Don’t listen

A day or two ago a mainstream media outlet wrote once again about houses and Millennials. People over 50 find this as interesting as gum surgery, but apparently the kids can’t get enough of it. There’s comfort in the collective notion moisters are being pooched by a system rigged against them. That’s media-trendy now. Like supporting the outlaws who shut down the trains.

I found this paragraph was interesting. Interviewed was an Ontario university student who thinks her generation is financially dumb and politicians should do more to support young house-lusty adults.

“You need to be financially literate to have money work for you and not working for money,” she said. “Every person comes with a different financial background. The government should implement interest rates based on our earnings to encourage millennials to become homeowners.”

It’s alarming an educated lass would believe the government sets interest rates, which they can be dialled up or down, and that Mills should get bigger investment returns because they have less to work with. Because they, like, want houses.

But wait, it gets worse. Here’s a headline form the Toronto Star business section last week. In a bid to stay relevant and not perish, as so many news organizations have, the country’s largest newspaper has gone hard-core moister – with meaningful features on how to save for your wedding.

And this…

Seriously, it said that. ‘Pay’ an RRSP, like it’s a mobile phone bill. Worse, the article states (a) Mills should never put money away for retirement until they’ve paid down a mortgage, because (b) this will just make you pay more tax when retired and (c) your folks will croak anyway, giving you an inheritance. So just keep up with the condo payments. And the Cuba trip.

Remember that pithy little post here last week about oldies? Sure you do. People without DB pension plans retire with median savings of $3,000 and incomes averaging $31,400 (that includes all forms of government pogey). People with pensions are now averaging $55,400 a year – better, but hardly enough to make the most of the last two or three decades of life. At the same time we know at least two-thirds of these folks have houses, almost all paid for.

The conclusion: fail.

Real estate costs a ton to buy, close, own and sell. We’ve just been through a decade of historic asset inflation, yet people retiring with heaps of housing equity have hardly enough to pay the monthly bills. Once into their 60s or 70s a lot of the wrinklie old weenies are too settled and creaky to contemplate moving. So they sit on piles of money that could be providing them a far better quality of life. Now the next generation seems intent on making the same mistake. House-rich, portfolio poor.

By the way, a five-year mortgage is currently available all over everywhere for less than 3%. Even the Big Five banks are down to 2.89% – even better if you tell [email protected] about your cat. Inflation in now running at 2.4%, and real estate values have jumped nationally by low double-digits as listings wither. So why would you divert cash flow to pay down a mortgage at almost the cost of money when the asset financed is rising in market value?

Bad advice.

But that doesn’t necessarily mean it’s a mortgage or an RRSP. Actually Mills should be totally focussed on maxing TFSA contributions, getting that money into growth-oriented assets (like equity ETFs), and letting the magic of tax-free compounding happen. By retirement this can yield about $650,000 after three decades for someone just starting now at age 30. With CPP and OAS that’ll provide a base income of more than $60,000, with no tax. If you have a company pension or make RRSP contributions (which don’t need to be accessed at all until your 70s), bonus. And if you’re parents kick, well, it’s all good. The Star said so.

Seriously… we as a society are heading for a wall. Despite Google, Siri, Alexa and Garth – and the fact that life without enough money is misery – financial illiteracy surrounds us. Nowhere is that being manifested more clearly than in this myth: the goal of life is to get a house, and financial security comes from paying it off.

If that were so, old people would be happy. I rest my case.

 

101 comments ↓

#1 FAKE NEWS on 02.16.20 at 2:38 pm

THEN STOP discussing Real Estate in your blog 95% of the time.

When they ask ….. it’s not a topic we discuss is the simple answer.

We are an investment blog….. not a speculative divestment blog

But you won’t, you can’t, the flame still burns so you keep feeding it with oxygen.

#2 G on 02.16.20 at 2:50 pm

The Toronto Star once told people about compound interest and why you needed to start saving/investing sooner than later for retirement. And that pay your self first to help get you their.

Sound like they have crossed over to the dark side(sort of). Now telling the masses what they want to hear, not what they need to know!

#3 Rick Zhang on 02.16.20 at 2:52 pm

Garth, are we going to end up like or worse than California. That state is going down fast. I think it is too much time being sent on their computer held held devices, phones.

It has a zombie like impact day in and day out over years.

#4 Lost...but not leased on 02.16.20 at 2:53 pm

Phhyyyrrzzzttt

#5 Moses71 on 02.16.20 at 2:58 pm

So bottom line, people haven’t evolved at all. And the #1 reason to want a house is for a dog so have a cat instead. ha

#6 G on 02.16.20 at 2:59 pm

To bad the papers don’t do a write up on the amounts of money people blow in lottery tickets every week.

They could do a piece on, instead of blowing your hard earned money on tickets. But instead you inverted it, how long until you have that $100k or Million you were wishing to have from a ticket win?

The sooner you start the more it’ll be with compound growth by the time you would like to have it.

But That would be telling people what they need to know, not what they want to know.

#7 Piano_Man87 on 02.16.20 at 3:00 pm

The government will enhance CPP to pay for our retirees who didn’t save/invest. Those who saved and invested will be rewarded with it being clawed back – just like OAS. I just can’t see any other way around it. Look how raising the retirement age to 67 worked out.

In other words.. the government is slowly ruining the incentive to be financially literate by protecting everyone from their own bad decisions. Please tell me how this makes a nation better off.

#8 G on 02.16.20 at 3:08 pm

China ‘never wants to admit fault’: Murray
Sky News Australia Feb 16 4min.
https://www.youtube.com/watch?v=OpNGGacdhH4

#9 Shawn Allen on 02.16.20 at 3:08 pm

Inheritance?

Not everyone’s folks have anything to leave.

Millennials will tend to be age 60 plus when the last of their parents die. For late boomers it was typically past age 50 I think, if not older.

But some millennials will inherit from grandparents so there is that.

#10 Grandv!ew on 02.16.20 at 3:15 pm

Government needs to implement Garth’s real estate recommendations ASAP(Garth’s post from couple days ago). Actually I would(but who am I) support even harsher measures that would deal with this ridiculousness of the “real estate market”swifter so that recovery after everything is said and done can start earlier. I do understand it would bring lot of pain even for money market investors but what other options do we have if any? Government can sit and watch allowing things to continue on the same current trajectory with increasing realization that we are closer and closer to the abyss with grave consequences for anyone living in Canada.

Of course 60/40 portfolio is best way to avoid this calamity however i am certain it(portfolio)would be affected as well. But you know, that is almost OK. Much bigger problem is the way people think and the way they behave and the sooner they are proven wrong regardless of the cost the better.

This what people usually say about the war.

“There is no way to avoid wars if a war seems cheaper than to solve an unsolvable problem peacefully”.

I feel the same way about the current situation with our real estate market in Canada since every year that passes things are becoming worse and worse and seemingly impossible to fix. What is really next? Are we going to elect Communist government that is going to “take care of the people”.
No Thanks !

#11 Ian from Oshawa on 02.16.20 at 3:22 pm

“Seriously… we as a society are heading for a wall.”

