Corona time

We were in the eye of Dorian. The winds of 130 km/hr were ripping shingles from the roof. The basement sump pump was heroically losing it. Rivulents down the road had turned into a river. The hurricane went on for hours, each worse than the last.

“Hey, pal,” I said cheerfully. “Wanna go for a pee?”

Bandit opened one eye and gave me that look. ‘Are you out of your freaking mind?’ it said. And that was all. Roll over. Dogs know.

Well, here we are. The big storm. Venturing into it is foolish. Too late to sell. Too early to buy. Unless you’re epic. Best to sit this one out, riding the roller coaster lower, then letting it carry you up when the sun returns. And it will. Pandemics don’t last. Oil wars never do, either. The world isn’t ending. Just normalcy.

So the virus got real Wednesday night when Tom Hanks got it, the NBA shut down and wheezy Trump scared the crap out of investors. As he spoke futures sank. Where Mr. Market wanted emergency containment (since US virus testing has been virtually non-existent), he got an airline-killing European travel ban, faint stimulus and wall-to-wall uncertainty. The next day stocks sold off Biblically, Trudeau self-isolated (convenient), hockey went dark, Ontario schools closed  and everything tumbled. Stocks, Bonds. Gold. Oil. Dollar. Crypto.

“Risk Off. Risk Off. The 11 year Bull market ended more quickly than anyone has ever seen. The Dow declined at the fastest rate since 1933. We are in the grips of a Pandemic Bear,” was the histrionic take of one veteran Wall Streeter. People were taking no chances as high-frequency traders, the algos and the hedgies whacked the Sell button.

The fear? It’s not about health, but disruption. Trump pushed us a lot closer to a global recession with the complete disruption of the America-Europe supply chain. Recessions bring lower corporate profits, higher unemployment, bigger deficits, falling rates and negative growth. And while central banks will hack the cost of borrowing and inject stimulus while governments cut taxes and goose spending, nothing can match the speed of a virus. It took China six weeks of historic, draconian measures to quell this thing. America has not even started. It’s why Mr. Market is also looking at Trump and wondering if the guy will actually be around past November.

Well, let’s talk about investments. Overnight my suspender-snapping, omniscient, fancy portfolio manager colleagues and I did another asset allocation review. The process is endless, and leads to incremental but meaningful changes. I asked Ryan Lewenza to summarize some of the moves we took before the virus landed.

We were calling for an increase in volatility this year but this is getting a little out of control! Thankfully we’ve been systematically and proactively reducing risk in the portfolio over the last few years to help to minimize the downside against these market downturns. We did this for two key reasons. First, with the bull market reaching its 11th year anniversary in 2020, this current economic/market cycle was getting older. Second, the risks remained elevated, in our view, as we’ve had to contend with things like the US/China trade war, Brexit, Iran, Hong Kong protests etc. Given these factors we’ve been dialing back risk and as such our portfolio is as defensively positioned as it’s been in many years.

Our strategy to reduce risk started two years ago when we made the wise decision to switch our plain vanilla TSX ETF for a low volatility Canadian equity ETF. This invests in the lowest volatile stocks in the Canadian stock market and currently represents our single largest holding. It’s been a big winner for us as it’s been providing stronger returns in up years and less downside during market sell-offs.

Rounding out our Canadian equity exposure we have one ETF that invests in the highest-quality dividend stocks in Canada and our REIT position, which has been a great long-term holding for us. With interest rates dropping like a stone over the next few months this generally benefits REITs and is one reason why it’s down only 6% this year.

We then moved on to the US side of the portfolio making a number of changes to reduce risk. Two years ago we sold our US small-cap ETF and last year our US mid-cap position, resulting in the portfolio only holding large-cap US stocks. We also made the smart decision to buy a US healthcare ETF, in large part due to its defensive qualities. In market downturns the sectors that hold up the best are consumer staples (you still have to eat), utilities (you have to keep the lights on) and healthcare (still need drugs and go to the hospital).

Finally, late last year we had to address the international side of the portfolio where we introduced an ETF that invest in “high-quality” international stocks. It screens all the international markets for the highest quality stocks and this switch was very timely as it’s significantly outperformed the international ETF we previously held.

In summary, while we did not anticipate this virus/pandemic and the impact it’s having on the economy and markets, we have been proactively reducing risk in the portfolio to help soften the blow against this current downturn. While our portfolio will not be immune to this temporary market decline, it is currently positioned as well as it can be given our defensive positions.

Of course, the portfolio is also balanced, holding 40% in safer assets such as government, corporate and provincial bonds which have zipped higher in value as rates drop. The preferreds have lost capital value as the cost of money falls, but they pay a chunky, regular dividend of almost 5.5% and will soar once CBs start backing off, post-Covid. The next move, underway now, is to trim bonds that have soared and nibble equities that have tanked.

So, yeah, the roof is intact despite the blow. It’s not over yet. Not close. Stay invested. Wash your hands. Hug your Charmin. Don’t do stupid stuff.

Listen to Bandit, and hold it.

271 comments ↓

#1 Jimmy Zhoa on 03.12.20 at 3:56 pm

Save us Garth !
(At least our portfolios)

#2 Emile on 03.12.20 at 4:00 pm

> The next move, underway now, is to trim bonds that have soared and nibble equities that have tanked.

Done and done!

#3 I’m stupid on 03.12.20 at 4:07 pm

It’s like everyday for the last 2 weeks has had a black swan event. China shut down, Italy shut down, USA stopping flights to Europe, oil collapse. It’s just incredible to see how fast the wheels fell off. Moving to cash now is pointless that ship sailed 2 weeks ago. Just enjoy the ride down and try to save as much as you can during this down period because the ride up will be spectacular.

#4 Steve on 03.12.20 at 4:13 pm

On my phone I have a folder named Garth, and in it are currently 25 articles about investing from this blog. So when times are tough like right now, I re-read them. Thanks!

#5 bdwy sktrn on 03.12.20 at 4:14 pm

keep waiting…..

#6 Jim on 03.12.20 at 4:14 pm

$32.80 for a barrel of Brent Crude?

Garth please buy some Brent crude to increase demand.

Why did I invest in CGX Energy in the first place?

#7 Gil on 03.12.20 at 4:17 pm

Of course today there is a talk that corporate bond ratings are overvalued because ” it was very difficult to see where they stand”.
I remember when it was “difficult” to rate the mortgages and what it lead to.
I am very worried that the virus will expose what the mantra of quantitative easing was hiding for a long time

#8 Howard on 03.12.20 at 4:18 pm

Fed announces it will inject another $1.5 trillion of liquidity into the repo market. The indices shrug, “that’s it?!? We have bankster bonuses to distribute!”, and down they go. Bernie’s timing was unlucky. By the time Wall Street is bailed out again and a successor to the Occupy movement is born, it will be too late and Biden, long-standing stooge of the credit card industry, will be ensconced as the Democratic candidate or President.

#9 Brad B on 03.12.20 at 4:18 pm

With interest rates dropping like a stone over the next few months this generally benefits REITs and is one reason why it’s down only 6% this year.

XRE is down 12.45% YTD, and down 19.80% the last month.

#10 Guy g on 03.12.20 at 4:18 pm

What a mess.
Feels like each card in the house is falling.

#11 steerage steward on 03.12.20 at 4:18 pm

Exciting day in the markets, causing me to react thus:

https://www.youtube.com/watch?v=f0r6jeOab78

As always, sticking to my plan. Keep up the interesting and entertaining commentary Garth, we will all need it in the times ahead.

#12 baloney Sandwitch on 03.12.20 at 4:24 pm

Yep complete panic today. Epic. Was post-lehman as bad?

#13 Deplorable Dude on 03.12.20 at 4:24 pm

So the big question…..who will play Tom Hanks in the Coronavirus movie?

#14 Dave on 03.12.20 at 4:27 pm

Can covid kill real estate in Vancouver???

#15 Almost There on 03.12.20 at 4:28 pm

Thanks Bandit! Please have some extra treats tonight. They’re on me.

#16 Bruce Allen on 03.12.20 at 4:28 pm

Breaking news now is that ALL schools in Ontario suspended until April!

https://windsorite.ca/2020/03/all-ontario-schools-closed-until-april/

#17 Who Knows? on 03.12.20 at 4:28 pm

Feds putting $1.5 T into repo market over next 3 days.
Liquidity is a coward.
We will see if there are any truly rotten surprises as a result of financial wizardry. If so, the Fed will have to buy the market. Otherwise, people your age will be eating your pets in retirement.
Fun Times!

#18 RyYYZ on 03.12.20 at 4:29 pm

Apparently my portfolio is mis-allocated. Wishing I had you guys managing it. Ah well, nothing to do but hold on and “enjoy” the ride, now. Down 21% from peak a few weeks ago, now.

#19 SOMETHINGS UP!! on 03.12.20 at 4:29 pm

SYS-BOOM-BOW!!!

What is that the sound of?

#20 earthboundmisfit on 03.12.20 at 4:31 pm

Gut wrenching and vomit inducing (to say the least) to see 300K ripped out of the retirement portfolio in the last 3 weeks. All the lovely gains of 2019, poof ….gone. Oy vey.

#21 Nosferatu on 03.12.20 at 4:34 pm

Love this blog Garth – but from a standpoint of science I will point out that the eye of Dorian would be peace and quiet and clear skies ……like a day when the VIX is comatose. I know, i know….. I sound like an anal pedant.

This blog though is definitely the eye in the hurricane of fear and irrationality all around us.

#22 BC_Doc on 03.12.20 at 4:34 pm

VSB-T my “safe” short term bond etf down over 5% today— wow!!! What a bond rout.

#23 Sold Out on 03.12.20 at 4:34 pm

Trump won’t be tested for Covid19 because if he’s infected, he would be removed from office under Article 4 of the 25th Amendment to the Constitution. He’d rather burn down the economy than be declared unfit to discharge the duties of his office.

He has zero respect for the Constitution, but even Dim Donnie knows that it can be used against him. Now that Biden is the presumptive Dem nominee, Wall Street doesn’t need his kind of crazy in the White House.

I’m still predicting he leaves office in a 350lb-test butterfly net.

#24 Who Knows? on 03.12.20 at 4:37 pm

Margin call. Everything for sale. Liquidity is being sucked out at a startling rate.

#25 I’m stupid on 03.12.20 at 4:38 pm

Ontario schools shut down for 3 weeks.

#26 When it's all done on 03.12.20 at 4:42 pm

Like a game of poker, it’s not what you choose to do, but what everyone else also chooses. In this case it is uncontrollable hysteria. Much of it brought on by the media spraying gasoline on every fire they can and Netflix’s Pandemic series being released at the same time as Patient Zero was infected.

How we’ll ever get through another flu season is beyond me. It doesn’t matter how calm or rational I am. I think we may all look back and realize we caused a catastrophe for ourselves.

#27 not 1st on 03.12.20 at 4:43 pm

Well that’s weird, not sure what Ryan is buying but my low volatility S&P fund fell like a rock. Apparently this market thinks people wont be paying power bills or rent anymore.

Garth overlooked that ETFs got hit the hardest in the correction so not much safety there. Looks like that’s where all the panicky mom and pops are buying. Michael Burry said there was a bubble in the ETF space, looks pike he was right, again. Fed threw 1.5T at the market this afternoon and it barely noticed.

And it interesting that globalization made the last couple bull runs but it will be globalization that will bring it all down this time.

Rumor floating around that Deutche Bank bought a massive anti pandemic derivatives in 2018. Watch for a stealth bailout of those guys and others.

#28 long time lurker on 03.12.20 at 4:43 pm

Another 2300 point drop today, bloody hell. My friends who were backing up the trucks a week ago thought they were getting good deals, now they are wiped out. It looks like there will be way more pain ahead.

Your friends must have bought on margin to be ‘wiped out’ in a week. Get better friends. – Garth

#29 Cto on 03.12.20 at 4:44 pm

Garth, so markets got hammered,
My fee base advisor has been doing generally the same thing as you have been doing over the past month.
I didn’t like it because I wasn’t getting the returns I wanted but she was right.
Still though my portfolio badly dented will probably take a very long time to recover.
The big question to me is well housing in condos live through this completely unscathed and will we go into recession
And if so will that hurt my portfolio even further.
So far the condo kings are saying, ” should have been in condos! should have been in condos!.”
Please please please start a conversation on this . You used to talk a lot more about real estate at one time…

#30 Sylvia Brown on 03.12.20 at 4:45 pm

A well know physic that’s died years ago predicted in 2008 that there would be a world wide pandemic in 2020 and it would come very fast, however she also said it will end very quickly.
Whether you believe in mediums or not, this panic has me real scared.

I am not worried about oil guess whose buying at these prices, yep the Chinese as they crank up the manufacturing machine.
The virus is worrisome but hey we’ve all had the flu so I am sorry to say the ones who already have health issues will die. The rest of us will not.

I am buying blue chips
RBC 6.5 percent really do you see a bank failing?
Embridge almost zero risk 9 percent dividend
You need gas in all the homes in Ontario.

IPL oh my gosh never missed a dividend. $1.71 over 10 bucks 17 percent, yes there is risk but they pump oil not produce.

The list is long buy blue chips.
I think this is the buying opportunity of the century
Is it over? I don’t know but calmer heads will prevail and you will be kicking yourself in 6 months because you will miss the bull.
Cheers have a great day.

#31 David W2 on 03.12.20 at 4:45 pm

IF “it’s not over yet”, how much further can this market tank?

#32 Don Guillermo on 03.12.20 at 4:46 pm

DELETED

#33 Ian Alexander McDonald on 03.12.20 at 4:47 pm

What is the risk of buying deep discount preferred shares now, if and when interest rates eventually go back up?

