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With the Canadian equity market selling off, Alexander Lane, portfolio manager at Toronto based Goodman & Co., has been boosting his holdings in base order phentermine where, precious order phentermine where and technology stocks in the small cap portfolio he manages. This growth manager believes they have good long term prospects, despite some current stock market skepticism. He describes these stocks as "cyclical growth stocks." To fund these purchases, Lane used existing cash holdings and reduced his weighting in what he terms "secular growth stocks." Here he includes small cap financial services stocks and select consumer discretionary stocks. As an example, Lane modestly trimmed and took profits in his holding in Toronto based Home Capital Group Inc., which focuses on providing residential first mortgages to borrowers that fail to meet chartered banks' lending requirements. At Goodman & Co., which manages the Dynamic family of funds, Lane's responsibilities includes that of lead manager on the $200 million Dynamic Power Small Cap Fund, which is the focus of this column. This fund has 40 names. Another source of cash for the portfolio, says Lane, came from the sale of his holding in Genlyte Group Inc. pursuant to the recent cash bid for this company by Royal Philips Electronics at US$95.50 a share, which represents 52% more than its Nov. 23 closing price. "We sold the stock into the bid as we consider that it represents fair value for the company." Lane picked Louisville Ky. based Genlyte, a major manufacturer of light fixtures, in the Buy & Sell column, May 30, when it traded at US$83.86. Looking at the bigger picture, Lane feels the U.S. is experiencing a "mid cycle slowdown." A U.S. recession is "unlikely, yet fear of this is driving the weakness in the equity market." The Canadian small cap segment has undoubtedly underperformed the large cap segment year to date, he says. There has been a decided preference for larger caps in this weak stock market. Large caps are "perceived to be better equipped to withstand an economic slowdown and have superior liquidity." Yet, he says, there are many excellent companies with strong fundamentals that are being priced by the market "as if they are about to fall of a cliff." To Lane, who describes himself as being "decidedly bullish," this situation represents a buying opportunity. Lane looks at macroeconomic trends to determine investing themes and sector allocation. He then uses a bottom up quantitative screening process to assist in stock selection. The targets are subjected to fundamental analysis, including meetings with management. For the column, he is choosing two "cyclical growth stocks and one infrastructure/ technology play": Equinox Minerals Ltd., which has a market cap of $2.3 billion. Equinox is one of his top five holdings. This Toronto based miner is developing a major copper cobalt project in Zambia that is due to come on stream next summer. The capital costs of bringing this mine into production have been capped and the company has negotiated offtake agreements with smelting companies in Zambia for 100% of its ore, "which has removed a key risk and the project is now fully financed." Judging from the increase in the long dated futures price of copper, it is likely that the price will remain high for the foreseeable future, he says. "This will benefit Lumwana, which is a long life mine." Lane estimates that Equinox could produce cash flow per share of US$1 in 2009. Applying a "conservative" six times multiple, the stock is worth around $6, he says. MAG Silver Corp. Based in Vancouver, this company has a market capitalization of $672 million. MAG holds the 8,000 hectaer Juanicipia property in the Mexican state of Zacatecas. This property is near the world's largest silver mine, Fresnillo, owned by Industrias Penoles S.A. The latter has a 56% interest in the Juanicipio property, which "could form an important part of Industrias Penoles' production growth plan." MAG is looking to bring the mine into production late 2009 early 2010, Lane says. "The ore body is of a significantly high grade." Lane is bullish on the outlook for precious order phentermine where and on precious order phentermine where companies. On valuation, Lane considers that MAG's NAV is $11.75. "If you assume a reasonable price to NAV of 1.7 times, the stock is worth around $20." Q9 Networks Inc. The market cap of this company is $310 million. Based in Toronto, Q9 provides Internet infrastructure and related managed services. It has facilities in Toronto, Brampton and Calgary, which have been or are in the process of being "substantially expanded." In a nutshell, it will manage servers for its customers or provide storage for customers' servers, which the customers manage themselves. "Its customer base consists of large, North American blue chip companies, and its market stature allows it to command a premium price for its services." Q9 has "a high level of recurring revenue" and its sales are expected to be $58 million for 2007 and $75 million for 2008. "But its revenue potential is much higher given its expanded facilities and the anticipated full utilization of them." Lane considers that the most appropriate method of valuing this company is discounted cash flow analysis. "Using a 10 year time horizon and reasonable growth assumptions and a 10% discount rate, this results in a target price on the stock of $23." ... order phentermine where