This is so true! These are things that are not opinion, but things that we know:

1. Canadians have debt like never before.
2. Many Canadians are $200 a month away from insolvency.
3. Ridiculous prices for average homes are still being paid. (see last article. $1,300,000 for an ugly, damaged house!)
4. Interest rates are incredibly low but they cannot stay that way forever. They will go up one day.

We all know it takes one, just one significant bump in the road and the dominoes start to fall. People decide to sell off that $900K anchor around their neck, but now find it will only sell for $700K. Oh, okay. Now what?!?

I feel like chicken little saying the sky is falling, but this looks pretty bleak.

I’ve heard it said that this housing bubble will end in tears. I think that is very true.

Thank you for your blog. It’s always a great read!

#12 Scott on 02.16.20 at 3:22 pm

1000% right on the TFSA Garth. Don’t mention it too much though or too many people will start using it effectively. Then there goes my plan of pulling out 100k a year to live off. Can’t imagine they’re going to let a significant amount of people have multi million dollar tax free account thirty years from now. Hopefully they grandfather in the axe to that sweet tax free vault.

#13 Doug t on 02.16.20 at 3:35 pm

Just HIT the damn wall already – I’m ready

#14 Oakville Owner 100% on 02.16.20 at 3:45 pm

Thrilled to finally be 100% mortgage free!! Just received the documents from the bank and looking forward to “shooting them up, safely at the gun range”! I know I could have invested much of that extra cash into my portfolio however we “hedged” our bets and have been doing both. It’s a wonderful feeling at 42. Definitely fortunate to have a wife that had been busy climbing the corporate ladder over the years while I work as a public servant and take on the majority of the family chores.

While being a Gen X family has made things easier than it would be today it by no means comes easy. The best advice I ever received was reading The Wealthy Barber in my youth. 10%+ was saved off most pay cheques until it started going directly to the DB pension. That small nest egg gave us the 20% to put down in 2003. Loving the increased cash flow that will be put towards additional investments and travel!!

#15 FreeBird on 02.16.20 at 3:49 pm

Maintenance and repair costs for a house are often forgotten/overlooked but can be a cash flow killer and nasty surprise. Include replacing/fixing appliances unexpectedly and inflation (incr budget per year). Not needed with a condo and some townhomes but you’ll still pay for it as covered in a prev blog post here.

https://www.thebalance.com/home-maintenance-budget-453820

#16 Caledondave on 02.16.20 at 3:53 pm

Love the photo of the pack of friendly doggies.

#17 G on 02.16.20 at 3:53 pm

Model stats news Dr. John Campbell Feb16 13min
https://www.youtube.com/watch?v=qbZRe6NCuo8

#18 Bytor the Snow Dog on 02.16.20 at 4:07 pm

#92 Damifino on 02.16.20 at 11:40 am sez:

“#80 Bytor the Snow Dog

Energized by only renewable energy? LOLOLOL! In 70 years maybe.
———————————-

I use the acronym CARS to remind myself of all the attributes a realistic replacement for fossil fuels must have:

C: Cheap
A: Abundant
R: Reliable
S: Scaleable

There’s no deal without ALL of them. So far Nuclear looks like the best bet for the future (google thorium reactors). Hydro is promising too but in only places where it’s feasible to build appropriate dams, like my province, BC.

Hydro and nuclear (both with zero carbon emissions) are hated by the Greens. Tells you something.”
———————————————————-
I’m all over hydro and nuclear. They’re the only real alternatives we have. The problem is that Those With Little Life Experience don’t understand (at all) that billions will starve and life as we know it is impossible without the two alternatives above AND cheap fossil fuels.

#19 DON on 02.16.20 at 4:14 pm

Came across this the other day. Good read!

“https://getpocket.com/explore/item/an-ode-to-being-old?utm_source=pocket-newtab

An Ode to Being Old

On the harder-to-measure benefits of age and experience…

A study, conducted by MIT in conjunction with the U.S. Census Bureau, analyzed 2.7 million people who started companies between 2007 and 2014 and found that among the fastest growing tech companies, the average founder was 45-years-old at the time of founding. The researchers also found that a 50-year-old is twice as likely to have a massive success—defined as a company that performs in the top 0.1 percent—than a 30-year-old. “These findings strongly reject common hypotheses that emphasize youth as a key trait of successful entrepreneurs,” write the authors of the study. “The view that young people produce the highest-growth companies is in part a rejection of the role of experience.”

In other words: Success in business, even in the fast-paced start-up world, isn’t just about age-related smarts. Wisdom, a deeper kind of knowing that can only be gained through experience, matters too. And apparently, it matters quite a bit…
All of this points toward a greater theme: Peak performance is complex, and results from a combination of variables. Sometimes the variables that are hardest measure, like experience, matter the most. So try not to sulk at your next birthday—Whatever you’re giving away in age you’re gaining in wisdom. “

#20 I’m smart on 02.16.20 at 4:17 pm

What next Garth? 6 houses paid for, rrsp and tfsa’s maxed.. should a guy just leverage the crap out of one say put 5% down and borrow 2-4 million?
Thanks
Smart guy

#21 FreeBird on 02.16.20 at 4:23 pm

#14 Oakville Owner 100% on 02.16.20 at 3:45 pm
Thrilled to finally be 100% mortgage free!!
———————
Congrats! Good to see good news. Enjoy the well earned vacation and extra invest funds.

#22 Shawn Allen on 02.16.20 at 4:28 pm

You call that debt?

Ian from Ottawa said:

2. Many Canadians are $200 a month away from insolvency.

****************************************
pfft. Bombardier is $8 billion away from getting back up to a net worth of zero. This according to their own balance sheet.

Yet they were able to borrow even more money in 2019.

As long as credit flows like water (white water rapids style, actually) few have anything to worry about.

P.S.

My family bought a Ski-Doo from Bombardier in 1970 and I have followed the company since then. It seems they squandered the profit from our Ski-Doo. Sad, very very sad.

#23 Apocalypse2020 on 02.16.20 at 4:37 pm

“60% of the world’s population could be affected”

https://www.youtube.com/watch?v=qbZRe6NCuo8

(at 3:40)

Stores will be closed in many locations tomorrow.

So go today.

This is not a drill.

PREPARE.

#24 TurnerNation on 02.16.20 at 4:38 pm

“Shutting down the trains” . Context is everything. This country is under attack by the Globalists.
We’re not even 1.5 months into 2020 and what do we have:
– Climate protestors shut us down; the PM does nothing
– Railway Infrastructure shut down; the PM does nothing
– Sun Corona virus outbreak – whatever is going on; PM does nothing
– Iran blasts citizens out of the sky in an act of war; the PM does nothing.

Years ago were shown OhSoScary stock TV footage of people dressed in black (VeryBadMen?) and marching through the desert. They were to Come Over Here And Get Us! Something about our freedums or little girls going to school. I forget. We ate it up and the elites laughed at their comedy skit.
Now who has attacked and shut down out Infrastructure this week? They have won. All was for naught boys, this country is taken over lock stock and barrel.
Even the official opposition (to what) leader wears a full- time smirk. He knows the game and the score.