You will make too much and people will hate you. – Garth

#34 mj on 03.12.20 at 4:47 pm

quick question. You said in the past that you can go back years if you didn’t put money in your rrsp. Does it work the same for tfsa. Can you go back years if you didn’t put money in. Thank you

Yes. All room is cumulative. – Garth

#35 Mr Canada on 03.12.20 at 4:49 pm

I have been feeling like a frog in a pot of water on slow boil……

#36 Kitsilano Kid on 03.12.20 at 4:50 pm

Garth – you’re a great salesman and all but I don’t care how many of your fancy ETFs you move around there is no way your clients are not getting absolutely clobbered right now. Stop putting lipstick on this pig already.

Of course they’re not clobbered. The portfolio went up 15.2% in 2019 and has given back about 9%, while stocks have lost 30%. Not so bad. And the best part is, it’s temporary. – Garth

#37 Yuus bin Haad on 03.12.20 at 4:50 pm

On the way down, it’s never too early to buy – just not all at once. You know kids; with your spare cash.

#38 akashic record on 03.12.20 at 4:51 pm

“Mr. Market wanted … Mr. Market is also looking at…”

That’s a good one. Mr. Market. WHO?!
Why not the Portfolio Fairy?

#39 jerry on 03.12.20 at 4:52 pm

Are bond funds more advantageous during these times versus traditional buy and hold bonds?

#40 Arse on 03.12.20 at 4:52 pm

The World Governments Will Pump another 100 Trillion Dollars This Year and the Stock Market Will Be Up Again Next Year This Time.

#41 Damifino on 03.12.20 at 4:56 pm

I’ve got a veritable ton of bookmarks. Yesterday just about every one took me somewhere that made me feel ugly.

Today, greaterfool is the only link left I care to click on.

#42 Blacksheep on 03.12.20 at 4:57 pm

I’m #3,

“It’s just incredible to see how fast the wheels fell off. Moving to cash now is pointless that ship sailed 2 weeks ago. Just enjoy the ride down and try to save as much as you can during this down period”

“because the ride up will be spectacular.”
———————————–
I have some cash to deploy once there is blood in the streets.

Unfortunately, it’s not enough $’s to get Garth involved directly, so I’m asking the blog Dog’s for council on ETF’s for the S&P 500 and or the DOW. Can be in USD, but prefer to stay in CAD to eliminate currency complications if possible.

Thanks in advance.

#43 Franco on 03.12.20 at 4:58 pm

How this event will unfold is totally unknown. The biggest risk is if the virus mutates and then all the wheels fall off. This is serious stuff and not to be taken lightly, the hand of fate can be very surprising and brutal. I recall early on when all the Health experts were saying that this will all blow over, I just shook my head in disbelief, that here we have scientists saying stuff like that.

#44 Alberta Nomad on 03.12.20 at 4:59 pm

I moved to cash in mid-February with the intention of just reallocating it to different ETFs/stocks. Mr. Market had its first swoon, so I waited a bit and caught the bottom of the first big rebound. I thought the volatility would even out as people calmed down, but I guess I missed the cliff ahead……

At least I am comfortable maxing my contributions now!

#45 Cristian on 03.12.20 at 5:05 pm

Yep. 6 months ago I switched from Canadian dividend and preferreds ETFs to REIT and increased my gold and bonds allocations while maintaining my cash allocation.
I haven’t lost one night’s sleep so far. Yeah, my portfolio is somewhat down too, but far from 30%.

#46 conan on 03.12.20 at 5:09 pm

Trump seems to not be working for the free world.
He is so toast come November, they will think of a new name to describe it, ……Trump Toast.

#47 avocado latte on 03.12.20 at 5:11 pm

“You will make too much and people will hate you. – Garth”

lol!

I’m dumbfounded that HSE.PR.A went from $9 to $6 in a week. The bid-ask spread on some of these issues has been huge!

#48 The real Kip (Ret) on 03.12.20 at 5:15 pm

Gonna surf Kijiji for the must sell deals. They’ll be coming soon.

#49 greyhound on 03.12.20 at 5:17 pm

Did anyone notice that the US 30-year bond was also being sold on a 10% down day for the Dow?

#50 Vaccine in 90 days on 03.12.20 at 5:18 pm

Jerusalem Post says that Israeli lab will have the vaccine tested in 90 days. They discovered some new way to do it fast.
It seems that 3300 years ago chosen people save the humankind with the Holy Bible, these days – with a medicine.

#51 Attrition on 03.12.20 at 5:24 pm

Sheesh, sheeple, listen to Garth and what’s left of your common sense. This will pass and be about as impactful as SARS/MERS etc. Do you walk around in fear of those? No. Is there a vaccine? No. And yet…you’re still here, ain’t you?

And your so-called investments will recover as well. I say so-called because investing in developing skills and ability pays real dividends, not imaginary digital ones.

People are so susceptible to hysteria and apocalyptic end-times overreactions. Is this because we’ve become a more more feminine society (the attribute, not the gender, calm down) so we react and emote before stopping and thinking? Or is this a relic of western religions? Who knows. Doesn’t matter.

Either way, people like me and mine gotta live in a world dominated by, people like you. That’s what’s scary. It’s not the current virus, the geopolitics, the correction, the bear market. It’s you.

Selfish, thoughtless, reactive, hyperventilating in the corner of your tiny condo, unprepared, unskilled, weak, uncoordinated, cashless and unable to skip a few meals should the time come without sobbing.

Again, sheesh.

#52 E on 03.12.20 at 5:25 pm

“Too early to buy.” I’m buying. Not all at once, but value averaging. Why try to time things perfectly? As you say, it’s temporary. If I bought extra at these prices years ago when they were last seen I would have had no regrets about it. Even now.

On the other hand, if you’re sure it doesn’t make sense to buy then why hold?

#53 Blog Bunny on 03.12.20 at 5:28 pm

I just keep investing regularly any cash coming in from my job, dividends and interest. The longer the panic holds, the more bargains I will scoop up.

#54 IHCTD9 on 03.12.20 at 5:28 pm

#15 Kitsilano Kid on 03.12.20 at 4:50 pm
Garth – you’re a great salesman and all but I don’t care how many of your fancy ETFs you move around there is no way your clients are not getting absolutely clobbered right now. Stop putting lipstick on this pig already

———

I took a peek this afternoon to assess the damage, it is indeed down right around 9% as stated by G. That is a lot better than I expected given all that is going on.

Sucks, but 2019 was a great year, and I’m thinking the rebound could be just as violent when all these snowflakes who freaked out and went 100% into cash/bonds scramble to get back on the train again the minute the skies start clearing up.

#55 Richard on 03.12.20 at 5:31 pm

Good new for those with large portfolios and a shortage of TP. Companies are going to start printing their stocks on two ply paper so when they become worthless they have a second usage!!

#56 Stratovarious on 03.12.20 at 5:33 pm

Although I was fortunate to sell most equity holding a few weeks ago when the first whiff of CV-19 appeared, bonds (both US government and short-term investment-grade corporates) are not doing as well as expected. The 10-year US bond actually went down (yield up) both yesterday and today; corporate spreads are exploding higher, even for short term AAA bonds. Liquidity is tight, and the only real safe asset is cash; even gold is dropping. Eventually the Fed should calm some of this, but as of today, a > $1 Trillion infusion did nothing. This hurricane has just got started.

#57 Lead Paint on 03.12.20 at 5:33 pm

Thanks for the blog – I even enjoy (most of) the comments. Garth always counsels being balanced, at times like these it’s good to psychologically balanced as well. 99.9% of us will die of something other than covid-19. Stress kills, don’t stress!

#58 Steven Rowlandson on 03.12.20 at 5:37 pm

Garth is the bottom at one to five cents on the dollar for the Dow and TSX? One to five cents on the dollar for real estate?

26 million Canadians, Little ice age conditions and no real social programs except a pay check if you work?

#59 BPMontreal on 03.12.20 at 5:37 pm

Is this a good time to ‘rebalance’?

#60 Blacksheep on 03.12.20 at 5:40 pm

Vaccine # 50,

“Jerusalem Post says that Israeli lab will have the vaccine tested in 90 days. They discovered some new way to do it fast.
It seems that 3300 years ago chosen people save the humankind with the Holy Bible, these days – with a medicine.”
——————————-
Link?

#61 Re-Cowtown on 03.12.20 at 5:42 pm

Good thing our PM built the pipeline before he went into hiding. Whew!

#62 MF on 03.12.20 at 5:43 pm

#50 Vaccine in 90 days on 03.12.20 at 5:18 pm

That’s incredible.

It would be fantastic if the vaccine is developed, then shared with the Iranians and Arabs as a sort of olive branch, essentially ending the mid east conflict.

Let’s hope.

MF

#63 Rule Of 100 on 03.12.20 at 5:49 pm

When the Market Indexes eventually stabilize there will be a lot of money to be made on the rebound especially for those who are overweight in cash. At some point in time we’ll have a once or twice in a lifetime buying opportunity so would you stick to the rule of 100 for the ride up or increase your equity position and if so by what percentage ?

#64 The Wet One on 03.12.20 at 5:50 pm

Let the good times roll!

Boo yaa!

Key thing is to do nothing.

If you’re going to do anything, look for deals on good value.

This storm will pass. They all do. It might be a couple of years though.

RBC has been through these storms (several in fact). It’ll be fine. Look for issues like RBC. Or just buy a dividend ETF. Yields are getting juicy!

Like I said, let the good times roll!

#65 just snootin' on 03.12.20 at 5:55 pm

I got me a bucket of dry powder somewhere’s around here. Just window shopping anyway. I feel no rush about anything. I am watching CAD/US bounce around. A penny on the chart puts a lot of sway at top of a tower of nickels. I will take spring break off to prune. I wouldn’t want to rush into anything without some solid, justifiable momentum. Might take some long shots with mad money.

Ryan had posted a column last fall suggesting more bond weight in the mix. Things were getting foamy. I agreed at the time based on shipping volumes. I don’t know how long trade numbers will take to resume, but will be using that as an indicator, rather than trying to play off a virus.

An fyi, our China suppliers are back online with product on the water. (consumer/seasonal)

#66 It's gonna be BIBLICAL on 03.12.20 at 5:59 pm

EOM

#67 Sail away on 03.12.20 at 6:00 pm

#209 SoggyShorts on 03.12.20 at 2:28 pm

…if you were sitting on about 5-7% cash which of these (if any) would interest you?

Xiu, XRE, xuu, vig, xef, vee ?

————————–

Those will probably all recover just fine. I’ve increased positions in ETFs up through yesterday.

Now that we’re approaching the -30% level, though, I personally am no longer interested in ETFs and will be looking at critical services that have dropped purely for non-fundamental reasons: rail, utilities, oil?, engineering, financials, construction, etc. I’ll be buying these now and as far down as they go.

Cheap oil could supercharge transportation and construction.

Some of the 50-60% drops of the above should quickly regain 30% or more since they just dropped due to the tide receding…

#68 Sail away on 03.12.20 at 6:01 pm

#50 Vaccine in 90 days on 03.12.20 at 5:18 pm

It seems that 3300 years ago chosen people save the humankind with the Holy Bible

—————————

Let’s just say that statement is disputable.

#69 The Ordinary gal on 03.12.20 at 6:05 pm

Hi Garth, so my soon to be 20 year old son will have $6000 and wants to invest in his TFSA for the first time, which ETF(s) would you recommend right now? One S&P500 ETF is good or should be 40-60 even though it’s just $6000? Thank you!!

#70 Amok on 03.12.20 at 6:06 pm

How many times has Ayn Rand and her philosophy been proven wrong over the last two weeks?

#71 Bad Hombre & Nasty Woman on 03.12.20 at 6:08 pm

The start of changes that will achieve something in combating COVID-19 may have started. The way the little orange liar huffed and puffed and lied his way through that televised debacle makes it look like he may well have the virus (he’s had lot’s of exposure). If it puts him out of way the non-mentally ill adults may take over and start doing something right as well as telling the truth. If Trump doesn’t have it I recommend they inject him with the virus at least four times a day until he has a severe case. He deserves it, the only one on earth that does but he should have it. By the way for treatment purposes they might want to use more accurate figures; he’s about 5’11” &1/2, I would invert that weight number in order to be closer to the truth so 293 pounds, yes he wears dentures and if he was half the germaphobe he claims he wouldn’t have put it in every porn star he could without wrapping it first. Syphilis can destroy the brain, just saying.
Also to bad there is no such thing as truth serum because Trudeau and Kenny could both due with a great big gulp.

#72 crowdedelevatorfartz on 03.12.20 at 6:09 pm

@#3 Im stupid

I dont think this Chinese Corona Stock market melt is a Black Swan event…..I’m thinking more a Black Bat event…..

The markets will drop again tomorrow but not as much.
People will have the weekend to sit back and realize….there’s some Smokin good deals to be had and pile in next week….

#73 yorkville renter on 03.12.20 at 6:11 pm

‘still need drugs’

yep, absolutely

#74 Catalyst on 03.12.20 at 6:12 pm

I’m most disappointed that the high flying techs are not releasing this route. The ‘value’ stocks such as banks and REITs are getting clobbered as much or more than the tech’s.

#75 wallflower on 03.12.20 at 6:18 pm

I have a name for this swoon.

Black Belt Silk Death Road

#76 CL on 03.12.20 at 6:26 pm

Don’t you usually say don’t try to time the market?

Maybe there’s more ravaging to come but I picked up TD today at a, as you say, juicy 6.3% yield. And some RY at about 5.5%. Anything is possible I guess, but if they go to 8% or 10% man I will come to you for a loan to buy more.

