Not so bad

This story bears repeating: one day three decades ago the clumsy, clacking Dow Jones machine in my newspaper office went postal. It had a dinger that rang every time something big happened, which that day was about once a minute. Meanwhile reams of newsprint covered with end-of-world headlines spewed out of its inky mouth (no digital display in those days).

By the time I sat down to write my daily column the Dow had collapsed 22.6%. In one day. The worst crash on record. More than 1929. Terrifying. As I wrote I glanced up at a crowd of co-workers standing around that dinging clunker in mute shock. Then I sent my assistant to the newsroom library to dig up pictures of breadlines from Depression-era Toronto, which I irresponsibly published the next morning.

So what happened?

Despite the historic disaster in the autumn, 1987 finished positive for the markets. Over the next two years it advanced 12% and 26%. No 1930s rerun. Everyone who sold on October 20th seriously regretted it. And I regret I lacked the experience and knowledge to do what my public-facing job demanded – provide a balanced and responsible commentary.

By the way, here is what the 1987 crash looks like in the context of the last century.

So where are we now?

The Dow shed 4% on Monday, dropped off its record peak by about 10%, then shot up 567 points Tuesday. This is after gaining 30% last year and over 6% last month. A new record high was set almost every month in 2017, and meanwhile the economy just got stronger. That’s what stock investors fretted about – more inflation, pesky workers wanting raises and relentlessly swelling interest rates competing with equities. It was time for over-valued shares to shed some fat. So here we are. Maybe it’s over already. Big yawn.

What comes next, exactly, is unknown. But it’s not 1930, 1987 or even 2008. Instead of typing another four thousand words, I will share the following with you. Here’s tonight’s version of the conference call I host every week for investors in which portfolio managers (and part-time GF bloggers) Doug and Ryan impart their wisdom.

Stocks are not the only assets wavering. Bitcoin has shed about 60% of its value, bonds prices are under pressure and now the real estate domino is started to fall. No wonder realtors in the nation’s largest market waited until everyone was preoccupied with the Dow Jones to publish January’s fading statistics.

Here are the facts: Despite newbies still piling into condos, sales across the region plopped 22% from the same time last year. Detached houses took it on the chin, falling 26%. The average selling price for all properties is negative 4%. For detached, it is negative 9%, and is once again ensconced below the million mark ($970,823). Once you factor in land transfer tax to buy it and another $50,000 in commission and HST to sell it, the asset has lost double-digits in 12 months. At the same time, listings have jumped 136% from last January’s very low levels, and are expected to swell dramatically in February.

My take: as predicted and expected. There is no way this market could sustain the twin blows of the B20 stress test plus rising mortgage rates. And now, of course, you can stir in general anxiety caused by wonky financial markets. A year ago we were heading into the most ridiculous, over-sexed spring rutting season on record with 2% mortgages and wall-to-wall FOMO. This year sales could tank as it become apparent with real estate, as it did with Bitcoin, that Twitter got it wrong.

In the spirit of balance, here is Old Ron the Realtor’s take:

“January sales of about 4,000 not bad considering the weather and B-20 kicking in. Significantly, January prices were unchanged from December.

“Don’t fixate on the growth in listings January 2017 vs January 2018 . This is the 2nd lowest number of listings in a decade. I do 90 % of my biz in the (416) and I am telling you the listings are scarce. This has signalled a switch to a sellers market in the past. And when sellers sniff that they have a sellers market they do not put their houses on the market because who wants to sell an appreciating asset ?

“If demand is reasonable, and supply is constrained you will get a rise in prices. If you get a report for February sales, showing even a modest price pop, buyers, (specs included) will be revving up their pick-up trucks, and we could have an boom-let. Not a full blown boom like 2017, because rates and rules have taken 20% of the buyers out of the equation, but there are still a lot of folks who want to get into the market.”

Meanwhile mortgage brokers report that the borrower rejection rate at the big banks has soared to 20%, because of the stress test. Tens of thousands of people who want to buy are being pushed into the arms of private lenders, unregulated mortgage insurance corporations, subprimers and credit unions. Some brokers (like the one above) are openly advertising how couples can circumvent the rules, and take on levels of debt which the government deems to be fatal.

Stocks are not what we should be worried about.

178 comments ↓

#1 conan on 02.06.18 at 5:45 pm

Crisis averted in the stock markets. Time to put that on the back burner, and get back to Korea.

China has moved 300 thousand more troops to the border and Russia has also reinforced. A major peace initiative in Geneva, just wound up, and the talks were profoundly negative.

On top of all of this, there is a serious norovirus outbreak among the security people at the Olympic site. South Korea has bought in the army to help out.

Sneak attack time?

https://www.youtube.com/watch?v=HSUbn9qE8iY

#2 Penny Henny on 02.06.18 at 5:46 pm

Stocks are not the only assets wavering. Bitcoin has shed about 60% of its value, bonds prices are under pressure and now the real estate domino is started to fall.-GT

So Bitcoin is an asset too?

It’s an insecure security. Did someone pee in your cereal today? – Garth

#3 Parksville Prankster on 02.06.18 at 5:47 pm

… the Mortgage Broker’s ad indicates a journey with a ‘happy ending’… what’s not to like about that? :)

#4 Penny Henny on 02.06.18 at 5:48 pm

No wonder realtors in the nation’s largest market waited until everyone was preoccupied with the Dow Jones to publish January’s fading statistics.-GT

///////////////

Oh puhlease.
The numbers were due out Tuesday morning crash or no crash.

#5 Zapstrap on 02.06.18 at 5:49 pm

I always thought generation X should have been called Boomlets.

#6 HanMan3000 on 02.06.18 at 5:50 pm

Hey blog dogs: I just updated to include the January data at http://TorontoRealEstateCharts.com

#7 Nick on 02.06.18 at 5:52 pm

Ron is a classic realtor. And I say that in the sense he’s somehow a master of Everything. He can see the future. He is an economist. He is an accountant. He has a PhD in psychology.

I’m perfectly fine with betting against Mr Ron

#8 Huckleberry on 02.06.18 at 5:54 pm

So according to Old Ron, listings are scarce, which indicates a sellers market because people don’t want to sell when they perceive the asset to be going up?

How does it go again – sell high, buy low? This kind of backwards thinking is exactly why speculation (Bitcoin, Real estate, take your pick) is so profitable for anyone with sense.

Yes bitcoin has dropped 60% in a month, but anyone with reasonable buy and sell orders (ie not those who sold off when bitcoin was briefly down to 6-7k yesterday) can and have continued to make a killing off the people who sell when the market is doing poorly.

#9 mitzerboy aka queencitykidd on 02.06.18 at 5:55 pm

little bit of water starting to drip off black truck bumpers
if their out of the wind , the sun is warming us up again …
even if it is -20 in the day out of the wind you feel warm sunshine
nice

#10 I’m stupid on 02.06.18 at 5:56 pm

Hi Garth

As tax season gets near I had a question for you.

Can I deduct management fees on my income taxes while my wife pays taxes on cap gains?

Our accounts are joint she makes less money.

You deduct accounting fees separately. Cap gains are to be shared equally in a joint account. – Garth

#11 Darryl on 02.06.18 at 5:58 pm

#198 Smoking Man on 02.06.18 at 4:32 pm
James
Define huge Smoky, huge like your ego? Like Donald Trumps fat ass?
Check out the national debt you idiot. Nobody and I mean nobody in your short lifetime will ever see this paid off. So it doesn’t matter what the market does its all smoke and mirrors. Loved your call on the 1100 point loss the other day, what? is that crickets I hear?
…….
Yuuge?
I would show you a photo but unlike SCM I have manners and decorum.
———————————————————
And imagination too eh ?

#12 Penny Henny on 02.06.18 at 5:59 pm

#2 Penny Henny on 02.06.18 at 5:46 pm
Stocks are not the only assets wavering. Bitcoin has shed about 60% of its value, bonds prices are under pressure and now the real estate domino is started to fall.-GT

So Bitcoin is an asset too?

It’s an insecure security. Did someone pee in your cereal today? – Garth
///////////////////

I’m doing low carb. No cereal.

That explains it. – Garth

#13 SCM on 02.06.18 at 6:00 pm

Hi Garth, why not build a portfolio of all
Stocks? Just have all the different sectors. Only buy stocks that will outlive my grandkids kids. Walmart and cn rail are not going anywhere, thx you scm

#14 El Gringo Salado en el Rio Frijoles on 02.06.18 at 6:02 pm

An new crypto-currency, the Venezuelan Petro pegged to the price of oil and backed by Venezuelan oil reserves:

http://www.elpetro.gob.ve/index-en.html

http://www.elpetro.gob.ve/Whitepaper_Petro_en.pdf

A bold experiment by a desperate people. I think it’s too good (for Venezuela et al.) to be allowed by the Atlanticist Elite to succeed, but it seems a significant number other desperate (and not so desperate) folk have been thinking of it too, so who knows? It also includes a large element of direct democracy and it seems to me that’ll poison anything.

Get in at the beginning of the pre-sale to get the best discount!

Here’s what a Socialist, polyglot, Iranian Journalist thinks of it:

http://thesaker.is/what-is-venezuelas-petro-its-socialism-to-bitcoins-rescue/

#15 Guy in Calgary on 02.06.18 at 6:09 pm

XIV to be terminated. Those playing the dangerous short vol game got their come uppins.

Some people lost A LOT:

https://imgur.com/a/AkI8K

#16 Jerome, your Custodian on 02.06.18 at 6:10 pm

#184 ANON on 02.06.18 at 2:37 pm
There is no ‘they.’ – Garth

In the top of Garth’s best one liners.
We few, we happy few, know that. :)
*************

How many of you are there?
They should have a look at this:

