_ _ _ @TB

Recently, in these politically-correct times rife with language cops and SJWs, I was castigated for saying [email protected] That, of course, means The Nice Lady at The Bank.

“Your sexist language is offensive to many of your readers,” said an angry email this weekend. “As a father and husband to amazing women, your misogyny is abhorrent.”

Wow. And here I thought the m-word meant hatred of females. I guess the guy ragging on me missed the ‘nice’ part, or the fact most client-facing bank workers have traditionally been women. Because they’re, well, nicer.

Anyway, it’s a new age. Hundreds of bank branches that closed during the pandemic are not reopening. Ever. Covid dramatically accelerated the use of online banking with millions downloading financial apps and losing the habit of going into an actual building. The last 18 months have created a lot more space between bankers and clients, so now [email protected] (sorry) isn’t dishing out advice on what to put into your TFSA, paying your electric bill or updating your savings pass book. The bank’s on your phone now. And, like Millennials and Zers, you may never physically visit the green, blue, red, purplish or gold place again.

This brings us to investing. For decades bank staff (all genders) have guided their flocks into proprietary mutual funds. In fact as of this week, Canadians own $669 billion in funds, mostly inside RRSPs and TFSAs. That’s more than double the amount in ETFs, or exchange-traded funds ($307 billion).

What’s the difference?

Two things to remember. First, ETFs are traded on the stock exchange while mutual funds are not. Not only does this mean more price fluctuation for exchange-traded funds, it also means greater liquidity. You can move in and out with the click of a mouse, whereas mutuals are typically valued only once a day and there’s a slow process to get in or out. (In fact mutual fund investors can sometimes be prevented from selling in extreme market conditions.)

Second, ETFs cost less. A helluva lot less. The average equity-based mutual fund has a MER (‘management expense ratio’ = fee) of at least 2%, which is ten times higher than the embedded fee on a similar ETF. Across an entire balanced portfolio containing maybe a dozen exchange-traded funds, the fee might amount to just twenty-five basis points (0.25%).

Why do mutuals cost so much more?

Many of them employ fancy-pants managers who try to buy and sell holdings in order to increase returns for investors. Sadly, 90% fail to beat the market. But they still get paid enough to buy Porsches and learn to strut like peacocks. In addition, the person (all genders) who sold you the mutual fund (at the bank) receives a trailer fee. This is a monthly or quarterly income stream intended to compensate the ‘advisor’ (really a salesperson) for providing ongoing service to the client. (When was the last time that every happened to you?)

Also worth noting is these fees are buried and hard to discern. A recent report (last week) found only 23% of investors could identify the ongoing cost of their assets. That’s not cool. And, worse, mutual fund fees aren’t deductible from taxable income, the way money paid to a fee-based advisor, who builds an ETF portfolio, may be.

Over time, paying 2% or more in after-tax dollars to own a fund that underperforms the index is probably a really bad idea. And yet (as I said) Canadians have $669 billion in mutuals. That is thanks largely to [email protected] (sorry). Decades and decades of ‘free advice’ dispensed by front-line bank employees have led to this situation, costing households untold hundreds of millions in extra charges and poor returns.

ETFs, remember, do not try to beat an index. They reflect them. One fund, for example, may provide exposure to the 500 biggest companies in the US, or hold a basket of the best preferred shares, or high-quality real estate investment trusts, or a collection of corporate bonds. That explains the low cost (getting lower all the time) while the valuation is 100% transparent and immediate because of where they trade. And unlike a mutual fund, in which the manager may sell assets creating a taxable capital gain to investors, there are no surprises with an ETF.

Mutual fund costs in Canada are among the highest on the planet. In fact, in some places, like the UK, those trailer fees paid to [email protected] (sorry) have been banned. Meanwhile in this country trailers are even paid to discount brokers who never provide advice, a situation which will continue until next year. Shameful.

Things might change now that the mutual funds regulatory agency is merging with the one overseeing fee-based advisors, stock brokers and all the big investment firms. But not soon. Too many people are making too much money on the backs of too many unsuspecting investors.

Don’t let that include you. Give her a call. Sorry.

About the picture: “This is to share with the pack,” writes Corey. “This is my brother in law and sister’s duo. The branch manager is Louie and his assistant branch manager is Piper.” Have a canine to share? Send it to me at [email protected] – Garth

152 comments ↓

#1 Hannibal on 08.08.21 at 12:27 pm

Hello Garth, please note that the average mutual fund fee of approximately 2% is typically for Series A units, which includes usually a 1% for advice.

Readers should be comparing Series F units to ETFs, both of which exclude an advice component.

Reader for over ten years, first post.

Cheers

Yes and, as noted, that’s what the bankers sell. – Garth

#2 nlabixa on 08.08.21 at 12:32 pm

First, again? Only used mutual funds when I started investing in late ’70s w/ my sister’s mutual fund agent/friend. Switched to ETF’s not long after learning about them.

#3 None on 08.08.21 at 12:33 pm

I’m sticking my neck out here:

“ETFs, remember, do not try to beat an index. They reflect them.”

That’s not true. ETFs are a basket of stocks (or other ETFs) packaged up into a single product. SOME ETFs are designed to track an index, some however, do not.

#4 Fred on 08.08.21 at 12:33 pm

Don’t worry, ETF’s, REIT’s and many similar investments soon will be increasing their annual expenses and expense ratios. Give it time, ETF’s will be charging 1% annually and probably 1.5% annually with years. Who knows maybe they will start other fees like exit fees, bonus fees of returns over a certain amount, transfer fees from ETF to ETF. The possibilities are endless.

#5 Chimingin on 08.08.21 at 12:35 pm

I can’t imagine how exhausting it must be for readers like that dude to be so woke. To be so angry at so little…well, I practically have to go and have a lie-down just thinking about it.

People, just read the blog, take the advice or don’t take it, and move on. No one cares about any of your opinions. Including mine, lol!

#6 Hannibal on 08.08.21 at 12:37 pm

Correct, most sell Series A mutual funds, but increasingly banks are offering fee based accounts where Series F funds can be purchased. Something tells me ETFs may soon also be on the menu.

Your advice is spot on though. Love your blog btw (suck up comment).

#7 dosouth on 08.08.21 at 12:54 pm

As the father and husband of a wife (woman) and two successful daughters, you know, the female type, I find your email writer making me very uncomfortable in his judgmental approach towards this blog. He may need to find a good counsellor… ;)

I find his abhorrent behaviour beyond reproach and advise he find another blog to put his snowflake approach to real life and just move on….or again find a good counsellor and a life…. keep on keeping on Garth

#8 Blobby on 08.08.21 at 12:55 pm

I did laugh at your typo in first paragraph : [email protected]?

No longer so nice :)

#9 Mean Gene on 08.08.21 at 1:07 pm

Me thinks the White Knight who sent you the email has over dosed on blue pills.

#10 Not Fooled on 08.08.21 at 1:11 pm

“Your sexist language is offensive to many of your readers,” said an angry email this weekend. “As a father and husband to amazing women, your misogyny is abhorrent.”

—————–

The lefty woke bros who purport to be experts on feminism just because they ‘have’ wives, daughters and mothers are the same idiots who tell women that men with a fetishistic delusion are also women.

Newsflash: Men aren’t feminists. Feminism is for women. If men want to help, all they have to do is listen to women, not beat, rape, abuse, or discriminate against women. And speak up when they see other men doing those things. And stop calling themselves feminists. Men don’t get to define feminism. Men deciding what feminism should like are misogynists.

#11 ElGatoNerodeYVR on 08.08.21 at 1:12 pm

It is sad when people look at the obvious truth staring them right in the face and get offended when it is voiced out.
Truth : walk in any bank or credit union and see how many man you will find ,answer,: not many so calling the staff TNL is just a reflection of the reality.
Even if you assume a negative connotation to it, well performance of these funds should clarify it for all.

The other sad thing is that all of these funds pretty much mirror each other with minuscule differences. One should only enter a portfolio of similar funds in Morningstar, do a stock intersection and see.
Or if you don’t have a subscription just open multiple browser windows and look at top 10 holdings and their percentage of the total holdings.
Not that the US funds are much different, just compare Fidelity and Vanguard funds, difference is the lower fees.

It will unfortunately take more then a blog post to start breaking up the monopoly the banks have ,especially since they all conveniently have their affiliated Investing arms and dedicated funds , though you do get lower fees with RBC D series or TD e series to make you feel better for the mostly lousy performance.

It is a good start and something that a political party who works for us Canadians should have in their platform.
Meanwhile we should all continue to educate our offspring better and insist on more financial education in schools rather than gender studies .

One can dream ,eh and no “Sorry ” required. :-)

#12 Miffed on 08.08.21 at 1:36 pm

So the guy who has women
In his family is offended.

My message to him: grow a set.

I think that this guy doesn’t have a real
Job but rather one in which only politically correct vague and unclear things are said. Like working
In one of those thousands of non profits
Out there that don’t really SOLVE problems
Rather they just “raise awareness”

#13 Eye roll on 08.08.21 at 1:36 pm

As a person whose pronouns are she/her, I find it more offensive when the him/he’s feel the need to shame someone in my defence. Seriously, take your righteous indignation and stuff it where the sun don’t shine.

