Near misses

DOUG By Guest Blogger Doug Rowat

Back in early 2009, when I was a fresh-faced, wide-eyed young analyst at HSBC, I’d occasionally sneak into the office lunch presentations, which usually featured a company or portfolio manager promoting a new investment idea. But this was during the financial crisis, the S&P 500 had plunged 57% from its 2007 highs and my personal portfolio lay in tatters. So, to be honest, I mostly attended for the free lunches. One afternoon was different however. Horizons ETFs was presenting alongside Dennis Gartman, publisher of the incredibly popular investment newsletter, The Gartman Letter. Free lunch or not, I wanted to be there.

I mean this in the most flattering way, but you could always tell the popularity of an investment newsletter by the regularity with which hardcopies were left around the bathroom stalls (this was an era before smartphones). The Gartman Letter was always lying there and it was a good read. Horizons and Gartman were presenting that day to promote the new Horizons Gartman ETF (HAG-T) and it was a packed boardroom.

After a lengthy preamble from the Horizons sales rep, Dennis Gartman was called up to speak. I was sitting across from Gartman and it appeared that he had fallen asleep. At the very least his eyes were closed and he had to be nudged to attention. No doubt the marketing tour must have been long and grueling, but this certainly struck me as a bad omen.

Ultimately, the ETF was shut down due to lack of investment and poor performance. Morningstar reported the following back in 2013:

Horizons Exchange Traded Funds Inc. announced that it will be terminating three exchange-traded funds effective at the close of business on Friday, March 22, 2013.

The oldest of the three closing funds is the $6.6-million Horizons Gartman ETF HAG, which was launched in March 2009 to provide exposure to the investment strategies of The Gartman Letter, an investment newsletter founded by Virginia-based author Dennis Gartman. Since its inception, the fund has produced a disappointing return of -5.9%.

The Horizons Gartman ETF (white line) vs the S&P 500 (yellow) and S&P/TSX Composite (orange)

Source: Bloomberg

To achieve a negative return after launching an investment product at one of the most advantageous start dates in history takes some work, but even from the beginning it was clear that things weren’t going to go well for Dennis after he got into an epic dust-up with Globe and Mail columnist Fabrice Taylor. Taylor wrote a column critical of HAG, which prompted a response from Gartman. Below are a few highlights of their back-and-forth emails in November 2009:

Dear Mr. Taylor, I read your note on my performance a short moment ago, and I have one or two major problems with your comments. Firstly, I was never contacted by you regarding my performance, although your note says that I refused to speak with you. That is simply not true. Secondly, I never called Mr. Buffett an idiot. The notion that I called Mr. Buffett an idiot was something that the internet spun up and out of control after a speech I gave earlier this year in Spokane, Washington. …[M]y performance was stellar in my Canadian fund until two instances in recent weeks wreaked havoc upon me. One was the surprise purchase of Marvel Comics, which was my largest short, by Disney and the second was the massive one day collapse of Molson’s on a day when its earnings were stellar and yet the stock fell 11%…. Regards, Dennis Gartman

Taylor responded the same day:

Dear Mr. Gartman: It’s an inauspicious start to our dialogue that you call me a liar though I am happy to supply you with my cell phone records, which will show that I did indeed call you twice last week and left a message. I’m not lying, so please don’t say or otherwise imply that I am. We’re not going to get along at all if you do. As for telling the truth, here is a quote from the Wall Street Journal, June 19, 2009: “The Oregonian reports: `Warren Buffett is an idiot,’ he [i.e. you, Dennis Gartman] said, emphatically, in a short interview after the speech. `Shame on Warren Buffett. That’ll be a good quote for your article.’” This isn’t something manufactured in the Internet’s vortex. It’s you speaking to a journalist. Is the Oregonian lying? As for your pair trades and your unfortunate short sale of Marvel, who cares? The numbers speak for themselves. Sincerely, Fabrice Taylor

It’s Taylor’s last line that I find most instructive for investors. Investors tend to get overly focused on their near misses when they should be reflecting instead on their own poor judgement or an overall failed strategy. As R.L. Reid from the University of Exeter in his article “The Psychology of the Near Miss” states: “A near miss is a special kind of failure to reach a goal, one that comes close to being successful. …[F]ailure to reach an anticipated goal produces frustration which acts to strengthen ongoing behaviour”. In other words, near misses can inhibit an investor from recognizing that they may actually need to pause and change their strategy—or worse, inhibit them from recognizing that they may actually be unable to win “the game” at all.

As an investor, own your performance. It’s a result of YOUR decision making. And if those decisions have crippled your performance, you probably took on too much risk.

Balance and diversification. THAT’s a can’t-miss strategy.

See? Free lunches still exist.

Doug Rowat, FCSI® is Portfolio Manager with Turner Investments and Senior Vice President, Private Client Group, Raymond James Ltd.

116 comments ↓

#1 For those about to flop... on 06.30.18 at 3:22 pm

Weekend rewind.

This week in how much articles.

The young pups over at howmuch had a bit of fascination with the Gyptocurrency this week.

They will move on if the price of alligator pears continues to spike…

M44BC

How Much do the World’s Highest-Paid Athletes Make?

https://howmuch.net/articles/worlds-highest-paid-athletes-in-top-sports

See How Much Each State Pays for Electricity in Two Maps.

https://howmuch.net/articles/electricity-rates-by-state

The Explosive Growth of the ICO Market in One Visualization.

https://howmuch.net/articles/the-ico-explosion-in-the-past-5-years

How Long is this Crypto Winter? Putting the Bitcoin Crash into Perspective

https://howmuch.net/articles/bitcoin-all-major-crashes

#2 For those about to flop... on 06.30.18 at 3:23 pm

Pink Lemonade Stand in Richmond.

Last year when I delved into the Richmond condo market I ,was able to find people in trouble and subsequently taking losses almost at will.

I backed off attached for a while and concentrated on the detached in my Pink Snow Folder for the remainder of the year,and early this year.

After seeing Zolo stats that condos were negative year over year and being encouraged to try and help a few kids out with the latest information,let’s see what these guys are up against.

Picked up for 680k in January 2018 and the sale confirmed in April.

Originally bought as a pre-sale and flipped once for a tidy profit, these guys might have been caught in the wrong place at the wrong time.

Seen conflicting evidence whether it has just had a price reduction,but in the end it doesn’t matter and the most important numbers are ,bought for 680, for sale for 699k

Maybe no Pink Lemonade spilt yet on this one, but don’t squeeze the ketchup too tight…

M44BC

505 Ketcheson Rd,Richmond.Paid 680 January 2018 ass. 605

Asking 699k.

https://www.zolo.ca/richmond-real-estate/3233-ketcheson-road/505

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

Feel free to make a donation.

Flop For Fox Fund…

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

#3 TurnerNation on 06.30.18 at 3:50 pm

This is embarassing. These people traded 30 years of hock for payment, repair of these seriously uncool houses at the end of their service lives, which by any standard of decency, would be torn to the ground.
In Kanada we put them on the front page:

https://torontolife.com/real-estate/found-way-beat-market-buy-house-age-30/

#4 Tony on 06.30.18 at 3:57 pm

The short sellers were right but got fleeced. No one is there to reimburse them for all their profits. The central bankers are still walking.