https://www.investopedia.com/terms/c/circuitbreaker.asp

Are ads OK here?
~~~~~~~~~~~~~~~
Rapier sharpener needed.
Apply within.

#17 X on 02.06.18 at 6:10 pm

US Fed raising rates in March? Canada to follow in April?

#18 Trumpocalypse2018 on 02.06.18 at 6:18 pm

#1 conan said:

China has moved 300 thousand more troops to the border and Russia has also reinforced. A major peace initiative in Geneva, just wound up, and the talks were profoundly negative.

On top of all of this, there is a serious norovirus outbreak among the security people at the Olympic site. South Korea has bought in the army to help out.

Sneak attack time?

—————————————————————–

Exactly my thoughts. Look to the end of the winter games for sure. But things could easily get jumbled up sooner, and the viral outbreak looks highly suspect.

We are heading into global war and chaos in every dimension.

PREPARE.

#19 Fake News Again on 02.06.18 at 6:20 pm

Canada is finished. I give you Prime Minister “Peoplekind”……

http://www.dailymail.co.uk/news/article-5358761/PIERS-MORGAN-dare-kill-mankind-Mr-Trudeau.html

#20 Stan Brooks on 02.06.18 at 6:22 pm

#17 X on 02.06.18 at 6:10 pm

Canada will NOT raise interest rates any more.
They will refer to NAFTA uncertainties and T2 ‘the people-kind’ crusades as an excuse not to.

Then they will cut again to negative NOMINAL rates.

#21 Island Booming on 02.06.18 at 6:24 pm

Thirty days into B20 and the Vancouver Island market is still hot!

There is no deluge of inventory coming on and it’s the lowest supply ever; prices are not sliding despite some houses being on the market for months; prices have risen 10% in the month of January; and more sales this January than last January. So much for that 20% of buyers being wiped out! It looks like the credit unions are certainly filling the void or there are other sources of capital shaping the market…

Victoria Real Estate Board is noting that people still have 120 day approvals from December? What – I thought the regulations were supposed to wipe out that extra four months of waiting and that buyers would need to qualify under the new rules when they get a mortgage from January on! So much for the prudence of the big banks.

https://www.vreb.org/current-statistics

http://www.vireb.com/assets/uploads/01jan_18_vireb_stats_package_64515.pdf

Where is Victoria Real Estate Update? She has been quiet in the face of a strong market. Maybe she realized there was no collapse coming and went and bought. Smart move….

No GTA correction – the West is different!

#22 Now I am really concerned on 02.06.18 at 6:24 pm

“Stocks are not the only assets wavering. Bitcoin has shed about 60% of its value, bonds prices are under pressure and now the real estate domino is started to fall.-GT”

“So Bitcoin is an asset too?”

“It’s an insecure security. Did someone pee in your cereal today? – Garth”

Guys, please do not try to talk authoritatively about subject matter (crypto) about which you are ill-informed. Just because someone digitally a random binary string does not turn that sign string into an asset, much less a financial security. Digital signing, whether using RSA, DSA, EC-DSA or some other crypto algorithm, has been applied since 40 years. Literally trillions of digitally signed messages have been created. Each time you use https, for example, under the hood digital signatures are transmitted and verified. The fact that with Bitcoin and its cousins the digital signing takes place according to a (fake) Byzantine agreement protocol that creates the illusion of distributed signing does not change one damn thing. In the end, these signed strings are worth nothing, since they are not backed by anyone, much less by the full force of the law (regardless of its imperfections). To call Bitcoin and its cousins an asset or security is a huge insult, miskeading, and frankly dangerous in that it induces naive folks to start speculating in it. The price of
Bitcoin and it cousins has for a long time been driven up by fake transactions, the same few individuals pretending to trade at arms-length at fake exchanges, when all they do is move these signed strings across thousands of different “addresses” all owned by the same individuals. The leading exchanges wereall started by the very same individuals to facilitate these fake transactions, which have been successfull in baiting naive outsiders. It is bad enough that the regulators are still asleep at the wheel. If influential bloggers like Garth start to believe in the security status of this scam, it is time to get supremely concerned.

#23 Now I am really concerned on 02.06.18 at 6:26 pm

Any typoos courtesy of shitty iPad keyboard.

#24 MF on 02.06.18 at 6:26 pm

So the correction (what a cute fuzzy word) is over!

Party on!

Stocks can ONLY go up from now on!!

MF

#25 sleepningdragon on 02.06.18 at 6:29 pm

Iron that a electronic trading platform that is supposed to track volatility is the cause of volatility?

A lot has changed since 1929 and 1987 to the current markets of today. Fantastic accounting gymnastics allow governments to model things like “Inflation and GDP” to present a picture that is not entirely accurate.

#26 MF on 02.06.18 at 6:30 pm

#15 Guy in Calgary on 02.06.18 at 6:09 pm

Heard about that and saw the screen shot. Do we believe it? Can they just shut down an entire ETN on a whim like that without a threat of legal action?

I guess that highlights the risk of ETF’s vs ETN’s.

MF

#27 Lost...but not leased on 02.06.18 at 6:32 pm

Re: Today’s Blog photo

What kind of dog is that?
(ie in the tight yellow hipster suit)

#28 Renter's Revenge! on 02.06.18 at 6:34 pm

#158 Innumeracy Chick No More on 02.06.18 at 11:18 am

“We lived frugally bought a house didn’t renovate until we had owned for over 15 yrs. Our friends on the other hand have spent more time and money investing in hardwood floors and fancy toilets. We have mostly original stuff except new kitchen.”

==============

How does that Headstones song go?

All hardwood floors and fancy toilets
Best suited couple I know
They spend everything that they’ve ever harnessed
Now tell me, how is your happy home?

I smile and wave
I smile and wave
I smile and wave, yeah!
I smile and wave

:)

#29 Mattl on 02.06.18 at 6:36 pm

Guess it all depends when you get in and out. As this blog always preaches, things aren’t different this time. Who is to say that we don’t go through a period like the the late 40s to early 70s? If things aren’t different this time I guess at some point we can expect 15-20 years of declining returns and the Dow to hit 8-10k. Or maybe its different this time and equities will continue to run with only slight corrections.

Wondering if the same phenomenon that we see with RE is happening with equities. For RE people believe it will always go up, equities always up over the mid/long term. The great recession enforced the belief that just hang tight and the markets will roar back. That Dow chart seems to contradict that shows long periods of negative/no growth. It also shows a correction / long slow decline being long overdue.

#30 Zen on 02.06.18 at 6:37 pm

You deduct accounting fees separately. Cap gains are to be shared equally in a joint account. – Garth

I understand it depends who contributed the capital to a joint account. If the wife put up 80% of the capital, she’ll have to claim 80% of the income & gain. Am I totally off base?

#31 Danny on 02.06.18 at 6:40 pm

Yes Garth……”Stocks are not what we should be worried about.”

So then is historically high l personal debt and USA government debt and overvalued real estate going to be better analyzed and then going to be the trigger?

Wasn’t mortgage debt the trigger last time?

Many times the problem is right in front of us and we don’t see it.

The main reason people give after there is a vehicle accident is ” I did not see what I just hit ”

Is this not also true for economic conditions?

DEBT…..DEBT…..DEBT….watch out…..STOP.

#32 Lost...but not leased on 02.06.18 at 6:40 pm

Forget North Korea…Middle East…Detroit ..etc. etc.

Terror within Canada !!!
Conscription of unemployed Ontario Realtors !!!!

The (2) adjacent Commie-lite gov’ts of BC and Alberta(aka NDP) are at war:

—-BC NDP have so far blocked the Kinder Morgan pipeline.
—-Alberta NDP have retaliated with boycott of BC wines.

PS I didn’t know anyone in Alberta had taste ???

#33 Ex Pat Canuck on 02.06.18 at 6:43 pm

“It was time for over-valued shares to shed some fat. So here we are. Maybe it’s over already. Big yawn.

What comes next, exactly, is unknown. But it’s not 1930, 1987 or even 2008.”

Yup…but I would correct “was” to “is”, and defining “is” as this thing is not over by a long shot…as I said yesterday markets could drop to their low by the end of this week or it might be the end of this year…but drop they will. Yesterday is not the full extent of the beginning of the correction storm, as we shall see. Perhaps, one day, we will be talking about the markets of 2018 in the same breath as 1929, 1987, and 2008. Time will tell and pretty soon I think. But I definitely would not say Maybe It’s Over Already. Cuz it’s not. Wait and see – as if you have any other choice! Cheers to all :)

#34 PupPatrol on 02.06.18 at 6:46 pm

Thanks for the balanced post. This year could be interesting. Our approach will be to try to keep our pants on this spring, observe, observe, observe, see if the late summer is a good time to buy. I just want to see the data, it’s all so early. Everyone’s guessing.
I am having one of those pathetic bummed out weeks though, annoyed by my friends standing around talking about their equity. It’s not sexy to talk about our portfolio investments, retirement plans, resp’s and how our rented home is better right now than anything we could buy. But it works for us, cool enough.

#35 David on 02.06.18 at 6:50 pm

So how much more does an unethical broker make sending a quality borrower to a MIC rather than ethically convince the borrower to consider a slightly lower priced home

#36 steph on 02.06.18 at 6:53 pm

So what do you guys think what TSLA stock will do with the extra hype added today, tomorrow is earning day… what if the numbers are good?

If I was short, I would be somewhat nervous by now. And this guy is the most shorted stock on NASDAQ.

Anyone can smell short squeeze?

#37 Andrew Woburn on 02.06.18 at 7:05 pm

Reported by Scott Barlow, Globe and Mail

Tweet of the day: “@francesdonald Check this chart from National Bank Econ. If the BoC hikes another time this year (they will) for a total of 100bps since July’17, homeowners in Vancouver and Toronto will need about 9% more income to cover the total payment shock. (Wages are up 2.9% y/y right now, btw).” – Twitter

Maybe not a good time to invest in Canadian consumer dependent businesses.

#38 Peoplekind on 02.06.18 at 7:05 pm

#19

That has to be the peak of insanity in the gender speak nonsense.

Will Trudeu jr. have a new Canadian dictionary named after him? I don’t think so.

This boy is so far out to lunch, he has to be ‘let go’ . Not at the next elections but now. Is there no process in Canada to start a revolt in the Senate or Parliament to get this kid back to the castle and dreamworld he came from?

#39 Reality is stark on 02.06.18 at 7:07 pm

Here come the big losses. January was nothing. Speculators will be unloading in the next 3 months and no one is buying. GTA prices down another 20% by May.
The only reason lifestyles are maintained in Toronto is due to appreciating real estate.
Get yourself a good divorce lawyer boys, if you think she’s sticking it out you live in a fantasy world. You are about to get wiped out and you will not recover.

#40 Suede on 02.06.18 at 7:10 pm

SFH in Vancouver might not see much price change to the downside

Entry level moisters that need big mortgages aren’t buying houses. It’s the boomers and Gen X’ers selling to each other.

The millenials will be screwed by 2019 when they found out their condo’s are underwater and then again in 2021 when mortgage renewals come in earnest.

Ahh well, some capitalists will be there to bail them out if they capitulate.

#41 young & foolish on 02.06.18 at 7:11 pm

Buy low, sell high sounds easy, but most people still can’t do it.

BTW … selling triggers taxes, maybe better to just hold

