Stranger things

.
DOUG  By Guest Blogger Doug Rowat
.

Unusual things can affect financial outcomes.

Recent proof is Elon Musk’s Saturday Night Live appearance, which caused the wacky cryptocurrency Dogecoin to plunge 30% after he called it a “hustle” in one of the show’s skits. Wall Street analysts were, bizarrely, forced to write commentary on Musk’s SNL hosting performance (as if meaningful insight could be gleaned from it).

And more proof that the unusual and rarely contemplated can affect finances? If you’re applying for a bank loan, you should probably apply after lunch. According to a Cambridge University study, bank credit officers are more likely to reject loan applications just before their lunch break. It seems ‘decision fatigue’ or the tiredness caused by making many difficult decisions over a long morning (and maybe with a growling stomach) tilts loan officers more often towards the safer decision (i.e., denying the credit application). One of the Cambridge researchers concluded that even decisions that we assume would be entirely objective are actually “influenced by psychological factors”.

There are many other examples of odd “psychological factors” influencing financial outcomes. Sunny days, for example, affect stock market returns. In their now-famous research paper, “Good Day Sunshine: Stock Returns and the Weather”, researchers Tyler Shumway and David Hirshleifer determined, after looking at the market data and weather patterns across 26 cities from 1982 to 1997, that a sunny start to the day had a strong, positive correlation to equity market returns and led to more favourable market outcomes. Another example of how something that theoretically should have no impact on the objective fundamentals and therefore no impact on results…somehow does.

And, as I’ve noted before on this blog, Jason Zweig in his book, Your Money and Your Brain, highlights that outcomes of sporting events also impact the markets. Losing an important World Cup soccer match, for instance, usually means that the home market of the losing team will underperform the next day. Subtly, how we feel about a sporting event influences our investing behaviour.

The Summer Olympic Games in Tokyo, Japan are now only about three months away after being postponed last year and, God willing, Covid won’t derail them again. I looked at all the Olympic Games of the modern era, both summer and winter, dating back to 1988. A total of 17 Games in all. Sure enough, during the two-week period of the Games themselves, the market of the host country traded higher more than 70% of the time (the S&P 500 was up more than 75% of the time) and had an overall average total return of 1.4% (not bad for 2 weeks). Naturally, no one should ever ‘trade’ the Olympics, but the psychological influence is interesting to consider.

Market returns During Past Olympics

Click to enlarge. Source: Bloomberg, Turner Investments

And the list of oddball market-influencing factors goes on. It’s been said, for instance, that butter production in Bangladesh has the highest correlation of any variable to the S&P 500. Then there’s the ‘unclaimed corpse indicator’, the theory here being that some individuals don’t claim the bodies of loved ones from the morgue because of cost—therefore when the level of unclaimed corpses rises, a recession is imminent.

In short, the world’s filled with curious and rarely considered forces that may affect your finances. But most of these factors, even if they have some merit, are pointless to actually act on (are you going to day-trade sunny mornings? Elon Musk SNL appearances?). The secrets to long-term financial success—balance and diversification, low-cost investments, low turnover and a global focus—are always straightforward, never quirky.

Still these peculiar market-influencing variables are probably always at work in the background. And with summer coming, and the Olympics around the corner, who knows? A bit of sunny weather and a few weeks to pause and cheer our Canadian athletes may not only help us forget about Covid for a while, but may also lift our portfolios.

And next time, bring your banker a donut along with your loan application. It’s worth a shot.

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

 

48 comments ↓

#1 crowdedelevatorfartz on 05.15.21 at 9:45 am

“the unclaimed corpse indicator…”

+++++
Thats a new one.

And here I thought most economists relied on chicken bone scattering and goat intestines….

#2 Brett in Calgary on 05.15.21 at 9:48 am

Nice post Doug, the butter one reminds of that Spurious Correlations book.

#3 Party on Garth on 05.15.21 at 9:57 am

“It can’t be emphasised too often that GDP, which is the preferred measure of economic output and “growth”, has become progressively less meaningful over time.

Essentially, GDP mistakes money for prosperity. It counts the spending of money as economic “activity”, drawing no distinctions between how the money is spent, or whether the money itself has been earned, borrowed, airily promised for the future, or simply created out of the ether.”

https://surplusenergyeconomics.wordpress.com/2021/04/30/196-the-price-of-self-delusion/

#4 Dharma Bum on 05.15.21 at 9:58 am

Musk is at his best when wasted on pot.
Like when he appears on Joe Rogan’s show.