#14 Brent Logan on 08.08.21 at 1:38 pm

It sounds like he really likes to hear himself fly off the handle and is off the charts theatrical at what is totally innocent and in no way disrespectful. I wonder if his daughter, wife and mommy were at the kitchen table when he bravely chastised you at a distance. He was the man of the day in his house for his response. Haters gotta hate, but keep doing the great work Garth. You are loved!

#15 JSquared on 08.08.21 at 1:38 pm

Oh man…Garth, you can’t catch a break these days. Amazing to me that readers of your FREE blog have the audacity to insult, while also taking your FREE advice. When did people get so damn sensitive? Seriously, it’s getting rather pathetic.

#16 Left GTA on 08.08.21 at 1:40 pm

Great post! A year ago my Mom was not happy with their TFSAs and I helped my Mom switch hers to a self directed account and we purchased ETFs as per Garths 60/40. So far it has out performed my Dad’s TFSA which is still with the bank. The rest of my parents investments are with CIBC with an advisor. Their advisor told me that my parents investment were managed and they were in equities and bonds and not mutual funds??? So I looked into it some more and this is what they are in:

https://www.cibc.com/content/dam/personal_banking/investments/pdfs/mutual_funds/reporting_and_governance/imp-sp-en.pdf

So I am not sure why he said not mutual funds. I can’t find any tickers for any of these funds. I know I don’t know anything about mutual funds. Does anyone know anything about these?

All I know is there fee’s amount to about 2.4%. I looked at the transactions in their accounts and basically the dividends are dripped, Once a year the advisor sell some equity funds and buy some bond funds and then monthly short term bonds are cashed to pay for the fee’s and the withdrawals to my parents.

#17 Doug t on 08.08.21 at 1:40 pm

My wife tells me that most women are worse then men when it comes to being nice or not – just sayin

#18 Prince Polo on 08.08.21 at 1:41 pm

“Your sexist language is offensive to many of your readers,” said an angry email this weekend. “As a father and husband to amazing women, your misogyny is abhorrent.”

This guy’s fake indignation is offensive to me & I find this person equally as abhorrent as he thinks that Garth is. If this is your life’s biggest complaint, you have it made in the shade!!!

Oh what’s that? Shade is offensive to sun-worshippers…my bad!

#19 Doug t on 08.08.21 at 1:42 pm

And the nice lady two doors down from us told me where I could stick my leaf blower the other day lol

#20 Left GTA on 08.08.21 at 1:44 pm

One more thing. With my Mom’s TFSA account when I sell an ETF it takes till the next day to settle and show cash in the account so I can’t sell and buy the same day? I am with BMO and when I sell in my account it settles right away. Can someone explain why CIBC is so different from BMO?

#21 Habitt on 08.08.21 at 1:48 pm

The woke nuts pic on everything and label everyone except themselves. Next time there’s a real shooting war they should be made to go over the top lol first. That way they can protect the rights to freedom for all. There are many who would gladly help them to get there and not loose their way. Sigh

#22 Ian from Oshawa on 08.08.21 at 1:51 pm

Sorry, I can’t agree with @TB at all. Many women in my life too and they would never clutch the pearls and faint if I said, “The nice lady at the bank.”

You have to understand that a lot of this outrage is purely recreational and a good many people express it to feel better about themselves. Pointing the finger at other people for imagined transgressions and declaring themselves the moral superior is all they really have in their lives.

Be a better world if people stopped performing and “calling out” others, and actually accomplished something worthy of admiration.

#23 Joseph R. on 08.08.21 at 1:54 pm

To add to Garth post:

Here is the link to the new story about the Mutual Funds Dealer Association (MDFA) and the Investment Industry Regulatory Organisation of Canada (IIROC):

https://www.securities-administrators.ca/aboutcsa.aspx?id=2089

Since Client Relationship Model 2 (CRM2), implemented in 2014, didn’t do a dent on mutual funds fees. What is the incentive to create change?

I think the move will entice fee-advisors and stock brokers to offer mutual funds and high fees since the mutual funds industry fears ETFs.

I think Questrade ads have them nervous.

#24 BlogDog123 on 08.08.21 at 1:56 pm

What about those non-A series mutual funds, with MERs around 0.85% in your self-directed account? Yes the fee is much higher than a basket of ETFs, but this mutual find may be a good way to squirrel away smaller amounts of money or when just starting out. Mutual fund could soak up those small amounts of cash accumulating in the account.

Or buy XBAL for your $6000 TFSA when starting out, Mr. 18 year old…

#25 Dr V on 08.08.21 at 1:56 pm

“Too many people are making too much money on the
backs of too many unsuspecting investors.”

You got that right Garth. I am aware of at least two instances where investors who had commuted pensions
thought they were either paying nothing, or just a $50 account fee.

Also, while the vanilla index ETFs have super low fees, once any hint of active management is added, along
with anything outside North America, the fees can
increase considerably.

Fundlibrary.com allows a search of fund types and
companies and lists the fees.

#26 Dolce Vita on 08.08.21 at 2:03 pm

Oh Garth.

“Let any one of you who is without sin be the first to throw a stone…”

Take heed angry email person.

#27 Left GTA on 08.08.21 at 2:14 pm

@ DR. V I used the fundlibrary to look up the imperial pool funds and still I can’t find these funds listed anywhere to see the fund code.

#28 baloney Sandwitch on 08.08.21 at 2:15 pm

I wish to record my objection to the words “fancy pants”. You are discriminating against “fancy skirts” not to mention the unfancy segment of the population. Some of us are Walmart shoppers who are decidedly unfancy (and who also do not prance).

#29 Dolce Vita on 08.08.21 at 2:19 pm

Starting to believe the European Union has slowed or cut Canada off of vax. And vaxing has come to a crawl.

—-

Below are doses recv’d from the Manufacturer, +95% the EU. Over the 2 week period below the Gov Canada Forecast Deliveries = 10,096,440 doses. Subtract Jul 26 from Aug 8 to get how many were sent. Take note of how many were sent since Jul 29.

Jul 26 56,130,538
Jul 27 58,150,738
Jul 28 58,150,738
Jul 29 59,726,512
Jul 30 59,726,512
Jul 31 59,726,512
Aug 1 59,726,512
Aug 2 59,726,512
Aug 3 59,781,108
Aug 4 59,890,258
Aug 5 59,890,258
Aug 6 59,890,258
Aug 7 59,890,258
Aug 8 59,890,258 as of Sunday, August 8, 2021 10:31AM EDT

GOOD NEWS is that there are enough doses as of Aug 8 to get Canada to about 88% two dose vaxd, 12+ yrs old.

Unfortunately, it seems Canada has lost its appetite for vaxing. 6 million unvaxed 12+ yrs old and the 7-day average vax rate to yesterday:

https://i.imgur.com/0oDFLaJ.png

——————

Even at the $37/dose huge premium Canada pays vs. what Europeans are paying, seems Canada for the last 2 weeks cannot wrangle more than a trickle of doses from the European Union.

At the end of the day money doesn’t buy everything, not even happiness.

#30 Joseph R. on 08.08.21 at 2:20 pm

#20 Left GTA on 08.08.21 at 1:44 pm
One more thing. With my Mom’s TFSA account when I sell an ETF it takes till the next day to settle and show cash in the account so I can’t sell and buy the same day? I am with BMO and when I sell in my account it settles right away. Can someone explain why CIBC is so different from BMO?

—————————————————-

Trade day plus 2 (T+2) is the north American standard for securities settlement, if you want to withdraw money. Bonds can be T+1 and futures are traded the same day.

That said, you can purchase another stock, using the same account, with the money from an unsettled transaction.

#31 Pylot Project on 08.08.21 at 2:20 pm

To the offended email writer… what if [email protected] stood for The Nice Lad at The Bank?

Just sayin’

#32 just a dude on 08.08.21 at 2:21 pm

#7 dosouth: Completely agree with you sir! Well said and, ditto btw.

Garth, you rock. Period.

Fellow Blog Dogs, for an eye opening look at how society has been so poorly served by the mutual fund industry, have a look at Bernstein’s The Four Pillars of Investing:

https://www.savvynewcanadians.com/the-four-pillars-of-investing-by-william-j-bernstein-book-review/

#33 Planetgoofy on 08.08.21 at 2:21 pm

DELETED

#34 Damifino on 08.08.21 at 2:22 pm

I’ve been referred to as an old white male. I would resent that deeply were it not true.

I still visit the blue guys bank machine occasionally to get some cash. I don’t like to buy an ice-cream cone with a credit/debit card. That seems stupid, but only to me, I guess.

And recently, I ordered more blank checks. Yeah, checks. Remember those? I post date a dozen of them and drop them on the manager’s desk at my apartment. Then I forget about that until next year.

#35 KLNR on 08.08.21 at 2:24 pm

wether you’re right or left of the spectrum folks seem to go right outta their way to be offended or upset these days lol.
All it is is noise, just tune it/them out. easy peasy.

