Bigger pictures

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DOUG  By Guest Blogger Doug Rowat
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What’s it all worth?

I mean all the assets in the world—the whole enchilada. Cash, bonds, equities, life insurance, pensions, real estate, consumer durables, metals and so on.

According to the Boston Consulting Group (BCG) and its annual global wealth report, which has been going strong now for 21 years, total global wealth stands at US$431 trillion with financial assets (bonds, equities, etc.) accounting for US$250 trillion of that total.

The financial asset piece of the pie, which is already significant, is likely to grow in prominence. Developed countries, of course, have a larger concentration of their wealth in financial assets due to tradition, better accessibility and higher levels of trust. Growth regions meanwhile often perceive financial markets less favourably, have less understanding of them, or simply lack the access. However, according to BCG, this will change:

Over the next five years, however, a combination of greater financial inclusion and growing capital market sophistication will change the wealth composition in growth markets…. In particular, investment funds will become the fastest-growing financial asset class, with a projected CAGR of 11.6% through 2025. This spike comes as more individuals embrace viable alternatives to investments in traditional real assets.

The BCG report was released before the Evergrande crisis, but you can’t help but think that Evergrande’s current problems dovetail with BCG’s broader forecast. If there’s any silver lining to be had from the Evergrande crisis this might be it: due to newfound perceptions of risk, the crisis may spark a trend in emerging markets away from owning real assets (e.g., real estate) towards owning financial investments.

But regardless of its composition, BCG expects overall global wealth to reach US$544 trillion or—and here’s a new word for some—more than half a quadrillion dollars by 2025. For those keeping score, a quadrillion is a 1 followed by 15 zeros. (And to venture a bit further down the rabbit hole, a googol, which is the naming inspiration of the world’s most famous search engine, is a 1 followed by 100 zeros. Google (ironically) tells me that a googol is a number so large that all the atoms in the universe don’t equal it.)

But I digress, back to half a quadrillion. It’s still an enormous number and keep it in mind when you consider the US$25 trillion or so in stimulus that’s been injected into the global economy thus far during Covid. A massive number, yes, but a relatively small number in the grand scheme of global wealth.

Consider also that 10 years ago the BCG report indicated that global wealth sat at only US$122 trillion. So, through a myriad of market worries over the past decade—falling oil prices, rising oil prices, a Greece debt crisis, a European sovereign debt crisis, a US fiscal cliff, a Fed taper tantrum, a China economic slowdown, Brexit, Trump, a China/US trade war, a global pandemic, lofty tech-sector valuations, US election fears and a US Capitol riot—global wealth still found a way to expand enormously. It always does.

But let’s narrow our focus and look only at equity markets, namely the S&P 500, which has a more digestible total market capitalization of ‘only’ US$39 trillion.

Investors have become concerned recently by Evergrande, the rise of the Delta variant and the discontinuation of government and central bank stimulus. As a result, we’ve had our first 5% pullback for the S&P 500 this year. Compound Capital Advisors has crunched the numbers and offered some perspective on 5% intra-year pullbacks. Unsurprisingly, they’re incredibly common and a completely normal part of equity market volatility. Rarely are such pullbacks a harbinger of worse to come. In fact, since 1928, a 5% pullback has happened virtually every year.

To be precise, 5% intra-year pullbacks occur 94% of the time in any given year, or on average once every 1.1 years. Even 10% intra-year pullbacks are common, occurring 63% of the time, or on average once every 1.6 years. So concluding that a mild pullback alone is ‘proof’ of a bear market to come is almost certainly an incorrect assumption. Incidentally, the chances of a financial crisis–type bear market occurring in any given year are only 2%.

Further, consider the current bull market’s place in history. In terms of returns and duration, the current bull market is likely only in its infancy. Historically speaking, it’s just getting started:

S&P 500 historical bull markets – return plotted against duration

Source: Wells Fargo, S&P 500 data from 1932-2021

So, calling for a bear market now may be accurate, but it’s more likely just alarmist. And the more appropriate question to ask is not whether your reasons for expecting a bear market are valid, but rather, do you frequently (or always?) call for a bear market at the first signs of market trouble? If you do, your forecasting track-record is abysmal.

So, before presenting your bear-market thesis in the comments—and I can hear many of you hammering at your keyboards already—examine your own track-record.

Be honest: does it suck?

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

 

120 comments ↓

#1 RowatNation aka Prince Polo on 10.02.21 at 9:39 am

Any prediction on when avg housing prices in Canada will reach $0.5Q? Asking for a sarcastic friend.

#2 crowdedelevatorfartz on 10.02.21 at 9:58 am

“A half a quadrillion dollars…..”

Better not tell Trudeau that.
It gives him more room for endless deficit spending……

#3 RowatNation aka Prince Polo on 10.02.21 at 10:01 am

#184 Leanne on 09.30.21 at 3:41 pm
#38 XGRO and chill
Please do share the link! I’ve been looking for something like this!

Dear XGRO – I am also interested. Garth/Doug/Ryan, would you be willing to run an extensive (nerdy) math class on one of the future blog posts using XGRO’s source material to make lesson notes?

#4 Dharma Bum on 10.02.21 at 10:09 am

What’s it all worth?

“A hill of beans!”

https://www.youtube.com/watch?v=xLQwphwP0ys

#5 Chris on 10.02.21 at 10:36 am

So Doug, we can afford to pay higher wages, salaries. The typical Canadian salary in 2021 is $60,000 and the average salary is $89,000. In Canada, nobody working 40 hours a week should not be making less than $40,000 a year.

Everyone else in Canada making the typical salary of $60,000 should get a $10,000 raise. Also, they can afford to pay 6% GIC and government bond rates. If they can’t afford this then the multi trillions you stated is not so impressive as first thought.

#6 Flop... on 10.02.21 at 10:38 am

“What’s it all worth?

I mean all the assets in the world—the whole enchilada. Cash, bonds, equities, life insurance, pensions, real estate, consumer durables, metals and so on.

According to the Boston Consulting Group (BCG) and its annual global wealth report, which has been going strong now for 21 years, total global wealth stands at US$431 trillion with financial assets (bonds, equities, etc.) accounting for US$250 trillion of that total.”

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

Morning Robax, on the previous thread I showed a news report where it stated Australian real estate is expected to pass the 10 Trillion valuation mark by the end of this year.

If we give Canada the same value, there’s 20 Trillion, double the valuation for the U.S and before you blink just for 3 countries you are up to 40 Trillion, real estate only, so they might have been conservative with the 431 Trillion value placed on total global wealth.

As an aside, I’ve got an idea to help encourage Canadians to start saving again.

We start small, with a little rebranding

We put Ryan Lewenza on the five buck note, and call these notes Rhinos.

We put Doug Rowat on the Ten buck note and call these notes Robax’s.

No one is going to want to part with these suckers.

Is two Rhinos equal to one Robax, you tell me, but the other feature for your note I was thinking about is we could dip it in Methocarbamol, which is the medical ingredient in Robax, and therefore you could just lick the $10 note when your back is feeling a little sore…

M47BC

#7 Dogman01 on 10.02.21 at 10:46 am

#92 yvr_lurker on 10.01.21 at 6:51 pm
Jeff Rubin. A fellow who spells out clearly the demise of the middle class due to globalization. Must get his book.
Very much worth a listen to.
https://www.youtube.com/watch?v=PS8MVcqN2uM

————————————-

Free Trade has raised the standard of living for huge swaths of the World’s population and increased wealth for a few of the already most Wealthy, but it has decimated the Middle Calls in Canada (the West), hence Jeff Rubin’s term the “Expendables” . As Rubin states, a worker benefits in no way from GDP growth when his wage stays the same or smaller over a decade. The worker cares nothing that immigration and global trade benefits the economy only that there is more competition and lower wages for his type of work.

Our leaders picked Capital owners over Labour providers, hence wages have stagnated and the ubiquity of near min wage service jobs. A lot of Canadians are incapable of much more than labour type jobs, they will never be capable of “learning to code”.

I saw this early on in my working life (1990’s) and realized that Capital will be the winner, and the wage dependent proletariat crushed. This foresight to the inevitable end state of Free Trade motivated me to have a high rate of saving and investing as it was structural certain that capital is the winner on a global game board. In 1995 I opened my TD Greenline account and bought some RY.TO. Never looked back, don’t depend on wages.

The western Middle Class is doomed and it is because they vote in “Blue Tie or Red Tie parties” all whom favored the interests of Capital over their interest, that of Labour. The “Red Tie, Blue Tie parties” job was to keep the masses silent and make them feel “Free-Trade” and Globalization is an inevitable beneficial force. Our leaders picked their side and jettisoned the middle class. It’s why Trump occurred.
The voters are just not very smart……in the end; “You get the leaders you deserve”

A prophetic interview with Sir James Goldsmith http://www.youtube.com/watch?v=4PQrz8F0dBI

Imagine if instead of imposing a Carbon Tax on our own Industries we instead imposed a Carbon Tariff on all goods imported Imports from jurisdictions that have worse environmental standards than Canada……but wow we just made our stuff more expensive and stuff from China more attractive. Almost like we are trying to destroy the last vestiges of Industry and good wages in Kanaduh.

Oh and with Oil at $70+ and Nat Gas at $6+ let’s not discuss Kanada’s destruction of high wage work in Western Canada, 100,000 good paying Jobs sacrificed on the alter of Greenism while the world shovels more wealth into the hands of shady oil producing jurisdictions.

#8 Faron on 10.02.21 at 10:58 am

#131 ImGonnaBeSick on 10.02.21 at 8:20 am

Took a brief gander over bfast. All I found were some really dumb COVID takes and another person who confuses reducto ad absurdum for straw man argument.

And it’s Faron, with an “a” you childish dolt. I don’t give you much credit, but didn’t think I was arguing with an 8 year old.

#9 MARKETS CRASHING!! on 10.02.21 at 10:59 am

Disaster lies ahead – over $400 TRILLION will be wiped out.

This irrational exuberance, in real estate and stocks, simply cannot continue.

#10 ogdoad on 10.02.21 at 11:01 am

I’ll be honest – Before starting to read this blog I had no idea what a bull or bear market even was…and now that I see how much analyses can go into it I revert back to one of Og’s rules: Pay good dough and leave it to the pro.

Og

#11 Dolce Vita on 10.02.21 at 11:02 am

The way I look at it is that the World is still recovering from the economic effects of the pandemic.

Still a lot of growth to come.

Evergrande turned out to be a local PRC problem, 4% of their RE market and more of a confidence vote in their financial system. The largest foreign exposure was Vanguard at over $100M but they are a $7 Trillion company so rounding error for them if those were its losses.

