Performance Archives - InvestorsFriend.com

Summary 2022

InvestorsFriend Inc.’s performance – Year 2022
2022 was a negative year in the markets. On average our Buy or higher rated stocks lost 11.4%. That was worse than the Toronto Stock Exchange Index which lost 8.7% but quite a bit better than the S&P 500 which lost 19.4%.
Group		Rating to start 2022		Price Increase	Our Performance
Average of 3 strong buys		Strong Buy		-16.4%	bad
Average of 13 buys		Buy		-10.2%	bad
Average for all 16 buys and strong buys				-11.4%
Average of 4 weak buys		Weak Buy		-18.8%	bad
Average of 1 weak sells		Weak Sell		-13.4%	good
Average for all 5 Neutral ratings (weak buy or weak sell)				-17.0%
Average of 3 Sells		Sell		-42.1%	very good
Average of 0 Strong Sell		Strong Sell		0%	bad
Average Sell / Strong Sell
Rated As – Strong Buy at January 1, 2022
Name	Beginning 2022 Price	Rating to start 2022	Price Dec. 31 ’22	Price Increase	Our Performance
Canadian Tire (CTC.a, TO)	181.44	Strong Buy at $170	141.50	-22%	very poor
BHP Billiton Limited or BHP Billiton plc (BHP Australia or BHP or BBL New York which are equivalent to two Australia shares)	29.89	Speculative Strong Buy at 27.26	31.03	4%	good
Toll Brothers Inc. (TOL, New York)	72.39	Strong Buy rated at $70.48	49.92	-31%	very poor
Average Strong buy		Strong buy		-16.4%	bad
3
Rated As – Buy
Name	Beginning 2022 Price	Rating to start 2022	Price Dec. 31 ’22	Price Increase	Our Performance
Canadian Western Bank (CWB, Toronto)	36.30	(higher) Buy at $32.39	24.06	-34%	very poor
AutoCanada Inc. (ACQ, Toronto)	42.70	(higher) Buy at $33.92	23.31	-45%	very poor
Metro Inc. (MRU, Toronto)	67.32	(lower) Buy at $66.16	74.97	11%	good
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	14.24	Buy rated at $12.50	10.65	-25%	very poor
Melcor Real Estate Investment Trust (MR.UN, Toronto)	6.79	Buy rated at $6.71	5.53	-19%	bad
Enbridge Inc. (ENB, Toronto and New York)	49.41	Buy at $50.70	52.92	7%	good
Alimentation Couche-Tard Inc., ATD.B	53.00	Buy rated at $49.85	59.50	12%	good
American Express Company (AXP, New York)	163.60	(lower) Buy at $165	147.75	-10%	bad
Royal Bank of Canada (RY, Toronto and U.S.)	134.46	(higher) Buy rated at $103.72	127.30	-5%	bad
RioCan Real Estate Investment Trust (REI.UN, Toronto)	22.94	(lower) Buy rated at $23.00	21.13	-8%	bad
Berkshire Hathaway Inc. (BRKB, New York)	299.00	(lower) Buy at $251	308.90	3%	good
Linamar Corporation	74.93	(higher) Buy rated at $69.13	61.30	-18%	bad
Ceapro Inc. (CZO, Venture)	0.61	Speculative Buy at $0.54	0.59	-3%	bad
Average Buy		Buy		-10.2%	bad
13
Rated As Weak Buy
Name	Beginning 2022 Price	Rating to start 2022	Price Dec. 31 ’22	Price Increase	Our Performance
Enbridge Inc. Series 9 Preferred (ENB.PF.A)	20.38	Weak Buy / Hold at $21.33	15.52	-24%	very poor
Aecon Group Inc. (ARE, Toronto)	16.88	Weak Buy / Hold at $17.98	9.11	-46%	very poor
Stantec Inc. (STN, Toronto and New York)	71.07	Weak Buy / Hold rated at CAN $59.59	64.88	-9%	bad
Canadian National Railway Company (CNR, Toronto CNI, New York)	155.38	Weak Buy / Hold at $144	160.84	4%	good
Average Weak Buy		Weak Buy		-18.8%	bad
4
Rated As – Weak Sell
Name	Beginning 2022 Price	Rating to start 2022	Price Dec. 31 ’22	Price Increase	Our Performance
RIWI Corporation (RIW, Canadian Securities Exchange)	0.91	Weak Sell / Hold at CAN $1.31 , U.S. $1.04	0.73	-20%	good
Canadian Western Bank Preferred Shares Series 9 (CWB.PR.D)	26.86	Weak Sell / Hold at $26.74	25.00	-7%	good
Average Weak Sell		Weak Sell		-13.4%	good
2

0
Rated As – Sell
Name	Beginning 2022 Price	Rating to start 2022	Price Dec. 31 ’22	Price Increase	Our Performance
Shopify Inc. (SHOP, on Toronto and U.S.)	1,377.39	Speculative Sell at $U.S. $1323	347.10	-75%	very good
Costco (COST, New York)	567.70	Sell at $559	456.50	-20%	good
Canadian Western Bank Preferred Shares Series 5 (CWB.PR.B)	24.94	Sell at $24.72	17.00	-32%	very good
Average Sell		Sell		-42.1%
3
Rated As – Strong Sell
Name	Beginning 2022 Price	Rating to start 2022	Price Dec. 31 ’22	Price Increase	Our Performance
Average Strong Sell

Average Sell/ Strong Sell
DISCLAIMER: All stock ratings presented are “generic” in nature and do not take into account the unique circumstances and risk tolerance and risk capacity of any individual. The information presented is not a recommendation for any individual to buy or sell any security. The authors are not registered investment advisors and the information presented is not to be considered investment advice to any individual. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision. For ease of writing style the newsletter and articles are often written in the first person. But, legally speaking, all information and opinions are provided by InvestorsFriend Inc. and not by the authors as individuals. The author(s) of this report may have a position, as disclosed in each report. The authors’ positions may subsequently change without notice.
© Copyright: InvestorsFriend Inc. 1999 – 2022. All rights to format and content are reserved.

Summary 2021

InvestorsFriend Inc.’s performance – Year 2021
2021 was an unexpectedly strong year. We were cautious in January and had no “Strong Buys” but our 21 Buys averaged a surprising 29.5% average gain. This beat the Toronto stock index which gained 21.7% and the S&P 500 which gained 26.9%. Our only two Buy-rated stocks that fell in price were our two and only two penny stocks. See the list below of all our stock picks as of the start of 2021 and how each did during 2021.


Group		Rating to start 2021		Price Increase in 2021	Our Performance
Average of 0 strong buys		Strong Buy		0.0%	good
Average of 21 buys		Buy		29.5%	very good
Average for all 21 buys and strong buys				29.5%
Average of 6 weak buys		Weak Buy		42.8%	very good
Average of 2 weak sells		Weak Sell		23.1%	very bad
Average for all 8 Neutral ratings (weak buy or weak sell)				37.9%
Average of 0 Sells		Sell		0.0%	bad
Average of 0 Strong Sell		Strong Sell		0%	bad
Average Sell / Strong Sell				0%
Rated As – Strong Buy at January 1, 2021
Name	Beginning 2021 Price	Rating to start 2021	End 2021 Price	Price Increase	Our Performance
No strong buys this year				0%
Average Strong buy		Strong buy		0.0%	good
0
Rated As – Buy
Name	Beginning 2021 Price	Rating to start 2021	End 2021 Price	Price Increase	Our Performance
Canadian Tire (CTC.a, TO)	167.33	Buy	181.44	8%	good
Canadian Western Bank Preferred Shares Series 5 (CWB.PR.B)	17.88	(lower) Buy	24.94	39%	very good
Canadian Western Bank Preferred Shares Series 9 (CWB.PR.D)	25.50	Buy	26.86	5%	good
Canadian Western Bank (CWB, Toronto)	28.62	Speculative Buy	36.30	27%	very good
Metro Inc. (MRU, Toronto)	56.80	Buy	67.32	19%	good
Alcanna Inc. (CLIQ, Toronto)	5.92	Speculative Buy	6.84	16%	good
RIWI Corporation (RIW, Canadian Securities Exchange)	2.15	Speculative Buy	0.91	-58%	very poor
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	9.42	Buy	14.24	51%	very good
TFI International Inc. (TFII, Toronto)	65.53	(lower) Buy	141.87	116%	very good
Enbridge Inc. Series 9 Preferred (ENB.PF.A)	14.67	(higher) Buy	20.38	39%	very good
Melcor Real Estate Investment Trust (MR.UN, Toronto)	4.83	Buy	6.79	41%	very good
CRH Medical Corporation (CRH, Toronto, CRHM, U.S.)	2.33	Speculative Buy	4.00	72%	very good
Alimentation Couche-Tard Inc., ATD.B	43.38	(higher) Buy	53.00	22%	very good
American Express Company (AXP, New York)	120.91	(lower) Buy	163.60	35%	very good
Royal Bank of Canada (RY, Toronto and U.S.)	104.59	Buy	134.46	29%	very good
Toll Brothers Inc. (TOL, New York)	43.47	(lower) Buy	72.39	67%	very good
RioCan Real Estate Investment Trust (REI.UN, Toronto)	16.75	(higher) Buy	22.94	37%	very good
Dollarama Inc. (DOL, Toronto)	51.88	(lower) Buy	63.31	22%	very good
Berkshire Hathaway Inc. (BRKB, New York)	231.87	Buy	299.00	29%	very good
Linamar Corporation	67.42	(lower) Buy	74.93	11%	good
Ceapro Inc. (CZO, Venture)	0.66	Speculative Buy	0.61	-8%	bad
Average Buy		Buy		29.5%	very good
21
Rated As Weak Buy
Name	Beginning 2021 Price	Rating to start 2021	End 2021 Price	Price Increase	Our Performance
Boston Pizza Royalties Income Fund (BPF.un, Toronto)	10.83	Speculative Weak Buy / Hold	15.45	43%	very good
Stantec Inc. (STN, Toronto and New York)	41.28	Weak Buy / Hold	71.07	72%	very good
FedEx (FDX,NY)	259.62	Weak Buy / Hold	258.64	0%	bad
Costco (COST, New York)	376.78	Weak Buy / Hold	567.70	51%	very good
AutoCanada Inc. (ACQ, Toronto)	23.61	Speculative Weak Buy	42.70	81%	very good
Canadian National Railway Company (CNR, Toronto CNI, New York)	139.94	Weak Buy / Hold	155.38	11%	good
Average Weak Buy		Weak Buy		42.8%	very good
6
Rated As – Weak Sell
Name	Beginning 2021 Price	Rating to start 2021	End 2021 Price	Price Increase	Our Performance
Constellation Software Inc. (CSU, Toronto)	1,299.36	Weak Sell / Hold	1,857.60	43%	very bad
Aecon Group Inc. (ARE, Toronto)	16.36	Weak Sell	16.88	3%	bad
Average Weak Sell		Weak Sell		23.1%	very bad
2
Rated As – Sell – These would normally appear below but we had no “Sells” at the start of 2021
DISCLAIMER: All stock ratings presented are “generic” in nature and do not take into account the unique circumstances and risk tolerance and risk capacity of any individual. The information presented is not a recommendation for any individual to buy or sell any security. The authors are not registered investment advisors and the information presented is not to be considered investment advice to any individual. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision. For ease of writing style the newsletter and articles are often written in the first person. But, legally speaking, all information and opinions are provided by InvestorsFriend Inc. and not by the authors as individuals. The author(s) of this report may have a position, as disclosed in each report. The authors’ positions may subsequently change without notice.
© Copyright: InvestorsFriend Inc. 1999 – 2021. All rights to format and content are reserved.

InvestorsFriend Stock Performance 2020

InvestorsFriend Inc.’s performance – Year 2020
Our Buy-rated stocks, on average, were up 13.7% in 2020. This beat the Toronto Index which rose only 2.2%. But it trailed the S&P 500 which rose 16.2%. 2020 was a volatile year in the markets. Although we beat the TSX handily we only batted 56% correct this year.


Group		Rating to start 2020		Price Increase	Our Performance
Average of 0 strong buys		Strong Buy		0.0%	n.a.
Average of 31 buys		Buy		13.7%	good
Average for all 31 buys and strong buys				13.7%
Average of 2 weak buys		Weak Buy		20.6%	very good
Average of 1 weak sells		Weak Sell		50.2%	very bad
Average for all 3 Neutral ratings (weak buy or weak sell)				20.6%
Average of 2 Sells		Sell		28.2%	very bad
Average of 1 Strong Sell		Strong Sell		0%	n.a.
Average of 1 Sell / Strong Sell				28.2%	very bad
Rated As – Strong Buy at January 1, 2020
Name	Beginning 2020 Price	Rating to start 2020	End 2020 Price	Price Increase	Our Performance
no strong buys				0%
Average Strong buy		Strong buy		0.0%	n.a.
0
Rated As – Buy
Name	Beginning 2020 Price	Rating to start 2020	End 2020 Price	Price Increase	Our Performance
Canadian Tire (CTC.a, TO)	139.75	(higher) Buy	167.33	20%	good
Canadian Western Bank Preferred Shares Series 5 (CWB.PR.B)	17.65	(higher) Buy	17.88	1%	good
Canadian Western Bank Preferred Shares Series 9 (CWB.PR.D)	25.85	(higher) Buy	25.50	-1%	bad
Canadian Western Bank (CWB, Toronto)	31.89	(higher) Buy	28.62	-10%	bad
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	13.32	(higher) Buy	9.42	-29%	very poor
TFI International Inc. (TFII, Toronto)	43.77	(higher) Buy	65.53	50%	very good
Boston Pizza Royalties Income Fund (BPF.un, Toronto)	13.46	(higher) Buy	10.83	-20%	bad
Enbridge Inc. Series 9 Preferred (ENB.PF.A)	16.47	(higher) Buy	14.67	-11%	bad
Melcor Real Estate Investment Trust (MR.UN, Toronto)	8.12	(higher) Buy	4.83	-41%	very poor
CRH Medical Corporation (CRH, Toronto, CRHM, U.S.)	3.47	Speculative (higher) Buy	2.33	-33%	very poor
Alimentation Couche-Tard Inc., ATD.B	41.21	(lower) Buy	43.38	5%	good
American Express Company (AXP, New York)	124.49	Buy	120.91	-3%	bad
Stantec Inc. (STN, Toronto and New York)	36.70	Buy	41.28	12%	good
Canadian National Railway Company (CNR, Toronto CNI, New York)	117.47	Buy	139.94	19%	good
Royal Bank of Canada (RY, Toronto and U.S.)	102.75	Buy	104.59	2%	good
Toll Brothers Inc. (TOL, New York)	39.51	Buy	43.47	10%	good
Fortis Inc. (FTS, Toronto)	53.88	Buy	52.00	-3%	bad
RioCan Real Estate Investment Trust (REI.UN, Toronto)	26.76	Buy	16.75	-37%	very poor
BHP Billiton Limited or BHP Billiton plc (BHP Australia or BHP or BBL New York which are equivalent to two Australia shares)	23.51	Speculative Buy	26.52	13%	good
Apple Inc. (AAPL, U.S.)	293.65	Speculative Buy	530.76	81%	very good
Starbucks (SBUX, U.S.)	87.92	(lower) Buy	106.98	22%	very good
Aecon Group Inc. (ARE, Toronto)	17.52	(lower) Buy	16.36	-7%	bad
Restaurant Brands International Inc. (QSR, New York and Toronto)	63.77	(lower) Buy	61.11	-4%	bad
Dollarama Inc. (DOL, Toronto)	44.63	(lower) Buy	51.88	16%	good
Berkshire Hathaway Inc. (BRKB, New York)	226.50	(lower) Buy	231.87	2%	good
Andrew Peller Limited	11.81	(lower) Buy	10.48	-11%	bad
AutoCanada Inc. (ACQ, Toronto)	12.39	Speculative (lower) Buy	23.61	91%	very good
Linamar Corporation	49.13	Speculative (lower) Buy	67.42	37%	very good
Amazon.com Inc.	1,847.84	Speculative (lower) Buy	3,256.93	76%	very good
FedEx (FDX,NY)	151.21	Speculative (lower) Buy	259.62	72%	very good
Ceapro Inc. (CZO, Venture)	0.32	Speculative Buy / Hold	0.66	106%	very bad
Average Buy		Buy		13.7%	good
31
Rated As Weak Buy
Name	Beginning 2020 Price	Rating to start 2020	End 2020 Price	Price Increase	Our Performance

VISA (V)	187.90	Weak Buy / Hold	218.73	16%	good
WSP Global Inc. (WSP, Toronto)	88.67	Weak Buy / Hold	120.59	36%	very good
Heineken N.V. (HEIA, Amsterdam, or 2 HEINY, U.S.)	94.92	Weak Buy / Hold	91.22	-4%	bad
Constellation Software Inc. (CSU, Toronto)	970.34	Weak Buy / Hold	1,299.36	34%	very good

Average Weak Buy		Weak Buy		20.6%	very good
4
Rated As – Weak Sell
Name	Beginning 2020 Price	Rating to start 2020	End 2020 Price	Price Increase	Our Performance
lululemon athletica inc. (lulu, NASDAQ)	231.67	Weak Sell / Hold	348.03	50%	very bad
Average Weak Sell		Weak Sell		50.2%	very bad
none
0
Rated As – Sell
Name	Beginning 2020 Price	Rating to start 2020	End 2020 Price	Price Increase	Our Performance
Costco (COST, New York)	293.92	(lower) Sell	376.78	28%	very bad
Average Sell		Sell		28.2%
1
Rated As – Strong Sell
Name	Beginning 2020 Price	Rating to start 2020	End 2020 Price	Price Increase	Our Performance
Average Strong Sell

Average Sell/ Strong Sell				28.2%	very bad
DISCLAIMER: All stock ratings presented are “generic” in nature and do not take into account the unique circumstances and risk tolerance and risk capacity of any individual. The information presented is not a recommendation for any individual to buy or sell any security. The authors are not registered investment advisors and the information presented is not to be considered investment advice to any individual. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision. For ease of writing style the newsletter and articles are often written in the first person. But, legally speaking, all information and opinions are provided by InvestorsFriend Inc. and not by the authors as individuals. The author(s) of this report may have a position, as disclosed in each report. The authors’ positions may subsequently change without notice.
© Copyright: InvestorsFriend Inc. 1999 – 2021. All rights to format and content are reserved.

