Battle of the sexes

.
RYAN   By Guest Blogger Ryan Lewenza
.

Having worked on Bay Street for the last 25 years I know firsthand how male dominated our industry is. Thankfully this is changing as more women enter the investment industry and break through the proverbial ‘glass ceiling’. And based on recent findings from Fidelity, this could be a good thing for investors and the broader investment community.

Fidelity Investments recently published a report titled, 2021 Women and Investing Study, which had some pretty interesting findings and proof that women, generally, make for better investors.

Fidelity completed a detailed analysis of 5 million customer accounts over a 10-year period and found that women outperform their male counterparts by 0.40% annually. The critical factor behind this outperformance was their more disciplined and longer term investment approach by not trading the portfolio as much. Based on the study they found that female customers traded 50% less than their male counterparts and that this helped explain a lot of the better performance.

Well this statistical analysis supports our belief that investment success is driven more by years in the market versus trying to time the markets.

We talk a lot in these blog posts about the magical power of compounding and how investors who take a longer term approach and not let their emotions get the better of them, that this will go a long way in delivering better investment outcomes and ensuring financial goals are met.

Take a look at the chart below. It’s a simple return chart of the Dow Jones Industrial Average dating back to the 1970s. Over the last 50 years the Dow has returned an impressive 11.2% annually or a 24,445% total rate of return. Put in dollar terms, if you invested $100,000 in 1970 and let it grow over time and reinvested the dividends that it would have grown to $26 million. Ah, the power of compounding, how I love you so!

Invest for the Long-term

Source: Bloomberg

To further hit home the point take a look at this chart. It shows the impact to returns when investors miss the best days in the stock markets. Specifically, it calculates the returns on a $100,000 investment in the S&P 500 if fully invested over a 20-year period versus different scenarios if investors missed some of the best days in the markets. For example, if you missed the 10 best days in the S&P 500, $100,000 would grow to $316,414, far less than the $654,055 if fully invested over the 20-year time period. So missing the 10 best days in the stock market would have cost you $338,000 in gains. If you missed the 20 best days in the market the portfolio would grow to just $203,393. And so on.

$100,000 Investment in the S&P 500 over a 20-Year Period

Source: Blackrock; Days Missed Are Best Performing Days

Now you may be saying, “Ryan, who cares about a measly 0.40%”. Well, when compounded over years, it can translate into tens of thousands of dollars. Below I show the impact of this 0.4%. I calculated how much you would have after investing $10,000/year at a 7.4% return versus a 7% return. The 7.4% return portfolio would be $80,000 higher than the portfolio that earned 7%. So it adds up.

Difference in a 0.4% Annual Return

Source: Turner Investments

Assumptions: Invest $10,000 annually for 30 years at 7.4% and 7% returns

Let’s face it. Women are better than man in many areas and apparently this extends to the world of investing. So take a bow ladies, on top of looking after the kids and home, working and taking care of business, and contributing in other countless ways, you’re also earning better investment returns due to your more disciplined and long-term approach.

Ryan Lewenza, CFA, CMT is a Partner and Portfolio Manager with Turner Investments, and a Senior Vice President, Private Client Group, of Raymond James Ltd.

 

101 comments ↓

#1 Stealth on 11.06.21 at 9:54 am

Thank you for early morning post release.

It makes sense, female members of society are able to control their emotions better when it comes to investing and I have seen that, especially control greed side if it.

What are female participation rates in the overall market? I have noticed that discussion on this topic is a non starter it always switches to real estate and kids after 2 mins. Yes I am probably wrong and my sample size is negligible however are there any official statistics?

If it happens that somehow female participation rates are lower than male rates, it would be excellent to bring that up as it would have numerable benefits across the board.

Thanks

#2 Felix on 11.06.21 at 10:18 am

An instructive photo today.

If all mutts are encouraged to cannibalize each other as in this picture, the environmental impact of that dogawful species could be cut in half by 2030.

#3 Dharma Bum on 11.06.21 at 10:20 am

Ryan, you are now the official social justice warrior, woke, politically correct, virtue signaller, feminist, gender bender champion of Turner Investments.

Hooray!!!

We are very proud of you.

#4 Tarot card on 11.06.21 at 10:22 am

Thanks for the blog Garth
Thanks for the post Ryan

Great article!
I can attest my wife Is better at investing, here are some examples
She’s a Buy and hold gal while I am trade and take profits.
When a stock drops in price……
she says it will go up again, me nervous as heck
During the crisis last year I was not sleeping and I told her what Garth said …. It’s temporary and she said ….why sell it will eventually go back up.
Strong women! But I listen to Garth ha ha

The last 10 years her TFSA was higher than mine

Now I am not sure if it’s because she’s a women or because her father traded stocks and she’s more informed than most?

I think they said compound interest is the eighth wonder of the world!
And I read somewhere when the folks bought Manhattan…… if the First Nations invested the money they could have purchased Manhattan back today with billions to spare. Magic of compounding.

Have a great weekend everybody!

PS

Did you know you can buy a remembrance sign for you lawn? Go to the poppy store. Awesome! I have seen a few already this year, what a great idea!

#5 SCD on 11.06.21 at 10:29 am

I remember years ago reading Jim Cramer’s “Confessions of a Street Addict”. He brought up this topic of female traders not over trading. I liked the book because it addresses the psychology of ego, emotions, fear and greed. My husband and I have an arrangement where I manage our investments. It has worked out very well.
I enjoy listening to conference calls and reading quarterly reports. He doesn’t. Thanks for the post!

#6 Ian on 11.06.21 at 10:34 am

Great read. I have often read that women are larger savers than men, but men outperform women due to hesitation on investing in general. That said, you could make the market if more women enter the field, it might support more retail (direct) investing women and the performance gap would probably close pretty quickly!

#7 Flop… on 11.06.21 at 10:35 am

I asked my wife if I’m allowed back on the blog yet.

She told me to shut up and get back in the kitchen…

M47BC

#8 Phylis on 11.06.21 at 10:50 am

Thanks Ryan. The components of the dow over 50 years has also changed, which could be viewed as traded. Any idea what percentage that might represent?

#9 crowdedelevatorfartz on 11.06.21 at 10:51 am

“So take a bow ladies, on top of looking after the kids and home, working and taking care of business, and contributing in other countless ways, you’re also earning better investment returns due to your more disciplined and long-term approach.”

+++

Sadly.
Not enough men OR women invest.
Just curious.
Is there a study of the percentage of women and men personally invested in the markets?
Outside of pension plans, company stock purchase plans…..etc
How much of the actual population invests?
What are the percentages of men investing vs women?

#10 Penny Henny on 11.06.21 at 11:09 am

My only trade this year was back in January, I sold the last of my XGD and bought some more CDN dividend stocks.

#11 Dogman01 on 11.06.21 at 11:41 am

“We have landed in this strange place, where women are exactly the same as men and also magically better” – Douglas Murray | Wokeness: the new Western morality

The psychological \evolutionary drive for success are much higher for men. Men need to take to much more risk in life, you can see this from death at work rates, Men are on a much more broad bell curve, it why there are they are the majority of Genius intelligence and serial killers.

An unsuccessfully man is socially derided and society has no value for them (look at the Homeless 80% male) . It is evolutionary Biology, males will try everything to succeed and females do best to stay in a lane.

I concur with your article, I manage both my wife’s and my account, the activity is usually in mine and the long term results show hers doing better, set it and forget it.

#12 Linda on 11.06.21 at 11:51 am

Ryan, do hope that the ladies continue to outperform, albeit by a small amount. Couple of things. First, many ladies tend to stick with ultra conservative ‘safe’ investments. Hopefully women will move into a B&D approach as a regular thing. Second, ladies on average live longer – on average at least 4 years longer here in Canada. So ladies actually need to be a little more willing to take on some risk rather than cling to GIC’s & bonds. They need the growth a good B&D portfolio would provide. Third, earning power. Despite decades of advances, women still on average earn less than men do. There are many reasons for this that we need not get into, but since women do tend to live longer they really need to focus on getting the best bang for every buck. Ladies, take full advantage of a TFSA. If you haven’t got one & have $ handy, open one today & do your utmost to contribute the maximum allowed, while investing the sums in a B&D portfolio. Your future self will thank you!