#25 MF on 02.16.20 at 4:40 pm

What do you expect?

After house prices have tripled in the last decade…everyone expects the party to continue.

Why?

There is zero faith in our institutions. The BoC has proven to be more interested in keeping the focus on borrowing and real estate, even though they say otherwise. Nobody buys the bluff.

In 2008 these institutions should have failed but they were stupidly bailed out.

Now debt doesn’t matter anymore, since anyone saving (investing or not) has been beaten by the real estate parasitic industry.

Good for these mils. Buy that condo. This system is broken.

MF

You are incorrect. Prices have not tripled. Average sale price in Toronto 2010 = $431,262. Now = $819,382. That’s 89%, not 300%. In comparison, during this time the stock market (S&P 500) is up 110%. – Garth

#26 Chimingin on 02.16.20 at 4:41 pm

Re: #1 – FAKE NEWS – obviously you haven’t been paying attention. This IS a blog that discusses real estate, its implications for the economy and the best strategies to avoid being sucked in by it. I found your comment rude and uninformed. This is Garth’s blog; he can choose what he likes as his subjects, and for you to try to dictate terms while insulting the author of a free site is typical of what is wrong with the world today. Now get off my lawn.

#27 Looking back in time on 02.16.20 at 4:48 pm

funny I posted an ad on Craigslist January 1 to start the year off right helping people with a budget. 10 hours free no obligation help. The only commitment was you had to track your spending for a few weeks and start making goals and a plan and then commit to working 20 hour on the budget with me.
Maybe people thought it was a scam I had zero emails.
Oh well.
Thousands of years have not changed people spend and enjoy life to the fullest as you may die tomorrow.

Instead of blaming the young kids blame the parents they are poor examples of money management.
I used to give financial talks once a month and My introduction was …..
I can make you 28 percent on your money right now. And yep everyone called me a scammer and so forth.
Then I said it’s simple pay off your credit card debt.
Duh, no one understood how interest on credit cards works.
So bottom line I have been talking for years no hope.
It’d time the government just forced you to save.
My nickel, have a great weekend,
PS my ad is still running if you want help.

#28 crazyfox on 02.16.20 at 4:51 pm

#1 FAKE NEWS on 02.16.20 at 2:38 pm

THEN STOP discussing Real Estate in your blog 95% of the time.

When they ask ….. it’s not a topic we discuss is the simple answer.

We are an investment blog….. not a speculative divestment blog

But you won’t, you can’t, the flame still burns so you keep feeding it with oxygen. – Fake News

It’s difficult to be polite when someone reads something like this. Readers, this comment is about as dumb as it gets. Real Estate is a topic that is not discussed 95% of the time here. Even if it was, which it isn’t, who cares. Everyone is exposed to the future value and sustainability of real estate, it’s a tremendous part of our economy and personal lives. Let’s be clear, it’s not my blog or the blog of some twisted blow hard with a fake name, its Garth Turner’s blog and as such, in keeping with the laws of the land, he can do whatever the hell he wants.

When I hear exaggerations like this, I think “an individual who distorts reality, who is quick to troll and attack a blog with arguments that have no merit with stalker vibe is a prime suspect to be someone with a personality disorder. It’s either that, or he’s dumb as a rock.”

So which are you “Fake news”? Have you got shit for brains, or do you belong to the dramatic B cluster of personality disorders? Is your noodle damaged or genetically poorly endowed? (note, the poor sop can spell) Or are you just another social misfit suffering from poor mental health (I really shouldn’t be so hard on them, they are victims after all but it’s the only language they seem to understand):

https://www.medicalnewstoday.com/articles/320508

#29 technical analysis on 02.16.20 at 4:56 pm

this is what you get in a fiat money system. what did you expect.

#30 Another Deckchair on 02.16.20 at 4:57 pm

Same attitude that “@61 Less is More” from Ryans’ blog entry yesterday was trying to eradicate.

That University student exhibits the same lack of knowledge, and one would think that they’d dig a little bit deeper.

As evidenced by the blog dogs complaining about “Less’s” length of post, and not bothering to read it – ignorance trumps knowledge, as knowledge takes effort, and it’d easier to watch Netflix…

#31 Leichendiener on 02.16.20 at 5:08 pm

I come here for my daily shot of wisdom. Anyone following the Daytona 500?

#32 Another Deckchair on 02.16.20 at 5:10 pm

Kind of like the choir singing the praises of banning single use plastic.

Anyone know what single use plastics really are?

I don’t, but I’d expect that takeout coffee cups are lined with plastic, the “paper” wraps that our Big Macs are wrapped in are plastic lined, the “paper” napkins likely contain bisphenol or something, etc.

So, to ban “single use plastics” does that mean the end of fast food, office building cafeterias, and especially drive-throughs?

I don’t know, but I’d expect that we’d all be surprised what “single use plastic” items we pick up daily that we’d be peeved it it disappeared. Plastic straws are just the tip of the iceberg, so to speak.

Anyone with knowledge want to comment/correct the above??

Merci.

#33 BS on 02.16.20 at 5:23 pm

#21 crazyfox on 02.16.20 at 4:51 pm

It’s difficult to be polite when someone reads something like this. Readers, this comment is about as dumb as it gets.

And then comes along an even dumber, more deranged comment. Time to up the meds.

#34 Less is More on 02.16.20 at 5:36 pm

#23 Another Deckchair

Yes my post yesterday was long, but it takes a lot of time to be brief. Also the subject was not simple and for most people requires a lot of back info because most people don’t know anything about the energy industry. They just know that fracking and pipelines are bad but they fail to connect the dots and realize that is where the gasoline for their car comes from, and that you can’t have one without the other.

I could have left out the investment ideas I suppose, because it’s hard to tell exactly how any of those will work out.

#35 MF on 02.16.20 at 5:37 pm

“ You are incorrect. Prices have not tripled. Average sale price in Toronto 2010 = $431,262. Now = $819,382. That’s 89%, not 300%. In comparison, during this time the stock market (S&P 500) is up 110%. – Garth”

-The leverage afforded by real estate can see someone triple their investment easily with a doubling of prices. Possible too with financial markets, but less common and more difficult.

MF

Not what you wrote. – Garth

#36 Stone on 02.16.20 at 5:42 pm

I just read that Toronto Star article by Bob Aaron and just had to laugh.

“Much of the advice available online and through financial institutions recommends investing as much as possible into the RRSP and using the tax refund to pay down the mortgage. But when advice comes from a source which is promoting RRSP investments, can it truly be unbiased?”

So Bob Aaron is saying that financial institutions have a bias in favour of RRSPs. Hmmm…ok. So what background does Bob Aaron have to provide an unbiased view? Let’s take a look at the bottom of the article.

“Bob Aaron is a Toronto real estate lawyer and a contributing columnist for the Star. He can be reached at [email protected] or on Twitter: @bobaaron2”

Does anyone see a bias there? Is he still working because he followed his own advice?

Bob, by chance, did you stick your foot in your mouth?

#37 crowdedelevatorfartz on 02.16.20 at 5:44 pm

@#30 tech noir
“what did you expect with a fiat money system….”