Summary 2019

InvestorsFriend Inc.’s performance – Year 2019
2019 was an “okay” year for our stocks picks. The good news was that 81% of the stocks rated (lower) Buy or higher rose and the average gain was 18.1%! But that slightly trailed the TSX index which was up 19.1% and trailed the S&P 500 which was up 28.9%. Also, the “Strong Buys” did not do as well as the “Buys”.


Group		Rating to start 2019		Price Increase	Our Performance
Average of 5 strong buys		Strong Buy		13.8%	good
Average of 22 buys		Buy		19.1%	good
Average for all 27 buys and strong buys				18.1%
Average of 2 weak buys		Weak Buy		12.6%	good
Average of 0 weak sells		Weak Sell		0.0%	bad
Average for all 2 Neutral ratings (weak buy or weak sell)				12.6%
Average of 2 Sells		Sell		3.0%	bad
Average of 0 Strong Sells		Strong Sell		0%	bad
Average Sell / Strong Sell				3.0%
Rated As – Strong Buy at January 1, 2019
Name	Beginning 2019 Price	Rating to start 2019	End of 2019 Price	Price Increase	Our Performance
Linamar Corporation	45.30	(higher) Strong Buy	49.13	8%	good
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	12.29	(higher) Strong Buy	13.32	8%	good
Toll Brothers Inc. (TOL, New York)	32.93	Strong Buy	39.51	20%	good
Canadian Western Bank (CWB, Toronto)	26.04	(lower) Strong Buy	31.89	22%	very good
Royal Bank of Canada (RY, Toronto and U.S.)	93.44	(lower) Strong Buy	102.75	10%	good
Average Strong buy		Strong buy		13.8%	good
Rated As – Buy
Name	Beginning 2019 Price	Rating to start 2019	End of 2019 Price	Price Increase	Our Performance
Canadian Tire (CTC.a, TO)	142.74	(higher) Buy	139.75	-2%	bad
FedEx (FDX,NY)	161.33	(higher) Buy	151.21	-6%	bad
TFI International Inc. (TFII, Toronto)	35.30	(higher) Buy	43.77	24%	very good
Boston Pizza Royalties Income Fund (BPF.un, Toronto)	15.11	(Higher) Buy	13.46	-11%	bad
Enbridge Inc. Series 9 Preferred (ENB.PF.A)	17.00	(higher) Buy	16.47	-3%	bad
Alimentation Couche-Tard Inc., ATD.B	67.91	(higher) Buy	82.42	21%	very good
American Express Company (AXP, New York)	95.32	(higher) Buy	124.49	31%	very good
Fortis Inc. (FTS, Toronto)	45.51	Buy	53.88	18%	good
Starbucks (SBUX, U.S.)	64.40	Buy	87.92	37%	very good
BHP Billiton Limited or BHP Billiton plc (BHP Australia or BHP or BBL New York which are equivalent to two Australia shares)	20.95	Speculative Buy	23.51	12%	good
WSP Global Inc. (WSP, Toronto)	58.67	Buy	88.67	51%	very good
RioCan Real Estate Investment Trust (REI.UN, Toronto)	23.80	Buy	26.76	12%	good
Melcor Real Estate Investment Trust (MR.UN, Toronto)	7.46	Buy	8.12	9%	good
AutoCanada Inc. (ACQ, Toronto)	11.35	Speculative Buy	12.39	9%	good
Constellation Software Inc. (CSU, Toronto)	639.84	(lower) Buy	970.34	52%	very good
CRH Medical Corporation (CRH, Toronto, CRHM, U.S.)	3.05	Speculative Buy	3.47	14%	good
Dollarama Inc. (DOL, Toronto)	32.47	(lower) Buy	44.63	37%	very good
Amazon.com Inc.	1,501.97	Speculative (lower) Buy	1,847.84	23%	very good
Stantec Inc. (STN, Toronto and New York)	29.91	(lower) Buy	36.70	23%	very good
VISA (V)	131.94	(lower) Buy	187.90	42%	very good
Canadian National Railway Company (CNR, Toronto CNI, New York)	101.11	(lower) Buy	117.47	16%	good
Berkshire Hathaway Inc. (BRKB, New York)	204.18	(lower) Buy	226.50	11%	good
Average Buy		Buy		19.1%	good
Rated As Weak Buy
Name	Beginning 2019 Price	Rating to start 2019	End of 2019 Price	Price Increase	Our Performance
Costco (COST, New York)	203.71	Weak Buy / Hold	293.92	44%	very good
Canadian Western Bank Preferred Shares Series 5 (CWB.PR.B)	21.80	Weak Buy / Hold	17.65	-19%	bad
Average Weak Buy		Weak Buy		12.6%	good
Rated As – Weak Sell
Name	Beginning 2019 Price	Rating to start 2019	End of 2019 Price	Price Increase	Our Performance
Average Weak Sell		Weak Sell		0.0%	bad
Rated As – Sell
Name	Beginning 2019 Price	Rating to start 2019	End of 2019 Price	Price Increase	Our Performance
Ceapro Inc. (CZO, Venture)	0.39	Sell	0.32	-17%	good
Heineken N.V. (HEIA, Amsterdam, or 2 HEINY, U.S.)	77.20	(lower) Sell	94.92	23%	very bad
Average Sell		Sell		3.0%
DISCLAIMER: All stock ratings presented are “generic” in nature and do not take into account the unique circumstances and risk tolerance and risk capacity of any individual. The information presented is not a recommendation for any individual to buy or sell any security. The authors are not registered investment advisors and the information presented is not to be considered investment advice to any individual. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision. For ease of writing style the newsletter and articles are often written in the first person. But, legally speaking, all information and opinions are provided by InvestorsFriend Inc. and not by the authors as individuals. The author(s) of this report may have a position, as disclosed in each report. The authors’ positions may subsequently change without notice.
© Copyright: InvestorsFriend Inc. 1999 – 2020. All rights to format and content are reserved.

Stock Performance 2018

InvestorsFriend Inc.’s performance – Year 2018
2018 turned out to be a bad year for our Stock Picks. The three stocks we rated in the Strong Buy range declined an average of 14.2%. And the 20 stocks that were rated (lower) Buy or higher declined an average of 13.5%. In comparison the Toronto Stock Exchange index was down 11.6% and the S&P 500 index was down 6.2%.


Group		Rating to start 2018		Price Increase	Our Performance
Average of 3 strong buys		Strong Buy		-14.2%	bad
Average of 17 buys		Buy		-13.5%	bad
Average for all 20 buys and strong buys				-13.6%
Average of 2 weak buys		Weak Buy		-3.2%	bad
Average of 1 weak sells		Weak Sell		0.0%	bad
Average for all 3 Neutral ratings (weak buy or weak sell)				-3.0%
Average of 2 Sells		Sell		-1.4%	good
Average of 1 Strong Sell		Strong Sell		0%	bad
Average Sell / Strong Sell				-1%
Rated As – Strong Buy at January 1, 2018
Name	Beginning 2018 Price	Rating to start 2018	Price Now	Price Increase	Our Performance
Linamar Corporation	73.21	Strong Buy	45.30	-38%	very poor
CRH Medical Corporation (CRH, Toronto, CRHM, U.S.)	2.65	Speculative (lower) Strong Buy	3.05	15%	good
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	15.30	Strong Buy	12.29	-20%	bad
Average Strong buy		Strong buy		-14.2%	bad
Rated As – Buy
Name	Beginning 2018 Price	Rating to start 2018	Price Now	Price Increase	Our Performance
Toll Brothers Inc. (TOL, New York)	48.02	(higher) Buy	32.93	-31%	very poor
Fortis Inc. (FTS, Toronto)	46.11	(higher) Buy	45.51	-1%	bad
Canadian Tire (CTC.a, TO)	163.90	(higher) Buy	142.74	-13%	bad
Royal Bank of Canada (RY, Toronto and U.S.)	102.65	(higher) Buy	93.44	-9%	bad
RioCan Real Estate Investment Trust (REI.UN, Toronto)	24.36	Buy	23.80	-2%	bad
Melcor Real Estate Investment Trust (MR.UN, Toronto)	8.51	Buy	7.46	-12%	bad
Stantec Inc. (STN, Toronto and New York)	35.16	Buy	29.91	-15%	bad
Boston Pizza Royalties Income Fund (BPF.un, Toronto)	21.91	Buy	15.11	-31%	very poor
AutoCanada Inc. (ACQ, Toronto)	22.64	Buy	11.35	-50%	very poor
Canadian Western Bank (CWB, Toronto)	39.25	Buy	26.04	-34%	very poor
Alimentation Couche-Tard Inc., ATD.B	65.59	Buy	67.91	4%	good
American Express Company (AXP, New York)	99.31	(lower) Buy	95.32	-4%	bad
Constellation Software Inc. (CSU, Toronto)	605.88	(lower) Buy	639.84	6%	good
TFI International Inc. (TFII, Toronto)	32.86	(lower) Buy	35.30	7%	good
FedEx (FDX,NY)	249.54	(lower) Buy	161.33	-35%	very poor
Canadian Western Bank Preferred Shares Series 5 (CWB.PR.B)	24.38	(lower) Buy	21.80	-11%	bad
Berkshire Hathaway Inc. (BRKB, New York)	198.22	(lower) Buy	204.18	3%	good
Average Buy		Buy		-13.5%	bad
Rated As Weak Buy
Name	Beginning 2018 Price	Rating to start 2018	Price Now	Price Increase	Our Performance
Canadian National Railway Company (CNR, Toronto CNI, New York)	103.65	Weak Buy / Hold	101.11	-2%	bad
Ceapro Inc. (CZO, Venture)	0.50	Speculative Weak Buy / Hold	0.39	-23%	very poor
VISA (V)	114.02	Weak Buy / Hold	131.94	16%	good
Average Weak Buy		Weak Buy		-3.2%	bad
Rated As – Weak Sell
Name	Beginning 2018 Price	Rating to start 2018	Price Now	Price Increase	Our Performance
Average Weak Sell		Weak Sell		0.0%	bad
Rated As – Sell
Name	Beginning 2018 Price	Rating to start 2018	Price Now	Price Increase	Our Performance
Wal-Mart (WMT, New York)	98.75	(lower) Sell	93.15	-6%	good
Costco (COST, New York)	186.12	(lower) Sell	203.71	9%	bad
Dollarama Inc. (DOL, Toronto)	52.35	(lower) Sell	32.47	-38%	very good
Amazon.com Inc.	1,169.47	Sell	1,501.97	28%	very bad
Average Sell		Sell		-1.4%
DISCLAIMER: All stock ratings presented are “generic” in nature and do not take into account the unique circumstances and risk tolerance and risk capacity of any individual. The information presented is not a recommendation for any individual to buy or sell any security. The authors are not registered investment advisors and the information presented is not to be considered investment advice to any individual. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision. For ease of writing style the newsletter and articles are often written in the first person. But, legally speaking, all information and opinions are provided by InvestorsFriend Inc. and not by the authors as individuals. The author(s) of this report may have a position, as disclosed in each report. The authors’ positions may subsequently change without notice.
© Copyright: InvestorsFriend Inc. 1999 – 2019. All rights to format and content are reserved.

InvestorsFriend Stock Performance 2017

InvestorsFriend Inc.’s performance – Year 2017
2017 was another good year for our stock picks as our three Strong Buys rose an average of 18% and our 21 stocks rated (lower) Buy or higher rose an average of 15.6%. That compares to the Toronto Stock Index which was up 6.0%. However, we did trail the strong U.S. markets where the S&P 500 was up 19.4% and the Dow Jones Industrial Average was up an amazing 25.1%.


Group		Rating to start 2017		Price Increase	Our Performance
Average of 3 strong buys		Strong Buy		18.0%	good
Average of 19 buys		Buy		15.2%	good
Average for all 22 buys and strong buys				15.6%
Average of 2 weak buys		Weak Buy		24.0%	very good
Average of 1 weak sells		Weak Sell		29.6%	very bad
Average for all 3 Neutral ratings (weak buy or weak sell)				24.6%
Average of 2 Sells		Sell		40.2%	very bad
Average of 1 Strong Sell		Strong Sell		0%	bad
Average Sell / Strong Sell				27%
Rated As – Strong Buy at January 1, 2017
Name	Beginning 2017 Price	Starting Rating	Ending 2017 Price	Price Increase	Our Performance
Linamar Corporation	57.69	Strong Buy	73.21	27%	very good
Berkshire Hathaway Inc. (BRKB, New York)	162.98	(lower) Strong Buy	198.22	22%	very good
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	14.50	Strong Buy	15.30	6%	good
Average Strong buy		Strong buy		18.0%	good
3
Rated As – Buy
Name	Beginning 2017 Price	Rating to start 2017	Ending 2017 Price	Price Increase	Our Performance
Toll Brothers Inc. (TOL, New York)	31.00	(higher) Buy	48.02	55%	very good
Wells Fargo (WFC, United States)	55.11	Speculative Buy	60.67	10%	good
CRH Medical Corporation (CRH, Toronto, CRHM, U.S.)	5.25	Speculative Buy	2.65	-50%	very poor
RioCan Real Estate Investment Trust (REI.UN, Toronto)	26.63	Buy	24.36	-9%	bad
Canadian Western Bank Preferred Shares Series 5 (CWB.PR.B)	19.05	Buy	24.38	28%	very good
Royal Bank of Canada (RY, Toronto and U.S.)	90.87	Buy	102.65	13%	good
Melcor Real Estate Investment Trust (MR.UN, Toronto)	8.46	Buy	8.51	1%	good
Stantec Inc. (STN, Toronto and New York)	33.92	(lower) Buy	35.16	4%	good
Heineken N.V. (HEIA, Amsterdam, or 2 HEINY, U.S.)	71.26	(lower) Buy	89.93	26%	very good
FedEx (FDX,NY)	186.20	(lower) Buy	249.54	34%	very good
AutoCanada Inc.	23.12	Buy	22.64	-2%	bad
Bombardier Series 4 Preferred Shares (BBD.PR.C, Toronto)	17.49	Highly Speculative Buy	19.30	10%	good
Constellation Software Inc. (CSU, Toronto)	453.99	Buy	605.88	33%	very good
Canadian Tire (CTC.a, TO)	139.27	Buy	163.90	18%	good
VISA (V)	78.02	Buy	114.02	46%	very good
Alimentation Couche-Tard Inc., ATD.B	60.88	Buy	65.59	8%	good
American Express Company (AXP, New York)	74.08	Speculative (lower) Buy	99.31	34%	very good
Bank of America Corporation (BAC, New York)	22.10	(lower) Buy	29.52	34%	very good
Boston Pizza Royalties Income Fund (BPF.un, Toronto)	22.83	(lower) Buy	21.91	-4%	bad
Average Buy		Buy		15.2%	good
19
Rated As Weak Buy
Name	Beginning 2017 Price	Rating to start 2017	Ending 2017 Price	Price Increase	Our Performance

Canadian Western Bank (CWB, Toronto)	30.34	Weak Buy / Hold	39.25	29%	very good
TFI International Inc. (TFII, Toronto)	34.89	Weak Buy / Hold	32.86	-6%	bad
Dollarama Inc. (DOL, Toronto)	98.38	Weak Buy	157.05	60%	very good
Average Weak Buy		Weak Buy		24.0%	very good
8
Rated As – Weak Sell
Name	Beginning 2017 Price	Rating to start 2017	Ending 2017 Price	Price Increase	Our Performance
Wal-Mart (WMT, New York)	69.12	Weak Sell	98.75	43%	very bad
Costco (COST, New York)	160.11	Weak Sell	186.12	16%	bad
Average Weak Sell		Weak Sell		29.6%	very bad
1
Rated As – Sell
Name	Beginning 2017 Price	Rating to start 2017	Ending 2017 Price	Price Increase	Our Performance
Bombardier (BBD.B, Toronto)	1.61	Sell	2.41	50%	very bad
Canadian National Railway Company (CNR, Toronto CNI, New York)	90.36	(lower) Sell	103.65	15%	bad
Amazon.com Inc.	749.87	Sell	1,169.47	56%	very bad
Average Sell		Sell		40.2%
2
DISCLAIMER: All stock ratings presented are “generic” in nature and do not take into account the unique circumstances and risk tolerance and risk capacity of any individual. The information presented is not a recommendation for any individual to buy or sell any security. The authors are not registered investment advisors and the information presented is not to be considered investment advice to any individual. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision. For ease of writing style the newsletter and articles are often written in the first person. But, legally speaking, all information and opinions are provided by InvestorsFriend Inc. and not by the authors as individuals. The author(s) of this report may have a position, as disclosed in each report. The authors’ positions may subsequently change without notice.
© Copyright: InvestorsFriend Inc. 1999 – 2017 All rights to format and content are reserved.

InvestorsFriend Stock Performance 2016

InvestorsFriend Inc.’s performance – Year 2016
2016 was a good year as our four Strong Buys rose an average of 26.1% and our 25 stocks rated (lower) Buy or higher rose an average of 16.6%. By comparison, the TSX rose 17.5% and the S&P 500 rose 9.5%.