#13 Habitt on 11.06.21 at 12:04 pm

11 dogman01 Murray nailed it. Great read. 3 Dharma Bum that sums it up nicely.

#14 Ponzius Pilatus on 11.06.21 at 12:04 pm

#3 Dharma Bum on 11.06.21 at 10:20 am
Ryan, you are now the official social justice warrior, woke, politically correct, virtue signaller, feminist, gender bender champion of Turner Investments.

Hooray!!!

We are very proud of you.
————————
Ryan, is just pointing out a biological fact.
Man are mostly just good for arm wrestling and fighting wars.
If men were to bear children, mankind would have gone extinct long time ago.
Time to stop calling everyone who does not follow your Weltanschauung a wokester.
Just childish.

#15 tbone on 11.06.21 at 12:10 pm

I asked my wife if i should buy more ENB last year @ 34.00 . She figured it was a good time to buy .

#16 crossbordershopper on 11.06.21 at 12:13 pm

i thought women on average because they have to pay more for personal items, grooming etc. and that they have more of those bills and pay more they are poorer.
and i thought most women dont save, i know many single women(for a reason) and they just live there life with there dog and there wine. they dont really plan
now, i know lots of men, in there 60’s who are bumbs. broken relationships, couch serfing, some working some not. its a crazy
but women are conservative, i have not met a women active trader, or who takes big risks. its not in there dna.
now i know conservative men too, but on averge they are more conservative.
until it comes to a home, and a wedding and a funeral, i have found, there are no limits to those expenses, by personal experience.
but on average, men are the musk , and bezos winners who shoot for the moon, and millions of other men who fail .
i dont understand why people dont buy puts on there life.

#17 Ponzius Pilatus on 11.06.21 at 12:14 pm

7 Flop… on 11.06.21 at 10:35 am
I asked my wife if I’m allowed back on the blog yet.

She told me to shut up and get back in the kitchen…

M47BC
———————
Did you apply for the 50 bucks an hour dishwasher job?
Come to think of it, most dishwashers are men.

#18 Upenuff on 11.06.21 at 12:17 pm

Thanks Ryan, I think….. For confirming what my wife has been telling me for years…..

Upenuff

#19 Upenuff on 11.06.21 at 12:18 pm

Flop… on 11.06.21 at 10:35 am
I asked my wife if I’m allowed back on the blog yet.

She told me to shut up and get back in the kitchen…

M47BC
__________________________________________

Beautiful…..

#20 Habitt on 11.06.21 at 12:45 pm

14 PP it’s actually people-kind now. Get with the program. we’d all still be in caves if the risk averse were in command lol. Btw everyone has their own weltanschauung. I suspect that includes you. Have a nice day.

#21 Sail Away on 11.06.21 at 1:03 pm

Are investing customers really investors, though?

It seems quite possible that female customers may more readily accept and follow their advisor’s advice than male customers, in which case the actual investment strategy is the advisor’s.

I wonder how results compare between male and female advisors, all else being the same?

#22 Sail Away on 11.06.21 at 1:23 pm

In other investing news, after Peloton’s cratering, the founder is no longer a billionaire.

Man, would he be screwed right now if he’d paid a wealth tax on paper value!

#23 HonestEnD on 11.06.21 at 1:27 pm

I told my spouse I wanted to stuff their cash into a B&D investment. It was a yes but only after we buy a house…(*add drum sounds crash! Clang!)

#24 That's It on 11.06.21 at 1:33 pm

I would say my wife and I are about the same when it comes to saving for the future, money matters. She stayed home took care of the household and our 3 kids now fully grown up. We had to pay for everything as our income according to the government is too high, ridiculous, we paid for all of our expenses and alot of taxes. I mean alot of taxes. It is probably 20 years of my final years salary. If you are responsible and successful in Canada it seems that they don’t like you having too much of a good head on your shoulders.

Reading this week with employers can’t find all the workers they need in Canada. Well it looks too bad to my employer for 28 years now. My first previous employer closed down after 9 years. I am a little over 61 and now retiring next week. He will be shocked next week. I will get my early CPP, hopefully in the next 2 to 3 months maximum $903.88 a month. The CPP statement shows this as of end of October-2021. In 3 years, 8 months, I will be getting my OAS, this will be probably $700 a month. Unfortunately my wife is 5 years younger than me and she will not get any CPP as she never worked out of the home but will get OAS but will get no GIS as we were too successful and responsible Canadians for decades. We actually saved our money for our future and looked ahead being responsible.

I thought, I had to work another 2, 3 maybe 4 years to retire as our RRSP’s, TFSA’s, GIC’s were stuck in 1.15% to 1.26% GIC rates. We went short term for the last 1 or so as most of them matured and did not want to lock in rates for 5 to 7 years at crappy low rates. They use any excuse, recession, pandemic, unemployment, oil prices, trade deals etc. to cut interest rates alot and never return them to previous or close to previous levels.

However, now we can get 2.5% to 2.7% GIC rates which means another $18,500 a year in compound interest and I don’t have to worry about using up our 42 months living expenses covered reserve account, $86,000 in there anymore. We are debt free since 2006. By the time I am 65, 2025, between my CPP, OAS, our RRSP’s, TFSA’s, GIC’s, savings accounts interest income, we will have a paying all our income taxes, property taxes, car insurance, gas, heating bills, utilities, groceries, other living expenses, we have a net $23,000 a year financial cushion to add to our savings each year.

In 2022 to 2023 to 2024, we still be on track to put at least $16,000 to $18,000 to year to our savings and finally retired from the rat race.

#25 I'mshort_corpdebt on 11.06.21 at 2:11 pm

Haven’t we seen this story before about how women need to break through the glass ceiling, fight the male dominated world of business and politics etc…

And HRC was the type of female with gonads the size of Texas that ends up rising to the top representing the women’s cause.

What’s my point? Just like in RE – those well intentioned people will nevertheless have to conform to the maled biased greedy and predatory thinking we currently have in place.

#26 crowdedelevatorfartz on 11.06.21 at 2:15 pm

@#22 Sail Away
“In other investing news, after Peloton’s cratering, the founder is no longer a billionaire.”
++++

Neither is the owner of Theranos….

https://en.wikipedia.org/wiki/Theranos

#27 mike from mtl on 11.06.21 at 2:16 pm

Could be possible I suppose, though the source Fidelity is slim on details. Are they referring to just their captive audience of 401k/ IRA which is mostly workplace related hands-off mutual funds? Or as well their self-directed accounts – which is the crowd here..

I’d be more interested in data from like ETrade, Ameritrade, Qtrade, heck Robinhood etc since are focused on individual broker trades.

What about Canadians? Stock investing is much more common with middle-class Americans, Garth should know it’s not a subject we talk about. Real estate, GICs, HISA, cash and perhaps “..that account I have at work” is about the depth of most Canadian investments.

That said I know of plenty male cowboy pickers losing their shirt and do counter productive things.

#28 crowdedelevatorfartz on 11.06.21 at 2:18 pm

@#14 Ponzie’s Pot

“Time to stop calling everyone who does not follow your Weltanschauung a wokester.
Just childish.”

+++

Pot meet Kettle.

#29 NoName on 11.06.21 at 2:18 pm

Flop… on 11.06.21 at 10:35 am
I asked my wife if I’m allowed back on the blog yet.

She told me to shut up and get back in the kitchen…

M47BC

https://www.tiktok.com/@_zanna.15_/video/6916138070664334598?lang=en&is_copy_url=0&is_from_webapp=v1&sender_device=pc&sender_web_id=6897606114033075718

#30 Ryan Lewenza on 11.06.21 at 2:19 pm

Sail Away “ Are investing customers really investors, though?

It seems quite possible that female customers may more readily accept and follow their advisor’s advice than male customers, in which case the actual investment strategy is the advisor’s.”