#5 baloney Sandwitch on 06.30.18 at 3:59 pm

Remember almost every prophet out there has something to sell — be it a book, newsletter, website, research or investment — that will supposedly protect against a crash.
People who listened to these goomer morons (like Hussman, Schiff, Dent, Faber, Roubini, Schecter) in 2009 missed out on the 2nd longest bull market in history (will likely become the longest).

PS: Garth excepted of course.

#6 conan on 06.30.18 at 3:59 pm

The worst thing in business is the near miss. Lots of work, no credit, and you don’t know when to stop, before getting hurt.

France beats Argentina

Final 16 so winner gets a music video.

King of Bongo

https://www.youtube.com/watch?v=a_UqAMQT_LE&index=3&list=PL4FAooHbjbIGzTmaBJJrJBseYNuxR3zw3

#7 Free Lunch on 06.30.18 at 4:17 pm

Doug good afternoon, and if your offering a real free lunch count me in. It will be on a future Sunday for the lunch buffet, because have no need for a diet and eat a lot. Its nothing short of the best in town with very nice entertainment, so it won’t break your piggy bank. Its none other than the Free Times Café, and reservations are a must.

#8 The Great Gazoo on 06.30.18 at 4:40 pm

Back in January, 2016 Gartman said this:

GARTMAN: Crude oil will never trade back above $44 ‘in
my lifetime’

http://www.businessinsider.com/dennis-gartman-crude-oil-call-2016-1

Crude closed above $74 yesterday. Great call Ace!

https://www.cnbc.com/

#9 tccontrarian on 06.30.18 at 4:40 pm

“As an investor, own your performance. It’s a result of YOUR decision making. And if those decisions have crippled your performance, you probably took on too much risk.”-GT
****************************************

I couldn’t agree with you more! If my broker calls me and offers opportunities/advice, it’s MY decision to accept or reject (I have full-service accounts alongside self-directed ones.)

As far as Dennis Gartman goes, I think I’ve mentioned before that he’s one of the best contrarian indicators out there – and he’s FREE!

TCC

#10 Larry B on 06.30.18 at 4:51 pm

Greed is what drives the near misses. Ego attaches to the idea that I can’t be wrong and so you head into the abyss. Who will profit the most in your decisions, you or your “advisor”? In less than 10 years, Doug has mastered the investment world with his diversified methodology? As a nihilist it is easier to perceive the foolishness of mankind. Spend less than you make and you have nothing to worry about. Plus you don’t have to line the pockets of “advisors”.

#11 Oil on 06.30.18 at 5:04 pm

#8 The Great Gazoo – The Beast just called the King of Saudi requesting that he opens the tap. Where is the Prince? Saudi isn’t confirming, but other countries are increasing the supply of oil. OPEC is in a state of confusion, so flip a coin for now.

#12 Funds on 06.30.18 at 5:04 pm

So, I guess an ETF can be as bad as a MF?

Speaking of which, what it the difference between ETF and MF?

Thx

#13 islander on 06.30.18 at 5:20 pm

DITTO!
“As an investor, own your performance.”
No one cares as much about your money as you do.
Understand risk, educate yourself and make a plan. Are you a gambler, a day trader or an investor?
Learn the difference and act accordingly.

#14 SmallTownSteve on 06.30.18 at 5:24 pm

Gartman is so contrarian that if one did the exact opposite of him you would be ahead 95% of the time…

#15 A Yank in BC on 06.30.18 at 5:24 pm

People should ask themselves why it is that those who write investing newsletters for a living don’t just follow their own advice and become fabulously wealthy.

#16 OCAP Ontario Coalition against Poverty on 06.30.18 at 5:27 pm

NO FREE LUNCH in Doug Ford’s Ontario my friend:
https://www.thestar.com/news/canada/2018/06/30/ohip-to-no-longer-give-kids-young-adults-with-private-insurance-free-medication.html

Doug Ford is going to cut welfare, healthcare, education and municipal funding so that he can pay his crony developer buddies to construct more penthouses on the Greenbelt.

Extreme statements weaken your argument and make you sound like a dogmatic moron. Be careful. – Garth

#17 The Revolution on 06.30.18 at 5:49 pm

Well its gathering momentum with 700 marches across the USA with hundreds of thousands. They are angry at the Beast with fists in the air, and screaming bloody murder at this tyrant. This will be the beginning of many woes, unless the Beast gets his act together. The world of today is far from normal, so get your liquid investments into a balanced diversified portfolio in order to weather this storm.

#18 Smoking Man on 06.30.18 at 5:50 pm

Happy Canada Day.

Any xpats in the Greater LalA area. Best party south of lake maskoka. https://www.canadiansinoc.com/event-content/2017/7/1/canadaday2018

#19 Fish on 06.30.18 at 5:52 pm

Pic Wicked Air time Fantastic

#20 A Yank in BC on 06.30.18 at 5:53 pm

“what it the difference between ETF and MF?”

All other things being equal.. they are the same thing, except the MF only trades (buy/sell) at its closing price for the day.

#21 Smoking Man on 06.30.18 at 6:12 pm

Crude surged almost 10 ten bucks last two days. USDCAD lost 2 cents. That is bloody scary. Trudeau should call an election right now.

#22 Doug Rowat on 06.30.18 at 6:17 pm

#15 A Yank in BC on 06.30.18 at 5:24 pm

People should ask themselves why it is that those who write investing newsletters for a living don’t just follow their own advice and become fabulously wealthy.

Beware anyone selling newsletters or stock tips. Burton Malkiel said it best:

“If such a regularity [for solving the market] was known to only one individual, he would simply practice the technique until he had collected a large share of the marbles. He surely would have no incentive to share a truly useful scheme by making it available to others.”

–Doug

#23 Ace Goodheart on 06.30.18 at 6:46 pm

So down in the USA Trump has decided to do real estate deals with the North Koreans in exchange for throwing the South Koreans under the bus. He has further set up special relations with the Kremlin to further US and Russian relations.

He hates Canada. And Western Europe. We are his worst enemies other that Hispanic South Americans and Mexicans, whom he holds in cages.

So when we are dealing now with the USA we are really dealing with the Trump family. They like foreign states to pander to them. Give them deals. Above all promote their real estate interests. The Trump family is all about real estate.

Important thing to remember is we are no longer dealing with a country when we interact with the USA.

We are interacting with a despot and his family. We can obtain concessions from that despot by appeasing him, making him look good and furthering the economic interests of his family.

So all Canada really needs to do, to make this all go away, is to give the Trump family preferential real estate deals, give his family companies breaks and incentives and support the Trump family in Canada.

That is what the despot wants. Really, it would be cheaper just to do that.

This whole trade war thing is missing the point….

#24 Fish on 06.30.18 at 6:50 pm

#21 Smoking Man on 06.30.18 at 6:12 pm

Pretty informative, how do you even fine the time inbetween Walmart flip flops and part 2 of the book?

#25 conan on 06.30.18 at 6:52 pm

#21 Smoking Man on 06.30.18 at 6:12 pm

Pretty sure they are considering it. If it looks like a long drawn out trade war, they will pull the trigger.

Better to have 5 years to fix this mess. A year and a bit might not show well.