#5 crowdedelevatorfartz on 05.15.21 at 10:15 am

@#120 NSNG
“…will probably pay the ultimate political price for his bumbling ….”

++++

You could pretty well insert any Premiers name west of Atlantic Canada and the Prime Minister in that statement for their work over the past year.

They should all be hammered at their next election.

#6 Shaggy on 05.15.21 at 10:35 am

Point taken on decision fatigue, Doug.

But, just for the record, 99% of loan adjudication by Canadian banks is done either automatically using risk models or in the back office adjudication (Risk) areas. Branches, timing (and doughnuts) don’t really enter into it! ;)

#7 TurnerNation on 05.15.21 at 10:37 am

Let us watch XBI.US Biotech ETF trying as always to get above $125. XLF.US however is notching new tops.

– Kanada the Failed State/Former First World Country has decended in to a bizarro world of unblinking authoritarianism.
(Of course this was planned, why else did T1 insert the Notwithstanding Clause for the globalists’ use later on?)

Tax slaves, Comrades here are your New Mandatory Rules:

https://www.blogto.com/city/2021/05/rules-victoria-day-long-weekend-ontario-lockdown/



Gee if only we could have seen this coming. If only…
Posted in 2016, 2018, what was I thinking???

#147 TurnerNation on 11.26.18 at 9:58 pm
Just watch it will get quite interesting into 2021
1001 new laws will be dropped against us.
Carbon taxes will further cripple travel.

TurnerNation on 05.06.16 at 6:27 pm
Remember I said a few months ago the next few years will be hellish to us? 1001 new laws will be passed each year for this, our money handed away elsewhere.

2020:
#234 TurnerNation on 10.08.20 at 9:13 am
The used FEAR of getting CV to shut down the old system overnight. You’ll see, the 1001 new laws coming to regulate our breeding, feeding and movements. All under the guise of Our Health and the Green Movement

#8 crowdedelevatorfartz on 05.15.21 at 10:49 am

@#7 Turner Nation

Perhaps one years “paranoia” is another years prediction.
The State of Fear by Michael Crichton comes to mind.

#9 Premier Iain Rankin on 05.15.21 at 10:56 am

Ontarians, Quebecers…

STAY THE HELL AWAY!

Don’t buy property and move here!

And no, you can’t come to Lunenburg to visit Garth!

Our borders are sealed and we’ll put you in one of our dilapidated jails with no heat if you sneak in!

Just.

Stay.

Home.

#10 TurnerNation on 05.15.21 at 11:03 am

Remember, the East side of the Berlin Wall is, historically the poor side. Anyone buying on the Least Coast will be disappointed. Stay on the West side of the Virtual Wall.

.B.C. couple stranded in RV as pandemic restrictions block arrival at their new home in Nova Scotia (cbc.ca)

——-

Ooof, if anything thinks this will be going away…check out the latest diktat from East Kanada. 450 days and counting….the New System (circa March 2020)
“Illegal public gatherings”. IMO this is the last chance you have to get capital out of this country and leave. Sell that 2 million dollar slanty semi before comes the crippling consumer recession of 2022-2024.

https://novascotia.ca/coronavirus/docs/court-of-nova-scotia-injunction-order-14-may-2021.pdf

—-
Former First World Countries – the *British Colonies* – are on the hit list, this ain’t going away for many years if never.
What’s this UBI in Wales? Perfect little homogeneous test zone isn’t it.

.Wales to launch pilot universal basic income scheme(theguardian.com).

.Covid: Indian variant could disrupt 21 June easing, UK PM says (bbc.co.uk)

#11 Tarot Card on 05.15.21 at 11:21 am

Thanks for the blog Garth
Thanks for the post Doug

Even with all the statistics about weather I don’t agree
There are millions of people trading all over the country so if it’s raining in New York stocks will be down?
How can you measure the about of people doing trades in different cities on sunny days?
I agree if there was a huge snow storm on the eastern seaboard that would affect stock prices.
But raining in New York and sunny in California hmmmmm

Same goes for loan officers it’s all computerized maybe for low income people going in to see a person might make a difference, but I think what’s most important is the risk factor. If a bank reaches its quota for the week on low risk loans then it stops giving them.
This has happened to me many years ago….one bank turned me down I went across the street and they gave me what I wanted and more.

Sporting events I can agree with.

