Too hard

Carol is a finance prof at SFU in BC. Last week I irritated her.

“As a professor who has worked with young people for over 30 years, been at the front lines with them, I believe you are being way too hard on the young,” she scolded, in a steamy 1,500-word email. “The young people I have worked with – and I have worked with 10s of thousands of them – have an incredible work ethic.  They are driven, they devote long hours to what they do, they are focused, reliable and a joy to collaborate with.  They are not hiding in their bedrooms, moaning about the future, and refusing to work.”

The prof was triggered by my recent WFH comments. She vehemently defends those who shun commuting, don’t want to be directly supervised, believe they can finance themselves on their iPhones and seek a work-life balance divorced from the vacuous existence lived by paleo, crusty, dino Boomers. The kiddos, she adds, are justified in abandoning the old model of entry-level jobs, crappy starting wages and decades-long career paths. They deserve more, right out of the gate. After all, YOLO.

“Perhaps they are the ones being realistic in their assessment of the situation, quite rational in their response, and quite reasonable in their expectations of what a job should provide for them to consider taking it.”

Hmm. Maybe. But some days the present (and perhaps the future) feels a lot like the past. Let’s hope there are some Old School survival skills baked into these Gen Z brains. You know, just in case TikTok and crypto don’t end up delivering retirement at 28. (By the way there are 68 million Zeds in the US alone.)

So here we are. Financial markets are volatile and so far 2022 has been suspiciously like 2020. The largest European ground war since the Second World War is lighting up the distant sky. Cost-of-living increases are the worst since the 1980s. This week the Fed joins our CB in starting an interest rate tightening cycle.

When in the lives of these young’uns have they experienced conflict, nuclear chill, a Cold War, swelling inflation or the rising cost of money? Right. Never. Nor has the world ever seen sanctions as Russia is now facing, nor the fallout they’re causing. Like in China. Yesterday that country’s stock market plopped the most since the average Gen Zer was seven.

(Putin reportedly asked Beijing for military help in Ukraine, and markets now fret US sanctions could be leveled against that Asian economy and Chinese companies doing business with Russia.)

Well, how are markets, investors and veteran traders reacting to all of this?

They’ve been selling off tech stuff and retreating to ‘value’ stocks and traditional safe havens, like commodities. Oil ain’t sexy and in fact most of the kiddos despise the O&G industry. But it’s doubled. Ditto for metals. And let’s not forget what a ‘value’ company is – one that actually makes money. Definition: “A stock with a price that appears low relative to the company’s financial performance, as measured by such fundamentals as the company’s assets, revenue, dividends, earnings and cash flows.”

Cash flow and earnings. How cute and retro. The antithesis of most cryptocurrencies, for example, which are backed by nothing and adored by the young.

What does any of this have to do with the kids, our modern work ethic and WFH?

Unsurprisingly, the biggest single event in the lives of people now in their late teens and early twenties has been Covid. The global pandemic. It shuttered university and HS classes, ushered in online learning and social distancing, hid everyone behind masks, sent five million adults home to work in their bedrooms, wiped away the routine of commuting, allowed 24/7 helo parenting, replaced physical shopping with Amazon while eliminating concerts, group sports, restaurant meals and travel.

Those of us not born twenty years ago recognize this as a total aberration with an end date. The Gen Zs see it as normality. We’re looking at life through utterly different lenses.

Doubtless, we’re in a time of change. Coming out of the pandemic society has a lot of catching-up to do. Now European conflict threatens the world political order. The West’s financial sanctions threaten economic stability. Putin threatens everyone. People who haven’t thought about nukes for their entire lives are doing so now. #nuclearwar is trending.

Conclusion: we expect optimism in the young. No wonder. They possess the greatest gift – time. Mistakes can be fixed, and lessons learned. There’s always a tomorrow when you’re nineteen.

But it’s not different this time. Don’t fool the kids.