I believe Fidelity just reviewed their self directed trading accounts vs accounts managed by an advisor. So these accounts reflect the individual account holders performance rather than performance of a financial advisor. – Ryan L

#31 Don Guillermo on 11.06.21 at 2:22 pm

Canada jetted 276 delegates to COP26, the most of the G7 nations. The host UK sent the 2nd most at 227. Of course they could arrive by train. Even eMay was there. Must have been one a helluva party!! Once again it proves Canada is most serious about climate change. They pulled the same stunt at the last Paris party.

#32 Sail Away on 11.06.21 at 2:30 pm

@ #30 Ryan Lewenza on 11.06.21 at 2:19 pm

Thanks!

#33 IHCTD9 on 11.06.21 at 3:07 pm

High T levels cause YOLO Diamond hands war-like investment behaviour. Some win huge, most get slaughtered. Women play it safe and nurture their investments bringing success to many but with few big winners and big losers.

Hence, the richest and poorest folks in society will always be Men. The most powerful and least powerful as well. Risk taking and ruthlessness pays off, but only for a few. Playing it safe and consistent is a better formula for broad based success, but there will be few if any home runs.

A younger me did the risky win big stuff, I was dead on the battlefield in short order. From there I played the long game. Boring, but the results did eventually come.

#34 Flop... on 11.06.21 at 3:24 pm

I wouldn’t be too hard on all the world leaders and celebrities meeting in Glasgow, Scotland for the Climate Summit, flying there on private jets.

Have you been there?

I have.

Scotland is one of the 5 countries I have lived in, Edinburgh to be precise.

Never liked Glasgow.

You could offer to fly me there on a private jet, and I would still say no…

M47BC

#35 Odif Yltsaeb on 11.06.21 at 3:33 pm

My wife studied very hard her whole life, managed to get an MBA and CFA, yet when she tried to apply for jobs in the finance industry, she got nowhere. She ended up working in another field.

I feel the glass ceiling is still very much present, although nowadays we just started to acknowledge it. Hopefully the newer generation of women will have a better chance of equal opportunity in male dominated fields.

#36 Quintilian on 11.06.21 at 3:39 pm

Not to minimize their intelligence, their value or their priceless contribution to humanity.

But, I don’t think female investors are representivie of women in general.

My guess is that most women who would read this blog post would find it to be patronizing.

#37 Krista on 11.06.21 at 3:49 pm

Ryan – Impressive for you to write this. Thank you. The role of male feminists will serve you well in your future. Hopefully, you are a husband and father to girls.

#38 BillyBob on 11.06.21 at 3:52 pm

hmm. The report does reek of an attempt to be “on point” with the current gender zeitgeist. (My gold standard is how far Ms. BB’s eyes roll back when she reads such things. Her virtue-signalling-bs detection radar is precisely calibrated.)

I mean, It’s already well established that the best-performing investors are neither male or female, but dead persons who can’t fiddle with their portfolio.

But hey, add “they fear loss more so they trade less” to the breathless “what CAN’T women do better” list, why not? It seems to make self-haters like Ponzi happy, and that doesn’t happen often lol.

#39 Barb on 11.06.21 at 4:06 pm

“Thankfully this is changing as more women enter the investment industry and break through the proverbial ‘glass ceiling’.”

—————————–
While a different industry, I needed to take a sledge hammer to our glass ceiling. A bit of fallout, and shards landed on numerous individuals.

The old boys’ network is loathe to give up any semblance of control, despite wanting the company to continue succeeding.

Glad I’m now retired, but great memories.

#40 Ryan Lewenza on 11.06.21 at 4:36 pm

Quintilian “Not to minimize their intelligence, their value or their priceless contribution to humanity.

But, I don’t think female investors are representivie of women in general.

My guess is that most women who would read this blog post would find it to be patronizing.”

You just can’t win these when you write something nice or encouraging. – Ryan L

#41 Don Guillermo on 11.06.21 at 4:41 pm

#34 Flop… on 11.06.21 at 3:24 pm
I wouldn’t be too hard on all the world leaders and celebrities meeting in Glasgow, Scotland for the Climate Summit, flying there on private jets.

Have you been there?

I have.

Scotland is one of the 5 countries I have lived in, Edinburgh to be precise.

Never liked Glasgow.

You could offer to fly me there on a private jet, and I would still say no…

M47BC
**************************************
Glasgow has improved immensely over recent years but I’m quite sure the 30,000 or so planet saving, jet setter partiers weren’t staying in the same part of town as you were. Who knows, maybe many stayed in Edinburg and just popped into Glasgow for the festivities.

#42 Joe on 11.06.21 at 4:47 pm

Women also make the ultimate decision to buy a home instead of rent a home. Smart ladies indeed!

#43 Pffft on 11.06.21 at 4:49 pm

Well the markets are totally rigged, euphoric, cognitively dissident and manipulated so my labradoodle could run my investment portfolio and still return double digits. Give me a break.

Get back to me when the glass ceiling is broken on oil rigs, lobster boats, sewer repair, skyscraper construction and coal mines.

#44 cuke and tomato picker on 11.06.21 at 5:11 pm

Number 24 That’s It we did virtually the same as you
3 kids wife did not work out of the home we retired from the South Okanagan when I was 62 to Sidney B.C. and all is excellent life is good. However 16 years later the taxes on my RIF and my wife’s spousal RIF are kind of an insult to a life of saving etc. I feel that you should not be forced to take out money from your RIF until when you need it like a high end retirement home rather then
maybe an average plus home.

#45 Dr V on 11.06.21 at 5:29 pm

From the non-plused v wrk.dover/Gravy blog spat over solar power.

From blogger non-plused

“In most cases if the grid goes down so does the solar,
even if it is sunny.”

I found sources that claimed both scenarios. Bloggers Wrk.dover and Gravy will have to confirm how their systems work, and if still feeding the house after the
grid is down, what steps have to be taken to do so.

“As more people add solar, eventually the grid balancing will not be free.”

As stated by myself (yesterday….??). at some point, Gravy and Wrk.dover simply become energy suppliers.

“A stand alone system needs to run the load in the day
but also charge the batteries for use at night.”

I had not thought about that. Good point.

From blogger wrk.dover

“But grid tied also feeds the grid for power use at night”

I first thought this was misinformation, but it piqued my
interest, as scaling this to a meaningful level seems unworkable.

We usually think of storage as batteries, but it’s just energy, so I wondered about other methods. One that came to mind was using excess energy to fill reservoirs for hydro power at a later time. Well, a little
googling indicating this is nothing new. I also thought of loading springs, torsion, wind-up dolls and in fact there are several other ways that could work.

https://www.nspower.ca/about-us/articles/details/articles/2020/11/03/how-batteries-are-powering-our-renewable-energy-transition

But the above link only mentions batteries are being considered by Scotia power. So I’ll ask wrk.dover to
confirm whether this has been implmented.

I note non-plused is taking a big picture view, while work.dover and gravy keep mentioning their personal use systems. They are not necessarily as far apart on
this topic as they may appear.

#46 Sail Away on 11.06.21 at 5:44 pm

#43 Pffft on 11.06.21 at 4:49 pm

Well the markets are totally rigged, euphoric, cognitively dissident and manipulated so my labradoodle could run my investment portfolio and still return double digits.

———

Does your labradoodle know the difference between dissident and dissonant?

#47 crowdedelevatorfartz on 11.06.21 at 5:49 pm

@#41 Donny G
“Glasgow has improved immensely over recent years but …”

+++
My former boss was a Glaswegian.
I called him a “soap dodger” once ( the insult harkens back to when Glasgow was the ship building capital of the world and most people worked in the shipyards and walked home filthy dirty)
He threatened me with a “Glasgow Kiss” which consists of a head butt to the teeth rendering you toothless like most Brits…
His 6 brothers had various facial scars caused in either fist fights or knife fights.
Any man from Glasgow up until the late 1980’s without facial scars was considered less of a man, a coward or from Edinburgh .

I believe you are correct.
Trudeau spent the days commuting back and forth to Edinburgh where the “Woke”, enviro-facist, university crowd would have feted his every word.