Group		Rating to start 2016		Price Increase	Our Performance
Average of 4 strong buys		Strong Buy		26.1%	very good
Average of 20 buys		Buy		14.8%	good
Average for all 24 buys and strong buys				16.6%
Average of 2 weak buys		Weak Buy		4.9%	good
Average of 1 weak sells		Weak Sell		-0.9%	good
Average for all 3 Neutral ratings (weak buy or weak sell)				3.5%
Average of 2 Sells		Sell		18.4%	bad
Average of 1 Strong Sell		Strong Sell		1%	bad
Average Sell / Strong Sell				13%
Rated As – Strong Buy at January 1, 2016
Name	Beginning 2016 Price	Starting Rating	Ending 2016 Price	Price Increase	Our Performance
Canadian Western Bank (CWB, Toronto)	23.38	Strong Buy	30.34	30%	very good
Boston Pizza Royalties Income Fund (BPF.un, Toronto)	17.93	Strong Buy	22.83	27%	very good
TFI International Inc. (TFII, Toronto)	23.61	(lower) Strong Buy	34.89	48%	very good
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	14.56	Strong Buy	14.50	0%	bad
Average Strong buy		Strong buy		26.1%	very good
4
Rated As – Buy
Name	Beginning 2016 Price	Rating to start 2016	Ending 2016 Price	Price Increase	Our Performance
Bank of America Corporation (BAC, New York)	16.83	(higher) Buy	22.10	31%	very good
Toll Brothers Inc. (TOL, New York)	33.30	(higher) Buy	31.00	-7%	bad
Wells Fargo (WFC, United States)	54.36	(higher) Buy	55.11	1%	good
Berkshire Hathaway Inc. (BRKB, New York)	132.04	(higher) Buy	162.98	23%	very good
RioCan Real Estate Investment Trust (REI.UN, Toronto)	23.69	Buy	26.63	12%	good
Canadian Western Bank Preferred Shares Series 5 (CWB.PR.B)	17.65	Buy	19.05	8%	good
Stantec Inc. (STN, Toronto and New York)	34.32	Buy	33.92	-1%	bad
FedEx (FDX,NY)	148.99	Buy	186.20	25%	very good
Canadian National Railway Company (CNR, Toronto CNI, New York)	77.35	Buy	90.36	17%	good
AutoCanada Inc.	24.15	Speculative Buy	23.12	-4%	bad
Bombardier Series 4 Preferred Shares (BBD.PR.C, Toronto)	12.66	Highly Speculative Buy	17.49	38%	very good
Element Financial Corporation (EFN, Toronto)	16.70	Speculative Buy	15.76	-6%	bad
Agrium Inc. (AGU, Toronto and U.S.)	89.34	Speculative Buy	100.55	13%	good
Bombardier (BBD.B, Toronto)	0.97	Highly Speculative (lower) Buy	1.61	66%	very good
Constellation Software Inc. (CSU, Toronto)	416.97	Speculative (lower) Buy	453.99	9%	good
Wal-Mart (WMT, New York)	61.30	(lower) Buy	69.12	13%	good
Canadian Tire (CTC.a, TO)	118.16	(lower) Buy	139.27	18%	good
Alimentation Couche-Tard Inc., ATD.B	60.91	(lower) Buy	60.88	0%	bad
American Express Company (AXP, New York)	69.55	(lower) Buy	74.08	7%	good
Onex Corporation (OCX, Toronto)	61.31	Speculative (lower) Buy	68.00	11%	good
Preferred Shares of RioCan Real Estate Investment Trust (REI.PR.A, Toronto)	18.26	(lower) Buy	25.00	37%	very good
Average Buy		Buy		14.8%	good
21
Rated As Weak Buy
Name	Beginning 2016 Price	Rating to start 2016	Ending 2016 Price	Price Increase	Our Performance
VISA (V)	77.55	Weak Buy	78.02	1%	good
Wells Fargo Preferred	25.25	Weak Buy / Hold	23.00	-9%	bad
Dollarama Inc. (DOL, Toronto)	79.94	Weak Buy	98.38	23%	very good
Average Weak Buy		Weak Buy		4.9%	good
3
Rated As – Weak Sell
Name	Beginning 2016 Price	Rating to start 2016	Ending 2016 Price	Price Increase	Our Performance

Costco (COST, New York)	161.50	Weak Sell	160.11	-1%	good
Average Weak Sell		Weak Sell		-0.9%	good
1
Rated As – Sell
Name	Beginning 2016 Price	Rating to start 2016	Ending 2016 Price	Price Increase	Our Performance
Liquor Stores N.A. Ltd. (LIQ, Toronto)	8.37	Sell	10.53	26%	very bad
Amazon.com Inc.	675.89	Sell	749.87	11%	bad
Average Sell		Sell		18.4%
2
Rated As – Strong Sell
Name	Beginning 2016 Price	Rating to start 2016	Ending 2016 Price	Price Increase	Our Performance
Average Strong Sell
Liquor Stores N.A. Ltd. April 30 2018 subordinated Convertible ( at $24.90) debentures (LIQ.DB.A, Toronto)	100.00	Strong Sell	101.25	1%	bad
Average Sell/ Strongf Sell
DISCLAIMER: All stock ratings presented are “generic” in nature and do not take into account the unique circumstances and risk tolerance and risk capacity of any individual. The information presented is not a recommendation for any individual to buy or sell any security. The authors are not registered investment advisors and the information presented is not to be considered investment advice to any individual. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision. For ease of writing style the newsletter and articles are often written in the first person. But, legally speaking, all information and opinions are provided by InvestorsFriend Inc. and not by the authors as individuals. The author(s) of this report may have a position, as disclosed in each report. The authors’ positions may subsequently change without notice.
© Copyright: InvestorsFriend Inc. 1999 – 2017 All rights to format and content are reserved.

InvestorsFriend Stock Performance 2015

InvestorsFriend Inc.’s performance – Year 2015
2015 was a relatively poor year in the markets. The Toronto Market was down 11.1% and the S&P 500 was down 0.7%. Our two Strong Buys were down an average of 27.3%. Our overall Buy or higher stocks were down an average of 10.2%.


Group		Rating to start 2015		Price Increase	Our Performance
Average of 2 strong buys		Strong Buy		-27.3%	very poor
Average of 18 buys		Buy		-8.3%	bad
Average for all 20 buys and strong buys				-10.2%
Average of 6 weak buys		Weak Buy		15.9%	good
Average of 2 weak sells		Weak Sell		0.0%	bad
Average for all 10 Neutral ratings (weak buy or weak sell)				15.9%
Average of 3 Sells		Sell		-8.4%

Rated As – Strong Buy at January 1, 2015
Name	Beginning 2015 Price	Starting Rating	End 2015 Price	Price Increase	Our Performance
Canadian Western Bank (CWB, Toronto)	32.75	(lower) Strong Buy	23.38	-29%	very poor
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	19.65	(lower) Strong Buy	14.56	-26%	very poor
Average Strong buy		Strong buy		-27.3%	very poor
2
Rated As – Buy
Name	Beginning 2015 Price	Rating to start 2015	End 2015 Price	Price Increase	Our Performance
Bank of America Corporation (BAC, New York)	17.89	Speculative (higher) Buy	16.83	-6%	bad
Boston Pizza Royalties Income Fund (BPF.un, Toronto)	21.61	Buy	17.93	-17%	bad
RioCan Real Estate Investment Trust (REI.UN, Toronto)	26.43	Buy	23.69	-10%	bad
Stantec Inc. (STN, Toronto and New York)	31.93	Buy	34.32	7%	good
Toll Brothers Inc. (TOL, New York)	34.27	Buy	33.30	-3%	bad
Wells Fargo (WFC, United States)	54.82	Buy	54.36	-1%	bad
Bombardier (BBD.B, Toronto)	3.57	Speculative Buy	0.97	-73%	very poor
Bombardier Series 4 Preferred Shares (BBD.PR.C, Toronto)	21.89	Speculative Buy	12.66	-42%	very poor
American Express Company (AXP, New York)	93.04	Buy	69.55	-25%	very poor
Agrium Inc. (AGU, Toronto and U.S.)	94.72	Speculative Buy	89.34	-6%	bad
VISA (V)	65.55	(lower) Buy	77.55	18%	good
Dollarama Inc. (DOL, Toronto)	59.40	(lower) Buy	79.94	35%	very good
Constellation Software Inc. (CSU, Toronto)	297.25	(lower) Buy	416.97	40%	very good
Wal-Mart (WMT, New York)	85.88	(lower) Buy	61.30	-29%	very poor
Canadian Tire (CTC.a, TO)	122.74	(lower) Buy	118.16	-4%	bad
Onex Corporation (OCX, Toronto)	58.05	Speculative (lower) Buy	61.31	6%	good
Berkshire Hathaway Inc. (BRKB, New York)	150.15	(lower) Buy	132.04	-12%	bad
Preferred Shares of RioCan Real Estate Investment Trust (REI.PR.A, Toronto)	25.32	(lower) Buy	18.26	-28%	very poor
Average Buy		Buy		-8.3%	bad
18
Rated As Weak Buy
Name	Beginning 2015 Price	Rating to start 2015	End 2015 Price	Price Increase	Our Performance
Canadian National Railway Company (CNR, Toronto CNI, New York)	80.02	Weak Buy / Hold	77.35	-3%	bad
Element Financial Corporation (EFN, Toronto)	14.14	Highly Speculative Weak Buy	16.70	18%	good
Costco (COST, N)	141.75	Weak Buy / Hold	161.50	14%	good
FIRSTSERVICE CORPORATION (FSV, Toronto) (FSRV, NASDAQ)	50.86	Weak Buy / Hold	85.02	67%	very good
FedEx (FDX,NY)	173.66	Weak Buy / Hold	148.99	-14%	bad
eBay (eBay, NASDAQ)	56.12	Weak Buy / Hold	63.68	13%	good
Average Weak Buy		Weak Buy		15.9%	good
6
Rated As – Weak Sell
Name	Beginning 2015 Price	Rating to start 2015	End 2015 Price	Price Increase	Our Performance


Average Weak Sell		Weak Sell		0.0%	bad
0
Rated As – Sell
Name	Beginning 2015 Price	Rating to start 2015	End 2015 Price	Price Increase	Our Performance
Liquor Stores N.A. Ltd. (LIQ, Toronto)	15.40	Sell	8.37	-46%	very good
Liquor Stores N.A. Ltd. April 30 2018 subordinated Convertible ( at $24.90) debentures (LIQ.DB.A, Toronto)	105.00	Sell	100.00	-5%	good
Alimentation Couche-Tard Inc., ATD.B	48.69	Sell	60.91	25%	very bad
Average Sell		Sell		-8.4%

Rated As – Strong Sell
Name	Beginning 2015 Price	Rating to start 2015	End 2015 Price	Price Increase	Our Performance
Average Strong Sell

DISCLAIMER: All stock ratings presented are “generic” in nature and do not take into account the unique circumstances and risk tolerance and risk capacity of any individual. The information presented is not a recommendation for any individual to buy or sell any security. The authors are not registered investment advisors and the information presented is not to be considered investment advice to any individual. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision. For ease of writing style the newsletter and articles are often written in the first person. But, legally speaking, all information and opinions are provided by InvestorsFriend Inc. and not by the authors as individuals. The author(s) of this report may have a position, as disclosed in each report. The authors’ positions may subsequently change without notice.
© Copyright: InvestorsFriend Inc. 1999 – 2016 All rights to format and content are reserved.

Investment Performance by Stocks Graphical

The following Graphs illustrate that most years the vast majority of our Buy our Strong Buy rated stocks were up in price.

Click the links to each year to see the names of all the individual stocks, nothing is hidden from you!

In the following Graphs, each bar represents one Stock. The Stock’s rating as at the start of the year is shown. The bars to the right indicate stocks that are up in price. Bars to the left are stocks that have declined.

Here is the graph for 2014. This was a good year in the markets. We batted 69% correct.

Here is the graph for 2013. This was an exceptionally good year in the markets. We batted 86% correct.

Here is the graph for 2012. It was an excellent year for us and we batted 88% correct.

Here is the graph for 2011. Although we beat the market it was not a great year and only 40% of our stock picks rose in price. Counting one Sell which did fall in price we batted 43% correct overall.

Here is the graph for 2010 which was a good year and 81% of our Buys rose in price. Counting the two Sells which rose in price we batted 74% overall.

Here is the graph for 2009 which was an exceptionally good year for us

Here is the graph for 2008: (We suffered badly in the market crash of 2008)

Graph for 2007, (here we batted only 42% correct, a weak year for us, although the higher-rated stocks generally did well, it was lower rated buys that did badly)

Graph for 2006 (Here we batted 83% correct on the Buys and 76% correct Overall)

Graph for 2005 (Here we batted 83% correct on the Buys and 71% overall)

(Click the link above to see the names of all the individual stocks)

Graph for 2004 (we batted 92% correct on the buys and 86% correct overall)

Graph for 2003 (we batted 86% correct on the buys and 82% correct overall)

Graph for “2002” (we batted 45% correct on the buys and 50% correct overall)

Graph for year “2001” (we batted 69% correct on the buys and 73% correct overall)

Graph for “Year 2000” (we batted 75% correct on the buys and 71% correct overall)

To See Graphs of Average Performance by Category (Buy Sell) each year, click here. Also find out how much $100,000 invested in our Picks at the start of 2000 would now be worth.

Past performance is no guarantee of future performance nor is it necessarily in any way indicative of future performance.

Measuring performance is somewhat difficult given that a stock originally rated a Strong Buy may later change to a weak buy or even occasionally to a sell.

We have attempted to show performance in the most honest and transparent fashion possible.

Year 2000 performance includes only all those stocks that had an active rating as of January 1, 2000. Year 2000 performance shows the changes in price from the rating that was made closest to but not later than January 1, 2000 through to the rating made closest to but prior to December 31, 2000. (Stocks which were no longer covered were priced through to December 31, 2000. It is fair to use the stock price on the day it was rated rather than using the exact calendar year. So, year 2000 performance is not exactly calendar 2000 but it is reasonably close.

The same process was followed for 2001, the beginning price for 2001 is the ending price used for 2000. Again, for 2002, the beginning price is the ending price from 2001. Beginning in 2002 there are a few U.S. currency stock picks. The performance figures generally exclude the impact of currency (U.S. dollar exchange rate changes) except in the editor’s personal portfolio currency impact is embedded in the results and in the Model Portfolio, the currency impact is included.

For 2003 we reviewed all the Stock Picks at December 31, 2002 to insure that the ratings were still valid and updated any that were not. This insured that for 2003, our analysis year coincides exactly with the calendar year, which was not the case in previous years, as explained above. Similarly for 2004 and each year after that.

Shawn Allen, CFA, CMA, MBA, P. Eng

President

InvestorsFriend Inc.

InvestorsFriend Performance 2011

In 2011, we had a reasonably good year compared to the overall stock market. Our average Buy or higher rated stock was up 0.3%. The Toronto stock index was down 11% and the S&P 500 was flat at 0.0%.

Group	Rating to start 2011	Price Increase	Our Performance
Average of 3 strong buys	Strong Buy	-5.2%	bad
Average of 17 buys	Buy	1.2%	good
Average for all 20 buys and strong buys		0.3%
Average of 7 weak buys	Weak Buy	-1.6%	bad
Average of 1 weak sells	Weak Sell	-10.2%	good
Average for all 8 Neutral ratings (weak buy or weak sell)		-2.7%
Average of 1 Sells	Sell	-1.3%

Rated As – Strong Buy at January 1, 2011
Name	Beginning 2011 Price	Starting Rating	End 2011 Price	Price Increase	Our Performance
Microsoft (MSFT, NASDAQ)	27.91	Strong Buy	25.96	-7%	bad
Shaw Communications Inc. (SJR.b, Toronto SJR, New York)	21.35	(lower) Strong Buy	20.25	-5%	bad
Canadian Tire (CTC.a, TO)	68.19	(lower) Strong Buy	65.90	-3%	bad
Average Strong buy		Strong buy		-5.2%	bad
3

Rated As – Buy
Name	Beginning 2011 Price	Rating to start 2011	End 2011 Price	Price Increase	Our Performance
Wal-Mart (WMT, New York)	53.93	(Higher) Buy	59.76	11%	good
Canadian Western Bank (CWB, Toronto)	28.36	(higher) Buy	25.80	-9%	bad
Stantec Inc. (STN, Toronto)	27.73	(higher) Buy	27.57	-1%	bad
TMX Group (X, Toronto)	36.96	Speculative (higher) Buy	41.69	13%	good
Wells Fargo (WFC, United States)	30.99	Speculative (higher) Buy	27.56	-11%	bad
Telus non-voting (T.A, Toronto TU, New York)	43.25	Buy	54.64	26%	verygood
Alimentation Couche-Tard Inc., ATD.B	27.06	Buy	31.70	17%	good
Walgreen (WAG, New York)	38.96	Buy	33.06	-15%	bad
FirstService Preferred (FSV.PR.U, Toronto)	24.65	Buy	24.76	0%	good
VISA (V)	70.38	Buy	101.53	44%	very good
Canadian National Railway Company (CNR, Toronto CNI, New York)	66.35	Buy	80.15	21%	very good
Staples (SPLS), NASDAQ	22.77	Buy	13.89	-39%	very poor
Berkshire Hathaway Inc. (BRKB, New York)	80.11	Buy	76.30	-5%	bad
Bombardier Series 4 Preferred Shares (BBD.PR.C, Toronto)	23.56	Buy	23.00	-2%	bad
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	14.85	Speculative Buy	13.17	-11%	bad
Reitmans (RET.A, TO)	18.66	(lower) Buy	14.82	-21%	very poor
Boston Pizza Royalties Income Fund (BPF.un, Toronto)	13.90	Speculative (lower) Buy	14.19	2%	good
Average Buy		Buy		1%	good
17

Rated As Weak Buy
Name	Beginning 2011 Price	Rating to start 2011	End 2011 Price	Price Increase	Our Performance
FIRSTSERVICE CORPORATION (FSV, Toronto) (FSRV, NASDAQ)	30.18	Weak Buy/ Hold Buy	26.49	-12%	bad
eBay (eBay, NASDAQ)	27.83	Weak Buy / Hold	30.33	9%	good
Tim Hortons (THI, Toronto and New York)	41.10	Weak Buy / Hold	49.36	20%	very good
Costco (COST, N)	72.21	Weak Buy	83.32	15%	good
Bombardier (BBD.B, Toronto)	5.01	Weak Buy / Hold	4.06	-19%	bad
Groupe Aeroplan (AER, Toronto)	13.67	Speculative Weak Buy	11.94	-13%	bad
Canadian Oil Sands Limited (COS, T)	26.45	Weak buy / Hold	23.25	-12%	bad
Average of 7 Weak Buys		Weak Buy		-1.6%	bad
Rated As – Weak Sell
Name	Beginning 2011 Price	Rating to start 2011	End 2011 Price	Price Increase	Our Performance
FedEx (FDX,NY)	93.01	Weak Sell / Hold	83.51	-10%	good
Average of 1 Weak Sell		Weak Sell		-10.2%	good
Rated As – Sell
Name	Beginning 2011 Price	Rating to start 2011	End 2011 Price	Price Increase	Our Performance
					bad
Canadian Western Bank Preferred Shares (CWB.PR.A, Toronto)	27.71	Sell	27.35	-1%	good
Average of 1 Sell		Sell		-1%

DISCLAIMER: All stock ratings presented are “generic” in nature and do not take into account the unique circumstances and risk tolerance of any individual. The information presented is not a recommendation for any individual to buy or sell any security. The authors are not registered investment advisors and the information presented is not to be considered investment advice to any individual. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision. For ease of writing style the newsletter and articles are often written in the first person. But, legally speaking, all information and opinions are provided by InvestorsFriend Inc. and not by the authors as individuals. The author(s) of this report may have a position, as disclosed in each report. The authors’ positions may subsequently change without notice.