#77 David Pylyp on 03.12.20 at 6:29 pm

IT’S OFFICIAL!
#SCHOOLCLOSURE
#ONTARIO #ETFO #OSSTF

#Springbreak Covid-19

Thank you for the extra time off!

David Pylyp
Toronto

#78 Flop... on 03.12.20 at 6:34 pm

Each year I’m normally miffed at how the school board has Spring Break right at the start of Spring.

Kinda limits the options down south.

This year, Spring Break, get here now.

Fly out Tuesday.

Correction, supposedly flying out Tuesday.

Anything is possible at this point.

I will still go.

I would rather be quarantined with good Texas Bbq…

M45BC

#79 JSS on 03.12.20 at 6:35 pm

Husky Energy shares closed today at $2.87/share.
Buy 100 shares. What do you have to lose? $287?

Lol. Reminds me when i used to buy those 50 cent tacos at Taco Bell long time ago.

#80 Sail away on 03.12.20 at 6:44 pm

#70 Amok on 03.12.20 at 6:06 pm

How many times has Ayn Rand and her philosophy been proven wrong over the last two weeks?

—————————–

Au contraire, mon frere.

This could be a manufactured financial collapse designed to sink non-productive socialists through tax system starvation.

John Galt will appear when needed.

#81 Sail away on 03.12.20 at 6:45 pm

#79 JSS on 03.12.20 at 6:35 pm

Husky Energy shares closed today at $2.87/share.
Buy 100 shares.

What do you have to lose? $287?

————————-

Yes

#82 Cowtown Cowboy on 03.12.20 at 6:50 pm

At least no one is talking about climate change…

Christ, I’ll never retire…

#83 Pete from St. Cesaire on 03.12.20 at 6:52 pm

You’ll notice that although there has been much coverage of how people are stockpiling toilet paper and hand sanitizer there has been NO talk of people stockpiling food or bottled water. This is just further proof that people simply respond in the way that they have been told to respond. The powers-that-be never want people to prepare themselves to be able to hunker down with plenty of food and water. Food and water give people real independence and they are therefore much less dependent on the authorities. So why exactly have there been no stories about food and water being sold out? It’s simple, the media has been told to not mention the prudence of having ample food on hand. The media was most likely told to not mention food so as to minimize panic and avoid food shortages in the stores, but does this make any sense? A government that really cared about it’s people should be advising everyone to stock up on food and water. This is just further proof that the whole ‘virus pandemic’ is only a ruse to cover monetary-system manipulation and not a real health danger.

#84 Kilt on 03.12.20 at 6:52 pm

I analyzed trades for a bit. From what I see there just aren’t any buyers. Sharks are putting in bids 5% below the ask and getting them every time someone hits the panic button.
Bank insiders were starting to buy and that was at prices 15% higher. Bank insiders almost never buy.
Going to dump my bond ETFs and my preferreds at a small loss, then load up on leaps once the volatility settles. Leaps too expensive atm. They have priced this event as only temporary. Going to be hard to not load up on CAN blue chips. Dividends are just too tempting.
And I thought I would never have another GFC opportunity in my lifetime.

Kilt.

#85 leebow on 03.12.20 at 6:53 pm

Went to get some (perishable) food before the madness. Already huge line ups in grocery stores. Walmart was ok. Pasta shelves are half empty. People walk around with carts full of cans.

#86 45north on 03.12.20 at 6:53 pm

government rules get in the way of the effort to stop the spread of Coronavirus

https://www.seattletimes.com/nation-world/its-just-everywhere-already-how-delays-in-testing-set-back-the-u-s-coronavirus-response/

Dr. Helen Chu had thousands of samples and she knew that she could test them for the Coronavirus

but the rules said she couldn’t

but she did anyway and found a teenager with the virus

but the rules said she couldn’t do anything about it

but she did anyway

this is not about Donald Trump, it’s about civil servants

#87 Flop... on 03.12.20 at 6:55 pm

Hey guys, time for a meeting, you might want to calm down on that whole debt thing you got going…

M45BC

Charted: America’s Record-High Consumer Debt Levels.

“The United States of America could be called the United States of Debt: recent data shows that Americans on average owe a total of over $51,000. Compare this to a gross domestic product per capita of $58,388and it’s no surprise that over one quarter of Americans have more credit card debt alone than their entire emergency savings.

From coast to coast, debt is on the rise: total household debt hit a record high $14.2 trillion in the fourth quarter of 2019. Among this increase, household debt balances increased by $601, their largest increase since 2007. Household debts have risen for 22 consecutive quarters. Among the substantial increases nationwide are auto loans and credit card debt, both of which increased by $57 billion over the year. All told, total debt is now 11.6% larger than its pre-Great Recession.”

https://howmuch.net/articles/breakdown-each-state-debt-capita

#88 Femdom Fist on 03.12.20 at 6:57 pm

I know I’m just a commie moister but, if the worst case scenario is all the boomers dying…
cheers i’ll drink to that bro (humorous ‘meme’ reference)

Anyway, I don’t usually speculate, except on the end of the world not happening. Just another growing pain of globalization. Soon we will all join hands…

#89 Bezengy on 03.12.20 at 6:57 pm

Trying to be positive. My personal theory is until you’ve been kicked square in the gonads three times all the lefty Bulls%#t sounds totally plausible. I’m hoping this is the third time around for our younger eternally optimistic naive libs and dippers and they’ll vote conservative next time around.

#90 Doug t on 03.12.20 at 7:00 pm

Buy low
Sell high

#91 Gregor Samsa on 03.12.20 at 7:06 pm

My investment portfolio, which granted was equity heavy, is down $7,000.00 today from the cash value I put in. I’m too embarrassed to say the % loss, but it’s big. And because I’m using a TFSA, I don’t even get capital losses on it. Just evaporated money.

Not sure that riding this thing down to the bottom is the smart move. There’s a reason why people cash out – because then they can buy back in at the bottom, or at least a lower level, which enables them to recoup gains.

Meanwhile, my boring GICs are all still there and profitable, and stress free. Guess who really wins in the long run?

#92 Vancouver Brit on 03.12.20 at 7:07 pm

Man, this has been an insane week. Here I’ve been thinking energy stocks have been due a bounce back, so I dedicated a small % of my investments to XEG. It’s basically crashed 50% this week alone, 66% or so YTD.

Now, is it wise to sell some of the safe stuff (bonds) and pump it into energy? XEG has been absolutely decimated, it surely can only go up, and substantially, over the next couple of years?

#93 Dups on 03.12.20 at 7:09 pm

Schools are closing for a couple of weeks. This is good news. The government is taking measures to reduce any spread. Also remember we have a lot more space in general in North America including personal space when compared to EU and Asia. We are in much better spot than other countries are. Take it easy out there it is just a cold with teeth not the end of the world Buy low, Sell high or never sell. Right not TSX index is 30% off…

#94 Paul on 03.12.20 at 7:12 pm

#25 I’m stupid on 03.12.20 at 4:38 pm
Ontario schools shut down for 3 weeks.
——————————————————————–
Wow,I thought the Teachers oh sorry educators were on Strike!!

#95 NoName on 03.12.20 at 7:16 pm

I am wondering how busy maternity wards will be buy end of the year.

https://www.pcmag.com/news/pornhub-is-giving-italians-free-premium-access-during-coronavirus-quarantine?fbclid=IwAR10PPP6N7K5E_FHtNVi2FAb5NOXkV0Eg2MQteCjvFYN09jnzZEdeWiFpRQ

#96 Trojan House on 03.12.20 at 7:20 pm

With 134,000 cases worldwide, I’m not sure what all the panic is about. That’s over a 3 month or a bit longer period. I think if it was 134 million then that would be something to be concerned about. But cancelling a bunch of events and schools seems a little over the top.

Garth is right, this too shall pass. Position yourself for the upswing accordingly.

By the way, all that closing the schools has done is to kick the can over to the day cares that will have to watch all the little brats. So, really substituting one for the other.

#97 604Refugee on 03.12.20 at 7:30 pm

The fiat money based economy is disintegrating before our very eyes and Mr. Turner wants you to hold out because he believes it will pass. That’s like standing in the middle of a burning building because someone might start constructing a new building over the ashes.

Well, kid, the fiat money-based economy is the only one we have and it will be so when your children are grandparents. – Garth

#98 will on 03.12.20 at 7:31 pm

#38 Akashic record

Re: Mr Market

You obviously haven’t read Benjamin Graham…

#99 Marco on 03.12.20 at 7:33 pm

Freeland is now Prime Minister

#100 Ronaldo on 03.12.20 at 7:36 pm

An excellent speech by the Singapore premier over the Corona situation.

https://www.youtube.com/watch?v=KaoVg6ejgRQ

#101 Dolce Vita on 03.12.20 at 7:40 pm

“…Trudeau self-isolated (convenient)…”

THAT was good.

——————————–

My Pandemic buster not doing well either “PARK LAWN CORP” down 11.3%.

Not even Death and Taxes are safe anymore.

——————————–

Italian WHO Exec said even if total lockdown goes well, it will take until SUMMER for life to return to normal.

He said that the past SARS outbreak was less infective and had it started when COVID did, it would have taken until May-June for normalcy to return.

-Looks like the COVID economic impact likely to go on for at least another 4 months…IF ALL GOES WELL.

#102 deagel.com 2025 on 03.12.20 at 7:40 pm

Predictions are coming our way!!!

#103 Yukon Elvis on 03.12.20 at 7:42 pm

WASHINGTON — Officials: US airstrikes underway against Iran-backed militia group that hit Iraq base.
After earlier in the day President Trump authorized the Pentagon to “do what we need to do” in terms of a military response against Iran-backed militias believed responsible for Wednesday’s rocket attacks on Camp Taji, which killed one British and two American soldiers, and wounded at least a dozen more, there are widespread reports the US has initiated massive airstrikes over southern Iraq late Thursday night.
As if the Mideast region and the world for that matter needs another crisis to worry about, this could be the start of the kind of tit-for-tat between the US and Iran which paved the way for the US killing by drone of IRGC Quds Force chief Qassem Soleimani on January 3rd. Since then, the two have been on a war footing.
Defense Secretary Mark Esper hours ago warned the US would hold the groups behind Wednesday’s attack on Taji base accountable. “You don’t get to shoot at our bases and kill and wound Americans and get away with it,” he said earlier.

https://www.washingtonpost.com/politics/officials-us-airstrikes-underway-against-iran-backed-militia-group-that-hit-iraq-base/2020/03/12/c677fae8-64b0-11ea-8a8e-5c5336b32760_story.html

#104 Positive comments on 03.12.20 at 7:44 pm

Thanks for the majority of positive comments it’s scary out there.
I am hoping they close the markets to let people stop and take a deep breath.

Today bought 200 Royal at 78 sold at 80
Bought 200 MFC at 17.50 and watch it go to 16.11
Bought 400 IPL at 13.00 how can it go lower close at 9.60 really 17 percent dividend it will be interesting what happens when it is declared in two weeks.
Holy moly Batman I have to buy more at that price?

#105 S.Bby on 03.12.20 at 7:48 pm

IPL yield is now 18% sheesh !

#106 Sail away on 03.12.20 at 7:50 pm

#62 MF on 03.12.20 at 5:43 pm

It would be fantastic if the vaccine is developed, then shared with the Iranians and Arabs as a sort of olive branch, essentially ending the mid east conflict.

Let’s hope.

—————————-

Extending an olive branch only works if the intended recipient is not batshit crazy.

#107 S.Bby on 03.12.20 at 7:52 pm

Coronavirus: Morneau urges Canadians to keep investing as TSX posts worst day ever

https://globalnews.ca/news/6669214/morneau-coronavirus-markets-economy/

So maybe now they won’t touch the dividend tax credit and the capital gains exemption…

#108 Sail away on 03.12.20 at 7:53 pm

#104 Sail away on 03.12.20 at 7:50 pm
#62 MF on 03.12.20 at 5:43 pm

It would be fantastic if the vaccine is developed, then shared with the Iranians and Arabs as a sort of olive branch, essentially ending the mid east conflict.
Let’s hope.

————————

Extending an olive branch only works if the intended recipient is not batshit crazy.

————————

Whoops, did it again. I meant “willing to accept it”

#109 Flop... on 03.12.20 at 7:54 pm

Can’t even go back home to escape this thing.

Hobart got its first case the other day.

Wondering what else has changed the last 20 years?

Tasmania or Lunenburg.

Which will get the Internet first…

M45BC

#110 WIN not lose on 03.12.20 at 7:57 pm

Closing schools puts extra pressure on parents who are already stressed.
Do one of them stay home? Cut into family income?
Or do they find babysitting services.
Maybe that’s a good biz model.
Open a student training centre. NOT daycare so the regulation is minimal.

#111 Raging Ranter on 03.12.20 at 7:59 pm

Hey #51 Attrition, it must be a real burden always being the smartest guy in the room.

#112 Dolce Vita on 03.12.20 at 8:00 pm

Economically and pandemic wise, Italy in an ugly mood with the European Union as of today, maybe ITALEXIT if we survive COVID?

For sure staying home and having time on your hands makes many go nuts (and looking to blame someone) but there is some truth to what the Italian dailes even Gov Italia are saying today:

-France, Germany hoarding test kits, masks, ventilators and stop to any shipments to Italia.

-Schengen Zone denier Austria closes its border to Italia (this morning: 80 km long border crossing line-up by Austrians trying to return at the Brenner Pass after their Gov told them to do so…NO COMMENT).

-No stimulus help from the EU so far to help the populace, Gov Italia to spend €25 billion, last count…and getting static about exceeding deficit spending from EU apparatchiks.

-Italia getting more help from China (test kits, Doctors, ventilators, etc.) than from the EU.

the list goes on…

It will end up a bad recession here I think.