#48 crowdedelevatorfartz on 11.06.21 at 5:56 pm

@#36 A quintillian gender assumptions

“My guess is that most women who would read this blog post would find it to be patronizing.”

+++

NEVER assume to know what a woman is thinking.

#49 Nonplused on 11.06.21 at 5:58 pm

#35 Odif Yltsaeb on 11.06.21 at 3:33 pm

My wife studied very hard her whole life, managed to get an MBA and CFA, yet when she tried to apply for jobs in the finance industry, she got nowhere. She ended up working in another field.

I feel the glass ceiling is still very much present, although nowadays we just started to acknowledge it. Hopefully the newer generation of women will have a better chance of equal opportunity in male dominated fields.

———————————

When a man can’t get a job in his chosen field he “isn’t suited” to the work. When a woman can’t get a job in her chosen field it’s because of the “glass ceiling”.

This is especially true in the field of masonry, where the workforce is 99% male.

#50 Flop… on 11.06.21 at 5:58 pm

I live 6 kilometres from downtown Vancouver.

I go there once every 10 years to renew my Australian passport…

M47BC

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

“Pandemic Recovery: Have Downtowns Bounced Back?

As we continue on our journey towards recovery from the impacts of the pandemic, North American offices that sat empty for months have started to welcome back in-person workers.

This small step towards normalcy has sparked questions around the future of office life—will office culture eventually bounce back to pre-pandemic levels, or is remote work here to stay?

It’s impossible to predict the future, but one way to gauge the current state of office life is by looking at foot traffic across city centers in North America. This graphic measures just that, using data from Avison Young.

Change in Downtown Office Traffic.

According to the data, which measures foot traffic in major office buildings in 23 different metropolitan hubs across North America, remains drastically below pre-pandemic levels.

Across all major cities included in the index, average weekday visitor volume has fallen by 73.7% since the early months of 2020. Here’s a look at each individual city’s change in foot traffic, from March 2, 2020 to Oct 11, 2021:

City Country Change in Foot Traffic
Austin -51.70%
Calgary -54.50%
Boston -54.90%
New York -60.50%
San Francisco -60.80%
Edmonton -62.20%
Houston -67.90%
Chicago -68.10%
Vancouver -68.20%
Los Angeles -68.60%

The Canadian city of Calgary is a somewhat unique case. On one hand, foot traffic has bounced back stronger than many other downtowns across North America. On the other hand, the city has one of the highest commercial vacancy rates in North America, and there are existential questions about what comes next for the city.
Interestingly, a number of cities with a high proportion of tech jobs, such as Austin, Boston, and San Francisco bounced back the strongest post-pandemic. Of course, there is one noteworthy exception to that rule.

A Tale of Two Cities.

Silicon Valley has experienced one of the most significant drops in foot traffic, at -82.6%. Tech as an industry has seen one of the largest increases in remote work, as Bay Area workers look to escape high commuter traffic and high living expenses. A recent survey found that 53% of tech workers in the region said they are considering moving, with housing costs being the primary reason most respondents cited.

Meanwhile, in a very different part of North America, another city is experienced a sluggish rebound in foot traffic, but for very different reasons. Ottawa, Canada’s capital, is facing empty streets and struggling small businesses that rely on the droves of government workers that used to commute to downtown offices. Unlike Silicon Valley, where tech workers are taking advantage of flexible work options, many federal workers in Ottawa are still working from home without a clear plan on returning to the workplace.”

#51 Woman Investor on 11.06.21 at 6:03 pm

#36 Quintilian on 11.06.21 at 3:39 pm
Not to minimize their intelligence, their value or their priceless contribution to humanity.

But, I don’t think female investors are representivie of women in general.

My guess is that most women who would read this blog post would find it to be patronizing.

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

Just the comments.

#52 Chad on 11.06.21 at 6:07 pm

Ladies’, invest in the stock market today. Now’s your chance.

#53 Shawn Allen on 11.06.21 at 6:08 pm

Glass Ceiling

This glass ceiling topic came up…

I just read a book by Annette Verchuren. The book is Called “Count on Me” I was interested becasue of her success and because she grew about a mile down a dirt road from where I did. I went to school with one of her brothers in a two room school house my first year of school.

She retired close to ten years ago as President of Home Depot Canada. Was also President of Home Depot China at the same time for several years. She brought craft store Michaels to Canada as President and part owner. She started out in business Development at the Cape Breton Development Corporation.

She got where she got to by pure ambition. Runs an energy storage company now although she could retire anytime she wants.

Look up her book “Count on Me” A good read for ambitious people especially women and girls. Jealous loser type people need not bother.

#54 Shawn Allen on 11.06.21 at 6:11 pm

her book is “bet on Me” dratted memory…

#55 Quintilian on 11.06.21 at 6:12 pm

“You just can’t win these when you write something nice or encouraging. – Ryan L”

Ryan, today’s women are not sugar and spice like grandma.

You don’t have to be “nice” or “encouraging” most of the women I know pulverize girly men daily.
And good on them.

#56 Ponzius Pilatus on 11.06.21 at 6:46 pm

#139 Mnpr on 11.06.21 at 3:15 pm
#135 dharma bum

Thank-you for that. I could not possibly have said it any better.
———————-
Of course, you could have said it better.
You just did not try hard enough.
Unfortunately, Dharma is getting unhinged just like JP.
Sad, both had so much promise.

#57 Faron on 11.06.21 at 6:52 pm

#135 Dharma Bum on 11.06.21 at 11:10 am

Peterson has empowered millions who were beginning to actually think that something was wrong with them…

That’s my favourite part. In that vein, David Duke has made millions of people who felt the world was against them feel empowered and to the people he has he is “pretty much right about mostly everything”. Duh, people follow others when they think the leader is “right”. Dictators and demi-dictators like Trump also do this. It’s the essence of populism except, in JP’s case, it’s targeted at only a slice of the populace and one that already has a lot of power.

Doesn’t make them right.

Making people feel good about their views doesn’t cut the mustard for ethical behaviour. Not. Even. Close. And it certainly doesn’t do a damn thing to prevent damaging acts, friend. Maybe have a look-see at how many sexist, Islamophobic and other nutters have latched onto Jordan Peterson as a guiding light and think through why that is. Sure, he may not want that attention, but he’s not doing much to distance himself from it and it’s exactly zero surprise that those folks love him so much.

He’s pretty much right about mostly everything.

Yes, to dolts who have latched onto an archaic worldview (shoot muh dog an I’ll shoot you –> eye for an eye –> biblical stupidity) or who want to “reset” and thereby ignore the effects of that world-view, because it directly benefits them or they are afraid of the alternative world that is being built around them. Jordan Peterson and others in the alt-right vein either are afraid or use others’ fear to their benefit. You like him because, on some fundamental level, you are afraid. Just as Kyle Rittenhouse carried am AR-15 unnecessarily to Kinosha — he was a fearful chicken sht.

Why afraid? Because you feel threatened. I get it. Non cis-gendered folks are pretty scary. Wanna know why? Because they’ve confronted their crap and chances are good that you haven’t. Why afraid? Because you stand to lose the grasp on power that you benefit from. It’s okay. The world isn’t going to hurt you.

It’s okay.

Easy big guy.

There there….

#58 Faron on 11.06.21 at 6:57 pm

This sequence was perfect:

#36 Quintilian on 11.06.21 at 3:39 pm

…My guess is that most women who would read this blog post would find it to be patronizing.

#37 Krista on 11.06.21 at 3:49 pm

Ryan – Impressive for you to write this. Thank you. The role of male feminists will serve you well in your future. Hopefully, you are a husband and father to girls.

I agree. Well done Ryan.

#59 Ponzius Pilatus on 11.06.21 at 7:02 pm

#42 Joe on 11.06.21 at 4:47 pm
Women also make the ultimate decision to buy a home instead of rent a home. Smart ladies indeed!
————–
May not be smart (it’s more the nesting instinct) but any sales guy worth his sea salt will tell you that the women in the household make all major purchasing decisions.