InvestorsFriend Stock Performance 2010

In 2010 we had a reasonably good year. Our Buys were up an average of 14.1%, while the TSX was up 14.4%, the Dow Jones Industrial Average was up 11.0% and the S&P 500 was up 12.8%. We only had one Strong Buy and it was down 1.5%. Our two Sells were also not good calls as they rose in price.

Group		Rating to start 2010		Price Increase	Our Performance
Average of 1 strong buys		Strong Buy		-1.5%	bad
Average of 20 buys		Buy		14.9%	good
Average for all 20 buys and strong buys				14.1%
Average of 7 weak buys		Weak Buy		18.7%	good
Average of 1 weak sells		Weak Sell		58.5%	very bad
Average for all 7 Neutral ratings (weak buy or weak sell)				23.6%
Average of 2 Sells		Sell		75.0%
Rated As – Strong Buy at January 1, 2010
Name	Beginning 2010 Price	Starting Rating	End 2010 Price	Price Increase	Our Performance
Shaw Communications Inc. (SJR.b, Toronto SJR, New York)	21.67	(lower) Strong Buy	21.35	-1%	bad
Average Strong buy		Strong buy		-1.5%	bad
Rated As – Buy at January 1, 2010
Name	Beginning 2010 Price	Rating to start 2010	End 2010 Price	Price Increase	Our Performance
Wal-Mart (WMT, New York)	53.45	Higher Buy	53.93	1%	good
Canadian Tire (CTC.a, TO)	57.50	(higher) Buy	68.19	19%	good
Telus non-voting (T.A, Toronto TU, New York)	32.75	Buy	43.25	32%	very good
Alimentation Couche-Tard Inc., ATD.B	20.82	Buy	27.06	30%	very good
Tim Hortons (THI, Toronto and New York)	32.13	Buy	41.10	28%	very good
Stantec Inc. (STN, Toronto)	30.40	Buy	27.73	-9%	bad
TMX Group (X, Toronto)	33.13	Buy	36.96	12%	good
Microsoft (MSFT, NASDAQ)	30.48	Buy	27.91	-8%	bad
Boston Pizza Royalties Income Fund (BPF.un, Toronto)	12.15	Buy	13.90	14%	good
Walgreen (WAG, New York)	36.72	Buy	38.96	6%	good
Canadian Western Bank Preferred Shares (CWB.PR.A, Toronto)	26.70	Buy	27.71	4%	good
FirstService Preferred (FSV.PR.U, Toronto)	20.75	Buy	24.65	19%	good
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	11.39	Speculative Buy	14.85	30%	very good
Western Financial Preferred Shares Series 3 (WES.PR.A, Toronto)	81.50	Speculative Buy	99.71	22%	very good
Wells Fargo (WFC, United States)	26.99	Speculative Buy	30.99	15%	good
Target (TGT, New York)	48.37	(lower) Buy	60.13	24%	very good
Staples (SPLS), NASDAQ	24.59	(lower) Buy	22.77	-7%	bad
Berkshire Hathaway Inc. (BRKB, New York)	65.72	(lower) Buy	80.11	22%	very good
eBay (eBay, NASDAQ)	23.53	Speculative (lower) Buy	27.83	18%	good
Groupe Aeroplan (AER, Toronto)	10.89	Speculative (lower) Buy	13.67	26%	very good
Average of 20 Buys		Buy		15%	good
Rated As Weak Buy at January 1, 2010
Name	Beginning 2010 Price	Rating to start 2010	End 2010 Price	Price Increase	Our Performance
Canadian National Railway Company (CNR, Toronto CNI, New York)	57.34	Weak Buy	66.35	16%	good
Canadian Western Bank (CWB, Toronto)	21.94	Weak Buy	28.36	29%	very good
FIRSTSERVICE CORPORATION (FSV, Toronto) (FSRV, NASDAQ)	19.12	Weak Buy	30.18	58%	very good
Intact Financial Corporation (IFC, Toronto)	37.15	Weak Buy	50.86	37%	very good
Costco (COST, N)	59.17	Weak Buy	72.21	22%	very good
VISA (V)	87.46	Weak Buy	70.38	-20%	bad
Canadian Oil Sands (COS.UN, T)	29.91	Weak Buy	26.45	-12%	bad
Average of 7 Weak Buys		Weak Buy		18.7%	good
Rated As – Weak Sell at January 1, 2010
Name	Beginning 2010 Price	Rating to start 2010	End 2010 Price	Price Increase	Our Performance
Western Financial Group (WES, Toronto)	2.60	Weak Sell	4.12	58%	very bad
Average of 1 Weak Sell		Weak Sell		58.5%	very bad
Rated As – Sell at January 1, 2010
Name	Beginning 2010 Price	Rating to start 2010	End 2010 Price	Price Increase	Our Performance
DALSA CORPORATION (DSA, Toronto)	7.62	Sell	18.18	139%	very bad
FedEx (FDX,NY)	83.45	Sell	93.01	11%	bad
Average of 2 Sells		Sell		75%	very bad

DISCLAIMER: All stock ratings presented are “generic” in nature and do not take into account the unique circumstances and risk tolerance of any individual. The information presented is not a recommendation for any individual to buy or sell any security. The authors are not registered investment advisors and the information presented is not to be considered investment advice to any individual. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision. For ease of writing style the newsletter and articles are often written in the first person. But, legally speaking, all information and opinions are provided by InvestorsFriend Inc. and not by the authors as individuals. InvestorsFriend Inc. itself does not have a position in any of the indicated securities while the authors may have a position, as disclosed in each report. The Authors’ positions may subsequently change without notice.

InvestorsFriend Stock Performance 2009

In 2009 our 8 Strong Buys from January 1 gained an average of 42.0% each. Our 20 Buys were up an average of 35.4%. My own portfolio was Up 44.4%. By comparison the markets were up significantly, but less than our picks. The Toronto TSX index was is Up 30.7% and the DOW index was Up 18.8% and the S&P 500 was Up 23.5%. As the graph below shows, we had only one real loser of a stock, and that was a stock we had rated as a Highly Speculative Buy.

Group		Rating to start 2009		Price Increase	Our Performance
Average of 8 strong buys		Strong Buy		42.0%	very good
Average of 20 buys		Buy		35.4%	very good
Average for all 28 buys and strong buys				37.3%
Average of 6 weak buys		Weak Buy		11.1%	good
Average of 1 weak sells		Weak Sell		23.8%	very bad
Average for all 7 Neutral ratings (weak buy or weak sell)				12.9%
		Sell
Rated As – Strong Buy at January 1, 2010
Name	Beginning 2009 Price	Rating to start 2009	Price at end 2010	Price Increase	Our Performance
Canadian Western Bank (CWB, Toronto)	12.38	Speculative Strong Buy	21.94	77%	very good
Groupe Aeroplan (AER, Toronto)	8.68	Strong Buy	10.89	25%	very good
Microsoft (MSFT, NASDAQ)	19.44	Strong Buy	30.48	57%	very good
Boston Pizza Royalties Income Fund (BPF.un, Toronto)	7.51	Strong Buy	12.15	62%	very good
Quest Capital Corp. (QC, Toronto)	0.86	Speculative Strong Buy	1.18	37%	very good
DALSA CORPORATION (DSA, Toronto)	7.00	(lower) Strong Buy	7.62	9%	good
Shaw Communications Inc. (SJR.b, Toronto SJR, New York)	21.61	(lower) Strong Buy	21.67	0%	good
eBay (eBay, NASDAQ)	13.96	Speculative (lower) Strong Buy	23.53	69%	very good
Average Strong buy		Strong buy		42.0%	very good
8
Rated As – Buy
Name	Beginning 2009 Price	Rating to start 2009	Price at end 2010	Price Increase	Our Performance
Canadian National Railway Company (CNR, Toronto CNI, New York)	44.78	(higher) Buy	57.34	28%	very good
Telus non-voting (T.A, Toronto TU, New York)	34.90	(higher) Buy	32.75	-6%	bad
HOME CAPITAL GROUP INC (HCG, Toronto)	19.80	Speculative (higher) Buy	41.85	111%	very good
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	4.58	(Higher) Buy	11.39	149%	very good
IGM Financial (IGM, Toronto)	35.45	(higher) Buy	42.41	20%	good
TMX Group (X, Toronto)	25.19	(higher) Buy	33.13	32%	very good
Western Financial Group (WES, Toronto)	1.81	Speculative Buy	2.60	44%	very good
FIRSTSERVICE CORPORATION (FSV, Toronto) (FSRV, NASDAQ)	13.15	Speculative (higher) Buy	19.12	45%	very good
Intact Financial Corporation (IFC, Toronto)	31.61	(higher) Buy	37.15	18%	good
Wal-Mart (WMT, New York)	56.06	(higher) Buy rated at U.S. $56.69	53.45	-5%	bad
Canadian Oil Sands Limited (COS, T)	21.10	(higher) Buy	29.91	42%	very good
Starbucks (SBUX, U.S.)	9.46	(Higher) Buy	23.06	144%	very good
Canadian Tire (CTC.a, TO)	43.45	Buy	57.50	32%	very good
Thomson Reuters Inc. (TRI, Toronto and New York)	35.60	Buy	33.95	-5%	bad
Manulife Financial (MFC, Toronto and New York)	20.80	Speculative Buy	19.33	-7%	bad
Kingsway Financial Services Inc. (KFS, Toronto and New York)	6.44	Highly Speculative Buy	1.83	-72%	very poor
Target (TGT, New York)	34.53	Buy rated at U.S. $34.53	48.37	40%	very good
Walgreen (WAG, New York)	24.67	Buy	36.72	49%	very good
Costco (COST, N)	52.50	(lower) Buy	59.17	13%	good
Staples (SPLS), NASDAQ	17.92	(lower) Buy	24.59	37%	very good
		Buy		35%	very good
20
Rated As Weak Buy
Name	Beginning 2009 Price	Rating to start 2009	Price at end 2010	Price Increase	Our Performance
Stantec Inc. (STN, Toronto)	30.15	Weak Buy / Hold	30.40	1%	good
Loblaw Companies Limited (L, Toronto)	34.97	Weak Buy / Hold	33.88	-3%	bad
Alimentation Couche-Tard Inc., ATD.B	14.44	Weak Buy	20.82	44%	very good
Tim Hortons (THI, Toronto and New York)	34.89	Weak Buy/Hold	32.13	-8%	bad
FedEx (FDX,NY)	64.15	Weak Buy/Hold	83.45	30%	very good
Berkshire Hathaway Inc. (BRKB, New York)	3,214.00	Weak Buy	3,286.00	2%	good
Average Weak Buy		Weak Buy		11%	good
6
Rated As – Weak Sell
Name	Beginning 2009 Price	Rating to start 2009	Price at end 2010	Price Increase	Our Performance
Watts Water Technologies Inc. (WTS, New York)	24.97	Weak Sell	30.92	24%	very bad
Average Weak Sell		Weak Sell		24%	very bad
1
Rated As – Sell
Name	Beginning 2009 Price	Rating to start 2009	Price at end 2010	Price Increase	Our Performance

Average Sell		Sell
0
Rated As – Strong Sell
Name	Beginning 2009 Price	Rating to start 2009	Price at end 2010	Price Increase	Our Performance
Average Strong Sell

DISCLAIMER: All stock ratings presented are “generic” in nature and do not take into account the unique circumstances and risk tolerance and risk capacity of any individual. The information presented is not a recommendation for any individual to buy or sell any security. The authors are not registered investment advisors and the information presented is not to be considered investment advice to any individual. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision. For ease of writing style the newsletter and articles are often written in the first person. But, legally speaking, all information and opinions are provided by InvestorsFriend Inc. and not by the authors as individuals. The author(s) of this report may have a position, as disclosed in each report. The authors’ positions may subsequently change without notice.

InvestorsFriend Stock Performance 2008

2008 was, as we all know, a very bad year for the markets. We did slightly better than the overall market, our four Strong Buys were Down an average of 31%, and our 22 Buys were Down an average of 34%. My personal portfolio was Down 21%. Our model tracking portfolio was Down 27%. By comparison for 2008 the TSX was down 35% and the DOW index was Down 34% and the S&P 500 was Down 38%.

Group		Rating to start 2008		Price Increase	Our Performance
Average of 4 strong buys		Strong Buy		-31.0%	very poor
Average of 22 buys		Buy		-34.0%	very poor
Average for all 26 buys and strong buys				-33.5%
Average of 2 weak buys		Weak Buy		-25.3%	very poor
Average of 3 weak sells		Weak Sell		-21.5%	very good
Average for all 5 Neutral ratings (weak buy or weak sell)				-23.0%
		Sell
Rated As – Strong Buy at January 1, 2008
Name	Beginning 2008 Price	Starting Rating	Current Price at this update	Price Increase	Our Performance
IGM Financial (IGM, Toronto)	50.03	Strong Buy	35.45	-29%	very poor
Alimentation Couche-Tard Inc., ATD.B	18.29	(lower) Strong Buy	14.44	-21%	very poor
Kingsway Financial Services Inc. (KFS, Toronto and New York)	12.01	Speculative (lower) Strong Buy	6.44	-46%	very poor
Telus non-voting (T.A, Toronto TU, New York)	48.01	(lower) Strong Buy	34.90	-27%	very poor
Average Strong buy		Strong buy		-31.0%	very poor
4
Rated As – Buy
Name	Beginning 2008 Price	Rating to start 2008	Current Price at this update	Price Increase	Our Performance
Wal-Mart (WMT, New York)	47.53	(higher) Buy	56.06	18%	good
ING Canada (IIC, Toronto)	39.62	(higher) Buy	31.61	-20%	very poor
Northbridge Financial Corporation (NB, Toronto)	36.89	Buy	38.89	5%	good
FIRSTSERVICE CORPORATION (FSV, Toronto) (FSRV, NASDAQ)	30.53	Buy	13.15	-57%	very poor
Canadian Tire (CTC.a, TO)	74.20	Buy	43.45	-41%	very poor
Walgreen (WAG, New York)	38.08	Buy	24.67	-35%	very poor
Canadian Western Bank (CWB, Toronto)	31.35	Buy	12.38	-61%	very poor
Western Financial Group (WES, Toronto)	5.26	Speculative Buy	1.81	-66%	very poor
TMX Group (X, Toronto)	52.80	Speculative Buy	25.19	-52%	very poor
eBay (eBay, NASDAQ)	33.19	Speculative Buy	13.96	-58%	very poor
Shaw Communications Inc. (SJR.b, Toronto SJR, New York)	23.64	Speculative Buy	21.61	-9%	bad
Reitmans (RET.A, TO)	19.19	Buy rated	11.65	-39%	very poor
Target (TGT, New York)	50.00	Buy	34.53	-31%	very poor
Tim Hortons (THI, Toronto and New York)	36.64	Buy	34.89	-5%	bad
Microsoft (MSFT, NASDAQ)	35.60	Buy	19.44	-45%	very poor
Manulife Financial (MFC, Toronto and New York)	40.57	Speculative Buy	20.80	-49%	very poor
HOME CAPITAL GROUP INC (HCG, Toronto)	41.90	Speculative (lower) Buy	19.80	-53%	very poor
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	19.89	Speculative (lower) Buy	4.58	-77%	very poor
Canadian National Railway Company (CNR, Toronto CNI, New York)	46.65	(lower) Buy	44.78	-4%	bad
Watts Water Technologies Inc. (WTS, New York)	29.80	(lower) Buy	24.97	-16%	bad
Berkshire Hathaway Inc. (BRKB, New York)	4,736.00	(lower) Buy	3,214.00	-32%	very poor
E-L Financial Corporation Ltd. (ELF, Toronto)	565.00	(lower) Buy	450.00	-20%	very poor
		Buy		-34%	very poor
22
Rated As Weak Buy
Name	Beginning 2008 Price	Rating to start 2008	Current Price at this update	Price Increase	Our Performance
Stantec Inc. (STN, Toronto)	38.89	Weak Buy	30.15	-22%	very poor
FedEx (FDX,NY)	89.17	Weak Buy/Hold	64.15	-28%	very poor
Average Weak Buy		Weak Buy		-25%	very poor
2
Rated As – Weak Sell
Name	Beginning 2008 Price	Rating to start 2008	Current Price at this update	Price Increase	Our Performance
EGI Financial Holdings Inc. (EFH, Toronto)	14.01	Weak Sell	6.75	-52%	very good
Loblaw Companies Limited (L, Toronto)	33.97	Weak Sell	34.97	3%	bad
Alarmforce Industries Inc. (AF, Toronto)	5.20	Weak Sell/ Hold	4.39	-16%	good
Average Weak Sell		Weak Sell		-21%	very good
3
Rated As – Sell
Name	Beginning 2008 Price	Rating to start 2008	Current Price at this update	Price Increase	Our Performance

Average Sell		Sell
Rated As – Strong Sell
Name	Beginning 2008 Price	Rating to start 2008	Current Price at this update	Price Increase	Our Performance
Average Strong Sell

DISCLAIMER: All stock ratings presented are “generic” in nature and do not take into account the unique circumstances and risk tolerance of any individual. The information presented is not a recommendation for any individual to buy or sell any security. The authors are not registered investment advisors and the information presented is not to be considered investment advice to any individual. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision. For ease of writing style the newsletter and articles are often written in the first person. But, legally speaking, all information and opinions are provided by InvestorsFriend Inc. and not by the authors as individuals. InvestorsFriend Inc. itself does not have a position in any of the indicated securities while the authors may have a position, as disclosed in each report. The Authors’ positions may subsequently change without notice.

