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Discussion Starter #1
Hello Everyone,

I would love to hear some comments in here about Canadian casino & gaming listed companies. The reason for this is because this sector as a whole on the TSX/Venture/CSE is absolutely tiny compared to all other sectors and it's a major revenue generator which seems like a paradox. But perhaps many owners like to stay private as the industry is very lucrative and does not usually require capital from investment markets.

So as of right now there are only 10 companies out of the 1500 or so Canadian based equities that are available in this sector. However, half of the companies are profitable and half aren't(see list below). I am more interested in trying to find value in this sector and already own a bit of GC.T and GH.T. Now after seeing IGG.T get taken over, I'm looking at the only other profitable small cap which is TNA.V(Evergreen Gaming Corporation) as they own four casinos in Seattle and are currently selling an additional building for $2 million USD. I have also posted a quick summary based on their last financial results and MD&A below.

If someone wouldn't mind taking a look and letting me know what they think about TNA.V, that would be most appreciated. They've made around $8 million USD in net profit since the company started trading again in 2014. Also their last quarter was the best thus far, so I would like to take advantage of a good deal before the stock actually does make a move. But this is why I would like a second opinion. Thanks for reading!

Symbol – Common Shares – Last Price – Last Quarter Profit/(Loss) – EPS(last Quarter)

GC.T – 60.8M - $34.09 - $26.7 Mil CAD Profit - $0.43c
GH.T – 27.7M - $9.94 - $4.2 Mil CAD Profit - $0.16c
ITX.T – 19.5M - $11.73 – ($210 Mil CAD Loss) – No Earnings
NYX.V – 108M - $1.13 – ($21 Mil CAD Loss) – No Earnings
IGG.T – 20M - $2.49 - $266K USD Profit – Takeover At $2.50 Currently
LOTO.C – 63.5M - $0.375 – ($6.9 Mil CAD Loss) – No Earnings
JP.V – 337M - $0.05 – ($804K CAD Loss) – No Earnings
TNA.V – 124.7M - $0.13 - $1.05 Mil USD Profit – $0.01c eps when converted to CAD
PYD.V – 35M – $0.30 - ($1.38 Mil USD Loss) – No Earnings
CNS.V – 81.9M – $0.02 - ($187K CAD Loss) – No Earnings

- Numbers Are Based On Most Recent Quarters Announced
- Financial Numbers Taken From Sedar

Evergreen Gaming Corporation Q2 Results(Ending June 30th 2017)
All Information Can Be Found On SEDAR

Price: $0.13
Common Shares: 124,716,865
Insider/Institutional Holdings: 95,967,855 or 77.51%
Retail Shares Available: 28,749,010 or 22.49%

Financials + MD&A – All in US Dollars

Financials

ASSETS - USD
Cash: $4,499,410
Restricted Cash: $2,283,216
Other Assets: $176,317
Accounts Receivable: $116,259
Inventory: $176,643
Deposits: $10,551
Game License: $63,267
Trademarks: $1,185,000
Goodwill: $6,435,481
Property & Equipment: $10,549,240
TOTAL ASSETS: $25,495,384

LIABILITIES – USD
Notes Payable(Mortgages): $6,673,081
Trade Payables: $4,616,249
Notes Payable: $389,357
Deferred Tax: $348,000
TOTAL LIABILITIES: $12,026,687

Asset/Debt Ratio: 2.12:1

Quarterly Sales Results

Year - Sales - Net Income – EPS (Earnings Per Share)
2014 - $30,555,757 - $2,720,669 - $0.02c EPS - Not converted into CAD yet
2015 - $33,338,543 - $3,933,883 - $0.03c EPS - Not converted into CAD yet
2016 - $33,326,624 - $1,909,408 - $0.015c EPS - Not converted into CAD yet
2017(Q1) - $8,229,974 - $337,347 - $0.003c EPS – Not converted into CAD yet
2017(Q2) - $8,513,288 - $1,047,878 - $0.008c EPS – Not converted into CAD yet

MD&A Highlights

Evergreen is in the business of overseeing the gaming operations of its principal U.S. subsidiary, Washington Gaming, Inc. (“WGI”).
Net revenue for the quarter ended June 30, 2017 was $9,411,453, an increase of $1,025,705 compared to the same period in the prior year. Gaming dollars dropped were 5% higher than the prior year quarter and the hold percentage increased .7%. The income from operations was $1,654,640 compared to $1,134,414 in the prior year quarter. This increase was due to the increase in net revenues offset by an increase in operating expenses of $505,479. The labor and benefit expenses increased due to an increase in the minimum wage and marketing expenses increased to generate more revenue.