About the picture: “Hi Garth,” writes David in Nanaimo. “Here’s a photo I took of a Magellanic penguin peaking from its burrow in the Reserva faunística provincial Cabo Dos Bahías south of Camarones, Argentina. Feel free to use the photo any way you like.”

176 comments ↓

#1 Catbert-Evil-HR-Director on 03.14.22 at 3:06 pm

Corporations have become better at turning employees from long-standing, loyal lifers into interchangeable, disposable, overworked gig workers…

You are one mouse click away from having your dream job offshored or ‘eliminated due to redudancy’ during the latest merger or acquisition.

Plan accordingly, young Gen Z.

#2 Sunny South on 03.14.22 at 3:09 pm

Not sure if true, and to err on the safe side, happy birthday Mr. Turner and many happy returns. Thanks for everything you do for your blog dogs.

#3 Justin on 03.14.22 at 3:19 pm

Garth, you’re strangely wedded to the notion that spending 2+ hours a day in traffic on the 401 is some kind of weird virtue, without which one cannot be imbued with a proper work ethic, when in fact it is nothing but a colossal waste of time for all concerned.

If you’re a manager and you need to breathe down people’s necks to get them to perform, you’re bad at your job.

So take the train. – Garth

#4 Carla on 03.14.22 at 3:20 pm

Happy Birthday, Garth! Thank you for your wit and wisdom all these years. Stay blessed.

#5 Bogled on 03.14.22 at 3:23 pm

Happy Birthday Mr. Turner.

#6 Faron on 03.14.22 at 3:24 pm

Yowch! Hope nobody FOMOed into miners at open today. Holy SAGI Batman. Indicator has a ~80% hit rate since inception.

#7 "NUTS!" on 03.14.22 at 3:26 pm

Hmm, I too had an 18 year tenure at SFU, my experience was not the same as Carol, however, the younger generation has always challenged the status set by previous generations. In many cases, it actually made things better, such as the Greenpeace movement of the seventies, the war protests of the same era, the marches to end segregation, etc. This new outlook on how life “should” be is different, its more selfish and self-centred. But, as in previous changes, they are shaping the world “they” will live in and inherit. Be careful what you wish for.

#8 ElGatoNeroYVR on 03.14.22 at 3:29 pm

Ofcourse you are absolutely right. The problem is two fold in my humble opinion:
One: these academics / teachers who live a gifted life completely removed from the reality of the daily grind most of us live and unfortunatley we let them brainwash our children ( if you canˋt do teach; is unfortunatley a good lot of those that end up in education)
Two: A good percentage of the population seems to have bought into the whole my children will not do any sort of menial , blue collars jobs and would rather keep their offspring at home rather then instilling work ethic and kicking them into the world tio dend for themselves.
For some obscure reason ” Failure to launch” has become a point of pride and accepted condition rather then a shame and motivational rally cry.
Point is no generation as a whole had it easy when they started ,what has changed is that a significant percentage of current generation simply does not want to put in any work to climb the ladder, they all want to start at the top and be recognized by soft skills they think they have because they have a degree.
Yes ,the world is mean and working for a living in most companies sucks and your degree in arts, lit, history ,culture doesnˋt mean anything , everyone who can will take advantage of you if you let them.
Fact though is that those that make it in life ,keep pluggin along ,take the long term view and yes ,work hard starting wherever they can demonstrating real skills , at ground level.
In order to succeed you need to see opportunities where others seee hardship. No job is too small or beneath you if it allows you to live and get ahead.
That should be the lesson our children should be taught in schools and universities .
And before anyone questions it ,I do have children and they got sent into the world as soon as they finished school. Parental help does not mean keeping parasites at home to play video games,make tik-tok videos and discover themselvs waiting for the opportunity they deserve while I work(ed) 12 hrs days.

#9 tkid on 03.14.22 at 3:32 pm

The prof is nuts. Anyone who can work from home in North America can work from home from another continent, and always for a fraction of the paycheque.

My one recommendation to the kids: always, always put 10% of your net pay into either a TFSA and/or a RRSP.