#36 better done by me on 08.08.21 at 2:26 pm

I was pushed to buy bond ETF’s. bond mutual funds. I don’t like that because they have no date to certain maturity dates. I did quite fine buying and selling Canada, provincial, corporate strips, zeros, coupon paying bonds. Somewhere between 185% to 245% total returns from these individual bonds. This is my track record since 2000. Capital gains and interest some compound some simple interest paying bonds. These are net of commissions both included bought and sold.

Even now recently a bought 3 the last 18 months, total returns net bought and sold were 7.55% to 9.3%% capital gains and interest. These are pretty good 5% to 6% yearly returns in this really low interest rate, central banks manipulated environment. I know bonds and have over 21 years experience trading them.

#37 earthboundmisfit on 08.08.21 at 2:26 pm

A tad unfair to diss all MFs Mr. Turner. TD e-funds are still a gem. As for the dude complaining about the use of [email protected] …. newly woke, seriously whipped, and way too much time on his hands.

#38 CJohnC on 08.08.21 at 2:30 pm

Really! I fail to see the offensiveness of [email protected], unless he email writer is fixated on the old joke about the difference between a good girl and a nice girl…..

Maybe he would be happier if you used [email protected]

#39 kommykim on 08.08.21 at 2:34 pm

RE: “As a father and husband to amazing women, your misogyny is abhorrent.”

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

I’m beginning to think that some of these people actually ENJOY being offended. A bit like people who “like” getting scared watching horror films or getting nauseated on a carnival ride. They keep doing it even though it gives them a negative reaction.
Maybe it’s simply thrill seeking for wimps.

#40 Leo Trollstoy on 08.08.21 at 2:44 pm

Man with no balls sends angry email to Garth about having no balls

lol

#41 NoName on 08.08.21 at 2:45 pm

Of topic but interesting.

https://eandt.theiet.org/content/articles/2021/07/glenfiddich-uses-own-whisky-waste-to-fuel-trucks/

#42 kommykim on 08.08.21 at 2:55 pm

RE: #20 Left GTA on 08.08.21 at 1:44 pm
I am with BMO and when I sell in my account it settles right away. Can someone explain why CIBC is so different from BMO?

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

Well, most trades take 3 days to actually settle. Some brokers give you “credit”, even though you DON’T have a margin account, when you put in a sell order. Then you can buy something else, which also takes 3 days to settle, so the “money” actually changes hands 3 days in the future.
Now if you just sold your ETF shares and wanted to take that money and buy a new car, they’d make you wait 3 days for it.

#43 The Totally Unbiased, Highly Intelligent, Rational Observer on 08.08.21 at 2:56 pm

“’Your sexist language is offensive to many of your readers,’ said an angry email this weekend. ‘As a father and husband to amazing women, your misogyny is abhorrent.’” — Garth

That is a surprising comment.

I really didn’t think anyone would blame you for becoming a misogynist after what all those mean and nasty women did to your precious flag.

#44 the Jaguar on 08.08.21 at 3:00 pm

@#17 Doug t on 08.08.21 at 1:40 pm
My wife tells me that most women are worse then men when it comes to being nice or not – just sayin++++

I totally agree with your wife. Recall who barged into Garth’s office in the flag debacle. I’ll go out on a limb here, ( don’t I always?) and point the finger at younger women. The mean ones do it because they have been getting away with it, and they save their real meanness for other women. But guys are easy targets, too. Any attempt to defend themselves results in a cry of ‘misogyny.’ Round up the usual useful phrases from the progressive toolbox.
What’s striking is the complete lack of a sense of humour. They’re like the class tattle tale that nobody wants to associate with.
Maybe the ‘father and husband to amazing women’ should watch some episodes of ‘Mad Men’ and get an understanding of how far the playing field has been leveled.
Calling Garth a misogynist? Great balls of fire. Where did I put my riding crop so I can give you a little glimpse into the most amazing woman I know, lol..

#45 TurnerNation on 08.08.21 at 3:05 pm

Food supply : My local big chain groceteria has impromptu printed signs in the windows. Desperate for workers in their fulfillment and distribution centers. Seeking workers, referrals. Hey we might have to bring more people into the country – those willing to work.

The big corps can wholesale ‘import’ people under via programs. Small businesses not so lucky. There was a time when they’d hire even the worst stoners. But those guys got work in all the Weed/Head Shops.

– Schlock tip: FOOD.TO – making a move again. I predict it will be bought out one day.

.There are about 1 million more job openings than people looking for work (cnbc.com)

— Map of the Weed shops in the GTA. Staggering. T2’s Soma. Tune in, turn on and Drop out.
Yup this New System is coming for the children. Accessible cheap drugs.

https://agco.maps.arcgis.com/apps/webappviewer/index.html?id=bef894bc0876448fba26333f1de8d370

—-
—- They are just playing with us now, toying with our minds seeing how much they can shovel.

.Variants could be named after star constellations when Greek alphabet runs out, says WHO Covid chief (telegraph.co.uk)

— Learn from history. A this point forcing school kids into mask wearing is purely submission.
Seen elsewhere:

“The Swine Flu killed 5x as many children as COVID, per the CDC
Since 1/1/2020, 349 children aged 0-17 have died with COVID in the US, out of 51,892 total deaths for the age bracket. Source: https://data.cdc.gov/widgets/9bhg-hcku?mobile_redirect=true

The CDC doesn’t have a widget like this for Swine Flu, but this Reuters article, published a year after the initial Swine outbreak, says that 1,800 children died with the Swine Flu the prior year, citing the CDC.”

#46 A Dollar is a Dollar is a Dollar on 08.08.21 at 3:14 pm

Bill Davis – R.I.P.

The last “Progressive” Conservative leader in Canada.

Since his time, there have been no truly inclusive, forward-thinking Conservative leaders at any level of government in Canada. All Conservatives have just been pandering to the 1%, one way or another.

No wonder all versions of that party are going slowly down the toilet.

Thanks for your service and the positive things you created for Ontario, Bill.

#47 Flop... on 08.08.21 at 3:17 pm

Geez, I hope this guy doesn’t venture into the sludge in comments section.

Only yesterday after reading a Visual Capitalist article where the author was talking about a 1 kilometre “ball drop”, I declared that I liked a quick ball drop…

M47BC

https://www.greaterfool.ca/2021/08/07/space-force/#comment-795354

https://www.visualcapitalist.com/visualizing-gravitational-pull-of-planets/

#48 erik mtl on 08.08.21 at 3:17 pm

It’s actually quite funny imo. If the person who wrote the ”angry email’ thinks this blog contains abhorrent sexism, wait until he sees the rest of the internet. And god forbid he travels too far out his bubble, just imagine the wording in an email when he witnesses the actual abhorrent sexism that exists on like half the planet still…

#49 NSNG on 08.08.21 at 3:24 pm

Make not trusting anonymous blog posters with 10-bagger upside targets part of your due diligence.

—Doug

Who said anything about trust? I was offering up opinion which should lead others to research not trading.

And if I do get a ten-bagger on ETH, I’ll put it beside my twenty-bagger on BTC. I don’t expect you to believe that but I do have someone who can verify that call.

If ETH goes to 30K I’ll be sure and remind you of this one. It might take a couple years. :)

#50 ImGonnaBeSick on 08.08.21 at 3:25 pm

“Your sexist language is offensive to many of your readers,” said an angry email this weekend. “As a father and husband to amazing women, your misogyny is abhorrent.”

Haha.. what a nerd!

#51 jess on 08.08.21 at 3:26 pm

https://www.cityam.com/exclusive-hmrcs-elite-offshore-unit-securing-prison-time-for-tax-evaders-trebled-last-year/

HSBC faces questions over disclosure of alleged money laundering to monitors
Bank was under supervision by US Department of Justice-appointed team because of previous violations

https://www.thebureauinvestigates.com/stories/2021-07-28/money-laundering-ring-pushed-4.2bn-through-hsbc

• Money-laundering ring pushed $4billion through HSBC (28 Jul 2021)
• HSBC faces questions over disclosure of alleged money laundering to monitors (28 Jul 2021)
• Digital bank Monzo is being investigated by the Financial Conduct Authority (FCA) over potential breaches of financial crime regulations, the bank has disclosed.
https://www.bbc.co.uk/news/business-58033700

#52 Left GTA on 08.08.21 at 3:29 pm

@ Joseph and @ KommyKim Thank you that makes sense lol!
@ Jaguar U go girl!

#53 Bezengy on 08.08.21 at 3:35 pm

I’ve stopped calling my bank asking for any sort of service request. The WFH employees just couldn’t be reached, let alone get the job done. I did notice things improved after a year of the pandemic, and more online services became available, but it’s still a hassle calling them. I’ve reverted back to the good ole writing a letter to them. (letter of direction) I still never hear from them but somehow the request gets processed in about three weeks. I guess that’s what you get with a discount broker.

#54 jess on 08.08.21 at 3:45 pm

titles and entitlements

Sajid Javid has asked the UK’s competition watchdog to investigate PCR Covid test firms that are selling tests at “excessive” prices and engaging in “exploitative practices”.