Net income before taxes was $1,564,515 compared to $1,003,841 in the same quarter of 2016, a $560,674 increase. The increase was due to the higher income from operations and lower finance costs due to paying off outstanding indebtedness.

Working capital at June 30, 2017 was $2,246,239 compared to working capital of $1,744,546 at December 31, 2016. With sustained healthy revenues and ongoing game protection and expense controls, management expects continued profitable operations sufficient to exceed the cash demands necessary for the company to meet its future obligations.

The Company’s assets at June 30, 2017 totaled $25,495,384 compared to total liabilities of $12,026,687. At December 31, 2016, total assets were $23,922,129 compared to total liabilities of $11,838,378.

The Company’s cash at June 30, 2017 was $6,782,626, compared to $4,563,587 at December 31, 2016. These amounts include “Restricted Cash” balances of $2,283,216 and $914,071 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos. Cash provided by operating activities for the quarter ended June 30, 2017 was $2,212,808 compared to $892,469 for the quarter ended June 30, 2016.

The operating results for the quarter ending June 30, 2017 showed a substantial improvement from the quarter ending March 31, 2017. Net revenues increased to $9,411,453 compared to $8,229,974 in the prior quarter. This increase was attributable to an 11% increase in gaming dollars dropped and a .6% increase in the hold percentage. Income from operations increased to $1,654,640 in the second quarter compared to $609,385 in the prior quarter. This was due to the increase in net revenues offset by a $136,224 increase in operating expenses. This was primarily due to an increase in gaming taxes as a result of additional gaming revenue.

Historically, the Company’s sources of funding have been debt and equity financing and cash flow from operations. As of June 30, 2017, the Company had arm’s length debt of $7,062,438, all related to mortgages, including the acquisition of the Lakewood property. Related party debt totalling $832,553 which was owed to Michels Development for the note from Goldies in Shoreline was paid in full in the second quarter.

At June 30, 2017, the Company had cash of $6,782,626 and net working capital of $2,246,239. Total debt payments of $926,451 were made during the second quarter. The monthly debt service cash requirement is just under $58,000.
 

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I thought all casinos in Ontario are owned by OLG or the Natives. Isn't Vancouver casinos run by their provincial lottery office? I would imagine stock in casinos would be a good bet since the house has to win. The way they're raking in the dough over at the casinos at Niagara is stunning. Now you're telling me that I can have a piece of the action.
 

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Discussion Starter #3
I thought all casinos in Ontario are owned by OLG or the Natives. Isn't Vancouver casinos run by their provincial lottery office? I would imagine stock in casinos would be a good bet since the house has to win. The way they're raking in the dough over at the casinos at Niagara is stunning. Now you're telling me that I can have a piece of the action.
That's what I figured as well. Makes sense to why there are so few casino & gambling listed companies. Most of the ones I screened for like PYD, CNS, JP, those companies just make games and machines, they don't physically own casinos and commercial real estate.

I think TNA is an exception just because the casinos are located in Seattle rather than in Canada.
 

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Discussion Starter #5
Forget TNA-CVE unless you need a capital loss.

Go with GC or GH-TSE if gaming stocks turn your crank.
I already own a bit of those companies and I will likely add more to my position during tax loss season. But what I would like to know is why a company like IGG would get taken out when their profits are a fraction of what TNA earns, and then TNA doesn't trade at a higher price given it's earnings over the last few years?

How can TNA create a capital loss if it's making money, assets are increasing and the stock price isn't even at a 52 week high? Sorry I'm not trying to go against your comment, I'm just perplexed by the price given the assets. The other CVE/CSE plays on that list I totally understand as they are as risky as you can get.

The large cap stocks are great for safety, but lets be honest here. TNA isn't your typical micro cap with those numbers.