As Garth said it ended up being a Nothingburger.

Expect more discombobulations as the World lifts itself from pandemic mode. You don’t just turn the tap on and off with a global economy that is as interdependent as it is nowadays (e.g., supply chain problems, energy problems, etc.).

Add to that the American’s and others continue to pump money into their economies because of the pandemic and that money eventually finds its way to Mr. Market.

This means robust stock growth for years to come with some bumps and bruises along the way as the World adjusts and gets back on its economic feet.

Per your bubble chart “set it and forget it” the best advice and not to panic sell.

#12 Debtslavecreator on 10.02.21 at 11:06 am

My crystal ball has broken more times than I can remember but my batting average in the last 5 years has been well above 500
-equities most likely in a consolidation that should last 2-3 more weeks but sp500 on track for 4900/5000 in February or March. Must hold 4000 on the weekly which is more than likely
-oil should be rolling over here under 80 and Correct into dec or January into the low 50s before beginning a historic run to $200/b by late 23. Energy stocks will be the best sector by a mile from spring 22-late 23. ESG focus reducing oil production growth and capex
-Bitcoin likely 100-120k around Xmas / early January and Ether outperforms and could touch 10-12 k
Interest rates re test all time lows in spring 22 in nominal terms and real rates drop even more
-silver hits 35-40 and peaks in April /May 22 interim basis while gold should trend to 2400-2600 by September/October 22 before an interim peak

All for entertainment of course !
Market forecasting is silly but fun !

#13 Faron on 10.02.21 at 11:08 am

I don’t claim that this correction is the beginning of a new bear, but I disagree that this is a “new” secular bull despite my exchange with Ryan a few weeks back. The recession was as short as technically possible and patched over with govt $$$. If we are in a new regime, it’s more likely to be of the 1960s or 70s variety give the need for long term rate rises and govt investment in the real economy.

#14 Dolce Vita on 10.02.21 at 11:09 am

Forgot to say that the current orange bubble bull market will probably end up being a big butted purple bubble in the upper right quadrant.

Lots of room to grow still is what I believe.

Of course provided Wall Street doesn’t do something stupid like it did culminating in 2007-8.

#15 Woke up this morning... on 10.02.21 at 11:14 am

#130 ImGonnaBeSick on 10.02.21 at 8:18 am

Yeah, it was a general statement. I don’t like name calling in a discussion, regardless of who it is aimed at.

YOU ARE RIGHT! Forgive…it was an oversight, I just noticed the historical population number was (in thousands)! I took at at face value like a fool. Population has been growing at such a huge clip, it somehow made sense to me too.

But to be honest with you, this population size or percentage point isn’t a valid argument on a moral or ethical basis.

I hope you can immediately spot the issue.

Just because a country chooses to breed wildly, and consumer their land and resources, should they be entitled to the resources of those who managed them more carefully?

Settling is a strategy. You see, you settle people in and then it is in their interest to not be unsettled. It’s done everywhere. Suddenly the initiators, the conquerors get a strategic support for their immoral and unethical move by getting others in on the deal. Pretty clever, right? Now choose a side – the one who was initially harmed or the one that will be harmed to undo the initial harm. SNEAKY!

It is such a selfish view that just because THEY are the minority, we are entitled to what they preserved. That their way of life didn’t align to consumerism and capitalism it is wrong? Do dying people want to touch their iPhone one last time before leaving this earth? Or their remote control? Or their car or motorcycle?

We’ve been misguided from day one and have to operate in this twisted system forced upon us.

It’s funny, because Garth argues agains this very thing – interestingly as it concerns to wealth – because it suits our individual purpose. Rich are the minority by far like the Natives were, and we feel we are entitled to their wealth/resources. Right? It’s such an easy sell.

It’s not exactly comparable to taking someone homeland, because of course what the rich have, more of it can be made with ease on a press or from thin air with crypto, and it isn’t exactly a precious natural finite resource, even if capitalism perverts wealth to the point where that wealth can be traded in for one of those finite resources with ease.

The subject of refugees/immigrants coming you bring up is an interesting one. I’m just going to spitball something here randomly, it’s the morning, so not fully through through perhaps.

WHY are these refugees coming here? Why did I come here? Why did I need to? Why do others need to?

Because where those people are, the lands are being mismanaged. The leadership is incompetent. Corrupt. Selfish. Abusive.

It is through selfishness of others(leaders) that people need to move from what is their home land, to a foreign land. Often they don’t want to go. Often they don’t want to integrate. They congregate in clusters of their culture, don’t learn the language, don’t participate in the new land’s ways, insist of on the new land honouring and permitting theirs, even if they may go against the new adapted land’s ways.

In some cases, we even go there (Afghanistan), we create a mess, and we don’t stick it out. We leave it and again create a crisis of migrants. Considering the money at stake, one cannot help but wonder if that is the true motivation behind it – and the bonus is all these homeless people that have no where to stay. Look how nice we look taking them in while leaving our homeless without homes, youth in poverty, Natives without water.

ImGonnaBeSick – the leaders we put in power make me SICK.

They are selfish.

They look for their own interest.

They don’t change ANYTHING!

Their only job is to keep the status quo.

They trickle down to us the scraps while keeping the best cuts for themselves.

This is epitomized in the act of taking someone’s land, someone’s home, forcing your ways upon them, and then sitting selfishly in comfort while their human rights and lives were the price paid. We don’t care.

However you want to look at it, and I will say we are VERY GOOD at looking away and shrugging our shoulders, the truth is ugly. And no one wants to face it.

#16 Woke up this morning... on 10.02.21 at 11:16 am

#133 crowdedelevatorfartz on 10.02.21 at 9:05 am

@#119 Woke up 400 years ago
“4.4% of Canadian Natives should then own just shy of 60% of the land.

All it will take of The Queen to give back what she gained illegitimatel”

+++

Why stop there?
“The Queen” will also stop financial compensation, monthly payments, any and all infrastructure improvements, policing, healthcare, etc etc etc.

You’re on your own and there will be no more money.
Yep.
Thats a great idea.

———

You’re right. We can’t possibly manage this resourceful land ourselves without the German royals who claim to be British. We need the queen and our current leaders. It is the only way possible. Keep the status quo. Keep the wasteful consumerism rolling. Keep violating the human rights of Natives. Who cars what they HAD? Who cares what was taken from them? They’re not entitled to it. WE ARE! /s

#17 Woke up this morning... on 10.02.21 at 11:25 am

Total global wealth stands at US$431 trillion today.

Total global wealth will reach US$544 by 2025

That’s about 5% annual growth, right for the next 4 years, right?

EASILY offset by inflation alone.

Measured in man made manipulated $ – dollars.

Artificial growth. An illusion. Rigged game made to look like it is expanding, while in real cost, that not measured in dollars, it is shrinking and consuming the finite resources on wasteful consumerism mostly driven by wants.

#18 Sara on 10.02.21 at 11:25 am

#5 Chris “The typical Canadian salary in 2021 is $60,000 and the average salary is $89,000. ”

Where do you get your stats regarding “average salary is $89,000”? Can you please provide a link.

And how did you come to the conclusion that “The typical Canadian salary in 2021 is $60,000 “? How does one define “typical” statistically?

#19 Ponzius Pilatus on 10.02.21 at 11:32 am

Half a quadrillion dollars, eh.
That makes me feel so insignificant.
But, so does looking at the stars at night.

#20 Joe on 10.02.21 at 11:37 am

What happens when trillions in fed liquidity are evaporated? Isn’t this analysis based on status quo low interest rates, printing press and reverse repo continuing forever?

#21 Ponzius Pilatus on 10.02.21 at 11:39 am

My abacus is in the repair shop, yearly maintenance.
So, can someone calculate how much half a quadrillion divided by 8 billion is.
Thanks

#22 Sail Away on 10.02.21 at 11:45 am

Quadrillion, gazillion, googol… who cares…

With money, no number is important. It’s just a medium of exchange. Earth being a closed system with fixed resources, why would a few bits of printed paper and plastic be more important than any other debris?

Pure ideology. Collective global delusion. Ascribing value to a concept.

#23 THE DANDADA on 10.02.21 at 11:56 am

WOW..

So world governments printed out of “thin air” 25 Trillion Fiat ….. 64% of the entire S&P of 39 Trillion Fiat in just 18 months.

That’s incredible.

#24 Penny Henny on 10.02.21 at 11:57 am

#20 Ponzius Pilatus on 10.01.21 at 2:14 pm
#11 Penny Henny on 10.01.21 at 1:06 pm
The media is bought and paid for.
Re Trudeau’s vacay to Tofino on Orange shirt day.
The Toronto Star and the CBC have closed the comments on this story. Now why would they do that?
Not only has the CBC closed the comments they’ve already buried the story.
—————————-
I pay for the media I access.
Don’t you?
Or do you just go to the library and get it for free?
////////////////

English as a second language must be really challenging for you, eh Ponzie.

#25 Woke up this morning... on 10.02.21 at 11:59 am

There are about 4 × 10^79 atoms in the universe.

….apparently. But I’d like an official count please.

Humans?

An average human cell has about 100 trillion atoms in it.

37.2 trillion cells in an average human body.

I believe that means 3.720 Octillion atoms in a human body. Octillion is 27 zeros.

7.9 billion people, would mean that there are about 30 Undecillion atoms in all the humans on the planet. 36 zeros in Undecillion.

I’m going to take the rest of the day and get ready to have some sexdecillion tonight. WHAT? Sexdecillion is 51 zeros? I would have guessed 69 zeros.

#26 Albertaguy in AB on 10.02.21 at 11:59 am

Doug, I thought for sure your blog this week would be to review your post from one year ago wherein you challenged the dogs to predict the change in the Nasdaq, STOXX 600 and the TSX.

https://www.greaterfool.ca/2020/10/03/cant-miss/

Who won and more importantly WHAT do they win?

https://imgur.com/nQp6SRt

Not sure if dividends are included but YOY results are:

NASDAQ (QQQ): +31.3%
2020-10-02 $274.31 USD
2021-10-01 $360.18 USD
https://finance.yahoo.com/chart/qqq

STOXX 600: +24.8%
2020-10-02 362.69 EUR
2021-10-01 452.90 EUR
https://finance.yahoo.com/chart/%5ESTOXX

TSX Composite (ZCN.TO): +24.2%
2020-10-02 21.77 CAD
2021-10-01 27.05 CAD
https://finance.yahoo.com/chart/ZCN.TO

#27 Andrewski on 10.02.21 at 12:04 pm

Great way to put the gargantuan equity market in perspective Doug. As there has been an explosion of do it yourself investors who have little to no idea what they’re doing, your post is a good learning opportunity.