The health secretary wrote to the Competition and Markets Authority (CMA) to call for a “high-level review” in a bid to protect holidaymakers requiring private PCR tests before and after travelling.
=============

osteopathic physician, and Internet business person?
12 people were the source for all vaccine misinformation
https://www.cnn.com/videos/health/2021/08/05/dr-joseph-mercola-covid-misinformation-kaye-pkg-ac360-vpx.cnn/video/playlists/coronavirus/

https://www.cnn.com/videos/politics/2021/08/06/lawmakers-frustrated-with-unvaccinated-sots-keilar-newday-vpx.cnn

A rightwing TV and radio host who was a vociferous critic of Dr Anthony Fauci and who urged his listeners not to get vaccinated against Covid-19 has died after contracting the virus.

Dick Farrel, who had described Fauci as a “power-tripping lying freak” who conspired with “power trip libb loons”, had urged people not to get vaccinated as recently as June.He reportedly changed his opinion about vaccines after falling ill and later being admitted to hospital before passing away on 4 August aged 65

#55 Popeye The Sailor Man on 08.08.21 at 3:49 pm

#29 Dolce Vita on 08.08.21 at 2:19 pm
“At the end of the day money doesn’t buy everything, not even happiness.”

But can make misery more bearable!

I lost 10 years with poor performance, and fees with mutual funds with my Manulife salesman was selling me until I Changed to a fee base adviser and ETFs now my overall fee is .85% and tax deductible.

My experience is the adviser can shave a small % off on tax paid by structuring all accounts to be tax savvy, Ensure full diversification with less overlap of fund with similar holdings, reduce volatility so my wife is less shocked when a correction happen. When it comes time to melt down some assets will help in strategizing the order. I have moderate to very good investment knowledge, it is nice to have someone you trust help guide things a bit more. So I think overall my fee gets knocked down to .4 to .5%% easily compared to a do it yourselfer @.2% money well spent. Now I just concentrate on Family, work(career), house and fun.

But someone starting out and using the bank for there first 5-10K is better than doing nothing, give them time to learn a bit more. Maybe then they can move to an ETF fund like XBAL to start until they find a fee base adviser they trust further along there trail of discovery and learning.

We all have to start somewhere.

#56 Leichendiener on 08.08.21 at 3:52 pm

Don’t take the castigation of a p whipped soy boy to heart. He’s probably a sissy and likes to be pegged.

#57 Nonplused on 08.08.21 at 3:53 pm

“Your sexist language is offensive to many of your readers”

How’s he know that????

“As a father and husband to amazing women, your misogyny is abhorrent.”

Anytime someone starts a sentence with “As a father” or “As a mother” or As a health care worker” or “As a religious person” you can tune out and discard the rest of the sentence. It is an appeal to authority. They are basically admitting they have no evidence or argument but you should believe them based on who they think they are.

Anyway, too bad about that. Otherwise the post was a relatively misogynist free comparison of mutual fund and ETF fees, which do make a difference.

—————————————–

#19 Doug t on 08.08.21 at 1:42 pm

“And the nice lady two doors down from us told me where I could stick my leaf blower the other day lol”

Book of Karen, Chapter 13 vs. 1

“Thou not tolerate any persons to go about there business if it interferes with your peaceful enjoyment of tea, for they are silly persons not entitled to question your holiness. Therefore tolerate no noisy equipment, loud gatherings, kids on skateboards or in trees, or parking on the street in front of your house.”

#58 Barb on 08.08.21 at 3:53 pm

““As a father and husband to amazing women, your misogyny is abhorrent.””

————————————————
Jeezzuzz January, get over yourself, fella.

Not all of us have miserable lives where we need to pick apart everybody’s utterance.

Oh…and look up the meaning of acronym.

#59 Quintilian on 08.08.21 at 3:56 pm

“As a father and husband to amazing women, your misogyny is abhorrent.”

I wouldn’t take this guy seriously.

My guess, is he is angry and quarrelsome and just looking for any excuse to vent, and is actually overcompensating for his unjustified hatred of women from being rejected and frustrated.

I find, most women would are not attracted to eunuchs, and so the vicious circle ensues.

Man wannabe exhibits pathology.

#60 Planetgoofy on 08.08.21 at 4:08 pm

Mutual funds, the great Canadian scam.
$10,000 invested for 30 years at 10% annual return (if you could even get that) with a 2% MER.
$100,627 Yours
($73,867) The fund peeps portion.
-42.30%

#61 Tony on 08.08.21 at 4:13 pm

Re: #3 None on 08.08.21 at 12:33 pm

I only had two years in the last 45 or so years where I didn’t outperform the indexes. Most of that was with penny stocks and short sales. I rarely bought non-penny stocks long or held onto them for a long time. The way I invest is why TFSA’s are taxed at 100 percent for outright gambling.

#62 Ballingsford on 08.08.21 at 4:20 pm

Garth, that guy is just an arsehole. Don’t let his comment ruin your day.

That’s how this whole woke movement started. By one idiot taking a idiotic stand and everyone piling on. Then other idiots come up with other idiotic ideas, and more idiots pile on, and so on, and so on.

#63 QOTD on 08.08.21 at 4:43 pm

“We would like to apologise for the way in which politicians are represented in this programme. It was never our intention to imply that politicians are weak-kneed, political time servers who are more concerned with their personal vendettas and private power struggles than the problems of govenment. nor to suggest at any point that they sacrifce their credibility by denying free debates on vital matters in the mistaken impression that party unity comes before the well-being of the people they supposedly represent, nor to imply at any stage that they are squabbling little toadies without an ounce of concern for the vital social problems of today. Nor indeed do we intend that viewers should consider them as crabby ulcerous self-seeking little vermin with furry legs and an excessive addition to alcohol and certain explicit sexual practises which certain people might find offensive. We are sorry if this impression has come across.” — Monty Python

#64 Bob in Hamilton on 08.08.21 at 4:43 pm

“Your sexist language is offensive to many of your readers,” said an angry email this weekend. “As a father and husband to amazing women, your misogyny is abhorrent.”

Easy solution…stop reading the blog, snowflake.

#65 Don on 08.08.21 at 4:46 pm

We never understand financial investments and the whole portfolio thing. The most financial stuff we got into was RRSP’s, spousal RRSP’s for over 30 years and the last 12 years, TFSA’s.

They did a number on us with these low interest rates for the last 7, 8 years of 2.35% to 3.25% term deposit, GIC’s as the extent of our money getting interest. We are doing okay as we are great savers and have plenty to retire on which is about 20 years equivalent of our CPP, OAS pensions, $2,700 a month*250 months in our RRSP’s, TFSA’s, reserve savings.

Our modest house has appreciated to a decent amount here in GTA over the 35 years and have lots of equity in it. We have no debts at all.

The one major investment decision I would say I made which my wife at first did not like it but is happy now was back in 2001 the 150 1 troy oz maple leaf gold coins bought at this bank for $495 a troy ounce C$. It looks like a decent investment as the last check was $2,025 we could get per gold coin.

I did later found out I paid $75 a coin extra if I were to shop around but it still worked out a great return of 14.7per year over the last 20 years.

#66 Return to Work Cancelled on 08.08.21 at 4:55 pm

It’s chaos on Wall Street as Delta variant upends return to work.

The call from Morgan Stanley’s human resources office went out late Monday: Two vaccinated employees had COVID-19, and workers on the 14th floor of the firm’s Times Square headquarters should stay away until the area could be cleaned.

An outbreak in the Central Okanagan has led to unprecedented COVID-19 test positivity numbers in B.C.’s Interior Health region.

According the latest statistics from B.C.’s Centre of Disease Control, Interior Health’s test positivity rate hit a pandemic high of 12.9 per cent on Aug. 5

The previous high was 10.1 per cent set in early January.

The health region also carried out a daily record of 1,854 tests on Aug. 5.

Ontario has risen above 400 new daily COVID-19 cases for the first time since mid-June.

#67 AlMac on 08.08.21 at 5:10 pm

Switching from poorly performing mutual funds to a self directed account years ago was a dogsend for my portfolio, thanks in large part to this blog. I have noticed that many friends and neighbours have no or little interest in learning about financial investment strategies and leave it to [email protected], even after I tell them about my experience and pointing out this site and others for information.

#68 Dr V on 08.08.21 at 5:17 pm

16 GTA – from p.3 of the linked document

“The Discretionary Managers will arrange to purchase, convert, switch, and redeem units of the Funds on behalf of their clients who have entered into discretionary investment management agreements with one of the Discretionary Managers…”

You note your folks account is “managed” so they have signed over authority to CIBC for many of the investment decisions. CIBC “pools” their $$ with other
managed clients and creates “pooled” funds.

Fundlibrary only gets data as required from the fund
companies, so these “pools” may not appear. As your folks have an agreement with CIBC, I’m not sure if/how you could get it.

#69 Tanya on 08.08.21 at 5:31 pm

Oh Don, I was thinking of buying 1 ounce gold maple leafs in 1999 for C$365 each. They wanted me to buy minimum 1,000 gold coins and I would get 50 free silver maple leafs. I did have enough money so I did not bother.