Hopefully this bad mood will come to pass…ITALEXIT.

————————————-

Andrà tutto bene.

#113 not 1st on 03.12.20 at 8:01 pm

How can our PM go into isolation during a crisis? Is there not a person designated to handle things while he is away, like a VP? Is that Freeland because she sure doesn’t look ready to stand up.

Chateau Bill better postpone that budget. Its garbage now.

#114 akashic record on 03.12.20 at 8:03 pm

#98 will

Benjamin Graham wouldn’t recognize his imaginary person worshiped as some kind of deity with demands, expectations, or else…

#115 not 1st on 03.12.20 at 8:03 pm

#105 S.Bby on 03.12.20 at 7:48 pm
IPL yield is now 18% sheesh !
—-

Ask yourself what changed? Well cruise ships are parked and planes aren’t flying, but I assume IPL is still moving the same amount of oil it was a few weeks ago.

The stock market is just as irrational as the real estate market in the end.

#116 Tony on 03.12.20 at 8:04 pm

Re: #36 Kitsilano Kid on 03.12.20 at 4:50 pm

If the PPT didn’t teeter the DOW on the 23,461 level to the 4:00pm close yesterday everyone would be rich today. I really think they did it on purpose. It would have been like stealing money if they had of just left the DOW down 1700 and change into the last 15 seconds to yesterday’s close.

#117 E on 03.12.20 at 8:05 pm

By the mostly positive comments here about the big upcoming stock recovery I’m pretty sure we are in line for a lot more hurt.
Maybe once Garth posts about the “End of Equities”

#118 The Bail Outs on 03.12.20 at 8:05 pm

1-2-3-4

We’re talking bail out, bail out! That’s where the fun is bail out, bail out!

Watched too much Flintstones growing up.

#119 Bytor the Snow Dog on 03.12.20 at 8:05 pm

AHHHHHHHHH! We’re all gonna die!!!!!!

Eventually. But not from Covid 19.

#120 not 1st on 03.12.20 at 8:10 pm

Default in the family coming up. Canada is done like dinner.
—-

The Rock in a hard place: Newfoundland and Labrador is on the brink of bankruptcy
Opinion: Muskrat Falls’ debt will be the final straw that leads to rating cuts

https://business.financialpost.com/opinion/the-rock-in-a-hard-place-newfoundland-and-labrador-is-on-the-brink-of-bankruptcy

#121 Shawn Allen on 03.12.20 at 8:13 pm

Good news

The site that I am checking that is updated once per day, midnight Greenwich Mean Time, or 11 minutes ago shows China with just 3 new cases today and no new deaths!

https://www.worldometers.info/coronavirus/#countries

I believe the new cases are also getting lower in South Korea.

#122 Barb on 03.12.20 at 8:13 pm

Friend’s daughter in Alberta said “How screwy are things when a family bucket of chicken costs more than a barrel of oil?”

Indeed!

#123 Ronaldo on 03.12.20 at 8:14 pm

#14 Dave on 03.12.20 at 4:27 pm
Can covid kill real estate in Vancouver???
—————————————————–
Hope so. Nothing else seems to have worked.

#124 Mattl on 03.12.20 at 8:14 pm

Wonder what all those FIRE people are thinking now.

Retire with 1MM, ya sure. These people must be panicking.

And no cash to buy into what will be one of the greatest opportunities we will see.

#125 Tater on 03.12.20 at 8:15 pm

Bad news: I sold the last of my puts today, so market probably has another drop of 20% in it.

#126 eduardo de la conche on 03.12.20 at 8:19 pm

#51 sorry about your etf’s and your stock market booooohh, some of us have family in Europe, stop your selfish, privileged behavior.

The BOC 24 minutes ago has injected 7 billion and increased bond buy backs.

As it made any plans for renters and people who won’t be able to get off work for two weeks in Ontario? NO

So quit the attitude, you sickened me when the jet was shot down over Iran a few weeks ago and you make me throw up tonight.

This isn’t Canada.

Keep on with that attitude and don’t be surprised if the young stop saying “OK BOOMER’ and start saying “DIE BOOMER”

PS: Yes they are working on a potential vaccine in Israel, done by a company called MIGAL, just google migal+vaccine , it’s one of man, more urgent is the trials being done on REMDESIVIR which is a treatment. Who knows maybe it will save a real estate or etf obsessed reader of this blog.

By the way, I’m a business owner and a capitalist, but some of you make me want to throw in the towel.

#127 DON on 03.12.20 at 8:33 pm

https://www.bloomberg.com/news/articles/2020-03-12/u-s-mortgage-rates-somehow-some-way-rise-amid-market-panic?srnd=premium-canada

“Rates for 30-year U.S. mortgages rose from a record low as overwhelmed lenders lifted borrowing costs to curb an onslaught of business.

The average rate was 3.36%, up from 3.29% last week, which was the lowest in 49 years of data-keeping, Freddie Mac said in a statement Thursday.

That’s not what’s supposed to happen with markets in turmoil and Treasury yields — the benchmark for mortgage rates — hitting record lows. But these aren’t normal times.

“Somehow, some way, mortgage rates actually moved higher this week,“ Matthew Speakman, an economist at Zillow, said late Wednesday in a statement on the company’s own mortgage rates survey. “Some are speculating that lenders may be artificially buoying advertised rates in order to stem this rising tide of refinancing activity and simply keep up with demand.”

The surge of homeowners seeking to cut their monthly bills is overwhelming lenders who are struggling to respond to inquires and get loans processed. At the same time, investors who typically rush into bonds during uncertainty, such as the current coronavirus pandemic, are instead selling them off, Speakman said.”

#128 Calgary on 03.12.20 at 8:35 pm

https://www.liveleak.com/view?t=9TNuY_1584013336

#129 conan on 03.12.20 at 8:36 pm

I am wondering how busy maternity wards will be buy end of the year. -NoName

Mother Nature does it without Porn Hub. She always does her thing after pandemics, wars, and any other general calamity that affects the population suddenly.

#130 TurnerNation on 03.12.20 at 8:37 pm

Amazing to me. This AM news said Canada has 118 cases (not a typo), Ontario 42.
Yet so many celebs apparently got it (but not their jet flight attendants, masseuse, trainers, and forth). Gleefully they tweet. Best health care, too.
It is known they are like gods to us – we await their every word.
The Media is the new religion. You must accept it 100%…or not at all. Every word in those sacred newsprints must be taken as gospel. Or else it all falls apart.
(Go to a faith meeting, stand up and say Heyyy how can this be so? See how fast you are given the boot.
Well enjoy your corporate-enforced quarrantines.
One things our elites love is taking away our travel rights, always overnight, no questions asked. This is a Sept 11 all over again. This time we all are suspected carriers of WMD. Psst if you see any large gatherings report it at once – this is the new commmunism, do not talk in public only behind closed doors. The Party is watching.

#131 Barb on 03.12.20 at 8:38 pm

It’ll be looking after grandkids for three weeks, not the virus, that’ll kill old folks.

#132 Dr V on 03.12.20 at 8:42 pm

“The fear? It’s not about health, but disruption”

Absolutely.

Thanks Garth, for the calming influence, the advice, and, well, caring.

#133 TurnerNation on 03.12.20 at 8:44 pm

#30 Sylvia Brown be careful with IPL.
As with Vermillion – VET – and CHE.UN income fund – both cut their payout by 50% this week to preserve cash – so could they.
DR.TO already battered moved to reduced-quarterly, not monthly payouts.
I own none of these and neither should the average person in need of a Balanced port.

#134 Shawn Allen on 03.12.20 at 8:46 pm

Further to the link I posted just above:

Cases in South Korea have leveled off. I don’t see any other hotspots that have leveled off yet. Hopefully Italy will soon show improvement with all their efforts.

#135 Steve French on 03.12.20 at 8:50 pm

Current status of Frenchie’s Balanced & Diversified Portfolio:

(as of 13 March, compared to recent peak at 23 Feb.)

– Down $49,700 (minus 18%)

Thats a very fast drop in 3 weeks.

HODL….!!

That is twice the drop that should have been experienced. Rebalance. – Garth

#136 IHCTD9 on 03.12.20 at 8:56 pm

Everyone’s trying to get rich on Kijiji selling TP

Here’s a good one lol! :

https://www.kijiji.ca/v-health-special-needs/kitchener-waterloo/toilet-paper/1492224135

#137 Shawn Allen on 03.12.20 at 8:56 pm

P.S. They now show China at 4 new cases and one new death. Apparently an edit to the daily number of 3 and 0 that I first saw.

#138 Aya Toldya on 03.12.20 at 9:00 pm

https://www.defenseone.com/technology/2020/03/iran-and-russian-media-push-bioweapon-conspiracies-amid-covid19-outbreak/163669/

Didn’t take long for the finger pointing to start? If true, who would have the most to gain/lose?

Rogue totalitarian rising Commie superpowers
Rogue Democratic superpowers
Rogue Financial traders who have “shorted” the system
Rogue Dr. Evil character holding the world hostage.

Could be any of the above or something else, although totalitarian undemocratic regimes seem better equipped to lock down their systems than western democracies.

#139 IHCTD9 on 03.12.20 at 9:01 pm

Here’s a great deal for some TP lol!! :

https://www.kijiji.ca/v-other-home-appliance/sudbury/toilet-paper/1492214685

#140 IHCTD9 on 03.12.20 at 9:07 pm

These are great! Hahaha!

https://www.kijiji.ca/v-plumbing-sink-toilet-shower/barrie/toilet-paper/1492205835

#141 Borden Renter on 03.12.20 at 9:11 pm

#101 Dolce Vita

-Looks like the COVID economic impact likely to go on for at least another 4 months…IF ALL GOES WELL.
————-———————————————————————————

A very good friend of mine is an ER Doc in Hull/Gatineau.

Our diving trip is on hold because she is now not permitted to leave the country until Aug 31st, and people are starting to show up in increasing numbers. That should tell you what the “best case” is currently considered by the health authorities there. I currently have no such restrictions but I have a suspicious feeling my courses will be cancelled. Either as military directive to prevent the spread, or because we will be occupied with aide to civil powers.

I have a feeling that we are only now just at the beginning of this storm. I’m just glad I sold what I did, when I did, (down less than 5%) and that my pantry is full.

#142 Trojan House on 03.12.20 at 9:12 pm

This movie may be more pertinent than ever:

https://www.warnerbros.com/movies/contagion/

#143 crowdedelevatorfartz on 03.12.20 at 9:13 pm

My God.
What PLANET does the CBC live on?
Covid cancellations, covid medical stories, covid sports stories for the last 5 days we….get ….it.

BARELY a mention of the stock market melt down which WILL have a far more long lasting effect than the flu.

Useless socialist twits living like most socialists, off the govt taxpayer teat.

I will vote for ANYONE that cancels that Billion dollar per year taxpayer vortex.

#144 crowdedelevatorfartz on 03.12.20 at 9:16 pm

@#106 Sail Away
“Extending an olive branch only works if the intended recipient is not batshit crazy”
+++

Didnt batshit get us here ?

#145 Shawn Allen on 03.12.20 at 9:24 pm

Apple has reopened all 42 of its stores in China!

https://www.bnnbloomberg.ca/apple-reopens-all-42-china-stores-after-virus-closures-1.1405116

Could this calm some fears?

#146 broader mind on 03.12.20 at 9:24 pm

No more FOMO, now it’s FOCC for fear of catching Covid. Why such panic about catching a cold. For most it would be a couple of days of discomfort. Thinking i’m more concerned about a lightning strike. Really concerned about PVP (present value portfolio). This sucks.

#147 n1tro on 03.12.20 at 9:25 pm

All is well for those who have a rational head.

https://neurosciencenews.com/tmprss2-coronavirus-treatment-15873/

#148 Madcat on 03.12.20 at 9:27 pm

Well… Bought a $h!t load of rds.b today…… Following the advice to buy when everybody else shuns…

#149 Bad Hombre & Nasty Woman on 03.12.20 at 9:28 pm

“Trump won’t be tested for Covid19 because if he’s infected, he would be removed from office under Article 4 of the 25th Amendment to the Constitution. He’d rather burn down the economy than be declared unfit to discharge the duties of his office.”

Nope. He is afraid if someone gets his DNA it might get leaked to a lawyer and then, rape charge confirmed. She still has the outfit and it’s been tested.

#150 Borden Renter on 03.12.20 at 9:31 pm

Oh, and for thread theme song, I think ‘Free fallin’ by Mr Petty is an all too obvious choice.

I think I’ll go with this instead: https://www.youtube.com/watch?v=nsG4nv_a5-8

Merry stock market crash everyone!

#151 DON on 03.12.20 at 9:34 pm

Tibit from a mortgage broker on twitter.

Ron [email protected]
·
11h
So It Has Officially Happened

As of this morning we have had our first call from a client telling us they are asking their real estate agent to get them out of a home purchase closing next week

They are “scared” of unemployment

#152 Shawn Allen on 03.12.20 at 9:35 pm

My comment at 107 about china still awaits moderation?

Patience, dude. Busy nite here at the drive-in. – Garth

#153 Yukon Elvis on 03.12.20 at 9:40 pm

Paper napkins. Dollar Tree. 160 napkins for $1.25. Cut them in half=320 napkins. Fold both halves in half. Presto. Four ply bum wipes. $.0039 cents per wipe. Yer welcome.

#154 RentThePodium on 03.12.20 at 9:54 pm

It’s interesting to see bond ETF prices falling so far below their NAVs, such as in the case of VAB. It’s having an exaggerated effect on the losses in diversified portfolios. I suppose not bad considering the rate of selloff. Is this expected considering the circumstances?