#28 Shawn Allen on 10.02.21 at 12:06 pm

This raises a bigger question for all:

Examine your own life – Be honest: does it suck?

I’ll bet in the vast majority of cases it does NOT suck.

But if it does, why is that? And is it likely to change by being a keyboard warrior blaming the system? Or are some personal actions perhaps called for?

#29 Quintilian on 10.02.21 at 12:18 pm

This is like taking a patient’s temperature and the reading says it’s normal.

However, the patient had an ice cube in their mouth.

Years of tampering with monetary levers have distorted everything, and the gauges don’t’ give the right readings anymore.

Could the bull keep running?

Yes, and even faster. It’s anybody’s guess.

But that is all it is a Guess.
Tick Tock, Tick Tock

#30 Nonplused on 10.02.21 at 12:21 pm

“According to the Boston Consulting Group (BCG) and its annual global wealth report, which has been going strong now for 21 years, total global wealth stands at US$431 trillion with financial assets (bonds, equities, etc.) accounting for US$250 trillion of that total.”

These numbers would be more profound if dollars were real, which they are not. Lopping 3 zeros off the numbers above wouldn’t change the real wealth in the world at all, so long as it was done to all numbers. The penny might even be worth something again!

Since dollars are a relative unit of measure, it doesn’t really matter where you put the decimal. You can either have more zeros before the decimal or after but it still measures the same thing, and that thing is relative.

However the ratio between financial and physical assets is interesting, because it survives the relative numbers. Thus 250/431 of our so called “assets” are financial (i.e. registries in a spreadsheet). 58% in other words. Nearing 3/5ths. Doesn’t anybody see anything wrong with this? What happens if the power goes out?

Let’s look at a mortgage for example as a proxy for bonds and other financial “assets” that involve holding debt instruments. Sure, a bank puts a mortgage in its’ “asset” column. But is it really a free standing asset? Or is it just a claim on the house? Can the house be worth $1,000,000 and the mortgage worth $1,000,000 for $2,000,000 in total assets? No it cannot. Either the mortgage is worth $1,000,000 and the house zero upon liquidation or the house is worth $1,000,000 and the mortgage zero. You can’t count both the house and the mortgage when calculating total assets, you have to net them, same as you would when calculating “net worth”.

The same applies to government bonds. Sure, it is an asset to you tucked away in your RRSP, but to everyone else it is a liability, the net wealth of it being zero. It’s just an agreement to transfer wealth, not real wealth.

Hence, financial assets are for the most part double counting debt against physical assets or applying a NPV calculation to the future payments expected to be made using money that hasn’t been earned yet.

Either way the $181 trillion in physical assets still seems like a mighty big number, and it is. But the unit we use to measure it is pretty tiny, and it keeps getting smaller, something not found it other units of measure. For example if I measured my mass in hydrogen atoms, that would be a spectacular number, almost unuseful unless expressed in scientific notation. But it wouldn’t ever change unless I put on or lost weight. If I somehow measured my mass in dollars, it goes up 2% every year. And everyone who’s taken time to think about it knows that is a bull$hit number, right now the rate is more like 5-8%. And the nature of it is exponential, which introduces another complication that most people aren’t equipped to think about.

When I first started skiing a lift ticket was $20. Now it is $120. It’s still just a lift ticket, and for the most part still the same mountain. What happened to the mountain?

#31 TurnerNation on 10.02.21 at 12:27 pm

There’s not much to talk about.
The fast unwind of the Former First World Countries is underway.
Trends include.
– Forment the 4th Industrial Revolution by forcing people out of their jobs using endless mandates.
– Ditto by forcing small business closed using the economic weapons, the “CV Rules”.
– Ramp up immigration.
Result will be a need for UBI.
Corporate Communism.
We’ll all be equally poor and shopping at Costco Walmart Amazon.

Bonus: squeeze the homeowners via higher interest rates. The global goal lies in Pack em and Stack em
“Smart condos” in our fetid UN Smart Cities.
How to kill SFH? Dunno could be carbon taxes.
Energy audits. They’ll find a way.

Do you notice the daily changes? 101 new laws against us? Slow constriction of jobs, industry and supply chain?

And what was the 3rd industrial revolution?
I remember a “3rd” thing alright. But it had a slightly different name. Check the history books.
The next lockdown will be global and electronic. A.I.
(Because human guards would show compassion)

QR codes. Virtual Berlin Walls. Geofences.
I wonder what Starlink is for?

Control over Travel/Movements. Feeding. And Breeding.

#32 yvr_lurker on 10.02.21 at 12:32 pm

#7 Dogman01
———-
I think you have it spot on. Then, the other side of the coin is what a fellow said the other day. With interest rates so low and for so long, and wages largely stagnant for the working class, the illusion is that they can keep up their previous living standard by borrowing, or more likely choking themselves in huge debt (mortage, HELOCS etc). All the while those near the top end of the pyramid have seen epic gains through using the low rates to leverage purchases of valuable assets (which then can be double down by additional speculative condos, etc…), which in many years have appreciated at 10%+ per year. This two sided-coin has lead to the much greater wealth gap between segments of society than existed in the 1960s–1980s; the natural triggering of more radical politicians Bernie, Jagmeet, and false prophets (Trump), the Brexit UK vote, etc… are all manifestations.

Makes good sense to me. Rubin has articulated one side of that two-headed coin well.

#33 Tim on 10.02.21 at 12:34 pm

The poster that showed the $60,000 typical and $89,000 average salary in Canada was. I don’t know if it that high. Lets look at this, $60,000 a year working full time, 50 weeks a year at 40 hours a week , take 2 weeks off for the 4% vacation pay and that is $1,200 a week or $30 an hour.

The average weekly earnings as of July-2021 in Canada was $1,133 or $58,916, according to http://www.tradingeconomics.com/canada/wage-growth. This is weekly earning not salaries in Canada so this probably incomes all incomes paid to workers including hourly paid, wages employees in Canada.

Maybe salaried people are paid much higher as professionals but $89,000 looks a too high to me.

#34 Sail Away on 10.02.21 at 12:34 pm

#15 Woke up this morning… on 10.02.21 at 11:14 am

Re: kinder, gentler world and unsolvable problems

———

Woke, your posts are tiresome because you argue for ‘shoulds and shouldn’ts’. It’s a childish mindset.

The past actions you rail against are done; there is no return to that state. Strength has always and will always control. Stomp, kick and type all you want, but the world is as it is and solutions/forward actions need to work with the world as it is.

There’s nothing easier than being a critic, but in the end, all you can control are your own actions.

If you feel so strongly, return your property to those you feel are more deserving. I’ll keep mine. Heck, I might even buy yours from the person you give it to.

#35 Faron on 10.02.21 at 12:44 pm

#26 Albertaguy in AB on 10.02.21 at 11:59 am

Good point. Don’t forget currency effects over the year: USD lost 4.5% to the CAD (lol inflation worry warts)
EUR lost almost 6% to CAD — Oil!

Makes NASDAQ 27%, STOXX 19%, and TSX 24.2%

I had the ordering right, but was low on my estimates and just overlapped with uncertainty bars.

#36 Jet Thermal on 10.02.21 at 12:45 pm

There are a few level heads. And in spite of the leftist hate for Canada’s energy complex we level heads aren’t being lumped in with the index grunts with the TSX at #73 in the world. Nope, those of us who incest like adults are seeing up to 200% returns because we don’t listen to Trudeau and Greta.

Ex: https://financialpost.com/investing/energy-crisis-looms-as-climate-change-agenda-backs-governments-investors-into-corner

This guy isn’t a freak from a distant planet. He’s mainstream . I loaded up the truck. But still we hear nothing but crap.

Let’s see, listen to Trudeau, wonder why Canada’s industrial base is collapsing or make bank from the reality of global fact based investing. Invest wisely, or not, your choice. But fer Keeeerists Sake, don’t be satisfied being #73.

#37 Woke up this morning... on 10.02.21 at 12:52 pm

#22 Sail Away

Wow. Beautifully said.

#38 ImGonnaBeSick on 10.02.21 at 12:56 pm

#8 Faron on 10.02.21 at 10:58 am
#131 ImGonnaBeSick on 10.02.21 at 8:20 am

Took a brief gander over bfast. All I found were some really dumb COVID takes and another person who confuses reducto ad absurdum for straw man argument.

And it’s Faron, with an “a” you childish dolt. I don’t give you much credit, but didn’t think I was arguing with an 8 year old.

—-

Oh you are funny Foron. Being corrected by a weatherman! Classic.

#39 Doug Rowat on 10.02.21 at 1:01 pm

#17 Woke up this morning… on 10.02.21 at 11:25 am

Artificial growth.

An illusion.

Rigged game made to look like it is expanding.

While in real cost, that not measured in dollars, it is shrinking.

And consuming the finite resources on wasteful consumerism.

Driven by wants.

—-

(Tambourine shake)

I modified your comment slightly for tonight’s poetry slam.

—Doug

#40 Ian on 10.02.21 at 1:03 pm

Dogman01, I have worked since the mid 90’s when I was 24. I am in the delivery of big durable good, items. I know exactly what you mean when it comes to be dependent on wages. I started out at 35 hours a week making $15 an hour+ no benefits 4% vacation pay that is it in 1995. I has saved a little money then, $12,000 but not alot after working a lower paying job, $11.25 an hour from 20 to 24 years old.

This was a good pay as minimum wage was I think $6.85 an hour. My wage was 2.19 times minimum wage. Today, my hourly wage is $24 an hour, still good but much not keeping up with other wages, even minimum wage, $14.35. My $24.75/$14.35 an hour=1..43 7247 times minimum wage. I should be making $31.43 an hour using the same ratio when I first started in 1995.

I am working 47.5 hours a week instead of 35 hours a week and getting higher overall pay but I suspect most people did not get big enough pay raises the last 26 years. This is why I started in 1998 to aggressively saving 35% on my gross pay and paying down our mortgage as my wife only worked part-time, 30 hours a week these many years.

We have a paid off house since 2010 and we purchased it for $275,000 in 1998, $251,000 mortgage then now it is worth $750,000. Our RRSPs, TFSA’s, GICs, mid term provincial bonds, term deposits, Canadian bank stocks, real estate investment trusts(reits), money market funds are worth $850,000. We are nearing retirement now 54, 55. Just all the investments every year generate $34,000 in dividends, interest. This is over half my annual gross employment income.

I would say the most wages, salaries that are getting much higher with benefits in Canada is probably 75% of all public sector workers in federal, provincial, municipal governments.