#60 C-Jay on 11.06.21 at 7:08 pm

So, how many female account managers work at Turner Investments?

#61 BillyBob on 11.06.21 at 7:12 pm

#34 Flop… on 11.06.21 at 3:24 pm
I wouldn’t be too hard on all the world leaders and celebrities meeting in Glasgow, Scotland for the Climate Summit, flying there on private jets.

Have you been there?

I have.

Scotland is one of the 5 countries I have lived in, Edinburgh to be precise.

Never liked Glasgow.

You could offer to fly me there on a private jet, and I would still say no…

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

Ah c’mon Flop, it’s not THAT bad! Cycling along the Clyde, touring the Auchentoshan distillery, some great nights at the Drum & Monkey…I’ve got a lot of great memories there. But fair enough, multiple visits aren’t the the same as living there. (There’s a reason it’s called a Glasgow Kiss.) As Don pointed out it has sure gentrified over the years.

Edinburgh is beautiful but snobby.

Both are loaded with history.

#62 Nonplused on 11.06.21 at 7:23 pm

#128 Wrk.dover on 11.06.21 at 7:20 am

“Out to lunch at @ 2 am!!!”

I’m out west.

——————————–

“I get no electric bill. How is that not a 100% saving on electricity???”

I carefully used the words “electricity” and “energy” differently to differentiate between electric energy and natural gas / propane / oil energy. If you have none of these that is great for you but I didn’t have time to write a comprehensive thesis on every single remote off grid cabin with a wood stove in the country. My comments cover “most” people. Individual mileage will vary.

———————————-

“PLUS I have already told you, locally in remote SW NS we have hydro dams and wind turbines. The standby is not oil, coal or gas.”

That’s great for you but not really a solution to the world wide energy problem. Also, wind doesn’t make a great backup since it also is intermittent. Hydro would because they can store the water when the sun is out and release it at night, so that is a good fit. But hydro is already pretty built out world wide so that also won’t scale once everyone has solar. Stand alone systems with their own batteries are the only solution and they are at least twice as much money as a grid tie system.

—————————————

Solar makes sense for some people. If you are one of those people, great, get solar. But putting huge solar arrays on the vast suburban landscape is going to cause more problems than it solves. The sun does not shine at night.

#63 crowdedelevatorfartz on 11.06.21 at 7:34 pm

@#55 A quintillian ways to insert foot in mouth.

“Ryan, today’s women are not sugar and spice like grandma.”

+++
Grandma was a farmers wife on a Dairy farm.
7 days a week, Chickens, pigs and cows dont take days off.
Up at 4:30 with the boys and grandpa for the 1st milking. She usually prepared a snack of jam, honey, biscuits, toast and tea for the men.
They went back out after tea and started on the second milking while she prepared a huge breakfast for them.
Then she went to teach school in a one room schoolhouse about a mile away for 8hrs. for 5 days a week.
A one room school house with all grades from Primary to grade 9
In the winter she would shovel the walkway and the path to the outhouse then build the fire in the stove for the one room school house.
Back to the farm after school to cook dinner, clean and prepare lessons for the next day and mark tests.
No phone until the 1960’s , electricity didn’t arrive until the late 1950’s, no CBC tv until the late 1960’s.
They rarely bought clothes . She would buy material and make jackets, pants, dresses, etc etc etc.

Yeah she had it soooo easy.

Eventually got her teaching degree in her early 60’s because all the other “degreed” teachers at the large “Consolidated” school used to look down on her when she moved into the larger regional school. She had been teaching for almost 40 years by that point. Taught English, French, history, geography, math…and retired with a small pension in the late 70’s

#64 Nonplused on 11.06.21 at 7:40 pm

#133 Gravy Train on 11.06.21 at 9:44 am

“The payback on my solar array is 10 years, but they’re guaranteed for 25, so half the electricity of my all-electric house will be cost- and carbon-free for at least 15 years. How can you beat that? What are you doing to cut your energy costs and carbon footprint? (And, for the record, I’ve never claimed to have a stand-alone system.)”

————————————-

Who says I was talking about you and your particular installation? I was talking about what wide scale adoption would look like.

In any case if your system is not stand alone something around half the cost of the system is being paid for by the system operator through “free” (free to you) balancing services. This isn’t just day to night but also hour to hour as the clouds roll by.

Get yourself a stand alone system and then you’ll have a better idea of the true cost of solar without subsidies.

My overall point is that the system can take a bit of solar and provide free balancing so long as not many people have solar and take advantage of the current system. If everyone had solar, the balancing fees would have to be substantial. So substantial there is no way the solar could be economic. The entirety of all solar connected would have to be backed up by generation that only gets used at night, which would be a 100% duplication of capital. Excess solar during the day would be worthless since everyone would have it.

————————————

“As an aside, aren’t you the least bit concerned about the kind of world you’ll be leaving to your progeny?”

Ya, probably more so than someone who throws a solar panel on the roof and the confidently assumes they’ve done their part. I’m a big proponent of Gen IV nuclear. If that works out and proves to be sufficiently safe, that’s the solution right there, along with what renewables that make sense to develop.

It’s only the autistic commenters who claim they know my mind, and in it have found a desire to burn carbon fuels until the world burns. Instead I have looked at the potential of solar and pinwheels and found them wanting. It is a false comfort. A way to avoid serious discussion of the problem. Moral grandstanding if you will. But nuclear on the other hand, if it can be made safe, might scale enough to make a wholesale difference.

#65 Pffft on 11.06.21 at 7:44 pm

#46 Sail Away on 11.06.21 at 5:44 pm
#43 Pffft on 11.06.21 at 4:49 pm

Well the markets are totally rigged, euphoric, cognitively dissident and manipulated so my labradoodle could run my investment portfolio and still return double digits.

———

Does your labradoodle know the difference between dissident and dissonant?

——————————————————

I asked him and he blames it on autocorrect. Very smart boy otherwise.

And that’s all you were able to gather from that post? Seriously take a long (permanent) break Fail Away. My fingers have blisters from scrolling past your constantly tiresome and repetitive meandering along with Sour Vita’s and Felon’s.

Fresh blood is needed in the comments section of your excellent blog Mr. Turner. Usual suspects should get their own blog if they’re that opinionated. Legends in their own minds.

Gotta go, Alfredo wants to go for a well deserved walk with dad and his baby sister while their mom lovingly preps us a hot dinner.

#66 Sail Away on 11.06.21 at 7:56 pm

Some loving counsel for our resident anger-monkey:

Ecclesiastes 7:9
Be not quick in your spirit to become angry, for anger lodges in the bosom of fools.

Psalm 37:8
Refrain from anger, and forsake wrath! Fret not yourself; it tends only to evil.

Proverbs 25:28
A man without self-control is like a city broken into and left without walls.

#67 Ryan Lewenza on 11.06.21 at 8:00 pm

C-Jay “So, how many female account managers work at Turner Investments?”

We have five female team members or roughly half of our practice. – Ryan L

#68 crowdedelevatorfartz on 11.06.21 at 8:21 pm

@#64 Nonplused
“It’s only the autistic commenters who claim they know my mind,”

++++

I’m not sure if they’re autistic.
Argumentative….. with a smattering of Tourette’s ……?

#69 Tiffany Pontes Dover on 11.06.21 at 8:27 pm

“Having worked on Bay Street for the last 25 years I know firsthand how male dominated our industry is.”

Good grief. We’ll know we hit actual equality when people complain about how female dominated nursing or primary grade schools are.

I thought investment bankers were promoted based on their returns. Are we to believe investing is pretty much throwing darts at board like everyone already jokes?

Pick 1:

1. Investing is not random chance it takes skill. Women also posses this skill.

2. Investing is random bullshit. It’s a bullshit club dominated by bullshit men.

#70 Nonplused on 11.06.21 at 8:39 pm

For my fellow low IQ commenters:

https://www.youtube.com/watch?v=_ui92cPxueM

#71 crowdedelevatorfartz on 11.06.21 at 8:40 pm

@#57 Faron’s World
“Why afraid? Because you feel threatened. I get it. Non cis-gendered folks are pretty scary. Wanna know why? Because they’ve confronted their crap and chances are good that you haven’t. Why afraid? Because you stand to lose the grasp on power that you benefit from. It’s okay. The world isn’t going to hurt you.”