A more interesting analysis would be on Garths record of commenting and deleting posts based on sun and snow in Nova Scotia.

Overall a good article about the many things that affect the market. I am sure when analysis repeat everyday the market is overvalued and expect a pull back that’s what will happen. So is it done for now?

Sell in May?

I myself get influenced by all the daily newsletters, but in the end your advice is still true ….balanced and long term.

But then again the majority of newsletters keep saying bonds are dead and no longer have a place in a portfolio.

thanks for taking the time to write today’s article.
I wonder if the tone of the article was based on sun or rain in Toronto? Did the dog pee on the rug?

Have a great weekend everyone! Sunny here on Canada’s island paradise in the pacific. Buy buy buy.

#12 Devil Anse on 05.15.21 at 11:31 am

It’s been said, for instance, that butter production in Bangladesh has the highest correlation of any variable to the S&P 500.

—————————————————

In order for a correlation to be valid there needs to be a logical reason for the correlation to exist. I recall arguing about this with a classmate in Business school – she was a quant and insisted that because of 99% correlation in a regression model, it must be true.

“Lies, damn lies, and statistics”. Don’t undervalue your intuition.

#13 Doug Rowat on 05.15.21 at 12:03 pm

#11 Tarot Card on 05.15.21 at 11:21 am
Thanks for the blog Garth
Thanks for the post Doug

Even with all the statistics about weather I don’t agree
There are millions of people trading all over the country so if it’s raining in New York stocks will be down?

—-

They focused more on the sun than the rain, but basically, yes. I don’t recommend spending a sunny Saturday reading this, but here you go:

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=265674

—Doug

#14 tkid on 05.15.21 at 12:21 pm

Hi Doug, what is your opinion on commodity etfs?

#15 Karl hungus on 05.15.21 at 12:32 pm

I feel like a lot of this is laid out in “a random walk down wallstreet”

The conclusion was that there was a strong correlation until there wasnt. The stock market is a constantly moving beast, with seemingly no rhyme or reason in the short term, but very stable long term. Im sure this all lines up with your philosophy as well.

#16 Cottage bound on 05.15.21 at 12:33 pm

#9 Premier Iain Rankin on 05.15.21 at 10:56 am
Ontarians, Quebecers…

STAY THE HELL AWAY!

Don’t buy property and move here!

And no, you can’t come to Lunenburg to visit Garth!

Our borders are sealed and we’ll put you in one of our dilapidated jails with no heat if you sneak in!

Just.

Stay.

Home.

_________________

Alright… Then we’re loading up the kids and heading up to cottage country instead.

#17 SoggyShorts on 05.15.21 at 12:35 pm

But have you seen this Doug?
Clearly, there is a superior method, and it involves dogs!

https://www.smbc-comics.com/comic/modeling

#18 Flop... on 05.15.21 at 12:55 pm

O.k it’s Charturday, what have you got to contribute Flop?

Not much, but I’ll submit this chart, since Robax talked about the Olympics in his post today.

What about this chart from 2016, that now has more of a crust on it than Uncle Crowdie’s Undies…

M46BC

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

“The Olympic Games Always Go Over Budget, in One Chart (1968-2016)

The water in one swimming pool turned green. Apart from that, the 2016 Summer Olympics in Rio de Janeiro went off without a hitch. Preliminary figures also indicate that the Rio Olympics ‘only’ cost 51% more than originally budgeted – which by Olympic standards is a great success.

The gold medalist in cost overrun is Montreal, which went over budget by 720%. This despite the city’s then-mayor boasting, in 1973, that “the Montreal Olympics can no more have a deficit, than a man can have a baby”. Fewer predictions have been more wrong: no other host city has overrun its initial cost estimate for the Olympic Games by as much as Montreal. The Summer Olympics of 1976 saddled the city with a mountain debt that took it 30 years to pay off.

But Montreal is just the worst example of a remarkable phenomenon: all Olympics go over budget. Percentage-wise, Sochi – the most expensive Games overall – doesn’t even take the silver. That goes to the 1980 Winter Olympics in Lake Placid, which went over budget by 324%. On the lower end of the scale are the 2002 Winter Olympics in Salt Lake City (24%), the 2010 Winter Olympics in Vancouver (13%) and the 2008 Summer Olympics in Beijing; although researchers take the allegation that those only cost 2% more than budgeted with the grain of salt required when ingesting any Chinese government information.