++++

Ahhh, yesss.
The frustrated wailing from the Gold standard crowd.

Perhaps we should go back to trading shiny glass beads and sea shells for food?

#38 crowdedelevatorfartz on 02.16.20 at 5:52 pm

@#33 another plastic deckchair
“single use plastic”
++++

None of my drinks come with straws……
My only New Years resolution was to stop using plastic shopping bags…..since they will probably be banned in a few years anyway….might as well get used to it.

Banning Soft plastics that end up killing uncountable animals in the ocean……Is that such a terrible thing?

A nearsighted, jellyfish hunting, plastic bag eating, sea turtle will thank you for it.

#39 Brian Ripley on 02.16.20 at 6:10 pm

Absorption rates and months of inventory when measured by total residential sales and total listing inventory is producing some new trends in SF detached housing especially in Ottawa and Edmonton since May 2019 (+/- 9 months)

Charts: http://www.chpc.biz/mar-moi.html

Toronto and Vancouver trends began to seriously diverge around July 2017 (+/- 30 months)

Markets continue to be local.

I suggest that cash flow is the big driver of real estate consumption:

November 2019 Provincial Earnings (latest data)
​Average Alberta employment earnings are now $61,368/yr; 0.2% below the OCT 2019 peak and are:
11% above Ontario​
13% above the national Canadian average
17% above BC and
21% above Quebec (no typo).

NS, NB and QC all hit new earnings highs. ​​

Charts: http://www.chpc.biz/earnings-employment.html

#40 Camille on 02.16.20 at 6:10 pm

I’ve noticed recently, a diversified 60-40 portfolio has increased in value 2 to 3% in 2020. 12 month trailing yields have decreased such that the payout is the same. So called Goldilocks economy. If you sell you lose yield. If you rebalance, no change. Will yields catch up to increased asset value?
Regarding houses, who doesn’t want a home. When you’re told its financially viable, a necessity, and possibly a right, your mindset will be to buy. People with money are choosing houses over investments. The crunch doesn’t come till much later. Those with no money cannot buy. Garth says they are making the wrong decision. They are gambling, think they’re smart, and many have parents backing them. They should wait till they are in their forties or fifties, and buy less house.

#41 world traveller on 02.16.20 at 6:36 pm

The Toronto Star, If you’re getting your financial advice from this source, you’re already pooched.
As well, anyone supporting the dumdums blocking the rail lines, should immediately park their car, hide the car keys and turn their home thermostat to zero, no fossil fuel use for you. Otherwise, you are a hypocrite.

#42 Long-Time Lurker on 02.16.20 at 6:39 pm

>Here, Snowflakes, put this in your joint and smoke it.

Gabriel Leung (Epidemiologist, Dean of Hong Kong Medical School) estimates 60% of the world could get Covid-19 infected with a 1% mortality rate leaving more than 100 million dead.

39:03-40:33

China Coronavirus: Tough Realities & Possibility of Global Pandemic—Epidemic Reporter Laurie Garrett

33,843 views•Premiered Feb 14, 2020

American Thought Leaders – The Epoch Times

https://www.youtube.com/watch?v=Jcthdee6CXs

Leung, Gabriel M

GBS, MD W Ont, MPH Harv, MD HK, FHKCCM, FHKAM (Community Medicine), Hon FHKCFP, FCFP, FFPH, FRCP Edin, JP

Helen and Francis Zimmern Professor in Population Health
Professor: Chair of Public Health Medicine
Division of Community Medicine and Public Health Practice

https://sph.hku.hk/en/about-us/faculty-and-staff/academic-staff/leung,-gabriel-m

https://www.med.hku.hk/about-the-faculty/faculty-leadership

Coronavirus ‘could infect 60% of global population if unchecked’

Sarah Boseley Health editor

Tue 11 Feb 2020 09.47 GMTFirst published on Tue 11 Feb 2020 06.00 GMT

The coronavirus epidemic could spread to about two-thirds of the world’s population if it cannot be controlled, according to Hong Kong’s leading public health epidemiologist.

His warning came after the head of the World Health Organization (WHO) said recent cases of coronavirus patients who had never visited China could be the “tip of the iceberg”.

Prof Gabriel Leung, the chair of public health medicine at Hong Kong University, said the overriding question was to figure out the size and shape of the iceberg. Most experts thought that each person infected would go on to transmit the virus to about 2.5 other people. That gave an “attack rate” of 60-80%.

“Sixty per cent of the world’s population is an awfully big number,” Leung told the Guardian in London, en route to an expert meeting at the WHO in Geneva on Tuesday.

Even if the general fatality rate is as low as 1%, which Leung thinks is possible once milder cases are taken into account, the death toll would be massive….

https://www.theguardian.com/world/2020/feb/11/coronavirus-expert-warns-infection-could-reach-60-of-worlds-population

#43 just snootin' on 02.16.20 at 6:51 pm

“People with pensions are now averaging $55,400 a year – better, but hardly enough to make the most of the last two or three decades of life. ”

Thanks, but $20k a year, a small town, and a whole lotta love suffice. Got off the consumption train years ago.

Sounds like a riot. – Garth

#44 Highlander on 02.16.20 at 6:52 pm

Hey #27 (in response to #1’s post) BINGO. Hey “Fake News”, eff off eh, blog elsewhere DOLT

#45 Not Drinking on 02.16.20 at 6:56 pm

No leader; no future; I truly fear for this country!

#46 Tedfiftyfour on 02.16.20 at 7:01 pm

#37 Stone on 02.16.20 at 5:42 pm
You are assuming people who are independently wealthy
either do or should give up working for a living. Why ?
“Purpose” of life typically follows Financial security. You should try it. If only takes a life time of patience and investing.

#47 Islander on 02.16.20 at 7:19 pm

“Sort of unprecedented’: Experts concerned by looming condo insurance crisis”
Garth, please write about the condo insurance crisis in YVR and other major cities in Canada.

Done already. – Garth

#48 Joe on 02.16.20 at 7:30 pm

“the outlaws who shutdown the trains” , you mean the outlaws who shut down Canada

rule of law, reconciliation, hereditary chiefs vs elected chiefs

#49 Stone on 02.16.20 at 7:56 pm

#47 Tedfiftyfour on 02.16.20 at 7:01 pm
#37 Stone on 02.16.20 at 5:42 pm
You are assuming people who are independently wealthy
either do or should give up working for a living. Why ?
“Purpose” of life typically follows Financial security. You should try it. If only takes a life time of patience and investing.

———

I am independently wealthy. Self made. Not old. I need assume nothing on that topic. It doesn’t take a lifetime of patience. It takes an iron will and drive to see opportunities where others only see challenges and develop them to maximum potential.

It’s sad that Bob Aaron should write such a crappy piece of garbage without actually understanding the pros and cons of investing as well as compounding. If his “purpose of life” is to write garbage, then he’s doing an A+++ job. Otherwise, he gets a big fat F. He should stick to real estate law which he is good at and keep his nose out of investing and financial planning until he’s actually done his homework. His lack thereof causes damage to naive impressionable minds.