Back in 2014 I was told to by CTZ at 2.5 cents a share as my friend did research on them and said this will go to $1 in a few years. I got in, chickened out and sold at 5 cents for a nice quick profit. But now it's actually close to $1 a share. He just said to me if a company makes money and the assets keep growing and bills keep getting paid, it's hard to lose no matter what the market cap is. I don't know whether to believe that just yet.

So there has to be a line somewhere when small caps can be de-risked to a certain level and the risk/reward becomes much higher than your typical penny exploration play. Does TNA have the ability, that's what I want to know. Casinos and commercial property are pretty vanilla, so it makes sense. If someone is good at analyzing balance sheets on here, that's what I would like to hear, do they see this going anywhere if TNA can add $3-4 million US dollars every year in net income.
 

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Discussion Starter #6
Re: Casino Stocks

Forget TNA-CVE unless you need a capital loss.

Go with GC or GH-TSE if gaming stocks turn your crank.
I already own a bit of those companies and I will likely add more to my position during tax loss season. But what I would like to know is why a company like IGG would get taken out when their profits are a fraction of what TNA earns, and then TNA doesn't trade at a higher price given it's earnings over the last few years?

How can TNA create a capital loss if it's making money, assets are increasing and the stock price isn't even at a 52 week high? Sorry I'm not trying to go against your comment, I'm just perplexed by the price given the assets. The other CVE/CSE plays on that list I totally understand as they are as risky as you can get.

The large cap stocks are great for safety, but lets be honest here. TNA isn't your typical micro cap with those numbers.

Back in 2014 I was told to by CTZ at 2.5 cents a share as my friend did research on them and said this will go to $1 in a few years. I got in, chickened out and sold at 5 cents for a nice quick profit. But now it's actually close to $1 a share. He just said to me if a company makes money and the assets keep growing and bills keep getting paid, it's hard to lose no matter what the market cap is. I don't know whether to believe that just yet.

So there has to be a line somewhere when small caps can be de-risked to a certain level and the risk/reward becomes much higher than your typical penny exploration play. Does TNA have the ability, that's what I want to know. Casinos and commercial property are pretty vanilla, so it makes sense. If someone is good at analyzing balance sheets on here, that's what I would like to hear, do they see this going anywhere if TNA can add $3-4 million US dollars every year in net income.
 

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Discussion Starter #7 (Edited)
TNA Financial Chart Comparison 2012 to 2017

6 Years of financials from TNA.V. It's not posting right below so here's the summary:

From 2012-2017 Sales went from $26 million to $33.3 million. This year after 6 months, TNA is almost $1 million in sales higher over last year.

Assets have gone from just under $16 million to $25.5 million with liabilities dropping from $13.5 million to $12 million. TNA also has a pending sale of a casino in Washington for $2 million with a $1 million mortgage that will help clean up the debt. It's been closed since Feb 2017 and did not affect sales which is encouraging.

Overall for a company that most consider just some whatever small cap, it's actually an established and very profitable company. Company made over $11 million USD since it resumed trading in 2012 and the stock price went from $0.01 to now $0.13, still very undervalued.


Year Revenue($USD) Profit/Loss $USD) Assets ($USD) Liabilities ($USD) Asset/Debt Ratio
2012 $25,958,829 -$445,775 $15,736,142 $13,561,034 1.16
2013 $28,341,631 $1,344,683 $15,870,890 $12,351,098 1.28
2014 $30,555,757 $2,720,669 $18,143,126 $11,902,666 1.52
2015 $33,338,543 $3,933,883 $19,613,905 $9,439,562 2.08
2016 $33,326,624 $1,909,408 $23,922,129 $11,838,378 2.02
2017 (Q1/Q2) $17,641,426 $1,384,946 $25,495,384 $12,026,687 2.12


Notes:
1) 2017 Revenue Higher Than 2016 Revenue Over 6 Months
2) 124,716,865 Common Shares With 77.51% Insider Held
 

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Discussion Starter #8
Forgot to add that in June one of the insiders took $1.44 million US worth of debt in shares at a major premium to the price. Even though TNA had more than enough cash to pay this debt off, why did he take shares at a premium? Most likely because he will get more value from it on a later date. These guys aren't stupid, they turned a company from dire straits in 2008 into a cash flow machine and the only way they can get their money out is selling this company off. Based on the last 5 years of earnings, it looks like they want to clean up the balance sheet, pay everything off and then sell it all.
 