#155 IHCTD9 on 03.12.20 at 9:56 pm

#85 leebow on 03.12.20 at 6:53 pm
Went to get some (perishable) food before the madness. Already huge line ups in grocery stores. Walmart was ok. Pasta shelves are half empty. People walk around with carts full of cans.
———

Yep, Ms IH saw the same thing tonight. Huge line ups.

#156 the Jaguar on 03.12.20 at 10:01 pm

@#112 Dolce Vita on 03.12.20 at 8:00 pm

Doesn’t this just support what many have said in the past, even pre-current COVID-19 issues, that the EU will fall apart after U.K. exit? Historical and cultural differences, etc. these countries will never really be compatible. All of this will cause eastern Europe to ‘blow Up’. When the current virus crisis subsides look for an earthquake in the Baltics, Kosovo, etc. It’s been simmering for some time and everything currently boiling on the stove will just be the beginning.
This really is a crisis on many levels.
This current crisis is one small fire being set.
Fasten you seat belt for contraction, but be optimistic. It might improve your prospects and lives in the long term. Less is often more if you are able to see through the propaganda.

#157 iamsophieandihavecovid on 03.12.20 at 10:04 pm

For those saying IPL divy is safe lol. Do you think any of the Oilsands is viable at $30WTI. I mean sure they can scrape out a profit I suppose but there is virtually no return on capital. How exposed are the banks?? Company I work for – mobile cranes – will once again be asked to bend over with price concessions as we have been multiple times the last decade. The whole industry in Canada is going to zero and fast

#158 MPAC on 03.12.20 at 10:09 pm

I’ve been in 50% cash for the past 12 months. I Started buying in yesterday and today. I will continue to avg. in over the next two to three weeks.

Be greedy when others are fearful!!!!!!!!!!!!

#159 not 1st on 03.12.20 at 10:12 pm

Isn’t the toilet usually about 3 ft away from the handheld shower in the bathtub?

You’re welcome.

Unless you are storing drinking water in there.

#160 crowdedelevatorfartz on 03.12.20 at 10:15 pm

@#135 Steve French
“That is twice the drop that should have been experienced. Rebalance. – Garth”
++++

Its a bit late for that. I’m down 17%

#161 Sold Out on 03.12.20 at 10:15 pm

#149 Bad Hombre & Nasty Woman on 03.12.20 at 9:28 pm

Nope. He is afraid if someone gets his DNA it might get leaked to a lawyer and then, rape charge confirmed. She still has the outfit and it’s been tested.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

From when he discharged his cooties?

C’mon Garth, let this one through:)

#162 yvr_lurker on 03.12.20 at 10:22 pm

There was a small inhouse conference of experts where I work on math modeling of epidemics and data fitting.
The experts concur that this “pandemic” could be a foreshadow of something much more problematic that could emerge at some later time. Imagine a virus like SARS (with its 45% mortality but a low reproductive rate R) coupled to something like Covid19 (with low mortality, but much higher R-factor and longer incubation period which leads to larger R as sick people wander around infecting many others before getting noticeably very sick). When this situation happens, we will be in a bad way, and everyone will wish they lived in Lund, BC or Bella Coola, and grew their own food. With our extensive globalization and international mingling of people, the weakest link with the least controls (i.e. places like China and their live animal markets etc..) will
be likely be the trigger point. The way that this epidemic has spread like wildwire so quickly across the globe is very troubling and indicates that when the “big one” comes we will be in a very dire way.

The people in my group today said that they had initially worried that if Ebola left Africa this could be the “big one”. However, Ebola kills very fast and people quickly know when they are sick and many die off fast”…. so this duesn’t have the longer latency period that is needed….

All the financial planning in the world will not mitigate what will come to bear upon us if the “big one” as I described above comes to pass….. time to retire to a small town in the next 5 years a little off the beaten path…..

For those that are skeptical of science, let me just say that those people with the skills who are trying to develop a vaccine deserve a big salary from the public purse. Publci policy and all of these restrictions on public gatherings can hopefully flatten the curve of infected and buy us time for some vaccine (however imperfect) to be developed. Super-crazy time.

#163 Wacked bc on 03.12.20 at 10:26 pm

Sophie confirmed. Now what? (CBCNews just announced on Tv.)

#164 JSS on 03.12.20 at 10:31 pm

This time will be remembered as one of the greatest moments in this decade to buy blue chip stocks.

#165 Yukon Elvis on 03.12.20 at 10:39 pm

Oops. Make that $0.347 cents per wipe.

#166 Cowtown Cowboy on 03.12.20 at 10:56 pm

Just got off the phone from our board meeting with our local mla…can’t meet in person apparently…big things afoot re: fair deal, leaving the confederation…time is up Ottawa, you done nothing to bind this country, reap what you’ve sown

#167 Theyoungreek on 03.12.20 at 10:56 pm

I feel like a soccer mom at Nordstrom Rack, everything is on sale!!! I know Garth doesn’t like individual stocks but Fortis under $50?!?! Yes please, picked up a small position today. Also picked up a small position in BIP.UN. I have my eye on a few more quality Canadian companies as well. I built up my cash position early this year and my plan is to buy small positions on the way down as no one knows where the bottom is. Even considering maxing out the TFSA from my HELOC. I’m 47 so I have some time to play with before retirement, and if this turns out to be apocalyptic then money will be the least of our worries. Please don’t take my glee at the stock market sale out of context, I realize there is a very real human element to this story but this is a financial blog. Stay safe my friends. Wash your hands and don’t touch your face.

#168 Terry on 03.12.20 at 11:05 pm

Many many fools and stupidity abounds everywhere. I haven’t posted in a while so hear goes nothing. The virus thing is way overblown and will fade out as quickly as it started. The oil price war between Russia and Saudi Arabia will end when they both make a deal in the future. My portfolio is down just like everybody else. Best advice is to stay invested, add more to your positions while the prices of your quality investments are on sale. The pent up demand from the current demand destruction and liquidity injections from EVERYWHERE will recover prices. Our distractors have been the media………….shame on us for listening to and believing in them. In closing I want to thank the many people who sold off their investments and created much lower price discovery for me this past week and especially today. I still have more powder to burn for further price drops as I’m “layering” into more positions as the prices drop further. Like everyone else no one knows where the bottom is…………but I know there is a bottom. I know this is not the end of the world. I know how to maneuver against human nature. This is how you truly create wealth……..Thank-you Fear, Thank-you Desperation, and Thank-you Panic!

#169 Wait There on 03.12.20 at 11:17 pm

So get this. OK T2’s spouse is now positive on Covid while showing “mild” symptoms….ehhhh. OK I get that she passed through screening at the airport. Oh wait maybe VIPs don’t get screened. Executive privilege.

Now here is the kicker. T2 is going into self isolation even though he shows NO symptoms but has been close to his wife who is positive but T2 will NOT take a test.
Think really hard about this. Why is he doing that.

Now ask yourself what if he IS positive and is showing no symptoms. IS THAT WHY HE DOES WANT THE TEST?
If the test shows he is positive with no symptoms it COMPLETELY shows how the administration at all levels have been lying to the public that if you have no symptoms you don’t have it.
Even if he gets ill and is positive eventually say in a couple of days, he is in self quarantine.You won’t hear from him. He will recover during that time and then appear out of quarantine.

Think people. There is NO reason the leader of a nation should not be tested after being so closely exposed.

Also FYI, the person is most infectious just prior to showing symptoms according to research on Covid19. He’s clever and the press needs to call him out on this.

#170 DON on 03.12.20 at 11:22 pm

https://www.bloomberg.com/news/articles/2020-03-13/bitcoin-not-such-a-safe-haven-now-amid-epic-two-day-tumble?srnd=premium-canada

Bitcoin is proving to be no haven asset amid the current global market meltdown.

The largest digital currency continued to plummet in Asia Friday as a rout that began in earnest overnight in New York showed no signs of slowing down. Bitcoin dropped as much as 32% to $3,915, its weakest since March 2019, according to consolidated pricing compiled by Bloomberg. Its 50% drop over the past two days is among the biggest ever.

The wider Bloomberg Galaxy Crypto Index tracking a basket of digital assets hit a historic low in data going back to August 2017, sliding 47% over the two session. Rival tokens including Ether, XRP, Litecoin and others are all down at least 20% across the board.

#171 TurnerNation on 03.12.20 at 11:24 pm

Bitcoin just dropped by 30%.
Mass shut downs, likely layoffs – people trapped inside.
Is this how they turn the West into 2nd-3rd world?
All equal. What’s next as protests (large gatherings) are banned. Democracy…it never existed. Middle class we hardly knew ya…

#172 n1tro on 03.12.20 at 11:29 pm

For people who want to read the results of real scientists and not climate scientist hacks making guesses on assumptions.

Cure for Covid-19
https://www.cell.com/cell/fulltext/S0092-8674(20)30229-4

People not use to reading scientific abstracts, it can be daunting. ie. lots of big words

key take away from article….

“The present study provides evidence that host cell entry of SARS-CoV-2 depends on the SARS-CoV receptor ACE2 and can be blocked by a clinically proven inhibitor of the cellular serine protease TMPRSS2, which is employed by SARS-CoV-2 for S protein priming. Moreover, it suggests that antibody responses raised against SARS-CoV could at least partially protect against SARS-CoV-2 infection.”

#173 Beelzebubba on 03.12.20 at 11:38 pm

So, everything gets whacked in a Fear Storm. What’s new? Even great companies with contract recurring revenues like utilities? When the stupid stick gets passed around a lot of people get arbitrarily whacked. It’s like one of those terrorist incidents where the zealot drives down a sidewalk. Mayhem.

I get the fear dynamics. I still don’t get bonds though. I say this because the bond bandage will strangle your returns on “the day” this all turns around. The gutting of those with many pristine balance sheets now trading at firs sale discounts will snap back violently and all the safety measures will look pretty flaccid.

Stay in. It’s likely going to be the V-Shaped rally of your dreams.

Trudeau has capitulated. Absent for weeks. Freeland desperate enough to resort to begging Trumps guy not to close our border, which the Yanks probably should do after Trudeaus “I’m a globalist” tirade And kept the doors nailed open.

What Canadians are asking about is what costume Trudeau will wear when he reappears? The CBC likely has a “Show” planned.

#174 Wait There on 03.12.20 at 11:48 pm

When Trump talked about the virus magically disappearing, he is not totally wrong. Some adviser told him of the best case screnario. This CAN happen if we are lucky and most times it has been that way. After a while the virus mutates into something different and we are spared. In this case with COVID, it appears to not have mutated much. The Chinese have already shown that there are TWO strains already. There is speculation that the one in Europe and Middle East is a mutation and that is why it is so much deadlier. That has not been confirmed yet.
Look folks, we know Trump knows very little about viruses. So why do we pay so much attention to what he says. He just repeats what he has been told.
Even on the blog we’ve heard that the FLU kills more people at the start and if we are lucky that still might be the case……and that possibility is still real but unlikely at this point. Trump is still thinking he will be lucky and a Hail Mary mutation will save the nation. Again an expert would have layed this out on the table but also told him the probability. All of us hear and retain what we want to hear. EVERYONE is guilty of that.

#175 Ponzius Pilatus on 03.12.20 at 11:48 pm

#106 Sail away on 03.12.20 at 7:50 pm
#62 MF on 03.12.20 at 5:43 pm

It would be fantastic if the vaccine is developed, then shared with the Iranians and Arabs as a sort of olive branch, essentially ending the mid east conflict.

Let’s hope.

—————————-

Extending an olive branch only works if the intended recipient is not batshit crazy.
—————
Be careful,
My barber is from an Arab country, like most barbers in the Lower Mainland.
He’s got three daughters and is the nicest guy you can meet.
Personally, I think you’re not batshit crazy, just a bigot.
Learn the history why the Middle East became such batshit crazy place.

#176 Lead Paint on 03.12.20 at 11:49 pm

#100 Ronaldo on 03.12.20 at 7:36 pm

Good post, I wish he was our Prime Minister.

#177 Wait There on 03.12.20 at 11:55 pm

The number of deaths is not the focus at this point. It is the medical capacity to deal with it.
If we were devoid of warmth and morally bankrupt, we would simply let everyone get affected and everything could be over in two months, we recover and then carry on.
China is also in a precarious position still. Why? Most of their population is still NOT immune. All it takes is ONE reinfection either from another country or within and the cycle can begin again but this time they will catch it because of their experience.
The best thing is if it mutates and becomes less infectious and not cause more problems. Long term, a Vaccine is the only real solution for the world. If it gets really bad, we won’t need a vaccine. Because most of the population will have become immune and the next generation will catch it young and then become immune.

#178 Femdom Fist on 03.12.20 at 11:57 pm

Forget wiping with napkins, just get a bidet like a civilized person.

#179 Wait There on 03.12.20 at 11:57 pm

# 154 should read IS THAT WHY HE DOES NOT WANT THE TEST?

#180 Ponzius Pilatus on 03.12.20 at 11:59 pm

#112 Dolce Vita on 03.12.20 at 8:00 pm
Economically and pandemic wise, Italy in an ugly mood with the European Union as of today, maybe ITALEXIT if we survive COVID?

For sure staying home and having time on your hands makes many go nuts (and looking to blame someone) but there is some truth to what the Italian dailes even Gov Italia are saying today:

-France, Germany hoarding test kits, masks, ventilators and stop to any shipments to Italia.

-Schengen Zone denier Austria closes its border to Italia (this morning: 80 km long border crossing line-up by Austrians trying to return at the Brenner Pass after their Gov told them to do so…NO COMMENT).

-No stimulus help from the EU so far to help the populace, Gov Italia to spend €25 billion, last count…and getting static about exceeding deficit spending from EU apparatchiks.

