Comments on: Shoeless http://www.greaterfool.ca/2009/08/19/shoeless/ Book and Weblog - Authored by Garth Turner Wed, 08 Feb 2012 17:27:12 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: robert http://www.greaterfool.ca/2009/08/19/shoeless/comment-page-3/#comment-39560 robert Thu, 20 Aug 2009 16:15:34 +0000 http://www.greaterfool.ca/?p=3218#comment-39560 #138 Azza Agree with much of what you say however how are those folks who invested with "smart guy" Bernard Madoff doing? Was anyone in that cozy little club not rich? Listen, I'm not rich by any stretch but I do like to read - a lot. Not just current events but history and plenty of it. The rich do not have a special immunity to economic hardship. What happened to the rich in France after 1720? in Russia after 1917? in Europe after 1933? What happened to the rich in America in the 1870s and 1930s? Granted there will always be exceptions like Joseph Kennedy who was indeed a smart interpreter of the zeitgeist. The story of many other prominently rich of that recent era of excess and depression is considerably less inspiring. Also their tax burden grew rather alarmingly did it not? Anyway, sorry to hear about your RSP but good move on the bonds (corporate I presume) and current "port in the storm" GIC positioning. I do not discuss positions or strategy (mine is so unique as to be considered borderline crazy) but it has served me very well. And yes I do all my own research and have not used a broker for seventeen years. Cheers! #138 Azza
Agree with much of what you say however how are those folks who invested with “smart guy” Bernard Madoff doing? Was anyone in that cozy little club not rich? Listen, I’m not rich by any stretch but I do like to read – a lot. Not just current events but history and plenty of it. The rich do not have a special immunity to economic hardship. What happened to the rich in France after 1720? in Russia after 1917? in Europe after 1933? What happened to the rich in America in the 1870s and 1930s? Granted there will always be exceptions like Joseph Kennedy who was indeed a smart interpreter of the zeitgeist. The story of many other prominently rich of that recent era of excess and depression is considerably less inspiring. Also their tax burden grew rather alarmingly did it not?
Anyway, sorry to hear about your RSP but good move on the bonds (corporate I presume) and current “port in the storm” GIC positioning. I do not discuss positions or strategy (mine is so unique as to be considered borderline crazy) but it has served me very well. And yes I do all my own research and have not used a broker for seventeen years. Cheers!

]]> By: Mike (Authentic) http://www.greaterfool.ca/2009/08/19/shoeless/comment-page-3/#comment-39510 Mike (Authentic) Thu, 20 Aug 2009 08:11:04 +0000 http://www.greaterfool.ca/?p=3218#comment-39510 #118 andrew black "short term gov of Canada T Bills are currently paying a “healthy” 0.14% interest. " T-Bills up 7% in one day! It's a rally, buy now! (Now .14% yielding .15%) .15%, who would buy them and lock your money up for that? 1 year Gov't GIC's are paying .28% (down from 2.13% 08/10/2008) Insanely low rates. You can do better at HSBC for 1% savings account. But it's way better to be a saver than a spender. Mike #118 andrew black “short term gov of Canada T Bills are currently paying a “healthy” 0.14% interest. ”

T-Bills up 7% in one day! It’s a rally, buy now!
(Now .14% yielding .15%)

.15%, who would buy them and lock your money up for that? 1 year Gov’t GIC’s are paying .28% (down from 2.13% 08/10/2008)

Insanely low rates. You can do better at HSBC for 1% savings account. But it’s way better to be a saver than a spender.

Mike

]]> By: Shawn Allen http://www.greaterfool.ca/2009/08/19/shoeless/comment-page-3/#comment-39490 Shawn Allen Thu, 20 Aug 2009 04:05:38 +0000 http://www.greaterfool.ca/?p=3218#comment-39490 Okay then Wealth is the freedom to consume what you need and a fair anmout of what you want as well. Agreed all wealth is certainly not financial, ultimately I guess wealth is the ability and freedom to have a certain quality of life that appeals to you. Okay then Wealth is the freedom to consume what you need and a fair anmout of what you want as well.

Agreed all wealth is certainly not financial, ultimately I guess wealth is the ability and freedom to have a certain quality of life that appeals to you.

]]> By: Azza http://www.greaterfool.ca/2009/08/19/shoeless/comment-page-3/#comment-39489 Azza Thu, 20 Aug 2009 04:02:04 +0000 http://www.greaterfool.ca/?p=3218#comment-39489 #116 robert No, Robert. I think your perspective is wrong. I’m not Donald either, but there are definitely ways for rich to avoid high taxes. GT shared here some of the tricks and good accountant will do the same. Rich don’t need to be smart. They can pay smart guys to manage their assets and they will be out of troubles way before the time that bad news hit the market. Rich do not have any of mortgage garbage in portfolios. I think they stock up on cheap blue chips companies during last downturn and by the time next downturn starts they will be all in cash waiting for new bargains. That is always middle class guy who will hold the bag – taxes, rates or market loses. That is the way it is and that will not change. Add to that that people are lazy. I lost good portion of my RRSP last year, then switched it to Bond Index Fund and get all loses back by June, now I’m going to transfer all of that into 1 year GIC. There is only 1 person at my workplace who do check performance of his investments. Other does not invest (or invest in RRSP) or don’t actively manage it. Rich hired people to manage their assets day and night. They will lose minimum if at all, and they get all of it back and then some. You are asking how you are going to pay higher taxes. And the answer is: with blood through the nose. I'm truly believe in this. #116 robert

No, Robert. I think your perspective is wrong. I’m not Donald either, but there are definitely ways for rich to avoid high taxes. GT shared here some of the tricks and good accountant will do the same. Rich don’t need to be smart. They can pay smart guys to manage their assets and they will be out of troubles way before the time that bad news hit the market.
Rich do not have any of mortgage garbage in portfolios. I think they stock up on cheap blue chips companies during last downturn and by the time next downturn starts they will be all in cash waiting for new bargains.
That is always middle class guy who will hold the bag – taxes, rates or market loses. That is the way it is and that will not change.
Add to that that people are lazy. I lost good portion of my RRSP last year, then switched it to Bond Index Fund and get all loses back by June, now I’m going to transfer all of that into 1 year GIC. There is only 1 person at my workplace who do check performance of his investments. Other does not invest (or invest in RRSP) or don’t actively manage it. Rich hired people to manage their assets day and night. They will lose minimum if at all, and they get all of it back and then some.
You are asking how you are going to pay higher taxes. And the answer is: with blood through the nose. I’m truly believe in this.

]]>