In fact, the average cost overrun for the Olympics is 156% (176% for Summer Games, 142% for Winter Games). Almost four out of five Games studied in the paper overrun the initial cost estimate by at least half, while almost one in two end up costing at least double. Compare that to other megaprojects: road building typically overruns by 20%, bridge and tunnel construction by 34%, megadams by 90% and large IT projects by 107% – but none of them all the time.”

https://howmuch.net/articles/olympic-costs

#19 NSNG on 05.15.21 at 12:56 pm

#5 crowdedelevatorfartz on 05.15.21 at 10:15 am

@#120 NSNG
“…will probably pay the ultimate political price for his bumbling ….”

++++

You could pretty well insert any Premiers name west of Atlantic Canada and the Prime Minister in that statement for their work over the past year.

They should all be hammered at their next election.

I’m not sure Horgan will but the next BC election is a long ways off And Vancouver housing continues to stay in the nosebleed section.

#20 Wrk.dover on 05.15.21 at 1:06 pm

#10 TurnerNation on 05.15.21 at 11:03 am
Remember, the East side of the Berlin Wall is, historically the poor side. Anyone buying on the Least Coast will be disappointed.

_______________________________

There have already been 13 cases ( mostly lately) in my tri-county area of NS since the inception of the virus. So, yeah stay put, you. We don’t have any row houses, stacked houses or condos anyway, you wouldn’t like it here.

#21 G on 05.15.21 at 1:08 pm

This 2020 Doc ‘Code Bias’ is interesting. But if your the one that becomes negatively impacted for some reason you might not think it’s just interesting.
https://en.wikipedia.org/wiki/Coded_Bias

#22 Stone on 05.15.21 at 1:28 pm

Then there’s the ‘unclaimed corpse indicator’, the theory here being that some individuals don’t claim the bodies of loved ones from the morgue because of cost—therefore when the level of unclaimed corpses rises, a recession is imminent.

———

Doug, I think you and Ryan need to talk. The Unclaimed Corpse Indicator is more important than PMI. I think you need to swap one out for the other.

It may add a 2-3% increase to client portfolios. Don’t want to disappoint them now, would we?

#23 Ponzius Pilatus on 05.15.21 at 2:08 pm

#113 Dharma Bum on 05.15.21 at 10:12 am
I heard Cheech & Chong had a joint account.

OHHHHH! Badda boom – Badda bing!
————–
Ha,ha.
Lots of unmarried people had joint accounts in the 60’s.
They were called hippies.

#24 NoName on 05.15.21 at 2:17 pm

#21 G on 05.15.21 at 1:08 pm
This 2020 Doc ‘Code Bias’ is interesting. But if your the one that becomes negatively impacted for some reason you might not think it’s just interesting.
https://en.wikipedia.org/wiki/Coded_Bias

There is a book by Howard roos i think on same topic. Book is everyday bias.

#25 AmbiVasu on 05.15.21 at 2:27 pm

“One of the Cambridge researchers concluded that even decisions that we assume would be entirely objective are actually “influenced by psychological factors”.

One of my friends told me that mortgages are now decided by computers at the banks. Credit officers just load the data and wait for the computers to decide. May be we are wrong!!!

#26 Tarot card on 05.15.21 at 3:00 pm

Thanks for the link Doug, you’re correct could not read it all, found another site, I am actually bed ridden today due to an injury so tooooooo much time on my hands.
Here’s what I found ….all random of course. New York City weather

May 14, 1957, after three days of sunny weather unseasonable warm
Dow hit a new high!
May 14 1978 record rainfall
Interest rates were raised 1/2 a point to 7 percent
Markets up on the week and up on the day.
May 14 1997 sunny and warm
IBM set a new record high
May 14 2007 sunny skies
Nasdaq tech sell off dragging down the Dow.
May 14, 2019 three days of gloomy rainy weather
Dow suffers the largest one day drop since January as China announces retaliatory tariffs.

May 14 2021, sunny and the Dow was up!

As the weather prediction goes it’s almost interesting.

So next weeks forecast is sunny all week in New York, so invest the money! Why sell in May as it’s one of the loveliest months of the year!

#27 CJohnC on 05.15.21 at 3:01 pm

#3 Party on…..to illustrate the point you make, an economics statement…..

Experienced economist and not so experienced economist are walking down the road. They come across a pile of horse manure lying on the asphalt.