I instead maxed out my RRSP, got back a $10,000 refund and bought a Trimark growth fund. It is now worth $100,000 so did pretty well.

#70 morrey on 08.08.21 at 5:50 pm

#5 Chiming

damm tooting!

i detest woke people …. they are so boring!

#71 Comared on 08.08.21 at 5:51 pm

“As a father and husband to amazing women, your misogyny is abhorrent.”

I am offended, why their gender is important? Couldn’t he be just an amazing father and husband to amazing persons.

#72 Clown World on 08.08.21 at 6:02 pm

The Nice Lady at the Bank has an Only Fans account, just like your son’s elementary school teacher.

#73 Zed on 08.08.21 at 6:05 pm

[email protected] is also “the nice lad at the bank”

#74 Left GTA on 08.08.21 at 6:05 pm

@ Dr. V Ok Thank you.

#75 Ray Skunk on 08.08.21 at 6:09 pm

One of Mrs Skunk’s pals is knocking on the door of 40, lives in her parents basement and drives a clapped-out 12yo Ford Focus. No divorce or major life disaster, just likes pot and pissing money away on worthless crap.

She’s an “Investment Advisor” at one of the big banks, peddling Mutuals.

The very last person I’d take financial advice from.

#76 westcoaster on 08.08.21 at 6:11 pm

What is wrong with calling them the “nice person at the bank” or [email protected]

Just because the wrong behavior/language has been repeated over and over for years doesn’t mean it can’t be corrected. My bank has more men than women.

If it wasn’t for the millennials, who have the courage to stand up to the wrongs being perpetuated in society, our civilization would be going to hell in a handbasket.

Just because you are part of the problem, don’t bully, harass and micro-aggress on those trying to effect change in societal behaviors.

#77 Linda on 08.08.21 at 6:31 pm

I could understand a high MER if the fund managers actually outperformed the index, but as stated in todays blog most highly paid fund managers actually do the reverse. So investors are paying huge amounts for underperformance. The other thing about investing in bank run mutual funds is that the ROI (Return On Investment) is all too frequently less than ‘average’. Talk about your lose-lose scenario – paying for lackluster performance as well as lackluster returns. So why don’t folks move out of those funds? First, they may be disinclined to make the effort, thinking that the fees ‘aren’t that bad’ & that because said funds are bank run their investment is ‘safe’ – that is to say, protected from any big market loss. Second, they may be reluctant to shell out for ‘service fees’ & ‘penalties’ for moving their money. That can add up to a considerable sum. Even if no such dissuasion occurs the suggestion that one might could result in investors leaving their $ in the fund.

#78 Wrk.dover on 08.08.21 at 6:34 pm

Estrogen man would blush if he met [email protected] bank.

Besides being an over the top nice lady, she is sweet, kind and drop dead gorgeous, with her well scrubbed behind the ears Pollyanna way.

Any title other than [email protected] would be derogatory!

#79 S.Bby on 08.08.21 at 6:38 pm

First Don Cherry and now Garth Turner.

#80 Eye roll 2 on 08.08.21 at 6:45 pm

#76 westcoaster on 08.08.21 at 6:11 pm

When the woke stop making mountains out of molehills and stop slapping inappropriate labels like ‘racist’ and ‘misogynist’ on people who say something that they’ve decided is offensive, then maybe you’ll see less blow back.

The problem for today’s SJW is that so many of Western society’s ills have been addressed over the past 50+ years that the mils really have nothing of substance left to ‘fix’, hence the need to be offended by every little thing. How about improving the life of women in Afghanistan, for example, if you want to make a difference.

#81 AntMan on 08.08.21 at 6:48 pm

So, this is a bit awkward but, as a person who owns a ton of bank stock I was wondering if you could never speak of this again.

#82 Piet on 08.08.21 at 6:49 pm

Told my wife and daughters about the woke guy who is offended by TNL. They all laughed.

Nice piece about Bill Davis:

https://www.tvo.org/article/remembering-william-g-davis-1929-2021

During the early years of Davis’s long political career I was too young to have much interest in politics. However, back in the 70s I did appreciate his lowering of the drinking age from 21 to 18 because it enabled me to have lunch at the local pub during my last year of high school.

#83 Wok on water on 08.08.21 at 6:54 pm

#76 westcoaster on 08.08.21 at 6:11 pm
What is wrong with calling them the “nice person at the bank” or [email protected]

Just because the wrong behavior/language has been repeated over and over for years doesn’t mean it can’t be corrected. My bank has more men than women.

If it wasn’t for the millennials, who have the courage to stand up to the wrongs being perpetuated in society, our civilization would be going to hell in a handbasket.

Just because you are part of the problem, don’t bully, harass and micro-aggress on those trying to effect change in societal behaviors.

____________________

I see your nutcase logic and raise it one “nut bar” . As you suggest but
why not call it “the nice peoplekind at the bank” ?… a wise man with nice hair once corrected me.

#84 Speed Weasel on 08.08.21 at 7:36 pm

I have to disagree (somewhat) with Garth on the value-for-money of mutual funds.

I think that what Garth is critical of are the run-of-the-mill bank-branded funds that are sold to unsuspecting retail investors. In contrast, I have been with TD Wealth for over a decade now and have come to realize the benefit of paying for a pro to manage my money. This is a conservative 60/40 portfolio well into six figures, and yes, some of the funds have high MERs (above 2%). However, the returns have been excellent. I’m looking at an annualized average of 8% over the past 5 years, and have more than doubled my portfolio over the past decade.

Just like Garth recommends, this is about slow & steady gains leading to a cushy retirement, not gambling on the next big thing, so there have been no wild swings in the portfolio’s value. And it’s really not much more expensive than using ETFs: the average MER across my portfolio is ~1.5%, and my advisor gets a slice of that (so I am not paying anything directly). On the other hand, if I were to use an independent advisor I would pay him/her 1% beyond which there would be the MERs of the ETFs, which could be ~0.3 to 0.6%. So it is not costing me anything more by using a bank-based financial advisor.

Moreover, it is the intangibles that are the “value added”: having an advisor provides a steady hand on the tiller that keeps me from doing anything stupid, and he has access to TD’s wealth-management expertise. This is qualitatively different than simply accepting what [email protected] says.

Of course, I even tried to follow Garth’s advice with a range of ETFs in a much smaller Questrade account, which I have managed myself. While that has broken even and churns out nice dividends, it has also taught me that messing around on the markets is not wise.

Some of you are better stock-jockeys than me, but that requires a level of commitment and work that I just don’t have time for. So yes, avoid [email protected] and retail funds, but don’t overlook that value of a professional bank-based advisor.

#85 Flop… on 08.08.21 at 7:47 pm

I ordered the curry, when I asked the kitchen what was taking so long they said it had been canceled…

M47BC

—————————————————————

“Now the word CURRY is racist: Food blogger says it’s time to cancel the ‘British colonial’ term for south-Asian food.

* South Asian American Chaheti Bansal, 27, shares home cooking recipes online.

* She told followers it’s time the word curry fell out of use due to its western origin.

* Ms Bansal says it is used by white people who ‘couldn’t be bothered to learn the actual names’ of Indian dishes and lumps very different  Asian cuisines together.”

https://www.dailymail.co.uk/news/article-9874633/Now-word-CURRY-racist-Food-blogger-says-time-cancel-British-colonial-term.html

#86 crossbordershopper on 08.08.21 at 7:54 pm

a couple of points.
1) the MER of index funds the spy is like .09% which is still high, it should be zero, many vangard funds do it for .03 to .05 which is nothing compared to the high MER a, f, whatever letter you want to use.
2) tax ineffeciency when it comes to mutual funds, you have no idea what the guy or the nice lady managing the money is selling etc. bad for tax planning purposes.
3) index funds are not as passive as most people think, over a 20 year period 25% of the entire index flips over. as well, more importantly loosers get kicked out the index and winners get put in. many funds still keep loosers and pare back a bit etc, drags down returns.
4) cummulative effective of high fee;s is brutal, and up until recently when most cdn mututal funds have performed poorly over long term, and it really shows when the fees are like 2 of the 8 percent of the total return. its a lot. so its not 2% of the asset i look at it at a quarter of my return. so I take the risk, put up 100% of the money and its a 75 , 25% split of the profit.
which if you look at it that way, index mer with no fees are the way to go.
as well many discount brokers dont charge to buy or sell etf’s
canada is 20 years behind the usa. 9.99 to buy a stock is like crazy, zero, is the only number in the usa. yes we can talk order flow but thats next time.
the industry or country etf are taking a good thing and making mnoey off it, stick to the simple broad index etf.

#87 Doug t on 08.08.21 at 8:13 pm

#76 Westcoast wanker

Society will do just fine – build a bridge and get over yourself

#88 Kevin on 08.08.21 at 8:25 pm

“Your sexist language is offensive to many of your readers,” said an angry email this weekend. “As a father and husband to amazing women, your misogyny is abhorrent.”

Why do you attract so many nutso, Garth? I’m all for equality but never thought this was sexist or misogynist. Talk about fake outage.

Fine, then use [email protected] if you must: “the nice person at the bank”. Geesh.