InvestorsFriend Stock Performance 2007

In 2007 our three Strong Buys were up an average of 12.3%, and our 21 Buys were down an average of 3.1%. My personal portfolio was up 1.0% in 2007. Our model tracking portfolio was up 1.3%. By comparison for 2007 to date the TSX is up 7.2% and the DOW index is up 6.4% and the S&P 500 is up 3.5%.

Group		Rating to start 2007		Price Increase	Our Performance
Average of 3 strong buys		Strong Buy		12.3%	good
Average of 21 buys		Buy		-3.1%	bad
Average for all 24 buys and strong buys				-1.2%
Average of 10 weak buys		Weak Buy		17.0%	good
Average of 1 weak sells		Weak Sell		15.3%	bad
Average for all 11 Neutral ratings (weak buy or weak sell)				16.8%
		Sell
Rated As – Strong Buy at January 1, 2007
Name	Beginning 2007 Price	Starting Rating	Current Price at this update	Price Increase	Our Performance
Manulife Financial (MFC, Toronto and New York)	39.35	Speculative (lower) Strong Buy	40.57	3%	good
EGI Financial Holdings Inc. (EFH, Toronto)	9.90	Speculative (lower) Strong Buy	14.01	42%	very good
Telus non-voting (T.A, Toronto TU, New York)	52.03	(lower) Strong Buy	48.01	-8%	bad
Average Strong buy		Strong buy		12.3%	good
3
Rated As – Buy
Name	Beginning 2007 Price	Rating to start 2007	Current Price at this update	Price Increase	Our Performance
Northbridge Financial Corporation (NB, Toronto)	30.71	(higher) Buy	36.89	20%	very good
FIRSTSERVICE CORPORATION (FSV, Toronto) (FSRV, NASDAQ)	23.10	(higher) Buy	34.45	49%	very good
FedEx (FDX,NY)	108.62	(higher) Buy	89.17	-18%	bad
Canadian National Railway Company (CNR, Toronto CNI, New York)	50.07	(higher) Buy	46.65	-7%	bad
IGM Financial (IGM, Toronto)	49.10	(higher) Buy	50.03	2%	good
Wal-Mart (WMT, New York)	46.18	(higher) Buy	47.53	3%	good
TSX Group (X, Toronto)	46.61	(higher) Buy	52.80	13%	good
DALSA CORPORATION (DSA, Toronto)	12.80	(higher) Buy	8.50	-34%	very poor
E-L Financial Corporation Ltd. (ELF, Toronto)	635.00	(higher) Buy	565.00	-11%	bad
Kingsway Financial Services Inc. (KFS, Toronto and New York)	24.31	Speculative Buy	12.01	-51%	very poor
Shaw Communications Inc. (SJR.b, Toronto SJR, New York)	18.46	Speculative Buy	23.64	28%	very good
Thomson Corporation (TOC, Toronto and New York)	41.44	Buy	40.29	-3%	bad
ING Canada (IIC, Toronto)	52.42	Speculative Buy	39.62	-24%	very poor
CLEMEX (CXG.A., Canadian)	0.19	(highly) Speculative Buy	0.15	-19%	bad
Bank Of Nova Scotia ( BNS, Toronto and New York)	52.10	Buy	50.28	-3%	bad
Reitmans (RET.A, TO)	22.19	Buy	19.19	-14%	bad
Target (TGT, New York)	57.05	Buy	50.00	-12%	bad
Tim Hortons (THI, Toronto and New York)	33.69	(lower) Buy	36.64	9%	good
Loblaw Companies Limited (L, Toronto)	48.79	Speculative (lower) Buy	33.97	-30%	very poor
Stantec Inc. (STN, Toronto)	25.25	(lower) Buy	38.89	54%	very good
Walgreen (WAG, New York)	45.89	(lower) Buy	38.08	-17%	bad
		Buy		-3%	bad
21
Rated As Weak Buy
Name	Beginning 2007 Price	Rating to start 2007	Current Price at this update	Price Increase	Our Performance
Alarmforce Industries Inc. (AF, Toronto)	5.10	Speculative Weak Buy	5.20	2%	good
Canadian Western Bank (CWB, Toronto)	26.39	Weak Buy / Hold	31.35	19%	good
Western Financial Group (WES, Toronto)	4.05	Weak Buy / Hold	5.26	30%	very good
Alimentation Couche-Tard Inc., ATD.B	25.35	Weak Buy	18.29	-28%	very poor
Aeroplan Income Fund (AER.UN, Toronto)	16.97	Speculative Weak Buy	23.70	40%	very good
Canada Bread (CBY, TO)	54.10	Weak Buy	69.00	28%	very good
HOME CAPITAL GROUP INC (HCG, Toronto)	34.05	Speculative Weak Buy / Hold	41.90	23%	very good
Canadian Tire (CTC.a, TO)	70.88	Weak Buy	74.20	5%	good
Sobeys Inc. (SBY, Toronto)	40.96	Weak Buy / Hold	57.95	41%	very good
eBay (eBay, NASDAQ)	30.07	Speculative Weak Buy / Hold	33.19	10%	good
Average Weak Buy		Weak Buy		17%	good
10
Rated As – Weak Sell
Name	Beginning 2007 Price	Rating to start 2007	Current Price at this update	Price Increase	Our Performance
Cognos (CSN, Toronto COGN, NASDAQ)	49.55	Weak Sell	57.12	15%	bad
Average Weak Sell		Weak Sell		15%	bad
1
Rated As – Sell
Name	Beginning 2007 Price	Rating to start 2007	Current Price at this update	Price Increase	Our Performance
Average Sell		Sell
0
Rated As – Strong Sell
Name	Beginning 2007 Price	Rating to start 2007	Current Price at this update	Price Increase	Our Performance
Average Strong Sell

DISCLAIMER: All stock ratings presented are “generic” in nature and do not take into account the unique circumstances and risk tolerance of any individual. The information presented is not a recommendation for any individual to buy or sell any security. The authors are not registered investment advisors and the information presented is not to be considered investment advice to any individual. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision. For ease of writing style the newsletter and articles are often written in the first person. But, legally speaking, all information and opinions are provided by InvestorsFriend Inc. and not by the authors as individuals. InvestorsFriend Inc. itself does not have a position in any of the indicated securities while the authors may have a position, as disclosed in each report. The Authors’ positions may subsequently change without notice.

InvestorsFriend Stock Performance 2006

In 2006, our Buys and Strong Buys rose an overall average of 19.9%. My personal portfolio was up 17.8% in 2006. Our model tracking portfolio was up 15.7%. By comparison for 2006 the TSX was up 14.5% and the DOW was up 16.3%. Future Returns may not be similar to past returns.

Group		Rating to start 2006		Price Increase	Our Performance
Average of 3 strong buys		Strong Buy		15.3%	good
Average of 18 buys		Buy		20.6%	very good
Average for all 21 buys and strong buys				19.9%
Average of 5 weak buys		Weak Buy		14.4%	good
Average of 3 weak sells		Weak Sell		7.2%	bad
Average for all 8 Neutral ratings (weak buy or weak sell)				11.7%
Average of 2 sells		Sell		41.7%	very bad
Rated As – Strong Buy at January 1, 2006
Name	Beginning 2006 Price	Starting Rating	Current Price at this update	Price Increase	Our Performance
Northbridge Financial Corporation (NB, Toronto)	35.00	(lower) Strong Buy	30.71	-12%	bad
Kingsway Financial Services Inc. (KFS, Toronto and New York)	23.50	Strong Buy	24.31	3%	good
Western Financial Group (WES, Toronto)	2.62	Speculative (lower) Strong Buy	4.05	55%	very good
Average Strong buy		Strong buy		15.3%	good
3
Rated As – Buy
Name	Beginning 2006 Price	Rating to start 2006	Current Price at this update	Price Increase	Our Performance
Manulife Financial (MFC, Toronto and New York)	34.14	Speculative Buy	39.35	15%	good
NYSE Group (formerly Archipelago) (NYX, U.S.)	50.00	Speculative Buy	97.20	94%	very good
Shaw Communications Inc. (SJR.b, Toronto SJR, New York)	25.23	Speculative Buy	36.91	46%	very good
IGM Financial (IGM, Toronto)	46.12	Buy	49.10	6%	good
Stantec Inc. (STN, Toronto)	19.88	Buy	25.25	27%	very good
E-L Financial Corporation Ltd. (ELF, Toronto)	535.00	Speculative (higher) Buy	635.00	19%	good
Telus non-voting (T.A, Toronto TU, New York)	46.67	Moderately Speculative (higher) Buy	53.52	15%	good
Sico Inc. (SIC, Toronto)	14.70	Buy rated	20.00	36%	very good
Thomson Corporation (TOC, Toronto and New York)	34.60	Buy rated	41.44	20%	good
Canadian Western Bank (CWB, Toronto)	35.81	(lower) Buy	52.78	47%	very good
Canadian National Railway Company (CNR, Toronto CNI, New York)	46.57	(lower) Buy	50.07	8%	good
Loblaw Companies Limited (L, Toronto)	56.37	Buy rated	48.79	-13%	bad
Cryptologic Inc. (CRYP, NASDAQ, CRY, Toronto)	19.59	Speculative (higher) Buy	23.16	18%	good
Alimentation Couche-Tard Inc., ATD.B	23.40	Speculative (lower) Buy	25.35	8%	good
FIRSTSERVICE CORPORATION (FSV, Toronto) (FSRV, NASDAQ)	25.63	(lower) Buy	23.10	-10%	bad
ING Canada (IIC, Toronto)	51.25	(higher) Buy	52.42	2%	good
Canada Bread (CBY, TO)	59.00	(lower) Buy	54.10	-8%	bad
Aeroplan Income Fund (AER.UN, Toronto)	12.91	Speculative Buy	16.97	31%	very good
Reitmans (RET.A, TO)	17.13	Speculative (higher) Buy	22.19	30%	very good
Average Buy		Buy		21%	very good
19
Rated As – Weak Buy
Name	Beginning 2006 Price	Rating to start 2006	Current Price at this update	Price Increase	Our Performance
Alarmforce Industries Inc. (AF, Toronto)	3.95	Speculative Weak Buy	5.10	29%	very good
HOME CAPITAL GROUP INC (HCG, Toronto)	34.75	Weak Buy	34.05	-2%	bad
Wendy’s International	55.26	Weak Buy / Hold	67.00	21%	very good
Canadian Tire (CTC.a, TO)	69.54	Weak buy / hold	70.88	2%	good
Hub International	25.80	Speculative Buy	31.39	22%	very good
Average Weak Buy		Weak Buy		14%	good
5
Rated As – Weak Sell
Name	Beginning 2006 Price	Rating to start 2006	Current Price at this update	Price Increase	Our Performance
TSX Group (X, Toronto)	46.83	Weak Sell / Hold	46.61	0%	good
DALSA CORPORATION (DSA, Toronto)	12.80	Weak Sell	12.80	0%	bad
Cognos (CSN, Toronto COGN, NASDAQ)	40.55	Weak Sell / Hold	49.55	22%	very bad
Average Weak Sell		Weak Sell		7%	bad
3
Rated As – Sell
Name	Beginning 2006 Price	Rating to start 2006	Current Price at this update	Price Increase	Our Performance
THE FORZANI GROUP LTD. (FGL, Toronto)	12.95	Sell rated	19.17	48%	very bad
Sleeman Breweries Ltd. (ALE, TO)	12.96	Sell	17.55	35%	very bad
Average Sell		Sell		42%	very bad
2
Rated As- Strong Sell
Name	Beginning 2006 Price	Rating to start 2006	Current Price at this update	Price Increase	Our Performance
Average Strong Sell

DISCLAIMER: All stock ratings presented are “generic” in nature and do not take into account the unique circumstances and risk tolerance of any individual. The information presented is not a recommendation for any individual to buy or sell any security. The authors are not registered investment advisors and the information presented is not to be considered investment advice to any individual. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision. For ease of writing style the newsletter and articles are written in the first person. But, legally speaking, all information and opinions are provided by InvestorsFriend Inc. and not by the authors as individuals. InvestorsFriend Inc. itself does not have a position in any of the indicated securities while the authors may have a position.

InvestorsFriend Stock Performance 2014

Our Stock Picks had a good year in 2014. The two Strong buys rose an average of 9.4%. The 15 stocks that were rated in the Buy or Strong Buy range rose an average of 11.7%. In comparison, the Toronto Stock index rose 7.4% and the S&P 500 rose 11.4%.

Group	Rating to start 2014	Price Increase	Our Performance
Average of 2 strong buys	Strong Buy	9.4%	good
Average of 13 buys	Buy	12.0%	good
Average for all 15 buys and strong buys		11.7%
Average of 7 weak buys	Weak Buy	15.2%	good
Average of 2 weak sells	Weak Sell	18.6%	bad
Average for all 10 Neutral ratings (weak buy or weak sell)		16.0%
Average of 1 Sells	Sell	20.8%

Rated As – Strong Buy at January 1, 2014
Name	Beginning 2014 Price	Starting Rating	Ending 2014 Price	Price Increase	Our Performance
Wells Fargo (WFC, United States)	45.40	Strong Buy	54.82	21%	very good
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	20.05	(lower) Strong Buy	19.65	-2%	bad
Average Strong buy		Strongbuy		9.4%	good

Rated As – Buy
Name	Beginning 2014 Price	Rating to start 2014	Ending 2014 Price	Price Increase	Our Performance
Boston Pizza Royalties Income Fund (BPF.un, Toronto)	20.71	(higher) Buy	21.61	4%	good
Bank of America Corporation (BAC, New York)	15.57	Speculative (higher) Buy	17.89	15%	good
Wal-Mart (WMT, New York)	78.69	Buy	85.88	9%	good
Canadian Western Bank (CWB, Toronto)	38.66	(lower) Buy	32.75	-15%	bad
Canadian Tire (CTC.a, TO)	99.49	Buy	122.74	23%	very good
Alimentation Couche-Tard Inc., ATD.B	26.63	(lower) Buy	48.69	83%	very good
Berkshire Hathaway Inc. (BRKB, New York)	118.56	(lower) Buy	150.15	27%	very good
Bombardier Series 4 Preferred Shares (BBD.PR.C, Toronto)	22.37	Buy	21.89	-2%	bad
Toll Brothers Inc. (TOL, New York)	37.00	Speculative Buy	34.27	-7%	bad
RioCan Real Estate Investment Trust (REI.UN, Toronto)	24.77	Buy	26.43	7%	good
Preferred Shares of RioCan Real Estate Investment Trust (REI.PR.A, Toronto)	24.90	(lower) Buy	25.32	2%	good
Liquor Stores N.A. Ltd. (LIQ, Toronto)	14.07	Speculative (lower) Buy	15.40	9%	good
Liquor Stores N.A. Ltd. April 30 2018 subordinated Convertible (at $24.90) debentures (LIQ.DB.A, Toronto)	103.00	(lower) Buy	105.00	2%	good
Average Buy		Buy		12.0%	good

Rated As Weak Buy
Name	Beginning 2014 Price	Rating to start 2014	Ending 2014 Price	Price Increase	Our Performance
Stantec Inc. (STN, Toronto)	32.93	Weak Buy	31.93	-3%	bad
VISA (V)	222.68	Weak Buy / Hold	262.20	18%	good
Dollarama Inc. (DOL, Toronto)	88.21	Weak Buy rated at $87.78	118.80	35%	very good
Constellation Software Inc. (CSU, Toronto)	211.85	Weak Buy / Hold	297.25	40%	very good
Canadian National Railway Company (CNR, Toronto CNI, New York)	60.56	Weak Buy / Hold	80.02	32%	very good
Bombardier (BBD.B, Toronto)	4.34	Speculative Weak Buy	3.57	-18%	bad
eBay (eBay, NASDAQ)	54.87	Weak Buy / Hold	56.12	2%	good
Average Weak Buy		Weak Buy		15.2%	good

Rated As – Weak Sell
Name	Beginning 2014 Price	Rating to start 2014	Ending 2014 Price	Price Increase	Our Performance
Costco (COST, N)	119.02	Weak Sell / Hold	141.75	19%	bad
FIRSTSERVICE CORPORATION (FSV, Toronto) (FSRV, NASDAQ)	43.05	Weak Sell / Hold	50.86	18%	bad
Average Weak Sell		Weak Sell		18.6%	bad

Rated As – Sell
Name	Beginning 2014 Price	Rating to start 2014	Ending 2014 Price	Price Increase	Our Performance
FedEx (FDX,NY)	143.77	Sell	173.66	21%	very bad
Average Sell		Sell		21%

InvestorsFriend Stock Performance 2013

Our Stock Picks had an excellent year in 2013. The three Strong buys rose an average of 34.5%. The 22 stocks that were rated in the Buy or Strong Buy range rose an average of 30.0%. In comparison, the Toronto Stock index rose 9.6% and the S&P 500 rose 29.6%.