Don’t go telling me that laughable article is the result of developing something to maximum potential as a result of financial independence. More like someone requiring a paycheque pandering to the real estate cartel and selling out.

#50 DON on 02.16.20 at 7:57 pm

News Headlines

“Japanese stocks led Asian equities lower on Monday after the country reported a much deeper economic contraction than expected before any hit from the coronavirus. ” Bloomberg

“German economy barely grows at end of 2019” BBC

“Coronavirus Begins to Sap Growth as Europe’s Economy Slows

“Germany registered zero growth in late 2019, and the prospects for a turnaround in early 2020 are dimming.” New York Times

#51 Treasure Island CEO - 173,453,342.88 Offshore on 02.16.20 at 7:57 pm

The root of wealth if maximizing cash flow.

From their it is up to you on how to save or spend.

It makes a lot of sense in most areas outside of Vancouver and GTA to buy property IF you can increase your cash flow (taking into consideration equity build in the forced savings plan when people buy – the portion of your amort that goes to principle).

If your cash flow is greater renting (and you enjoy renting), then rent.

Most will figure out though that the #1 strategy like forever is to own a house with a suite (mortgage helper) which will bring your housing costs in line or below the cost of rent. You have a driveway, a garage, a yard and the authority to tell anyone you want to take a hike. Including your renters when the place is paid down enough where you don’t need them.

And as for the forever renter? Homeless by age 65 or at least having to utilize government housing, if that still exists in time.

Hard to imagine a Canadian government not forever supporting the Canadian housing market because the housing market is the entire economy. There will be slowdowns but the master plan is for towers and cranes to constantly be pumping new housing and population (aside from a corona virus slow down time period) probably will continue increasing and for sure in Canada as the entire world wants into Canada (low population, clean, lots of space, corrupt politicians and banks along with land use restrictions to constantly keep costs stable, which means unaffordable levels – forever).

#52 Yuus bin Haad on 02.16.20 at 8:01 pm

My Mandarin is a it rusty, but I believe General Secretary Xi just said he’d get back to solving the climate crisis right after he’s quashed the coronavirus.

#53 Randy on 02.16.20 at 8:03 pm

Question: You are retiring but you only have $3,000 savings ?

Answer: How did I know I was gonna live this long ?

#54 Zed on 02.16.20 at 8:08 pm

Canadians have to stop wanting to fix themselves to a single location ; with the fees associated with buying, maintaining and selling. Governments are not helping people with all the fees involved in buying, realtors are more an obstacle than help with their fees.

A big reason for the shortage of RE listings is the cost into and out of RE, a sellor would probably inccur a 10% loss of his equity by moving up.

Poor RE slaves, they deserve their lot because so many want to join in, no thinking for themselves.

RRSP should be only for retirement not RE. Retirees in Canada have lack money.

#55 Dr V on 02.16.20 at 8:28 pm

99 Yukon – thank you and understood. Did not explain myself fully. Marginal rate of course.

#56 Barb on 02.16.20 at 9:03 pm

“…are we going to end up like or worse than California. ”

————————————————–

The State whose citizens, years ago, REFUSED huge property tax increases, got together and demanded property tax rates decrease? Jerry Brown acquiesced.

Sure hope so…

#57 fishman on 02.16.20 at 9:07 pm

Air force One comes over Daytona at 800 ft. The Beast circles the track leading the pack. The Trumpster gives the famous order “Gentlemen start your engines”.
Melanie smiling beside him in her “Daisy Mae Clampett” blouse. The rednecks go ballistic. I wanna be an Americun.

#58 TurnerNation on 02.16.20 at 9:33 pm

What do the bankers want for this country? Almost everyone on this team, and sponsors are bankers or investment cos. Money ppl.
It’s not like we need elected reps. These guys have it covered.
I hope Mills are not looking for affordable housing. Condos to hit $2000/sq foot in Toronto soon, IMO. Once the Libs tax their forthcoming inheritences their buying power will be further limited. (They voted the Red Scourge. Let them eat cake.)

https://www.centuryinitiative.ca/team/#1475580352247-9544cbde-78a3

Century Initiative envisions a Canada at scale, with 100 million people in 2100 working together to achieve our shared potential. We see a Canada that’s a global leader, celebrating ambition and innovation, fully leveraging its talent and diversity, and offering an example to the world of broadly shared prosperity.

#59 Spectacle on 02.16.20 at 9:35 pm

Another Deckchair on 02.16.20 at 5:10 pm
Kind of like the choir singing the praises of banning single use plastic.

Anyone know what single use plastics really are?
—————– o————o————-o———–
Single use plastic = Kia

#60 G on 02.16.20 at 9:37 pm

Hi #24 Apocalypse2020,

Yes I picked up a few extra things that I can use going forward if it doesn’t get out of hand. But really I’m only good for a few week, then basically screwed like most other people, especially if the power and water go out. Of course my wife isn’t as concerned as you and I are. She when down around Toronto for the weekend to see friends, eat out and took in a movie with them. She thinks it’s just like a regular flu because that’s what CBC said. I told her it’s engineered for something (bioweapon?) and got out. It can be spread for days before feeling sick unlike SARS, is worse than SARS for some and you can pick it up off surfaces 5-9 days later. News it might be air born too, not sure if there just talking water droplets or not?

My fingers are crossed she doesn’t cross paths with a super spreader that is walking about, hopefully unknowingly as opposed to intentionally, but both would be bad news. Test kits show many false negatives. So I hope the people finishing 14 day quarantine is actually long enough? It they get it wrong and it should be longer it’ll be too late. Then our response to try and keep it from spreading is worse than China’s was in a way.
If she gets it, I’ll get it.
I don’t think she really gets what it is or how bad it could be. I hope I’m just over thinking it.

I’m praying most infections are mostly mild, and the virus isn’t supressing the immune system so secondary infections are deadlier, but it may be do exactly that. But we don’t have much only some reliable data to answerer many questions about this new COVID19. And the news leaking out of China doesn’t look good at all.

#61 Shawn Allen on 02.16.20 at 9:38 pm

Permission to be Annoying to the Host?

In the interest of being annoying:

You are incorrect. Prices have not tripled. Average sale price in Toronto 2010 = $431,262. Now = $819,382. That’s 89%, not 300%. In comparison, during this time the stock market (S&P 500) is up 110%. – Garth

************************************

May I point out that a triple is a 200% gain? A double is a 100% gain. It’s a common mistake. Well often it is made more or less on purpose for exaggeration.

umm… you’re welcome, no really, no need to thank me.

#62 Not Drinking on 02.16.20 at 9:49 pm

Very interesting article to those that have an interest in AI.

https://business.financialpost.com/news/economy/the-world-is-on-the-verge-of-something-big-with-ai-and-canada-could-be-a-leader#comments-area

#63 Yukon Elvis on 02.16.20 at 10:12 pm

#59 TurnerNation on 02.16.20 at 9:33 pm

https://www.centuryinitiative.ca/team/#1475580352247-9544cbde-78a3

Century Initiative envisions a Canada at scale, with 100 million people in 2100 working together to achieve our shared potential. We see a Canada that’s a global leader, celebrating ambition and innovation, fully leveraging its talent and diversity, and offering an example to the world of broadly shared prosperity.
………………….