+++

Do you ever listen to your own drivel?

#72 TurnerNation on 11.06.21 at 9:08 pm

Our life in the Former First World Countries?
This is why I call them the Economic Shutdowns here.
Ps. how many new hospitals are we getting, especially with the population equivilant of the City of Halifax immigrating here each and every year?

Deep dive long read:

https://off-guardian.org/2020/09/30/nicaragua-the-country-that-didnt-swallow-the-covid-blue-pill/
No curfews, no lockdowns, no “stay at home”, no psychosis, no covid-calamities. There has been much talk about the Swedish corona strategy but the strategy of Nicaragua has been by far more successful, with many fewer deaths, no “economic rescue” for big banks and only limited damage to small and medium sized businesses.

In the midst of the worldwide economic debacle caused by covid hysteria, food self-sufficient, small business based, impoverished Nicaragua, has seen its exports grow over 10% the past 8 months because it did not shut down its economy.

Precisely because it sustained its economy, it has not had to take on huge loans in order to face the emergency

The Sandinista government has built 18 new hospitals and there are plans to build 15 more, 6 of which are already under construction. The total health infrastructure of the country comprises 143 health centers; 1,333 medical posts; 178 maternity homes and 66 mobile clinics – way ahead per population of its Central American neighbors.

#73 TurnerNation on 11.06.21 at 9:16 pm

Meanwhile in Kanda. We raise the PFE flag, full mast don’t we.

——
Seen elsewhere:

‘The Globe and Mail is owned by The Woodbridge Company.
Woodbridge is the principal and controlling shareholder (62.35%) of Thomson Reuters.

Pfizer Board of Directors:
James C. Smith, Age: 57
President and CEO of Thomson Reuters Corporation’

— When your country has been sold Lock, Stock and Barrel. Send in the goons.

(CBC) “Regulator has targeted five clinics with unannounced inspections since Oct. 14
The regulator of Alberta’s physicians is performing unannounced inspections at medical clinics in a bid to crack down on doctors who spread COVID-19 misinformation or prescribe unproven remedies for the disease.
The College of Physicians and Surgeons of Alberta (CPSA) said it has conducted five inspections related to COVID-19 complaints since targeted enforcement began three weeks ago.

———————–
Control over travel, yup:

Booster Shots For Travel In 2022? More Countries Set Expiry Dates For ‘Fully Vaccinated’ Status (forbes.com)

#74 Tomás de Torquemada on 11.06.21 at 9:27 pm

In the last 10 years thanks to central bank policies indexes outperformed the majority of investors.

Active trading, the essence of money making for great investors became obsolete.

While many of male hedge fund managers are compulsive gamblers, there is not yet a major female figure in the investor’s world. Should that change?
Markets, not cheerleading will dictate whether investor positions should be ‘diversified’ forcefully?

Quoting limited studies and making general conclusions is not professional and I did not expect it from Ryan.

On the ability of stock markets to outperform the real growth of economy for extended periods of time:
We will soon see how long this lasts, in the current era of peak growth, energy and the coming green policies.
Counting on continuation of compound ‘growth’ not based on currency destruction for much longer is naïve and irresponsible.

Putting 1 penny aside at the time of Roman’s empire and even in the middle ages and counting on compound ‘return’ would imply now you have more dollars than the atoms in the Universe.

#75 crowdedelevatorfartz on 11.06.21 at 9:29 pm

# 69 Tiffany’s Jewelry is expensive!
“2. Investing is random bullshit. It’s a bullshit club dominated by bullshit men.”

++++

You sound uninvested, poor, angry and jealous…. and you come to an investing blog to vent.
Sad.

#76 Exodus 2020 on 11.06.21 at 9:29 pm

I saw several female analysts (including Cathy Wood of course) call Tesla to grow to a potential $2000-$5000 stock pre-split several years ago, with convincing well thought out arguments, while being slammed by ignorant males with locker room banter and no substance in their arguments (mostly on CNBC). Look who was right in the end. I have no doubt in this analysis and wouldn’t be surprised if it was understated.

#77 Wrk.dover on 11.06.21 at 9:32 pm

Fartz, your grandma sounds like an earlier version of my wife. She attended a school in the valley for her first couple of years with a coal stove in the middle of the class room and an outhouse out side. Kids used to get their tongue stuck on the hand pump during deep freezes. 50 years later, she retired as a principle of a small school not a heck of a whole lot fancier.

Dr. V. On a good day I make 32kw, today I made 22. we only ever use 16 on average. The excess is shown on the digital meter as a credit. At night, unless the wind is rotating the 120 blades on the 300′ tall local turbine towers, the power co. opens the flood gate a little wider at the nearby hydro dams to run our fridge and freezers plus off season heat the timed hot water at the late night lowest rate.

Last winter we used less than 300kw of the peak evening power than we produced in the peak morning hours of the same billing rate in total. Some families could use that much drying clothes in a month. The house is usually heated to 80F, so we need the humidity and dry on a rack when it is too stormy to utilize the outdoor line. Other than that, there is a bucket of water on the wood burner.

Non Plus. I have found a solution for Wrk.dover’s life on earth. I assume you as did I, both attended school in Toronto, I saw no future in living that way and exited in the 70’s. You are just another brick in the wall, still.

I watched a movie this evening called ‘I am Greta’.
They use her as a photo prop here and there. The only hope for your teenager is you. I’m trying to make a difference for him as your proxy. The system is not going to change, but I did.

The world is huge, as are the options of what to do on it, especially if you live in Canada.

Ryan, until recently, the only stock my wife had ever held was the initial offering of Emera which she rolls over. Her yearly dividends are now greater than her original purchase amount. We are all b&d’d now though, because the TSFA’s just got to big to stuff with GIC’s any longer. Thanks for the TSFA invention Garth!

#78 Ponzius Pilatus on 11.06.21 at 9:44 pm

I think personal responsibility is a great concept.
And should be practised by everybody who is able to so, within the confines of modern society.
However, when it morphs into selfishness and callousness
towards “lesser” members of society, it needs to be called out.

#79 ImGonnaBeSick on 11.06.21 at 10:00 pm

#71 crowdedelevatorfartz on 11.06.21 at 8:40 pm

Our resident Al Roker is the result of one’s entire social experience being derived from the internet…

#80 Tiffany Pontes Dover on 11.06.21 at 10:07 pm

#70 Nonplused on 11.06.21 at 8:39 pm
For my fellow low IQ commenters:

https://www.youtube.com/watch?v=_ui92cPxueM

Hahha Bil Gates saying this is bigger than the pandemic after shilling the pandemic so hard reminds me of this Project Veritas undercover video of CNN.

https://www.youtube.com/watch?v=Dv8Zy-JwXr4&t=374s

#81 Sheesh on 11.06.21 at 10:45 pm

#55 Quintilian on 11.06.21 at 6:12 pm
“You just can’t win these when you write something nice or encouraging. – Ryan L”

Ryan, today’s women are not sugar and spice like grandma.

You don’t have to be “nice” or “encouraging” most of the women I know pulverize girly men daily.
And good on them.
……
Holy Hannah, you could not be more patronizing with your generalizations. Just stop speaking for women, k? We don’t need your pandering defence.

#82 Voice Of Reason on 11.06.21 at 10:49 pm

The article is found here: https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/about-fidelity/FidelityInvestmentsWomen&InvestingStudy2021.pdf

However it is flawed. Just 2500 participants (1/2 woman and 1/2 men). It means nothing! Investment Industry clientele is not split 50-50 between men and women. What is more important is the percentage of men vs woman that invest. I was under the impression that women in general are more risk adverse and more likely to run out of money before they run out of time. Meaning more cash invested in GIC’s etc and not getting the compound returns needed that can only be earned by investing in more risky investments such as equities etc. However research has shown that women that do invest do well. If you were take the general population (all types of investors and savers), what would be the returns (men vs woman).