Group	Rating to start 2013	Price Increase	Our Performance
Average of 3 strong buys	Strong Buy	34.5%	very good
Average of 19 buys	Buy	29.3%	very good
Average for all 22 buys and strong buys		30.0%
Average of 2 weak buys	Weak Buy	26.6%	very good
Average of 3 weak sells	Weak Sell	-6.9%	good
Average for all 5 Neutral ratings (weak buy or weak sell)		6.5%
Average of 1 Sells	Sell	-4.4%

Rated As – Strong Buy at January 1, 2013
Name	Beginning 2013 Price	Starting Rating	End 2013 Price	Price Increase	Our Performance
Canadian Tire (CTC.A, Toronto)	69.38	(lower) Strong Buy	99.49	43%	very good
Wells Fargo (WFC, United States)	34.18	(lower) Strong Buy	45.40	33%	very good
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	15.75	(lower) Strong Buy	20.05	27%	very good
Average Strong buy		Strong buy		34.5%	very good
3

Rated As – Buy
Name	Beginning 2013 Price	Rating to start 2013	End 2013 Price	Price Increase	Our Performance
Wal-Mart (WMT, New York)	68.23	(higher) Buy	78.69	15%	good
Stantec Inc. (STN, Toronto)	39.75	(higher) Buy	65.86	66%	very good
Bank of America Corporation (BAC, New York)	11.61	Speculative (higher) Buy	15.57	34%	very good
Canadian Western Bank (CWB, Toronto)	28.44	Buy	38.66	36%	very good
Shaw Communications Inc. (SJR.b, Toronto SJR, New York)	22.84	Buy	25.85	13%	good
Alimentation Couche-Tard Inc., ATD.B	48.93	Buy	79.88	63%	verygood
Microsoft (MSFT, NASDAQ)	26.71	Buy	37.41	40%	verygood
Berkshire Hathaway Inc. (BRKB, New York)	89.70	Buy	118.56	32%	verygood
Bombardier Series 4 Preferred Shares (BBD.PR.C, Toronto)	24.35	Buy	22.37	-8%	bad
Bombardier (BBD.B, Toronto)	3.79	SpeculativeBuy	4.34	15%	good
Toll Brothers Inc. (TOL, New York)	32.33	Speculative Buy	37.00	14%	good
VISA (V)	151.58	Buy	222.68	47%	verygood
Constellation Software Inc. (CSU, Toronto)	120.96	Buy	211.85	75%	very good
Canadian National Railway Company (CNR, Toronto CNI, New York)	45.17	(lower) Buy	60.56	34%	very good
FedEx (FDX,NY)	91.72	(lower) Buy	143.77	57%	very good
Boston Pizza Royalties Income Fund (BPF.un, Toronto)	19.30	(lower) Buy	20.71	7%	good
RioCan Real Estate Investment Trust (REI.UN, Toronto)	27.56	(lower) Buy	24.77	-10%	bad
Dollarama Inc. (DOL, Toronto)	58.97	(lower) Buy	88.21	50%	very good
Liquor Stores N.A. Ltd. (LIQ, Toronto)	18.56	(lower) Buy	14.07	-24%	very poor
Average Buy		Buy		29.3%	very good
19

Rated As Weak Buy
Name	Beginning 2013 Price	Rating to start 2013	End 2013 Price	Price Increase	Our Performance
FIRSTSERVICE CORPORATION (FSV, Toronto) (FSRV, NASDAQ)	28.23	Weak Buy	43.05	52%	very good
FirstService Preferred (FSV.PR.U, Toronto)	25.87	Weak Buy	26.07	1%	good
Average Weak Buy		Weak Buy		26.6%	very good
2

Rated As – Weak Sell
Name	Beginning 2013 Price	Rating to start 2013	End 2013 Price	Price Increase	Our Performance
Costco (COST, N)	98.73	Weak Sell	119.02	21%	very bad
Research in Motion Limited (RIMM, U.S., RIM. Toronto)	11.87	Weak Sell	7.44	-37%	very good
Preferred Shares of RioCan Real Estate Investment Trust (REI.PR.A, Toronto)	25.94	Weak Sell / Hold	24.90	-4%	good
Average Weak Sell		WeakSell		-6.9%	good
3

Rated As – Sell
Name	Beginning 2013 Price	Rating to start 2013	End 2013 Price	Price Increase	Our Performance
Canadian Western Bank Preferred Shares (CWB.PR.A, Toronto)	26.88	Sell	25.71	-4%	good
Average Sell		Sell		-4%
1

Rated As – Strong Sell
Name	Beginning 2013 Price	Rating to start 2013	End 2013 Price	Price Increase	Our Performance
Average Strong Sell

InvestorsFriend Stock Performance 2003

Performance in 2003 was truly outstanding with the 7 Strong Buys up an average of 78.8%, and with the 14 Buys up an average of 36.7%. In comparison the TSX was up 24.3% and the DOW was up 25.3% in 2003. The model Portfolio, available to paid subscribers only, was up 36.7% (after trading costs) in 2003.

Group		Rating to start “2003”		Price Increase	Our Performance
Average of 7 strong buys		Strong Buy		78.8%	very good
Average of 14 buys		Buy		36.7%	very good
Average for all 21 buys and strong buys				50.8%
Average of 9 weak buys		Weak Buy		26%	very good
Average of 2 weak sells		Weak Sell		23%	very bad
Average for all 11 Neutral ratings (weak buy or weak sell)				25.5%
Average of 1 sells		Sell		32%	very bad
Average of 0 strong sells		Strong Sell		n.a.	n.a.
Average for all 1 sells and strong sells				31.7%

Rated As – Strong Buy at January 1, 2003
Name	Beginning 2003 Price	Starting Rating	Ending 2003 price	Price Increase	Our Performance
Sino-Forest (TRE.a, Toronto)	1.17	Speculative Strong Buy	5.16	341%	very good
Stantec Inc. (STN, Toronto)	16.70	(lower) Strong Buy	22.1	32%	very good
HOME CAPITAL GROUP INC (HCG.b, Toronto)	14.50	Speculative Strong Buy	33.25	129%	very good
AASTRA TECHNOLOGIES (AAH, Toronto)	18.80	Speculative Strong Buy	17	-10%	bad
A.G.F. Management Limited (AGF.B, Toronto)	15.50	Speculative (lower) Strong Buy	17.5	13%	good
Manulife Financial (MFC, Toronto)	34.39	Strong Buy	41.85	22%	very good
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	37.50	Strong Buy	46.5	24%	very good

Average Strong buy		Strong buy		79%	very good
7
Rated As – Buy
Name	Beginning 2003 Price	Rating to start “2003”	Ending 2003 price	Price Increase	Our Performance
TRANSCANADA PIPELINES (TRP, Toronto)	22.92	Buy	27.88	22%	very good
Canadian National Railway Company (CNR, Toronto)	65.27	Buy	82	26%	very good
Boardwalk Equities (BEI, Toronto)	15.18	Speculative Cautious Buy	17.92	18%	good
Canadian Western Bank (CWB, Toronto)	26.60	(lower) Buy	39.33	48%	very good
Canadian Utilities Limited (CU, TO)	51.21	Buy	57.86	13%	good
Enbridge inc. (ENB, TO)	42.61	(lower) Buy	53.7	26%	very good
Transat A.T. Inc. (TRZ, Toronto)	6.00	Speculative Buy	11.1	85%	very good
Calpine Corporation	3.26	Speculative Buy	4.81	48%	very good
Silent Witness (SWE, Toronto)	6.50	Speculative Buy	11.27	73%	very good
THE FORZANI GROUP LTD. (FGL, Toronto)	20.31	Speculative (lower) Buy	16.25	-20%	bad
DALSA CORPORATION (DSA, Toronto)	18.24	Speculative Buy	14.64	-20%	bad
FIRSTSERVICE CORPORATION (FSV, Toronto) (FSRV, NASDAQ)	16.08	Buy	20.94	30%	very good
STEEPLEJACK INDUSTRIAL GROUP INC. (SID, Toronto)	1.10	Buy	2.66	142%	very good
Fort Chicago Energy Partners (FCE.u, Toronto)	8.25	Buy	10.2	24%	very good
Average Buy		Buy		37%	very good
14
Rated As Weak Buy
Name	Beginning 2003 Price	Rating to start “2003”	Ending 2003 price	Price Increase	Our Performance
QUEBECOR INC CL-A MV (QBR.A, Toronto)	14.20	Speculative Weak Buy / Hold	24	69%	very good
Precision Drilling (PD, Toronto)	50.95	Weak Buy	56.75	11%	good
Cognos (CSN, Toronto)	37.00	Weak Buy	39.61	7%	good
Maple Leaf Foods Inc. (MFI, Toronto)	10.95	Weak Buy	10.5	-4%	bad
Pason Systems Inc. (PSI, Toronto)	11.95	Weak Buy / Hold	25.2	111%	very good
Thomson Corporation (TOC, Toronto)	26.88	Weak Buy/Hold	35.31	31%	very good
Duke Energy Corporation (DUK, New York)	20.09	Weak Buy/Hold	20.45	2%	good
BW Technologies Ltd. (BWT, Toronto)	21.20	Weak Buy	22.6	7%	good
Floron Food Services Limited (FFS, TSX Venture Exchange)	1.35	Weak Buy / Hold	1.35	0%	good
Average Weak Buy		Weak Buy		26%	very good
14
Rated As – Weak Sell
Name	Beginning 2003 Price	Rating to start “2003”	Ending 2003 price	Price Increase	Our Performance
Canadian Tire (CTR.a, TO)	32.45	Weak Sell / hold	39.45	22%	very bad
Loblaw Companies Limited (L, Toronto)	53.51	Weak sell / hold	66.8	25%	very bad
Average Weak Sell		Weak Sell		23%	very bad
2
Rated As – Sell
Name	Beginning 2003 Price	Rating to start “2003”	Ending 2003 price	Price Increase	Our Performance
MULLEN TRANSPORTATION INC. (MTL, Toronto)	30.00	Sell	39.5	32%	very bad
Average Sell		Sell		32%	very bad
1

InvestorsFriend Stock Performance 2004

Strong Buys were up an average of 25.1% in 2004, Buys were up 24.9%.

Group		Rating to start 2004		Price Increase	Our Performance
Average of 5 strong buys		Strong Buy		25.1%	very good
Average of 6 buys		Buy		24.9%	very good
Average for all 11 buys and strong buys				25.0%
Average of 7 weak buys		Weak Buy		23%	very good
Average of 2 weak sells		Weak Sell		61%	very bad
Average for all 9 Neutral ratings (weak buy or weak sell)				31.6%
Average of 2 sells		Sell		5%	bad
Average of 1 strong sells		Strong Sell		-98%	n.a.
Average for all 3 sells and strong sells		-29.4%
Rated As – Strong Buy at January 1, 2004
Name	Beginning 2004 Price	Starting Rating	Ending 2004 Price	Price Increase	Our Performance
Northbridge Financial Corporation (NB, Toronto)	20.90	(higher) Strong Buy	29.2	40%	very good
Kingsway Financial Services Inc. (KFS, Toronto)	14.60	Speculative Strong Buy	19	30%	very good
Sico Inc. (SIC, Toronto)	25.20	Strong Buy	26.7	6%	good
Sportscene Restaurants Inc. (SPS.mva, Canadian Venture)	5.00	Strong Buy	7	40%	very good
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	46.50	Strong Buy	51	10%	good
Average Strong buy		Strong buy		25%	very good
5
Rated As – Buy
Name	Beginning 2004 Price	Rating to start 2004	End 2004 Price	Price Increase	Our Performance
Manulife Financial (MFC, Toronto)	41.85	(higher) Buy	55.4	32%	very good
A.G.F. Management Limited (AGF.B, Toronto)	17.50	Buy	17.6	1%	good
Canadian Tire (CTR.nv, TO)	39.45	(lower) Buy	56.21	42%	very good
Sleeman Breweries Ltd. (ALE, TO)	9.90	Buy	14	41%	very good
Transcontinental Inc. (TCL.sva, TO)	24.00	Buy	23.31	-3%	bad
Canadian Western Bank (CWB, Toronto)	19.67	(lower) Buy	26.58	35%	very good
Average Buy		Buy		25%	very good
6
Rated As Weak Buy
Name	Beginning 2004 Price	Rating to start 2004	End 2004 Price	Price Increase	Our Performance
Stantec Inc. (STN, Toronto)	22.10	Weak Buy / Hold	26.48	20%	good
Cognos (CSN, Toronto)	39.61	Weak Buy / Hold	52.82	33%	very good
Loblaw Companies Limited (L, Toronto)	66.80	Weak buy / hold	72.02	8%	good
DALSA CORPORATION (DSA, Toronto)	14.64	Speculative Hold	20.98	43%	very good
TSX Group (X, Toronto)	42.90	Weak Buy / Hold	53.69	25%	very good
THE FORZANI GROUP LTD. (FGL, Toronto)	16.25	Weak Buy	12.06	-26%	very poor
BW Technologies Ltd. (BWT, Toronto)	22.60	Weak Buy / Hold	36	59%	very good
Average Weak Buy		Weak Buy		23%	very good
7
Rated As – Weak Sell
Name	Beginning 2004 Price	Rating to start 2004	End 2004 Price	Price Increase	Our Performance
Canadian National Railway Company (CNR, Toronto)	54.67	Weak Sell	73.07	34%	very bad
HOME CAPITAL GROUP INC (HCG, Toronto)	16.63	Weak Sell / Hold	31.25	88%	very bad
Average Weak Sell		Weak Sell		61%	very bad
2
Rated As – Sell
Name	Beginning 2004 Price	Rating to start 2004	End 2004 Price	Price Increase	Our Performance
Sino-Forest (TRE, Toronto)	5.16	Sell	3.43	-34%	very good
Maple Leaf Foods Inc. (MFI, Toronto)	10.50	Sell	15.01	43%	very bad
Average Sell		Sell		5%	bad
2
Rated As – Strong Sell
Name	Beginning 2004 Price	Rating to start 2004	End 2004 Price	Price Increase	Our Performance
AIR CANADA CORP (AC, Toronto)	1.33	Strong Sell	0.03	-98%	very good
Average Sell / Strong Sell				-29%

DISCLAIMER: The information presented is not a recommendation to buy or sell any security. The author is not a registered investment advisor and the information presented is not to be considered investment advice. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision. For ease of writing style the newsletter and articles are written in the first person. But, legally speaking, all information and opinions are provided by InvestorsFriend Inc. and not by the author as an individual.

©Copyright: InvestorsFriend Inc. 1999 – 2004 All rights to format and content are reserved.

InvestorsFriend Stock Performance 2005

Our 2005 performance was truly OUTSTANDING. Our average Strong Buy was up 29.9%, the average Buy was up 28%, the model portfolio was up 35.4! and the Editor’s personal portfolio was up 33.5%. For comparison, the TSX was up 21.9% and the DOW was down 0.6%. 15 out of 18 Buy or Strong Buy picks rose in price.