#26 Stan Brooks on 06.30.18 at 6:55 pm

Dennis Gartman had some limited ideas at the time but is ‘causa perduta’ for quite a while.

1. He is pretending to know the commodity business, he called himself ‘the commodity king’ but that knowledge is old and rusty.

2. He is pretending to be an investor and advisor, but is acting like a day trader with very bad flop-flop habits and wildly swinging opinion based on very small fluctuations in markets.

He is increasingly becoming an Internet joke with his consistently wrong calls and the frequency with which he is changing it.

You can make some money on betting against him.

TV personality basically with the attitude of a gambler who proved to be notoriously wrong in shorting.

Shorting is for trading, not for investing, specially passive investing.

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


As an investor, own your performance. It’s a result of YOUR decision making. And if those decisions have crippled your performance, you probably took on too much risk.

As an investor your performance is not only based on you strategy and execution excellence, but also on the access to relevant data.

With the information overload and noise around it is somehow difficult to pick up the correct information and the proper sources for it, so many like Mark on this blog end up with crazy ideas about deflation or Canadian markets potential for example.

so don’t pay too much attention to the information diarrhea coming out from the ‘official’ sources like CHMC and BoC, or the real estate cartel, even the banks.

This baby/the housing market and the Canadian bond and potentially stock market (short of huge commodity boom) with it is going down big time.

#27 actions speak louder than words on 06.30.18 at 7:06 pm

https://ca.usembassy.gov/president-trump-sends-canada-day-message-governor-general/
I do not buy these sugar coated words at all.

#28 Reynolds531 on 06.30.18 at 7:07 pm

#12

An ETF is a mutual fund. The difference is only in the mechanical part of trading.

#29 CJBob on 06.30.18 at 7:18 pm

#1 For those about to flop… on 06.30.18 at 3:22 pm
This week in how much articles.
____________
How much are you getting paid for linking to spam? We have google. If we wanted links we can find them ourselves. The same site over and over again. No idea why Garth has allowed this to continue.

#30 Newsletter on 06.30.18 at 7:21 pm

#22 Doug
“ He surely would have no incentive to share a truly useful scheme by making it available to others.”

After you bought your pick, wouldn’t you want the herd to follow you, to drive up the price?

It’s great to have the masses copy you, as long as you make sure you do the trade first, before everyone else.

Look what I just bought! You should do the same!!!

That kinda thing.

#31 When Will They Raise Rates? on 06.30.18 at 7:29 pm

Those Gartman letters were in the bathroom stalls not as reading material, but as ass wiping material.

#32 When Will They Raise Rates? on 06.30.18 at 7:34 pm

#16 OCAP Ontario Coalition against Poverty on 06.30.18 at 5:27 pm

NO FREE LUNCH in Doug Ford’s Ontario my friend:
https://www.thestar.com/news/canada/2018/06/30/ohip-to-no-longer-give-kids-young-adults-with-private-insurance-free-medication.html

Doug Ford is going to cut welfare, healthcare, education and municipal funding
————————-

^ That’s a great start!

#33 mike from mtl on 06.30.18 at 7:46 pm

#12 Funds on 06.30.18 at 5:04 pm
So, I guess an ETF can be as bad as a MF?

Speaking of which, what it the difference between ETF and MF?
//////////////////////////////////////////////////////////////////////

Almost every mutual encountered will be ‘active’ whilst most ETFs tend to be passive. Not 100 per cent rule but mostly.

Active ETFs are even worse than mutuals – Horizons warez even today still are garbage for amateurs.

As always in either case avoid sector, style, strategic or any other crap funds – stick with the basics. Buy and hold. If you think you know better, then buy it yourself directly.

Only reason to do passive is it sort of emulates a buy and hold diversification normally reserved for million+ portfolios.

#34 CanMex on 06.30.18 at 7:46 pm

I’m with Burton Malkiel (as per Doug #15). I have a “scheme”; it isn’t magic, but after 35 years it is still working, and I’m happily retired on the cumulative returns. This “scheme” is well-known and perfectly logical. If you want to follow it, all you have to do is read widely in the investment literature, and recognize that slow and certain wins the game. Be an investor and not a speculator. I’ll let you figure it out! It will cost you nothing except some brain exercise.

#35 For those about to flop... on 06.30.18 at 7:48 pm

Pink Lemonade Stand in Burnaby.

These guys with their latest enforced reduction would have cottoned on that they might be in the process of being fleeced.

They paid 1.94 in February 2017 and after starting the bidding off at 2.17 and then trying it on for 2.09 ,the price has now been sheared down to 1.99

Maybe their realtor will find a way to pull the wool over someone else’s eyes.

The fabric of the market is changing and some segments are hanging by a thread.

Maybe more than the front lawn will end up with skid marks on it.

Bah…

M44BC

4630 Northlawn Dr,Burnaby.paid 1.94 February 2017 ass. 1.86

Now asking 1.99

4630 Northlawn Drive, Burnaby, BC

Asking price history.

2018-05-08 : $2,178,000
2018-06-05 : $2,098,000

https://www.zolo.ca/burnaby-real-estate/4630-northlawn-drive

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

Feel free to make a donation.

Flop For Fox Fund…

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

#36 CanMex on 06.30.18 at 7:48 pm

I’m with Burton Malkiel (as per Doug #22). I have a “scheme”; it isn’t magic, but after 35 years it is still working, and I’m happily retired on the cumulative returns. This “scheme” is well-known and perfectly logical. If you want to follow it, all you have to do is read widely in the investment literature, and recognize that slow and certain wins the game. Be an investor and not a speculator. I’ll let you figure it out! It will cost you nothing except some brain exercise.

#37 Fish on 06.30.18 at 7:55 pm

oh Please, good reminder
Please don’t burn a CANDLE @ both ends

#38 Fish on 06.30.18 at 8:19 pm

Good to see 5 pumped that by, please remembe the CANDEL the
3 floor on fire at their everyone plus me, else outside waiting for firetruck

#39 conan on 06.30.18 at 8:21 pm

Uruguay 2 Portugal 1

and because of that…….

https://youtu.be/O1AajCyPOE0?t=42

Its like the Kalahari Desert outside……..

#40 For those about to flop... on 06.30.18 at 8:23 pm

Recent sale report/Realtor assistance needed.

Hopefully I can get a realtor to step up to the microphone and tell us what happened with this recent sale in Burnaby.

Sold 49 days ago ,and so if I don’t get an answer b.c assessment will most likely confirm the result in a couple of months,but the fresher the better.

They paid 2.06 in June 2017 and at the time of sale were asking 2.09

It was a steep drop off to the assessment at 1.85

Let’s see what happened at Selma.

Most likely the decline in detached marches on…

M44BC

6269 Selma ave,Burnaby.paid 2.06 June 2017 asking 2.09 ass 1.85

https://www.zolo.ca/burnaby-real-estate/6269-selma-avenue

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

Feel free to make a donation.

Flop For Fox Fund…

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

#41 Doug Rowat on 06.30.18 at 8:35 pm

#30 Newsletter on 06.30.18 at 7:21 pm
#22 Doug

“ He surely would have no incentive to share a truly useful scheme by making it available to others.”

After you bought your pick, wouldn’t you want the herd to follow you, to drive up the price?

It’s great to have the masses copy you, as long as you make sure you do the trade first, before everyone else.