You can find anything on the internet.

The following is from The Motley Fool:

Women invest more conservatively than men
A big part of growing wealth and ensuring enough retirement income is investing in a manner that can outpace inflation. By and large, that means loading up on stocks, which are riskier than bonds but have historically delivered stronger returns.

Most research indicates that women have a tendency to shy away from stocks, despite the growth potential that comes with them.

The average female investor keeps 68% of her portfolio in cash and cash equivalents, like money market accounts, Treasury bills, and certificates of deposit, according to BlackRock. By comparison, men keep 59% of their portfolios in cash. And only 21% of women are actually willing to invest in stocks.

A survey by S&P Global found that only 26% of American women have money in the stock market. Per U.S. Trust, 65% of women have a large percentage of their assets in cash, compared to 51% of men, and 41% of women have no plans to invest that cash, compared to 31% of men.

To some degree, a modest fear of risk is a good thing. In fact, Fidelity reports that women are more likely to have their long-term savings invested in an age-based allocation, like target-date funds, than men.

#83 Dr V on 11.06.21 at 10:58 pm

77 Wrk.dover – those are impressive numbers and good on the local power co for using other renewables. It all makes sense.

But your claim was that being grid tied allowed your system to feed the grid for use at night. The link I provided does not confirm they are using battery or other means to facilitate the storage of excess solar power, at least not yet.

Please provide a source supporting your claim.

#84 Larkin Page on 11.07.21 at 12:18 am

Got it, buy good companies that pay dividends and stay invested while reinvesting the sweet dividends through regular cash flow and DRIPs. Got it. Also never sell and pay no fees. Every penny counts. It’s obvious .

But ‘Men vs Women’? That boat won’t float. The only thing that matters in business is merit. Diversity is a political construct. The women who have what it takes are already there . The ones who get appointed based on sex are a drag on the system. Ditto with men, color, sexual preference, gender dysphoria , religion, immigration status, etc etc. You want to ruin a good business, get political.

Ask yourself , did Trudeau ever have a good business idea? No? Then don’t get sucked into any of that WOKE nonsense, it’s a fad, temporary , it will pass. Hire the best, the rest will find work they’re better suited for. I’m right on this, like it or not. I’ve had men their sons into my office to train ‘as a favour’ I’ve told them consistently. “ If he had what it takes, he’d already be here”. It cuts both ways. I’ve had women interview with a track record of success and they’re in, no hesitation. Nothing to do with anything except personal achievement. Meritocracy is what has made our civilization thrive. If we forget where we came from, another bad boy (like China or Islam) will our door in and take what we have.

#85 Dr V on 11.07.21 at 1:37 am

77 Wrk.dover – I do apologize if there is a misinterpretation of your post earlier, as you comment at 77 does make a good deal of sense.

It did get me thinking though. While I claim no
expertise in continental electrical grids and where
power drawn from the grid in NS actually originates, the proximity of the wind turbine and hydroelectric installation would indicate to me a strong effect on your
home service.

Of the three sources available to you, the hydro would be the most reliable, as it builds a store of mechanical energy to be released when needed at the required load on the system. The construction of this installation likely has a large carbon footprint when compared to the wind turbines and solar arrays, as well as an environmental effect. However, the utility must build it at full capacity as at times it will be the only source of the required power (wherever it may go).

So while your array may create clean power, there is no
reduction in carbon emissions, at least in your area.

However, if your power can be sold elsewhere on the larger grid, it may reduce the need for coal or gas fired generation somewhere. Maybe New York or Indiana, I
really don’t know.

Someone noted before – Nova Scotia Power makes money (and hence so does Emera.)

Oh look, a solar farm in Alberta.

https://majorprojects.alberta.ca/details/Travers-Solar-Project/3656

#86 truefacts on 11.07.21 at 2:04 am

“Women are better than man in many areas and apparently this extends to the world of investing.”
_______________________________________

Really? Based on a mutual fund company study…do the best investors really buy mutual funds???

Buffett, Soros, Drukenmillar, Jarislowsky, Lynch, Jim Rogers, Ichan…we could keep going…

Let me see your list of these superstar women investors…

#87 Wrk.dover on 11.07.21 at 5:59 am

#64 Nonplused on 11.06.21 at 7:40 pm
My overall point is that the system can take a bit of solar and provide free balancing so long as not many people have solar and take advantage of the current system. If everyone had solar, the balancing fees would have to be substantial. So substantial there is no way the solar could be economic. The entirety of all solar connected would have to be backed up by generation that only gets used at night, which would be a 100% duplication of capital. Excess solar during the day would be worthless since everyone would have it.
_______________________________
Everyone doesn’t have solar and won’t have it anytime soon, so it is win win for all parties to have it RIGHT NOW.

If everyone did have it, the otherwise produced power needs at night would be less than the day time needs are now because snoring doesn’t use much energy. Bottom line, less conventionally produced power needed around the clock if everyone that was orientated for solar positioning had solar installed, though off season the whole grid does have to revert back to the present supply of power, I do agree. Off season though, not 365 all in all the time. March through October, this country could be much greener. Very much so. Much less standby needed. Yes I realize there are complications in firing that up. Diesel backup units at the utilities could bridge the short term bursts of demand during iffy days.

West of the Mississippi the sky is usually clear. Las Cruces NM boasts at least partial sun something like 330 days/yr. If solar payback is 13 years in SWNS imagine it’s success in those locations! And it does succeed.

Your negativity equals my positivity, the balance is in between. If nuclear waste site construction precedes nuclear generation construction, nuc/gen has my support.

Not gonna happen that way though. There will never be an over capacity of places to take the trash for 25,000 years. Too much NIMBY. Most all of it valid.

Now, do you have gripes with solar hot water heating too?

#88 Wrk.dover on 11.07.21 at 6:43 am

#83 Dr V on 11.06.21 at 10:58 pm
But your claim was that being grid tied allowed your system to feed the grid for use at night.
_______________________________

What I had said was;

Last winter we used less than 300kw of the peak evening power than we produced in the peak morning hours of the same billing rate in total.

We produce power in the light of day. There has to be a potential of making a shadow for the solar water to work, but the photovoltaic electric just needs day light.

Your other observations about my viability of helping (or not) the grid are basically true, but, I am one less draw on the water reservoir during extended dry periods when it is not being replenished, and the wind is low.

I do assume the release of water into the turbine is completely automated to a minute measure, to meet the exact demand of generation for the grid.

The federal money that goes to the provinces for this program is probably not as well thought out when being distributed as the analysis that you are considering. Your points are very good.

NS is a peninsula going two directions from a small pinched connection to the mainland, with one main line connecting to the continent. The line can be cut and NS can go it alone. The line is there to share back and forth to create balance to the benefit of both ends of that line.

NS is about to receive the James Bay power from NFLD and Labrador to ship to New England, but Maine just said nope, not through here. Good Joke on PQ. This might play out well for Ontario. Pity the fool paying for the new under water line to NS. (Emera?)

#89 Ryan Lewenza on 11.07.21 at 7:20 am

truefacts “ Really? Based on a mutual fund company study…do the best investors really buy mutual funds???”

This analysis isn’t based on mutual funds ownership. It’s based on the trading accounts at Fidelity. Fidelity doesn’t just offer mutual funds. But your response is telling and also misses the point that our industry is very male dominated. – Ryan L

#90 Ryan Lewenza on 11.07.21 at 7:31 am

Voice of Reason “However it is flawed. Just 2500 participants (1/2 woman and 1/2 men). It means nothing!”

There were two distinct aspects in that study. The first was the analysis of all their trading accounts over a 10 year period which is where they determined the 0.4% outperformance. The second was the survey of the 2500 participants where they asked a number of questions around investing to determine differences in investing behaviour between men and woman. So I disagree with your assertion that the analysis was not robust enough. – Ryan L

#91 Steven Rowlandson on 11.07.21 at 7:34 am

Battle of the sexes results in little or no sex, few if any children ,much legal and financial strife plus higher home prices if women get to work like men.
When government and special interests mess with nature and defy God all kinds of bad things happen.