#41 Woke up this morning... on 10.02.21 at 1:06 pm

#28 Sail Away

You may have missed the post where I said I don’t own.

What do you own though?

Those who unsettled Natives and violated their human rights set up a system that ensures you do not own the land your house is on. They’re not stupid. You own a leasehold only in essence and the right to pay taxes, which are indiscriminate and grow without consideration of your earnings.

I apparently own a bunch of land in another country. Willed. Never seen that land. Probably some kids on it right now playing. I hope.

Ownership is such a fascinating concept. Perhaps the biggest illusion there is.

We don’t even own our bodies! It’s a leasehold. Some believe renewable, some not.

And hey…look around. Adults are the ones ruining the world, not children. Perhaps we need some childish views in our leadership and world. Adults are outsmarting themselves. News should just be called “Adults Behaving Badly”

#42 Dragonfly 58 on 10.02.21 at 1:13 pm

Hi Shawn Allen and others of his ilk. From the late 1990’s to date real estate in my area has gone up about 600%- 650%. Meanwhile wages for a vast number of little Beaver’s have barely moved. Just what sort of “personal action ” would you recommend to let a better than average educated, somewhat better than average employment family even come close to keeping up with price inflation? Are the vast majority of Canadians in a downward mobility spiral ? What ” personal action ” would you recommend to avoid this ? More education ? Wife has a Masters, I have a Bachelors + BCIT technology program. We both had very demanding jobs, and steadily climbed the ladder. Yet our household steadily lost purchasing power. And against real estate it was a disaster. What more could have we done ? Re- invented ourselves as CEO’s ?

#43 Doug Rowat on 10.02.21 at 1:16 pm

#29 Quintilian on 10.02.21 at 12:18 pm

Years of tampering with monetary levers have distorted everything, and the gauges don’t’ give the right readings anymore.

—-

Call it tampering if you want, but it’s contributed to extraordinarily profitable bull markets. The rate of return gauges have been quite accurate.

—Doug

#44 Woke up this morning... on 10.02.21 at 1:24 pm

TurnerNation

How to kill SFH? Dunno could be carbon taxes.
Energy audits. They’ll find a way.

——-

TN, SFH is the “diesel heavy duty pickup truck to drop off kids at school but chipped with a second engine on the bed” – equivalent. No doubt that the greenies will have to come after it. But remember…they often own Teslas, so it offsets.

#45 Triplenet on 10.02.21 at 1:28 pm

The Bank of Canada rate will increase ON AVERAGE 10 basis points per month over the next three years.
With a little compounding that will be 4%.
Recent historical average is ~5.25%.
Bullish?
Bearish?
Or Realist?

#46 Quintilian on 10.02.21 at 1:41 pm

#43 Doug Rowat

“The rate of return gauges have been quite accurate.”

No Doug, this is what is actually happening in the real economy:

My GF works for her father as a purchasing agent.

They own a mid sized metal machinery fabrication shop.
She purchases everything ranging from brass, steel, chemicals, welding rods, gasses, electrical components, and stationery.

They have had price increases from their suppliers of over 20% across the board.

Some of the increases have been passed on to their customers, but competition compels them to absorb much of the costs.

Top line has increased substantially, the bottom line is close to red.

This is the reality and it is not reflected by the giants listed in the stock exchange.

#47 Rob on 10.02.21 at 1:55 pm

Alot of people in college I knew who took out huge student loans and credit card debt, payday loans and are living it up are all stressed out from some new survey on Septemeber-28-2021.

I have seen such large scale misregard for their finances and their future finances. I know of a long term friend, I don’t talk to anymore because he thinks I am too well off and don’t deserve the $30,000 I saved in my RRSP, TFSA over the 4 years working and going to school part time, night school.

I was smart to pay a little at a time for my college and not go into debt, student loans while he borrowed and did not care about his financial life. He lived at home just like me and had all the same or similar two parents and circumstances but chose to take it easy and go into debt.

What stopped are friendship is he knows I have no student debt, a decent paying job, no credit card payments and now have much more in my RRSP, TFSA, $75,000. We are both 28 years old.

#48 Linda on 10.02.21 at 2:19 pm

Love the mask on the bull:)

Doug, very interesting column. I do wonder how much of this wealth is ‘real’ – backed by actual assets that folks would actually pay the assessed market value for. However, presuming that the valuation is true it certainly underlines the value of investing to build financial assets.

#49 Dogman01 on 10.02.21 at 2:20 pm

#15 Woke up this morning… on 10.02.21 at 11:14 am

We are societies of altruists governed by psychopaths, that those who claim to represent us, those who get into positions of power, are very often wildly different in that psychology to those whom they claim to represent.” – George Monbiot

#50 Flop... on 10.02.21 at 2:30 pm

Thought I saw a similar visualization on the value of all the worlds goods valuation, got sidetracked looking at this infomercial from British Columbia Regional Mining Alliance.

I think from memory about 1/5 of readers of this blog hail from The Most Humble Place on Earth, so someone probably interested.

I drove the Stewart-Cassiar Highway up to the Yukon in 2008, apparently it had been upgraded, but according to these guys as part of an infrastructure project they are going to pave the highway, that’s good for the locals.

Will make it easier for them to drive to Dease Lake to pay $15 for a bunch of grapes…

M47BC

“Economic Impact of British Columbia’s Golden Triangle.

At the heart of British Columbia’s mining industry lies the Golden Triangle. This region has helped transform the province’s mining industry into a significant source of revenue and investment.

In 2020, the Golden Triangle accounted for roughly 44% of the $422 million in mineral exploration expenditures in British Columbia. In 2019, the Red Chris and Brucejack mines contributed around $1 billionto the province’s estimated annual gross mining revenues.

Community:

Agreements with First Nations (Tahltan and Nisga’a Nations)

38% of expenditures stays in the region.

97% stays in British Columbia.

150+ communities benefit.

Infrastructure:

The paving of the Stewart-Cassiar highway.

The opening of ocean port facilities for concentrate export at Stewart.

The completion of a $700-million high-voltage transmission line bringing power into the region.

This is a new beginning for the continued economic impact of British Columbia’s Golden Triangle.”

https://www.visualcapitalist.com/visualizing-the-economic-impact-of-british-columbias-golden-triangle/

#51 The other Keith in Calgary on 10.02.21 at 2:32 pm

So, 10 years ago global wealth was $122 Trillion.
Now, global wealth is $431 Trillion. Some of that is almost certainly inflated real estate, but let’s just take those overall numbers.

What I want to know, is how that wealth is spread out, then and now. How much of the wealth was owned by that fabled 1%, or better yet, the top 10% of that 1%, 10 years ago, and how much now? We know from the growth in wealth inequality that the very rich have become much richer, and pretty well everyone else is barely getting along.

A global wealth number doesn’t mean much, if most of the global population doesn’t own any significant amount of it.

#52 Ustabe on 10.02.21 at 2:35 pm

#28 Shawn Allen on 10.02.21 at 12:06 pm

This raises a bigger question for all:

Examine your own life – Be honest: does it suck?

I’ll bet in the vast majority of cases it does NOT suck.

But if it does, why is that? And is it likely to change by being a keyboard warrior blaming the system? Or are some personal actions perhaps called for?

“Examine your own life – Be honest: does it suck?”

To which I’d add “Does it suck for those that surround you, workmates, friends, family?”

I guess I’m what you’d call a silent investor in a small group of boutique assisted living homes. A few years ago when they had a concept and one home established they were having troubles getting financing to move forward. I was able to help and now they have three here and two next town up. Banks love them now and I’m no longer needed but I still hang out with them from time to time.

Just last week the discussion wove over to the types of residents they encounter and the take away was those that sit there, abandoned, no visits from sons/daughters/grandchildren and spend their days staring into the middle distance are those who arrive angry, argumentative and damn certain they are right and who dismiss those who will be serving them with a casual arrogance.

In other words: Be careful how you conduct yourself or your kids might dump you into an old folks home and go away. Thankful they have finally got rid of the darkness and vitriol. Pray they find one like these folks operate, not an offshore warehouse.

#53 TurnerNation on 10.02.21 at 2:37 pm

#88 Bezengy on 10.01.21 at 6:34 pm

That’s interesting testimony. Do you have more details?
Since this began for everyone I know it’s been a two week affair. Then back to normal.
One friend just got over it, 2 weeks , and today they are singing at a wedding.
How can it go so wrong for some?

Adding to my sample size I know dozens of “Un’s”.
Ages 25-55. Big partiers like myself. Never stopped.
To-date…they have escaped the wrath.
Again I ask why does it go so wrong for some?

#54 crowdedelevatorfartz on 10.02.21 at 2:37 pm

@#16 Woke up 500 years ago.

“Keep the status quo. Keep the wasteful consumerism rolling. Keep violating the human rights of Natives. Who cars what they HAD? Who cares what was taken from them? They’re not entitled to it. WE ARE! /s”

+++

Several decades ago there was a blockade at the Six Nations reserve in ontario .
Seems a private contractor had a job for the govt logging a substantial amount of trees.
Seems the land was under dispute.

The Natives blocked the road and tensions built.
“Wokesters” joined the natives to “stop the logging”.

During the months long blockade a reporter interviewd the protesters and came to the realization….
The Natives were blocking the logger because THEY wanted to do the logging for the money….
The “woke” protesters were just trying to save the trees.

Different chainsaws…..
Same result.

Kind of reminds my of the Fairy Creek Blockade in BC
The Native bands WANT the old growth logged for the money… and has repeatedly asked the protesters to leave.

https://globalnews.ca/news/8064151/fairy-creek-protest-bc-first-nation/

Different chainsaws same result.
Just keep telling yourself that things will be better under total First Nations rule.

Pave paradise and put up a parking lot.

#55 Shawn allen on 10.02.21 at 2:38 pm

Dragonfly. For answers take a look at Ian at 40 just a few comments above you. He had done extremely well on low wages. In any case you must play the hand you are dealt.

#56 Dirty Dan on 10.02.21 at 2:43 pm

https://www.thetimes.co.uk/article/mystery-rise-in-heart-attacks-from-blocked-arteries-m253drrnf

Health experts have been left baffled by a big rise in a common and potentially fatal type of heart attack in the west of Scotland.

“During the summer there was a 25 per cent rise in the number of people rushed to the Golden Jubilee National Hospital in Clydebank with partially blocked arteries cutting blood supply to the heart.”

With all the “elderly people” taken out by COVID, you’d think the numbers would actually be lower…

#57 Woke up this morning... on 10.02.21 at 2:44 pm

#39 Doug Rowat

Lovely.