Group		Rating to start 2005		Price Increase	Our Performance
Average of 4 strong buys		Strong Buy		29.9%	very good
Average of 14 buys		Buy		28.0%	very good
Average for all 18 buys and strong buys				28.4%
Average of 6 weak buys		Weak Buy		13.5%	good
Average of 3 weak sells		Weak Sell		-10.9%	good
Average for all 9 Neutral ratings (weak buy or weak sell)				5.4%
Average of 3 sells		Sell		6.8%	bad
Rated As – Strong Buy at January 1, 2005
Name	Beginning 2005 Price	Starting Rating	End of 2005 Price	Price Increase	Our Performance
Northbridge Financial Corporation (NB, Toronto)	29.20	Strong Buy	35	20%	good
Kingsway Financial Services Inc. (KFS, Toronto)	19.00	Strong Buy	23.5	24%	very good
IGM Financial (IGM, Toronto)	36.64	(lower) Strong Buy	46.12	26%	good
Sportscene Restaurants Inc. (SPS.mva, Canadian Venture)	7.00	Strong Buy	10.5	50%	very good
Average Strong buy		Strong buy		29.9%	very good
4
Rated As – Buy
Name	Beginning 2005 Price	Rating to start 2005	End of 2005 Price	Price Increase	Our Performance
Manulife Financial (MFC, Toronto)	55.40	(lower) Buy	68.27	23%	very good
Western Financial Group (WES, Toronto)	2.55	Speculative (higher) Buy	2.62	3%	good
Ainsworth Lumber Ltd. (ANS, Toronto)	24.80	Speculative Buy	23.95	-3%	bad
Alarmforce Industries Inc. (AF, Toronto)	3.55	Speculative Buy	3.95	11%	good
E-L Financial Corporation Ltd. (ELF, Toronto)	337.77	Speculative Buy	535	58%	very good
Wendy’s International	39.27	Buy	55.26	41%	very good
Telus (T, Toronto)	36.22	47.86	32%	very good
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	51.00	(higher) Buy	118.5	132%	very good
Sico Inc. (SIC, Toronto)	13.35	(higher) Buy	14.7	10%	good
Canadian Tire (CTR.nv, TO)	56.21	(lower) Buy	69.54	24%	very good
DALSA CORPORATION (DSA, Toronto)	20.98	Speculative (lower) Buy	12.8	-39%	very poor
Sino-Forest (TRE, Toronto)	3.43	(highly) Speculative Buy	4.94	44%	very good
TSX Group (X, Toronto)	26.85	(lower ) Buy	46.83	74%	very good
Transcontinental Inc. (TCL.sva, TO)	23.31	Buy	19	-18%	bad
Average Buy		Buy		28%	very good
14
Rated As – Weak Buy
Name	Beginning 2005 Price	Rating to start 2005	End of 2005 Price	Price Increase	Our Performance
Stantec Inc. (STN, Toronto)	26.48	Weak Buy / Hold	39.75	50%	very good
Thomson Corporation (TOC, Toronto)	35.27	Weak Buy / Hold	34.6	-2%	bad
Sleeman Breweries Ltd. (ALE, TO)	14.00	Weak Buy	12.96	-7%	bad
Canadian Western Bank (CWB, Toronto)	26.58	Weak Buy / Hold	35.81	35%	very good
Canadian National Railway Company (CNR, Toronto)	73.07	Weak Buy / Hold	93.14	27%	very good
Loblaw Companies Limited (L, Toronto)	72.02	Weak Buy	56.37	-22%	very poor
Average Weak Buy		Weak Buy		14%	good
6
Rated As – Weak Sell
Name	Beginning 2005 Price	Rating to start 2005	End of 2005 Price	Price Increase	Our Performance
THE FORZANI GROUP LTD. (FGL, Toronto)	12.06	Weak Sell / Hold	12.95	7%	bad
Fairfax Financial Holdings Limited (FFH, New York)	202.24	Weak Sell / Hold	168	-17%	good
Cognos (CSN, Toronto)	52.82	Weak Sell / Hold	40.55	-23%	very good
Average Weak Sell		Weak Sell		-11%	good
3
Rated As – Sell
Name	Beginning 2005 Price	Rating to start 2005	End of 2005 Price	Price Increase	Our Performance
Westjet Airlines Ltd. (WSJ, Toronto)	11.99	Sell	12.26	2%	bad
ACE Aviation (Air Canada)	35.40	Sell	37.86	7%	bad
HOME CAPITAL GROUP INC (HCG, Toronto)	31.25	Sell	34.75	11%	bad
Average Sell		Sell		7%	bad
3
Rated As – Strong Sell
Name	Beginning 2005 Price	Rating to start 2005	End of 2005 Price	Price Increase	Our Performance
Average Strong Sell

DISCLAIMER: All stock ratings presented are “generic” in nature and do not take into account the unique circumstances and risk tolerance of any individual. The information presented is not a recommendation for any individual to buy or sell any security. The author is not a registered investment advisor and the information presented is not to be considered investment advice to any individual. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision. For ease of writing style the newsletter and articles are written in the first person. But, legally speaking, all information and opinions are provided by InvestorsFriend Inc. and not by the author as an individual. InvestorsFriend Inc. itself does not have a position in any of the indicated securities while the author may have a position.

Investment Performance

On this page we provide links with full details of each year’s performance since the inception of this site.

2023 was a strong year in the markets. The S&P 500 index was up 24%. The Toronto stock Exchange index was up 8% in 2023 and the 31 stocks that we had rated (lower) Buy or higher were up an average of 16%.

Click For Full Details By Year: 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

The graph below is of a type often called a “mountain chart”. You can see why – it shows how a mountain of wealth can be created over a period of years. As of December 31, 2023, our Buy or Strong-Buy rated stocks are up 1230% and the Editor’s personal total return has been 1273% since the end of 1999. Meanwhile the Canadian TSX index is up just 148% in the 24 years since the end of 1999 and the S&P 500 index is up by just 213% since the end of 1999. In fairness, it looking at these graphs it should be noted that while it shows the end result fairly, it distorts the year by year results which are better shown on a log scale.

Past performance is no guarantee of future performance nor is it necessarily in any way indicative of future performance.

Since the beginning of 2000, an equal investment in each of our Buy-rated stock picks as of the start of each year would have turned $100,000 into $1,330,331 dollars with no further investments. And this occurred despite three market crashes in that time (2000, 2008 and a brief one in 2020). This performance has walloped the market.

Dividends were not readily available to be included and are therefore excluded in the above chart, as they almost always are when stock indexes are discussed. (Except that the Editor’s portfolio in the chart includes dividends, since that is how brokers report actual portfolios). Costs of trading are of course excluded in the table except again for the editor’s portfolio for which the performance is after all trading costs. The editor’s portfolio is also after the impact of changes in the U.S. dollar exchange rate while the other line items do not include this.

We rate stocks all through the year, but for performance tracking purposes we track the stocks that we had rated at the start of each year, as further explained below. Complete details of each stock in each rating category are provided in links to each year below.

We don’t exaggerate our performance in any way such as by telling you only about the gains of only our best Stock Picks (as do many sites), or basing the performance on the highest subsequent price (as do many sites). We also deal mostly in stocks with reasonable trading liquidity and unlike many sites, we certainly do not in any way attempt to force the prices of our Picks up through promotion (some Sites do that with penny stocks). We honestly show you all the results including the editor’s personal results.

We show you the good picks and (unlike most others) we show you our bad calls as well.

FUTURE RETURNS MAY NOT BE SIMILAR TO PAST RETURNS.

Past performance is no guarantee of future performance nor is it necessarily in any way indicative of future performance.

Measuring performance is somewhat difficult given that a stock originally rated a Strong Buy may later change to a weak buy or even occasionally to a sell.

We have attempted to show performance in the most honest and transparent fashion possible.

Our performance is tracked on a calendar year basis. For the start of each year we review all the ratings to make sure they are valid as of January 1 each year. The first few years were tracked a bit differently as detailed below.

Year 2000 performance includes only all those stocks that had an active rating as of January 1, 2000. Year 2000 performance shows the changes in price from the rating that was made closest to but not later than January 1, 2000 through to the rating made closest to but prior to December 31, 2000. Stocks which were no longer covered were priced through to December 31, 2000. It is fair to use the stock price on the day it was rated rather than using the exact calendar year. So, year 2000 performance is not exactly calendar 2000 but it is reasonably close.

The same process was followed for 2001, the beginning price for 2001 is the ending price used for 2000. Again, for 2002, the beginning price is the ending price from 2001. For 2003 and all years after that the performance is tracked with the calendar year price change.

Shawn Allen, CFA, CMA, MBA, P. Eng.

President
InvestorsFriend Inc.

Performance

The long-term Performance of our Stock Picks has been excellent, even including the two market crashes of 2008 and of the early 2000’s.

Future Results Will Differ From Past Results.

Click to see complete details of our year-by-year performance back to year 2000 (our first full year) including graphs and details by individual stock, click the link here. Our detailed performance even shows the full results of the Editor’s personal portfolio!

These outstanding returns were achieved mostly in established profitable(and cash flow positive) companies – and not risky penny stocks.

Most of our stocks over the years would be considered value companies, or “growth-at-a-reasonable-price”. These have included financials (banks, property insurance, life insurance, wealth management and credit card companies), restaurants, retail, railroads, cable, telephone, breweries, property development, REITs, manufactures, trucking, package delivery, engineering services, software, preferred shares and more. Not all of these are on the list at any given time.

Click here, for sample Stock Rating Reports

We make no guarantees or predictions regarding future returns, but we hope to continue to beat the market indexes.

Click Subscribe now to learn about how you can access our current Stock Picks.

New visitors, be sure to join our free newsletter email list.

Below are graphs that illustrate our performance and the personal investment results of the editor of this site:

The following graph, shows (as of The end of 2023) the performance of our Stock Picks and of my own portfolio, and of the S&P 500 and the Toronto Stock Index since the end of 1999 when this Web Site started. The blue line is the average for stocks that we rated (lower) Buy or higher, the pink line is the performance of the personal portfolio of the editor/ owner of this Site, the black line is the Toronto stock index and the red line is the S&P 500.

Dividends were not readily available to be included and are therefore excluded in the above graph, as they almost always are when stock indexes are discussed. (Except that the Editor’s personal portfolio line in the graph includes dividends, since that is how brokers report actual portfolios). Costs of trading are of course excluded in the table except again for the editor’s portfolio for which the performance is after all trading costs. The editor’s portfolio is also after the impact of changes in the U.S. dollar exchange rate while the Buy or Strong Buy line does not include changes in exchange rates.

There is, of course, absolutely no guarantee that these results will continue to apply in future.

InvestorsFriend Stock Performance 2012

2012 was a very strong year for our Stock Picks. The six Strong Buys were up an average of 19.6% each. The 17 Buys were up an average of 14% each. Only 3 of the 23 Stocks rated in the Buy or Strong Buy range at the start of the year fell in price. Meanwhile, the the TSX was up only 4.0%. The Dow was up 7.3% and the S&P 500 was up 13.4.

InvestorsFriend Inc.’s performance – Year 2012
2012 was a very strong year for our Stock Picks. The six Strong Buys were up an average of 19.6% each. The 17 Buys were up an average of 14% each. Only 3 of the 23 Stocks rated in the Buy or Strong Buy range at the start of the year fell in price. Meanwhile, the the TSX was up only 4.0%. The Dow was up 7.3% and the S&P 500 was up 13.4.


Group		Rating to start 2012		Price Increase	Our Performance
Average of 6 strong buys		Strong Buy		19.6%	good
Average of 17 buys		Buy		14.0%	good
Average for all 23 buys and strong buys				15.4%
Average of 2 weak buys		Weak Buy		36.2%	very good
Average of 1 weak sells		Weak Sell		18.5%	bad
Average for all 3 Neutral ratings (weak buy or weak sell)				30.3%
Average of 1 Sells		Sell		-1.7%

Rated As – Strong Buy at January 1, 2012
Name	Beginning 2012 Price	Starting Rating	Ending 2012 Price	Price Increase	Our Performance
Microsoft (MSFT, NASDAQ)	25.96	Strong Buy	26.71	3%	good
Wells Fargo (WFC, United States)	27.56	Strong Buy	34.18	24%	very good
Stantec Inc. (STN, Toronto and New York)	27.57	Strong Buy	39.75	44%	very good
Research in Motion Limited (RIMM, U.S., RIM. Toronto)	14.50	Speculative Strong Buy	11.87	-18%	bad
Canadian Western Bank (CWB, Toronto)	25.80	(lower) Strong Buy	28.44	10%	good
Alimentation Couche-Tard Inc., ATD.B	31.70	(lower) Strong Buy	48.93	54%	very good
Average Strong buy		Strong buy		19.6%	good
6
Rated As – Buy
Name	Beginning 2012 Price	Rating to start 2012	Ending 2012 Price	Price Increase	Our Performance
Wal-Mart (WMT, New York)	59.76	(Higher) Buy	68.23	14%	good
Canadian Tire (CTC.a, TO)	65.90	(higher) Buy	69.38	5%	good
Boston Pizza Royalties Income Fund (BPF.un, Toronto)	14.19	(higher) Buy	19.30	36%	very good
MELCOR DEVELOPMENTS LTD. (MRD, Toronto)	13.17	(higher) Buy	15.75	20%	good
Shaw Communications Inc. (SJR.b, Toronto SJR, New York)	20.25	(higher) Buy	22.84	13%	good
Walgreen (WAG, New York)	33.06	(higher) Buy	37.01	12%	good
FirstService Preferred (FSV.PR.U, Toronto)	24.76	Buy	25.87	4%	good
FedEx (FDX,NY)	83.51	Buy	91.72	10%	good
Canadian National Railway Company (CNR, Toronto CNI, New York)	80.15	Buy	90.33	13%	good
Canadian Oil Sands Limited (COS, T)	23.25	Buy	20.17	-13%	bad
Berkshire Hathaway Inc. (BRKB, New York)	76.30	Buy	89.70	18%	good
Bombardier Series 4 Preferred Shares (BBD.PR.C, Toronto)	23.00	Buy	24.35	6%	good
Preferred Shares of RioCan Real Estate Investment Trust (REI.PR.A, Toronto)	25.81	Buy	25.94	1%	good
Toll Brothers Inc. (TOL, New York)	20.42	Speculative Buy	32.33	58%	very good
The Brick Inc. (BRK, Toronto)	3.08	Speculative Buy	5.36	74%	very good
Omni-Lite Industries Canada Inc. (OML, Toronto Venture Exchange)	1.39	Speculative Buy	0.85	-39%	very poor
FIRSTSERVICE CORPORATION (FSV, Toronto) (FSRV, NASDAQ)	26.49	Speculative (lower) Buy	28.23	7%	good
Average Buy		Buy		14.0%	good
17
Rated As Weak Buy
Name	Beginning 2012 Price	Rating to start 2012	Ending 2012 Price	Price Increase	Our Performance
eBay (eBay, NASDAQ)	30.33	Weak Buy	51.00	68%	very good
RioCan Real Estate Investment Trust (REI.UN, Toronto)	26.43	Weak Buy	27.56	4%	good
Average Weak Buy		Weak Buy		36.2%	very good
2
Rated As – Weak Sell
Name	Beginning 2012 Price	Rating to start 2012	Ending 2012 Price	Price Increase	Our Performance
Costco (COST, New York)	83.32	Weak Sell	98.73	18%	bad
Average Weak Sell		Weak Sell		18.5%	bad
1
Rated As – Sell
Name	Beginning 2012 Price	Rating to start 2012	Ending 2012 Price	Price Increase	Our Performance
Canadian Western Bank Preferred Shares (CWB.PR.A, Toronto)	27.35	Sell	26.88	-2%	good
Average Sell		Sell		-2%
1
Rated As – Strong Sell
Name	Beginning 2012 Price	Rating to start 2012	Ending 2012 Price	Price Increase	Our Performance
Average Strong Sell

INVESTORSFRIEND STOCK PERFORMANCE 2002

This analysis is for all those stocks that had an active rating at or near the start of year 2002. The strong buys were up an average 5%. The buys/strong buys together were up an average 1% (which compares well to the market indexes in 2002), the neutral group was down 7%, The average of the two Sell ratings was down 74%. The overall results are quite good compared to the market.
Group		Rating to start “2002”		Price Increase	Our Performance
Average of 6 strong buys		Strong Buy		5%	good
Average of 16 buys		Buy		-1%	bad
Average for all 22 buys and strong buys				1%
Average of 14 weak buys		Weak Buy		-5%	bad
Average of 2 weak sells		Weak Sell		-23%	very good
Average for all 16 Neutral ratings (weak buy or weak sell)				-7%
Average of 2 sells		Sell		-74%	very good
Average of 0 strong sells		Strong Sell		n.a.	n.a.
Average for all 2 sells and strong sells				-74%

Rated As – Strong Buy Near January 1, 2002
Name	Starting late 2001 Date and Price	Starting Rating	Current Price	Price Increase	Our Performance
Thomson Corporation (TOC, Toronto)	Nov 14 at $ U. S. 30.24	Strong Buy	26.88	-11%	bad
Calpine Corporation	November 26 at 23.92	Strong Buy	3.26	-86%	very poor
Canadian Medical Laboratories (CLC, Toronto)	Sept 5 at 18.25	Strong Buy	30.4	67%	very good
Pason Systems Inc. (PSI, Toronto)	Nov 23 at 8.25	Strong Buy	11.95	45%	very good
Trilon Financial Corporation (TFC.A, Toronto)	Dec 21 at 14.80	Strong Buy	17	15%	good
Sino-Forest (TRE.a, Toronto)	Nov 20 at 1.13	strong buy	1.17	4%	good

Average Strong buy		Strong buy		5%	good
6
Rated As – Buy
Name	Starting late 2001 Date and Price	Rating to start “2002”	End 2002 Price	Price Increase	Our Performance
TD Bank (TD, Toronto)	October 2 at 39.25	Buy	34.01	-13%	bad
Concert Industries (CNG, Toronto)	January 30 at $6.25	Buy	0.62	-90%	very poor
Accord Financial Corp (ACD, Toronto)	Feb 7 at 5.65	(moderately risky) Buy	5.05	-11%	bad
Silent Witness (SWE, Toronto)	Feb 8 at $12.5	Buy	6.5	-48%	very poor
Power Financial Corporation (PWF, Toronto)	Nov 28 at 36.20	Buy	36.30	0%	good
Enbridge inc. (ENB, TO)	Nov 9 at 44.40	Buy	42.61	-4%	bad
Precision Drilling (PD, Toronto)	Nov 2 at 38.70	Buy	50.95	32%	very good
Viceroy (VHL.a, Toronto)	Sept 7 at 4.50	Buy	5.80	29%	very good
Boardwalk Equities (BEI, Toronto)	Nov 15 at 11.75	Buy	15.18	29%	very good
Telus (T, Toronto)	Oct 25 at 23.56	Buy	17.45	-26%	very poor
Transat A.T. Inc. (TRZ, Toronto)	Sept 14 at 5.20	Buy	6	15%	good
Contrans Corp.	Oct 12 at 14.50	Buy	34.8	140%	very good
Canadian National Railway Company (CNR, Toronto)	October 23 at $61.92	Buy	65.27	5%	good
Canadian Utilities Limited (CU, TO)	Nov 2 at 51.75	Buy	51.21	-1%	bad
CLEMEX (CXG.a, Canadian)	Dec1 at .32	Speculative Buy	0.15	-53%	very poor
CIBC (CM, TO)	Sept 7 at 55.50	Buy	43.52	-22%	very poor

Average Buy		Buy		-1%	bad
16
Rated As Weak Buy
Name	Starting late 2001 Date and Price	Rating to start “2002”	End 2002 Price	Price Increase	Our Performance