…….and the farmer towed another load away.

#64 Another Deckchair on 02.16.20 at 10:30 pm

@39 fartzie,

I’m all for banning single use plastic, don’t think a lot of people understand that plastic is used everywhere. They’re in for a shock!

#65 Less is More on 02.16.20 at 11:11 pm

#76 Longterm (yesterday)

I am not a “climate denier” as they say because I do acknowledge that CO2 is a contributing factor to global climate, for the warmer it seems. But I am more hopeful than most that simple economic pressures that push the economy towards energy efficiency will go a long way towards reducing the problem. I don’t know if anything the government could do will help as much.

#66 Less is More on 02.16.20 at 11:16 pm

“#77 Ronaldo on 02.16.20 at 2:28 am
#61 Less is More

You get the prize for the longest post ever.”

It was really 2 posts in one. And I didn’t have time to be brief. And who doesn’t like prizes?

#67 Sail Away on 02.16.20 at 11:24 pm

Elon Musk’s Boring Company finished its first contracted tunnel in Las Vegas.

Succeeding on all fronts.

#68 Fortune500 on 02.17.20 at 1:05 am

Is that $60,000 in today’s dollars, or the equivalent in future dollars 30 years from now?

#69 Sail Away on 02.17.20 at 2:38 am

To be honest, I’m a fan of a government that doesn’t do anything. Hopefully they can maintain this non-momentum.

#70 SoggyShorts on 02.17.20 at 2:57 am

#100 Shawn Allen on 02.16.20 at 1:12 pm
Pity those with government Defined Benefit pensions?

#94 SoggyShorts on 02.16.20 at 12:02 pm
#89 Dr V on 02.16.20 at 10:48 am

There is a sweet spot for your corps dividends between 35-41k. Elligible divvys are zero tax up to 49k so you and spouse could pull almost 100k tax free. Crazy!!
************
Yup, and I think T2 is increasing the basic personal amount too, right? So 30k in cap gains = 15k income = zero tax?

*********************************
Not all, but a large number of government workers end up with DB pensions of $50k and 75k is not that unusual.

Then they/we can’t take advantage of the low taxes on dividends. Unfair?

And what if they also have a sizable RRSP built up even with the low amounts they were allowed to contribute? Just no way to escape taxes over 30% at least and often 40%. And then there is the clawback of 15% (about 9% after considering it is not taxed when clawed back). Looking at 40% to 50% marginal tax rate. In that case even dividends get hit I think over 30%?

Oh the inhumanity!

Should there not be pity for these folks?
**********
Usually you’re better than this Shawn.
We were pointing out how one can pull a measly 30k in cap gains or dividends from a portfolio of 7 digits that was contributed to by just ourselves.

How can you compare that to the woes of the former government employee making 75k in pension plus RRSP withdrawals?

I mean who has more take-home in your scenario? The portfolio guy with 30k and zero taxes or the 75k pension dude with whatever taxes?

BTW I’ve never begrudged anyone for their pension, government or otherwise-its just part of their paycheck as far as I’m concerned.
I’ve never had one, but presumably my compensation was bigger checks instead, and I was expected to make my own pension. So I did.

#71 Funky Hollow on 02.17.20 at 3:09 am

I think years in advance to get the results that I do. Never once in a year do I pull up yesterday’s charts or last years guidance. What happened to an industry a decade ago is useless drek compared to where it’s going. That’s why Im out of China, Water, Pot and Blue Sky Geriatrics.

Did CAE quadruple based on industry analytics? No, pundits hated the stock when it was pennies, but they had committed visionary management no one wanted to listen to. That’s how to pick companies. “Look over the valley”, I was told.

But as an old investor, I let them come to me. I learned more about investing from mentors like Murray Pezim over beers at a strip club than anything.

I’m a ‘show me’ guy. Think I’m unique? Not even close. My buddy bought a ski resort 40 years ago when we were kids, and held it, never considering a sale, until he did, for $200 million. He still goes to work every day. It’s not about the money, it’s about the score card. Long term plans are the only way to go. You don’t need that many winners when just a few super stocks are building towards a melt up.

#72 Not So New guy on 02.17.20 at 3:47 am

I think the #1 reason to own a home is to nail down that significant other and keep them from bolting at the first sign of trouble

#73 Jackie Sui on 02.17.20 at 4:45 am

#61 G. I was just watching CNA Singapore to a report of organized armed gangs stealing toilet paper in Hong Kong. You won’t hear a peep of truth by CBC.

And, Chinese media is awash today with new stories exonerating Premier Xi ‘ s late action. However, China has a new song instead. It’s kind of like Trudeau’s new beard, is it or isn’t it the real thing?

Patient Zero is now reported to be a lab worker in the bio-hazard facility in Wuhan. Hey, don’t hate, this is what Asia is reporting. Did the two spies really steal the virus in Winnepeg as rumoured? Frankly , Trudeau’s costume changes freak me out.

Israel is the latest country to ban every Asian from entering without quarantine. Mosques in Indonesia are demanding every buy a new prayer mat.

The Westerdam cruise ship that was allowed into Cambodia after rejection elsewhere proves to be another plague ship, many Canadians aboard, now a panic to track down the 1500 carriers and contain them before they infect thousands more.

Air Canada and Cathay Pacific have reduced flights from China but full flights are still landing. Should Canadians stock up? Did we learn nothing from SARS? Wel’ll see.

Like the news, don’t like the news, up to you, but it’s still in the news in Asia’s most reputable markets.

#74 mark on 02.17.20 at 6:34 am

Maybe the 60/40 is dead.

Ray Dalio indicates investors will not tolerate the return of assets that pay nothing(bonds) and a paradigm shift will take place and move to other non traditional assets!!

Could he be eluding to bitcoin!!

Pension funds and healthcare will come under pressure of the non existent returns of bonds?

So what the hell are we suppose to ‘shift ‘ to ?

#75 theoryAndPractie on 02.17.20 at 6:40 am

Not much surprised about MSM, here is the proof of ‘independent journalism’ :

https://nationalpost.com/news/politics/600m-in-federal-funding-for-media-a-turning-point-in-the-plight-of-newspapers-in-canada

https://nationalpost.com/opinion/andrew-coyne-its-when-you-read-details-of-media-bailout-that-the-chill-sets-in

#76 maxx on 02.17.20 at 7:44 am

The more something is just out of reach, the more people want it. People do the dumbest things just to “get” that thing. FOMO, “buy now or buy never”, keeping up….selling future opportunity down the river….

Those who succeed and are often (usually at retirement) viewed with a somewhat jaundiced eye, have taken a path of quietly and consistently saving and investing. They are frugal and know very well the value of a buck. They can very often stretch those bucks like pizza dough and acquire skills that make them extremely creative with it so that it continues to grow.

We used to be a great nation of savers. Those skills have largely been abandoned. Pity.

The winners of the future will be cash rich, opportunity rich, flexible and free.

#77 Dharma Bum on 02.17.20 at 7:59 am

#68 Sail Away

Elon Musk’s Boring Company finished its first contracted tunnel in Las Vegas.