But if you use it in your next rock song or if Garth gives it to his son Drake to use on his next hip hop smash album, I demand writer credit and royalties.

I own those words! Copyright Oct 2nd 2021.

#58 Shawn allen on 10.02.21 at 2:47 pm

What caused the fantastic increase in per capita wealth? Not labour as human capacity has not changed. Capital investments caused the wealth increase. Therefore as some have mentioned capital and investing got the rewards. Our mission is clear! Invest! Own capital.Do not rely on your labour alone to improve your lifestyle. And don’t bother complaining that it is to hard these days. Find a way. Start slow if you must. But start or keep it up as the case may be.

#59 Joseph R. on 10.02.21 at 2:49 pm

#40 Ian on 10.02.21 at 1:03 pm

This was a good pay as minimum wage was I think $6.85 an hour. My wage was 2.19 times minimum wage. Today, my hourly wage is $24 an hour, still good but much not keeping up with other wages, even minimum wage, $14.35. My $24.75/$14.35 an hour=1..43 7247 times minimum wage. I should be making $31.43 an hour using the same ratio when I first started in 1995.

—————————————————-

If we let the rich get richer, the wealth will trickle down to the wage earners. Sure, the middle class will end up with a bigger tax burden to pay for the tax cuts for the upper crust but they will make money in wages so all fair is fair.

Common sense, right?

Are you saying trickle-down economics is a fraud? Didn’t you feel the wealth trickle down on you?

#60 Woke up this morning... on 10.02.21 at 2:53 pm

#54 crowdedelevatorfartz

How can you write this and not see the next step in what you are writing?

That is the point!

The point is that Native’s land was settled and resources raped for profit. It is them who should be profiting, indeed!

Why do you feel that corporate entity has right to their land, to take from it and they don’t?

Said corporate entity probably wanted to take the resources before the dispute is settled and bare land stripped of resource is given to the Natives after the politicians stalled the process to give their corporate friends the time to rape the land bare.

#61 Dogman01 on 10.02.21 at 3:01 pm

#32 yvr_lurker on 10.02.21 at 12:32 pm

I come from a lower middle class upbringing, I know some men whom would be considered below average on “success: traits”. Hard working, honest , diligent just not dynamic.

I know that if they were born 30 years earlier in Canada they would have got a lifetime job at ”the plant”, had a family, house and decent retirement. Instead in our economy they are laid off from their “good jobs” and substitute with lower pay, low to no benefits and few guaranteed hours. They are measured up to an old Canada standard they have no hope of accomplishing and are deemed losers. Decent jobs require a sophistication they just do not possess, but they can work. On comes a hit to self-esteem, then too much drinking, add in gambling…..

Labour is a market commodity when you open the market to people whom can live on 1/10 your cost and then import labour into the market you lower the market rate for wages. It is constructive and systemic.
Our leaders choose Globalization\Free Trade knowing what it would do to a large part of their society. Even the NDP abandoned the Canadian worker.

Canada; It’s run like a private club and if you’re dependent on wages, your not in it.

#62 pPrasseur on 10.02.21 at 3:15 pm

“Be honest: does it suck?”

Hell no!

Been fully invested in stocks, mainly US stocks since at least 2001.

I believe in free market capitalism and that the most formidable thing ever invented by man is the US economy.

I put my money where my mouth is. Couldn’t be more satisfied with the results.

#63 Dogman01 on 10.02.21 at 3:17 pm

#40 Ian on 10.02.21 at 1:03 pm

Ian – great job on takin care of business!

While I did start investing early, and If I could I would give my 28 year old self a call and say THANKS MAN!.
My last 20 years of work I got one of those juicy Government jobs with benefits, stability, pension and some of it in a union, set pay raises each year then raises also to that pay scale!

I always refereed to it as a “Baby Boomer Job”.

If you are not int he top 25% of success traits and do not come from well off family; it is one of the few ways left to achieve middle class status in Kanaduh.

#64 Faron on 10.02.21 at 3:23 pm

#38 ImGonnaBeSick on 10.02.21 at 12:56 pm
#8 Faron on 10.02.21 at 10:58 am
#131 ImGonnaBeSick on 10.02.21 at 8:20 am

Doubles down on name calling and idiotic COVID takes. And we already know your beliefs about climate change. Well done stud. This comments section is a great resource for a master class on troglodytics. You’re a real chestnut of the genre.

#65 My Body My Choice on 10.02.21 at 3:26 pm

“So, before presenting your bear-market thesis in the comments … examine your own track-record.

Be honest: does it suck?”

I am always looking for value when I make a purchase: houses, land, stocks, collectibles, clothes, vehicles, groceries, electronics.

If the price is too high, I wait for a better deal, a better bargain, more value/dollar. If I have surplus and the price is too high, I may sell certain items and capture the higher price.

If the price is just right, I buy what I need, at a normal pace and hold on to what I have.

If the price is low or undervalued, I buy. The more undervalued, the more I will buy.

So when I analyse the stock market and ON AVERAGE, it is vastly over-priced, I’ll sell. If the market drops 5%, 10% or more, I will check if certain favourite stocks are still over-priced, correctly priced or under-valued. If they’re cheap, I’ll buy.

So to summarize: buy low, sell high.

#66 Wrk.dover on 10.02.21 at 3:28 pm

#46 Quintilian on 10.02.21 at 1:41 pm
#43 Doug Rowat

“The rate of return gauges have been quite accurate.”

No Doug, this is what is actually happening in the real economy:

My GF works for her father as a purchasing agent.

They own a mid sized metal machinery fabrication shop.
She purchases everything ranging from brass, steel, chemicals, welding rods, gasses, electrical components, and stationery.

They have had price increases from their suppliers of over 20% across the board.
_____________________________

I conversed with a self employed electrician this week.
All purchase orders come incomplete.

All contracts in limbo/missing components.

It reminds me of 1973/4. Then the demand bottom fell out with the OPEC embargo/driving 55.

#67 pPrasseur on 10.02.21 at 3:35 pm

“Canada; It’s run like a private club and if you’re dependent on wages, your not in it.”

Canada’s economy is in good part a string of unproductive government protected monopoly/cartels: Banks, insurance, telecom, medias, mines, energy, etc…

Wondering why Canadians usually pay more for bank, mobile plans, flying, etc?

Slowly but surely this archaic structure in sinking us into non-competitiveness.

Not much longer we’ll be able to compensate with over consumption made possible by buying ever more expensive houses from each other (aka: money printing).

#68 My Body My Choice on 10.02.21 at 3:48 pm

With Canada’s flags at half-mast, Trudeau shows us how much he enjoyed our newest national holiday: National Day of Surf and Relaxation.

I wonder what his carbon footprint was for that little escapade. The little Silver Surfer’s motto: do what I say, not what I do.

https://electconservatives.ca/trudeau-celebrates-first-national-day-for-truth-reconciliation-surfing/

#69 oops on 10.02.21 at 3:51 pm

#37 Doug Rowat

(Tambourine shake)

I modified your comment slightly for tonight’s poetry slam.

—Doug

—–

Thanks for the chuckle!

#70 DON on 10.02.21 at 3:54 pm

#13 Faron on 10.02.21 at 11:08 am
I don’t claim that this correction is the beginning of a new bear, but I disagree that this is a “new” secular bull despite my exchange with Ryan a few weeks back. The recession was as short as technically possible and patched over with govt $$$. If we are in a new regime, it’s more likely to be of the 1960s or 70s variety give the need for long term rate rises and govt investment in the real economy.

**********

Yup. Need to understand the current state in order to understand the future possibilities. Seems simple enough…but recency bias and lack of sufficient observation and awareness can distort perspectives.

If the compass (financial indicators) is broken doesn’t bold well for the rest of the journey. So are we in a new bull market or at the end of the preCovid bull market and covid is much like the 70s energy blackswan. Is there a definitive answer to this question?

#71 crowdedelevatorfartz on 10.02.21 at 3:58 pm

@#60 Woke up 500 years ago

The last time I checked clocks move forward in time not back.

Giving Natives back land that they lost through brutal, nasty wars and subjugation….. will wipe our hands clean?

Pfft.

What our fore fathers did or didnt do …doesnt mean the generations that came after them must pay and pay and pay and pay and pay and pay and pay forever.

It may make you apologists feel morally superior but it won’t change what happened.
No amount of money will.

The Aussies have national “Sorry Day” on May 26 every year
No holidays.
No Money.
Just politicians laying wreaths at monuments and people reflecting on past injustices .

https://www.timeanddate.com/holidays/australia/national-sorry-day

Time to stop handing out money or land or what ever.
Much wants more because only an idiot would refuse endless free cash.

Time to move on.

#72 pPrasseur on 10.02.21 at 4:12 pm

“I wonder what his carbon footprint was for that little escapade.”

Who cares!

Wokeism and climate change hysteria, share same methods (often from same people): bad or corrupted science, invalid methodologies, manipulated data, cancel culture, bullying of critics (and academia) and authoritarian culture.

#73 yvr_lurker on 10.02.21 at 4:30 pm

#61 Labour is a market commodity when you open the market to people whom can live on 1/10 your cost and then import labour into the market you lower the market rate for wages. It is constructive and systemic.
Our leaders choose Globalization\Free Trade knowing what it would do to a large part of their society. Even the NDP abandoned the Canadian worker.

Canada; It’s run like a private club and if you’re dependent on wages, your not in it.

———-
Indeed, and for those who have ambition to try to rise above the class they were born into (for me, it was the working poor, single mother barely above the poverty line), wage and job stability and acquiring skills is the key to getting ahead. All is good now, but it was a very long road. With the wealth divide as it is now, housing costs (both buying and renting), gig economy, and outsourcing of many industries, those who start with zero have an even much longer road to traverse to try to rise above the class they were born into.

#74 Doug Rowat on 10.02.21 at 4:36 pm

#46 Quintilian on 10.02.21 at 1:41 pm
#43 Doug Rowat

“The rate of return gauges have been quite accurate.”

No Doug, this is what is actually happening in the real economy:

My GF works for her father as a purchasing agent…

…This is the reality and it is not reflected by the giants listed in the stock exchange.

—-

You’re not describing the real economy you’re describing your girlfriend’s personal experience with one particular business.

And the return numbers on indices such as the S&P 500 are what they are.

It’s also ironic, you think you’re schooling Bay Street fat cats, but real Bay Street fat cats wouldn’t take the time to write a free financial blog, provide a forum for feedback, let alone respond to your comment.

—Doug

#75 Faron on 10.02.21 at 4:38 pm

#70 DON on 10.02.21 at 3:54 pm
#13 Faron on 10.02.21 at 11:08 am

Is there a definitive answer to this question?