TransAlta Corporation (TA, Toronto)	Oct 19 at 22.15	Weak Buy/Hold	17.11	-23%	very poor
Cognos (CSN, Toronto)	Dec 21 at 36.91	Weak Buy	37.00	0%	good
Stantec Inc. (STN, Toronto)	Nov 16 at 12.45 after split	Weak Buy	16.70	34%	very good
Canadian Western Bank (CWB, Toronto)	June 18 at 28.75	Weak Buy	26.6	-7%	bad
Maple Leaf Foods Inc. (MFI, Toronto)	Oct 26 at 11.75	Speculative Weak Buy	10.95	-7%	bad
Bombardier (BBD.A, Toronto)	Dec 1 at 13.95	Weak Speculative Buy	5.52	-60%	very poor

QUEBECOR INC CL-A MV (QBR.A, Toronto)	Oct 31 at 14.59	Speculative Weak Buy / Hold	14.2	-3%	bad
TRANSCANADA PIPELINES (TRP, Toronto)	Nov 2 at 20.73	Weak Buy	22.92	11%	good
Buhler Industries Inc. (BUI, Toronto)	Dec 21 at 3.75	Weak Buy / Hold	5.7	52%	very good
Canadian Tire (CTR.a, TO)	Nov 2 at 22.50	Weak Buy / Hold	32.45	44%	very good
CAE Inc. (CAE, Toronto)	Oct 24 at 8.09	Speculative Weak Buy	5.17	-36%	very poor
CELESTICA (CLS, Toronto)	Dec 1 at 66.58	Weak Buy/hold	22.05	-67%	very poor
Duke Energy Corporation (DUK, New York)	Nov 16 at 37.02	Weak Buy/Hold	20.09	-46%	very poor
Wi-LAN Inc. (WIN, Toronto)	Oct 5 at $1.20	Speculative Weak Buy	1.68	40%	very good
Average Weak Buy		Weak Buy		-5%	bad
14
Rated As – Weak Sell
Name	Starting late 2001 Date and Price	Rating to start “2002”	End 2002 Price	Price Increase	Our Performance

Biovail Corporation (BVF, New York)	Jan 11 2002	Weak Sell	26.41	-50%	very good
Loblaw Companies Limited (L, Toronto)	Nov 23 at 51.40	Weak sell / hold	53.51	4%	bad
Average Weak Sell		Weak Sell		-23%	very good
2
Rated As – Sell
Name	Starting late 2001 Date and Price	Rating to start “2002”	End 2002 Price	Price Increase	Our Performance

Nortel Networks (NT, Toronto)	October 19 at $9.04	Sell	2.52	-72%	very good
JDS Uniphase	Dec 1 at 17.85	Sell	4.18	-77%	very good

Average Sell		Sell		-74%	very good
2


DISCLAIMER: The information presented is not a recommendation to buy or sell any security. The author is not a registered investment advisor and the information presented is not to be considered investment advice. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision.
© Copyright: investorsfriend.com 1999 – 2002 All rights to format and content are reserved.

INVESTORSFRIEND STOCK PERFORMANCE 2001

This analysis is for all those stocks that had an active rating at or immediately prior to the start of year 2001. Performance tracks the price change for a approximately a 1 year period for each stock from its last updated rating just prior to 2001 through to its last update in 2001 or to Dec 31, 2001 for discontinued stocks. On average 2001 performance tracks a period from about Nov 15, 2000 through to Nov 15 2001. Performance of the analysis is outstanding as illustrated by the graph below. The buys/strong buys were up an average 14%, the neutral group is down 10%, There was only 2 Sell ratings and both were down over 60%. Impressively, 25 of 38 companies have moved in the predicted direction. Most of the stocks that moved the “wrong way” were the weak buys and weak sells which is essentially a neutral rating. Excluding the neutrals, 13 of 16 stocks moved in the predicted direction (an amazing 81% batting average). All of this in a year when the TSE was down significantly.
Group		Rating to start 2001		Price Increase	Our Performance
Average of 4 strong buys		Strong Buy		14%	good
Average of 10 buys		Buy		14%	good
Average for all 13 buys and strong buys				14%
Average of 20 weak buys		Weak Buy		-9%	bad
Average of 2 weak sells		Weak Sell		-19%	good
Average for all 22 Neutral ratings (weak buy or weak sell)				-10%
Average of 2 sells		Sell		-64%	very good
Average of 0 strong sells		Strong Sell		n.a.	n.a.
Average for all 3 sells and strong sells				-64%

Rated As – Strong Buy Approx January 1, 2001
Name	Starting late 2000 Date and Price	Starting Rating	Ending 2001 Date and Price	Price Increase	Our Performance

TD Bank (TD, Toronto)	Sept 22 at 43.20	Strong Buy	October 2 at 39.25	-9%	bad
Power Financial Corporation (PWF, Toronto)	Sept 8 at 29.40	Strong Buy	Nov 28 at 36.20	23%	very good
Sino-Forest (TRE.a, Toronto)	Nov 20 at 1.18	strong buy	Nov 20 at 1.13	-4%	bad
UNITED INC (UI, Toronto)	Dec 31 at 1.02	Strong buy	Bought out at $1.50	47%	very good

Average Strong buy		Strong buy		14%	good
4
Rated As – Buy
Name	Starting late 2000 Date and Price	Rating to start 2001	Ending 2001 Date and Price	Price Increase	Our Performance

CANADIAN PACIFIC LTD (CP, Toronto)	Nov 3 at 43.90	Buy	Split up at $50.37	15%	good
Cognos (CSN, Toronto)	Dec 22 at 29.25	Buy	Dec 21 at 36.91	23%	very good
Enbridge inc. (ENB, TO)	Sept 11 at 33.55	Buy	Nov 9 at 44.40	32%	very good
Stantec Inc. (STN, Toronto)	Mar 2 at 15.35	Buy	nov 16 at 24.90	62%	very good
Viceroy (VHL.a, Toronto)	Dec 8 at 3.70	Buy	Sept 7 at 4.50	22%	very good
Nortel Networks (NT, Toronto)	Dec 31 @ 48.25	Speculative Buy	October 19 at $9.04	-81%	very poor
Canadian National Railway Company (CNR, Toronto)	Oct 23 at 41.25	Buy	October 23 at $61.92	50%	very good
Canadian Utilities Limited (CU, TO)	November 10 at 43.90	Buy	nov 2 at 51.75	18%	good
TD Waterhouse	April ’01 at $16.86	Buy	Bought Out at $15	-11%	good
CIBC (CM, TO)	sept 19 at 49.55	Buy	Sept 7 at 55.50	12%	good

Average Buy		Buy		14%	good
10
Rated As Weak Buy
Name	Starting late 2000 Date and Price	Rating to start 2001	Ending 2001 Date and Price	Price Increase	Our Performance

TransAlta Corporation (Ta, Toronto)	Nov 3 at 20.10	Weak Buy / hold	Oct 19 at 22.15	10%	good
Canadian Western Bank (CWB, Toronto)	Sept 13 at 22.50	Weak Buy / hold	June 18 at 28.75	28%	very good
Maple Leaf Foods Inc. (MFI, Toronto)	October 31 at 8.60	Weak Buy / hold	Oct 26 at 11.75	37%	very good
Bombardier (BBD.A, Toronto)	Dec 1 at $23.10	Weak Buy / hold	Dec 1 at 13.95	-40%	very poor
CLEMEX (CXG.a, Canadian)	Dec 5 at 0.52	Weak Speculative Buy/hold	Dec1 at .32	-38%	very poor
Power Corporation of Canada (POW, Toronto)	Sept 8 at 32.75	Weak Buy / hold	Dec 31 at $38.96	19%	good
QUEBECOR INC CL-A MV (QBR.A, Toronto)	Nov 10 at 31.75	Weak Buy/hold	Oct 31 at 14.59	-54%	very poor
TRANSCANADA PIPELINES (TRP, Toronto)	Dec 22 at 16.60	Weak Buy	Nov 2 at 20.73	25%	very good
Boardwalk Equities (BEI, Toronto)	Oct 27 at 11.50	WEAK BUY / hold	Nov 15 at 11.75	2%	good
NOVA CHEMICALS CORP (NCX, Toronto)	Dec 15 at 28.40	Weak Buy/hold	May 11 at 35.10	8%	good
Buhler Industries Inc. (BUI, Toronto)	Dec 15 at 3.38	Weak Buy / hold	Dec 21 at 3.75	11%	good
TLC The Laser Center (TLC, Toronto)	Oct 12 at $5.50	Speculative Weak Buy / hold	Dec 31 at 3.66	-33%	very poor
Canadian Tire (CTR.a, TO)	Dec 1 at $17.40	Weak Buy / Hold	Nov 2 at 22.50	29%	very good
Westcoast Energy Inc. (W, TO)	Dec 31 at 36.20	Weak Buy / hold	Dec 31 at 42.20	17%	good
COGNICASE Inc. (COG, Toronto)	Oct 17 @ 14.75	Weak Speculative Buy	Dec 31 at 10.20	-31%	very poor
Hudson’s Bay Company (HBC, Toronto)	Sept 22 at 15.55	Weak Buy /hold	Dec 31 at 14.50	-7%	bad
Precision Drilling (PD, Toronto)	Dec 19 at 55.00	Weak Buy/hold	Nov 2 at 38.70	-30%	very poor
INTL PROPERTIES GROUP (IPX, Toronto)	Sept 29 at 0.80	Weak Buy / hold	Effectively bought out at 0.80	0%	good
VISIONWALL INC CL-A- (VI.a, Canadian)	Oct 5 at 9 cents	Weak Speculative Buy	December 31 at 0.06	-33%	very poor
Wi-LAN Inc. (WIN, Toronto)	Nov 24 at 17.35	Weak Speculative Buy	Oct 5 at $1.20	-93%	very poor
Average Weak Buy		Weak Buy		-9%	bad
20
Rated As – Weak Sell
Name	Starting late 2000 Date and Price	Rating to start 2001	Ending 2001 Date and Price	Price Increase	Our Performance


Telus (T, Toronto)	November 3 at 39.5	Weak Sell	Oct 25 at 23.56	-40%	very good
Loblaw Companies Limited (L, Toronto)	jan 3 ’01 atb50.50	Weak Sell /Hold	Nov 23 at 51.40	2%	bad

Average Weak Sell		Weak Sell		-19%	good
2
Rated As – Sell
Name	Starting late 2000 Date and Price	Rating to start 2001	Ending 2001 Date and Price	Price Increase	Our Performance

Research in Motion (RIM, Toronto)	Dec 20 at $114.50	Sell	Dec 31 at 37.79	-67%	very good
AIR CANADA CORP (AC, Toronto)	December 22 at 12.70	Sell	Dec 31 at $5.02	-60%	very good

Average Sell		Sell		-64%	very good
2
Rated As – Strong Sell
Name		Rating to start 2001		Price Increase	Our Performance
Average Strong Sell		Strong Sell		#REF!	#REF!
0


DISCLAIMER: The information presented is not a recommendation to buy or sell any security. The author is not a registered investment advisor and the information presented is not to be considered investment advice. The reader should consult a registered investment advisor or registered dealer prior to making any investment decision. The author may at times have a security position in the companies presented. Use the information posted at this site at your own risk. Your use of any information provided here does not constitute any type of contractual relationship between yourself and the provider(s) of this information. We cannot guarantee the accuracy of this information. The information here is not necessarily up to date or all inclusive. Our opinions and analysis may not always be valid. Our judgment is subject to change without notice. We hereby deny all responsibility and liability for all use of any information or “rating” provided here.
© Copyright: investment-picks.com 1999 – 2002 All rights to format and content are reserved.

INVESTORSFRIEND STOCK PERFORMANCE 2000

This analysis is for all those stocks that had an active rating at or just prior to the beginning of year 2000. Performance is tracked to last update in 2000 (where year 2001 performance kicks in) or to Dec 31 for discontinued coverage stocks. The period covers varies for each stock but on average is from about Nov 15, 1999 to November 15, 2001. Performance of the analysis is outstanding as illustrated by the graph below. The Strong Buys were up an average 29%. The buys/strong buys together were up an average 18%, the neutral group was up 18%, The Sell/Strong Sells were down by an average of 5%. The Graph below shows the consistency of the picks, most Buys were up and most sells were down.
Group		Rating about Dec 31, 1999		Price Increase	Our Performance
Average of 6 strong buys		Strong Buy		29%	very good
Average of 14 buys		Buy		14%	good
Average for all 20 buys and strong buys				18%
Average of 6 weak buys		Weak Buy		34%	very good
Average of 4 weak sells		Weak Sell		-7%	good
Average for all 10 Neutral ratings (weak buy or weak sell)				18%
Average of 9 sells		Sell		-13%	good
Average of 2 strong sells		Strong Sell		29%	n.a.
Average for all 11 sells and strong sells				-5%

Rated As – Strong Buy
Name	Start 2000 Price	Start Rating	End 2000 Date and Price	Price Increase	Our Performance


TRANSCANADA PIPELINES	$12.10	Strong Buy	Dec 22 at 16.60	37%	very good
Canadian Western Bank	$17.10	strong buy	Sept 13 at 22.50	32%	very good
Sino-Forest	$1.55	strong buy	Nov 20 at 1.18	-24%	very poor
Stantec Inc.	$10.00	Strong Buy	Mar 2 at 15.35	54%	very good
UNITED INC	$0.85	Strong buy	Dec 31 at 1.02	20%	very good
Westcoast Energy Inc. (W, TO)	$23.15	Strong buy	Dec 31 at 36.20	56%	very good

Average Strong buy		Strong buy	varies	29%	very good
6
Rated As – Buy
Name		Rating about Dec 31, 1999	End 2000 Date and Price	Price Increase	Our Performance

Canadian Utilities Limited (CU, TO)	$39.00	Buy	November 10 at 43.90	13%	good
QUEBECOR INC CL-A MV	$38.25	BUY	Nov 10 at 31.75	-17%	bad
CANADIAN PACIFIC LTD	$32.65	BUY	Nov 3 at 43.90	34%	very good
Drug Royalty Corporation	$1.45	Speculative Buy	Dec 31 at 1.90	31%	very good
TransAlta Corporation	$13.50	Buy	Nov 3 at 20.10	49%	very good
AIR CANADA CORP (AC, Toronto)	$11.30	Buy	December 22 at 12.70	12%	good
Power Corporation of Canada	$24.10	Buy	Sept 8 at 32.75	36%	very good
Power Financial Corporation	$23.45	Buy	Sept 8 at 29.40	25%	very good
CLEMEX	$0.38	BUY	Dec 5 at 0.52	37%	very good
INTL PROPERTIES GROUP	$1.54	Buy	Sept 29 at 0.80	-48%	very poor
Canadian National Railway Company	$38.05	Buy	Oct 23 at 41.25	8%	good
Bombardier	$14.75	Buy	Dec 1 at $23.10	57%	very good
Cognos	$30.05	Buy	Dec 22 at 29.25	0%	bad
Maple Leaf Foods Inc.	$15.10	Buy	October 31 at 8.60	-43%	very poor

Average Buy		Buy	varies	14%	good
14
Rated As Weak Buy
Name		Rating about Dec 31, 1999	End 2000 Date and Price	Price Increase	Our Performance

Viceroy	$3.00	Weak buy	Dec 8 at 3.70	23%	very good
PRUDENTIAL STEEL LTD	$12.10	Weak buy / hold	Bought Out at 21.10	74%	very good
Boardwalk Equities	$10.55	WEAK BUY	Oct 27 at 11.50	9%	good
Buhler Industries Inc.	$2.92	Weak Buy	Dec 15 at 3.38	16%	good
Telus	$37.00	Weak buy	November 3 at 39.5	7%	good
Westaim (WED, TO)	$7.15	Weak Buy	Dec 31 at 12.60	76%	very good
Average Weak Buy		Weak Buy	varies	34%	very good
6
Rated As – Weak Sell
Name		Rating about Dec 31, 1999	End 2000 Date and Price	Price Increase	Our Performance

TLC The Laser Center	$20.60	Weak sell	Oct 12 at $5.50	-73%	very good
NOVA CHEMICALS CORP (NCX, Toronto)	$28.25	Weak sell	Dec 15 at 28.40	1%	bad
Precision Drilling	$37.00	Weak Sell	Dec 19 at 55.00	49%	very bad
Bell Canada Enterprises Inc.	$124.10	Weak sell	Dec 31 at 118.57	-4%	good


Average Weak Sell		Weak Sell	varies	-7%	good
4
Rated As – Sell
Name		Rating about Dec 31, 1999	End 2000 Date and Price	Price Increase	Our Performance

ALGOMA STEEL INC	$1.80	Sell	Dec 31 at 0.53	-71%	very good
BEMA GOLD CORP	$1.04	Sell	Dec 31 at 0.40	-62%	very good
VISIONWALL INC CL-A-	$0.11	Sell	Oct 5 at 9 cents	-18%	good
GULF CDA RES LTD ORD	$5.25	Sell	Dec 31 2000 at 7.65	46%	very bad
Nortel Networks	$137.35	Sell	Dec 31 @ 48.25	-65%	very good
INCO LIMITED	$34.50	Sell	Feb 10 25.90	-27%	very good
SYNSORB Biotech Inc.	$2.75	Sell	Dec 31 at 1.80	-35%	very good
Allied Oil and Gas	$0.45	Sell	Dec 31 at 0.95	111%	very bad
Questor	$0.14	SELL	Dec 31 at 0.15	7%	bad

Average Sell		Sell	varies	-13%	good
9
Rated As – Strong Sell
Name		Rating about Dec 31, 1999	End 2000 Date and Price	Price Increase	Our Performance
MC2 Learning Systems Inc.	$7.95	Strong Sell	Dec 31 at 16.50	108%	very bad
Stone Point	$0.40	Strong SELL	Dec 31 at 0.20	-50%	very good
Average Strong Sell		Strong Sell	varies	29%	very bad
2


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