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The Canadian insider blog discusses news and insight found among insider and significant shareholder filings in Canada.
 
Ted Dixon is co-founder and CEO of INK Research. He is the creator of the INK Canadian Insider Index, and is the editor of the daily Morning INK and weekly Market INK reports. He is a regular contributor to the Globe and Mail's Globe Investor pages and has also worked as a part-time lecturer in corporate finance at the British Columbia Institute of Technology. Before starting INK, he worked at the Connor, Clark & Lunn Financial Group where his responsibilities included portfolio strategy and product development. He has also been an analyst at the Fraser Institute and a treasury specialist at the TD Bank. He holds an MBA in Financial Management from the University of Chicago, and a Bachelor of Commerce from UBC.

Watching this week if the INK CIN Index can retake 1030

Technical Overview by Nicholas Winton, Hedgehog Trader and @HedgehogTrader on Twitter

Thank you for joining us for our technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Since our last update in which we highlighted several bullish characteristics of its chart, the index bounced from the bottom of its consolidation pattern and rose 2% before pausing on Friday. 

While Yellen remains the same, Trudeau scores on change

We are working on two themes for Monday's Market INK report in wake of the Thursday's double-header for the markets. First up was Janet Yellen and her band of monetary policy makers. After months of preparing investors for a rate hike, she not only delayed, but also backtracked. For months we have been flagging the losing battle that the Fed has waged to get inflation back to their target (not our target I might add). Now, finally they are being up front with investors that they do not see hitting their target until sometime after Obama is long gone from the White House.

Harper economics: running on debt and easy money

One of the most important decisions a government makes is the appointment of the CEO in charge of the cost of living, the governor of the Bank of Canada. The Harper conservatives abandoned the principles of sound monetary policy in the home stretch of the last mandate with the appointment of Stephen Poloz to that role on May 2, 2013. It was a decision that likely helped tip Canada into recession. Worryingly, the Bank of Canada and Harper conservative policy mix has also resulted in shifting the relative debt burden away from the Federal government's official balance sheet and dramatically onto Canadian families and CMHC.

As Fed gives up on inflation, insiders signal US stocks may get cheaper

Markets are in the process of resetting as the US central bank effectively put to rest any notion that it was going to do anything more to help inflation get back to its 2% target. On Saturday, Fed Vice Chairman Stanley Fischer addressed the Kansas City Federal Reserve economic symposium at Jackson Hole, Wyoming where he more or less repeated the same old line that the Fed expects inflation to move back to target. Mr. Fischer's speech was a polite way of saying that the Fed is going to let the inflation chips fall as they may and more tightening is on the way.

Number Cruncher: Insiders see opportunities in these 15 TSX stocks

What are we looking for?

We are halfway to the next semi-annual rebalancing of the INK Canadian Insider Index, which will be implemented on Nov. 20. Today, we look for the stocks that are leading candidates for inclusion in the 50-stock index used by the Horizons Canadian Insider Index ETF (HII). A stock already in the index before rebalancing date stays so long as it is in the top 30 per cent of all stocks ranked on the basis of the INK Edge V.I.P. criteria (valuations, insider commitment, price momentum). We replace index drop-outs with the top ranked V.I.P. stocks which are not already index members. To identify where insiders see the best opportunities right now, we focus on the top 15 INK Edge ranked TSX stocks.

Insiders are buying, but is a Canadian lost decade ahead?

As we suggested in our INK subscriber Monday market comments, we expect market participants to be fixated on what Fed vice-chair Stanley Fischer says about inflation at a key speech to be given at the end of this week in Jackson Hole, Wyoming. For more than a year we have been writing about the Fed's failure to achieve its annual inflation rate objective of 2%. The Fed's chickens are coming home to roost as market participants are calling the institution out on its claim to be working towards that 2% aim. So why are insiders buying?

Canadian real estate: last bubble blowing?

Will Canadian housing suffer the same fate as the oil and gas sector? While in our view the answer is ultimately yes, insiders are signalling if so, not just yet.

CFO buying at Valeant Pharmaceuticals

August 6, 2015 - Today we look in on Valeant Pharmaceuticals (VRX) which we last featured in our morning report on April 1st. On the day, the stock closed at $249.15. Since then, it has advanced 39% to close at $346.32 (and setting a new 52-week high of $347.62) on August 5th.

Valeant Pharmaceuticals has caught our interest again because their new CFO has been spotted buying recently. Mr. Robert Rosiello was appointed as CFO this summer on July 1st. Although the terms of his compensation are not yet disclosed, we suspect that he like other executives at the firm is required to hold shares in the company. Mr. Rosiello does not appear to be wasting any time putting in buy orders. 

As Canada risks stagflation, insiders stick with the basics

August 4, 2015 - On Sunday, Prime Minister Stephen Harper decided to get an early start on his campaign, making an expensive early election call which will cost taxpayers up to an extra half billion dollars according to the Canadian Taxpayers Federation. Although we doubt that the extra costs have been factored into the incumbent government's razor-thin balanced budget projections, it may end up as a rounding error in any event. We say that in light of the fact that crude oil is now trading near US$45 per barrel, well below the current budget survey assumptions of US$54 for 2015 (projections get even more optimistic in subsequent years).

As broker problems brewed last fall, Home Capital Group CEO sold

July 31, 2015 - At the request of the Ontario Securities Commission, late Tuesday Home Capital Group (HCG) reported more details on its July 10th press release when it announced that a "review of its business partners led to the company terminating relationships with certain mortgage brokers." On Thursday, investors learned that these relationships with some 45 brokers in total had been been terminated because "falsification of income information had occurred" on mortgage applications.

According to the company, the mortgage broker terminations took place during the period from September, 2014 to March, 2015. During that period, CEO Gerald Soloway sold $2.6 million worth of shares into the public market. One could argue that the amounts were modest. Indeed, after years of low interest rates by the Bank of Canada and unrestrained assorted foreign inflows into the local property market, $2 million is only enough to snag a modest single family home in Vancouver. 

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