Yes, we will have it in year 2031

#76 Dogman01 on 10.02.21 at 4:48 pm

#32 yvr_lurker on 10.02.21 at 12:32 pm

The cost to a person (a male) of a lowering standard of living is just too high to accept.

– Daily Comparison to peers level of surface affluence
– Self esteem hit if you have pride in taking care of your family and you struggle to do it. (branded a loser)
-Divorce becomes almost assured.

So instead you in-debt yourself, it is just so easy. Extend and Pretend.
https://www.youtube.com/watch?v=6I41xIN-oYw

When I speak to a lifetime Ford Factory worker, he is proud of his work and his company, he makes a good living building a good product, he won, his community won.

When I speak to a Amazon Distribution warehouse worker…well not so much, certainly hope not to work their for a lifetime.

The Amazon job is a “shit Job”, and they are not hiring at the Ford Plant, have not been for a long time.

#77 IHCTD9 on 10.02.21 at 4:52 pm

#47 Rob on 10.02.21 at 1:55 pm

What stopped are friendship is he knows I have no student debt, a decent paying job, no credit card payments and now have much more in my RRSP, TFSA, $75,000. We are both 28 years old.
——

Yeah, you gotta watch that. I’ve found the only folks who I can talk personal finances with are people who also made it priority, played the long game, and are satisfied with the results.

You sure don’t need to be a millionaire to piss some folks off, you just need to be in significantly better financial shape than them.

#78 IHCTD9 on 10.02.21 at 5:22 pm

#46 Quintilian on 10.02.21 at 1:41 pm
#43 Doug Rowat

“The rate of return gauges have been quite accurate.”

No Doug, this is what is actually happening in the real economy:

My GF works for her father as a purchasing agent.

They own a mid sized metal machinery fabrication shop.
She purchases everything ranging from brass, steel, chemicals, welding rods, gasses, electrical components, and stationery.

They have had price increases from their suppliers of over 20% across the board.

Some of the increases have been passed on to their customers, but competition compels them to absorb much of the costs.

Top line has increased substantially, the bottom line is close to red.

This is the reality and it is not reflected by the giants listed in the stock exchange.
———-

I’ve been in this biz for 26 years, and actually started as a purchasing agent too. GFC killed that employer, now I sit on the other side of the desk. The GFC killed the boom in ‘08, I stopped hoping it would come back in 2012. It’s only gotten worse since. The big mining, government projects, O+G, and big manufacturing are toast in this country. CV-19 and the anti-O+G sentiment in Canada chased my second largest customer out of the country last summer.

The steel/manufacturing supply chain has been shrinking for years too. Just a handful of major full-service steel warehouses left in the GTA. More recently, 3 long time GTA heat treating shops closed up, I think 1-2 merged too. Just not enough work to go around, one of them was in business since ‘53. Steel spinning shops too – unable to sell the business, several sold a few dies and a bit of equipment to their competition and just closed their doors. Big manufacturing closing up, GM Oshawa and GE Peterborough most recently. Thousands of good paying job up in smoke.

It’s been a long time coming, but if current trends continue, your GF is working in a dying industry. I’ll bet I know the company if it’s in the GTA. Right now mild steel is up over 100% since pre pandemic levels. I’m getting sick of CV, and honestly, I’m sick of this industry too. It’s going nowhere. (/rant)

#79 Penny Henny on 10.02.21 at 5:37 pm

#64 Faron on 10.02.21 at 3:23 pm
#38 ImGonnaBeSick on 10.02.21 at 12:56 pm
#8 Faron on 10.02.21 at 10:58 am
#131 ImGonnaBeSick on 10.02.21 at 8:20 am

Doubles down on name calling and idiotic COVID takes. And we already know your beliefs about climate change. Well done stud. This comments section is a great resource for a master class on troglodytics. You’re a real chestnut of the genre.
//////////////

Faron, he doesn’t need my help but he is taking you to school. Better quit while you’re behind.

#80 crowdedelevatorfartz on 10.02.21 at 5:38 pm

The incursions are happeing more frequently and getting larger.
Rehearsals for the real thing?

War with China over Taiwan in the next 2-3 years?

https://www.reuters.com/world/asia-pacific/taiwan-says-further-20-chinese-air-force-planes-entered-its-air-defence-zone-2021-10-02/

Only Xi Jinping (aka Winnie the Pooh) and his “Wolf Warrior” generals know for sure.

#81 Dogman01 on 10.02.21 at 5:50 pm

#73 yvr_lurker on 10.02.21 at 4:30 pm

You, me and #40 Ian on 10.02.21 at 1:03 pm; are likely on the top 25% of one or more success traits, the right side of the Bell Curve.
A Scarcity mindset helps a lot and I suspect that is a trait you have. Survival Instincts.

The economy is still dynamic and big enough to find success; effort, determination and merit all still play a big role.

Concentrate on using you life to achieve some good for yourself, and others. Railing against the gods wastes your most precious gift, while changing nothing. — Garth

I just “rail” at what I see as the economy constructively systemically arranged, abandoning the bottom, 40% (60%?) of my Canadian neighbours for the wealth accumulation of the few.
Most can feel the warm moist “trickledown”, its just not prosperity that is showing them.

As a good job is the best social program. Instead of surrendering to Globalism with a UBI we should create the legal\market conditions for good jobs and industry.

Just another interesting article: as I hit my comment posting quota for today: https://markmanson.net/american-dream

#82 Ponzius Pilatus on 10.02.21 at 6:09 pm

Just the picky accountant in me:
I assume the 431 mill “wealth” is only gross assets, before substacting liabilities taken on to acquire those assets.
So equity would be assets – liabilities (debt, current and future).
As the world is pickled in debt right now, my assumptions is that “real wealth” is much lower.
There is reason why CBs are reluctant to raise the interest rates.
They don’t wanna find out who’s swimming naked.
But, sooner or later, they’ll  have to bite the bullet.

#83 Steven Rowlandson on 10.02.21 at 7:04 pm

“What’s it all worth?”
Worth in terms of what?

#84 Woke up this morning... on 10.02.21 at 7:08 pm

#71 crowdedelevatorfartz

So crowdedelevatorfartz, this is my final reply to our exchange, and I’m going to ask you don’t reply to me any more please.

You’re replies are highly disappointing because you don’t see that your benefits and riches are a direct transfer of those who’s land was stolen. Or worse, you do and you want to keep it flowing, selfishly.

English language has many words that are often used to replace other not so good words. For example, instead of saying bribe, you can say reward – but is it really? Instead of settlers you can say conquerors of thieves.

That this land was stolen is of little doubt. And I don’t know ANY laws that allow stolen goods to be retained once they are identified as such. I gave you this example before I believe.

Your great grandfather murders someone and takes a valuable painting. That painting is passed on.
Your Grandfather passes the painting onto your father after spending $50,000 to restore it.
Your father passes onto you. You find out it is highly valuable, and show it. Someone comes forward to declare it was stolen from their murdered great grandfather.

You think you get to keep that painting if proof is solid that it was stolen in that murder?

Of course you’re not held responsible for the murder, but you don’t get to keep that painting.

Tons of stolen Jewish own art has been returned after Nazi stole it and it found new owners after the war.
Funny, this law of stolen goods applies to valuables but not land?

Are you really going to give me the Australian government as an example to argue your status quo point?

First, Australian Natives have been given 40% of the land by my understanding. Same population to land ratio would requite 58-60% of Canada to be returned to Natives. That would make sense.

Are you really going to argue what politicians do in defence of what is right? They are hired guns to keep the status quo moving forward. To screw the little guy. For the exploited to keep being exploited so that their corporate friends/benefactors can keep benefiting.

Yeah, we should move on. Keep violating Native human rights. Keep the theft and lie going. Keep their land. Keep building the house of cards on this foundation of rot. See how it works out. Just a little longer. Just another year. Just another two.

#85 Brad on 10.02.21 at 7:09 pm

Knowing world wide wealth of all kinds is important if you’re investing according to the efficient-market hypothesis. It would be interesting to know how this differs from the often posted asset allocation that Garth advocates. It certainly deviates when it comes to gold.

#86 Faron on 10.02.21 at 7:18 pm

#79 Penny Henny on 10.02.21 at 5:37 pm
#64 Faron on 10.02.21 at 3:23 pm
#38 ImGonnaBeSick on 10.02.21 at 12:56 pm
#8 Faron on 10.02.21 at 10:58 am
#131 ImGonnaBeSick on 10.02.21 at 8:20 am

Doubles down on name calling and idiotic COVID takes. And we already know your beliefs about climate change. Well done stud. This comments section is a great resource for a master class on troglodytics. You’re a real chestnut of the genre.
//////////////

… help … school … behind

Would that be the same school you and he take the short bus to? Pretty sure the only thing you’ve ever helped is yourself to another scoop of mashed taters. The only thing Ima-gonna-bea-sicka has ever been ahead of is his skis.

#87 Woke up this morning... on 10.02.21 at 7:18 pm

#66 Wrk.dover on 10.02.21 at 3:28 pm
#46 Quintilian on 10.02.21 at 1:41 pm
#43 Doug Rowat

“The rate of return gauges have been quite accurate.”

No Doug, this is what is actually happening in the real economy:

My GF works for her father as a purchasing agent.

They own a mid sized metal machinery fabrication shop.
She purchases everything ranging from brass, steel, chemicals, welding rods, gasses, electrical components, and stationery.

They have had price increases from their suppliers of over 20% across the board.
_____________________________

I conversed with a self employed electrician this week.
All purchase orders come incomplete.

All contracts in limbo/missing components.

It reminds me of 1973/4. Then the demand bottom fell out with the OPEC embargo/driving 55.
_____________________________

My friend works with cement. Says epoxies and other elements are no where to be found too.

We know doubt the technology of course.

I believe we’re in an economic war with China already. Politicians are ashamed to tell us because they allowed all our stuff to be made in China through Free-Trade. Moved all the production, PPE included to China. Now we’re finding out how much power and control that leaves China with over the western democratic/capitalist economies.

I think it is caused by the fact that they are responsible for the pandemic and there is so much information out there that they hold the responsibility now, were >< that far away from the whole story being complete and people calling for China to be held financially responsible.

I'm sure you all saw this 10 days back. Strangely this huge revelation wasn't reported much:
https://nypost.com/2021/09/22/wuhan-scientists-wanted-to-release-coronaviruses-into-bats/

I think all of this tightening of the supply by China is a pre-emptive strike to put pressure on western politicians and economies.