-Italia getting more help from China (test kits, Doctors, ventilators, etc.) than from the EU.

the list goes on…

It will end up a bad recession here I think.

Hopefully this bad mood will come to pass…ITALEXIT.
———-
Go back and check your posts from a year ago when you
trashed Merkel and feted your hero Salivani who will restore Italia to it’s former glory.
Good thing, Bertolusconi will come to the rescue.

#181 Ponzius Pilatus on 03.13.20 at 12:08 am

Batshit crazy!
Sailor boy.
Expect a call from Ozzy’s lawyer.

#182 Tim on 03.13.20 at 12:11 am

>Trudeau self-isolated (convenient)

Garth, I’m grateful to you for your public service in government and also to Mr. Trudeau for his. Your comment comes across as a cheap shot, and even more so when it was announced this evening that his wife has a Covid-19 infection.

#183 Piet on 03.13.20 at 12:11 am

@ #100 Ronaldo on 03.12.20 at 7:36 pm

An excellent speech by the Singapore premier over the Corona situation.

https://www.youtube.com/watch?v=KaoVg6ejgRQ

———-

Incredibly touching speech. PM Lee Hsien Loong is modelling true leadership for the rest of the world to reflect upon. The resourcefulness of Singapore is inspiring to witness.

#184 Join em on 03.13.20 at 12:19 am

#27 not 1st on 03.12.20 at 4:43 pm
Well that’s weird, not sure what Ryan is buying but my low volatility S&P fund fell like a rock. Apparently this market thinks people wont be paying power bills or rent anymore.

Garth overlooked that ETFs got hit the hardest in the correction so not much safety there. Looks like that’s where all the panicky mom and pops are buying. Michael Burry said there was a bubble in the ETF space, looks pike he was right, again. Fed threw 1.5T at the market this afternoon and it barely noticed.

And it interesting that globalization made the last couple bull runs but it will be globalization that will bring it all down this time.

Rumor floating around that Deutche Bank bought a massive anti pandemic derivatives in 2018. Watch for a stealth bailout of those guys and others.

Not 1st — do you recommend any low volatility S&P500 ETFs?

Thanks,

#185 Dan on 03.13.20 at 12:19 am

My bi-weekly DC pension contribution goes to a balanced fund. Should I change it to equities only? (S&P/TSX large cap?) Thanks!

#186 Terminal velocity on 03.13.20 at 12:29 am

How about a blog post on how all the FIRE movement people were sold a lie and now have to go back looking for work.

They were pretty smug about figuring out a way out of this mind numbing lifestyle called work only to have it fold in on them.

Makes normal people with jobs look like sages. Who would have thought you have to work to make a living? And here everyone was getting on for free…until now.

#187 Ponzius Pilatus on 03.13.20 at 12:29 am

The irony.
Mexicans worry about the spread of the virus south.
Because The Prez has only built a quarter of the wall he promised.
Remember, he wanted the Mexicans to pay for it.

#188 Terminal velocoty on 03.13.20 at 12:32 am

I want to know how all the FIRE peeps are getting on?

They sure made us regular job joe plebes feel like a bunch of crap.

I guess they will be looking for work now with a few years less experience and a big hole in the resume.

#189 TurnerNation on 03.13.20 at 12:34 am

-> An HVAC supply company is laying off onto E.I. everyone for month at least.
Look they knew the West runs on oil so they killed that price
How long can the EI fund last? And lack of corporate taxes paid due to lowered income.
At this rate they might as well set an 80% tax rate, provide a Universal basic income and nationalize condo blocks. Kommunism it’s coming per UN plan.
One crisis after another and we’ll capitulate.
Un-free-Land was being groomed all this time.

#190 PastThePeak on 03.13.20 at 12:35 am

When the equities markets are vastly overvalued, this is what happens when sentiment changes due to unexpected events. The writing was on the wall for any who chose to look for the last 6 months. But no…any comments about an over valued market were met with derision.

For those who prepared, this is a buying opportunity. Still a ways to go, but OK to nibble on some quality names.

Never listen to CNBC in the light of day!

#191 paulo on 03.13.20 at 12:48 am

Time to set it aside folks The Friday the 13th port Dover ride is on might be a bit wet and windy but a great distraction sorry you will not be there this year Garth maybe next year

#192 Long-Time Lurker on 03.13.20 at 12:50 am

#137 Dolce Vita on 03.12.20 at 2:52 am
#92 Long-Time Lurker

Italia has no choice, all we have left now to give is our national will to beat this “unnamed pandemic” and kick it back right in the nards….

>”Wuhan-400.” Spin it Commies. Everyone knows.

A virus called Wuhan-400 causes outbreak … in a Dean Koontz thriller from 1981. How is it that some books appear to prophesy events?

The Eyes of Darkness features a Chinese military lab in Wuhan that creates a virus as a bioweapon; civilians soon become sick after accidentally contracting it

In fact, the one lab in China able to handle the deadliest viruses is in Wuhan and helped sequence the novel coronavirus the world is currently battling

Kate Whitehead
Published: 6:21pm, 13 Feb, 2020

In bestselling suspense author Dean Koontz’s 1981 thriller The Eyes of Darkness, a virus to be used as a biological weapon is developed in Wuhan, China, but humans end up contracting it.

The Eyes of Darkness, a 1981 thriller by bestselling suspense author Dean Koontz, tells of a Chinese military lab that creates a virus as part of its biological weapons programme.

The lab is located in Wuhan, which lends the virus its name, Wuhan-400. A chilling literary coincidence or a case of writer as unwitting prophet?….

https://www.scmp.com/lifestyle/arts-culture/article/3050481/virus-called-wuhan-400-makes-people-terribly-ill-dean-koontz

#193 Long-Time Lurker on 03.13.20 at 12:53 am

#28 long time lurker on 03.12.20 at 4:43 pm
Another 2300 point drop today, bloody hell. My friends who were backing up the trucks a week ago thought they were getting good deals, now they are wiped out. It looks like there will be way more pain ahead.

Your friends must have bought on margin to be ‘wiped out’ in a week. Get better friends. – Garth

>That’s not the “Original Long-Time Lurker.”

Garth, I told you what I was in a while ago. You deleted that comment. I’m sitting pretty. I went to a bookstore today and bought some books.

Kiss Commie @ss impostor!

#194 Long-Time Lurker on 03.13.20 at 12:54 am

I’ve had enough: You market timers should listen to Mohammed El-Eirian.

#195 Bad Hombre & Nasty Woman on 03.13.20 at 12:58 am

“Paper napkins. Dollar Tree. 160 napkins for $1.25. Cut them in half=320 napkins. Fold both halves in half. Presto. Four ply bum wipes. $.0039 cents per wipe. Yer welcome.”

$500.00 minimum for the plumber to unclog your toilet. Way more if it makes it into your pipes before it clogs.

Some of the things I’ve read about this (not exclusively here but a couple make me wonder) explain exactly why Trump was elected. I had put it mostly on the racism but clearly the conspiracy theorists played a bigger role than I thought.

#196 Keith on 03.13.20 at 1:01 am

Let’s hope this is short and sharp.

https://www.sbs.com.au/news/china-s-schools-disney-reopen-as-covid-19-cases-slow

#197 CalgaryCarGuy on 03.13.20 at 1:14 am

Re #113 by Not 1st
Is that Freeland because she sure doesn’t look ready to stand up.
——————————————————————–
She is standing up. She is very short.

#198 SoggyShorts on 03.13.20 at 1:14 am

#124 Mattl on 03.12.20 at 8:14 pm
Wonder what all those FIRE people are thinking now.
*********
Much of the community is bullshit. Those with famous blogs are multimillionaires and make 3x their annual spending in profit(ads/speaking/book revenues) never needing that initial 1m for anything.

The biggest danger by far to anyone thinking of real FIRE is sequence of returns
Anyone who actually attempted a LEAN FIRE with exactly 4% withdrawals based on the flawed Trinity study is scared, but so far ok since they’ve only lost last year’s gains.
Unless they Fired in 2020. Those guys are in serious trouble if they burned all bridges– hopefully young enough to get back into the workforce long enough to see the rebound without selling low.

Speaking personally, I’m rather pissed. 2021 was my FIRE date and the portfolio I’ve been working on since 2009 is flat. Zero gains due to fees from my first advisor and shitty bets from my cowboy second. Now all the DiY gains since Dec 2018 are gone too.
It makes “7% average” returns basically impossible for me as I’ll never make up for a decade of nothing.

That said, I’ll be fine since I haven’t burned any bridges yet and wasn’t planning on a lean fire anyways.

#199 NoName on 03.13.20 at 1:25 am

For working stiff

https://www.cp24.com/news/how-ei-benefits-for-covid-19-quarantines-will-work-1.4848908?fbclid=IwAR1vdmUj8N5zHdeMztd0OqolHaPwS-LX17lHeUFjQ-IrMaLQazbtYWHrl4g

#200 R on 03.13.20 at 2:34 am

I am wondering if trump shorted the futures markets on Weds night. His 30-day travel ban on people and goods was announced in a national all stations press conference. Later, buried in a tweet, he back tracks on the goods part. That kind of mistake had to be premeditated. Are the trading accounts of trump and his friend monitored? As for the “Plan”, the whole thing came across as clunky. There were no prior consultations with industry, airlines, insurance companies, no one saw any of this coming.

https://www.washingtonpost.com/news/powerpost/paloma/the-finance-202/2020/03/12/the-finance-202-wall-street-just-gave-trump-two-thumbs-down-on-handling-the-coronavirus/5e6968d8602ff10d49ac93e1/

#201 People Panic on 03.13.20 at 2:57 am

Well look at that, I step away for a day of skiing and the whole world goes nuts. Travel bans, sport leagues and concerts canceled, schools shut, flights cancelled, yikes!

And now there is a run on cat litter! (Yes, really.)

I’m thinking Canada will be shut down in 2 weeks.

I rode the lift today with 2 folks from Italy so I suppose I must self quarantine as well. Lucky I have plenty of Scotch.

With the economy shut down, I guess it is a good idea because even thought that probably won’t stop everyone from catching this thing eventually, at least it will reduce the strain on the hospitals as the transmission rate slows. But it still looks to suck for a while.

We were in a pub for some after ski dinner and the sports channels were all running repeats, I assume because nothing live was available. Wow.

#202 Dolce Vita on 03.13.20 at 4:45 am

One thing Canada can be proud of is the pre-emptive BoC rate cut to provide cheap money for people and businesses that may flater during COVID.

Be happy you have Poloz.

Contrast that to “LET THEM EAT CAKE” Legarde from the ECB that will NOT do that and the reason cited was that the ECB:

“not here to close spreads” (Ref: German-Italian 10 Yr bond spread).

-Queue large market sell-off.

(She back tracked this morning and prices have recovered a bit…now she is all supportive – and to think she was the Head of the IMF).

——————————————————–

…the Existentialists were correct after all (well, except for Commie Sartre).

#203 Ronaldo on 03.13.20 at 5:15 am

So, 3 years worth of gains lost in 3 weeks. Will see how long it takes to get it back this time. Ain’t investing fun.

#204 Ronaldo on 03.13.20 at 5:46 am

MMMM, getting to think that dog XEG might be getting to be a buy, down 60% from Jan. 6th now $3.78. What do you think Doug, should I jump in now or wait a bit? Hard to lose at this level. What are you paying for gas where you are? The crooks still have the price at 1.369 here. 79.9 in Calgary. Something not right here.

#205 under the radar on 03.13.20 at 6:03 am

Broad sectors of the economy face re- pricing of risk, opaque conditions , steep oil declines, down turn is here . Oil patch ,airlines, hotels – etc, better have strong balance sheets, now we see who was swimming naked.
Cash is king again.

#206 Remembrancer on 03.13.20 at 6:19 am

#188 Long-Time Lurker on 03.13.20 at 12:50 am

DRK (big fan of most of his stuff since Strangers in 1980s) also has written about a secret US government organisation with child-psychic staffed kill squads – maybe since no heads are spontaneously exploding right now a smart publicist has not had that go viral with conspiracy sites instead?

Given Wuhan is like the Chicago of China, its not a bad location to pick, especially for a reprint of a novel that was originally calling the virus Gorky and based in a, since the original edition failed USSR, I believe… which is interesting in itself that someone felt the location had to change after the wind up of the Warsaw Pact, today’s Russia could still work IMHO though at the time, I imagine before Mesopotamia and Persia became alternate tropes, China was the a reasonable candidate, though he’s even pulled time-travelling Nazis out of the boiling pot once…

#207 Dolce Vita on 03.13.20 at 6:31 am

LIGHT AT THE END OF THE TUNNEL.

Codogno, COVID ground zero here in Italia, has been under lockdown now for 3 weeks.

Guess what?

0, Zero, Nul, Nada, Zéro, нуль

CASES.

Take heed Canada. Get after Canada Gov to do their job and plan for a lockdown if necessary, it’s working.

https://i.imgur.com/O2RL94N.jpg

Use Google Translate:

https://www.ilgiorno.it/lodi/cronaca/coronavirus-zero-contagi-1.5064458

—————————————–

Still, the above the “dream scenario” and per Italian WHO Exec it will still take at least 4 months for life to return to normal…I’ll take that.

-Means no deep recession in Canada?

As for Italia, we’re done for.

#208 Dolce Vita on 03.13.20 at 6:35 am

*PS Clarification on prior article link:

Google will translate “tamponi” or “swabs” (Italian for test kit) into:

Tampons.

Watch the Costco Female Personal Hygiene aisle now have a run on you know what…

#209 Raging Ranter on 03.13.20 at 7:00 am

@#124 Mattl, they’re not panicking. They’re gathering in their usual forums to comfort each other and to tell each other how smart and frugal they are, just like they always do. And also to laugh at anyone who thinks this bear market is anything more than the most temporary of corrections, pretending to be giddy at all the “bargains” to be had. “Stocks are sale!” is a popular refrain among the FIRE folk. Because equity markets always go up.

