This chart shows some of the criteria that Warren Buffett uses in selecting investments. SG&A stands for Selling, General, and Administrative expenses. It is a major line item on a company's income statement that covers all the day-to-day, indirect overhead costs required to run a business, excluding direct production costs like the Cost of Goods Sold (COGS).
Investment manager for Nine Point Partners, Eric Nuttall has in-depth knowledge of the oil and gas business particularly in North America.
On his September 8, 2026 appearance on BNN Bloomberg, he provided his views on many of the top oil and gas companies. He sees that anticipated demand for natural gas (for data centers, etc.) has spurred increased production without an increase demand which has depressed prices. He doesn't see a natural gas price appreciation until late 2027 or 2028.
He favours Canadian oil companies as the best in the world to hold. Our companies still roughly trdae at par with U.S. counterparts whereas we should trade at a premium.
▲ Freehold Royalties (FRU; $17.53) – Dividend is safe down to the mid $50 oil price. Has good holdings. But Eric prefers Cardinal Energy as a good high yield stock that also has growth potential.
▼ Tamarack Valley (TVE; $13.73) – A well run company that they have made a lot of money on, but is fully valued. He would add to his position on a meaningful pull-back from this price.
▲ Athabasca Oil (ATH; $10.95) – A slow and steady grower worth holding, and still undervalued at $70 oil. They are looking at at 50% upside.
▲ Cardinal Energy (CJ; $11.94) – They hold in their income fund and he owns personally. High yield and good exposure to oil, a and higher oil would substantially increase stock price: $80 oil would make it a $17 stock!
▼ Baytex (BTE; $6.80) – Good company that they hold own, but it is almost fairly valued. Eric's fund holds a small position in the company. He is waiting to add if new CEO proves himself.
▲ Topaz (TPZ; $31.58) – A slow and steady grower worth holding, but fully valued at current price. Still a good buy for the dividend.
▲ Whitecap (WCP; $18.16) – A pass pick that he would still add to his top picks if it was allowed. Has a 25% upside. Insiders are buying stock. One of the best oil stock to own.
▼ Greenfire Resources (GFR; $6.20) –Too small and not a good quality purchase.
▼ Birchcliff Energy (BIR; $6.52) –Canadian natural gas and not a market to be in. Would not buy!
▲ Ovintiv (OVV; $87.89) – Excellent CEO and concentrated on lean production. Still trades at a discount. Would be a decent buy here. At $80 oil they see a $91 stock price.
▼ Kelt Exploration (KEL; $10.36) – A very small company but a possible takeover target. A speculative buy that he avoids and is fairly valued now.
▲ Enbridge (ENB; $69.20) – A good buy at this price (they just bought some more at $70 for their income fund).
▲ Tenaz Energy Corp (TNZ; $65.51) – A very good company but they cannot buy because of small available float. A pretty good value at current price and good potential on European gas demand.
His Top Picks:
Cenovus (CVE; $45.56) – Very excited about this company. Increasing share buy-backs. 46-50% upside from here.
Strathcona Resources Ltd. (SCR; $44.50) – One of Eric's larger holdings. 50 years of stay flat inventory. Estimating 8% yield when special dividends are included. Anticipating large special dividends in the near future. 61% upside at $80 oil.
Suncor (SU; $93.00) – Best integrated oil company in Canada, especially diesel price. Decades of inventory. 30-50% upside on $80 oil.
See data from Eric's past appearances on BNN here.
Most dividends received from companies located outside of Canada are not paid in full to stockholders. Most countries have a withholding tax on dividends though in some cases the tax can be partially reimbursed if there is a tax treaty between Canada and that country. But there are a few countries that do not have a withholding tax. This list includes prominent companies in each country.
Minimizing taxes is important, but it is essential to use all the legitimate methods to avoid underpaying or being guilty of evasion.
Methods to reduce taxes:
I've used StudioTax, a paid software, in the past and found it very good; the amount of tax that I had to pay was exactly as the software had calculated. Wealthsimple provides a free tax filing service.
The website TaxTips.ca has a page showing the tax rates in Ontario for various types of income. Note that the percentages below do not include the addition of the Ontario Health Premium which can increase the tax rates by up to 25%!
Resource stocks can be an important part of an investment portfolio. These are basically companies extracting and processing oil and gas and various minerals. Major minerals are copper, iron, aluminum, nickel, zinc, lead and uranium, plus the precious metals: gold, silver, platinum and palladium.
Oil & Gas (integrated): Chevron (CVX), Exxon Mobile (XOM), Imperial Oil (IMO), Suncor (SU)
Oil & Gas (extraction): Athabasca (ATH), Strathcona (SCR), Ovintiv (OVV), Arc Resources (ARX), Tamarack Valley (TVE), Baytex (BTE), Cenovus Energy Inc. (CVE)
Natural Gas: Tourmaline (TOU), Expand Energy (EXE), Antero Resources (AR)
Oil & Gas (royalty): Topaz (TPZ), Freehold Royalties (FRU)
Gold & Silver: Newmont (NEM), Barrick (ABX), Agnico-Eagle (AEM)
Silver: Pan American Silver (PAAS)
Minerals (various): Anglo American (AAL), BHP Group (BHP), Glencore (GLEN.L), Teck Resources (TECK.B), Rio Tinto (RIO)
Oil & Gas Services: PHX Energy Services (PHX)
Minerals Specialized
Coal: Alliance Resource Partners (ARLP), Stanmore Resources (SMR.AX), Yancoal (YAL.AX)
Copper: Freeport McMoRan (FCX)
Uranium: Cameco (CCO), Mega Uranium Ltd. (MGA)
Resource ETFs
Silver: Sprott Physical Silver Trust (U.UN, GlobalX Silver Miners (SIL), iShares Silver Trust (SLV)
Uranium: Sprott Physical Uranium Trust (U.UN), Sprott Uranium Miners (URNM)
A long time advocate of alternative investing and international diversification, Doug Casey is a valuable resource for those seeking a safe haven in these perilous times.
His website, International Man, has many articles and resources to aid in designing a strategy of wealth diversification. He also has a free newsletter available at Crisis Investing.
Similar to Andrew Henderson's Nomad Capitalist, Doug advocates "going where you are treated best"®, which means typically moving to a non-Western country that does not over-tax and over-regulate your economic life. He also is a critic of fiat currencies and advocates protecting your wealth with some exposure to precious metals and other hard resources. For political freedom he recommends having multiple passports.
The non-fiat currency of the 21st century, yet to be full implemented as a viable alternative to fiat currencies or gold.
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How to create a paper wallet.
The Consumer Price Index (CPI) in Canada is the index used to show the general inflation rate. This is occasionally publicized to show how t...