That's OK though. We have too much stuff anyway. It's spoiled us rotten and made us soft and weak.

I'm shocked that over the past 2-years we haven't learned about what is really valuable and what really matters.

How could this pandemic not teach us that it's not about stuff or things, it's about friends, family, hugs, loving each other, being more patient, kind, considerate, just overall better people.

#88 Michael in-north-york on 10.02.21 at 7:38 pm

Stock market analysts correctly predicted all 10 of the last 5 market crashes ..

#89 Habitt on 10.02.21 at 7:59 pm

Great post Doug thank you

#90 Sail Away on 10.02.21 at 8:01 pm

Woke:

Land ‘belongs’ only to those strong enough to defend it – militarily, economically, legally, politically, through mutual interests, or a combination.

Prove me wrong. Provide a historical example.

#91 crowdedelevatorfartz on 10.02.21 at 8:09 pm

@ #74 A quintillian quantifiable queries

“You’re not describing the real economy you’re describing your girlfriend’s personal experience with one particular business.”

++++

Quint….I think you’ve been swallowed by the shark…

https://www.youtube.com/watch?v=pmLP0QQPqFw

#92 SoggyShorts on 10.02.21 at 8:39 pm

@Woke up this morning…

I’m curious: What exactly gives the natives more right to the land than those who have it now?

Firsties? How much of it? AFAIK they hadn’t settled everywhere and were even somewhat nomadic, so… just the whole continent by default?

What about partial natives? My FiL is 1/4, so does he have less “right” to the land than his father did? Does his daughter have even less of a claim?
Is it “purebloods only”?

Then of course comes the awkward issue of tribal wars. You see, “the natives” were not, and are not just one group, but rather several, and these groups warred and “stole land” from each other a lot, so who exactly does it “belong” to in your mind?

Your virtue-signaling isn’t impressing anyone, is poorly thought out and very short-sighted.

#93 ImGonnaBeSick on 10.02.21 at 8:44 pm

#64 Faron on 10.02.21 at 3:23 pm
#38 ImGonnaBeSick on 10.02.21 at 12:56 pm
#8 Faron on 10.02.21 at 10:58 am
#131 ImGonnaBeSick on 10.02.21 at 8:20 am

Doubles down on name calling and idiotic COVID takes. And we already know your beliefs about climate change. Well done stud. This comments section is a great resource for a master class on troglodytics. You’re a real chestnut of the genre.

—–

Oh Foron… I can appreciate your new strategy of trying to be aggressive to the (so many) people on here that point out that you’re an idiot. The problem is that you’re not very good at it… Did you seriously just try the “jerk store” insult? The problem is, there is no class on troglodytics… You write the way you look, with a complete lack of self-awareness. Heh, cry about having your name joked about and then try to throw some insults around… It’s ok, you’re a nerd. I don’t mind nerds, I went to school with a lot of them, I’ve hired a few of them… Now I don’t want to be actually mean to you, because although I find you to be an obnoxious, clueless, pretentious, faux intellectual, super genius, I don’t know you enough to truly dislike you…

Now if you’ll need excuse me, I will finish watching a movie with my wife and kids after having a beautiful day, while you, single, enjoy a ketchup and mustard sandwich.

Now I’ll save some time, because here’s the point where you retort that you are an excellent cook, and that you actually made yourself a 4 course meal, which I will the respond with highlighting the “yourself” part.

#94 Sheesh on 10.02.21 at 8:54 pm

90 Sail Away on 10.02.21 at 8:01 pm
Woke:

Land ‘belongs’ only to those strong enough to defend it – militarily, economically, legally, politically, through mutual interests, or a combination.

Prove me wrong. Provide a historical example.
…….

I agree that woke needs some history lessons. If it weren’t for the military might of our neighbour, this country would be easy pickings for, say, Russia. WWII could easily have gone the other way. We would not even be thinking of having this discussion if that were the case. There’s no going back, reparations have been made. Enough of the ‘stolen land’ bs.

#95 When Will They Raise Rates? on 10.02.21 at 8:59 pm

Looks like Garth may be correct about one of the underlying main pillars of his RE thesis, namely the return of WFH ppl returning to large urban centers, at least for now:

The number of available apartment rentals in New York City has fallen back to pre-pandemic levels as people return to city life for urban work and schooling. 

According to Bloomberg, citing data from real estate firm StreetEasy, in the week ending Sept. 26, inventory of apartments for rent stood at 15,541, compared with 16,649 at the start of March 2020. This is a considerable decline from the 48,753 rentals available in September 2020. 

https://www.zerohedge.com/markets/people-are-moving-back-nyc-rentals-become-scarce-city-life-returns

#96 Ponzius Pilatus on 10.02.21 at 9:13 pm

90 Sail Away on 10.02.21 at 8:01 pm
Woke:

Land ‘belongs’ only to those strong enough to defend it – militarily, economically, legally, politically, through mutual interests, or a combination.

Prove me wrong. Provide a historical example.
——————-
No big fan of Gandhi.
But he may be the example you’re looking for.

#97 oops on 10.02.21 at 9:42 pm

#86 Faron on 10.02.21 at 7:18 pm

Would that be the same school you and he take the short bus to?

This sentence is your doom…there is no rebuttal…Faron is dead….

Unless you can clarify what you are implying by ‘short bus’?

#98 crowdedelevatorfartz on 10.02.21 at 9:49 pm

@#84 Woke up and it was 500 years ago

“So crowdedelevatorfartz, this is my final reply to our exchange, and I’m going to ask you don’t reply to me any more please.”

+++++

https://www.youtube.com/watch?v=UryIL4kUcx8

#99 Drinking on 10.02.21 at 10:02 pm

Not sure where you are going with this; last week I entered the grocery store due to having a craving for buttered chicken. Went to the chicken Isle and they wanted 15 fricken dollars to two breast, the small and I mean small jar of buttered chicken sauce that I use to pay 3 bucks for is now 6.

I guess, invest in super market chains if one can afford to, hip, hip, hurray!

#100 Dan in Nanaimo on 10.02.21 at 10:05 pm

I like your Bigger Picture title, and references to pullbacks being common and a normal part of equity market volatility. I would posit that volatility is THE paintbrush that determines what the big picture looks like.

I also agree with you that the market is long term bullish.

However, in the event of an unexpected outlier event which exceeds normal anticipated/expected losses (let’s say something like a volatility short squeeze unwinding) my hope is to be nimble enough recognize, navigate, and position correctly to capture anticipated upside movement.

Point being, a market with rising prices is the historical trajectory and that’s a good thing. Just like a corrective rip can be a good thing if viewed clearly – like buying the SPX low in spring 2020 and selling it in summer/autumn 2021. Who knows if we will see a corrective rip anytime soon but a reasonable ask is to always be prepared for the completely unexpected. Always understand your risk tolerances and time horizons and manage them.

#101 When Will They Raise Rates? on 10.02.21 at 10:17 pm

#95 When Will They Raise Rates? on 10.02.21 at 8:59 pm

Looks like Garth may be correct about one of the underlying main pillars of his RE thesis, namely the return of WFH ppl returning to large urban centers, at least for now:

The number of available apartment rentals in New York City has fallen back to pre-pandemic levels as people return to city life for urban work and schooling. 

According to Bloomberg, citing data from real estate firm StreetEasy, in the week ending Sept. 26, inventory of apartments for rent stood at 15,541, compared with 16,649 at the start of March 2020. This is a considerable decline from the 48,753 rentals available in September 2020. 

https://www.zerohedge.com/markets/people-are-moving-back-nyc-rentals-become-scarce-city-life-returns

———————

However, restaurants in Manhattan are apparently reporting a 40 – 60% decrease in business since the vaxport and commercial RE is still in the dumps, so perhaps a wait and see approach may be prudent…

The fall and winter will tell all.

#102 Faron on 10.02.21 at 11:10 pm

#93 ImGonnaBeSick on 10.02.21 at 8:44 pm

Ha, wow. You’re a class act. tripled down on names and even jabbed at my looks. And hilariously clueless. Maybe one of these days I’ll do a primer on salient facts and insults that land with me so folks like you and BillyBob don’t have to whiff so hard. Sometimes I worry you’ll tear a rotator cuff.

I especially love it when grumpy a-holes have to demonstrate how non grumpy they are by chatterboxing about their bliss. Last I checked, happiness isn’t something one crows about to strangers on the internet unless they are hollower than a lava tube. They are just… happy.

The best part of climate science is that we’ve been right-to-underestimating the severity for nigh 50 years. This summer was a crushing example. The waning numbers like yourself will just be steamrolled. I tend to argue the need to ensure that jobs lost due to economic shifts should be carefully compensated. But, on days like today dealing with your Ilk, that generosity fades.

Enjoy your ragamuffins. Say hi to Penny for me. I hear she’s a handful.

#97 oops on 10.02.21 at 9:42 pm

The short bus I know of is the one that picks up the kids in front of my house and takes ’em to elementary. What did you mean Oops? What’s that behind your back? Is that a fistful of mud oozing between your fingers?

90 Sail Away on 10.02.21 at 8:01 pm
Broke:

Land ‘belongs’ only to those strong enough to defend it – militarily, economically, legally, politically, through mutual interests, or a combination.

Prove me wrong. Provide a historical example.

Ha, LOL. I’ve heard that fish don’t recognize that a world exists outside of their tank/lake/stream/sea.

Anyhow, I’m off to drill holes in my skull and take an ice bath. Treatnite!

#103 Woke up this morning... on 10.03.21 at 12:51 am

#92 SoggyShorts

Firstsies is how it works. That’s what dibs and thus ownership is based on. How did the Brits claim it? Firstsies – discovered it! Dibs!

As for your question about details, let them work that out. You see Natives have a say in how Brits run England? Why is inverse acceptable and our concern?

Once again…selfishness is the only excuse and concern.

You can see it isn’t defensible.

#104 Green Energy on 10.03.21 at 1:59 am

Stupid woke mor ons manipulated by evil diabolical capitalists..

I am surrounded by idi ots…

#105 Diharv on 10.03.21 at 2:07 am

#99 Drinking on 10.02.21 at 10:02 pm
Not sure where you are going with this; last week I entered the grocery store due to having a craving for buttered chicken. Went to the chicken Isle and they wanted 15 fricken dollars to two breast, the small and I mean small jar of buttered chicken sauce that I use to pay 3 bucks for is now 6.

I guess, invest in super market chains if one can afford to, hip, hip, hurray!
You need to look for deals which are quite abundant if you take the time to look for them. Picked up a bag with two whole fresh chickens for $11.00

#106 Phylis on 10.03.21 at 7:22 am

Seems like Sunshowers took another humanities course.

