Benj Gallander, president of Contra the Heard Investment Letter 

Focus: Contrarian and value investing
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MARKET OUTLOOK
Markets will likely be far more volatile than they have been over the last number of years. The Donald will be a major factor here, but factors such as Brexit and elections in Europe will also have their hand in the instability. As always, there will be surprises from out of the blue. While many investors detest unpredictable markets, disciplined stock pickers can profit handsomely.

TOP PICKS

WI-LAN (WIN.TO)
Wi-LAN has zero debt, is profitable, pays a dividend and is the sole Canadian public company in its field. The company has a swath of patents and is currently engaged in about 60 lawsuits to defend them. The stock used to trade above $9 and it seems realistic that it can double from the current woebegone level. (Bought at $1.98 in 2016.)

BLACKBERRY (BB.TO)
CEO John Chen has been setting goals and hitting them. Alas, it takes time to turn around a big ship like this, and the process remains far from complete. This outfit is backed by the deep pockets of Fairfax Financial. (Bought at $10.46 in 2013.)

CDI CORPORATION (CDI.N)
Revenues have fallen from $1.1 billion in 2012 to $864 million. The company is losing money. Cash has dwindled from $44 million in 2012 to $3 million today. Hmm … at least there is no debt. And the kicker: the company is exploring strategic alternatives, and there is a reasonable chance that it will be sold at a premium to the current trading price. (Bought at $10.01 in 2011.)
 

PAST PICKS: JANUARY 20, 2016

AEGON (AEG.N)

• Then: $5.46
• Now: $5.04
• Return: -7.69%
• TR: -1.45%

ALACER GOLD (ASR.TO) 

• Then: $2.09
• Now: $2.79
• Return: +32.05%
• TR: +32.05%

GSE SYSTEMS (GVP.US)

• Then: $2.05
• Now: $3.45
• Return: +67.88%
• TR: +67.88%

TOTAL RETURN AVERAGE: +32.82%