#89 Ken on 08.08.21 at 8:28 pm

“Your sexist language is offensive to many of your readers,” said an angry email this weekend. “As a father and husband to amazing women, your misogyny is abhorrent.”

Is this the same guy who got ‘WELCOME’ tattooed on his back?

#90 Mid on 08.08.21 at 8:36 pm

…” paying your electric bill or updating your savings pass book”….
LOL. Garth I went into my branch yesterday! Did just that. Paid my hydro bill, gas bill and transferred some money to a family member. Forgot my passbook ;(
Enjoyed the experience. Love my branch. Flirted with the young men behind the counter.

#91 Graphics Girl on 08.08.21 at 8:37 pm

As a woman (female) I think your writing is funny, insightful and non misogynistic. If man wants to tell you about how women should feel and be treated, wave to him outside the clinic, and give him the one-finger salute.

#92 Ponzius Pilatus on 08.08.21 at 8:50 pm

#85 Flop… on 08.08.21 at 7:47 pm
I ordered the curry, when I asked the kitchen what was taking so long they said it had been canceled…

M47BC

—————————————————————

“Now the word CURRY is racist: Food blogger says it’s time to cancel the ‘British colonial’ term for south-Asian food.

* South Asian American Chaheti Bansal, 27, shares home cooking recipes online.

* She told followers it’s time the word curry fell out of use due to its western origin.

* Ms Bansal says it is used by white people who ‘couldn’t be bothered to learn the actual names’ of Indian dishes and lumps very different  Asian cuisines together.”

https://www.dailymail.co.uk/news/article-9874633/Now-word-CURRY-racist-Food-blogger-says-time-cancel-British-colonial-term.html
————
The best curry chicken I ever had was in Gallway, Ireland.
Go figure.
Richmond is famous for Dim Sum.
And Surrey is famous for curry.
Surrey rhimes with curry.
Curry in a hurry.
Either way, it’s delicious food.

#93 Reynolds 531 on 08.08.21 at 9:00 pm

This is probably the guy that took your flag.

#94 Mick McClean on 08.08.21 at 9:00 pm

#79 S.Bby First Don Cherry and now Garth Turner.
Oops you forgot the olde towne cryer
https://ca.news.yahoo.com/hear-ye-hear-ye-town-140000030.html
Iconic Canadian Tire outsourcing 120 IT professional jobs overseas and not a word from the NDP who used to give a damn.
https://www.thelayoff.com/t/1bHBOF2W

#95 short horses on 08.08.21 at 9:03 pm

[email protected] sold me my first mutual funds, with an average MER of around 2.2%.

She wasn’t able to answer any of my questions, and suggested I purchase certain products because of their past performance, but I didn’t know what to ask or that past performance doesn’t portend future returns.

I can see in hindsight that I had no idea what I was buying, so those expensive purchases were on me.

As a father and husband to amazing women, I’m glad this blog is here to right my course and direct me to low cost ETFs.

#96 Joe on 08.08.21 at 9:11 pm

1) dont go to a bank for financial advise
2) they dont know what ETF stands for
3) all they know are mutual funds
4) financial advisors are losing some of their fees in a years time

#97 Badger on 08.08.21 at 9:25 pm

Strange times when a phrase as anodyne as ‘The nice lady’ can somehow be construed as pejorative.

Mr Turner, your financial knowledge, life wisdom and humour is greatly appreciated. Amidst the muck of the keyboard cowboys, I hope you do still have a sense of how much many of us look forward to your posts.

Right after reading today’s GreaterFool post, I happened upon an editorial in the National Post which I thought captured the right/left polarization we’re experiencing.
https://nationalpost.com/opinion/allister-heath-america-the-dying-city-on-a-hill

#98 DC on 08.08.21 at 9:36 pm

The e-mailer takes himself far too seriously. Far far too seriously. Frankly, I have no idea how you are so tolerant with people like the e-mailer, Garth.

#99 The Joy of Steerage on 08.08.21 at 9:39 pm

Hey Flop… yer a gov’ment dude/dudette now… you entering the drag queen contest??

This just can’t be real… but alas it is!! Is that woke enough for ya…

DRAGanza2021

https://publicservicepride.ca/event/draganza-2021/

Seeking contestants and mentors for the first ever Government of Canada’s DRAGanza!

In celebration of Public Service Pride Season, Environment and Climate Change Canada (ECCC) will be hosting the Government of Canada’s (GoC) first DRAGanza, a drag competition featuring fabulous public servants like you, on Friday, August 27, 2021.

This event is open to every public servant in all federal government departments.

Channel your inner drag star!

Compete in a variety of fun challenges by video to win prizes. You may even be crowned as the GoC’s first ever drag superstar!

#100 SW on 08.08.21 at 10:01 pm

I think we’ve been trolled by the “outraged husband and father”, but at least you got an excellent and timely column out of it, Mr. Turner.

What is sexist, is for the banks to put nice ladies on the front desks of the branches when I’d be prepared to bet that most of the upper management are male persons. As a former nice lady myself (I was a bank clerk in a previous life) it was obvious that promotion wasn’t a thing I could aspire to.

It’s human psychology to be more trusting of women, which is why they make such good cons (at least, so I’m told).

#101 Lookinin on 08.08.21 at 10:01 pm

Please don’t say “Sorry.” It’s equivalent to “bending the knee” and that too, is unacceptable.

#102 Robert Ash on 08.08.21 at 10:31 pm

That is a Man who is needed in Afghanistan, to right the Evils of the Taliban. He is a Hero, and will volunteer, in short order….and interest rates are going to 4.0 %!

#103 PastThePeak on 08.08.21 at 10:54 pm

#76 westcoaster on 08.08.21 at 6:11 pm

If it wasn’t for the millennials, who have the courage to stand up to the wrongs being perpetuated in society, our civilization would be going to hell in a handbasket.

+++++++++++++++++++

That was the best laugh I had today…

#104 Russ on 08.08.21 at 11:12 pm

SW on 08.08.21 at 10:01 pm

I think we’ve been trolled by the “outraged husband and father”, but at least you got an excellent and timely column out of it, Mr. Turner.

What is sexist, is for the banks to put nice ladies on the front desks of the branches when I’d be prepared to bet that most of the upper management are male persons. As a former nice lady myself (I was a bank clerk in a previous life) it was obvious that promotion wasn’t a thing I could aspire to.

It’s human psychology to be more trusting of women, which is why they make such good cons (at least, so I’m told).

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

Well, your point is right on the mark.

I believed you.

Cheers, R

#105 Charity on 08.08.21 at 11:16 pm

OMG the internet has created a bunch of [email protected] woke idiots, who have no clue what the word he is using actually means. Must be one of those certified woke virologist/essential oil doctors who can cure Covid with Lavender.

#106 Don Guillermo on 08.08.21 at 11:19 pm

#99 The Joy of Steerage on 08.08.21 at 9:39 pm
Hey Flop… yer a gov’ment dude/dudette now… you entering the drag queen contest??

This just can’t be real… but alas it is!! Is that woke enough for ya…

DRAGanza2021

https://publicservicepride.ca/event/draganza-2021/

Seeking contestants and mentors for the first ever Government of Canada’s DRAGanza!

In celebration of Public Service Pride Season, Environment and Climate Change Canada (ECCC) will be hosting the Government of Canada’s (GoC) first DRAGanza, a drag competition featuring fabulous public servants like you, on Friday, August 27, 2021.

This event is open to every public servant in all federal government departments.

Channel your inner drag star!

Compete in a variety of fun challenges by video to win prizes. You may even be crowned as the GoC’s first ever drag superstar
*************************************
This government has it all figured out. Wow, just wow, there’s nothing more to do. They have it all covered.

#107 Gulf Breeze on 08.08.21 at 11:19 pm

“Your sexist language is offensive to many of your readers,” said an angry email this weekend. “As a father and husband to amazing women, your misogyny is abhorrent.”

Seems like the amazing women in the family got all the testosterone, too.

#108 Investx on 08.08.21 at 11:40 pm

“Your sexist language is offensive to many of your readers,” said an angry email this weekend. “As a father and husband to amazing women, your misogyny is abhorrent.”

LOL at misogyny.

What pathetic virtue signaling.

#109 Simon Leon on 08.08.21 at 11:42 pm

Regular reader, enjoy the posts. Off topic comment. Have you considered doing a follow-up post in similar fashion to your May 31, 2021 entry on Willow? There seem to be more and more of these new tech ideas to capitalize on real estate FOMO. Most recent I have read is “Real estate for all. – Key” It’s sold as a win for renters to build equity. Seems complicated. Perhaps a comparison to a pure rent and ETF invest strategy with some REITS in there.

#110 Jon B on 08.09.21 at 12:58 am

The woke dude and his pathetic slap-down, was this blog preamble added as comment bait? This of course is the same ideology that justified the theft of your flag. Sorry you have to put up with it.

#111 Jane24 on 08.09.21 at 1:21 am

When you read these stories about hyper-sensitivity you have to winder what happened to the old ‘sticks and stones’ as in –

“Sticks and stones my break my bones but words will never hurt me.’