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Have you been following the latest Casino scandal in Vancouver? It will probably morph into a full scale disaster.
 

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Discussion Starter #10
Have you been following the latest Casino scandal in Vancouver? It will probably morph into a full scale disaster.
Is that the one with the laundered money? Yeah it's pretty bad. I can't remember if those are owned by GC.T or GH.T, but whoever it is, man that's a headache.
 

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Discussion Starter #11
Nice article from Simply Wallstreet. Looking forward to seeing TNA's Q3 results end of November and by then their $2 million Tukwila property sale (currently pending) should be completed. I am estimating that the company will earn at least $500,000 US profit. Their Q3 is always a bit slower and I am being very conservative on the earnings, especially after making over $1 million USD last quarter. Their Q1 profit $377,000 net income but that was also hurt by Tukwila still in operation at the time.

I would post the link, but I know we aren't allowed to do that, so below is a copy/paste of the content. It's very brief but at least it gives a general idea about the company indicators.

Evergreen Gaming Corporation (TSXV:TNA)

Evergreen Gaming Corporation engages in the gaming operations in the United States. Evergreen Gaming is run by CEO Dawn Mangano. With the company’s market capitalisation at CAD CA$17.95M, we can put it in the small-cap group

TNA’s shares are currently trading at -22% beneath its true level of $0.17, at a price tag of $0.14, based on my discounted cash flow model. This mismatch signals an opportunity to buy TNA shares at a discount. In addition to this, TNA’s PE ratio stands at 7.2x compared to its hotels, restaurants and leisure peer level of 19.4x, indicating that relative to its comparable company group, we can invest in TNA at a lower price. TNA is also in good financial health, with short-term assets covering liabilities in the near future as well as in the long run. It’s debt-to-equity ratio of 52% has been diminishing for the past few years demonstrating TNA’s ability to pay down its debt.
 

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Discussion Starter #12
TNA.V released their earnings a couple weeks early. $630,000 US profit and just over $2 million US profit over 9 months. For a small cap it sure has some great numbers. Balance sheet is good with asset/debt ratio better than 2:1 now and insiders still own 78% of the stock, total of 124 million shares. Trading at a major discount compared to it's peers.
 

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Discussion Starter #13
Forgot to post this, but TNA.V did sell their Tukwila casino. Cost was $1.45M(book cost) and it hasn't contributed to revenue all year. So this will help make their balance sheet stronger.


Evergreen sells Tukwila property for $1.95M (U.S.)

2017-12-13 15:48 MT - News Release

An anonymous director reports

SALE OF TUKWILA REAL ESTATE

Evergreen Gaming Corp. has sold real estate located at 14027 Interurban Ave. South, Tukwila, Wash., 98168. This was the location of the casino that ceased operations in February of 2017. No revenue-generating use was found for the property after the closure, so it was listed for sale. The sale of real estate closed on Nov. 30, 2017, for $1.95-million (U.S.). The mortgage and a note attached to the property were paid off from the proceeds of the sale.

© 2018 Canjex Publishing Ltd. All rights reserved.

I went through the liberty of adjust their Q3 results with the Tukwila sale.



Numbers adjusted for completed Tukwila Sale:
- Evergreen Gaming Paid $1,434,184 USD for Tukwila in 2014
- Selling Price: $1,950,000 USD
- Remaining Mortgage (Page 21 of Q3 Financials): $1,054,956 USD
- Estimated Realtor Expense: $30,000 USD
- Estimated Return After Mortgage Paid Off: $865,044 USD

What has changed in their financials:
- Property, Plant, Equipment has been reduced by $1,434,184 (cost not selling price)
- Notes Payable has been reduced by $1,054,956
- Cash has increased by $865,044

The $856,044 would be added to assets while liabilities will be reduced by $1,054,956

Financial Results (All Numbers In USD)

ASSETS
Property, Plant & Equipment: $9,096,827
Goodwill: $6,435,481
Trademarks: $1,185,000
Game Licenses: $60,667
Deposits: $27,110
Inventories: $168,011
Accounts Receivable: $37,196
Other Assets: $224,477
Cash, restricted: $2,758,138
Cash: $6,309,554
Total Assets: $26,302,461