Succeeding on all fronts.
——————————————————————-

Amazing. Nice to see what vision and determination can accomplish in a relatively short period of time.

And in other news…

The mopes in charge of constructing a branch of Toronto’s hopelessly antiquated and obsolete transit system are tripping over themselves while falling further and further behind schedule. Just dig the effing hole already.

https://www.railwayage.com/news/eglinton-crosstown-behind-schedule/

#78 Ponzius Pilatus on 02.17.20 at 8:04 am

#68 Sail Away on 02.16.20 at 11:24 pm
Elon Musk’s Boring Company finished its first contracted tunnel in Las Vegas.

Succeeding on all fronts.
————-
He’s getting lots of opposition in Berlin.

#79 Ponzius Pilatus on 02.17.20 at 8:09 am

#70 Sail Away on 02.17.20 at 2:38 am
To be honest, I’m a fan of a government that doesn’t do anything. Hopefully they can maintain this non-momentum.
———–
How would Mrs. Market deal with the current virus crisis?

#80 Dharma Bum on 02.17.20 at 8:10 am

#44 just snootin’

Thanks, but $20k a year, a small town, and a whole lotta love suffice.
——————————————————————–

Where does this guy live?

Orgy Town, Saskatchewan?

#81 crowdedelevatorfartz on 02.17.20 at 8:23 am

@#61 Another plastic deckchair
“don’t think a lot of people understand that plastic is used everywhere.”
++++

True.
But before plastic began its run towards world domination we used paper straws, wrapping paper for meat, waxed paper for sandwiches, paper bags for grocery shopping, paper bags for lunch, etc etc etc.
Paper and cardboard work.

Time to go “back to the future”.

I bought a tiny small data stick the other day. The hard clear plastic wrap would have stymied Superman with out a sharp knife to cut open a stupid package when a small cardboard box would do just fine.
The plastic wrap on most items now is ridiculous.
But the marketing demands we “see” the product.

However you’re right.
It will be interesting to see grocery stores switch back to paper bags now that they are ridding themselves of staff and automating check outs. Fruits and vegetables picked from the bin and collected in small paper bags, etc.
EVERY time I use my black (plastic) reuseable, shopping bag ……the attendant must walk over and reset the automated cash machine….why?
She finally admitted to me.
“Its to check that you dont have something hidden in the shopping bag……”

Banning single use plastic will take a decade at least.
But if every one used reuseable bags it would stop millions of bags from polluting the environment.

2 million bags a minute…… world wide.

http://www.earth-policy.org/images/uploads/press_room/Plastic_Bags.pdf

Just dont expect me to stop riding elevators….there are few joys left in life….leave me at least one.

#82 Remembrancer on 02.17.20 at 8:40 am

#28 Looking back in time on 02.16.20 at 4:48 pm

Not surprising, reads like an identity theft or stalking scam ad. Maybe try volunteering at an established community program instead?

#83 Howard on 02.17.20 at 9:06 am

#7 Piano_Man87 on 02.16.20 at 3:00 pm
The government will enhance CPP to pay for our retirees who didn’t save/invest. Those who saved and invested will be rewarded with it being clawed back – just like OAS. I just can’t see any other way around it. Look how raising the retirement age to 67 worked out.

In other words.. the government is slowly ruining the incentive to be financially literate by protecting everyone from their own bad decisions. Please tell me how this makes a nation better off.

————————————-

Which is why people should aim to retire as young as possible to end their taxpaying days (from employment income) as quickly as possible. Living off dividends rewards you with a lower tax rate. It snuffs out any ambition to reach higher, but Canada has always been mediocre and will presumably stay that way.

As I get older, I’m looking for ways to LEGALLY game the system. I am not interested in subsidizing T2’s schmoozing with globalists to get Canada a UN security council seat that nobody cares about.

#84 Howard on 02.17.20 at 9:13 am

#81 crowdedelevatorfartz on 02.17.20 at 8:23 am

I didn’t take you for someone who gave a crap about plastic pollution.

Plastic ban is one of the very few issues, perhaps the only one, where I side firmly with the totalitarian Left. I am all for a complete ban on single use plastic bags, cutlery, cups, straws, all of it. In addition to regulations on manufacturers requiring a reduction in non-biodegradable plastic content.

Why would you use a plastic bag only once? – Garth

#85 Howard on 02.17.20 at 9:15 am

#74 mark on 02.17.20 at 6:34 am

So what the hell are we suppose to ‘shift ‘ to ?

—————————

Commodities.
Precious metals.
Volatility.

#86 Rebs on 02.17.20 at 10:00 am

The ‘house lust’ is still there because people are still experiencing great outcomes.

We purchased a condo in 2014 in Montreal; sold 4.5 years later and made $100K profit (net commissions and expenses). In addition, we got back our original $60K down payment. So we had $160K to put down on a new detached home WITH dirt, 20 minutes from downtown.
Our mortgage is 1300$ per month; 200$ property taxes; 150$ power/heat. Maintenance comes out of our general savings.

There’s no way we would have reached the same level without property. I’m not saying it’s the ‘right’ thing going forward for everyone; but we can’t regret it either.

#87 Felix on 02.17.20 at 10:07 am

An alarming photo, but it shows how canine overpopulation is the greatest curse facing the planet.

Spay, neuter every one of them before it’s too late.

#88 Tony on 02.17.20 at 10:55 am

Re: #74 mark on 02.17.20 at 6:34 am

The only thing they haven’t done yet is destroy the U.S. dollar. That comes shortly after the 2020 election. That’s why Dalio has continually said to buy gold since early last year.

#89 BlorgDorg on 02.17.20 at 10:59 am

For those debating the government’s view on this financial debacle, Joe Owe summed it up very succinctly years ago:

“That’s a problem for Stephen Harper’s granddaughter to solve.”

It’s not so much that “the Mills want what the Boomers have”, it’s that the Boomers pulled the ladder up behind them.

This is what pisses off many smart Millennials (and many Gen Xers like myself) so much: those in power have already got theirs, everyone else can get bent.

#90 crowdedelevatorfartz on 02.17.20 at 11:08 am

@#87 Felix
“An alarming photo, but it shows how canine overpopulation is the greatest curse facing the planet.”
++++

At least they dont kill billions of birds for the sheer pleasure of it…..

https://www.businessinsider.com/cats-kill-billions-of-birds-and-mammals-each-year-2014-12

Whats’ good for the Goose is good for the Gander ….

Time to spay and neuter ALL domestic pets Felix?

#91 Howard on 02.17.20 at 11:16 am

Why would you use a plastic bag only once? – Garth

—————————

Pretty common practice with fruit & vegetable bags to toss them after use.

For regular plastic grocery bags, yes some people reuse them as garbage bags but I have seen MANY people simply scrunch them up and toss them into a large green/black garbage bag without reuse. And given how many plastic bags people use in a typical grocery run, there’s no way to reuse all of them as bin liners unless one deliberately eschews all recycling (including paper, glass, etc) just to “claim victory” over the greenies.