The previous generations of my family would have laughed their heads off at these whining complaints over nothing. Let us hope that men like your correspondent never get asked to go to war to defend his ‘nice lady at the bank’. He wouldn’t have the guts.

#112 Nonplused on 08.09.21 at 1:34 am

What happened to my comment about the coming rent/eviction crisis? Oh well no worries I’ll break it up. I think I may be on about this for the next few days.

#113 Devil's Cake on 08.09.21 at 1:37 am

“Your sexist language is offensive to many of your readers,” said an angry email this weekend. “As a father and husband to amazing women, your misogyny is abhorrent.”
____________________
“…. husband to amazing women. ”

Isn’t that like the polygamist calling the mysogynist black.. Er, i mean blue?

#114 Diharv on 08.09.21 at 1:53 am

Don’t stop using [email protected] just because some henpecked whipped idiot that doesn’t know the meaning of words he uses sends you and angry email.

#115 John Brown on 08.09.21 at 4:59 am

Just watching the conclusion of the Tokyo Olympics and commentary. Listening to the Brits and Americans, so proud of who they are, but not a peep from Trudeau and a national broadcaster spewing race venom. Sad. Not a single Canadian taxpayer subsidized reporter proud to be Canadian.

#116 McSteve on 08.09.21 at 6:12 am

I avoid most mutual funds. The exception being the very excellent TD e-series. I own a wack of these. No commission to purchase, can be bought for as little as $25, and MERs in the 0.27 -0.55 % range. Small purchases of ETFs will cream small investors through commissions.

#117 Millennial Realist on 08.09.21 at 7:38 am

#76 westcoaster on 08.08.21 at 6:11 pm

Thank you.

#118 the Jaguar on 08.09.21 at 7:43 am

Excerpt NP:

‘Business groups want to see a debate, and they’ve begun putting out their policy ideas before the campaign buses roll.

“The biggest, most pressing economic issue for Canada is the need for a longterm growth plan,” John Mckenzie, chief executive officer of TMX Group Ltd., the parent company of the Toronto Stock Exchange, said in an interview. “Are we doing the right planning for long-term growth? Are we creating the conditions for reinvestment, for businesses to invest?”

Prior to the pandemic, high levels of immigration kept the economy expanding, but real output per capita was virtually stagnant. Productivity growth has deteriorated to historic lows.

A booming housing market has sucked away capital. Housing investment has surpassed business capital expenditures this year for the first time in at least five decades. But business investment was already falling before COVID-19.

Since 2005, the nation’s real output per capita has grown by 0.2 per cent annually on average, according to Bloomberg calculations. That’s about one-tenth the pace in the period from 1996 to 2005.

Trudeau’s government has long had a testy relationship with the business community, which is wary of a cabinet that may be the most left-leaning in a generation.’

Ain’t it the truth…

#119 Millennial Realist on 08.09.21 at 7:46 am

#10 Not Fooled on 08.08.21 at 1:11 pm

“Newsflash: Men aren’t feminists. Feminism is for women.”

————————

OMG. It’s 2021. Paleo much?

Are you a 1500 year old rock?

Or did you just crawl out from under one?

#120 Boom Town Rat on 08.09.21 at 7:49 am

Many moons ago, as a young lad interested in learning about money management I recall a meeting with a “financial advisor” at a big bank.

He insisted that the only way forward was to purchase their managed mutual funds.

I asked to see and read the paperwork/contract.

There in black and white was a statement something like:

You may receive a return up to a maximum of X% per year before fees.

I asked “what happens if the mutual fund returns MORE than the percentage stated?

He said : the bank keeps anything above the maximum return we offered you.

WHAT?

A said something like… wait…I risk my capital, if it tanks I am left with the problem. If it goes up, I get SOME of the gains but only a portion and the bank keeps the rest?

The guy gave me a B.S. condescending explanation…along the lines of…you just don’t understand how things work….sign here.

I quietly got up and walked out. decided to learn about investment, taxation etc.

I am still learning…

The banks are NOT your friends folks.

#121 TurnerNation on 08.09.21 at 8:11 am

When we getting our E-currency – the BofC already has developed? It’s a done deal. It always was. A Global A.I. based control system – everything electronic. Social Credit Scores. Control over feeding, breeding and travel/movements.

There no longer is any news, if there ever was. It’s all problem-reaction-solution Manufacturing of Consent
Gee lads we gonna need a better system! How about a global QR code system?

.Fake Covid Vaccination Cards Are on the Rise in the U.S., Europe (wsj.com)


— For Dolce: Iceland almost 80% got a needle. “Cases” are off the charts, highest ever. This means it’s working right? Did the salesman tell them that when the contracts were signed? Science is funny.
(I don’t know if cases = too-high PCR tests settings or not)

https://www.worldometers.info/coronavirus/country/iceland/


— Back to normal soon, any day now!? Sitting and eating inside is still banned; it was banned in Ontario for almost a year. Even Inmates are afforded cafeteria seating. Our Elites won this war fair and square. They must be roaring with laugher, people eating on the floor -as the unclean animals, they see us. Seen elsewhere:

“I’m at Frankfurt Airport. It’s just past 10:30am. Huge lines to cafeterias, seating areas are taped off so people have to find another place to eat. Benches all around the airport are packed with people eating next to each other (which was never a problem). People are sitting on the floor while eating – but as long as your hands are clean, you are good, right? So I asked the cashier at the cafeteria why is the airport administration is implementing measures which can only make things worse, and she had no answer”

#122 Love_The_Cottage on 08.09.21 at 8:17 am

#4 Fred on 08.08.21 at 12:33 pm
Don’t worry, ETF’s, REIT’s and many similar investments soon will be increasing their annual expenses and expense ratios….
_______
In fact the opposite has been happening for the past decade. Expense ratios on index based ETF’s have been dropping with increased competition. It must be tough walking around all day seeing the glass half empty.

#123 Victor Maitland on 08.09.21 at 9:02 am

“Your sexist language is offensive to many of your readers,” said an angry email this weekend. “As a father and husband to amazing women, your misogyny is abhorrent.”

Dear lord, what a simpering white knight. When that amazing woman dumps his pathetic, pandering butt for an actual man, he’s going to be in shock, even while expressing that he is “entirely supportive of her decision”.

#124 Steve French on 08.09.21 at 9:13 am

Garth – you really don’t get it.

Chiseled abs are now a vicious assault against those too lazy to have chiseled abs.. and various other genders!

Any talk of chiseled abs represents abhorrent misogyny and vicious hate speech.

You have been warned.

Now do better.

#125 Steve French on 08.09.21 at 9:21 am

We should erect a statue of Sir Garth, and his trusty sidekicks Doug and Ryan…

Then, the Woke Warriors could splash it in red paint and pull it down and dance and stomp around…

Off with their head!
Down with the patriarchy!
Cancel the greater fool!
Chiseled abs are misogynistic and trans-phobic!

If only the late grate Smoking Man could see how far we have fallen.

Actually I think SM foretold all this in one of his prophecies. Let me consult his greatest novel “The Deplorables”.

#126 crowdedelevatorfartz on 08.09.21 at 9:27 am

@#34 Damfino
“Yeah, checks. Remember those? I post date a dozen of them and drop them on the manager’s desk at my apartment. Then I forget about that until next year.”

+++

Classic.
They new owners/property management company does everything on line.
I still drop six months worth of cheques under the office door.
Every month they stick a notice on my door to “Please log online to see our improved rental payment process”

Nope. Sorry.
These bozos couldnt organize a fire in a barn full of dry hay.
I’ve read a litany of on line comments from former tenants trying to get them to stop removing “rent money” long after they have moved out.

I’m certainly not giving them access to my account.

#127 crowdedelevatorfartz on 08.09.21 at 9:32 am

DELETED

#128 crowdedelevatorfartz on 08.09.21 at 9:36 am

@#115 John Brown.
“Sad. Not a single Canadian taxpayer subsidized reporter proud to be Canadian.”

+++

Watching the ” progressive” bootlickers at the CBC were we?

#129 Steve French on 08.09.21 at 9:56 am

Cancelling [email protected]?

What’s next.. cancelling some random inanimate object just because… someone somewhere was offended?

oh wait…

“UNIVERSITY OF WISCONSIN REMOVES ‘RACIST’ ROCK OVER 1925 NEWSPAPER HEADLINE”

https://www.outkick.com/university-of-wisconsin-removes-racist-rock-over-1925-newspaper-headline/

#130 Brett in Calgary on 08.09.21 at 9:56 am

I own both mutual funds and ETFs, the former only because there is a still a couple years remaining on my 7 year sentence (trailing fees). Fortunately the fund (balanced) has average 6% after expenses, but there is no question ETFs are superior. Mutual funds are great for those that sell them.

#131 George S on 08.09.21 at 9:56 am

I have found that the investment advice of the bank or credit union TN-L, M, etc. commission mutual fund salesperson to be the equivalent of asking the person sitting on the street 25 feet away from the entrance of the bank with a container in front of them for investment advice.

If you have a $1M retirement fund every 1% of management fee is $10k per year. You would expect that someone getting paid $10k of your money per year should be doing at least a week or two of work on your account alone.