Also beware the newsletter writer who front runs you.

–Doug

#42 Kool Aid on 06.30.18 at 8:43 pm

#21 Smokey,

I know, right, 10 dollar spike in 2 days on WTI and USD is up, up, up… fear to overpower greed in 4, 3, 2….

#43 Fish on 06.30.18 at 8:46 pm

How does a third floor candle burning get away with It!’??

#44 ShawnG in TO on 06.30.18 at 9:10 pm

Gartman letters are still extremely popular today, but you certainly have to know how to use it. if you are a reader of zero, you’d know.

#45 MF on 06.30.18 at 9:11 pm

#12 Funds on 06.30.18 at 5:04 pm
“So, I guess an ETF can be as bad as a MF?

Speaking of which, what it the difference between ETF and MF?”

-Hey I take offence to that!

MF

#46 Ponzius Pilatus on 06.30.18 at 9:45 pm

So far, the Russians and Putin have probably put on the best World Cup in history.
Not bad for commies, I’d say.

#47 Street Party on 06.30.18 at 10:07 pm

Trudy will be attending a street party in southern Ontario tomorrow sometime after 11:00 AM, and there is a rough crowd waiting for him. I have spent many years reading the comments on articles, but nothing like this before. I cannot tell if its all directed at USA or him personally, but ‘all’ are very angry. He had better watch out for the unruly boys and girls about, because they might throw a few eggs or tomatoes his way, and then there are the union workers who lost their jobs.

#48 Stoner on 06.30.18 at 10:29 pm

As always, Air Marshal Carlin has the final word on Near Misses
https://www.youtube.com/watch?v=zDKdvTecYAM

#49 Toronto on 06.30.18 at 10:42 pm

On Friday and Saturday 10 went down, but the night isn’t over yet, and what about Sunday? Those with money, trades, education, and special skills move out of the GTA. Find another place to live where the cost of living is affordable, opportunity abounds, and live in peace away from crime. Above all, stop living in utter denial, and do your research because its not going to ever get better.

#50 Smoking Man on 06.30.18 at 11:01 pm

The evilest thing the school system did to kids is they taught them to judge people by decorum only.

Achievements mean nothing.

Trump, rud, obnoxious, generates the lowest unemployment in history for blacks and Hispanics. Lowered corporate and personal tax and is going to get a GDP 4 to 5 %.
Investment dollars free flowing to the USA.
Built a 10 billion dollar empire on a million loan from pops.
His Decorum sucks 1/2 Americans hate him.

T2 the newly schooled love him. Great Decorum.
It would take all night to list his current and guture failers.

It is sad, kids that think like this are doomed.

#51 Dirty Karl on 06.30.18 at 11:18 pm

Flop, please stop.

#52 Topsy-Turvy on 06.30.18 at 11:26 pm

Kudos Doug, it was good read!

#53 MF on 06.30.18 at 11:41 pm

46 Ponzius Pilatus on 06.30.18 at 9:45 pm
“So far, the Russians and Putin have probably put on the best World Cup in history.
Not bad for commies, I’d say.”

-Nobody cares.

MF

#54 Josh on 07.01.18 at 12:06 am

Hey Doug,

Very nice entry. I’m always super curious about what happens behind the scenes at financial institutions and this was fun.

Speaking of Horizons, what is your vibe on swap-based ETFs? You think they’ll go the way of Claymores forward agreement funds and be shut down by the feds?

#55 majik on 07.01.18 at 12:09 am

He shorted Marvel even after the release of the first Iron Man movie in 2008, what a tool!

The fact that he called them Marvel ‘Comics’ means he had no idea of their busness model just an emotional feeling. Marvel Films/Enterprises had been in the movie licensing business for over a decade by the early 2000s.

In 2005 they renamed to Marvel Entertainment with a $525m loan from Merrill Lynch & Co to finance their own huge slate of movies. The first under this self-financed movie deal was Iron Man in 2008, it raked in over $500m at the box office, basically paying off the loan. Disney purchased Marvel 18 months later for $4bn.

#56 EP on 07.01.18 at 12:22 am

Looking at the financial advising industry as a whole and over time, they do not even beat the s&p 500 index, and those who do match or even beat it by a bit still end up returning Iess to their clients after all fees are factored in.

Given where we are with s&p500 at this point basically spinning the wheels for the last 5 months, looks like things are running out of steam and people will be lucky to get a few % out of it even by year end.

Also knowing that nasdaq and s&p500 dip by 30-70% peak to trough when shtf, it does not seem worth staying in the market, much less entering the market for a few more % points now. You may leave a few % on the table now but you’ll be much better served taking a break and coming back when all the dust settles in a bit …or stay in, ride it out, and provide liquidity for the smart money.

#57 Evangeline on 07.01.18 at 12:27 am

#50 Smoking Man

Last week I heard some people on CBC Radio dissing President Trump for dissing Maxine Waters. The dishonest or ignorant people talked about Maxine like she was a delicate flower, and neglected to mention the nasty nasty stuff she says about him all the time.

With such one-sided discussions on the airwaves it’s hard for people to get any perspective. Or maybe feminism now means women can say whatever they want about men, and men are not allowed to say anything back.

#58 Yanniel on 07.01.18 at 12:55 am

Refreshing post. Thanks Doug.

Happy Canada Day everybody!!!

#59 Jeff on 07.01.18 at 1:31 am

Why were you shorting Marvel back then?
I sold all my Marvel stock around the time the first Thor movie came out. I feared a collapse of the US dollar.
So dumb.
Third worst investment decision I made.
(Learning the hard way is quite effective $

#60 Smoking Man on 07.01.18 at 3:22 am

When your Dr. calls you up says based on an ekg you have had a few heart attacks. You are pounding coffees in the morning so all the drunks at the tax farm don’t know you are drunk. Your wife asks. What did the Dr say. Honney he said I was going to 100

#61 NEVER GIVE UP on 07.01.18 at 4:37 am

#107 Dolce Vita on 06.30.18 at 12:02 am
#23 TheDood

You should NEVER have returned, just have VISITED.

CAUTION: yet another N. Italian RANT – read at your own peril.

I live in NE Italy now and many friends say I should return to Canada (apparently, they miss me…lost on me…I think misery loves company instead). My response:

For the food & produce ALONE I would not return.

Simple examples:

Italian grocery chickens are the size of a Canadian grocery chicken breast (Canadian chickens the size of Italian turkeys – we do not steroid juice pig the dung out of our animals). And yes Canada, we do know how to raise animals. Recall, we have horse races older than you (Il Palio).

And for the holier than thou Vegetarians, your veggies are GMO and Roundup tainted and neither are ours wax coated shiny and perfect like yours (and our tomatoes are not ethylene gas matured like yours are, why our sauces taste so much better). And yes, your grain Canada is restricted in use here in Italy due to being RoundUp tainted (blame Monsanto and not the Farmers).

And the rest (e.g., World Heritage Sites, etc.) are obvious about this pint sized country 1/3 the size of “Supernatural” self-important BC.

And, we are not a 3rd World country either (although, on GDP growth you could argue thus, yet, we are happy and plod on). Then again, Italy has the #2 ranked healthcare system in the World per WHO, smug Canada is #31 always comparing itself to hapless America at #34 or so.