The panic comes later when they realize that they must return to work; when all those 30 and 40-something “retirees” will have to face the fact that there is no replacement for an actual job. Financial markets were never meant to be a form of welfare allowing extremely frugal cheapskates to avoid working for a living. That they’ve become that for the FIRE crowd just shows how far they must fall to restore some normalcy to this world. It will be a painful, but entirely necessary adjustment.

#210 Stan Brooks on 03.13.20 at 7:14 am

Classic liquidity crisis as people need cash, as a result bonds decline even with rates going further down, stocks diving as well. Expecting some significant QE/Liquidity injection, some significant further market disruptions, the time to buy might not be now but 30-40 % further down from here. This thing is not a walk in the park and some businesses could be very badly impacted, global supply chain going out of balance and it might take years to ‘recover’/whatever that means.

The worse problem is that people have no savings, we are at top consumption and bottom rates at the same time, that consumption will have to shrink.

As a result many jobs will be lost, not to be seen again any time soon as people adjust their spending and consumers habits.

Controlled shrinking of the economy at best, chaotic shrinking as a worse case scenario.

Buying the energy sector long term at rock bottom prices, 1-2 years from now would be a fantastic investment opportunity.

We will talk again about crisis and fear when a lock down is implemented in North America as it is currently implemented in Europe. The sooner, the better. The more you wait, the worse it becomes.

This is a life changing event and will be remembered for quite some time.

And yes, stock on quality scotch and Irish stuff.

Cheers,

#211 Fred on 03.13.20 at 7:52 am

i was hoping for a real estate correction not a market correction, oh well

#212 Wait There on 03.13.20 at 8:29 am

UK Plans are to develop herd immunity which means that they desire 70% of the population to acquire Covid and that 70% become shields for the other 30%. The plan could work like this, I don’t know the details of their plan.
They have two choices, slow or fast. In either choice, the aged MUST be severely isolated from contact with the younger population because the older population will end up going to the hospital the most as well as stay there the longest and require the most care.
Off ALL the older working population EI or something and have them self isolate for a period. That period will be when you allow the rest of the population to go about normally.
How do you choose that period and how long will depend on what measures you take to self isolate and how much disruption you can absorb in your economy.
If you want it over quick and your calculation indicate a fast spread that is easy. BAN all protection and encourage people to get infected. This will drive the R0 way up and within a month all the younger generation will be infected and within two months you have herd immunity. Wait another month before allowing the older generation to come out. They will be safe now. It is over in 3 months. Internally all of the UK is now protected and no vaccine is needed unless you get outsiders re entering UK and infecting those over 50. However any future infections will self extinguish because it cannot travel once it reached the already infected.
The only thing is that those over 50 cannot freely travel to thew rest of the world until a vaccine is found.

The alternative is to continue to place protective measures and allow the R0 to drop and slowly let infections happen. This will drag out the “period” for many months.

The period chosen will depend on the hospital capacity and the load emanating from younger people. In the second long case you still have an economy limping along. In the first case, your economy might freeze for a month.

Which is better? I think in North America we better choose something like this real quick because we no longer can contain. Get the aged self isolated, provide some support services to them and let them stay home. The rest of the people, prepare to get sick but at least the hospitals will be there. Once it is over, the population is protected.

China’s scenario is not as bright as it may appear. They shut the economy down BUT the younger generation are not protected, workers are not protected. It can happen again to them until a vaccine is developed. They paid a big price but have little rewards.

#213 crowdedelevatorfartz on 03.13.20 at 8:31 am

@#175 Ponzie Plot
“Learn the history why the Middle East became such batshit crazy place.”
++++

Ok, I’ll try and take a stab at it…..

Religion?

#214 crowdedelevatorfartz on 03.13.20 at 8:36 am

@#208 Dolce

I was at a local Safeway yesterday afternoon.
Tons of food, Tons of fresh produce. Everything was neat and tidy.
The toilet paper shelves?……Looked like a pack of rabid dogs had been let loose….a few solitary rolls lying forlornly on the floor…..
Ridiculous.
Greaterfools and their misguided priorities.

#215 not 1st on 03.13.20 at 8:42 am

#184 Join em on 03.13.20 at 12:19 am

Not 1st — do you recommend any low volatility S&P500 ETFs?
Thanks,

——

I am no stock guru but after Justin won the election I rebalanced everything and converted to US dollars and invested in the US. I hold these Invesco ETFs SPHD and SPLV.

My RESP holds my only Canadian fund, ZSP unhedged, because Canada is heading for a 62c loonie and that’s got nothing to do with the virus. You cant cancel 20 multi billion dollar resource and infrastructure projects and expect to be prosperous.

#216 Left GTA on 03.13.20 at 8:45 am

The real estate market will correct next. Job loss=no money=no mortgage payment

#217 earthboun misfit on 03.13.20 at 8:48 am

Costco (Winona) yesterday. Staff member at entrance wiping down cart handles. (new) Individual wipes just inside the entrance. (new) Bum wad? Nada, zilch, zippo.

On a optimistic note: Come November, will Donald the Dim’s epic fail on this file finally awaken Americans from their national nightmare?

#218 debt wins on 03.13.20 at 9:00 am

Garth, you underestimate the govt efforts to appease the largest subset in the 1st world – the financially irresponsible. While stocks are getting hammered, they are entertaining a “mortgage holiday” to keep the indebted afloat.

#219 Ubul on 03.13.20 at 9:03 am

The PM self-isolation was not just convenient, after all. We have to be careful with these assumptions.
Speedy recovery for the family.

Missing Question Period during the height of a national crisis? That’s convenient. Intentional or forced. – Garth

#220 Dharma Bum on 03.13.20 at 9:22 am

What’s happening here?
Just got back from a 3 week jaunt in Chile.
No news. No blog. Just hiking and road tripping.
If a pandemic breaks out in another country and you’re not there to see it, does it really exist?
Spent 11 hours on a jam packed airplane.
Arrived at Pearson to a calm, uneventful customs hall.
Wasn’t even asked where I was coming from.
Hmmm…

#221 James on 03.13.20 at 9:26 am

#143 crowdedelevatorfartz on 03.12.20 at 9:13 pm

My God.
What PLANET does the CBC live on?
Covid cancellations, covid medical stories, covid sports stories for the last 5 days we….get ….it.
BARELY a mention of the stock market melt down which WILL have a far more long lasting effect than the flu.
Useless socialist twits living like most socialists, off the govt taxpayer teat.
I will vote for ANYONE that cancels that Billion dollar per year taxpayer vortex.
__________________________________________
Then lets do it, PM is at home playing doctor to the wife.
Just remember as I have previously mentioned here “you get what you deserve” The idiots that voted for Mr Socks and his Liberal party don’t appear to realize what a waste the CBC is because they put out the Liberal agenda 24/7/365. Brainwashed millennials smoking pot.

#222 James on 03.13.20 at 9:31 am

#23 Sold Out on 03.12.20 at 4:34 pm
Trump won’t be tested for Covid19 because if he’s infected, he would be removed from office under Article 4 of the 25th Amendment to the Constitution. He’d rather burn down the economy than be declared unfit to discharge the duties of his office.
He has zero respect for the Constitution, but even Dim Donnie knows that it can be used against him. Now that Biden is the presumptive Dem nominee, Wall Street doesn’t need his kind of crazy in the White House.
I’m still predicting he leaves office in a 350lb-test butterfly net.
________________________________________
I was pondering the same thing re Article 4. So I may be a conspiracy theorist, or just acutely astute in my suppositions about the Orange blob.
lmao

#223 Ubul on 03.13.20 at 9:49 am

#219 James
The CBC target audience is not the financially self-reliant minded segment of the population. The mandate is to maintain the government dependent mindset and turn it into a managed, predictable voting block.

#224 Ubul on 03.13.20 at 10:04 am

Missing Question Period during the height of a national crisis? That’s convenient. Intentional or forced. – Garth

The other side of the argument is that it would have been irresponsible to attend QP, risking to spread infection among MPs during the height of a national crisis. Working from home technology will be put in place no doubt, and the government should be able to go on, even without any presence of the PM. He is also not George Washington, Winston Churchill, anyway.

I’m not arguing anything. It’s simply convenient. – Garth

#225 maxx on 03.13.20 at 10:38 am

@ #43

Correct. Viruses can not only mutate but also remain dormant after initial infection and resurge years or decades later when ambient conditions permit, such as advancing age, other immunosuppressive illnesses, stress, etc.

#226 Sail Away on 03.13.20 at 10:46 am

#222 James on 03.13.20 at 9:31 am
#23 Sold Out on 03.12.20 at 4:34 pm

Trump won’t be tested for Covid19 because if he’s infected, he would be removed from office under Article 4 of the 25th Amendment to the Constitution. He’d rather burn down the economy than be declared unfit to discharge the duties of his office.

He has zero respect for the Constitution, but even Dim Donnie knows that it can be used against him. Now that Biden is the presumptive Dem nominee, Wall Street doesn’t need his kind of crazy in the White House.

I’m still predicting he leaves office in a 350lb-test butterfly net.

——————————

I was pondering the same thing re Article 4. So I may be a conspiracy theorist, or just acutely astute in my suppositions about the Orange blob.
lmao

——————————-

Damn it- they’re both out together!

Never trust self-locking loonie bin doors.

#227 tkid on 03.13.20 at 11:09 am

Garth, are Canadian bank stocks considered safe stuff, or unsafe stuff?

#228 Dups on 03.13.20 at 11:09 am

I think not having a wish washy JT present at times might even be better for the country.

#229 Sold Out on 03.13.20 at 11:11 am

#226 Sail Away on 03.13.20 at 10:46 am

Damn it- they’re both out together!

Never trust self-locking loonie bin doors.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

How’d your SPXL stunt work out for ya, stable genius?

#230 Dolce Vita on 03.13.20 at 11:36 am

#180 Ponzius Pilatus

Berlusconi (FI, 6.1%) is a part of the Centre Right along with Salvini (Lega, 27%) and Meloni (FdI, 13.4%), %’s latest poll Mar. 10:

https://www.istitutoixe.it/2020/03/10/intenzioni-di-voto-10-marzo-2020/

Merkel is on her way out, keep up.

Berlusconi, nobody really listens to him here in Italia, tolerated since the Right needs his 6.1%.

To form Gov in Italia you need >40% (6.1+27+13.4=46.5%).

Current Gov (5 Stelle, 13.4% & PD, 22.5%=35.9%) knows they will be out next election. 5 Stelle bleeding support, last year in the election they had a little over 32%.

Salvini an EU skeptic as is Meloni.

During COVID Italia has learned that the EU has been an obstacle.

—————————————–

We are patient and like Quebec: “Je me souviens”.

#231 Dolce Vita on 03.13.20 at 11:49 am

“Missing Question Period during the height of a national crisis? That’s convenient. Intentional or forced. – Garth”

Well said.

We should though, AS OF TODAY, cut Justin some slack. His wife is sick, he may well have COVID too, yet the guys trying to show he’s still in charge & at work on behalf of Canadians:

https://twitter.com/JustinTrudeau/status/1238469157940858881

But yes, I agree Garth.

Not a Justin fan here (Pierre, I still idolize).

#232 tummy rub on 03.13.20 at 11:59 am

Still not over. but I was glad for a bounce up even if only lasted a few hours.
There’s still value in blue chips
WTF going on now first toilet paper and now grocery stores.

Calm down !!!!
no panic buying go buy a weeks worth of tin food, wait a week and buy some more.
At least here on the west coast we all have a few weeks food for an Earthquake.
get over it and relax

#233 Sail away on 03.13.20 at 12:07 pm

#229 Sold Out on 03.13.20 at 11:11 am
#226 Sail Away on 03.13.20 at 10:46 am

Damn it- they’re both out together!
Never trust self-locking loonie bin doors.

————————-

How’d your SPXL stunt work out for ya, stable genius?

————————-

Poorly so far. Down -60.66% right now. Why do you ask?

#234 not 1st on 03.13.20 at 12:09 pm

HoC to be shut down for 5 weeks?? Seriously?

How did this happen.

#235 Captain Uppa on 03.13.20 at 12:11 pm

It is bat sh*t crazy out there.

I am starting to think this is DIFFERENT than any other time.

Justified or not, sentiment is going off the rails in a bad way.

#236 Sold Out on 03.13.20 at 12:12 pm

Dim Donnie is about to join the G7 globalists in a concerted response to the pandemic. He knows he blew it, and is scrambling for his political and personal future. Already trying to blame everything on Obama, despite his track record on cuts to CDC, NIH, and State Department emergency response.

Globalism – 1
Isolationism – 0

———————————————————

Chrystia Freeland is juggling 2 minstries, and now auditioning for the lead. She’s smarter than T2 and Morneau put together, and is gonna crush it.

Big, strong men should prepare themselves; there may be some emotions on display. Don’t be afraid, they can’t hurt you.

#237 IHCTD9 on 03.13.20 at 12:25 pm

#175 Ponzius Pilatus on 03.12.20 at 11:48 pm

Personally, I think you’re not batshit crazy, just a bigot.
Learn the history why the Middle East became such batshit crazy place.
___

That’s a good one Ponzie.

Like the Middle East would be a 1st world paradise if the Jews were still a scattered borderless people.

News flash: there’s a lot more to the stupidity going on over there other than what happened in 1948…

#238 Sail away on 03.13.20 at 12:29 pm

#181 Ponzius Pilatus on 03.13.20 at 12:08 am

Batshit crazy!
Sailor boy.
Expect a call from Ozzy’s lawyer.