On another note, I thought Stone would have taken the opportunity to chime in with a portfolio track record update.

#107 Penny Henny on 10.03.21 at 8:22 am

#102 Faron on 10.02.21 at 11:10 pm
Last I checked, happiness isn’t something one crows about to strangers on the internet unless they are hollower than a lava tube. They are just… happy.
////////////////////

Says he who talks about his alcoholic mother and numerous insecurities to strangers on an internet finance blog.

#108 Woke up this morning... on 10.03.21 at 9:05 am

#90 Sail Away on 10.02.21 at 8:01 pm
Woke:

Land ‘belongs’ only to those strong enough to defend it – militarily, economically, legally, politically, through mutual interests, or a combination.

Prove me wrong. Provide a historical example.

——

The concept of ownership by the capitalist machine is the first thing that is interesting to consider.

I like that you used “belongs” because it is a word worth looking closer at.

“She and I belong together.”
“This land belongs to me.”

English language never stops amazing me. “be part of” and “be property of” meanings in the same single word? Who came up with this perversion?

Natives and land belong to each other – is how the politicians say it in a PR statement.

The land does not belong to Natives – that’s how the contract says it.

Military? – used to kill, oppress, control through force those who don’t have the tools of war?

Economy? – capitalist enslavement to gains and man made money to which all bow down?

Legally? – Laws made up to take away rights, and then leaders taking credit for giving SOME of them back? As if these human rights are theirs to give?

Politics? – Lying megalomaniacs using and controlling us to their own gain? One no different from the next? Selling us out at every opportunity. NEVER something for the people without a MUCH MUCH GREATER benefit for themselves. See: #49 Dogman01

All of these are tools of control and authority.

Mutual Interests? If that was the case Canada would recognize their wrongs and right them. And by Canada I mean the the German-claiming-to-be-British royals.

Give the Natives their 58% of the land back. Let them live without this consumerism. Although it is probably too late. We’re all slaves to things, and have too many of them. So many, there is hardly anything of us left for these things to own. And own us they do.

I don’t want to talk about this and I’m sure Garth doesn’t want to be moderating this. But we’ve been pacified. Pacified by shiny things that glow. Branded by logos. Told my marketing machine what to buy, when to buy it. Told that it is all that matters. Show a marketing mould to fit into. Hipsters fits into this. Boomer into that. Couple with a child with x, y, x, and two lattes looks like this. Now go emulate. Go buy these things and look like that.

They tell you what you want, and you don’t even thing why you want it. You just do and you think you should be entitled to it. At any cost.

Slavery is over? Think again. Slave to the stuff. Slave to the dollar. Slave labour making your crap to ensure profit margin meets street targets. Kids jumping off buildings to stop making iPhones from 9AM to 9PM 6 days a week? Install nets so they can’t die. Not only did they take their freedom away, they took the human right to die away from them. Slave in the gig economy without sick days or benefits or health insurance as #7 Dogman01 & #61 Dogman01 notes. WHO ALLOWED THIS TO HAPPEN?
Why can’t we have these things? Decent livable wage. Benefits. Health benefits. Etc. etc. All of these things are such an inconvenience to achieve for the politicians and their benefactors. OH THE HUMANITY! Just think what would happen if Apple’s profit margin was 33.3% not 43.3% – it would make SO MUCH DIFFERENCE!

#109 ImGonnaBeSick on 10.03.21 at 9:13 am

#102 Faron on 10.02.21 at 11:10 pm
#93 ImGonnaBeSick on 10.02.21 at 8:44 pm

Ha, wow. You’re a class act. tripled down on names and even jabbed at my looks. And hilariously clueless. Maybe one of these days I’ll do a primer on salient facts and insults that land with me so folks like you and BillyBob don’t have to whiff so hard. Sometimes I worry you’ll tear a rotator cuff.

I especially love it when grumpy a-holes have to demonstrate how non grumpy they are by chatterboxing about their bliss. Last I checked, happiness isn’t something one crows about to strangers on the internet unless they are hollower than a lava tube. They are just… happy.

The best part of climate science is that we’ve been right-to-underestimating the severity for nigh 50 years. This summer was a crushing example. The waning numbers like yourself will just be steamrolled. I tend to argue the need to ensure that jobs lost due to economic shifts should be carefully compensated. But, on days like today dealing with your Ilk, that generosity fades.

Enjoy your ragamuffins. Say hi to Penny for me. I hear she’s a handful.

—-

Ugh, this is getting gross. It feels like I’ve kicked a puppy… Buddy, I could stub my toe and you’d be offended. Actually, you’re a lot like stubbed toe, annoying for 30 seconds, and then completely forgettable.

You’re an open book… Soft as a pillow…

You may actually be the personification of low self-esteem… How would I have any idea what you look like? You’re a bizarre, unstable dude.

Get some help Foron… Maybe finally go for that walk, sit on the bench for a bit, get your head straight…

#110 Devil Anse on 10.03.21 at 9:37 am

“ Further, consider the current bull market’s place in history. In terms of returns and duration, the current bull market is likely only in its infancy. Historically speaking, it’s just getting started”

Doug – Could it be argued that this bull market pre-dates March 2020? The Covid ‘recession’ was short-lived and somewhat irregular? Perhaps this bull market actually started in 2009 or 2010?

#111 Bezengy on 10.03.21 at 10:12 am

#53 TurnerNation on 10.02.21 at 2:37 pm
#88 Bezengy on 10.01.21 at 6:34 pm

That’s interesting testimony. Do you have more details?
Since this began for everyone I know it’s been a two week affair. Then back to normal.
One friend just got over it, 2 weeks , and today they are singing at a wedding.
How can it go so wrong for some?

Adding to my sample size I know dozens of “Un’s”.
Ages 25-55. Big partiers like myself. Never stopped.
To-date…they have escaped the wrath.
Again I ask why does it go so wrong for some?

————————————————

I’m not qualified to answer why presently 44 people a day die from Covid in Canada while others seem to recoup in a couple of weeks. I guess I could ask my family members who work in the ICU, but they tend to get a little wordy when speaking about medical science.
This I’ll share with you, all of my clan save one is directly involved with the treatment of Covid patients so I hear plenty of stories, like the following.

Patient declares they don’t believe in science, as they’re being wheeled into the ICU.

Patient declares they would like to choose the doc and nursing team that will treat them, and demand who will not.

Patient declares they have young children, so they should get preferential care due to their importance.

Patient berates the doc because of their accent, and then depends of the doc to save their life.

Patient damages equipment on purpose in one of their hissy fits.

Patient abuses health care professional to the point they immediately leave on stress leave.

Patient declares they are healthy and will survive as they make changes to their will, and are dead within a few hours.

I get it, people simply make the choice not to get vaccinated, but when you can’t breathe just “man up” and self medicate at home. They are plenty of home recipes like chicken noodle soup one could use. Maybe buy a can or two of compressed air from Staples, but this “it doesn’t affect me” attitude so I don’t need the vaccine, and then showing up at the hospital hours before death is dumb. You’ve made your choice. Live, (or die) with it.

#112 millmech on 10.03.21 at 10:23 am

#102 Faron
I am sorry but you can not extricate yourself from that comment.
Both of my sons had learning disabilities and went to a special school for a bit on the “short bus” which was for the developmentally disabled children. Everyone knows what “short bus “infers and that is mental retardation, unbelievably callous especially from someone who is suppose to be highly educated and with that education should have the level of maturity to debate people in a an adult manner.

#113 crowdedelevatorfartz on 10.03.21 at 10:29 am

@#108 Woke up and it was 500 years ago

“I don’t want to talk about this ”

+++

https://www.youtube.com/watch?v=UryIL4kUcx8

You have a funny way of showing it…

#114 Doug Rowat on 10.03.21 at 10:34 am

#110 Devil Anse on 10.03.21 at 9:37 am

Doug – Could it be argued that this bull market pre-dates March 2020? The Covid ‘recession’ was short-lived and somewhat irregular? Perhaps this bull market actually started in 2009 or 2010?

—-

You have to work with black-and-white definitions of what interrupts a bull market (typically, a 20% decline from a new peak) otherwise you get a misleading view of volatility and downside.

While it’s unlikely you’ll record a negative return by holding equities long term, it does occasionally still happen. It’s important to know that this is the risk of investing solely in equities.

—Doug

#115 crowdedelevatorfartz on 10.03.21 at 11:02 am

All China’s problems come to fruition

https://www.reuters.com/breakingviews/chancellor-evergrande-is-all-chinas-woes-one-2021-09-30/

A Communist dictator trying to run a capitalist economy that he neither trusts or wants.

One wonders as their economy flounders where they will look to focus their attention and lay the blame…..

#116 Yukon Elvis on 10.03.21 at 11:10 am

#92 SoggyShorts on 10.02.21 at 8:39 pm
@Woke up this morning…

I’m curious: What exactly gives the natives more right to the land than those who have it now?

Firsties? How much of it? AFAIK they hadn’t settled everywhere and were even somewhat nomadic, so… just the whole continent by default?

What about partial natives? My FiL is 1/4, so does he have less “right” to the land than his father did? Does his daughter have even less of a claim?
Is it “purebloods only”?

Then of course comes the awkward issue of tribal wars. You see, “the natives” were not, and are not just one group, but rather several, and these groups warred and “stole land” from each other a lot, so who exactly does it “belong” to in your mind?
Your virtue-signaling isn’t impressing anyone, is poorly thought out and very short-sighted.
+++++++++++++++

Some would also point out the “the natives” are immigrants too and the archeological record shows that they originated in Asia and came here in waves over time but no one is really sure cuz they had no written language or history. They did not originate here as is claimed.

#117 Dr V on 10.03.21 at 11:35 am

A little refresher for everyone

https://indigenousfoundations.arts.ubc.ca/royal_proclamation_1763/

#118 BillyBob on 10.03.21 at 11:43 am

Uhhh…just for the record…ImGonnaBeSick is not me posting under another handle. lol

Gotta say I’m not a fan of the use of a slur against disabled people to try and score points (“short bus”). How perfectly illustrative that it comes from our resident progressive champion.

Ah well. Tofino Trudeau sets the pace on hypocrisy, the rest just follow along I guess.

#119 Phylis on 10.03.21 at 3:10 pm

Oil change. Done and done! My simple tip, cardboard helps to slide underneath if you don’t have a crawler (not sure of the actual name).

#120 Drinking on 10.03.21 at 7:52 pm

#105 Diharv

Thanks for responding; please tell me where; it has just become insane out there. Any others please share for those who are looking for a food deal, thanks!