My theory about YVR:

Parochial. Provincial.

Explains their RE market.

You should have stayed overseas.

In my 3 years in Italy (and traveling the EU extensively – not a 3rd World tourist…if you do not have a Milan to shop for clothes in or something like a Venice to hang out at within 1 hour of leisurely travel…I will not visit you…why I stopped visiting the rest of the EU) – also, not a fan of Asian or Middle Eastern cuisine, if you can call it that…why I will not visit them either (at some point, you do have to eat).

And no, I do not work for Tourism Italia, it is self-evident…well, except for the parochial and provincial raised on pork chops, Big Macs, Tacos and Kool Aid thinking that Granville Street & the West End represent the epitome of Culture.

Parochial. Provincial (Cars, Canucks and Canadian…the 3 C’s of YVR).
====================================
I have been thinking this way for some time now.
Nice to see someone who thinks the same.
Your comments are nudging me more and more towards South Europe.
I am sick of this No Fun City provincial back water.
It is really just a money laundering paradise.

#62 Wrk.dover on 07.01.18 at 5:17 am

https://www.attorneygeneral.jus.gov.on.ca/english/estates/calculate.php

Ontario estate tax. On the entire estate. Not on individual beneficiaries. Who knew?

There is a loop hole, right on that page though.

Figure it out.

#63 Oft deleted much maligned stock.picker on 07.01.18 at 5:26 am

Gartman was a gold caller….never a stock picker. When he changed hats , like Joe Granville, he lost his mojo….and then his credibility. We used to call that…”the hot hand’. Some guys do well for a while….and then they don’t. Remember “The Dines letter”….in the heyday of ursnium? Buffet has never been an idiot….but in his sixty years as a stock picker he’s made some bad calls….really bad. I disagree with the 60/40 play because bonds will always be an anchor on your portfolio. I don’t like index plays or the etf model because they buy dogs and strays that lag and linger. Buy good companies that pay a dividend…there’s no science to it. You be right more often than your wrong….that’s how money be made.

#64 Stan Brooks on 07.01.18 at 6:52 am

#61 NEVER GIVE UP on 07.01.18 at 4:37 am
#107 Dolce Vita on 06.30.18 at 12:02 am
#23 TheDood

You can’t explain Europe to stupid.
They will tell you how it it will break and sink any moment despite centuries, millennia of civilizations surviving, living pretty good life actually.

Bang on on food, if Canadians only knew what they are eating on daily bases…. GMO, pesticides, growth hormones, antibiotics, nitrates, glucose fructose syrup, farmed fish, Fukushima sushi (Monsanto rice, glowing of radiation pacific salmon)

but it seems the sheeple is fine with that, as it fine with glass condos, cardboard particle homes, etc.

So enjoy those brick and stone houses that last centuries, the nice weather, the fresh and pretty much organic produce combined with fresh fish bought directly from the fisherman, french and Italian cheese and wine, food with incomparable quality and taste.

You can’t change a madhouse turned into mental institution.

#65 dharma bum on 07.01.18 at 7:13 am

“A near miss is a special kind of failure to reach a goal, one that comes close to being successful. …[F]ailure to reach an anticipated goal produces frustration which acts to strengthen ongoing behaviour”.
——————————————————————–
“Missed it by ‘that’ much!”

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

https://www.youtube.com/watch?v=ox-NkyEFTmo

#66 Penny Henny on 07.01.18 at 8:37 am

A write up on Tesla.
This one is for you Ace Goodheart

http://aswathdamodaran.blogspot.com/2018/06/twists-and-turns-in-tesla-story-boring.html?utm_source=Daily+AR&utm_campaign=e1863739df-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_c08a59015d-e1863739df-144097405

#67 Reality is stark on 07.01.18 at 8:52 am

The government is going to make out like bandits on this real estate fiasco that they created.
Property taxes are the gift that keeps on giving.
As this tragedy unfolds there will be a lot of marriage breakdowns and unreported suicides.
The government received a lot of tax money from the sector on the way up and is now getting the last of the largesse through CRA enforcement.
The nice part of it was that the government didn’t have to do any heavy lifting by properly educating the workforce. They got to create more social justice warriors with soft skills of little value other than to fight for money in family court.
Now Canadians are realizing that they have been hoodwinked but it is too late. Poverty is coming rapidly as the housing sector unwinds and the trade war picks up steam. The layoffs will be coming fast and furious.
Trudeau will only be able to watch as Rome burns.
Expect the family court laws to become even more onerous. Enjoy living in your car.

#68 akashic record on 07.01.18 at 8:57 am

#64 Stan Brooks

Speaking of food…

Match Made In Hell: Bayer-Monsanto Partnership Signals Death Knell for Humanity

https://www.zerohedge.com/news/2018-06-30/match-made-hell-bayer-monsanto-partnership-signals-death-knell-humanity

#69 MF on 07.01.18 at 9:05 am

64 Stan Brooks on 07.01.18 at 6:52 am

-European history is about violence, persecution, tribalism, and corruption.

The “civilizations” you mention are either a construct of post ww2 reconstruction or the fall of the USSR. Most of Europe’s countries are about 20 – 60 years old. Even Italy as we know it only unified in the 1800’s.

Canada has a massive Italian population, with tons of food options.

-NEVER GIVE UP:

If you feel BC has mega money laundering and corruption. Please go to the southern EU. You haven’t seen anything yet.

MF

#70 Say Cheese on 07.01.18 at 9:10 am

https://www.dairygoodness.ca/cheese/canadian-cheese/repertoire/makers
Buy Canadian and support the farmers. Who said we don’t make good cheese?

#71 Ponzius Pilatus on 07.01.18 at 9:14 am

Condo mania seems to be over in Richmond.
http://www.ovlix.com/ca/property/6gYoAb-123-9366-Tomicki-Avenue-Richmond-BC-V6X0N9

#72 Doug Rowat on 07.01.18 at 9:14 am

#54 Josh on 07.01.18 at 12:06 am
Hey Doug,

Very nice entry. I’m always super curious about what happens behind the scenes at financial institutions and this was fun.

Lunches were alcohol free. Dinners were much more interesting.

–Doug

#73 Doug Rowat on 07.01.18 at 9:20 am

#55 majik on 07.01.18 at 12:09 am
He shorted Marvel even after the release of the first Iron Man movie in 2008, what a tool!

Yes, that might be the most unbelievable part of all. Plus you’re emailing a reporter–your poor judgement is certain to go public, which it did.

–Doug

#74 B Wilds on 07.01.18 at 9:29 am

Among all the recent news about euphoria and a market “melt-up” several reasons exist to be cautious. During the last two and a half years central banks and countries around the world have added more fuel to the fire which has postponed the day of reckoning. This has made all of us thinking the market was about to turn south looking rather silly and underscores the fact that trying to time economic events is both confusing and complex. Still, the fact the numbers do not work means reality will be visiting us soon. The reasoning is outlined below.

http://brucewilds.blogspot.com/2018/06/economic-reality-will-soon-be-knocking.html

#75 B Wilds on 07.01.18 at 9:32 am

I love your note!

• All comments are held a short time for moderation before being published. Please submit only once!

Multiple submissions must drive you crazy.