#42 I’m stupid on 02.06.18 at 7:15 pm

Not accounting fees, fee based adviser fees. Do those need to be divided or can one spouse fully deduct them?

No. For a joint account, split them. – Garth

#43 When the Whip Comes Down on 02.06.18 at 7:21 pm

#21 Island Booming – yes, its a market that is “relatively” still busy. But, hey bud???? can you read???? More sales in Jan 2018 than in Jan 2017? The first sentence in the VREB stats state there were 431 sales in Jan 2018 versus 478 in jan 2017 or 9.8% fewer, not more as you have written. And your 10% prices higher did not happen IN THE MONTH of January. The benchmark price was up just shy of 1% in January 2018 from December 2017. Maybe fact check more and use more precision in your writing, or maybe just start with the reading comprehension. The West is different, a least in your hood. Did pass your High School provincial exams?

#44 Smartalox on 02.06.18 at 7:22 pm

The perfect photo for the last few days:

If you want to ride the bull, you may get pinched in a tender spot, and jostled vigorously.

But nothing vital will be punctured.

And the bull will keep on running.

The secret to staying on top, is to stay balanced, and re-balance accordingly.

#45 Ace Goodheart on 02.06.18 at 7:26 pm

RE: #41 young & foolish on 02.06.18 at 7:11 pm

“Buy low, sell high sounds easy, but most people still can’t do it.”

This stuff is not hard. Right now everything is on sale. We are in “kid in a candy store” time if you are craving sale priced equities.

People need to take a moment or two to figure out how to evaluate a company. It is not hard to do. There is stuff on sale right now that is going for less than book. There is stuff being sold for price to earnings multiples that make no sense. There are growth industries with proven upwards patterns and economies of scale, being sold for less than the reasonable appreciation of their sales curves.

Tis’ the season to be jolly folks. This is the best and brightest time of the year. The most wonderful time ever.

Do you know how hard it is to find under priced equities in a bull market? I mean I was still doing it, but all of a sudden it is like i was looking for water in the desert and I was finding a puddle or two but it took soooooooo much work and now there is suddenly this freaking rain storm.

These are good times.

I saw it coming last week when I found that I could buy shares of BCE for less than they are worth. That was the start (for some reason telecom stocks were the first to be oversold). Then it was like this total deluge. It has been a good week so far and it’s only Tuesday.

Buy, buy, buy!

#46 For those about to flop... on 02.06.18 at 7:30 pm

#40 Suede on 02.06.18 at 7:10 pm
SFH in Vancouver might not see much price change to the downside.

///////////////////

Ah crap,I thought I had the night off…

M43BC

976 Leovista Ave North Vancouver

Paid 2.6 March 2016

Sold 2.3 January 2018

After expenses probably 500k mistake

$$$$$$$$$$$$$$$$$$$$$$

6020 Malvern Ave, Burnaby

Paid 2.01 May 2016

Sold 1.77 December 2017

After expenses probably a 400k mistake.

$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Feel free to make a donation.

Flop For Fox Fund…

http://www.terryfox.org/get-involved/ways-to-give/

#47 Bob Dog on 02.06.18 at 7:44 pm

Looks like some people are still delusional when it comes to kleptocurrency. Even as the banks have halted credit card transactions for kleptocurrency exchanges.

Oh well your not losing real money if you cant actually hold it in your hands and watch it being passed into someone else hands. Its just digits in your banks computers. The losses don’t even appear on your statement anymore since the banksters stopped sending them.

Oh well. Here is a nice video stream of a car in space to brighten you day.

https://www.youtube.com/watch?v=aBr2kKAHN6M&feature=youtu.be

#48 Smoking Man on 02.06.18 at 7:45 pm

Has T2s Mankind fiasco hit MSM in Canada?

Man it’s all over the news down here in SoCal. He’s getting picked on by even lefty stations.

Ha. He’s so done.

#49 Linda on 02.06.18 at 7:47 pm

Regarding the unregulated loan market – with all the regulation our government can spew, why have they not regulated against this? I see these folks as the mortgage equivalent of payday loan companies. While there are many who decry ‘the nanny state’, the problem is that the poor financial decisions that people are making will blow back on the rest of us to our mutual detriment.

#50 SoggyShorts on 02.06.18 at 7:49 pm

#13 SCM on 02.06.18 at 6:00 pm
Hi Garth, why not build a portfolio of all
Stocks? Just have all the different sectors. Only buy stocks that will outlive my grandkids kids. Walmart and cn rail are not going anywhere, thx you scm

Firstly, you can’t get enough diversity buying stocks unless you have at least a 7 figure portfolio.
Also, Garth has said a few times that one of the main reasons is to reduce volatility. People are weak, and will freak out and sell when there’s a very temporary dip like brexit, but if they have a balanced portfolio they are less likely to do so.
GT said that his kind of portfolio was up 11% last year, which isn’t nearly as good as the S&P did, but against that, when we had that 4% drop just now, his lost only 0.8% I think.

From all the posts and charts I’ve read here over the years, a balanced portfolio doesn’t do as well when everyone is winning, but does much much better when everyone is losing. Since you are likely to encounter both bull and bear markets in your investment time-line, investing Garth’s way you’ll have fewer grey hairs when you do retire.

#51 Loser.267 on 02.06.18 at 7:50 pm

Portfolio down 0.18% on Monday – yikes!

Hey, what happened to TCContrarian’s posts? I liked his/her unconventional outlooks.

Loser

#52 crowdedelevatorfartz on 02.06.18 at 7:53 pm

Pffffft
Markets Schmarkets

Lets check out the Tesla convertible in orbit…..

https://www.google.ca/url?url=https://www.nytimes.com/2018/02/06/science/falcon-heavy-spacex-launch.html&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwiqob-FypLZAhUG9GMKHSAWBqEQqQIIGzAC&usg=AOvVaw3Ygg6nP8AIE2kHVnR3NY3H

#53 For those about to flop... on 02.06.18 at 7:54 pm

This is another recent post.

I reached out to the realtors on here to see what happened to the people selling on the edge.

I did not know what was going to come back, and I am unsure if Broadway had run the numbers to see if the results were this bad.

All these guys had the chance to make money if the market was strong enough.

10 Pink Snow

One Pink Draw

Sales in December 2017

Broadway.

https://www.zolo.ca/delta-real-estate/1772-55-street
Sold 1.07 Paid 1.14 Loss ,Pink Snow

https://www.zolo.ca/vancouver-real-estate/6626-inverness-street
Sold 1.555 Paid 1.67 Loss ,Pink Snow

https://www.zolo.ca/delta-real-estate/11231-64a-avenue
Sold 1.17 Paid 1.24 Loss ,Pink Snow

https://www.zolo.ca/burnaby-real-estate/3041-noel-drive
Sold 1.215 Paid 1.18 Loss after expenses.Pink Snow

https://www.zolo.ca/richmond-real-estate/9551-kirkmond-crescent
Sold 2.050 Paid 2.01 Loss after expenses.Pink Snow

https://www.zolo.ca/vancouver-real-estate/2316-w-21st-avenue
Sold 3.76 Paid 3.53 Pink Draw

https://www.zolo.ca/north-vancouver-real-estate/2355-panorama-drive
Sold 1.995 Paid 1.97 Loss after expenses,Pink Snow

https://www.zolo.ca/burnaby-real-estate/6020-malvern-avenue
Sold 1.775 Paid 2.01 Loss, Pink Snow.

https://www.zolo.ca/vancouver-real-estate/2306-w-12th-avenue
Sold 2.885 Paid 2.93 Loss, Pink Snow

https://www.zolo.ca/port-coquitlam-real-estate/3550-pearkes-place
Sold 0.715 Paid 830 Loss ,Pink Snow.

https://www.zolo.ca/vancouver-real-estate/5540-windsor-street
Sold 1.587 Paid 1.51 Loss after expenses.This one had two renovations. Loss Pink Snow

Thanks for doing this Broadway.

And so I think I can see the pattern,can’t you?

Even the cheapo at Pearkes Pl took a decent loss.

Anyone who is grateful for this information please make a donation at the Terry Fox Foundation.

Flop For Fox Fund…

M43BC

http://www.terryfox.org/get-involved/ways-to-give/

#54 I’m stupid on 02.06.18 at 8:00 pm

Thank you Garth, I appreciate it.

#55 Paul on 02.06.18 at 8:00 pm

https://sputniknews.com/business/201802041061351652-harley-plant-to-shut-down/

#56 Warren- the lagging indicator on 02.06.18 at 8:01 pm

Who was the moron around this time last year that posted this:
“In case anyone is wondering what the hell a dumb smelly guy like me thinks. I feel that the chase for yield in this market environment has caused many strange imbalances in the system. One being the relatively low reading and somewhat counterintuitive reading of the VIX (Volatility) indicator especially in these “Trumpian times”, to steal a phrase. The inverse volatility has massively been bid up via XIV for example, effectively shorting the premium on “crash insurance” in the markets. Any sudden injection of fear into this market and a termination event will be triggered on this shorting derivative thereby exacerbating the move in the VIX. It reminds me of a carry trade and we all know how those unwind. Now if someone could find facts to support what I am saying I would not look like such a fool.”

#57 Tony on 02.06.18 at 8:14 pm

Re: #17 X on 02.06.18 at 6:10 pm

April what year? After the jobs report this Friday no one alive will be discussing a rate increase in Canada.

#58 Teens steal entire house on 02.06.18 at 8:19 pm

Teens steal entire house. Couple wants it back

http://abc13.com/i-need-to-report-a-stolen-house-couple-wants-their-home-back/3034896/

#59 Teens steal entire house on 02.06.18 at 8:20 pm

BC bans trucks from Alberta from accessing the Province and it’s ports…..BREAKING NEWS

#60 Tsx and Canada are garbage on 02.06.18 at 8:21 pm

What a joke of an index, the returns over 5 years are pitiful …

Dow is up a ton and this trash is still lagging for years…

Probably because of “peoplekind” Trudeau lol…

#61 dr. talc on 02.06.18 at 8:26 pm

Agents are salespeople, full stop. If y’all want to see image, illusion, hype and ‘sales bullshit’ taken to a very high level, look no further than Jimmy Buffett:

https://www.latitudemargaritaville.com/

#62 Asterix1 on 02.06.18 at 8:29 pm

What a massacre in Marham!

Single detached down 277,000$ in 1 month! I can just imagine the face of a “Lets beat B20 December buyer” in the area. Yep, your property lost 18.5% in a month! Unbelievable….

Can’t believe people are still buying condos at these prices in Toronto. It’s pretty evident they are going to head south soon.

#63 n1tro on 02.06.18 at 8:31 pm

#22 Now I am really concerned on 02.06.18 at 6:24 pm
—————+
Bitcoin not an asset? Apparently not, it is actually money according to this judge in the US.

https://www.google.ca/amp/mobile.reuters.com/article/amp/idUSKCN11P2DE

Remember that common law ruled cases sets precedences which future cases will be decided unless the US Supreme Court says otherwise.

#64 J. Canuck on 02.06.18 at 8:49 pm

Agents are salespeople, full stop. If y’all want to see image, illusion, hype and ‘sales bullshit’ taken to a very high level, look no further than Jimmy Buffett:
++++++++++++++++++++++++++++++
Ya think after all these years of flogging the margarita thing, he’d have enough money to kick back and enjoy the fantasy world he’s created. But noooooo, gotta squeeze the last frackin’ penny out of the hype machine. Sad!

#65 Gotta Get Out of Calgary on 02.06.18 at 8:49 pm

Lost…but not leased on 02.06.18 at 6:32 pm

What kind of dog is that?
(ie in the tight yellow hipster suit)

—————————————————

Obviously, a “bulldog”.

#66 Smoking Man on 02.06.18 at 8:50 pm

T2 stunt, the classic troll to get the woman vote. Trying to trigger male outrage that plays into his globalist agenda. He knows no real man unless that man identifies with as woman will ever vote for him.

Huge miss-calculation. Haha.

He’s done. Gerald Butts could have got the backers to give me a billion dollars to help them sell the agenda. She everyone has a price. Nope.

Footnote. All my kids and there fellow milenial boy friends and girl friends are liking Doug Ford’s Facebook. Shocking actully.

My Call

The man hatting bubble just popped thanks to peoplekind.. It’s a bear market now.

Get out the way.

Dr Smoking Man
PhD Herdonomics

#67 Maxwell C. on 02.06.18 at 8:55 pm

But what about Vancouver?

