The moment

Elke “Wieselblitz” Vogelsang photo

.

By coincidence, not design (honest), the last two posts told you not to set your pants on fire, remain calm, go for a tummy rub and be a long-term thinker instead of a timorous chicken. How’s that for mixed images? But you know what I mean. Just chill. Especially this week. It could be a stinker.

My colleagues Sinan (he was vice-president of RBC Capital Markets in New York City) and Doug (a veteran portfolio manager and Bay Street analyst) had a simple message: stay invested. The storm will pass. It’s not actually different this time. Emotional decisions have poor consequences. The headlines are more dire than reality. We are not going over a cliff. Just for a ride.

Am I making any changes to the BD portfolio that Dorothy, Bandit and I share? Not a chance. The bonds will go up as the equities go down. And later the equities will recover and the bonds fade. The overall volatility will be contained for having 40% in fixed income, with the growth assets spread between Canada, the US and overseas markets, plus some real estate trusts thrown in for more diversification. The preferred shares have lost capital value as rates decline, but who cares? The dividend is great at 4.95% (plus a tax credit) and I’m not cashing them in, so the market value is moot.

For the same reason I don’t appraise my house every day and chart it, I don’t look at my portfolio daily, either. What’s the point? Markets go up. They go down. History shows that over 70% of the time the arrow is green. It also proves during the other 30%, a balanced investing approach cuts losses in half and makes recovery time faster. I know. I’ve seen this time and again over the decades. It’s worked for us. Bandit has enough liver treats to last a lot longer than he will.

Well, now, Trump.

As I write this futures indicate a drop of several hundred points when the Dow opens Monday morning (Monday am update: Futures have reversed as Trump says China now wants to talk. The roller-coaster ride continues.) On Friday China retaliated with new tariffs and Trump called the head of his own central bank an enemy of the state. He increased duties on $500 billion in imports (which Americans pay) then ‘hereby ordered’ US companies to exit China. Wow. Historic. Unmeasured. Markets like stability and order. He gave them chaos.

Then it got worse. At the G7 in France Trump let it be known he had ‘second thoughts’ about his China actions. His administration clarified, saying he regretted not raising tariffs more. And, of course, China responded. Meanwhile Trump and Japan’s PM Abe shook hands on a trade deal.

What does it mean if the war between the world’s two biggest economies continues?

Over the weekend the economics dudes at Scotiabank concluded Trump’s behaviour is that of a panicked man who is being played by Beijing:

In the last few weeks, the Chinese have seen Pres. Trump blink on imposing tariffs he threatened on August 1to impose on key consumer goods that dominate the Christmas season “just in case some of the tariffs would have an impact on US customers”. Similarly, they’ve watched him browbeat the Fed to provide further monetary stimulus while he’s also mulled additional fiscal stimulus through tax cuts—both implicit admissions that his economic policies aren’t working. Every President knows that a combination of slowing growth and declining markets is the biggest obstacle to a second term. With the possibility that US manufacturing production is contracting for the first time since 2009, Pres. Trump is showing signs of panic… China has weaponized Pres. Trump against the US economy—which could make his re-election more difficult and prospects for global growth weaker.

In practical terms, (a) Trump’s war will reduce US economic growth from over 2% down to just 1.2%. This is a disaster for Trump who boasted he could achieve 3% or more. (b) The Fed will have to cut interest rates four times, for a decrease of a full 1% from current levels, in order to bolster the economy. What Trump wanted. And, (c) the US will not be in recession as a result of this, but the odds of it happening increase.

Will lower economic growth, reduced corporate profits and cheaper stock values hurt Trump in 2020? This ‘right-wing’ president is also on track to preside over a budget deficit of $1 trillion – which has never happened before during a period of economic expansion. In fact the Congressional Budget Office is now forecasting annual shortfalls of $1.2 trillion for the next half-decade. A record.

In short, Donald Trump’s shining moment will soon arrive. “An eye for an eye will leave the whole world blind,” says Scotia of the trade war. The US president is no fool. But he is a rash, ambitious, arrogant, grandiose disruptor whose reach may have exceeded his grasp.

Things might get worse. Then they’ll get better. Stop looking.

105 comments ↓

#1 Flop... on 08.25.19 at 4:19 pm

Stuffed if I know how this is gonna go, but I’ll just start typing and send where I end up.

It was the summer of 1999 and I had recently done a few days work at Paul Allen’s house in Holland Park, London.

I had heard of one of his neighbors, surname Branson

I did not know who this dude was in all honesty.

A few days later I was called into the office, I was nervous as this had never happened previously and I was just a temporary worker on a work/tourist visa.

“We want you to go and work at Paul Allen’s Villa in the south of France”
boomed the manager of the department.

It wasn’t a question, it was a statement.

At first I said no, but they slowly worked on me and I reluctantly agreed to go down on a trail period.

I was working for a prestigious landscape company that mainly catered to the rich and famous of Greater London.

I am not a landscaper, I just decided I wanted to try and do something different and work at a new location every few days to see as much as I could of the city.

When I got to the south of France, at first to be honest, I was a little bit underwhelmed by the actual structure, seemed dated, but it is over 100 years old and after studying other villas in the area I understood the prestige of the area and the style of housing a little more.

The grounds and views were absolutely amazing.

I could tell stories of 2 million British Pounds garden sculptures being installed but what I will focus on is respecting someone’s wishes even though they would never have been asked such a meaningless question.

There were mainly three groups there, the British, of which I was considered one, due to the company I was employed by, the French, and the Americans, of which we were told his Paul Allen’s sister Jody was the CEO of a company apparently called Vulcan, which we were told was basically there to spend his money on his behalf.

Don’t know if all that is true that just what I was repeatedly told.

I went to work one day and was given the task of removing the speakers around the property’s Roman style pool.

I was just backpacking at the time and so I asked if I could take one home and annoy the neighbors with some music.

Was told by the British not to take one as they would check with the Americans.

Didn’t realize it was going to turn into an international scandal.

I thought they were being petty but respected their wishes.

A couple of days later I went to work and was pulled aside and given specific instructions.

Take all the speakers down to the rubbish area and smash each one with a sledgehammer so they cannot be used by anyone.

Say what?

At the time we were told that the client was the second richest man in the world behind Bill Gates.

There were lots of security cameras on the property, but due to the size, and in particular, undulation, there were also lots of blind spots.

I hated the decision, but I respected that it was someone else’s property and it was their right to choose what to do with it.

£800 each was what I was told they were worth, top of the line Bose, dunno, I just whacked each one with all my might to let the dissatisfaction dissipate.

Lots of other items were treated like this over the next nine months I worked there, everytime it annoyed me but that’s what they decided to do.

Had the billionaire actually been asked what to do with the stuff he might have chosen differently but the people he had chosen to represent him didn’t have a problem spending his money or make seemingly wasteful decisions.

It was their job to do so.

It was The Prince versus the pauper.