#76 Ponzius Pilatus on 07.01.18 at 9:43 am

Dougie,
Tell us more about these raunchy dinner parties.
I sense, deep down you wanted to be the next Gordon Gekko.

#77 Food And Wine on 07.01.18 at 9:48 am

Did it not occur to you that many immigrants from Europe came to Canada. They brought their trades with them as farmers and winemakers creating family owned farms, businesses, and wineries too. The Italians for example in Southern Ontario became wealthy manufacturing product that can be bought in Canada, and is being shipped to USA. We do not need European like you might believe because they are here too, growing and manufacturing products the same old way that it was done in the old world. Southern Ontario has commercial greenhouses that in area are the largest in North America. You name it, and its made in Canada including the finest chocolate products.

#78 I’m stupid on 07.01.18 at 9:52 am

Just a common sense observation regarding Doug Fords change to Ohip coverage. What benefit plan will offer coverage to employee children when cutting them will give them free coverage?

#79 Oft deleted much maligned stock.picker on 07.01.18 at 9:56 am

A good example of a great where the fundamentals proved up I’d Enbridge. Great dividend……beaten up in the press on behalf of the windmill carpet baggers…..but what a week …..up $10 bucks….if you’d bought during the trial….which I did. You only need a few of those a year ….so keep doing your homework. The Cisco pop was similar last month…..up $10 . Be cool on Canada Day folks……Trudeau is no where near our flag.

#80 crowdedelevatorfartz on 07.01.18 at 10:14 am

@#29 CB
“If we wanted links we can find them ourselves.”
++++++
Not if the Realtor association had anything to say about it.
Specific addresses, Verified sales, verified prices, verified histories.
Saved me the search.
Dont like it?
Scroll past.

#81 crowdedelevatorfartz on 07.01.18 at 10:19 am

@#46 Ponzi
“So far, the Russians and Putin have probably put on the best World Cup in history.
Not bad for commies, I’d say.”
++++++
Putin a communist?
Hardly.
I think you’d find him in the dictonary under “dictator for life”.
Bread and Circuses keep the mob placated…..have another piece of bread.

#82 crowdedelevatorfartz on 07.01.18 at 10:33 am

@#51 Karl
Dont like hearing the truth?
Dont like verifiable stats about the declining real estate market?
Want to keep the real estate ponzi chugging along ….eventually ruining millions of lives?
Want the Ministry of Realturd to continue it’s “doublespeak” to the uniformed masses ?

There was another Karl that lived in a fantasy of his own creation.
His last name was Marx

#83 Dinners on 07.01.18 at 10:37 am

#72 Doug Rowat – I bet you take your wife to Jacob’s and Co. to celebrate on occasion, or perhaps at your old destination called Frans.

#84 crowdedelevatorfartz on 07.01.18 at 10:38 am

@#57 Evangeline
“Or maybe feminism now means women can say whatever they want about men, and men are not allowed to say anything back….”
+++++
Pretty much sums up the politically correct times we live in.

#85 conan on 07.01.18 at 10:48 am

#78 I’m stupid on 07.01.18 at 9:52 am

The Liberal plan acknowledged that point and just gave all children free drugs under OHIP.

The Doug Ford Conservatives seem to think that Business owners will not instruct their group insurance carriers to eliminate drug coverage for employee’s children.

Doug’s plan works until renewal time for the company’s group insurance. The broker will inform his client , and if they don’t, it won’t be long before another broker comes along and takes the business.

Unless the Doug’s come up with a rule that does not allow companies to adjust their coverage in this way…….

Don’t know how they can do that.

#86 Dissident on 07.01.18 at 11:08 am

“Secondly, I never called Mr. Buffett an idiot.” – Lmaooo

Also, check out the double-speak on the Realtor.ca website – https://www.realtor.ca/

“LIVE WITH NO REGRETS” “The experience of a Realtor can help ensure that the purchase of your first home doesn’t become a life sentence. Learn more.”

Hmmmmm…lol

#87 Westcdn on 07.01.18 at 11:25 am

Well the cards have been dealt in a trade war. Canada will have to wait a few weeks for Trump’s response and I don’t believe he is bluffing about tariffs on imported autos. The Mexicans should have a new socialist government after today – a wild card for sure. As much as I distrust Trump, he does seem to be a patriot and not a globalist. Plus he is not treating Canada better or worse than any other country.

As much as rolling over for Trump irritates me, I think it is best to accede to minor demands and wait for him to go away although his replacement could be worse. His trade desires for more advantageous trade agreements and domestic jobs is understandable to me. Americans first within their borders is also understandable to me. I would not negotiate a long term deal with Trump as honour does not appear to be his long suit and he treats people like monkeys or sheep but then those are traits of many politicians.

I don’t like all Americans or Canadians but as an Albertan, I think our southern neighbours treat us fairly although it seems to be largely through ignorance. I get a kick out this story about what may be the worst real estate deal. https://www.nytimes.com/1995/12/29/world/a-120-year-lease-on-life-outlasts-apartment-heir.html
Women sure can live a long time. Not likely I will make 90.

Another story I get a kick was from a friend’s father who accepted an enhanced retirement package from a big 3 auto company at the age of 50 in 1983. Health benefits included and cost of living protected. He is now 95 and confirms his health benefits were a godsend but his wife died a few years ago. Lucky, some have it and others don’t – karma?

#88 Big Kahuna on 07.01.18 at 11:34 am

So far this year Toronto’s homicide rate higher than NYC-I guess diversity has gotten rid of the old “Toronto is boring” label https://www.blogto.com/city/2018/06/toronto-homicide-rate-now-higher-new-york/

#89 Doug Rowat on 07.01.18 at 11:34 am

#63 Oft deleted much maligned stock.picker on 07.01.18 at 5:26 am

I disagree with the 60/40 play because bonds will always be an anchor on your portfolio.

An anchor for safety and security, which is why we hold them. It took a strong stomach to be equity-only during the S&P 500’s 57% plunge during the financial crisis.

–Doug

#90 For those about to flop... on 07.01.18 at 11:43 am

Pink Lemonade Stand in Coquitlam.

These guys decided after their latest reduction to set up a Pink Lemonade Stand in the front yard as the margin for error is getting tight.

Picked up for 1.75 in September 2016 ,they tried it on for 2.09 ,then 1.99 but most of the city’s detached has to be at minus 10% of the assessment number,which comes in at only 1.63,to get some action.

Jamaica?

No,she did it of her own accord…

M44BC

1325 Kingston Street Coquitlam, Burke Mountain

Paid 1.75 September 2016 ass1.63 asking 2.09 ,then 1.99,now 1.86

https://www.zolo.ca/coquitlam-real-estate/1325-kingston-street

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

Feel free to make a donation.

Flop For Fox Fund…

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

#91 MSM on 07.01.18 at 11:45 am

Anyone who believes this is not being controlled must be sleeping. The medium is the message and believe nothing what you see in the world of politics, finance, or real estate for example – Garth tells the truth, and the way it is, within the investment world. There is a war raging with about 10 nations involved, but why is this not on the news? The UN just issued a report that if its not stopped by the end of 2018, 18.4 million will die, and have this report. I know what the end goal is really about, but will not disclose this yet because we are sitting on it – just two of us for now.