#68 Stunning non resident stats released on 02.06.18 at 9:07 pm

10% non resident mortgages under 25 years old! Sorry Garth but the foreign buyer stats are way off….

https://www.bnn.ca/canadian-mortgages-held-by-foreigners-on-the-rise-cmhc-1.989961#_gus&_gucid=&_gup=twitter&_gsc=KR6LYwV

#69 Slowly Boiling Frogs on 02.06.18 at 9:09 pm

Peoplekind. Really?

All because the little prince wants English to be gender neutral.

What about French? Most of the language is gender specific. Le versus La.

Hey Justin, why do you pronounce that you are planning to outlaw the French language due to its gender specificity and see how many votes you get in Quebec next time round.

#70 Bytor the Snow Dog on 02.06.18 at 9:15 pm

@18 Trumpocalypse-

WOLF! WOLF! WOLF!

#71 Willy H on 02.06.18 at 9:27 pm

Peoplekind on 02.06.18 at 7:05 pm
#19

That has to be the peak of insanity in the gender speak nonsense.

___ ___ ___

Agreed.

He certainly didn’t have to make up such a folksy gender-neutral term to replace mankind on the fly!

We already had a perfectly acceptable replacement for mankind:

humankind – human beings considered collectively (used as a neutral alternative to “mankind”).
“the origin of humankind”

In humans (and people) intelligence and vocabulary are very much correlated.

;)

#72 The real Kip on 02.06.18 at 9:51 pm

Wow, what a relief. I thought they were going to repossess my Lambo!

Don’t worry…be happy!

#73 Trumpocalypse2018 on 02.06.18 at 10:14 pm

Holy Cow!!!

Breaking News!

https://www.cnn.com/2018/02/06/politics/military-parade-trump/index.html

Hello, Hitler! :(

If it looks like a crazed despot, and quacks like one……

Folks, the future could hardly be clearer.

PREPARE.

#74 fishman on 02.06.18 at 10:16 pm

Can we agree that “lil potato” jumped the shark today?
I can totally imagine him next doubling down by jumping up & down on Oprah’s couch with his shirt off. While her fans scream their delight in some pre-pubescent fantasy.

#75 DON on 02.06.18 at 10:28 pm

One could say old Ron is a savvy salesmen offering the absolute happy path. But momentum is downward and the variables at the breaking point and sentiment changes – reverts to the mean. Things are out of reach for most people and the debt stress is showing.

On a positive note: a younger couple I know got out from under the debt and sold for asking. They took the advice and banked some cash and will buy in later when it makes sense.

#76 Sue me on 02.06.18 at 10:28 pm

Depends on your teleconf provider you can turn off the prompts when people join or drop your call. I had to do that when i had audiences of 60-100. J.

#77 Paul on 02.06.18 at 10:33 pm

#68 Stunning non resident stats released on 02.06.18 at 9:07 pm
10% non resident mortgages under 25 years old! Sorry Garth but the foreign buyer stats are way off….
=====================================
There is no doubt about it. It’s just hard to track and politically incorrect to discuss it. I have sold million dollar homes to single 20 year olds and the paper work done by DocuSign, email or fax. Just an observation.

#78 akashic record on 02.06.18 at 10:40 pm

Great arguments, as usual from Peter Thiel at a public debate with LinkedIn founder Reid Hoffman at Stanford University’s Hoover Institute.

https://www.youtube.com/watch?time_continue=5020&v=a9Ts4_65hKk

From yesterday:

You probably did not know what an inverse vol ETF was until tonight, right? – Garth

This is elegantly answered today by Ichan:

The market has become a much more dangerous place [due to index funds and ETFs]… it’s like 2008 where everyone was buying mortgages and CDS.”

CDs were, of course as wildly known before 2008 as inverse vol ETF a couple of days ago, but that didn’t prevent to nearly melt down the financial system.

Ichan, who is the type of investor, who is not fully in/vested in index investment, arguably has more distance and different perspective.

“Passive investing is the bubble right now.”
“There is a huge bubble of passive money flowing in… a sort of euphoria and a lot of people are going to pay the price just like in 1929.”
“I do think the market will bounce back but these are the rumblings before the earthquake.”
“The market is telling you something… it’s telling you it’s very dangerous…it’s way over-leveraged.”

https://www.zerohedge.com/news/2018-02-06/market-earthquake-coming-icahn-warns-lot-people-will-pay-price-1929

This is the last thing, of course, what people invested mostly in indexes want to hear, but it is certainly worthwhile to listen to outsiders.

As Thiel points out in the discussion, it is a common, fundamental problem today that the experts of various specialties are always over-optimistic. Cancer researchers tell us that we are just at the breakthrough – in the past 50 years.

#79 Long-Time Lurker on 02.06.18 at 10:43 pm

Bitcoinnaire got one thing right. That was a black swan event. Hardly anyone saw that drop coming. Even those who did like Ray Dalio only called it a week earlier and he thought it would happen months later.

#80 Ron is funny on 02.06.18 at 10:45 pm

Does Old Ron have a night job as a stand up comedian? He’s a pretty funny guy…

#81 akashic record on 02.06.18 at 11:16 pm

Trudeau comes out genderless. Not that it wasn’t obvious before.

Collection of great reactions.

https://www.zerohedge.com/news/2018-02-06/we-say-peoplekind-trudeau-mansplains-woman-mankind-not-appropriate-term

#82 Mark on 02.06.18 at 11:34 pm

“What a joke of an index, the returns over 5 years are pitiful …”

A lengthy consolidation period indeed, with the index basically at levels similar to those of a decade ago. Not even adjusted for the retention of earnings, a decade worth of inflation, or the relatively clean balance sheets that Canadian firms have compared to 2008.

Speculation in Canada is clearly vested with the housing, not the stock market.

Fortunately, there is ample evidence in support of the fact that as the housing market falls in Canada, the (TSX) stock market historically performs much better.

In the 1990s, a 25% downpayment (minimum required to avoid CMHC subprime back then, a program largely only used by the low income welfare crowd!) invested at the peak of the late 1980s bubble grew, with dividend re-investment and house price declines, sufficiently to buy the intended house entirely with cash within the decade.

And the math this time around is even more extreme as housing valuations are at even greater extremes relative to the stock market (unlike the past decade, for example, the TSE did experience reasonable gains in the 1980s!). As little as 1/6th to 1/8th of the price of a property of interest today, invested in a TSX index fund, with dividend re-investment, within the next decade could be enough to buy the property of interest outright with the cash proceeds of the sale of the index funds.

#83 Jorge on 02.06.18 at 11:37 pm

Meanwhile in Montreal listings are down and sales are up: https://www.newswire.ca/news-releases/centris-residential-sales-statistics—january-2018—montreals-residential-real-estate-market-off-to-a-flying-start-in-january-672907333.html

What’s going on?

#84 AGuyInVancouver on 02.07.18 at 12:00 am

The “housing market” in Toronto and Vancouver isn’t going down anytime soon – the housing market is the condo market. A single family home is to a condo as a Bentley Bentayga is to a Honda CRV, a luxury good for the global elite versus something affordable for the masses. Condos are where it’s at, there’s a shortage of supply and booming economies in our three largest cities. Prices aren’t going down.

#85 bubu on 02.07.18 at 12:23 am

Why banks lend money to foreign students? If they want to buy they should pay cash….

https://www.bnn.ca/canadian-mortgages-held-by-foreigners-on-the-rise-cmhc-1.989961.

#86 Entrepreneur on 02.07.18 at 12:32 am

Get that sinking feeling, not nice to do to working people, the taxpayers.

Wonder how many people will keep on singing “our sons” and I will still use mankind, part of history. The T’s like to change things and talk about it but not enough talk about the TPP.

The people of Canada should have a referendum on issues that changes their lifestyle like the metric system, etc. T2 used the internet to say “no” to the electoral reform (a broken election promise so he could win) so let the people have a voice. Income tax is done on the net so time to let go of the control and allow the people to have a say. Time to change the system.

#87 Tony on 02.07.18 at 1:32 am

The Money GPS finally acknowledges its own video that I posted the link to on Saturday February the 3rd about the Bank of America predicting the top of the DOW and subsequent crash to the exact day January 26th.

https://www.youtube.com/watch?v=GPCMR63QIUw

#88 Bad Cowboy on 02.07.18 at 2:19 am

I’m all a hoooo haaaa with prices coming down a tad….that’s mighty good for me as I am a net buyer, for the dividends, never a seller or day trader. I mentioned a new quiver of five stocks that I wanted to buy and hallelujah they went on sale by around 4%……for one day and recovered the next. With the 5% divvies in USD rising against the Trudeau Peso I’m up a tittle over 10% on the day…..thank you.

TSX will continue to underperform as long as we have a fairy princess “peoplekinder” at the helm and more foreigner investors avoid Canada like the plague….

#89 Widening Gyre on 02.07.18 at 2:30 am

#39 Reality is stark on 02.06.18 at 7:07 pm

You seem to have an extremely poor view of women. You must have been married to a right B***h – I suspect this reflects as poorly on you as it does on her.

F46BC

#90 Dolce Vita on 02.07.18 at 3:25 am

#69 Slowly Boiling Frogs

Good one.

Some people like T2 should not be heard. Just an arrogant pretty boi that capitalized on his father’s fame (and fortune) and surrounded himself with people smarter than he.

Dumb enough to believe that left on his own he would sound clever…hubrous and arrogance…NEVER lead to any good.

#91 SimplyPut7 on 02.07.18 at 3:59 am

“Don’t fixate on the growth in listings January 2017 vs January 2018. This is the 2nd lowest number of listings in a decade. I do 90 % of my biz in the (416) and I am telling you the listings are scarce.”

———————

Primary homeowners/Speculators/Flippers that are not in a hurry to sell (and can move extra mortgage payments and housing costs to the HELOC) are waiting until March and April to try to unload their properties. They think it will be like March 2017 and are waiting for the people who paid 100k+ over the asking price for shacks half the size of their homes to come back to the market.

As for the mortgage brokers, they probably won’t be able to find lenders with the appetite for that much risk for much longer.

What’s going to happen to the shadow banking world when all of the private lenders realize most of the principal they gave to questionable borrowers and real estate developers will never be repaid?

http://www.macleans.ca/economy/business/ontarios-crackdown-on-syndicated-mortgages-comes-far-too-late/

https://www.theglobeandmail.com/report-on-business/ontario-regulator-revokes-broker-licenses-in-syndicated-mortgage-case/article37802438/

If novice investors get spooked by small percentage decreases in the stock market, what are they going to do when they hear family and friends lose their entire life savings in a speculative real estate project that sold at a loss or an investment in syndicated mortgages that resulted in none of the principal being returned?

https://www.fsco.gov.on.ca/en/mortgage/Pages/smi.aspx

#92 Howard on 02.07.18 at 4:11 am

DELETED

#93 Howard on 02.07.18 at 4:31 am

Albertans should sell their Okanagan cottages (or I guess you call them cabins out west?) and buy properties in Washington State instead. Drive there through Montana and avoid BC altogether.

#94 LivinLarge on 02.07.18 at 7:28 am

“If novice investors get spooked by small percentage decreases in the stock market, what are they going to do when they hear family and friends lose their entire life savings in a speculative real estate project that sold at a loss or an investment in syndicated mortgages that resulted in none of the principal being returned?”…SO bloody true. And this brings up an ad hoc comparison to the late 70s or early 80s when we last saw rapidly accelerating inflation/mortgage rates. There were precious few speculative real estate projects done by the average Joe and Jane and TV wasn’t littered with “You too can flip houses for a profit” programing.