#92 Rossi46 on 02.17.20 at 11:27 am

re:Howard #84 “As I get older, I’m looking for ways to LEGALLY game the system. I am not interested in subsidizing T2’s schmoozing with globalists to get Canada a UN security council seat that nobody cares about”.

A good blog suggestion would be what are the ways to legally reduce taxes paid to 3 levels of govt? Would be a good hobby.

#93 G on 02.17.20 at 11:28 am

Hi #73 Jackie Sui, FYI anyone

Go to the CDC site for info on COVID19
https://www.cdc.gov/coronavirus/2019-ncov/index.html

-Interim Guidance for Healthcare Professionals
-Information for Public Health Professionals
-Frequently Asked Questions and Answers…

Much is unknown about how 2019-nCoV, a new coronavirus, spreads. Current knowledge is largely based (there best guess) on what is known about similar coronaviruses.

◦If you are a healthcare provider caring for a COVID-19 patient or a public health responder, please take care of yourself and follow recommended infection control procedures.
◦If you have been in China or have been exposed to someone sick with COVID-19 in the last 14 days, you will face some limitations on your movement and activity. Please follow instructions during this time. Your cooperation is integral to the ongoing public health response to try to slow spread of this virus. If you develop COVID-19 symptoms, contact your healthcare provider, and tell them about your symptoms and your travel or exposure to a COVID-19 patient.
◦For people who are ill with COVID-19, please follow CDC guidance on how to reduce the risk of spreading your illness to others. https://www.cdc.gov/coronavirus/2019-ncov/about/steps-when-sick.html
“call ahead”
•Seek medical advice – Call ahead before you go to a doctor’s office or emergency room. Tell them about your recent travel and your symptoms.
•Avoid contact with others.

Go to the CDC site for info on COVID19
https://www.cdc.gov/coronavirus/2019-ncov/index.html

#94 mark on 02.17.20 at 11:39 am

#85 Howard on 02.17.20 at 9:15 am
Re: #74 mark on 02.17.20 at 6:34 am

Cant begrudge anyone having a little gold for protection, but who knows what Dalio says and WHAT is really in his hedge fund.
His so called all seasons portfolio has 7.5% gold, this will/might lessen the impact but is just a drop in the bucket for protecting your life savings.
It may help if your using one of the more extreme portfolios like the Golden Butterfly, or Parament Portfolio, but do you want over 20% in gold in your portfolio!?

Dalio is ahead of curve and has other non traditional assets in his portfolio for clients and himself, that’s why I elude to the CRYPTO and bitcoin, we wont know for years what he really has in there, gold is a no brainer for a 5-10% allocation just in “case”.

Its getting scary out there, at some point the global debt has to be monetized how they do that(and hurt investors, your bank accounts etc etc) is anybody’s guess, there is no way it will EVER be repaid so everyone is at risk.

Its so hard to even buy and sell bitcoin, I considered a 1% allocation but the hassle seems not to be worth it?!

Come on RYAN and Garth we all know you have views on this, what do you really think! It impacts your clients too! There is no easy answers when you consider low and negative bond rates, people and pension funds cant make money on the low risk/ fixed income side, it sucks, next recession will be a life changer for many and some will be wiped out if there not truly balanced?
There is little ammo left for more rate cuts….

#95 Oakville Owner 100% on 02.17.20 at 11:44 am

#21 FreeBird

Thanks!!

#96 crowdedelevatorfartz on 02.17.20 at 11:58 am

@#74 mark
“So what the hell are we suppose to ‘shift ‘ to ?”

++++

Isnt it obvious?
The renminbi….such a pretty red color.

Buy it while its cheap… 25 years from now you’ll be rich….unless Trudeau is on his 8th term in office and has taxed all earning at 100% from anyone earning over $40,000 per year because they’re “rich”.

#97 Sail on 02.17.20 at 12:05 pm

#78 Ponzius Pilatus on 02.17.20 at 8:04 am
#68 Sail Away on 02.16.20 at 11:24 pm

Elon Musk’s Boring Company finished its first contracted tunnel in Las Vegas.

Succeeding on all fronts.

—————————-

He’s getting lots of opposition in Berlin.

—————————-

He’s gotten lots of opposition in everything he’s ever done.

Some protesters against an approved project, in this case. Bet it’s a non-issue.

#98 mark on 02.17.20 at 12:25 pm

#96 crowdedelevatorfartz on 02.17.20 at 11:58 am

You might as well invest in some recapture gas/CO emission technology, just in case you find yourself in crowdedelevatorfartz!!

M.

#99 G on 02.17.20 at 12:29 pm

#81 crowdedelevatorfartz,

+&- on many things. More paper bags, that tear when wet, means more deforestation. Would hemp bags help/work reuse more often? Recycled bags don’t last forever either.

And if your trying to keep from picking up bugs like COVID19…

If I use plastic I try using them again at least once for garbage bags and for used cat litter, and I put them in garbage that I assuming are going to be put somewhere that keeps them out of the sea.
The newer soaps with tinny plastic balls doesn’t seem to be the smartest thing humans have come up with.

(But then some humans use large amounts of energy and resources to make stuff to kill other human beings. Its quit mad if you think about it.)

I do recall the chemical industry mass marketing of plastics as the new wonder material of the world to make stuff out of and it will last forever. But we all know that isn’t always the case when plastic part/products break. I’ve seen pictures of plastic shrink wrap used for shipping stuff blowing all over the place in most parts of the world.

The blue recycle bins in large towns some take used plastic, but not so common in smaller towns. The Tax base pays for the pickup services. Then not sure were it goes after that. Some times not were we would like it to end up it seems, like rivers lakes oceans.

Burning plastic produces dioxins and the small partials go up and out the smoke stacks. Dioxins bio accumulate up the food chain to us.

High temp may break it up but may also recombine as gasses cool again, but I’d need to double check that before saying for sure.

So many things have +&- issue with them.
I wise there was a simple answerer to many things.

Be safe with the COVID19 on the loose.

#100 Dr V on 02.17.20 at 12:38 pm

89 Blorgdorg

“It’s not so much that “the Mills want what the
Boomers have”, it’s that the Boomers pulled the ladder
up behind them.”

Don’t know about that. There’s a lot of opportunity out there as boomers move to retirement. My business cant find Mills. Or at least not for my small town, which boomers and their parents thought was a great place
to live and bring up families. Still is.

Look at some boomer-owned businesses but look 5-10
years down the road. . Get in now, and in a few years
you could be steerin’ the ship.

There is a lot of different things at play with the shifting tide. So many jobs that did not exist just 30 years ago. So much more government regulation as
well, which can require private sector jobs to address.

#101 G on 02.18.20 at 11:26 am

CBC, B.C., Feb16

Why Coastal GasLink says it rejected a pipeline route endorsed by Wet’suwet’en hereditary chiefs

https://www.cbc.ca/news/canada/british-columbia/wetsuweten-coastal-gaslink-pipeline-alternative-path-1.5464945?__vfz=medium%3Dsharebar&fbclid=IwAR179W3w3piAmW1zREeLcqJ8E4ZLZNA3_6UzA7sSIKJbODjeuHcWRbl5Ix0