#92 The Great Gazoo on 07.01.18 at 11:50 am

#79 Oft deleted much maligned stock.picker on 07.01.18 at 9:56 am

“I’d Enbridge. Great dividend……beaten up in the press on behalf of the windmill carpet baggers…..but what a week …..up $10 bucks”

I know it well and own it. The stock was NOT up $10 this week but more like $5, still a nice bounce for sure.

http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=CA%3AENB&insttype=Stock&freq=7&show=&time=3

This as you probably know was due to the favourable decision on Line 3 by the Minnesota PUC on Thursday. This decision could have very well gone against the company and the stock would likely have fallen.

#93 Evangeline on 07.01.18 at 11:52 am

#80

“Dont like it?
Scroll past.”

I agree and thanks for saying it.

#94 Ponzius Pilatus on 07.01.18 at 12:16 pm

#77 Food And Wine on 07.01.18 at 9:48 am
Did it not occur to you that many immigrants from Europe came to Canada. They brought their trades with them as farmers and winemakers creating family owned farms, businesses, and wineries too. The Italians for example in Southern Ontario became wealthy manufacturing product that can be bought in Canada, and is being shipped to USA. We do not need European like you might believe because they are here too, growing and manufacturing products the same old way that it was done in the old world. Southern Ontario has commercial greenhouses that in area are the largest in North America. You name it, and its made in Canada including the finest chocolate products.
—————
Swiss chocolate is produced from cows grazing on Alpine meadows.
Travel to South Italy and eat a fresh tomato and you’ll taste the difference.
But then again , maybe not.
North American palates have been distroyed by MacDonald’s and Tim Horton’s.

#95 Canada Day on 07.01.18 at 12:23 pm

#84 crowded – Are you watching Canada Day on television because the message is clear? The program being presented is going over the top. The medium is the message indeed, and I get it lol.

#96 For those about to flop... on 07.01.18 at 12:27 pm

Pink Lemonade Stand in Vancouver.

This heavy hitter was on the back burner in my Possible Pinkies Folder, but when I checked in to see what they had decided to do , they are now a legit case.

The main reason I kept this case was the large discrepancy between the original ask and the assessment.

Purchased for a flat 6.0 in April 2017 after holding out for 6.98 to try and make it worth their while,they recently hacked the best part of 600k off the ask and with what has happened with the luxury market,coupled with the low assessment,this one appears now to be a recovery mission.

Latest assessment is 5.4 and could be lower at years end.

Has the potential to be a substantial loss or they might just hang on if they can’t get this number.

They will probably be wondering what have they done?

Oh dear,Adera…

M44BC

5987 Adera st,Vancouver paid 6.0April 2017 ass. 5.4 asking 6.98 now 6.39

https://www.zolo.ca/vancouver-real-estate/5987-adera-street

https://www.bcassessment.ca/Property/Info/QTAwMDAwMUJBNQ==

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

Feel free to make a donation.

Flop For Fox Fund…

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

#97 Stan Brooks on 07.01.18 at 12:55 pm

To all ‘farmers’ protectors.

There was a documentary, google it on farmers markets selling resale produce from big stores/large suppliers as their own produce.

All the soy you consume is GMO.

Glucose-fructose syrup, used everywhere as sweetener (including in your bread, pop) is made of GMO corn treated with pesticides and is number one cause of diabetes, hence over 1 million diabetic patients in Ontario alone.
In Europe they use sugar.

Bourbon is made of GMO corn as well. Drink Scotch and Irish whyskey.

This is what you eat:

https://usrtk.org/pesticides/mdl-monsanto-glyphosate-cancer-case-key-documents-analysis/

https://www.ecowatch.com/glyphosate-found-in-urine-of-93-percent-of-americans-tested-1891146755.html

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5044953/

https://www.momsacrossamerica.com/glyphosate_testing_results?page=2


Urine Testing also Shows Levels over 10 Times Higher than in Europe

Water Testing shows 70% of American household’s drinking water positive for above detectable levels

The rich buy from healt stores, organic farms directly.

In a ways one can argue that it is good that the sheeple can not reproduce due to that mortgage.

Wonder why there are that many autistic kids to a degree to celebrate the birth of a ‘normal’ kid?

Cheers,

#98 tccontrarian on 07.01.18 at 12:56 pm

#9 tccontrarian on 06.30.18 at 4:40 pm

“As an investor, own your performance. It’s a result of YOUR decision making. And if those decisions have crippled your performance, you probably took on too much risk.”-GT
****************************************

I couldn’t agree with you more! If my broker calls me and offers opportunities/advice, it’s MY decision to accept or reject (I have full-service accounts alongside self-directed ones.)

As far as Dennis Gartman goes, I think I’ve mentioned before that he’s one of the best contrarian indicators out there – and he’s FREE!

TCC
**************

“As an investor, own your performance. It’s a result of YOUR decision making. And if those decisions have crippled your performance, you probably took on too much risk.”-GT

(Sorry, I meant DR, not GT)

#99 I’m stupid on 07.01.18 at 1:32 pm

#85 Conan

Exactly, Fords plan is like asking for voluntary tax. We all know that won’t happen lol!

#100 James on 07.01.18 at 1:37 pm

#21 Smoking Man on 06.30.18 at 6:12 pm
Crude surged almost 10 ten bucks last two days. USDCAD lost 2 cents. That is bloody scary. Trudeau should call an election right now.
=================

Great to see actually.

#101 SoggyShorts on 07.01.18 at 1:39 pm

#50 Smoking Man on 06.30.18 at 11:01 pm
The evilest thing the school system did to kids is they taught them to judge people by decorum only.

Achievements mean nothing.

Trump, rud, obnoxious, generates the lowest unemployment in history for blacks and Hispanics. Lowered corporate and personal tax and is going to get a GDP 4 to 5 %.
Investment dollars free flowing to the USA.
Built a 10 billion dollar empire on a million loan from pops.

**************************
There is a YUGE difference between a normal loan and Trump’s daddy bucks.
1. If he failed he was 100% insured because daddy would just give him more, and that opens up better “risk” opportunities. (Imagine if your casino bets were 100% insured!)
2. He was born with all the connections you could possibly hope to gain in a lifetime.

As for employment success in America right now, wasn’t Trump kinda “born on third base” again following Obama? I mean dropping unemployment from 4% to 3.8% doesn’t impress me as much as going from Bush’s 9% down to 4%.

This is the constant issue with American leadership and the 8 year maximum term. Policy changes often take longer to take effect, so the next guy gets all of the credit/blame. I’m 100% sure whoever replaces Trump will reap the fallout of his tax cuts and other changes.

#102 commonsense on 07.01.18 at 1:46 pm

#16 Doug Ford is absolutely right in cutting free prescriptions for those with private insurance. The only ones benefiting were the insurance companies – made no sense whatsoever.

#103 SoggyShorts on 07.01.18 at 1:53 pm

#1 For those about to flop… on 06.30.18 at 3:22 pm
Weekend rewind.
This week in how much articles.

#29 CJBob on 06.30.18 at 7:18 pm
How much are you getting paid for linking to spam? We have google.

#51 Dirty Karl on 06.30.18 at 11:18 pm
Flop, please stop.