This current situation reminds me of a huge cheque kiting scheme. All seems fine and everyone gets paid until there’s one break in the chain and then all hell breaks loose.

#95 Capt. Serious on 02.07.18 at 7:30 am

You know what’s funny? People complaining about the US market going up the past 5 years and the Canadian market not going up. You geniuses realize this is an example of assets being uncorrelated (not exactly correlated at least), and that in portfolio construction this is exactly what you want. The long run returns on equity should be similar, because risk premium. One day Canadian markets will be up when US markets are down and you’ll be happy you own both.

#96 NYCer on 02.07.18 at 7:44 am

Is this real?

https://www.bnn.ca/canadian-mortgages-held-by-foreigners-on-the-rise-cmhc-1.989961

“Nearly 10 per cent of mortgages issued to people under the age of 25 in Canada’s two hottest housing markets in 2016 went to non-permanent residents, the Canada Mortgage and Housing Agency (CMHC) said in a statement. ”

And that is just for those who needed mortgages.

So how many people, exactly, is 10% of those borrowers in two cities under 25 who used CMHC two years ago? Dozens? Hundreds? You guys are getting funnier by the day. – Garth

#97 crowdedelevatorfartz on 02.07.18 at 8:02 am

@#93 Howard
The only thing more ridiculous that watching the two NDP govts in BC and Alberta “duking it out” with tit for tat boycotts are the voting schlepps that buy into it.

BC’s Horgan( minority govt hanging on with a Green coalition) is posturing , nothing more, the pipeline is a Federal decision.
It will be built.
Albertas NDP’s Notley (who is tanking dreadfully in the polls) needs a popular “war” ( Thatcher’s pointless Falkland Islands “war” comes to mind until one realizes she went from bottom of the barrel in the polls to a decisive “victory” in the next election)

Either way its a “win win” for both NDP leaders. Even if they lose they get to blame “the other guy”.
Partisan politics at its worst.
As Canadian as Tim Hortons

#98 Screwed Canadian Millenial on 02.07.18 at 8:19 am

For the record, that SCM #13 guy is not me. Garth please take note.

“pesky workers wanting raises ” – Garth

Garth’s worst nightmare. The hard working lower and middle class plebs actually doing the work, getting paid a little more. Rather than having their wages get scalped and sent to the top 0.1%. Workers are still getting a paid a fraction of the value they are creating.

https://imgur.com/a/OCGdr

———–

Who the hell was dumb enough to short the VIX which was at all time lows?

————-

Canadian mortgages held by foreigners grow, says housing agency
https://www.reuters.com/article/us-canada-housing-foreign/canadian-mortgages-held-by-foreigners-grow-says-housing-agency-idUSKBN1FQ2OR?il=0

“Nearly 10 percent of mortgages issued to people under the age of 25 in Canada’s two hottest housing markets in 2016 went to non-permanent residents, ”

YIKES! Looks like Canada is a playground for global elites while the locals starve, go homeless and get taxed to death. What a joke.

Dead cat bounce yesterday? Black Wednesday coming? We shall see.

#99 His Master's Voice on 02.07.18 at 8:23 am

I thought Garth’s webcast (danke) was reminiscent of FDR’s “Nothing to fear …” radio broadcast, and did a quick background check. It got weird. I know history is so yesterday, but give it a glance.

File under Fascinating:

Franklin D. Roosevelt was undersecretary of the Navy during WWI, and attempted to keep all temporarily expropriated radio stations exclusively in Navy hands after the war. The best he could manage was a forced buyout of Marconi Communications by GE, which was renamed Radio Corp. of America. The later appointment of David Sarnoff, a Russian emigre and “hero” of the Titanic sinking, as chair of RCA fostered a friendship with FDR.

Just prior to the attack on Pearl Harbour, now POTUS FDR sent Sarnoff to Hawaii to demand cooperation between the RCA telegraph office and Naval intelligence to intercept Japanese diplomatic telegrams. It seems the messages that specified when and where the attack would occur were relayed to the Navy cryptographers, but never kicked upstairs. The head cryptographer, James Rochefort is quoted as saying ” it was a small price (the attack) to pay for the unifying (support for war) of America.” POTUS Reagan awarded Rochefort a posthumous Presidential Medal of Freedom.

Forget about assets, worry about your asses.

Declassified Sources:

http://www.independent.org/issues/article.asp?id=408
https://www.amazon.ca/Day-Deceit-Truth-About-Harbor/dp/0743201299

#100 fancy_pants on 02.07.18 at 8:24 am

In socialist debt driven economies nothing is a safe bet except death and taxes

#101 Ed. on 02.07.18 at 9:03 am

#100 fancy_pants on 02.07.18 at 8:24 am
In socialist debt driven economies nothing is a safe bet except death and taxes
————

In capitalist debt-driven economies nothing is a safe bet except an earlier death and higher taxes later.

#102 Soggy Fruit Loops on 02.07.18 at 9:05 am

DELETED

#103 LivinLarge on 02.07.18 at 9:16 am

“In socialist debt driven economies nothing is a safe bet except death and taxes”…hmmmm, you know, I think I may have heard this somewhere previously.

#104 LivinLarge on 02.07.18 at 9:22 am

“So how many people, exactly, is 10% of those borrowers in two cities under 25 who used CMHC two years ago? Dozens? Hundreds?”…LOL, yes indeedy. This is what you get when someone focusses on one number. “10% OMG, OMG, the world is ending” 10% of WHAT?????

“All hail J, all hail J”

#105 Penny Henny on 02.07.18 at 9:27 am

I’m getting some signs made up.

“Justin! The protector of Peoplekind”

#106 fancy_pants on 02.07.18 at 9:44 am

Either inflation will catch up to that chart when the white elephant can no longer hide the bogus inflation numbers or the stock market is in an equal state of bubble denial. period.

#107 Tater on 02.07.18 at 9:47 am

#26 MF on 02.06.18 at 6:30 pm
#15 Guy in Calgary on 02.06.18 at 6:09 pm

Heard about that and saw the screen shot. Do we believe it? Can they just shut down an entire ETN on a whim like that without a threat of legal action?

I guess that highlights the risk of ETF’s vs ETN’s.

MF
—————————————————————-

Can they unwind the ETN in the procedure outlined in the prospectus? Yes, yes they can.

That same prospectus told you the ETN was going to zero. Too many punters didn’t read it.

#108 Smoking Man on 02.07.18 at 9:48 am

#105 Penny Henny on 02.07.18 at 9:27 am
I’m getting some signs made up.

“Justin! The protector of Peoplekind”
……

Hes a laughing stock even in commie California.
Modorate People Kind all over were frighted to criticize girly boy. Fearing being branded a phob of some kind.

Not any more. It’s open season on calling him a moron.
Even the commies down here are expressing outrage on how he man handled and masplained the young girl who asked the question.

CBC testicale less only cover the story by stating all the vitrol by right wing extremist. We know who butters their toast.

T2 is done.

#109 Chastised Cheerios on 02.07.18 at 9:49 am

The only word I didn’t hear mentioned in the webcast was ” debt”. Shouldn’t that be on our radar?

What about that ski slope in the chart between 1965 and 1982 ? Is that when retired people started eating Spam ? I prefer Trump steak myself.

JT bashers: I don’t like his choice of words either, but sticks and stones.

US market futures are not terrible, but it looks like far Eastern markets didn’t get the all clear. Are they ahead of us in time? Good luck on the battlefield today.

#110 FOUR FINGERS WATSON on 02.07.18 at 9:59 am

#90 Dolce Vita on 02.07.18 at 3:25 am
#69 Slowly Boiling Frogs

Good one.

Some people like T2 should not be heard. Just an arrogant pretty boi that capitalized on his father’s fame (and fortune) and surrounded himself with people smarter than he.

Dumb enough to believe that left on his own he would sound clever…hubrous and arrogance…NEVER lead to any good.
…………………………….

We nicknamed him “ Two People “ cuz one person could not be that frickin’ stupid.

#111 Steven Rowlandson on 02.07.18 at 10:05 am

The 1987 crash does look insignificant next to the market stats that followed it to date. It was rather shocking at the time though.

#112 Duke on 02.07.18 at 10:22 am

#84 AGuyInVancouver on 02.07.18 at 12:00 am
The “housing market” in Toronto and Vancouver isn’t going down anytime soon – the housing market is the condo market. A single family home is to a condo as a Bentley Bentayga is to a Honda CRV, a luxury good for the global elite versus something affordable for the masses. Condos are where it’s at, there’s a shortage of supply and booming economies in our three largest cities. Prices aren’t going down.

===============

That’s your wish, stupid.

#113 IHCTD9 on 02.07.18 at 10:28 am

#59 Teens steal entire house on 02.06.18 at 8:20 pm
BC bans trucks from Alberta from accessing the Province and it’s ports…..BREAKING NEWS
______

I’m sure these progressive NDP parties are just laying the groundwork for an explosion in new jobs and prosperity for their respective Citizenry.

Without a doubt, all this economic destruction and political douchebaggery is being carried out with the utmost respect and inclusiveness for all.

This country is going to land me in testosterone rehabilitation therapy if I keep watching what is going on here.

#114 conan on 02.07.18 at 10:31 am

#108 Smoking Man on 02.07.18 at 9:48 am

T2 utters one goofy out of place word, and you are ready to throw the book at him.

That’s why the present day Cons are not fit to govern. In my mind you represent everything wrong with them.

Earth to Smokie…….come in Smokie……

https://www.youtube.com/watch?v=b8l121LGlWU

#115 crowdedelevatorfartz on 02.07.18 at 10:34 am

@#98 SCM
“The hard working lower and middle class plebs actually doing the work….”
+++++

I trust you’re not insinuating Millenials are included in the “hard working” generalization?

Ok then let me generalize……..
I had to fire a millennial yesterday,
arrogant, lazy, opinionated, always late, habitually sick on Mondays and Fridays, didn’t give two shits except on payday……..
I gave him every opportunity to improve….3 months of his BS……no improvements, actually got worse…..gone.
The average age of the crew? 54.
Number of young , hard working, punctual, unskilled Canadian labour willing to start at $20/hr and work their way up to $39/hr? 0.

Time for more temporary foreign workers? Yes

We’re raising a nation of unskilled, white collar beaurocrats that will sit around the Keurig machine bitching about how expensive the grubby blue collar tradesmen are that fix the most mundane of broken items.
A nation of politically correct whiners that couldn’t change a flat tire if their lives depended upon it.
Keep cheering the “end of Boomers” SCM just remember this conversation when the last of us is gone and your plugged toilet costs $900 to fix.
Oh right.
You’ll just sell the condo and move to a new one…..

#116 IHCTD9 on 02.07.18 at 10:40 am

#80 Ron is funny on 02.06.18 at 10:45 pm
Does Old Ron have a night job as a stand up comedian? He’s a pretty funny guy…
__________________________________________

Old Ron just needs to hit the gym.

He’s already been told.

Best get on that asap Ronnie.

#117 Smoking Man on 02.07.18 at 11:00 am

#114 conan on 02.07.18 at 10:31 am
#108 Smoking Man on 02.07.18 at 9:48 am

T2 utters one goofy out of place word, and you are ready to throw the book at him.

That’s why the present day Cons are not fit to govern. In my mind you represent everything wrong with them.

Earth to Smokie…….come in Smokie……

https://www.youtube.com/watch?v=b8l121LGlWU
….

Dude if you go into the archives you will notice I chirped Harpo if not more that T2.

My perspective is based on Herdonomics. That’s why my calls are so damn accurate.

I’m just marking a place holder in history where I can come back to this post in the future and brag about being right yet again.

I do admit I like triggering the radical lefty loons as like your above post

Dr Smoking Man
P hD in Herdonomics

