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Philip MacKellar

Analyst, Portfolio Manager, and Investor,

Contra the Heard Investment Newsletter

  • Portfolio Manager at Contra the Heard Investment Newsletter
  • Prior Returns Among Best in North America
  • One of Canada's Top Contrarian Investors

About Philip

Philip MacKellar is an analyst, portfolio manager, and investor at Contra the Heard Investment Newsletter. He has been with the company since 2011 and has been investing since 2004. The newsletter's primary focus is on contrarian and value-oriented investment opportunities traded in the United States and Canada. In addition, Mr. MacKellar sometimes engages in merger arbitrage and other special situations. He also blogs about personal finance topics on his website called and can be followed at Seeking Alpha and on Twitter @Rallekcam.

Philip's Articles

RioCan Real Estate Investmnet Trust (REI.UN) had a difficult 2023 and has yet to recover to its pre-pandemic valuations. But income-seeking investors who are also looking for potential capital appreciation and dividend growth may wish to take a closer look at the REIT, suggests Philip MacKellar, editor of Contra the Heard.
Orange Telecom (ORAN) is up 16% so far this year and recently had a yield around 7.4%. The European communications giant is delivering steady financial results and is on pace to reach its 2023 financial goals, which call for slight EBITDAL growth, lower capex, cash flows over €3.5 billion, net debt to EBITDAL around 2 times, and a €0.72 dividend, notes Philip MacKellar, editor of Contra the Herd.
Diana Shipping (DSX) was down in the low-single-digits at the midway point of 2023. The latest results saw revenue up 10.2%, but net income declined 12.8% on lower daily time charter profits. Still, the outlook seems bullish, writes Philip MacKellar, editor of Contra the Heard.
Valuations are lower than they were a year ago, but are still high historically, which is not exactly a good sign. Yet there is a silver lining to this gloom – and Ceragon Networks (CRNT) is a BUY, says Philip MacKellar, editor of Contra the Heard.

Philip's Videos

Most investors wait until December to do their tax loss selling. Instead of following the crowd, we take losses earlier in the year and use December to buy beaten down securities at even lower prices. Find out more as Philip MacKellar talks about taking a tax loss, buying into December's tax loss selling, and contrarian investing more generally.

Value, deep value, and contrarian investors all face the risk of the big, bad, value trap. Is a stock in a cyclical funk or is it facing a structural headwind? When does a cyclical downturn morph into a systemic issue? And is the business fundamentally flawed or is it underappreciated by the market? Join Philip MacKellar as he discusses Contra the Heard's investment philosophy, how he tries to avoid value traps, and how he navigates these questions as he reviews his watch list and portfolio.

So, you want to be a contrarian investor? Many investors claim to act contrarian and think outside the box, but when it comes down to it, very few are actually contrary. Join Philip MacKellar and learn about his contrarian investment philosophy, how to successfully apply contrarian principles, and Contra the Heard's track record. He will also be discussing the importance of temperament, common psychological pitfalls, and what he anticipates in the year ahead.

Join Philip MacKellar for an introduction to Contra the Heard. He will discuss what he looks for when searching for investments, how they evaluate candidates, and a few comments on portfolio construction. Mr. MacKellar will also assess the environment today and 2020's market swings. Be sure to join this presentation to discover gold companies included in Contra the Heard's portfolios!