Experienced economist: “If you eat it I’ll give you $20,000!”
Not so experienced economist runs his optimization problem and figures out he’s better off eating it so he does and collects money.
Continuing along the same road they come across another pile of horse manure.
Not so experienced economist: “Now, if YOU eat this I�ll give YOU $20,000.”
After evaluating the proposal experienced economist eats it and collects the money.
They go on. The not so experienced economist starts thinking: “Listen, we both have the same amount of money we had before, but we both ate horse manure. I don’t see us being better off.”
The experienced economist replies “Well, that’s true, but you overlooked the fact that we’ve been just involved in $40,000 of trade.”

#28 Dolce Vita on 05.15.21 at 3:37 pm

THAT was neat Doug.

Very neat. Off the wall. Lateral.

…and grateful to see green filled rounded rectangles today on Google Finance.

—————-

#18 Flop…

It’s nuts to me all that money is spent so a bunch of jocks can go frolic about in the flora in view of the local fauna.

I call it the Master Race Syndrome – people engaging in national hubris because of some made up jock fest.

A waste of money. Waste of emotion. Better put elsewhere.

#29 Dolce Vita on 05.15.21 at 3:53 pm

And furthermore on the Olympics, blame the darned:

Greeks

in the first place for the idea and in love with anything Greek back then, the darned:

Romans

for giving the whole concept some catchy bywords, marketing Latin style.

If you want Citius! in your life buy a fast car, book a flight for Altius! or rearrange your furniture for Fortius!

—————-

Save all that money and give it to the World’s poor, affected, or whatever urgent need, instead.

#30 ogdoad on 05.15.21 at 4:30 pm

Great post, Doug! I love hearing about what influences or motivates humans – we’re so predictable…I love sapiens!! HGTV, for instance, knows that smiles and eye-brow raises affect how we judge them.LOL. And it takes a fraction of a second!!

Piece of advice for a happy life kiddoes – “if everyone is doing it their values are defined for them – yours too if you choose to follow. If you don’t know what’s happening, do what everyone else does!!” – Og.

Og

#31 Alberta Ed on 05.15.21 at 4:35 pm

Maybe a shot (Scotch) instead of a doughnut.

#32 Doug Rowat on 05.15.21 at 4:39 pm

#14 tkid on 05.15.21 at 12:21 pm
Hi Doug, what is your opinion on commodity etfs?

—-

We have avoided them because of the volatility, but we have been increasing exposure to the resource sector in general. A hedge on inflation and an under-loved sector (though less so more recently). And all that money built up in tech stocks will eventually have to go somewhere.

—Doug

#33 David Greene on 05.15.21 at 5:59 pm

And you think computer algorithms aren’t often biased? Go Google it. It’s really quite surprising. People write code, not machines.

—————————————–
#25 AmbiVasu on 05.15.21 at 2:27 pm

“One of the Cambridge researchers concluded that even decisions that we assume would be entirely objective are actually “influenced by psychological factors”.

One of my friends told me that mortgages are now decided by computers at the banks. Credit officers just load the data and wait for the computers to decide. May be we are wrong!!!

#34 theoryAndPractice on 05.15.21 at 7:06 pm

With development of tracking devices, development of internet, AI I think requires different point of view. The speed of news and reaction so much faster than before all above analysis might be very outdated… Besides why very complex behavior can be linked to single happening and how correct the conclusion is?

#35 Ponzius Pilatus on 05.15.21 at 7:48 pm

#33 David Greene on 05.15.21 at 5:59 pm
And you think computer algorithms aren’t often biased? Go Google it. It’s really quite surprising. People write code, not machines.

—————————————–
#25 AmbiVasu on 05.15.21 at 2:27 pm

“One of the Cambridge researchers concluded that even decisions that we assume would be entirely objective are actually “influenced by psychological factors”.
——————
Algos are designed to get to know the customer and his/her biases.
And then they come up with a solution that cater to your Weltanschaung.
Nothing fancy; instead of talking to an experienced snake oil salesman, your talking to a robot.

#36 Wrk.dover on 05.15.21 at 7:59 pm

#18 Flop… on 05.15.21 at 12:55 pm

“The Olympic Games Always Go Over Budget

__________________________________

I’ll never stop idolizing the late Bruce DeVenne 1946-2011 who singlehandedly with a letter writing campaign kiboshed NS hosting the Commonwealth Games, with billions of borrowed dollars.