#118 Mike in Edm on 02.07.18 at 11:00 am

#32 Lost…but not leased on 02.06.18 at 6:40 pm
PS I didn’t know anyone in Alberta had taste ???

My best friend won a 2 week wine tasting tour in Italy last spring. It was put on by a distributor in Calgary whom is the largest purchaser in the world of all these Italian vineyards they visited. Apparently Calgary buys/drinks more Italian wine than anywhere else in the world.

I also have a friend from High school (more of an acquaintance) that somehow got into buying and selling incredibly high end (collector type stuff) wines to people in Calgary. He drives around in a $300k Bentley and a couple years ago bought his second home in Mount Royal ($$$$) in Calgary for most like at least a couple million. I haven’t heard how well he’s been doing over the last couple years though with the downturn.

#119 Wary Weetabix on 02.07.18 at 11:00 am

Trump’s tweeting financial advice now.
You might understand it if you graduated from Trump University, before it collapsed.

Brigadier Bone Spurs now wants a huge military parade – he’s never seen one up close.

Rumour has it that POTUS also wants a memorial renamed in his honor – The Grand Chasm – bigger and better than Mt. Rushmore.

What did we do before the internet?

#120 A J on 02.07.18 at 11:01 am

The housing industry is getting desperate now….they’re pulling out the long term figures to mask the present reality….

https://www.thestar.com/business/2018/02/07/report-shows-decade-of-steep-growth-in-gta-home-prices.html

#121 Guy in Calgary on 02.07.18 at 11:04 am

#26 MF on 02.06.18 at 6:30 pm

Yes they can it says right in the prospectus it can be terminated with a loss over 80% and yes the screen shot is real.

#122 TurnerNation on 02.07.18 at 11:23 am

A glorious time for obtaining Kaputs on US indices imo. Vol fallout to follow.

#123 Suzy Sears on 02.07.18 at 11:29 am

#13 SCM on 02.06.18 at 6:00 pm

yep, stick to the solid ones like SEARS was 35 years ago or to the blue chips backed by taxpayer funded bailouts and to those ‘too big to fail’. Yep, that should work, my crystal Seismometer says so.

#124 A J on 02.07.18 at 11:40 am

#115 crowdedelevatorfartz

Somebody’s sad they’re growing old.

#125 Ronaldo on 02.07.18 at 11:51 am

#115 crowdedelevatorfartz on 02.07.18 at 10:34 am

Ok then let me generalize……..
I had to fire a millennial yesterday,
arrogant, lazy, opinionated, always late, habitually sick on Mondays and Fridays, didn’t give two shits except on payday……..
I gave him every opportunity to improve….3 months of his BS……no improvements, actually got worse…..gone.
The average age of the crew? 54.
Number of young , hard working, punctual, unskilled Canadian labour willing to start at $20/hr and work their way up to $39/hr? 0.
————————————————————–
These are almost the exact words my son used in regards to millennials and their work ethic. He has the same problems with this group.

#126 OttawaMike on 02.07.18 at 11:52 am

Bandit with his dog walker:
https://twitter.com/truegritrumble/status/961252936356716544

#127 Gonkman on 02.07.18 at 11:55 am

Phew…. He was ONLY Joking..

“Trudeau writes off peoplekind quip as ‘dumb joke'”

http://www.cbc.ca/news/politics/trudeau-peoplekind-bad-joke-1.4524233

Sorry pretty boy nice try… Cat’s out of the Bag. No Do Overs..or refunds.. you own it.

I still like “If you kill your enemies they win” and “Budgets Balance Themselves” personally.

#128 For those about to flop... on 02.07.18 at 12:00 pm

No Twain ,no gain…

M43BC

“Most & Least Expensive States in the Country for Home Insurance

“Buy land, they aren’t making it anymore,” said Mark Twain. There’s no doubt Twain was onto something, but these days any sensible person who invests in real estate no doubt considers the importance of buying insurance. But how much does it cost, and what are the underlying factors driving the market?

We gathered our numbers from GOBankingRates, a personal finance website that analyzes the most common expenses in everyone’s budget. We colored each state according to the average cost of insurance. Dark red states are the most expensive, costing over $4,000/year, and dark blue states are the cheapest with under $1,300/year. Our map makes the geographic and weather-related factors underlying the cost of home insurance.
Let’s back up for a second and make sure we cover the basics. Home insurance covers both the structural value of a home and all the belongings inside it. Federally-backed mortgages require homeowners to buy insurance—if a fire comes along and burns down a house without insurance, the lender is left with no tangible asset. Many people also don’t realize that homeowners insurance is different from flood insurance and earthquake insurance. It’s a complex marketplace with a lot of different pricing factors.

With all that being said, severe weather directly affects home insurance costs. The least expensive state for home insurance is in the middle of the Pacific Ocean—it costs only $703 in Hawaii. Florida is at the opposite end of the spectrum, where it costs a whopping $6,892 to insure a home. Hurricanes are the obvious explanation for the discrepancy between both states. Hawaii almost never gets severe weather, and only a handful of hurricanes have hit the island in the last 70 years. Florida, on the other hand, endures more direct hits than any other state. The University of Miami’s mascot is—guess what—the Hurricanes.

Let’s take the difference between Hawaii and Florida to the logical conclusion. A homeowner in Florida would pay $6,189 more every year. Think about that cost for the typical 30-year loan: the average Floridian will drop over $185K more than someone in Hawaii just on insurance. According to Zillow, that’s almost how much it costs to buy a home in the first place.

It isn’t surprising that states bordering the Gulf of Mexico have the highest home insurance costs in the nation. Louisiana is the second most expensive at $6,115, and Alabama is the third-priciest at $4,532. Both states suffered massive devastation in recent memory due to hurricanes. The band of dark red states around the Gulf stand in stark contrast with the dark blue states in the Northwest, where widespread severe weather almost never happens. Things are also comparatively cheap across the Upper Midwest and the Northeast.

Top 10 Most Affordable States for Home Insurance
1. Hawaii: $703

2. Vermont: $1,033

3. Utah: $1,105

4. Idaho: $1,106

5. Oregon: $1,137

6. Washington: $1,155

7. Nevada: $1,204

8. New Hampshire: $1,243

9. Maine: $1,276

10. Delaware: $1,306

To put it simply, our big takeaway from mapping home insurance costs is that rates get cheaper further away from the Gulf of Mexico. Homeowners can pay significantly more for insurance, all depending on where they live. Today, Mark Twain might say, “Buy land, but not in Florida.”

https://howmuch.net/articles/home-insurance-cost-in-every-state

#129 Smokin' hot man on 02.07.18 at 12:11 pm

Memo to Tater Haters:

Justin Trudeau just admitted (heard it on the CBC!) that he was kidding when he said “peoplekind”.

I called that yesterday before the news broke. And I also forecast an increased demand for rapier sharpeners.

Can you just let it go now?

#130 IHCTD9 on 02.07.18 at 12:34 pm

#129 Smokin’ hot man on 02.07.18 at 12:11 pm
Memo to Tater Haters:

Justin Trudeau just admitted (heard it on the CBC!) that he was kidding when he said “peoplekind”.

I called that yesterday before the news broke. And I also forecast an increased demand for rapier sharpeners.

Can you just let it go now?
_________________________________

We don’t hate him, we just think he’s an idiot.

I’ll let it go after it’s been a year since I last heard current day events in Ontario being blamed on Mike Harris :).

#131 IHCTD9 on 02.07.18 at 12:38 pm

#127 Gonkman on 02.07.18 at 11:55 am
Phew…. He was ONLY Joking..

“Trudeau writes off peoplekind quip as ‘dumb joke’”

http://www.cbc.ca/news/politics/trudeau-peoplekind-bad-joke-1.4524233

Sorry pretty boy nice try… Cat’s out of the Bag. No Do Overs..or refunds.. you own it.

I still like “If you kill your enemies they win” and “Budgets Balance Themselves” personally.
_________________________________

He would have been dead serious about it if he had not got roasted on Twitter.

Damage done – sorry about your luck Justin.

That said, it says something about your public image when you make a “joke” like that and the whole planet immediately believes you are serious.

I agree about the dumb part.

#132 joblo on 02.07.18 at 12:48 pm

Have the Gerpeople changed their country’s name yet?
come on volks
do it before the Olympia,

Go Gerpeopley!

#133 joblo on 02.07.18 at 12:54 pm

Justine’s favorite Premiership Football team?

You guessed it:

Peoplechester United

#134 Sideshow Rob on 02.07.18 at 1:00 pm

Nice up day today so far. If you are a trader and are into technical analysis you may have noticed that the S&P 500 whacked it’s head on the 50 day moving average. When the 50 day acts as a glass ceiling it indicates a sick market. Today or tomorrow is as good a time as any for the market to resume this mini crash. I’m not giving any advice here but I just took my trading money off the table for a while. If you are a long term investor please ignore what I said!

#135 Penny Henny on 02.07.18 at 1:02 pm

#127 Gonkman on 02.07.18 at 11:55 am
Phew…. He was ONLY Joking..

“Trudeau writes off peoplekind quip as ‘dumb joke’”
/////////

Don’t I feel dumb.
When I first read the headline I thought it said “Trudeau admits he is a dumb joke”.

#136 Stan Brooks on 02.07.18 at 1:03 pm

#114 conan on 02.07.18 at 10:31 am

T2 lied. I would not trust anything he says, unless accompanied by polygraph test.

He said something exceptionally stupid. He got caught and creamed, now he is doing damage control by lying.

He lied also on tax on wealthy – stock option tax.
He lied on deficit.

and he is immensely popular apparently.

what a joke this man (?) is.

#137 common cents on 02.07.18 at 1:05 pm

#79 MF on 02.05.18 at 8:11 pm

“Any health of effects of this drug are still under investigation. And that would be for the .2% who are sick and legitimately need it. The remaining people who smoke are just drug addicts using it to “cope” with reality like an an alcoholic uses alcohol. From what I have seen it’s a big gateway drug too.”

While I do agree that it should be kept away from young people I find your stereotypical response to be from someone who does not understand the plant.

To help dispell your myth and to put it into context on this financial blog – husband and I are both professionals, blissfully married 20+ years,live in a beautiful waterview home, mortgage free at 45, have a healthy balanced diversified investment portfolio and no debt (thanks Garth!). We are sports oriented, eat and live healthy and have wonderful professional friends with similar life accomplishments.

Now to break your stereotype: We have all (friends included) used the plant in various forms over the years to help treat an assortment of illnesses and both physical and spiritual healing with better results than big pharma. Though I am not saying its a panacea, unequivocally it has helped healing without addiction or pharma drug hangovers.

Might I add for those with uninspired sex lives; Most enjoyed is a 50/50 oil for a date-night of amazing and uninhibited intimacy.

So, don’t knock it til you’ve tried it – and don’t take it from me, do your own research before making blanket statements.

F47BC

#138 Pre-retiree on 02.07.18 at 1:09 pm

A dumb joke? Maybe he is just dumb.

That’s my interpretation. He looks so arrogant in that video. He thinks he walks on water.

https://www.theglobeandmail.com/news/politics/justin-trudeau-says-peoplekind-remark-was-a-dumb-joke/article37889426/

#139 IHCTD9 on 02.07.18 at 1:09 pm

#115 crowdedelevatorfartz on 02.07.18 at 10:34 am

The average age of the crew? 54.
Number of young , hard working, punctual, unskilled Canadian labour willing to start at $20/hr and work their way up to $39/hr? 0.
_______

Couple summers ago heading north for camping we passed a Police/Fire station in a small town with a big sign out front saying that they were hiring.

Last summer went through another small northern town – same thing.