———————–

A visit would be better. Hopefully wearing a dirndl.

#239 IHCTD9 on 03.13.20 at 12:41 pm

#236 Sold Out on 03.13.20 at 12:12 pm

Chrystia Freeland is juggling 2 minstries, and now auditioning for the lead. She’s smarter than T2 and Morneau put together, and is gonna crush it.

Big, strong men should prepare themselves; there may be some emotions on display. Don’t be afraid, they can’t hurt you.
___

She’s been doing most of the heavy lifting for Trudeau since day one IMHO, nothing new.

If she can manage to cork her opinions, and stay the hell off of Twitter, she will do alright.

#240 I'm Alright Jack on 03.13.20 at 12:59 pm

Thanks, Garth.
You are always the sane voice out there that I look forward to reading each day – in good times and bad (I think this is ‘bad’, but highly interesting in terms of herd mentality and behaviour).

Waiting for things to stabilize a bit before going back to nibbling at stock bargains (and there are many).

Not looking at my portfolio yet, turning off BNN and the tube in general, buying some nice Irish Whiskey and stocking up on wine (more of a priority than TP).

This too will pass. (And hopefully we get a two week break from hearing from Mr Socks. He’s finally figured out how to help the country – by disappearing.)

#241 PBrasseur on 03.13.20 at 1:12 pm

Time soon to short China which covered up the outbreak and made things so much worse. Many companies will pull back some from risk of putting too many eggs in that totalitarian contrry.

There will be hell to pay.

#242 BBD (BarkingBlackDog) on 03.13.20 at 1:13 pm

@#236 SoldOut re: “Big, strong men should prepare themselves; there may be some emotions on display. Don’t be afraid, they can’t hurt you.”

LOL

#243 Shawn Allen on 03.13.20 at 1:23 pm

How manny new cases in Italy?

At 207 Dolce it is mentioned Italy had no new cases in the latest day.

The link here shows a blank for new cases. I so I failed to notice that last night.

//www.worldometers.info/coronavirus/#countries

If this is true it is fantastic news and shows what can be done, what needs to be done.

There will be a HUGE hit to GDP for a while but if we can contain the virus then indeed things will return to normal fairly quick.

I never pray, but I pray this is true.

#244 Shawn Allen on 03.13.20 at 1:25 pm

To be clear I fear (and strongly suspect) the zero data point for Italy is just because the data was not available. Actually it’s not a zero it’s a blank.

#245 not 1st on 03.13.20 at 1:39 pm

People, toilet paper is made in Canada. So is your pasta and bread and beef. You can be thankful we didn’t outsource everything to china in the past 30 yrs.

Every ivory tower egg head economist should be slapped silly.

#246 [email protected] on 03.13.20 at 1:40 pm

Hello Garth,
Didn’t want to post to the long conversation, but wanted to ask you. A year ago the media (and you) noted that half of Canadians were $200 away from insolvency. My workplace (both of them) are considering a two week shutdown with no mention yet of if we are getting paid. Personally I can ride out the unpaid days and market correction, but does the Covid19 push up to half of Canadians into an instant cash crunch? Would banks do anything about mortgage and heloc defaults?

#247 Vancouver Brit on 03.13.20 at 1:48 pm

#204 Ronaldo on 03.13.20 at 5:46 am
MMMM, getting to think that dog XEG might be getting to be a buy, down 60% from Jan. 6th now $3.78. What do you think Doug, should I jump in now or wait a bit? Hard to lose at this level. What are you paying for gas where you are? The crooks still have the price at 1.369 here. 79.9 in Calgary. Something not right here.
_________________________________________

See #92. I’ve been investing about 5% of my portfolio into XEG for a couple of years expecting energy to increase, only to see it repeatedly fall further and further, to which I’ve kept saying “it can only go up”. How wrong was I? Honestly though, I just cannot fathom how it can’t go up now, considerably. I’m committed anyway, so don’t have any choice.

I decided to double down and divest in a bunch of my bonds and pump it into XEG. Now is the time to make calculated plays, it’s the only time the market is truly exciting to be in. Even if it returns to February prices (which were already very low), you will double your money. You could even triple your money if it returns to somewhat normal historical prices of around $12.

Anyway, I’m in it for the long haul and to me the only way now is up.

#248 eduardo de la conche on 03.13.20 at 1:49 pm

#246 your comment will be deleted soon, no bad news on this blog.

the only thing that matter is ETF’s and real estate.

Who cares about the people $200 away from insolvency?
Priorities man! Stiff upper lip and all that

#249 not 1st on 03.13.20 at 1:53 pm

Italy and Canada do not compare in any sense of the word. Italy has almost double the population squished into 3% of the area of Canada and their population is much older, 60% which are in the senior categories.

They don’t have the travel barriers we do, nor weather issues and they don’t border the most advanced civilization in the history of the world.

Canadians are so lucky and they don’t even know it.

#250 Shirl Clarts on 03.13.20 at 1:56 pm

#72 crowdedelevatorfartz on 03.12.20 at 6:09 pm

The markets will drop again tomorrow but not as much.
People will have the weekend to sit back and realize….there’s some Smokin good deals to be had and pile in next week….
^^^^^^^^^^^^^^^^^^^^^^^^^^^
No drop. DOW is up 1000 pts today. Looks like no one’s waiting for Monday.

This Bull is not going down without a fight.

#251 James on 03.13.20 at 2:17 pm

#223 Ubul on 03.13.20 at 9:49 am

#219 James
The CBC target audience is not the financially self-reliant minded segment of the population. The mandate is to maintain the government dependent mindset and turn it into a managed, predictable voting block.
__________________________________________
Like I said The idiots that voted for Mr Socks and his Liberal party don’t appear to realize what a waste the CBC is because they put out the Liberal agenda 24/7/365. Brainwashed millennials smoking pot

#252 James on 03.13.20 at 2:19 pm

#234 not 1st on 03.13.20 at 12:09 pm

HoC to be shut down for 5 weeks?? Seriously?

How did this happen.
______________________________________
They needed an excuse for a protracted spring break vacation.

#253 Dolce Vita on 03.13.20 at 2:21 pm

Best source, updated typically 6-630 PM Italia time (always before John Hopkins site):

https://lab.gedidigital.it/gedi-visual/2020/coronavirus-i-contagi-in-italia/?ref=RHPPTP-BH-I249998895-C12-P1-S1.8-T2

17,660

Pos 14,955 Cured 1,439 Dead 1,266

Mar. 13

———————–

Thank you for your patience Garth on this unrelated post.

#254 James on 03.13.20 at 2:25 pm

#217 earthboun misfit on 03.13.20 at 8:48 am

Costco (Winona) yesterday. Staff member at entrance wiping down cart handles. (new) Individual wipes just inside the entrance. (new) Bum wad? Nada, zilch, zippo.
On a optimistic note: Come November, will Donald the Dim’s epic fail on this file finally awaken Americans from their national nightmare?
________________________________________
Me thinks not! Americans love the exhilaration from this confliction.

#255 Sold Out on 03.13.20 at 2:26 pm

#239 IHCTD9 on 03.13.20 at 12:41 pm

If she can manage to cork her opinions, and stay the hell off of Twitter, she will do alright.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

You mean behave in a way that conforms to your beliefs about how women shoud behave?

#256 SJP on 03.13.20 at 2:27 pm

BoC cut rate by 25bps. New benchmark is 0.75%

Oh boy.

#257 BC_Doc on 03.13.20 at 2:53 pm

Two really interesting links from Vanguard Canada–VSB and VAB pricing data at close up until March 11 (the day before the market meltdown):

https://www.vanguardcanada.ca/individual/indv/en/product.html#/fundDetail/etf/portId=9553/assetCode=BOND/?prices

https://www.vanguardcanada.ca/individual/indv/en/product.html#/fundDetail/etf/portId=9552/assetCode=bond/?prices

Looking at historic prices for VSB (the short duration bond etf), market price closed at a 5.9% discount to the actual Net Asset Value of the bonds held by the fund. This is a huge misprice and sign of a major liquidity crunch in the markets.

VAB closed at a market price discount of 3.11% compared to NAV.

My bond etfs which were supposed to zig when markets zag failed on a Really Bad Market Day. Cash really was king yesterday.

#258 Dups on 03.13.20 at 2:59 pm

By the way Gov workers get to work from home, use their sick days without questions and good support during this outbreak. The private sector gets the boot in the but, use your vacation when your kids are out of schools and daycare’s. Thanks so much, Turdeau for dividing the country even more. Seems like only the gov workers benefit from your policies. Private companies jerk us around…Where is the legislation and support in times of need for the hard working people?

#259 Barb on 03.13.20 at 3:04 pm

T2 came out long enough to state the country has “fiscal firepower”.

Even he doesn’t know how to pay for it.

#260 Ronaldo on 03.13.20 at 3:08 pm

#168 Terry

In closing I want to thank the many people who sold off their investments and created much lower price discovery for me this past week and especially today.
——————————————————————
I doubt very much that the average investor was the ones responsible for these huge drops at market open. This has more to do with HFT just as it has been with other market drops going back to 1987 where market trading was halted. It could very well be that the actual selling from ordinary investors was only a few percentage points of the total volume. These are not ordinary markets anymore.

#261 Sail Away on 03.13.20 at 3:11 pm

Well, I’ve closed out my APT position as the world begins to realize COVID is, in reality, just another cold.

Lots of 10-20% individual equity leaps today.

#262 Howard on 03.13.20 at 3:18 pm

Another emergency 0.5 BoC rate cut. Second such cut in a span of two weeks? The world is moving so quickly I don’t even remember anymore when the first one dropped.

That’s a nice way to build confidence. Make sure the whole world knows that Canada’s central bank is quite literally panicking.

#263 not 1st on 03.13.20 at 3:39 pm

RBC, CIBC, Bank of America join economists predicting Canada will slump into recession this year
Canada’s economy is being battered by the unprecedented slam of the coronavirus, financial market chaos and crashing oil prices

And Trudeau too

https://business.financialpost.com/executive/posthaste-canada-the-recession-is-here-growing-number-of-economists-see-downturn-as-sure-thing?utm_medium=Social&utm_source=Twitter#Echobox=1584111296

#264 Ronaldo on 03.13.20 at 3:58 pm

#176 Lead Paint on 03.12.20 at 11:49 pm
#100 Ronaldo on 03.12.20 at 7:36 pm

Good post, I wish he was our Prime Minister.
———————————————————-
Thanks. Was my thought exactly.

#265 Howard on 03.13.20 at 4:10 pm

The latest info is that the B20 stress test change announced last month will not go into effect given that the prime rate is now 1 percentage point lower than when the change was announced. These people are just making it up as they go along.

#266 Sold Out on 03.13.20 at 4:24 pm

Good to see that these civic-minded benefactors are ensuring that “cleanliness is next douchiness”.

Google the guy in the story; colourful history.

https://www.thestar.com/amp/news/canada/2020/03/12/were-hustlers-amid-coronavirus-fears-this-couple-has-made-more-than-100000-reselling-lysol-wipes.html?__twitter_impression=true

#267 Ronaldo on 03.13.20 at 4:32 pm

#247 Vancouver Brit

Anyway, I’m in it for the long haul and to me the only way now is up.
——————————————————————
Well Brit, it’s up 10.5% today so good luck with that and hope you make out well. Have a feeling you will. I have done the same with some copper and silver stocks (both excellent producers) whose stocks have tanked that I have accumulated for a couple years (my casino portfolio) in anticipation of a rise once all this silly stuff is over with and the demand from China once again returns. If you recall what happened in the 08 crash, China was in the market buying up our resources like there was no tomorrow.

#268 Steven Rowlandson on 03.13.20 at 4:36 pm

I am reminded of the drama played out in London at the time of the battle of Waterloo. Nathan Rothschild was there and he and his brothers had at their service a spy and courier service that would be the envy of any government or news service. In any case Nathan was going to get the news of the outcome of the battle first.
What Nathan did was to start selling his own British government bonds and have his agents buy up every bond sold. Once it was known that Nathan was selling British government bonds everyone started following his example and Nathan’s agents bought them all on the cheap. Then when the real news was published the true situation became known that instead of Napoleon winning the battle as everyone supposed ,the British and their allies won and the British government bonds would be worth something after all but by then it was too late. Nathan Rothschild had the lions share of the
bonds and would be in control of the nation’s money.
That is the terrible hazard of people reacting to fear and deception in markets. There is always
someone there to buy the good assets on the cheap and one never knows for who or for what purpose it is done until after the truth is known and then it is too late. In the above story the winner of the Napoleonic wars was neither Britain and its allies or France. It was the House of Rothschild.

#269 Vaccine in a few weeks on 03.13.20 at 4:59 pm

Israeli scientists: ‘In a few weeks, we will have coronavirus vaccine – MIGAL researchers in Galilee working vigorously to find a new coronavirus vaccine.

If all goes as planned, the vaccine could be ready within a few weeks and available in 90 days, according to a release.

Congratulations to MIGAL -The Galilee Research Institute] on this exciting breakthrough.

It looks like again the chosen people will save this foolish planet.

https://www.jpost.com/HEALTH-SCIENCE/Israeli-scientists-In-three-weeks-we-will-have-coronavirus-vaccine-619101

#270 Vaccine is being tested on 03.13.20 at 5:06 pm

As per Jerusaelm Post – Texas-based company claims to have developed coronavirus vaccine:

https://www.jpost.com/International/Texas-based-company-claims-to-have-developed-coronavirus-vaccine-620364

#271 C8.R on 03.14.20 at 9:37 am

Re: blog picture… “Man with Corona disease seeks Woman with Lime disease”.