It’s got nothing to do with me how the Paul Allen’s and David Koch’s of the world spend their wealth, even when they seemingly shove it in your face.

Probably better to look at wasteful governments than any private wealth.

I am not a thief.

I bought a speaker at the mall and got on with life…

M45BC

———————————–

This is a picture of where I had the pleasure of calling my workplace for nine months…

https://www.pinterest.ca/pin/37436240631020589/

#2 Madcat on 08.25.19 at 4:34 pm

So… What would be good buys on Monday?

#3 Westcdn on 08.25.19 at 4:37 pm

When I bat, I seek to get on base. Let the others behind me hit the home runs. Let’s say I will steal bases in case it is only a single.

The algo’s running the market are nuts. Tell me how front running evaluates a business better. An ETF is a good thing if you are afraid of being wrong – welcome to the herd.

My investment in JE hurts. I decided to buy their preferred and a call option – major gamble but the rewards are there. I only do this a few times, life for me is fighting the odds. I only buy preferred when they are minor portion of shareholder equity and the company has good cash flow.

I am now leaning to perpetual preferreds – Forex, I could lose my shirt in 10 minutes or make more. Like gold but this market is too manipulated for my liking. I want steady dividends depending how it was financed. Only in Disneyland can you get what you want without compromising.

#4 604Sam on 08.25.19 at 4:43 pm

Inb4 gold nutters

#5 Paul on 08.25.19 at 4:48 pm

Reply to first , On a smaller scale all of the material used from the conversion of the indoor skating rinks to house the the influx of the new Canadians a couple years ago.
Went straight into the trash including 100’s of sheets of plywood. No one can waist other peoples money like the Government!

#6 Ken M. on 08.25.19 at 4:50 pm

Garth, have you maybe thought of doing a piece on life insurance for the seniors here who have to keep working in their 60s and think risk is going to vegas and hanging out by the pool?

#7 Paul on 08.25.19 at 4:53 pm

Big changes coming at CIBC, they are killing the penguin and more.

Climate change? – Garth

#8 The Limited Sage on 08.25.19 at 5:37 pm

“The (preferred shares) dividend is great at 4.95% (plus a tax credit) and I’m not cashing them in, so the market value is moot.” – Gman.

Garth, aren’t the majority of prefs rate reset, meaning won’t the dividend eventually be slashed when rates reset at a lower rate?

They typically reset once every five years based on the central bank rate. Nothing to worry about for a long time. – Garth

#9 Kelly on 08.25.19 at 5:38 pm

I didn’t know that Scotiabank was a stringer for CNN.
What nonsense.

#10 J on 08.25.19 at 5:39 pm

I was wondering if you could do a post about how to deal with downturns when you are retired and are drawing on investments as your revenue stream.

#11 crowdedelevatorfartz on 08.25.19 at 5:47 pm

@#1 Flop

yep.
The waste, the waste.
A friend spent 2 years building a room (library) in a house in West Van that duplicated the Library on Parliament Hill in minature. The room was absolutely amazing. The walls, floors, bookshelves, everything ….hand crafted.
The house was under construction for years
The designer was replaced/fired.
New designer hated it.
They tore the room out and started over.
My friend took some pics before he quit for his portfolio.
Apparently the new designer was bragging about using custom cut lumber from 600 year old Douglas Fir trees for the new flooring…..as if anyone would know the difference….disgusting.

I’ve done work on govt projects where perfectly good furniture, cabinets, computors, etc ….. all goes to be destroyed.

And we wonder why the planet is being buried in garbage.

The planet wont die….just the idiots on it.

#12 crowdedelevatorfartz on 08.25.19 at 5:51 pm

@#6 Ken M
“Garth, have you maybe thought of doing a piece on life insurance for the seniors here who have to keep working in their 60s….”

++++

O….M…..G…..
Life insurance for seniors that have to keep working because…….they have no savings?

And the point of the piece would be what exactly?
To further depress them?

#13 I’m stupid on 08.25.19 at 5:53 pm

Trump only cares about two things.

1. Himself
2. How he is viewed

I wouldn’t be surprised if he’s causing all this to purposefully rattle markets so he can personally gain. I mean 1 tweet can cause the markets to increase or decrease in value by 2-3%. I would never suggest that a sitting President would do this but Trump is different. He’s the poster boy for everything that 80s Wall Street was.

China is playing the long game. Having a president for life changes policy. Xi doesn’t need to worry about re-elections he can think 20 years out. I think a major flaw with having a term leader is that public policy must short term benefits, even if the long term consequences are dire. I’m not saying I would want a leader with no term because that’s not a democracy.

I think a better approach is not having a leader at all or political parties either. In Canada for example we would vote for MPs with 5 years terms and all the voted MPs collectively would set policy. Think about 300+ MPs freely thinking, being able to vote on policy without the treat of being tossed out of caucus negotiating with each other for the greater good. A simple majority would be needed to pass a bill. Corporate influence would be eliminated since it would be nearly impossible to corrupt over 150 individuals.

#14 KB on 08.25.19 at 6:01 pm

Thank you for your voice of reason in these turbulent times. I was much younger (and poorer) during the last major downturn so it’s good to see simple, straightforward advice to keep being reminded to, well, do nothing.

#15 Stone on 08.25.19 at 6:04 pm

#6 Ken M. on 08.25.19 at 4:50 pm
Garth, have you maybe thought of doing a piece on life insurance for the seniors here who have to keep working in their 60s and think risk is going to vegas and hanging out by the pool?

———

That’s a lost cause. Moving on…

#16 Yvrmc on 08.25.19 at 6:18 pm

Flop ….Apparently we had quite different working locales in our younger years . I got to look at grey concrete walls and floors often covered in vomit blood urine and feces …. I would have preferred your worksite !

#17 Blackdog on 08.25.19 at 6:23 pm

@Ken #6, disability insurance is more important to the over 60 person who still needs to work. How are you going to support yourself and those who depend on you if you are alive but disabled? Better to be dead perhaps? …kidding…sort of. Of course, it is also super expensive to buy private disability insurance at any age, but especially at 60+, so hopefully one has such insurance through their employment.

Regarding life insurance, if you still need it at 60+, term is the best way to go. Don’t get sucked into the ‘whole life’ or universal type policies that masquerade as investments.

#18 Dolce Vita on 08.25.19 at 6:26 pm

2018 US exports to China were $179.3 billion; imports were $557.9 billion says the Office of the US Trade Representative.

America wins that Trade War hands down as long as the American people continue to support Trump on this. For a balanced view watch

PBS Frontline “Trump’s Trade War”:

https://www.youtube.com/watch?v=4_xQ5JisFuo

It’s more complicated than your usual MSM 10 sec. snippet on the subject, items such as “Forced Tech Transfer”, Economic Cyber Spying/Hacking, which China has been doing for many years.

Stranger yet, US companies in China complain about the above but do not want action taken as they are making money there. Crazy.