These jobs require minimal formal education, and regularly pay 90-100K+/yr. Benefits and pension are outstanding.

I just don’t understand how a huge sign (rental) needed to be parked out front of the station in order to attract interest for these uber top end jobs!

#140 Midnights on 02.07.18 at 1:17 pm

Yeah right…lol
Justin Trudeau says ‘peoplekind’ remark was a ‘dumb joke’
https://www.theglobeandmail.com/news/politics/justin-trudeau-says-peoplekind-remark-was-a-dumb-joke/article37889426/

#141 Midnights on 02.07.18 at 1:18 pm

Ps. That was a good audio.
Thanks for sharing.

#142 crowdedelevatorfartz on 02.07.18 at 2:02 pm

@#124 AJ
“Somebody’s sad they’re growing old.”
++++++

Hardly.
I’ve got 5 more years to retirement!
My health is excellent and if my immediate family are any indication I’ll have at least 30 -40 years of relaxing.
I’ll get to watch these entitled children attempt to “work”.
The white collar supervisors are retiring now to be replaced by children that have never physically worked at anything in their lives.
Great at theory, the reality side….not so much
They have no concept of whats involved, how long it will take, etc etc etc.
And these buttercup dweebs take time off for “stress” when things don’t go as planned.

A shit show awaits the Millennial generation.
Cant wait for a full blown 1980’s Recession to really get things down and dirty.

:)

#143 Not sold on Smokies Herdonomics on 02.07.18 at 2:07 pm

#117 Smoking Man on 02.07.18 at 11:00 am

#114 conan on 02.07.18 at 10:31 am
#108 Smoking Man on 02.07.18 at 9:48 am
T2 utters one goofy out of place word, and you are ready to throw the book at him.
That’s why the present day Cons are not fit to govern. In my mind you represent everything wrong with them.
Earth to Smokie…….come in Smokie……

https://www.youtube.com/watch?v=b8l121LGlWU
….
Dude if you go into the archives you will notice I chirped Harpo if not more that T2.
My perspective is based on Herdonomics. That’s why my calls are so damn accurate.
I’m just marking a place holder in history where I can come back to this post in the future and brag about being right yet again.
I do admit I like triggering the radical lefty loons as like your above post

Dr Smoking Man
P hD in Herdonomics
__________________________________________
If you calls were so damm accurate then how the hell did you, lose your big shot job at RBC, loose your home when you couldn’t get an extension on your Home Equity Loan, almost lose your life in a drunken stupor, loose your friends and family, loose your mind. Oh sorry you didn’t loose your mind that’s just the way you are!
Explain those misses on your calls. Didn’t you see them coming? By the way your right its all here on the blog. You even lost your real name, or is it is your real name?

#144 Newcomer on 02.07.18 at 2:19 pm

#131 IHCTD9 on 02.07.18 at 12:38 pm

That said, it says something about your public image when you make a “joke” like that and ….

…a bunch of humorless old curmudgeons assume you are being serious because they personally have not told a joke since 1978. Yup, the curmudgeon vote is gone.

#145 Mark on 02.07.18 at 2:19 pm

“Why banks lend money to foreign students? If they want to buy they should pay cash….”

Careful. A ‘mortgage’ is something that an individual pledges to a lender to secure a loan. The giver of a mortgage is the owner of the property. The holder of a mortgage is a lender.

So if foreigners are ‘holding’ mortgages, the implication is that they’re financing purchases of Canadian RE.

It wouldn’t surprise me if there is some sophisticated tax strategy employed by Canada’s wealthy, to have offshore trusts in tax havens hold mortgages against Canadian properties purchased by their children. With the proceeds of such mortgage-backed borrowing being used for investment so that the interest is fully tax deductible.

#146 Ray on 02.07.18 at 2:31 pm

“Wynne warns Ontario will retaliate against New York ‘Buy American’ law if no exemption granted”

When I read this, I thought “how lame is this”. Is Premier Wynne’s strategy to develop trade between Ontario and New York is to wait until the last minute, after the bill is signed, and threaten with vague retaliations. It must be an honor to see such negotiating marksmen’s ship at work. What happened to intercepting before the cast is set, and negotiating with real intelligence, real counter proposals. This has all the smell of “I really could not care less, but I have to at least appear to give a sh_t”

https://www.thestar.com/news/canada/2018/02/06/wynne-warns-ontario-will-retaliate-against-new-york-buy-american-law-if-no-exemption-granted.html

#147 The Unforgiven on 02.07.18 at 2:32 pm

#137 Pre-retiree on 02.07.18 at 1:09 pm
A dumb joke? Maybe he is just dumb.
That’s my interpretation. He looks so arrogant in that video. He thinks he walks on water.
————————-

Seriously, who here hasn’t pist on their own foot?
I know I have, quite recently.

Something to look forward to in your golden years.

#148 DON on 02.07.18 at 2:33 pm

#97 crowdedelevatorfartz on 02.07.18 at 8:02 am
@#93 Howard
The only thing more ridiculous that watching the two NDP govts in BC and Alberta “duking it out” with tit for tat boycotts are the voting schlepps that buy into it.

BC’s Horgan( minority govt hanging on with a Green coalition) is posturing , nothing more, the pipeline is a Federal decision.
It will be built.
Albertas NDP’s Notley (who is tanking dreadfully in the polls) needs a popular “war” ( Thatcher’s pointless Falkland Islands “war” comes to mind until one realizes she went from bottom of the barrel in the polls to a decisive “victory” in the next election)

Either way its a “win win” for both NDP leaders. Even if they lose they get to blame “the other guy”.
Partisan politics at its worst.
As Canadian as Tim Hortons
********************

Nice to see someone gets it.

They could also refine the tar in Canada (I take it we don’t have the expertise).

Cheers,

#149 DON on 02.07.18 at 2:36 pm

#109 Chastised Cheerios on 02.07.18 at 9:49 am
The only word I didn’t hear mentioned in the webcast was ” debt”. Shouldn’t that be on our radar?

What about that ski slope in the chart between 1965 and 1982 ? Is that when retired people started eating Spam ? I prefer Trump steak myself.

JT bashers: I don’t like his choice of words either, but sticks and stones.

US market futures are not terrible, but it looks like far Eastern markets didn’t get the all clear. Are they ahead of us in time? Good luck on the battlefield today.
*****************

JT is bashing himself…others are just pointing it out.

Like Smoking Man, I believe JT is on a slippery slope with little traction.

#150 Mark on 02.07.18 at 2:39 pm

“Number of young , hard working, punctual, unskilled Canadian labour willing to start at $20/hr and work their way up to $39/hr? 0.”

The question I would ask in such situations is whether or not the guy who has been there for a while is really worth twice as much as the new guy.

I think many Millennials have considerable frustration being in workplaces where senior employees just sit around, don’t do a lot of work and are magically paid a lot more. Expecting the young Millennial, paid less, to do a disproportionate amount of the work.

In some fields, there is legitimately a value to all that extra experience. But in many, there isn’t.

#151 LivinLarge on 02.07.18 at 3:01 pm

“Great at theory, the reality side….not so much”…nothing changes since much as it stays the same.

I heard precisely the same exact words from my first manager in 1979 when I joined the management program at a bank. At least in my case the manager came to me a year after I started and admitted to being biased and wrong. He said in my annual review that he’d never hired a “college grad” but in that first year I had never commented that something was different than I had learned at school.

People are people and every “older generation” thinks a newer generation is lazy or spoiled etc. It has been and likely always will be thus. Life is different, people however aren’t that much different.

#152 crowdedelevatorfartz on 02.07.18 at 3:07 pm

@#138 IHCTD9

Yep.
The kid I fired had worked for a year up in Ft. Mac. before he was booted.
He used to brag that they would spend 4 hours out of a 12 hour shift on “Safety” protocols. Lots of places to hide, etc.
I said ,
” That whole Safety agenda was started by Shell and then all the other oil companies were forced to come on board with the same safety protocols.”
Its costing then a fortune in productivity.
Oil has to be $75/bbl to break even.
Shell sold and walked away.
Almost makes you wonder if that was what they intended from the very beginning.
I’m seeing the same thing in the construction/ manufacturing industry here.
Manufacturers are building overseas and bringing the product in rather than build here. Too slow, too labour intensive, too cost prohibitive.
They sailed a BC Ferry to Poland to fix it!
All while they’re building Coast Guard ships here way over budget and behind schedule.
And once the manufacturing skill retires, leaves, etc.
You’ll never get it back.
Cant wait to see thousands of Chinese labourers up north building the Site C dam or the planned mining projects.
With our millennial “quality control/ safety/ govt inspectors” running around trying to make sense of it all…
“Oh the stress! The stress! I cant handle all this stress! Stop yelling at me! I cant help it I don’t know what Im doing!”
I’ve watched one govt safety guy take 6 months stress leave every year for the last 3 years.
Completely lazy, incompetant turd.
But he’s got the system figured out.
The only people better at taking stress leave are HR employees.
They created the system.

#153 Sideshow Rob on 02.07.18 at 3:10 pm

DELETED

#154 crowdedelevatorfartz on 02.07.18 at 3:11 pm

@#143 Newcomer

Don’t be so naïve.
Turdo wasn’t joking when he hammered that poor kid.
He was serious.
Even the PMO’s office repeated his “gender equality” crap when asked by reporters.
No.
He’s realized how stupid he looked WORLD WIDE and now the “Damage Control” is working over time.

“I was just kidding! Honest!”

pathetic.

#155 Smoking Man on 02.07.18 at 3:14 pm

142 Not sold on Smokies Herdonomics on 02.07.18 at 2:07 pm
#117 Smoking Man on 02.07.18 at 11:00 am

#114 conan on 02.07.18 at 10:31 am
#108 Smoking Man on 02.07.18 at 9:48 am
T2 utters one goofy out of place word, and you are ready to throw the book at him.
That’s why the present day Cons are not fit to govern. In my mind you represent everything wrong with them.
Earth to Smokie…….come in Smokie……

https://www.youtube.com/watch?v=b8l121LGlWU
….
Dude if you go into the archives you will notice I chirped Harpo if not more that T2.
My perspective is based on Herdonomics. That’s why my calls are so damn accurate.
I’m just marking a place holder in history where I can come back to this post in the future and brag about being right yet again.
I do admit I like triggering the radical lefty loons as like your above post

Dr Smoking Man
P hD in Herdonomics
__________________________________________
If you calls were so damm accurate then how the hell did you, lose your big shot job at RBC, loose your home when you couldn’t get an extension on your Home Equity Loan, almost lose your life in a drunken stupor, loose your friends and family, loose your mind. Oh sorry you didn’t loose your mind that’s just the way you are!
Explain those misses on your calls. Didn’t you see them coming? By the way your right its all here on the blog. You even lost your real name, or is it is your real name?
……

Come on James use you handle.

FYI last job I ever had was in 1989. Been self emplyeed since. Your above post us some what accarte and I’m not ashamed either. Deal with those apples toots.

Do you think outing me as a complete loser and failure bothers me in the leased.

In spite off having smoking man posts tapped all over your walls.

You don’t know me. You only know what I have project.

#156 A J on 02.07.18 at 3:30 pm

#141 crowdedelevatorfartz

Come tell my millennial friends who are in the military, who work in the trades, who are cops and paramedics they are “lazy and entitled.” I dare you to say that to their faces after they’ve worked a 14 hour shift.

No generation is 100% hardworking or 100% lazy. I’ll tell you what’s lazy though, painting an entire generation with one broad brush.