#10 Brian on 03.14.22 at 3:32 pm

Happy Birthday Garth!

Spot on blog today!

#11 Exodus 2020 on 03.14.22 at 3:38 pm

The young gen is one of the hardest working ever, if you measure the labour put into education class time at their own expense, then the labour put into jobs to pay student loans, then the extra commute distance and traffic congestion they put in over the prior generations, then the time they put into separation of garbage into recycling and composting that prior generations didn’t do, then the added additional hours needed to work for the added cost of either rent or mortgage that prior generations couldn’t comprehend, then the added time spent to try to manage a family in a tight shoebox space that most prior generations didn’t do, then the cost of less subsidized education, higher taxes, GST, etc etc. life isn’t easier than prior generations and Garth’s critics have valid arguments.

#12 Reasonable on 03.14.22 at 3:38 pm

Same birthday as Einstein. Great minds, I suppose… Happy birthday sir, and thank you for the years of laughs and advice.

#13 Bitcoin Bro on 03.14.22 at 3:41 pm

I’m sure Garth is well aware of this but I have to scratch the itch… saying cryptocurrencies are “backed by nothing” as a critique of the technology is pretty silly when major modern fiat currencies are also “backed by nothing” and are in the process of being devalued into oblivion by feckless, unelected bureaucrats. There’s plenty of good critiques of the crypto space but this one that Garth keeps using to dismiss a technology space that has done nothing but grow for 12 years now and is attracting serious investment from the world’s largest corporations is lame. Step up your game, Garth! (This all said, I enjoy the blog. Thanks for the entertainment)

Fiat currencies are backed by CBs and a nation’s power to tax its citizens. Cryptos are backed by faerie farts. – Garth

#14 Dr V on 03.14.22 at 3:43 pm

“By the way there are 68 million Zeds in the US alone”

No. Gen Zeds are peculiar to Canada (and maybe parts of the commonwealth?).

America has Gen Zees.

#15 Sail Away on 03.14.22 at 3:45 pm

I agree with the prof. Our young engineers are punctual, motivated, articulate, capable… and happy to work from the office. Most of them buy a house after a couple of years with the company, get involved with local universities and civic groups and really embrace the profession.

I can’t speak for other firms, but ours is very happy with the youth of today.

#16 dave on 03.14.22 at 3:49 pm

If China does help Russia in any way then USA will sanction China. Many side effects from this BUT will this be a reason for the central banks not to raise Interest Rates.

It feels like the wind just has to blow the wrong way the the CB are ready to change course on rates!

#17 Søren Angst on 03.14.22 at 3:56 pm

Tweet of the day:

https://twitter.com/elonmusk/status/1503327421839417344

You ‘gotta love that guy.

#18 bdwy on 03.14.22 at 4:00 pm

Profs see kids before they get jaded by real life.

Aren’t the whiny mills 35+ these days?

I know gen z kids going thru and finishing post secondary some of who are absolutely killing it on a rocket ride to career success. Including one who will one day run something like turner investments. Smart, focused, personality, self control – mills get ready for you new bosses!

#19 I’m stupid on 03.14.22 at 4:03 pm

I wonder what a Dutch oven of faerie farts would be like. Oh wait I know the metaverse.

Happy Birthday Garth!

#20 ElGatoNeroYVR on 03.14.22 at 4:05 pm

15 Sail Away on 03.14.22 at 3:45 pm
=============
Unfortunately your company is one of the few , not the norm as far as pay and working conditions go.
Also I am pretty sure that your hiring process picks the top candidates ,you just donˋt hire based on the order they submit their resumes.
You also must have a turnover of new hires ,there is no way 100% of new hires make it past the first year.
The issue most of us have is that the other 70% that donˋt get hired in their job of choice would not acknoweldge that they lack something and rather then pick another job to build ther skill in order to get hired by a company like yours will just complain or not work at all.