Supposedly, the Trade War is about:

“Chinese Totalitarian Mercantilism vs. Western Liberal Democratic Capitalism”

and which system prevails (so Bannon says…he may well be correct).

In the meantime investors, workers take it on the chin financially.

————————————–

Buonanotte e Ciao d’Italia and its no Gov, Gov (President Mattarella will let us know on Tuesday – be grateful Canada for your political stability).

#19 Flop... on 08.25.19 at 6:34 pm

Geez, I didn’t realize my post at number one was so long.

The main point of my post, which may have been lost in my ramblings, was that blue collar bums shouldn’t concern themselves too much with what billionaires are doing with their money.

Don’t demonize these guys just because of a little jealousy.

A blue collar bum sticking up for billionaires, who’d of thought.

I mentioned that I originally didn’t want to go to France, partly because I don’t speak French.

I learnt roughly 100 phrases and was fine.

I also realized when I left France, and now every day on here, that my English is also substandard.

I’m a work in progress.

Anyway, here is a topical peace offering…

M45BC

USA vs. China Trade War Illustrated in 6 Visualizations

https://howmuch.net/articles/trade-war-in-6-visualizations

#20 Joseph R. on 08.25.19 at 6:36 pm

#9 Kelly on 08.25.19 at 5:38 pm
I didn’t know that Scotiabank was a stringer for CNN.
What nonsense.

—————————————————–

Can you explain, to us, the relationship between Scotiabank and CNN?

#21 Alessio on 08.25.19 at 6:43 pm

Confused. If bonds go up when stocks go down and vice versa then aren’t you always back where you started?? It’s like a continuous game of the card game war up $50 down $50 up $50 down $50.

Nope. Not a 1-for-1 correlation. Growth assets and fixed-income ones are different animals. – Garth

#22 Trumpocalypse2019 on 08.25.19 at 6:58 pm

Triggers of escalation are imminent. Trump’s foolhardy trade wars will become real wars in the blink of an eye.

PREPARE

#23 Shawn Allen on 08.25.19 at 7:03 pm

Tribal Thinking on Trade

#18 Dolce Vita on 08.25.19 at 6:26 pm
2018 US exports to China were $179.3 billion; imports were $557.9 billion says the Office of the US Trade Representative.

***************************
It’s basically consumers who are responsible for the $557.9 billion in imports. They voted with their wallets that they wanted those items and presumably China was the low cost source.

It is U.S. corporations that are exporting.

Should every Walmart shopper really care that Ford did not export a car to China?

Is there an economic theory that suggests that trade should be balanced with every country?

Does the U.S. run a trade surplus with some countries? I believe so and Canada is one example when services plus goods are both considered.

I run a deficit with every store I shop at. They buy nothing from me. Is that a problem? Is that a loss for me, no! Most people run a huge surplus with their employer. They sell their time to the employer and buy little or nothing from their employer. Is that a problem? No.

But, does the average voter think that a trade deficit with China is a loss? YES!

#24 Flop... on 08.25.19 at 7:09 pm

#16 Yvrmc on 08.25.19 at 6:18 pm

Flop ….Apparently we had quite different working locales in our younger years . I got to look at grey concrete walls and floors often covered in vomit blood urine and feces …. I would have preferred your worksite !

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

Hey North Shore,

You got to work at City Hall…

M45BC

#25 Vampire studies (doctoral thesis) on 08.25.19 at 7:12 pm

12 fartz – I just turned 60 and got a notice that my term life is up. it’s one of those “first to die” deals with my wife. I didn’t bother renewing as we’re pretty much financially secure. But if we had say only half the amount of assets, I would be working longer (as would wife) and I would probably get the same coverage but maybe only over a 5 year term.

Key to keeping premium down is being healthy, and
you just reduce the coverage to reflect the potential lost income or savings.

some quotes here

https://www.presidentsgroup.com/

#26 leebow on 08.25.19 at 7:13 pm

Trump’s problem is that he knows only one strategy – what is known as the game of chicken in the Game Theory. He played it against weak opponents – contractors and the like. That, almost invariably, got him what he wanted.

Trump did not realize that this is a totally new setup for him: it is a multi-stage game, as a dictator Xi has a higher tolerance for loss and a longer time horizon.

Unfortunately, he is unable to adjust. The natural response for him is to raise the stakes, which is what he is doing.

Luckily, Trump has one important property – his brain has a built-in safety mechanism, and can instantly recover from the harmful feedback loop by switching the target. A true marvel.

Tomorrow he may wake up with a firm belief that the whole tariff thing was Navarro’s idea and Trump himself is the biggest globalist of all times. He then will fire Navarro, establish a new criterion of success (a lunar expedition?), and pursue it in a similarly weird way.

Do you really believe that his tweets and announcements come after some sort of a deliberation? Do you really think there is a plan? Everything is off the cuff and from the hip. Sounds incredible, yes. But it is true. Just ignore him.

#27 Greg on 08.25.19 at 7:13 pm

It would have to be a doozie of a trade deal for China to let Donald off the hook. Poor timing Donald. China would love to see you outta there because your actually standing up to them (in my opinion.)I’ve always felt like China had an unfair advantage through devaluation of their currency.

#28 short horses on 08.25.19 at 7:18 pm

#2 Madcat on 08.25.19 at 4:34 pm

“So… What would be good buys on Monday?”

Globally diversified, low cost, indexed equity and fixed income ETFs.

#29 Shawn on 08.25.19 at 7:22 pm

Nah probably not.

The FED was the main culprit. They hiked rates 5 times between Dec 2017 and Dec 2018 to fight inflation that didn’t exist. All the while the rest of the world was easing. They tightened the bolt until the screw broke – now they must fix it. The FED has grown up fearing inflation in a world devoid of it and has been trying to “normalize” rates to an anachronistic time period. Those days are gone and not coming back.

The effects of tariffs are small. They make for great click bait and headline news but in reality the recent drop in oil prices more than make up for their effect on the consumer. Like him or not Trump is probably right imposing tariffs on China imports.

In the meantime government bonds have gone parabolic and are trading an equivalent valuations greater than tech stocks in 2000.

Pessimism among investors is higher now than it was at the Feb 2016 bottom.

The S&P500 likely ends 2019 >3100

#30 Shawn on 08.25.19 at 7:33 pm

A 30 year government bond yielding zero or negative is analogous to a stock with little or no earnings and/or fundamental support with a 100X+ p/e.

They’re the same.

Be careful what you pay for bonds. If the market is wrong losses will be significant.

Why would you buy a 30-year bond? – Garth

#31 Linda on 08.25.19 at 7:36 pm

One can only hope the American public replace Trump with someone who can exemplify reasoned leadership & presidential prestige. The current POTUS reminds me of a very bad soap opera, ripe for cancellation by the networks.

In the interim, keep calm & stay balanced & diversified:)

#32 Dolce Vita on 08.25.19 at 7:38 pm

Off topic (sort of). I like to look at tourism stats. since if people are making money they love to vacation and the converse is true since it’s an easy cost saving to make when times are tough. This is me looking for any Global Recession signs.

