Seeking Alpha
Editor's notes: D.UN.TO has operating leverage, a stable debt load, and a cheap valuation. Value investor Mike Arnold sees 50% upside as the market shakes off its fears about Canadian real estate.

It has been a lousy year for the Canadian stock market. Being levered to commodities and, in particular, metals, has put a drag on the broader Canadian equity market. Due to the languishing prices north of the border, I view Canada as a particularly good place to go bargain hunting these days.

Shares of Dundee REIT [(OTC:DRETF) (D-UN.TO)] ("Dundee" or "the company) are offering investors a compelling asymmetric risk/reward scenario after a steep price correction starting in May 2013. With investors allowing central bank policy to dictate capital allocation decisions rather than underlying fundamentals with respect to income-generating investments, contrarian investors are able to pick up a well-managed firm with attractive real estate assets at a discount....

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