#21 Søren Angst on 03.14.22 at 4:09 pm

Other Tweet of the day:

https://twitter.com/YaroslavConway/status/1503442639257059328

You ‘gotta love that woman. Courageous.

Russia’s Channel 1.

#22 Linda on 03.14.22 at 4:12 pm

That is one contented looking penguin:) Obviously embraces the WFH ethic! In all fairness, I do believe that 2 years of Covid have ushered in a seismic shift in how & where work is performed going forward.

#23 earthboundmisfit on 03.14.22 at 4:20 pm

She lost me at “they deserve more”.

#24 Ponzius Pilatus on 03.14.22 at 4:23 pm

Can’t agree more with Professor.
My daughter, who’s in her third year now at UBC is working far too hard.
I always tell her slow down.
But I guess it’s easy for a Boomer to say.

#25 zxcvbnm on 03.14.22 at 4:27 pm

I’m sure glad my boss judges me on the quality of my work not the smell of my cologne. Garth sounds like a miserable person to work for – I hope he pays well.

Employ you? In your dreams. – Garth

#26 Ponzius Pilatus on 03.14.22 at 4:30 pm

n Guillermo on 03.14.22 at 11:15 am
#54 yvr_lurker on 03.13.22 at 9:48 pm
#47 Unfortunately, $10 million is the new $2 million
Keep on truckin’
——————–
Speaking of truckin’ last week was Semana de la Troca (Truck Week) here in Mazatlán. There are some beauty F-150/250’s in the mix just for Ponzie. Last time I filled up, gas was around $1.40/l CAD equivalent. Enjoy!
https://www.youtube.com/watch?v=RIMO6vC7CAA
————————————
“Semana de la Troca”. Right after “Dia de los Muertos”
Do you guys ever work?
Thanks Donny G. for brightening up the mood.
You could proclaim “Truck Week” once your back in Wild Rose Country.
Should be a,big success.
I may even come by and watch the line dancing.
Tried it once. I suck at it, as I have only two “left” feet.
BTW, are the Flames gonna win the Cup?

#27 Brian on 03.14.22 at 4:33 pm

EAEU and China will develop a draft international financial system.

https://kapital.kz/finance/103768/yeaes-i-knr-razrabotayut-proyekt-mezhdunarodnoy-finsistemy.html

Use Google Translate to read the article. The alternative to Swift to be based on a new currency!

#28 Damifino on 03.14.22 at 4:33 pm

Oil ain’t sexy and in fact most of the kiddos despise the O&G industry. But it’s doubled.
———————————

Now there’s a capital idea. Develop a hate for the cheap, abundant and reliable energy that underpins the comforts we all enjoy and fuels advanced societies bringing health care, longevity and benefits unimaginable scant decades ago.

Meanwhile, espouse the use of unreliable and expensive so-called green energy that is far too diffuse to harvest in quantity without technologies that simply don’t exist or else rely upon difficult to supply materials generally found in belligerent countries.

Young and foolish doesn’t begin to describe it.

Go long on hydrocarbons, short on TikTok.

#29 PeterfromCalgary on 03.14.22 at 4:45 pm

To be fair many baby boomers did a lot of reckless stuff in the 1960s when they were young.

#30 Apocalypse NOW on 03.14.22 at 4:48 pm

Ides of March

Only hours away

PREPARE

#31 Be Best on 03.14.22 at 5:04 pm

I guarantee you this “Professor” has never held a job in the for profit world and has no clue about jobs outside of her overpaid public sector cushy job. She is an example of why I don’t want to pay taxes.

#32 Sam on 03.14.22 at 5:05 pm

Garth’s back at it again. What if I told you it was possible to be a 20-something making six figures working from home for a company that got rid of its office lease? Because that’s my reality. We’re fully remote, forever. And I’m doing the best work of my life.

I’d sure love to keep slugging it out at an office job for a low wage like back in your day, Garth, but I can’t seem to find any employers in my industry that still operate that way!