#92 crowdedelevatorfartz on 11.07.21 at 8:15 am

@#85 Dr V
I know that numerous govts have looked at power “storage” by pumping water with solar or wind generated power back up into reservoirs to be used later when the sun doesnt shine or the wind stops blowing.
I can’t recall if Nova Scotia built anything like that but they were discussing it years ago.

A brilliantly simple idea to use unnecessary power to “save” energy for when it is required.

The energy sector is also looking at using solar or wind power to pump compressed air into large tanks, old abandoned mines, etc and using the air at night or during calm weather to spin turbines…. a truly “clean” option.

https://theconversation.com/lets-store-solar-and-wind-energy-by-using-compressed-air-103183

Lets hope a bi-tri-ci gender equality, engineering team develops it to keep the Trudeau govt and Faron satisfied.

#93 crowdedelevatorfartz on 11.07.21 at 9:06 am

@#87 Wrk.dvr
“Now, do you have gripes with solar hot water heating too?”

+++

I’ve been VERY interested in Solar Vacuum tubes for pre heating a hot water system before additional heating with another (Solar? Wind?) source….

https://www.latitude51solar.ca/residential-solar-water/solar-vacuum-tubes

This company based in Alberta where winter temps get to -40 c has some interesting products.

#94 Dharma Bum on 11.07.21 at 10:12 am

#57 Faron

In that vein, David Duke has made millions of people who felt the world was against them feel empowered and to the people he has he is “pretty much right about mostly everything”. Duh, people follow others when they think the leader is “right”. Dictators and demi-dictators like Trump also do this.
—————————————————————————————————-

You need to learn the meaning of false equivalence.

You need to learn a lot of things, mind you, but this would be a good start.

#95 Shawn Allen on 11.07.21 at 10:56 am

#75 crowdedelevatorfartz on 11.06.21 at 9:29 pm
# 69 Tiffany’s Jewelry is expensive!
“2. Investing is random bullshit. It’s a bullshit club dominated by bullshit men.”

++++

You sound uninvested, poor, angry and jealous…. and you come to an investing blog to vent.
Sad.

**************************
Well said. People that have built up no wealth by about age 60 need excuses. They can’t very well blame themselves.

#96 Jay Manning on 11.07.21 at 12:00 pm

I’m a investment consultant, accountant for 30 years now and have been doing this for years for my clients. Cuke and Tomato Picker, That’s It, anyone else with RRSP’s, RRIF’s, I would suggest try to take advantage of the $4,000 a year RRSP withdraw at 65 until 71, it is very low income taxes, maybe 10% at most. Also, put the $3,700 a year left into TFSA’s to protect it from future taxes and OAS clawbacks. Another tip here is, always maxout your TFSA first, $11,000 a year for a couple is the max is still think and use all catch up room too. As for GIC, bond interest, or until $20,000 or $24,000 RRIF payments a year or $40,000 or $48,000 RRIF payments per couple it is almost tax free as the age amount, personal amount as long as your income each is not more than $36,000 per person or $72,000 per couple.

You can really earn $72,000 a year and pay only income taxes on your CPP, OAS which would be maximum $6,000 to $7,500 a year depending which province you live in and the senior sales, property tax credits etc. you claim each year. Basically, you can keep $64,500 to $66,000 a year, more with RRIF payments, virtually paying a 6% to 12% overall income tax rate on all your $72,000 a year taxable income.You can earn another $2,800 to $3,300 a year interest tax free in current GIC, bond interest income if you have maximum TFSA’s already invested at 2.6% to 3.5% GIC, bond rates in current, past years. This would mean a possible 4% to 5% overall income tax rate on $75,000 of income per couple.

Thanks for the primer on why the kids hate us – boomers who have enjoyed the fruits and windfall gains of an expansive time and now work hard at not paying their share. – Garth

#97 Craig on 11.07.21 at 12:28 pm

Garth, I think you are going too far, my father and mother worked 82 years combined paying millions in taxes from property taxes, income taxes, gas taxes, excise taxes, HST/GST, now carbon taxes, cigarette taxes, alcohol taxes, duty taxes, CPP, EI taxes, garbage taxes, municipal and other city fees, taxes and on and on. When young or old, no matter which Canadians paid hundreds of thousands to millions in taxes and worked 30, 40 years per person then they can speak to the say the elderly, 65+ don’t deserve a break, modest to lower taxes.

The young will be old some day and then they will see how they feel about governments and their Liberal, NDP, socialist policies have failed them. Garth, you talk about tax savings with dividends and other tax savings strategies all the time with younger Canadians not 65+ crowd. This accountant is talking only about seniors saving taxes on modest incomes who paid their dues for decades.

#98 Anne on 11.07.21 at 12:48 pm

Garth, the younger Canadians since 2012 enjoyed very cheap money not seen since 50’s, 1.3% to 3.4% mortgage rates, they have seen their house values up 100 to 150% since 2012 and massive government welfare, social funding with $600+ a month child welfare for each kid, free to subsidized daycare and many government jobs in the millions in Canada. All these government benefits, social programs are all tax free. All seniors, retirees benefits are taxable except GIS.

Seniors, retirees have faced 50% to 75% cut to their interest income from bonds, GICs and they now have no Canada savings bonds, Ontario savings bonds being cancelled. These fixed guaranteed investments used to pay 6% to 10% interest rates an now 1% to 2.8% the most I could find GIC, provincial bonds and are longer terms 5 to 25 years.

Seniors are expected to live on low pensions of $15,000 to $20,000 a year and rents are at least $1,000 to $2,000 a month at best for certain parts in Canada. I think seniors, retirees deserve a tax break for all their hard work and contributions to Canada. Also, alot of them now are widows, mostly women and deserve help there too. Now with all this high inflation, environment taxes will be paid by those that do not consume alot and are not big polluters but from ordinary Canadians another government sponsored tax, created by Trudeau’s, Liberals government debt binge, the tax on everyone will be felt for many years when he is gone.

#99 Ralph on 11.07.21 at 12:53 pm

Seniors, retirees paid alot of taxes for many years and deserve a break on taxes, pensions, cost of living etc. The young not all about some always did not want to listen to or like the older generations. The grass looks greener on the other side but governments are deceiving everyone.

#100 Big Bill Bloomberg on 11.07.21 at 9:45 pm

It’s simple. If you to improve your quality of life in retirement, leave Canada in the rear view mirror. Ex: every border crossing into the US has long line ups of RVs headed south. Seniors aren’t stupid. It isn’t just for better weather, living in the US costs half what it does in Canada…a no brainer. And….you never see the pouty pinched face of Trudeau talk about despoiling Canada. He’s less than a non issue in American media.

Working professionals, especially young grads, don’t waste another minute of your career in Canada. Salaries double and tax costs halve the second you take that job in the US. Especially in Texas. Get a life, get out of Canada. Your career will thank you, you big house is waiting at a fraction of what you pay in Canada. Biden etc might seem like a pain in the arse, but, unlike sheep-like Canadians, Americans react when policy begins to pinch, Biden is gone in ‘24.

Another fantastic option is retiring outside Canada permanently. Tropical islands and swimming pools await. In Thailand the costs are one fifth of Canada. Hospitals and health care much better, cleaner for sure. The average hospital in Thailand looks like an over-staffed resort when you first walk in the door. There’s no such thing as waiting four months for an appointment. You need an international quality specialist , your appointment is likely 15 minutes away. You’ll never die in a hallway waiting for Emergency care…never. They didn’t cancel any surgeries for Covid. Instead the built new hospitals to specialize in Covid care. Nobody died because the government killed the main revenue drivers for ideological vanity.

BTW…the weathers always great. Trudeau might devastate your retirement savings in Canada and thrust millions of seniors into Energy starvation this year, but it doesn’t have to be you. You’ve still got time to get out.

#101 Lina on 11.08.21 at 11:27 am

Garth, you showed us examples of how to earn $50,000 a year in dividends in a non-registered account for a single taxpayer and pay no income taxes.