Enjoy your retirement. And remember what generation will be taking care of you when you can no longer feed yourself….

#157 IHCTD9 on 02.07.18 at 3:33 pm

#143 Newcomer on 02.07.18 at 2:19 pm
#131 IHCTD9 on 02.07.18 at 12:38 pm

That said, it says something about your public image when you make a “joke” like that and ….

…a bunch of humorless old curmudgeons assume you are being serious because they personally have not told a joke since 1978. Yup, the curmudgeon vote is gone.
_____

Ah, well – the thing is no one on the planet put it past him to be serious regarding the people remark.

That means Trudeau has already done plenty in full public view to convince folks he’s a first class balloon head.

Guys like Trudeau tell jokes, but no one knows if they should be laughing or not.

#158 The Misconstrued on 02.07.18 at 3:36 pm

#153 crowdedelevatorfartz on 02.07.18 at 3:11 pm
@#143 Newcomer
Don’t be so naïve.
Turdo wasn’t joking when he hammered that poor kid.
He was serious.
Even the PMO’s office repeated his “gender equality” crap when asked by reporters.
No.
He’s realized how stupid he looked WORLD WIDE and now the “Damage Control” is working over time.
“I was just kidding! Honest!”
pathetic.
——————

Male desirability index metrics:

#1 Money
#2 Sense of humour

#159 Newcomer on 02.07.18 at 4:03 pm

#153 crowdedelevatorfartz on 02.07.18 at 3:11 pm

Watch the actual video and if you can keep from laughing. The girl is a hoot and just begging to be messed with.
https://www.youtube.com/watch?v=JDAYH0GSDWs&feature=youtu.be&t=1h6m37s

The funniest thing for me is that you guys and Trudeau think exactly the same stuff is over the top. You should go out for a beer some time.

Here’s what the pinko National Post has to say (in fact, this is an updated version of an article pointing out that it was a joke before Trudeau said as much):

http://nationalpost.com/news/politics/whats-behind-the-justin-trudeau-peoplekind-controversy-a-national-post-investigation

Man, I can’t believe I wasted all that time. My work sure is boring.

#160 Victor V on 02.07.18 at 4:37 pm

‘Mission accomplished’ on cooling markets, but affordability gap aiding ‘unequal society’: CMHC CEO

https://www.bnn.ca/mission-accomplished-on-cooling-markets-but-affordability-gap-aiding-unequal-society-cmhc-ceo-1.991404

Canada’s housing regulator says new mortgage rules intended to cool hot markets are “working better than hoped.” However, housing markets remain out of balance with recent price spikes driven by large single family homes at the expense of much needed rental stock, Evan Siddall, CEO of Canada Housing and Mortgage Corp. tells BNN in an interview.

“I think the evidence shows that worked out a little better than we hoped,” said Siddall. “People either bought smaller houses or found another way to find a down payment and that’s okay. We were worried about the strong housing market taking money out of the productive economy – out of business investment, and I think mission accomplished.”

Siddall acknowledged the new guidelines, known as B20, are keeping many young people out of the housing market.

“We are making it – at the margin – more difficult for people to buy houses,” he told BNN. “Unfortunately, there is a disproportionate effect on a certain generation: young people. But they are the most vulnerable to house price decreases, too.”

#161 NoName on 02.07.18 at 4:40 pm

#151 crowdedelevatorfartz on 02.07.18 at 3:07 pm

Letting foreign company to run show with its own workers was tried before with sinopec and didn’t work well 2 deaths and that was end to it.

New SF bridge was prime example what happens when you outsource stuff to country that does not care for it’s own people and quality. Steel for new bridge was so low in quality that there are chances that old golden gate bridge will outlast new one…

As for my tools most of them are made in USA or Germany. I especially like my channel-locks use them dayliee 20yrs and running strong. I’ve seen and worked with few guys using cheap made tools with questionable quality, i remember assembling set and giving it to dude set just for my own safety.

what was my point. oh ya, you get what you pay for…

chanelock
https://imgur.com/a/H9d5S

#162 Lost...but not leased on 02.07.18 at 4:51 pm

Re #99 His Masters voice.

Re FDR and Pearl Harbour…

The US had been blockading Japan..The US aim was to force a Japanese attack….aka false flag tactics.

The US Navy left its older junker ships in Pearl Harbour as bait…its newer ships were out at sea.

The US was fully aware of the coming attack when it occurred.

QUESTION: what purpose was served baiting the Japanese ?

The question that also remains re US and Hawaii,…if the US had not taken over Hawaii, and had such a base in the Pacific…would WW2 have occurred..given Japan was allied with Italy and Germany.

By the US declaring war on Japan..Japan was not able to tackle Russia….because Germany had attacked Russia and a concurrent attack by Japan may have conquered Russia, Stalin and Communism.

Ultimately, the Allies won the war???..except for General Patton who realized the drastic mistake he had made as he was prepared to run the US forces right into Russia as he saw Communism as the real threat .

Unfortunately, he was assassinated in Stalin style ( ie plane or vehicular accidents)on a hunting trip.

The Wall Street boys triumphed again…

#163 Guy in Calgary on 02.07.18 at 4:54 pm

#141 crowdedelevatorfartz on 02.07.18 at 2:02 pm

It’s ok, since we are a technologically more savvy bunch then the previous generation, we will have machines and robots doing all the manual labour anyway. Only need people to maintain the autonomous machines. Besides, every generation has lazy people in it.

Millenials are doing a lot of good and are creating a lot of technology that we all use everyday.

#164 jas on 02.07.18 at 5:08 pm

100 year of Dow or any other stock market index is irrelevant in relation to average human life span. Good to be put under table glass top of sales guys.

Ignoring history is not a good way of approaching the future. – Garth

#165 jess on 02.07.18 at 5:16 pm

action reaction
In addition, the Federal Reserve’s response set a precedent for the central bank’s use of “liquidity” to stem financial crises.3\…
1987

The Black Monday events served to underscore the concept of “globalization,” which was still quite new at the time, by demonstrating the unprecedented extent to which financial markets worldwide had become intertwined and technologically interconnected. Black Monday led to a number of noteworthy reforms, including exchanges developing provisions to pause trading temporarily in the event of rapid market sell-offs.

“It felt really scary,” said Thomas Thrall, a senior professional at the Federal Reserve Bank of Chicago, who was then a trader at the Chicago Mercantile Exchange. “People started to understand the interconnectedness of markets around the globe.” For the first time, investors could watch on live television as a financial crisis spread market to market – in much the same way viruses move through human populations and computer networks.

“You learn how interrelated we all are and how small we are,” said Donald Marron, chairman of Paine Webber, at the time a prominent investment firm. “Nowhere is that exemplified more than people staying up all night to watch the Japanese market to get a feeling for what might happen in the next session of the New York market” (Cowen 1987).

Shiller (1988) found that: “An initial price decline starts a vicious circle by causing portfolio insurers to sell, causing further price declines, causing portfolio insurers to sell again, and so on.”

#166 crowdedelevatorfartz on 02.07.18 at 5:27 pm

@#155 AJ
Ahhhhh yes the military.
Not a lot of independent thinking wanted or encouraged.
95% of their work lives spent training. 5% ducking, freaking and calling in an airstrike.
And then when their injured or suffering from PTSD
( As a former WWII Army vet who spent 6 YEARS fighting said……you joined the military what did you expect? Icecream and lollipops ?Christ!)
They want money. As if that will make it all go away.

Cops. (in Vancouver)
Finding any excuse as to why they cant arrest someone when the real reason is the excessive paperwork……and the low conviction rate
Sitting in their cars waiting for calls or better yet, my personal experience pulling over a few speeders in the wee non rush hours of early morning to fill in the last of their shift just around the corner from the police depot. Never mind pulling over the endless crappy drivers for endless daily infractions during rush hour.
That’s too much like ……work.

Paramedics. The smart firemen.
…. they sure have their hands full saving the same drug addicts from fentynl overdoses again and again and again.
Gotta give them a thumbs up for that.

I figure my porridge drooling feeding times and diaper changing will be done by a robot.

Everyone else will be off on stress leave.

#167 Ronaldo on 02.07.18 at 5:28 pm

#133 joblo on 02.07.18 at 12:54 pm

Justine’s favorite Premiership Football team?

You guessed it:

Peoplechester United
—————————————————————-
One of the peoplehole covers is missing on our street.

My favorite financial advisor on BNN is Larry Berpeople.

There was a man and a wopeople walking by our house.

Just a joke. Yea right! Nice try Justin.

#168 crowdedelevatorfartz on 02.07.18 at 5:29 pm

@#158 Newcomer
“The funniest thing for me is that you guys and Trudeau think exactly the same stuff is over the top. You should go out for a beer some time. ”
++++++

I had a beer with Trudeau about 15 years ago in a Vancouver Pub. When he was still a school teacher. He was with a group of friends
Nice guy. Very approachable.

#169 maxx on 02.07.18 at 5:49 pm

Dear oh dear oh dear…………….T2 blathering non-stop, ad infinitum about himself……me,me,me,me,me……..zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz………

How will this ever help Canada’s economy?

Poor U. of Chicago audience.

#170 Ronaldo on 02.07.18 at 5:51 pm

#149 Mark

”In some fields, there is legitimately a value to all that extra experience. But in many, there isn’t.”
————————————————————–
Such as?

#171 Turdeau on 02.07.18 at 5:53 pm

Peopletini
Peoplefacturing
Peopleterial
Peoplehattan
… new language coming to Canuckistan

#172 ImGonnaBeSick on 02.07.18 at 5:54 pm

#155 A J – I remember when I had my first beer. I think you’ve had too much to drink. Why don’t you head home and sleep it off? You’re embarrassing yourself pretending to be a tough guy.

#173 Entrepreneur on 02.07.18 at 9:03 pm

That was definitely no joke by J2.

But I know what will happen: With legalized marijuana, we can smoke into fairyland, not work because we have foreign workers/automation, and to support ourselves we have welfare or universal income. We have no problem. And we can all sing “politician command” since they tell us what to do.

People, what people, we are told what to do, all controlled.

#174 A J on 02.08.18 at 1:33 am

#172 ImGonnaBeSick

Lol not sure who you think you are….but was I talking to you? Nope. So why don’t you kindly run along.

#166 crowdedelevatorfartz

*Slow clap* for one of the most disrespectful and asinine things I’ve ever read. You seem sad, and lonely. Don’t worry, they’ll soon invent a robot for that too.

#175 crowdedelevatorfartz on 02.08.18 at 8:16 am

@AJ

Careful your bias is showing.
I guess when Screwed Canadian Millenial generalizes and disrespects an entire generation of Boomers as self absorbed leeches on all mankind thats ok.
But when I do it to Millenials its “asinine and disrespectful”.
I get it.

#176 A J on 02.08.18 at 1:09 pm

#175 crowdedelevatorfartz

Uh, no.

It’s “asinine and disrespectful” to talk about those professions in that way.

YOUR bias is showing.

#177 crowdedelevatorfartz on 02.08.18 at 3:17 pm

Ahhh.
I see.
Those professions can do no wrong.
Holier than thou and all that.
Unimpeachable.
Gotcha.

#178 ugly close on 02.08.18 at 5:16 pm

Markets knee jerked about higher rates and something else. What or who exactly gave the large sell orders? Investors are getting out. Much more downward pressure from here now. Was able to sell into strength last couple days at least. Staying on the side until there’s more conviction.