Up until August, Italian Gov. reporting tourism up, something like +2.8% vs. last year.

Apparently, this year we have eclipsed the French in terms of stays (our 216.5 million vs. their 140.7 million). The Spanish number 1 at 301 million. Some stats use landings. Just ’cause they land in the UK or France doesn’t mean they stay there for very long.

Living in “IL BEL PAESE” you realize quickly (beach observations, Venezia Piazza San Marco, etc., etc.) that it’s not the complete picture. The above stats claim that MOST of those stays are from the French (for the food and culture) and the Germans (for the heat, nude suntanning at our beaches and food you can actually enjoy unlike the gruel they consume back home).

The French and the Germans are NOT #1 and #2 tourists to Italia in terms of tourist arrivals, drum roll:

The Swiss are.

You can hardly blame them, all they have is mountains, the odd lake and it is very expensive there. Since they are just over our border, they come often – mostly day trips as they do not show up on the stays list.

Here are January to June 2018 tourism arrivals (in millions, again 2019 up from these numbers):

Swiss 6.2 (day tripping cheapskates, probably why they are so wealthy)

French 6.0 (they will tell you outside of France, only other country you can get a decent meal in the EU, I’ll attest to that)

Deutchers 5.9 (nude beaches, “real” food)

Österreich 3.2 (like the Swiss, no beaches, find them in the NE beaches, quick hop by train for them)

Les Anglais 2.8 (they go to Puglia ’cause it’s cheap, like them)

Excited States of America 2.0 (they’re EVERYWHERE)

Putin’s Spawn 0.46 (you’ll find them in Rimini)

Canada, yeah! 0.44 (room for improvement AND stop bathing in centuries old Bernini fountains you cretins!)

Japan 0.22 (Venezia & Amalfi is where you’ll find them)

As far as the EU goes, apparently we are #1 with the Chinese, the Americans & of course, the Germans and French. Lucky us.

I’ve been across the EU and you just don’t see the crush of tourists like you see in Italia, maybe in España (what’s there not to love about Barcelona). The Spanish come in droves to Venezia’s Carnevale…they are such a fun people, dress shitty though…they could do with a shopping trip to Milano.

So, in conclusion, 2019 tourism still strong here in Italia though it seems to me Sept. and Oct. slower than usual (personal observation this year of how easy it was to find planes, trains and hotels in those months – usually not easy).

I’ll have to wait for the Sept., Oct. stats and get back to you all if there is a slow down in our tourism – an indicator people are cutting back on discretionary spending.

———————-

Since the World visits us, another indicator of a Global Recession. None so far in terms of tourism.

—————————————————-

Ciao d’Italia*

*Trampled to death by all you “Turisti”. 1 stat not reported is the number of stays by Italians, just as many as the tourists – so double that 216 million.

*Again Canada, stop bathing in our centuries old fountains designed by artwork Masters and for the Love of God, learn how to row a Gondola first before hijacking one and then having our Coast Guard rescue your sorry asses.

#33 expat on 08.25.19 at 7:39 pm

Stay the course?
Never take profits
Stocks go down, bonds go up and vice versa?

Sounds like advisors trying to keep their monthly run rates going.

Not taking profits is foolish imho. Stocks are up 300% in 10 years. Why would one not take profits?
To get another 2-20% maybe?

MArkets do not go up forever? Markets stagnate for years sometimes and god forbid go down in bear markets which last usually 1/4 of the time of the bull?

There are always entry points. You have made nothing in stocks this year if you held?

A trader doing simple profit taking at tops has made 50-100% in stocks this year.

Yes I get it that most can’t trade. Yes investing in March 2009 and holding made 300%.

But holding into a recession at the end of a business cycle is madness imho.

When you are up 30% in 2 months and don’t take profits
Why are you in the markets?
When you make 20% in bonds in 6 months then don’t take profits???

Sorry I sounds like a mugs game to me…

Then you missed all the posts about rebalancing. Pity. – Garth

#34 expat on 08.25.19 at 7:44 pm

To all your bitcoiners out there.
We told you so…
You trades were never anonymous nor hidden.

IRS and soon CRA is sending you letters about those bitcoin profits you supposedly made but didn’t claim.

https://www.zerohedge.com/news/2019-08-25/internal-revenue-service-sends-new-round-letters-crypto-holders

good luck to you.
__________________________________________

Using the information provided by third-party systems — such as crypto exchanges and payment systems — the IRS has been able to determine the amounts traders owe and included the amounts in dollars in the notices. Individuals who have received these notices are required to pay within 30 days, starting on the delivery date indicated in the letter.

If you think the exchange — on which you traded — provided your details to the bureau, you are probably right, but do not hold it against the exchanges. The regulation stipulates that all broker and barter exchange services are required by law to annually report trader activity on a 1099-B form, send it directly to the IRS and send a copy to the recipient.

#35 Lost...but not leased on 08.25.19 at 7:50 pm

Flop..

Shoulda hid those speakers in CrowdedFartMans cranial cavity and smuggled them out…

PS: enough extra room for baby grand piano.

#36 crowdedelevatorfartz on 08.25.19 at 7:59 pm

@#13 Im Stupid
“Xi doesn’t need to worry about re-elections he can think 20 years out….”

+++++
Dictators usually think long term……

#37 Shawn on 08.25.19 at 8:05 pm

You know what I mean.

#38 Dolce Vita on 08.25.19 at 8:06 pm

“Then you missed all the posts about rebalancing. Pity. – Garth”

SO true.

From your “Regs” like me:

“We hold these Truths to be self-evident…”.

‘Outta Here…Buonanotte.

#39 crowdedelevatorfartz on 08.25.19 at 8:06 pm

@#25 Dr. Vampyre

I’d say that anyone who is self disciplined and diligent enough to have Life insurance coverage (for their spouse or children) in the event of an early 60’s, sudden death….

Probably has the focus to have made wise financial decisions prior to having a “jammer”.

I’d be surprised at the amount of “seniors who are still working’ having Life Insurance unless it was just to cover the mortgage….?
Most people just seem to scrape by pay cheque to pay cheque….

#40 crowdedelevatorfartz on 08.25.19 at 8:09 pm

@#35 Lost …. but no one’s looking
“Shoulda hid those speakers in CrowdedFartMans cranial cavity and smuggled them out…
PS: enough extra room for baby grand piano….”

+++++
Sometimes the love for me here is touching….

#41 Flop... on 08.25.19 at 8:15 pm

#35 Lost…but not leased on 08.25.19 at 7:50 pm

Flop..

Shoulda hid those speakers in CrowdedFartMans cranial cavity and smuggled them out…

PS: enough extra room for baby grand piano.

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

Hey Lost, I can say with great confidence that Crowdie is way smarter than me.

