada and the U.S. In 2012, it spent $926 million on properties. In the first three quarters of 2013, it bought 16 more for a total of $576 million.
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PENGROWTH ENERGY $7.14 (Toronto symbol PGF; Shares outstanding: 519.8 million; Market cap: $3.6 billion; TSINetwork Rating: Average; Dividend yield: 6.7%; www.pengrowth.com) plans to spend $715 million to expand and upgrade its oil and natural gas properties in 2014. That’s down 7.1% from the $770 million it probably spent in 2013.
The company ended 2013 with cash of $430 million, and it expects to generate $500 million to $540 million of cash flow this year. That should let it invest in its properties and maintain its monthly dividend of $0.04 a share, for a 6.7% yield.
Pengrowth is still a buy....
The company ended 2013 with cash of $430 million, and it expects to generate $500 million to $540 million of cash flow this year. That should let it invest in its properties and maintain its monthly dividend of $0.04 a share, for a 6.7% yield.
Pengrowth is still a buy....
BONAVISTA ENERGY $14.96 (Toronto symbol BNP; Shares outstanding: 187.0 million; Market cap: $3.0 billion; TSINetwork Rating: Extra Risk; Dividend yield: 5.6%; www.bonavistaenergy.com) explores for oil and natural gas in Alberta, Saskatchewan and British Columbia. Its production is 63% gas and 37% oil.
In the three months ended September 30, 2013, Bonavista’s cash flow per share gained 27.1%, to $0.61 from $0.48 a year earlier. Its production rose 12.5%, to 73,632 barrels of oil equivalent a day (including gas) from 65,464.
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ENCANA CORP. $20.83 (Toronto symbol ECA; Shares outstanding: 740.2 million; Market cap: $15.1 billion; TSINetwork Rating: Average; Dividend yield: 1.4%; www.encana.com) is one of North America’s largest natural gas producers.
In the three months ended September 30, 2013, Encana’s cash flow per share fell 28.2%, to $0.89 from $1.24 a year earlier (all amounts except share price and market cap in U.S. dollars). The decline mostly came from lower realized gas prices.
Encana now plans to cut its dependence on gas. This year, it will devote 75% of its $2.4 billion to $2.5 billion of capital spending to five properties that produce oil and natural gas liquids (NGLs), such as butane and propane. The company expects oil and NGLs to supply 75% of its cash flow by 2017, up from about 35% today.
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In the three months ended September 30, 2013, Encana’s cash flow per share fell 28.2%, to $0.89 from $1.24 a year earlier (all amounts except share price and market cap in U.S. dollars). The decline mostly came from lower realized gas prices.
Encana now plans to cut its dependence on gas. This year, it will devote 75% of its $2.4 billion to $2.5 billion of capital spending to five properties that produce oil and natural gas liquids (NGLs), such as butane and propane. The company expects oil and NGLs to supply 75% of its cash flow by 2017, up from about 35% today.
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GREAT-WEST LIFECO $30.77 (Toronto symbol GWO; Shares outstanding: 999.4 million; Market cap: $30.7 billion; TSINetwork Rating: Above Average; Yield: 4.0%; www.greatwestlifeco.com) bought Irish Life Group, Ireland’s largest pension manager and life insurance provider, for $1.75 billion last year.
Excluding costs to integrate Irish Life, earnings per share rose 7.3% in the three months ended September 30, 2013, to $0.59 from $0.55 a year earlier.
The company has $705.1 billion of assets under administration.
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Excluding costs to integrate Irish Life, earnings per share rose 7.3% in the three months ended September 30, 2013, to $0.59 from $0.55 a year earlier.
The company has $705.1 billion of assets under administration.
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