#80 crowdedelevatorfartz on 07.01.18 at 10:14 am
#82 crowdedelevatorfartz on 07.01.18 at 10:33 am
@#51 Karl
Dont like hearing the truth?

**************************************
I’ve said before that the pink ones should be put into a database, or a sortable/filterable table on another website, but whatever- some find it interesting and relevant, even if spreading it out over 365 pages a year reduces its usefulness by 99%
It’s the “How Much” articles, not the pink ones that are being complained about this time
Wouldn’t it be simpler for Garth to just add a link to that site? If that’s not something he wants to have, then what does copy&pasting the info here do?
The potatoe/mustache sites have relevant info to this blog too, what if someone were to copy and paste from there every day?

I don’t really care all that much either way, but I am curious to see what your defence of the “how much” spam is.

#104 Election Update on 07.01.18 at 2:04 pm

#87 Westcnd – They call him AMLO, and the people are voting for him, because he’s the only one who can take on the Beast. AMLO just threatened his opponents that there better be no monkey business with the vote or there will be consequences. The assassination count is 132 because political opponents get shot in Mexico and such is life.

#105 Bobby Bittman on 07.01.18 at 2:09 pm

#61 NEVER GIVE UP on 07.01.18 at 4:37 am
#107 Dolce Vita on 06.30.18 at 12:02 am
#23 TheDood

Born in Vancouver. Been to Italy and Europe many times. I like the vibe and the food very much there. The litter not so much.

YVR has always been a bit “out there” and definitely the wild west in recent years but the mountain views are nice and the tap water is excellent.

Happy Canada Day!

#106 MF on 07.01.18 at 2:13 pm

#94 Ponzius Pilatus on 07.01.18 at 12:16 p

Have not ever had Tim’s ever and have not had McDonald’s since the early 90’s.

Please tell me how a tomato grown in someone’s yard is different from the same species of tomato grown in Europe?

Are there no McDonald’s in Europe?

MF

#107 crowdedelevatorfartz on 07.01.18 at 2:21 pm

@#95 Canada Day
” The program being presented is going over the top….”
+++++
Yep.
Never underestimate the ability of a politician to use tax payer dollars to wrap themselves in the flag and self promote.
I have friends that live in Ottawa. They decided to flee the oppressive heat and humidity (39 cel today!) and fly to NYC for the weekend.
They’d rather smell the rotting garbage of a New York summer than suffer through the jingoistic, politically correct, claptrap that poses as the Federal govts. celebration.
Even Trudeau is giving it a pass this year.

#108 Stan Brooks on 07.01.18 at 2:27 pm

#88 Big Kahuna on 07.01.18 at 11:34 am
So far this year Toronto’s homicide rate higher than NYC-I guess diversity has gotten rid of the old “Toronto is boring” label https://www.blogto.com/city/2018/06/toronto-homicide-rate-now-higher-new-york/

——————————–

Sad.

I guess it will take another decade to install subway platform barrier doors.

https://www.blogto.com/city/2018/06/ttc-subway-platform-barriers-toronto/

first feasibility study
then RFP
then environment study
then….

Sad, 45 people jumping in front of a train annually in Toronto.

#109 Yuus bin Haad on 07.01.18 at 2:35 pm

Poor Dennis – apparently an inverse HAG was being considered at the time, but … well, …

#110 For those about to flop... on 07.01.18 at 3:03 pm

#103 SoggyShorts on 07.01.18 at 1:53 pm
#1 For those about to flop… on 06.30.18 at 3:22 pm
Weekend rewind.
This week in how much articles.

#29 CJBob on 06.30.18 at 7:18 pm
How much are you getting paid for linking to spam? We have google.

#51 Dirty Karl on 06.30.18 at 11:18 pm
Flop, please stop.

#80 crowdedelevatorfartz on 07.01.18 at 10:14 am
#82 crowdedelevatorfartz on 07.01.18 at 10:33 am
@#51 Karl
Dont like hearing the truth?

**************************************
I’ve said before that the pink ones should be put into a database, or a sortable/filterable table on another website, but whatever- some find it interesting and relevant, even if spreading it out over 365 pages a year reduces its usefulness by 99%
It’s the “How Much” articles, not the pink ones that are being complained about this time
Wouldn’t it be simpler for Garth to just add a link to that site? If that’s not something he wants to have, then what does copy&pasting the info here do?
The potatoe/mustache sites have relevant info to this blog too, what if someone were to copy and paste from there every day?

I don’t really care all that much either way, but I am curious to see what your defence of the “how much” spam is.

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

I have addressed these questions multiple times.

If you are not paying attention,not my problem.

Stop moaning and find a way to contribute.

You guys sound like a bunch of selfish sooks…

M44BC

#111 conan on 07.01.18 at 3:27 pm

Russia beats Spain in a shoot out. Huge win for Russia, and a difficult music video choice for me.

Russia is very much like Japan in regards to modern music. Meaning, I don’t want Japan to win any more games either.

https://www.youtube.com/watch?v=K_uviMr9kl8

#112 Trumpocalypse2018 on 07.01.18 at 3:39 pm

The Summer of Hell is here. Before it is too late, you may still avoid new US tariffs on toilet paper and other supplies, just buy from smaller retailers. Come next week, it will be too late.

War and global chaos will be part of the heatwave.

PREPARE.

#113 Gravy Train on 07.01.18 at 4:14 pm

#107 smelly elevator on 07.01.18 at 2:21 pm
“… suffer through the jingoistic….”

I wasn’t planning to comment here anymore, but when someone gets it really wrong I point it out.

“Jingoism is extreme chauvinism or nationalism marked especially by a belligerent foreign policy.”
https://www.merriam-webster.com/dictionary/jingoism

“Jingoism is [hyper]nationalism in the form of aggressive foreign policy, such as a country’s advocacy for the use of threats or actual force, as opposed to peaceful relations, in efforts to safeguard what it perceives as its national interests. Colloquially, jingoism is excessive bias in judging one’s own country as superior to others—an extreme type of nationalism.”
https://en.m.wikipedia.org/wiki/Jingoism

Sorry, o smelly one, but right now, the U.S.—with Donald Trump as its head of state—has ‘cornered the market’ on jingoism. :)

#114 Trumpo on 07.01.18 at 4:46 pm

#112 My warehouse is stocked up with supplies so don’t panic. Unfortunately, my wholesale prices will be marked up ‘much higher’ for the smaller retailers to make me higher profits. The sky is the limit based on supply and demand with profits going from your pocket into mine.

#115 crowdedelevatorfartz on 07.02.18 at 10:33 am

@#113 Groovy Train

Any politician that wraps themselves in the flag to self promote is a jingoistic toady…… especially on the country’s birthday.
Give Trudeau time and falling polls. He’ll start waving the flag to pump up his popularity in the face of Trump’s bluster. Just wait for it.

Have some more Tim Horton’s poutine with extra gravy…thats about as Canadian as most canuck celebrants will get this extra long shopping weekend.

#116 Don't Believe The Hype on 07.04.18 at 1:56 pm

Doug,

Thanks again for a really well-thought out piece. It’s mind-boggling that someone would have a negative return after launching any type of fund/ETF in March 2009 when the markets had bottomed from the financial crisis. I think that the psychology of the near-miss would be very appropriate to explain what happened to HAG-T.

Regards,
DBTH