Here’s Part One of the most-recent letter I sent to our Portfolio Management clients in October 2022:

“We’re aiming to get this client letter out to you a little earlier than usual. That way, you’ll have a chance to read it before we know the outcome of the U.S....

A: Tamarack Valley Energy Ltd., $4.60, symbol TVE on Toronto (Shares outstanding: 556.4 million; Market cap: $2.5 billion; www.tamarackvalley.ca), is an oil and gas exploration and production firm in Western Canada....

BARRICK GOLD CORP., $26.30, is a buy. The company (symbol ABX on Toronto) is the second-largest gold miner in the world after Newmont (symbol NEM on New York, and a recommendation of our Wall Street Stock Forecaster newsletter).

Barrick now plans to focus on building new mines instead of on acquisitions....

ALGONQUIN POWER & UTILITIES CORP., $8.93, Toronto symbol AQN, is still a buy for long-term gains.

The company has two main businesses: the Regulated Services Group provides regulated electricity, gas, water distribution and wastewater collection services in Canada, the U.S., Chile, and Bermuda; and the Renewable Power Group produces electricity from about 40 clean-energy plants in North America.

Algonquin needs to conserve cash for its upcoming acquisition of Kentucky Power Co., which generates and distributes electricity to 228,000 customers in Kentucky.

The company will pay $2.65 billion U.S., including Kentucky Power’s debt....

CANADIAN PACIFIC RAILWAY LTD., $105.96, Toronto symbol CP, is your #1 Conservative Buy for 2023.

CP ships freight over a 23,700-kilometre rail network, mainly between Montreal and Vancouver. It also links to hubs in the U.S. Midwest and Northeast.

This is the fifth year in a row we’ve picked CP as our #1 Conservative stock....

DROPBOX INC., $23.07, symbol DBX on Nasdaq, is a U.S. company that provides cloud storage and related services for both individuals and firms.

Beginning in 2007, the company has focused on providing a way to synchronize computer files between registered users....

BAXTER INTERNATIONAL INC., $44.84, New York symbol BAX, is a buy.

The company makes a wide range of medical devices, including intravenous pumps and kidney-dialysis equipment.

Baxter now plans to spin off its Renal Care and Acute Therapies businesses as a separate, publicly traded company.

In 2021, this new kidney care company had revenue of $4.86 billion, or 38% of Baxter’s total revenue of $12.78 billion.

The company has not yet announced the details of the transaction....

Sustainable investing has grown exponentially over the past decade, while its scope has broadened and the approach has become more sophisticated. As of December 2021, assets under management at global exchange-traded funds that publicly set environmental, social, and governance (“ESG”) investment objectives amounted to more than $2.7 trillion; 81% were in European-based funds, and 13% were in U.S.-based funds.


According to research published by Morningstar in 2018, 16 out of 20 equity indexes in the Morningstar Global Sustainability Index family, have beaten their non-sustainability equivalents over their lifespans....

Here’s a look at how holding bonds compares to investing in stocks over time.


We’re using readily available data (see table at right) from the U.S. to demonstrate the long-term performance track record and the risk profiles of various asset classes, including government and corporate bonds.


The annual growth in U.S....

This month we highlight a long-short ETF from alternative fund manager Arrow Capital, plus a high-risk ETF from BMO/ARK Investments.


The objective of the ARROW CANADIAN ADVANTAGE ALTERNATIVE ETF $20.26 (Toronto symbol ACAA) is to achieve strong capital appreciation through investment in both short and long positions of primarily Canadian equities.


The ETF launched in November 2022 and its MER is 0.65% plus a 20% performance fee for returns over 6% per year.


The fund’s long positions included TransAlta, Altagas, Freehold Royalties, and Spin Master....