LIABILITIES
Deferred Tax Liabilities: $348,000
Notes Payable: $5,518,629
Other Payables: $5,460,159
Notes Payable: $393,858
Total Liabilities: $11,720,646

3 Month Results USD
Revenue: $8,554,697
Net Income: $627,304

9 Month Results USD
Revenue: $26,196,124
Net Income: $2,012,248

9 Month Revenue convert into CAD and Earnings Per Share
USD-CAD-1.27 as of November 16th 2017
$2,012,248 X 1.27 = $2,555,554.90 CAD
$2,555,554.90 / 124,716,865(common shares) = $0.0205 over 9 months

14. SUBSEQUENT EVENTS
The company has entered into an agreement to sell the real property where Palace Tukwila was located for $1,950,000. The buyer has made a $50,000 earnest money deposit and the sale is supposed to close on or before November 30, 2017. The company has mortgages on the property with balances of $1,054,956 as of September 30, 2017 which would be paid in full if the sale is completed. The book value of the property being sold is $1,434,184 as of September 30, 2017.

**NOTE** - Tukwila was closed February 4th and has not generated any revenue since then.

Evergreen Gaming Corporation Q3 Results (Ending September 30th 2017)
All Information Can Be Found On SEDAR – www.sedar.com
Previous Closing Price: $0.16
Common Shares: 124,716,865
Insider/Institutional Holdings: 95,967,855 or 77.51%
Retail Shares Available: 28,749,010 or 22.49%
 

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Discussion Starter #14
TNA is still floating at a multi year high as year end results are only 5 weeks away. Should add at least $800K USD in profit, then another big profit a month later for Q1 2018. Trumps new tax plan will offset the small wage increase expense and this casino group will still keep going up. It's not exciting, but very safe in the realm of small caps. Do your own research, SEDAR will show you exactly what I mean. Keep in mind too that there has been one house buying all the stock over the last four months(Scotia), perhaps they know something we dont? When insiders own 75% of a casino company, odds are they will sell it in due time in order to get out.
 

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Discussion Starter #15
TNA Earns $1.5 Million USD In Q1 2018

TNA.V Q1 2018 Results (Ending March 31st 2018)
All Numbers Are In US Dollars. Information from SEDAR

Price: $0.20
Common Shares: 124,716,865
Insider/Institutional Holdings: 95,967,855 or 77.51%

Financials

ASSETS (USD)
Property & Equipment: $8,916,932
Goodwill: $6,435,481
Trademarks: $1,185,000
Game License: $55,467
Deposits: $36,678
Inventories: $170,905
Receivable: $19,963
Other Assets: $93,404
Restricted Cash: $3,326,656
Cash: $8,431,973
Total Assets: $28,672,459

LIABILITIES (USD)
Deferred Tax: $279,000
Notes Payable: $5,504,185
Trade Payable: $6,013,996
Current Note Payable: $275,647
Total Liabilities: $12,072,828

Q1 2018 Performance
Sales: $10,174,943
Net Income: $1,482,979

Earnings per share in Q1: $1,482,979 * 1.30(CAD) / 124,716,865 = $0.0155c EPS
Prior Quarters - Revenue Breakdown per quarter

Date – Sales – Net Income
2014 - $30,555,757 - $2,720,669 USD
2015 - $33,338,543 - $3,933,883 USD
2016 - $33,187,853 - $1,909,408 USD
2017 - $35,609,459 - $3,032,901 USD
2018 - $10,174,943 - $1,482,979 USD

Management Discussion Highlights

Net revenues for the quarter ended March 31, 2018 were $10,174,943, an increase of $1,944,969 compared to the same period in the prior year. Table games revenue increased by approximately $1,381,000 as a result of gaming dollars dropped being 21.1% higher than the same period last year, and the hold percentage was up slightly by .1%. Poker revenue increased by approximately $456,000 as a result of making the Palace Lakewood all poker tables effective February 1, 2018. Operating expenses were $8,245,859 in the quarter ended March 31, 2018 compared to $7,620,589 in the prior year quarter. Labor and benefits expenses decreased slightly by approximately $11,000. This decrease was primarily due to the closure of the Palace Tukwila that took place on February 4, 2017. The decrease was offset by the increase in the minimum wage that went from $11.00 to $11.50 effective January 1, 2018. Marketing and administrative increased approximately $356,000 which was primarily due to marketing expenses increasing approximately $420,000 offset by a decrease in management fees of $75,000. The increase in marketing expenses consisted of $207,000 at the Palace Lakewood and $213,000 at the other locations. The Palace Lakewood increase was the result of promoting the location as an all poker facility. The management expenses decreased as the result of terminating the management agreement with Michels Management Services effective December 31, 2017. Gaming taxes and license expenses increased approximately $215,000 as a result of the increased gaming revenue.