Heck, even my buddy NoName, who makes spaghetti out of the English language each time he types, has still got me beat…

M45BC

#42 bullwinkle on 08.25.19 at 8:56 pm

Garth,
Your anti-Trump syndrome is nauseating.

Perhaps you failed to notice I was quoting a bank. Go tell them. – Garth

#43 Dolly Rama on 08.25.19 at 9:20 pm

Why on earth would anyone support unbalanced trade with China or any other country. We should never have got there in the first place. We need to buy less crap of better quality and okay prices. We need to bring more jobs back home. We need to do more (to match what they do here) business in China with regulation matching what they encounter in the West.

Bless Trump for negotiating what makes total sense and should have never happened.

Why the lamestream media needs to dub everything war, white supremacy, misogyny and all other rubbish also makes no sense.

The reality of it is that those that cannot and do not get stuff done, do little other than criticize those that do.

#44 bullwinkle on 08.25.19 at 9:28 pm

My comment stands.

Of course it does. Your mind is closed. – Garth

#45 Grunt on 08.25.19 at 9:30 pm

It took months of covert planning & flying for Henry Kissinger to finally arrange a face-to-face meeting between Chairman Mao and the US president.

Trump in 1 tweet last week “America doesn’t need China..”

#46 The Dude on 08.25.19 at 9:32 pm

My RBC is showing CPD’s current yield is almost 5.75%
If it drops much more I might start to drool and pick some more up. But I guess I’m crazy since the world is coming to an end and should be buying gold and canned beans.

#47 NoName on 08.25.19 at 9:35 pm

Now that DV mentioned tourism and recessaions in same sentence, I think it’s time to revisit recession indicators, other that yield curve and those that are often mentioned.

I personally like hemline index, but buy what I observed over the last little while don’t looks good. How about in Italy DV, at what level is hemline index over there???

And on a side note I just find our that beside Baltic dry index there is a Baltic wet index…

https://www.google.com/amp/s/amp.businessinsider.com/bizarre-economic-indicators-2012-8

#48 Jackson Tsui on 08.25.19 at 10:16 pm

Trump panicked? Seriously? Au contraire. It’s the lib-tard globalists that have been panicked into a long as time gasp frenzy to try and save the failing “new world order”. A prime example is Hong Kong. People there finally woke up to the fact that they were being ‘absorbed’ into a gelatinous facist state of social control.

If you want to look at panic Lok no farther than Hong Kongers desperate gambit to remain free. The state if complacency in the west is truly frightening. Obama unleashed a toxic spitball at the heart if democracy and his insane lickspittle politico drones have spent billions on propaganda to convince brain dead Canadians to accept a fate of submission.

China has bamboozled western liberals for decades by playing the “oh poor me” card. In fact the communists party members are China’s billionaire elite. And people here have regurgitatated the nonsense that David Koch was evil? At least Koch wasn’t harvesting organs from prisoners or razing villages for a condo development. His crime, according to lib-tard globalists? He funded democracy and freedom.

Look at brave little HK as an example of what your life when you realize that your freedom has been taken away.

Trump is freedoms general. If you hate Trump because of something you heard on late night TV, you’ll deserve the fate globalism has in store. Fight on Hong Kong. Don’t go quietly in the black goo of lib-tard facism. The HK fight should have produced a Hemingway by now because they have stared ‘ for whom the bell tolls’ in the face. But, today’s lib-tard bribed media has abandoned all journalistic principle. It seems they/you are resigned to watch freedom fail.

https://www.zerohedge.com/news/2019-08-21/attom-report-15-million-vacant-us-homes-most-zombie-foreclosures-found-state

Alt-a and sub prime was a conversation rage until most got bored with a subject few understood. It’s still here. Don’t forget the Blackstone and Marriot Homes own millions more houses not yet released for sale.

#49 leebow on 08.25.19 at 10:29 pm

#43 Dolly Rama

You correctly point out the issues. Somehow you fail to observe that Trump’s actions are counter-productive. He is a one-trick pony and that trick doesn’t work in international relations.

#50 Someone likes T2! on 08.25.19 at 10:50 pm

Melania seems tired of the orange one…….

https://pbs.twimg.com/media/EC2merDU4AAyHUm.jpg

#51 Yanniel on 08.25.19 at 10:57 pm

“History shows that over 70% of the time the arrow is green. It also proves during the other 30%, a balanced investing approach cuts losses in half and makes recovery time faster. I know. I’ve seen this time and again over the decades. It’s worked for us. Bandit has enough liver treats to last a lot longer than he will.”

I like my odds better. When time series momentum 12 months look-back tells me to get out I’d listen( not there yet, maybe soon). I know: Math is hard and most don’t care four it.

Good for you Bandit. Really. Lovely being.

#52 S.Bby on 08.25.19 at 11:10 pm

So the Democrats can’t get Trump out of the White House but maybe China can …

#53 Ponzius Pilatus on 08.25.19 at 11:17 pm

#7 Paul on 08.25.19 at 4:53 pm
Big changes coming at CIBC, they are killing the penguin and more.

Climate change? – Garth
———
About time.
The most annoying bank commercial ever.
“you’re richer than you think” is a close second.

#54 conan on 08.25.19 at 11:38 pm

Many think he is a fool.

#55 Ooh on 08.26.19 at 12:12 am

“he is a rash, ambitious, arrogant, grandiose disruptor whose reach may have exceeded his grasp.”

I suspect Trump and you would get along great!

#56 yvr_lurker on 08.26.19 at 12:47 am

As much as I generally despise Trump and his way of polarizing the masses, of giving full license to all sorts of bigots, and of furthering the racial divide, I do believe that he is right about digging in his heels to get a fairer trade deal with China. China has been stealing technology for years (making companies give over trade secrets for market access, sending in “scientist” spies to Los Alamos and silicon valley, and it keeps its consumer market relatively closed to outsiders. There the Gov’t offers all sorts of subsidies and exercices centralized control over key industries. The USA was correct to ban Huawei, and Canada should follow the US, Australia, and New Zealand, and do likewise. Imagine one day receiving “updates” on your Huawei phone (like Apple does now with Iphones). Are you going to feel comfortable knowing what is exactly in the update. Malware, stuff for spying, all under the potential control of the Chinese Gov’t? I would never buy a Huawei device.

That being said, I have been to China roughly 10 times for work, and I am impressed with the considerable progress they have made in improving in material terms the lot of many of their people. Their form of capitalism, and strong education, has lifted the lots of many of their people. However, their Gov’t operates under different rules than the west, and thinks nothing of violating human rights for “complainers”, putting bogus charges on political detainees when it suits them (the two Canadians this past winter are clear examples), and bullies their neighbours (Taiwan and Phillipines, etc..) on a regular basis.

Bottom line is that we (US and Canada) should try to develop connections with other countries so as not to be overly reliant on the whims of the Chinese Gov’t. A fairer trade deal is needed now, rather than waiting until the west becomes more and more indebted to that one Country. Bring back some manufacturing jobs to North America and have a longer term view of seeking out other countries (other than China) for the production of consumer goods (India, Indonesia, etc..). I am fine paying a little more if I know that some jobs are coming back from overseas.