#37 BillyBob on 05.15.21 at 8:09 pm

#36 Wrk.dover on 05.15.21 at 7:59 pm
#18 Flop… on 05.15.21 at 12:55 pm

“The Olympic Games Always Go Over Budget

__________________________________

I’ll never stop idolizing the late Bruce DeVenne 1946-2011 who singlehandedly with a letter writing campaign kiboshed NS hosting the Commonwealth Games, with billions of borrowed dollars.

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

Good thing too, or the Maritimes wouldn’t be the economic powerhouse they are today.

#38 crowdedelevatorcoughz on 05.15.21 at 8:43 pm

C’mon cordwoodescalatorfecalmatter!

You’re barely at 10% of all …COUGH! COUGH! …comments so far today.

You can…COUGH! COUGH!…do better!

Spew out some more…COUGH! COUGH!… fragile, insecure ego-supporting nonsense to help get Doug over 100 comments!

After all, this blog is…COUGH! COUGH!…all about YOU and your fragile ego – go for it!

#39 Trojan House on 05.15.21 at 8:46 pm

The Constitution has come under direct attack in Nova Scotia when their Supreme Court granted their government an injunction to stop protests. The right to peacefully protest no longer exists in Canada. And you thought TurnerNation was just making this stuff up!

https://novascotia.ca/news/release/?id=20210514006

#40 baloney Sandwitch on 05.15.21 at 9:27 pm

Good article. There is a distinct change in the wind direction of the market now – tech momentum appears to be fading and value is gaining ground. Here is great article on a comparison between ARKK and Berkshire Hathaway. https://www.gurufocus.com/news/1427319/founders-focus-history-does-rhyme

#41 crowdedelevatorfartz on 05.15.21 at 11:38 pm

@#37 Billybob
“Good thing too, or the Maritimes wouldn’t be the economic powerhouse they are today.”

+++
:)
That boat sailed over 100 years ago….in the Age of Sail.

P.S. I think I’m at 15% of the comments.

#42 westcdn on 05.16.21 at 12:18 am

I am kind of a loose cannon on a ship in heavy seas. People don’t like it but tough. Let me roll overboard if you want but I wont be there for the battle.

There are movies that stick in my mind – “Cinderella Man”, “Million Dollar Baby”, “Unforgiven”, “Grand Torino” and the Godfather ones. They are harsh but it is the way I like ’em, eh. There are more.

An engineer said to me, “nobody remembers who finished second”. I do and often it was me.

Talk to me a few years later. Don’t tell me you are better than average without a kick in the ass. Things happen for a reason. Smart is what it is. Forget whining to me about inequality. It is for you to advance and trust the right people. Losers are a dime a dozen.

#43 Wrk.dover on 05.16.21 at 6:28 am

#37 BillyBob on 05.15.21 at 8:09 pm

Good thing too, or the Maritimes wouldn’t be the economic powerhouse they are today.

_____________________________________

You must be referring to the budgets that the Stephen MacNiel govt. brought the closest to balancing in Canada, pre-covid. (probably since then too)

Don’t confuse the Maritimes with Atlantic Canada, the latter includes Nfld & Labrador.

#44 Wrk.dover on 05.16.21 at 6:32 am

#41 crowdedelevatorfartz on 05.15.21 at 11:38 pm

That boat sailed over 100 years ago….in the Age of Sail.

_______________________________

Confederation with the rail lines was to NS, what Nafta is to Ontario and PQ.

Industry gutting, ongoing.

#45 crowdedelevatorfartz on 05.16.21 at 9:16 am

@#44 Wrk.Dover
“Confederation with the rail lines was to NS, what Nafta is to Ontario and PQ.”
++++
True.
And if Trudeau continues down this economic spur line….Canada’s central Provinces will be a train wreck of bankrupt, politically correct, bureaucrats,….. squabbling over the few remaining tax dollars to hand out to the Universal Basic Income (Welfare) recipients under their mandate.

P.S. CoughCoffee
I’m definitely at 15% of the comments now.
Time for my first coffee.
:)

#46 Ponzius Pilatus on 05.16.21 at 10:31 am

Donuts.
In Austria, we call them Krapfen.

#47 Dharma Bum on 05.16.21 at 10:58 am

#46 Ponzius Pilatus

Donuts.
In Austria, we call them Krapfen.
—————————————————————————–

At Tim Horton’s they just call them krap.

#48 Baffled on 05.16.21 at 12:58 pm

Good day sunshine indeed. Seriously, they were smoking dope and listening to the Beatles, obviously.