The Company’s cash at March 31, 2018 was $11,758,629, compared to $10,043,965 at December 31, 2017. These amounts include “Restricted Cash” balances of $3,326,656 and $2,975,946 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos. Cash provided by operating activities for the quarter ended March 31, 2018 was $1,838,039 compared to $1,250,501 for the quarter ended March 31, 2017.

The Company’s assets at March 31, 2018 totaled $28,672,459 compared to total liabilities of $12,072,828. At December 31, 2017, total assets were $27,062,630 compared to total liabilities of $11,945,978.

Net revenue increased to $10,174,943 in the quarter ending March 31, 2017 compared to $9,413,335 in the quarter ending December 31, 2017. Gaming dollars dropped increased 3.4% in the current quarter and the hold percentage increased 0.7% compared to the quarter ending December 31, 2017. Operating expenses in the quarter ending March 31, 2018 were $8,245,859 compared to $8,394,959 in the prior quarter. Labor and benefits expense decreased approximately $112,000 in the quarter ending March 31, 2018 compared to the prior quarter. This decrease was primarily due to labor and benefits expense at Palace Lakewood decreasing approximately $154,000 as a result of converting the location to all poker on February 1, 2018.
 

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Discussion Starter #16
Looks like resistance has hit this stock over the last month despite decent earnings. Starting to unload my position and take the 100%+ gain and purchase AXM.V and CAF.V since they are half the price with more potential than TNA.V. Getting two stocks for the price of one is always a good deal and great diversification strategy. What the market has taught us is despite the venture at a three year low, earnings based companies continue to go up. The losses are coming from Marijuana/Crypto and speculative companies that have no capital to work with. Thus buying small caps that generate free cash flow cannot lose in these turbulent times. But AXM being in gold and CAF in coking coal used for steel, these two metals are highly sought after right now.
 

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Are you paid to promote or write about these stocks? This site does not allow paid promotions or stock pumping.

I realize that you might just be an enthusiastic penny stock investor, but I wanted to check.
 

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Are you paid to promote or write about these stocks? This site does not allow paid promotions or stock pumping.

I realize that you might just be an enthusiastic penny stock investor, but I wanted to check.
As if he would tell you the truth if he were a pumper?
 

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Are you paid to promote or write about these stocks? This site does not allow paid promotions or stock pumping.

I realize that you might just be an enthusiastic penny stock investor, but I wanted to check.


he's a pump. The usual way they're compensated is the company gives them warrants. Then they drive up a promotion, as this one keeps doing here in cmf forum. Except usually a good number of pumpz are given warrants & they infest all the far corners of the internet at the same time.

strictly because of the promotion hype, the share price rises. Then the pumpz exercise their warrants & sell the resulting shares for a gain.

the share price then falls. As price scrapes bottom the pumpz might even repeat the cycle with the same company.


jas4 please don't ban this guy. He's a walking illustration of how a clever criminal pump works. It doesn't hurt to hear about fairy-tale kingdom gold mines in tiny african countries where revolutionary armies have already seized the mines, as long as cmffers understand what's going on & refuse to believe the fiction.

plus this dude is a lot more literate than most pumpz. One could even say that his spelling, punctuation & grammar are superior to the average cmf investor! PS do you think he might secretly be working on his CFA?

:peach:


.
 

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I don't plan to ban him. But wow, these are some really terrible stocks. Some of these venture stocks are so obscure that I can't even pull up tickers for them.

You could pick 10 random stocks out of the TSX Composite list and you'll end up with a better batch of stocks than anything mentioned in this thread. I'll do it right now: SJR.B, ENF, MNW, EXE, WPK, NWC, GTE, GC, RBA, GWO

That's funny, look at this. One of my random picks happens to be a gaming stock (Great Canadian Gaming Company). That really just happened by accident!
 
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