#57 Tony on 08.26.19 at 12:50 am

Re: #29 Shawn on 08.25.19 at 7:22 pm

Inflation is nearing the ten percent mark annually in America today and is increasing. Redefining the inflation rate doesn’t make it go away. Powell’s mandate is to fight inflation that’s his job just like in the days of Paul Volcker.

#58 Tony on 08.26.19 at 12:57 am

Re: #31 Linda on 08.25.19 at 7:36 pm

Hillary stated she’ll no longer run for the presidency.

#59 Smoking Man on 08.26.19 at 2:49 am

Midnight here in Socal..

Risk on dogs…..do not underestimate the Donald..futers surging..

#60 result keluaran hk on 08.26.19 at 5:47 am

DELETED

#61 AlienSoldier on 08.26.19 at 6:55 am

So what does this mean for housing? With rates dropping should there be an increasing in prices and sales? I was thinking about buying in the next two years as I have the means and my savings are now set.

#62 Gurpal Nurrumdar on 08.26.19 at 6:56 am

What will we ever do without dollar store junk made in China?
Canada is scared because any negative economic news from China collapsing after USA finally smartens up and stops being their slave will massacre Canada’s little weak economy that is dependant on people buying crap to fill their ugly homes.
Canadians debt will finally come to bite them hard in the downtown and it will ruin Canada.
A little pain for the USA will be long term gain for them though.
It’s ok though #trudeau plans to buy more socks and will cry a lot, because it’s 2016.

#63 dharma bum on 08.26.19 at 7:13 am

Wanna retire?
Dump your real estate.

https://business.financialpost.com/personal-finance/family-finance/for-couple-with-net-worth-of-3-4-million-comfortable-retirement-is-a-matter-of-when-not-if

#64 dharma bum on 08.26.19 at 7:17 am

Fear and Loathing on Wall Street.
I can’t wait until Trump croaks and his body is shot out of a cannon directly into a filth ridden sludge-infested cesspool. Just like Hunter S. Thompson suggested that they should have done for Nixon, the last sociopathic criminal that was out of control in the U.S. in the 70’s.
Why is it that every now and again a psychotic megalomaniac has to foul up the delicate balance of the financial world while falsely encouraging the deplorably ignorant losers of society that they are being empowered?
Mass stupidity reigns supreme.
Hang in there dogs.
Patience will be rewarded.

#65 Eddie on 08.26.19 at 7:35 am

Trump is gonna win 2020 for the simple reason that the Democratic party has no likeable leader and no coherent vision.

Basically, in 2020 Trump is running against his own stupidity.

#66 crowdedelevatorfartz on 08.26.19 at 9:31 am

@#62 Gurpal
“Canadians debt will finally come to bite them hard in the downtown and it will ruin Canada….”

++++

My “debt’s” never been bitten “downtown”…. does it hurt?

#67 crowdedelevatorfartz on 08.26.19 at 9:40 am

@#53 Ponzie Pilot

“About time.
The most annoying bank commercial ever.”
+++++

True.

Never could understand what the penguin had to do with CIBC…..

But then again a few years back , when Sears( or was it Eatons or The Bay?) Canada was going bankrupt and laying off thousands and closing most of their stores……. they spent millions upon millions on the singing and dancing “Aubergine” commercials…..(even the singers seemed to be grimacing during the commercial)….. i realized that most executives at the top are so far removed from the day to day reality of their customers….. THEY ( not their companies) deserve bankruptcy.

#68 Oh Canada, I weep. on 08.26.19 at 9:45 am

#64 Dharma Bum ? Wow, so not Kerouac.

More importantly.

https://www.thestar.com/opinion/star-columnists/2019/08/25/canada-must-face-it-jihadi-jack-is-ours-now.html

#69 Yuus bin Haad on 08.26.19 at 9:54 am

If you don’t like the direction futures are headed, just wait five minutes

#70 Sed Hu on 08.26.19 at 9:57 am

#49 leebow

So getting China (and others) to balance trade, countries to pay their load of Nato, stopping illegal immigration, and getting people jobs in your own country doesn’t work. According to CNN and AOC at least.

All these things need to be corrected. And everyone knows it. Even if they dislike who is finally doing it.

The reality is that politics have become a joke. Most people vote for a leader based on how friendly they are and how good they look. They actually have no idea of track record or platform.

Case in point my wife voted for Trudeau and now spits blood because marijuana is more accessible. The world spent 40 years restricting cigarettes and then they make marijuana with no filters legal. Total sense.

Mr. Socks is pleasing the party as usual telling everyone how good trade relations have been with each G7. He has done zippo to further our own trade other than giving up close to $2b in ag and then using our tax dollars to “fix it”. God help us.

#71 Eks dee Siple on 08.26.19 at 10:15 am

Just saw your Monday AM update… DJIA seems okay. Good thing I did nothing. One would think the news is all a fake Hollywood show…LOL… Where’s ITCHy these days? u ok buddy?

#72 Eks dee Siple on 08.26.19 at 10:23 am

Crowded… No, you read it wrong. The ‘debt’ does the biting. Let’s expand our minds on a Monday… there actually are no particles in the universe except maybe protons, the rest are made up by the “Cult of the Particle” physicists, who just invent new particles when they run out of ideas. In fact, there are no electrons, no photons, no dual nature of light. Proof: Light “enters” a prism, slows down, then mysteriously speeds up again upon exiting. Hmmm…. what happened to common sense? Yes, Johnny, the aether exists after all, as Tesla said.

#73 Dissident on 08.26.19 at 10:35 am

Along the same lines of this blog post, I found this article, it’s worth reading. Really puts things into perspective and the bottom line is – don’t panic! The media is taking some artistic liberties and spinning things out of proportion.

https://www.marketwatch.com/story/the-media-is-lying-to-you-about-trumps-china-tariffs-2019-05-14?mod=MW_story_top_stories

#74 Westcdn on 08.26.19 at 11:17 am

JE has been a personal wreck. Yet it gives me the opportunity to explore the world of option trading. I have never written/sold an option – the famous covered call. At my minnow level, the rewards are small but possible. Education is not free for me so I will act like an army sapper. The main problem I see is how small the Canadian market is and the resultant liquidness but a contract is a contract (unless you are a lawyer).

May the Delete miss this post as I will talk more about my adventure given the chance. My instincts say the BOC will hold one more time on interest rates come September despite the down pressure.

#75 leebow on 08.26.19 at 11:33 am

#70 Sed Hu

I am not sure what AOC and CNN think, but somehow I doubt that your description is accurate.

Yeah, everybody knows that things need to be fixed. And you are right, Trump is “doing it”. Only presidents are not evaluated on the best effort basis. In fact, Trump’s way of “doing it” is guaranteed to achieve an inferior outcome, or even make things worse. He is turning a multi-generational effort into a fart.