#132 Left GTA on 08.09.21 at 10:47 am

@ Turner nation Iceland Covid cases have increased. Well yeah because likely people are no longer confined to their homes. Now mouse on over to the total deaths chart and take a look at that. The vaccine may not prevent people from getting covid but what it does is minimizes how sick you get so you don’t end up in the hospital and clog up the health care system. You are aware of how large numbers of sick people impact the hospitals right? Because it will slow up services for everything and everyone else.

There are statistics of covid cases, hospitalization, and deaths etc. What you still have to take into consideration is the lockdowns and limited social contact during these times. Otherwise the statistics will be much different.
Soon enough we will see when the lock downs are lifted and back to normal resumes but the virus will still be around but not as potent similar to the flu bugs we already deal with.

#133 Planetgoofy on 08.09.21 at 10:52 am

#126 crowdedelevatorfartz on 08.09.21 at 9:27 am
/////////////////////////////
Re: Cheque’s
Suck
When you have a pile of renters then its a never ending game of reminding the ones that forgot and their annual increases. Not to mention the man handling of a lot of paper.
All my big commercial tenants have different payment systems from their institutions.
Smaller tenants put an auto reoccurring monthly payment from their bank. Save me a ton of work. Filling out deposit books, driving to the bank then they have to handle them…saves a tree to boot.
Cheque’s are dead to me.
Just another perspective

#134 Ponzius Pilatus on 08.09.21 at 10:58 am

#118 Jaguar
The biggest, most pressing economic issue for Canada is the need for a longterm growth plan,” John Mckenzie, chief executive officer of TMX Group Ltd., the parent company of the Toronto Stock Exchange, said in an interview. “Are we doing the right planning for long-term growth? Are we creating the conditions for reinvestment, for businesses to invest?”
——————-
Sounds like a plan to me.
So, Mr. McKenzie.
Go ahead and draw up a long term plan.
Don’t just sit around and wait for the Government to do it for you.
Every year, we draw a financial plan (budget) for next year for our family.
And update our 5-year plan.
I don’t wait for JT to tell me what to do.
Business leaders should be just that, “leaders”.
Not followers.

#135 Prince Polo on 08.09.21 at 11:06 am

#126 IHCTD9 on 08.05.21 at 12:26 am
Trudeau has pile driven anyone under 35 into the dirt. There is no fix anymore, it’s just too much.

#134 Bezengy on 08.05.21 at 7:25 am
Create a branch of the justice system to deal with tax evasion, money laundering, and fraud. (and give them teeth) Put the CRA agents on commission…reward reporting of tax evasion. Say goodbye to the queen, senate, and the GG.

#135 the Jaguar on 08.05.21 at 7:52 am
Garth, who is this Marcia M @112? Is she the one who stole the flag off the office wall?……News flash: The world is on to you, and it won’t end well. Maybe take the squirt Quint with you on your way out.

IHCTD9, Bezengy, and the Jaguar for co-PM!

#136 Dharma Bum on 08.09.21 at 11:21 am

SJWs are so nauseating.
Politically correct bandwagoners.
They make me sick to my stomach.

If that SJW doesn’t like [email protected] he can leave.

#137 IHCTD9 on 08.09.21 at 11:47 am

#118 the Jaguar on 08.09.21 at 7:43 am

————-

Yep. Locally we’re losing another long time big employer to the USA in a few months. Last year, a big mill closed up for good, we’re down to just one now. These were union jobs with good pay and benefits. Hundreds of jobs gone. Last summer my 2nd best customer packed up and moved south of the border. I still quote their work, but even with the exchange rate well in my favour, I get murdered. My competition can operate for a much, much lower shop rate than we can.

It seems like everyone in North America, workers and businesses, rich and poor alike, are flocking to the southern US states. There’s a lesson in there for the Libs, but jobs for the working class don’t seem to even be on their agenda. Nor is the cost of putting a roof over your head (obviously). I guess prosperity in general is not a discussion Trudeau wants to participate in. No job and no house is fine.

#138 Damifino on 08.09.21 at 11:57 am

#133 Planetgoofy
#126 crowdedelevatorfartz on 08.09.21 at 9:27 am

Re: Cheque’s Suck

I read your tale of woe regarding the processing of checks and was deeply moved. You poor thing! No one should have to trek to a bank once a month with a mitt full of tenant checks. The only thing worse would be having a building full of un-evictable deadbeats (say, due to Covid, or maybe not) six months in arrears.

My building, which also contains commercial tenants, has an accountant on staff who doesn’t seem to have a lot to do and probably enjoys a trip out now and then.

BTW, I’m aware of what rent increases are upcoming and fill out any post dated checks accordingly. It’s the responsible thing to do. If one has taken the time to vet responsible tenants then the method of payment should be of no real concern.

#139 NSNG on 08.09.21 at 12:23 pm

#120 Boom Town Rat on 08.09.21 at 7:49 am

A said something like… wait…I risk my capital, if it tanks I am left with the problem. If it goes up, I get SOME of the gains but only a portion and the bank keeps the rest?

The guy gave me a B.S. condescending explanation…along the lines of…you just don’t understand how things work….sign here.

LOL!

Why am I not surprised. That’s how it works when you are the only game in town, member of a cabal, and subject to scant competition.

That’s how they work your mortgage too. You put the capital of a down payment down. You pay interest and some capital the first few years. If the price of the house goes down and you fail to pay, they keep your DP and anything you have paid in. All the time you are paying them interest to risk your money.

And don’t get me started on HELOC investing.

#140 NSNG on 08.09.21 at 12:29 pm

As a father and husband to amazing women

My only concern is if they are the same women and is he a bigamist?

#141 Planetgoofy on 08.09.21 at 12:44 pm

#138 Damifino on 08.09.21 at 11:57 am
—————————————–
Yes fortunately I have 90% commercial all sailed through covid busier than ever. Companies like Telus don’t cut cheque’s thankfully. Their rents 4 figures.
Sounds like maybe the accountant needs a second job?
I can be traveling anywhere and plop the rent goes in especially when we go away for a few months. (before covid)
Cheque are not cheap anymore. Its 50c to Etransfer. You can’t start your car for that.
Cheers save a tree!

#142 the jaguar on 08.09.21 at 12:46 pm

@ 137 IHCTD9
Red states versus blue states. California is the poster child. We have our own version here. It’s just broken down more regionally within provinces. Edmonton versus Calgary for example. They’re very slippery up north. Grifters everywhere you look…..(shiver).

#143 Planetgoofy on 08.09.21 at 12:47 pm

#138 Damifino on 08.09.21 at 11:57 am
———————————————
PS are you old? or just old school….?

#144 Planetgoofy on 08.09.21 at 1:10 pm

#142 the jaguar on 08.09.21 at 12:46 pm
@ 137 IHCTD9
Red states versus blue states. California is the poster child. We have our own version here. It’s just broken down more regionally within provinces. Edmonton versus Calgary for example. They’re very slippery up north. Grifters everywhere you look…..(shiver).
———————————————————-
T2 and gang have sent a clear signal Canada is not a friendly place to do business.
Mega bucks have bailed over the past few years.
Good job SOCKS!

#145 Ahmed on 08.09.21 at 2:13 pm

Lol… I thought [email protected] stood for The NEW lady at the bank because my ‘advisor’ is always changing. Seems like the banks are constantly rotating the staff who, in my experience, are more often than not, women.

#146 enthalpy on 08.09.21 at 2:15 pm

male feminists … I’m sorry you had to deal with that Garth.

#147 kommykim on 08.09.21 at 2:24 pm

RE:#120 Boom Town Rat on 08.09.21 at 7:49 am
There in black and white was a statement something like:
You may receive a return up to a maximum of X% per year before fees.
I asked “what happens if the mutual fund returns MORE than the percentage stated?
He said : the bank keeps anything above the maximum return we offered you.
WHAT?

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

Sounds like a “money market fund” where they “promise” to protect your capital but the max returns are capped. ie: it has both a minimum and maximum rate of return which is the trade off… No CDIC on that “minimum” ROI….

#148 RL on 08.09.21 at 2:29 pm

So the argument that has been made to me is that low cost ETFs are great when you’re in a bull market, but you see the benefit of paying a higher MER for more active investing in a bear market. Thoughts?

#149 deal with it on 08.09.21 at 6:45 pm

Love_The_Cottage monopolies will form and if that does not happen less competition will form. This is how they do it. They are not going to restrict their profit projections to a 0.25% to 0.50% annual ETF, REIT fee. They will raise fees or whatever they want to call them and they will become more restrictive. This is how they stay rich and get richer. Live with it.

#150 Tmac on 08.09.21 at 7:30 pm

What a sad state this country is in. Pure acceptance over control of mobility for the illusion of safety. All while New York, France and the UK hold mass protests.
Seems they know what is at stake.

#151 Just Saying on 08.09.21 at 9:28 pm

Tmac, time for people to stop paying taxes.

#152 Dwayne on 08.10.21 at 7:57 am

“#13 Eyeroll Aug-09”

That was good, and more like an eye opener for those whose personal pronouns are he/his.