I suspect that many people vote for Trudeau and such not because “how good they look”, but because the alternative is absolutely repulsive. Trudeau may be not the sharpest tool, and it took him a couple of tries to figure out Trump. But if you look at the big picture, he managed to keep the losses to a minimum.

You sound very angry.

#76 Ponzius Pilatus on 08.26.19 at 11:36 am

Smoker gives 500 bucks to a homeless person.
Philosophical question:
Is he a filantropist or just a stupid sucka.

#77 Tater on 08.26.19 at 11:56 am

#74 Westcdn on 08.26.19 at 11:17 am
JE has been a personal wreck. Yet it gives me the opportunity to explore the world of option trading. I have never written/sold an option – the famous covered call. At my minnow level, the rewards are small but possible. Education is not free for me so I will act like an army sapper. The main problem I see is how small the Canadian market is and the resultant liquidness but a contract is a contract (unless you are a lawyer).

May the Delete miss this post as I will talk more about my adventure given the chance. My instincts say the BOC will hold one more time on interest rates come September despite the down pressure.

———————————

I predict you’ll blow up your account with options.

#78 Bob H on 08.26.19 at 11:56 am

#30 Shawn on 08.25.19 at 7:33 pm
A 30 year government bond..
….
“Why would you buy a 30-year bond? – Garth”

So that I can clip coupons, Silly Boy.

Sorry! What was I thinking?.. those coupons won’t pay anything. haha

#79 Steven Rowlandson on 08.26.19 at 12:06 pm

US companies to exit China. Wow. Historic. Unmeasured. Markets like stability and order. He gave them chaos.

US companies in China are not privates and corporals who have to take orders from that drill sergeant wannabee known as DJ Trump. The world is a big place and multi nationals can operate almost anywhere and sell almost anywhere. The politicians tend to forget that. Secondly most multi nationals are in better financial shape than most governments. Those that are not wind up going under or get vultched.
Trump and his country would do well to remember that big business and money goes to where it is treated well and if it was treated well in North America it would not have set up shop else where.

#80 Doug in London on 08.26.19 at 12:08 pm

Am I dyslexic or did I actually see the words buying opportunity in this post?

#81 doug t on 08.26.19 at 12:10 pm

“The U.S. economy needs a re-set, and the sooner the re-set occurs, the sooner we can dispense with all the cronyist intervention, self-serving manipulation and exploitive distortion that’s turned the U.S. economy and society into a speculative casino that only benefits a few insiders and those who know how to rig the game in their favor” Hugh Smith –

#82 Infur I8d on 08.26.19 at 12:27 pm

#75 leebow

Outcomes the anger card. Next it will be the race card and then the feminist card. So predictable. No need to bring emotion in to have a discussion. it’s not anger, but realism.

I have no doubt if we gave a political quiz asking about candidates, their backgrounds, their platforms and more, that few would score highly. It’s nothing I can change. Just pointing out the obvious.

Now the world over knew what Trump planned to do and he is doing it as voted for by his people. I guess Trudeau is also doing it. He said he was a feminist and he truly couldn’t be more feminine with those dainty hands and crossed legs in his interviews. He also stayed true to handing out millions of tax dollars while apologizing to anyone that wanted them.

Yes, I plan to scratch out Trudeau on the ballot form and put Trump instead.

#83 Damifino on 08.26.19 at 12:28 pm

#75 leebow

I suspect that many people vote for Trudeau and such not because “how good they look”, but because the alternative is absolutely repulsive.
——————————————-

The alternatives to Trudeau were not repulsive. They were merely tedious. And now, so is he.

He was elected because he was the son of a capable leader (who was also disliked by many). People thought pedigree might count for something. And it did. He’s very much like his mother.

True, he started off looking good, but those socks are now thoroughly worn. Lesson learned. Moving on…

#84 NoName on 08.26.19 at 1:00 pm

#76 Ponzius Pilatus on 08.26.19 at 11:36 am
Smoker gives 500 bucks to a homeless person.
Philosophical question:
Is he a filantropist or just a stupid sucka.

What’s you problem?

Go back and reread your pressure washer and golf diesel and generous tip storys.

Your posts are becoming beyond patetik…

#85 Cici on 08.26.19 at 1:05 pm

Garth please help!

Got this message from Questrade today:

Hi Cici,

Following changes to the 2018 Quebec provincial budget, we will be applying an additional 9.975% QST charge to many service fees incurred by Quebec residents as of September 1, 2019.

Tax will be charged on fees associated with the following:

Questwealth Portfolios™ management
Market data subscriptions
Transfers or withdrawals
Exempt Market Product (EMP) holdings
Precious metals holding charges
Certificates and registrations
Mail and courier costs
Estate settlement

We appreciate your business, and want to make sure that you are aware of this change ahead of time.

Thanks,
Team Questrade

Does this mean that I (we Quebecers) will have to pay almost 10% on top of any other service fees we have to pay to tranfer any savings into our QT TFSA and RRSP accounts?

I wasn’t even aware that there were any fees on transfers into accounts.

Best strategy to make less transfers but in higher amounts?..

#86 Christina on 08.26.19 at 1:23 pm

Hi Garth,

Sorry if this is completely off topic (and boy is there a LOT to talk about lately!), but I had to comment on Bandit’s two most recent photos on the sidebar. (The one of him so sweetly falling asleep in his food dish, and the one of him chilling out on the blanket outside.) What an absolute sweetheart he is. And that’s coming from a confirmed CAT PERSON! :) Shocking, I know.

I hope you have many more days with him indeed. Our pets fill our hearts with such joy.

#87 Jesse on 08.26.19 at 1:29 pm

#72 Eks dee Siple on 08.26.19 at 10:23 am
Crowded… No, you read it wrong. The ‘debt’ does the biting. Let’s expand our minds on a Monday… there actually are no particles in the universe except maybe protons, the rest are made up by the “Cult of the Particle” physicists, who just invent new particles when they run out of ideas. In fact, there are no electrons, no photons, no dual nature of light. Proof: Light “enters” a prism, slows down, then mysteriously speeds up again upon exiting. Hmmm…. what happened to common sense? Yes, Johnny, the aether exists after all, as Tesla said.
***********************************

Whatever it is that you’re smoking, I’ll take an ounce ;)

#88 jess on 08.26.19 at 1:44 pm

we heard all this before from the lobbyists

After months spent living in the garage of their newly built home while contractors rip out their mould-riddled basement, the Bellefeuille family is demanding the province do more to protect other new homebuyers from a similar nightmare.

They’re not alone: several neighbours in their east Ottawa subdivision of Cardinal Creek have come across similar defects and building code deficiencies, and are demanding action.

For decades, the province has faced calls to reform Tarion. Homeowners and advocacy groups have complained the relationship between the agency and the industry is too cozy, pointing out that half of Tarion’s board of directors has ties to the companies they’re supposed to be regulating.

But there’s little choice: Tarion is the only new home warranty provider in Ontario, and participation is mandatory.More than 80 homeowners met last week to vent their frustration — and in some cases, share their desperation — before government officials and representatives from Tarion, the agency tasked with administering the Ontario New Home Warranties Plan Act and regulating the province’s home building industry.

CBC wasn’t allowed inside the meeting, but attendees said many speakers expressed a serious mistrust of the agency that’s supposed to make sure their homes are safe to live in…

https://www.cbc.ca/news/canada/ottawa/cardinal-creek-tarion-1.5252272

#89 Ace Goodheart on 08.26.19 at 1:55 pm

Talked to a guy I know who works for OPG. Discussing the problem of electric cars and the grid.

He thinks the Liberals are nuts. Says there’s no way our grid could ever handle an all electric car future. If you could wave a magic wand today and convert every car in Ontario to electric, and everyone went home tonight and plugged in, it would collapse the grid. Total destruction. Massive overload. Not possible.

They have been discussing how to charge all the cars. Have a plan to give people “charging times” where you would be allowed to charge on a 24 hr clock. Outside of that time slot you could not plug your car in.

They figure they could charge about 1/16th of all the cars in Ontario doing that. But people would have to stick with their charging times.

Anything more, the grid can’t handle it. You’d need multiple new sources of generation. And you’d need to completely replace the grid. New wires, new transformers. It all has to be rebuilt.

The only other way, he says, is to limit the amount of cars. Have some sort of lottery system whereby vehicle permits are issued. Keep it to 1/16th of the cars currently on the road today. Everyone else can walk.

I asked him, what about electric heat? The Libs want to outlaw heating your house with natural gas.

I could hear him laughing as he walked away down the hall……

#90 Ubul on 08.26.19 at 2:21 pm

#85 Cici
Following changes to the 2018 Quebec provincial budget, we will be applying an additional 9.975% QST charge to many service fees incurred by Quebec residents as of September 1, 2019.

Quebec tariff.

#91 Nice Posting on 08.26.19 at 2:31 pm

#88 Ace Goodheart – You had me laughing, and agree with it all in regards to cars. Yet, some green modifications to a home can be done, with a certain degree of success.

#92 Eks dee Siple on 08.26.19 at 2:37 pm

Pretty slow today, where is everybody? Okay, I’ll have to contribute… Jesse: answer the question I posed. From where does light gather the energy to speed up after it has left the prism? The Cult of the Particle has no answer. (By the way, my uncle has a Doctorate in Nuclear Physics and is working on the quantum computer, but of course, he and his colleagues are totally out to lunch when it comes to actually understanding the nature of reality.) He avoids this very question I posed to you. And for good reason. It would result in him losing funding, and he could no longer be a rock star (in his field).

#93 n1tro on 08.26.19 at 2:48 pm

#91 Eks dee Siple on 08.26.19 at 2:37 pm

So are we also living in a hologram?

#94 Sold Out on 08.26.19 at 2:50 pm

#91 Eks dee Siple

Perhaps your uncle is just humouring you. There is a fairly straightforward answer to your question, but if you don’t believe in photons, electrons etc. it’s probably not what your looking for.

https://www.physlink.com/education/askexperts/ae217.cfm

#95 MF on 08.26.19 at 3:09 pm

91 Eks dee Siple on 08.26.19 at 2:37 pm

That other poster doesn’t have to respond to you.

The wave light particle theory is most accepted because it has the most evidence.

The onus is on you to prove otherwise, strengthen your theory, and prove wave particle theory wrong. Some weird cynical talk about funding is not scientific in any shape way or form.

And why are your posts yellow?

MF

#96 mike from mtl on 08.26.19 at 3:09 pm

#85 Cici on 08.26.19 at 1:05 pm
………
Does this mean that I (we Quebecers) will have to pay almost 10% on top of any other service fees we have to pay to tranfer any savings into our QT TFSA and RRSP accounts?
//////////////////////////////////////////////////////////////////

Odd, RBC DI (for example) does not have any special fees in specific to QC residents. Normal transfers in and out are free of charge, but closing an account is not as an example.

Unless QuestTrade is doing some special ‘financial’ services where they have to change QST and I am not understanding?

#97 jess tree on 08.26.19 at 3:13 pm

fluffy?

WeWork IPO prospectus: “We provide our members with flexible access to beautiful spaces, a culture of inclusivity and the energy of an inspired community, all connected by our extensive technology infrastructure. We believe our company has the power to elevate how people work, live and grow.” “We believe that individuals are more productive when they are able to express their full and authentic selves, so we aspire to be as inclusive as possible.”

Where did he get all of this money to buy up 10 commercial buildings?
at $47 billion ?
http://wallstreetonparade.com/2019/08/the-dickensian-tale-of-the-wework-ipo/

#98 Ubul on 08.26.19 at 3:19 pm

#88 Ace Goodheart

I don’t mind to put solar panels on my roof if that helps to save the world, but I certainly don’t want to take the financial risk of the prediction. Trudeau and other believers would have to put money where their mouth is.

#99 Ubul on 08.26.19 at 3:22 pm

#92 n1tro on 08.26.19 at 2:48 pm
#91 Eks dee Siple on 08.26.19 at 2:37 pm

So are we also living in a hologram?

Quite possibly it is a holographic universe.

#100 Ubul on 08.26.19 at 3:25 pm

#96 jess tree on 08.26.19 at 3:13 pm

Where did he get all of this money to buy up 10 commercial buildings? at $47 billion ?

FED near interest free money collected by various investors?

#101 crowdedelevatorfartz on 08.26.19 at 3:29 pm

@#72 Ecks da Simple
“No, you read it wrong. ”

++++

I read it the way it was written….
Perhaps it’s time for you to go catch some more light rays……

#102 Ubul on 08.26.19 at 3:45 pm

#94 MF on 08.26.19 at 3:09 pm

The wave light particle theory is most accepted because it has the most evidence.

Yet all (incl. scientific) paradigm-shift started as an outrageously ridiculous minority opinion.

#103 maxx on 08.26.19 at 9:04 pm

@ #53

Let’s not forget this grinch-smile combo of innocent words: “banking can be this comfortable”.

Banking was never comfortable for me. Nor should it be.

#104 maxx on 08.26.19 at 9:24 pm

@ #93

:-) No, we’re all in the holodeck, connected by gossamer threads of borg-like structure, pestered, if not mesmerized by msm. Resistance is futile.

#105 Steve Bridge on 08.27.19 at 2:15 pm

Ever checked out this website?
https://portfoliocharts.com/

The guy isn’t selling anything (as far as I can tell) and a deep dive into the various portfolios, returns, volatility, etc. is fascinating.

Whoever he is, he has done his homework and the results fly in the face of the regular 60/40 split (which I personally espouse).

That is a site for US investors and far more dangerous than it is useful for average folks who have 20 minutes a week to devote to their portfolios. – Garth