#33 CL on 03.14.22 at 5:06 pm

She’s an academic. I don’t know of anyone in the real world that would take her seriously.

#34 Annek on 03.14.22 at 5:11 pm

11 Exodus 2020 on 03.14.22 at 3:38 pm:
“The young gen is one of the hardest working ever, if you measure the labour put into education class time at their own expense, “
————
A:When I went to school, classes were from 8:20 to 3:40 with 20 minutes for lunch. Very few PA days . Now, the school days are much shorter for most students. I see students heading home and out of school sometimes at 2 in the afternoon. As far as I am concerned , education class time is less for this generation. (Teachers work less hours as well)
………
“then the labour put into jobs to pay student loans”
A:We had student loans then as well and had to pay back after graduation.
………
“ then the extra commute distance and traffic congestion they put in over the prior generations, “
A: I also work and have to commute in the same traffic.
……..
“then the time they put into separation of garbage into recycling and composting that prior generations didn’t do”
A:Who do you think separates the garbage in my home?? My kids? Lol
……….
“then the added additional hours needed to work for the added cost of either rent or mortgage that prior generations couldn’t comprehend,”
A: What nonsense. Our salaries were less and we had mortgages at 21%. Plus we did not buy monster homes. We bought what we could afford.
……….
“then the added time spent to try to manage a family in a tight shoebox space that most prior generations didn’t do”
A: We rented an apartment when we were first married. Not everyone expected to buy a house right away. So your point is not valid. As well, when we bought , the home was not very big.
…….
“Then the added additional hours needed to work for the added cost of either rent or mortgage that prior generations couldn’t comprehend.”
A: Huh? We did not over-buy. Plus with high interest rates then we also had to work our buts off to pay off a mortgage.Plus, we drove beat up cars, no cell phone bills. We bought what we could afford. We did not take out loans for stuff . If we could not pay for it, we did not buy.
……
“then the cost of less subsidized education.”

A: I remember education as being Expensive then as well.
…….
“higher taxes, GST, etc etc.”
——
A: I pay the same taxes today as you..
……….

Do your homework before you write your comments and moan and groan.
Garth has very valid points

#35 crowdedelevatorfartz on 03.14.22 at 5:13 pm

@#33 CL

True but when one considers that most professors have been bullied into silence if they raise even the most minor of offending views to their “woke, fascist” students….

I’m not surprised the UBC Prof is a cheerleader for the poor coddled darlings. She might lose the Golden tenure.

Not to worry.
It seems like the real world is about to slam us all in the war, inflation, recession, goolies.

#36 Crystal ball futurist on 03.14.22 at 5:14 pm

“Putin reportedly asked Beijing for military help in Ukraine, and”

Likely scenario looking into the crystal ball:
The panda will not go to aid the Bear. The Panda will be instrumental in calming the bear and that would be the end of this mess. A new world leader will be born.
The eagle will prevail this time. The beaver and kangaroo will benefit.

Long term:
Panda and Bear will start a parallel financial clearing system. Swift will have competition. Currency will go digital. No bitcoin. Govt coins. The eagle will have to start working again.

#37 Triplenet on 03.14.22 at 5:20 pm

Top 57 Bachelor In Finance Universities/Colleges In Canada
SFU – not on the list.
……just sayin’ Carol

#38 Charity on 03.14.22 at 5:23 pm

Happy born day Garth!

#39 Millennial 1%er on 03.14.22 at 5:24 pm

I’m quite literally never going back to the office. In my field, if you’re working remotely, you’re making more. Simple as

My boss will happily fly me to Seattle once a quarter

#40 Dr V on 03.14.22 at 5:25 pm

11 Exodus

“…then the time they put into separation of garbage into recycling and composting that prior generations didn’t do…”
———————

Agreed! It’s horrible and such a time sink. (Full disclosure – I still backyard burn)

15 Sailo

“Our young engineers are punctual, motivated, articulate, capable… and happy to work from the office.”
————————————

Agreed as well. Know some myself.

20 El gato

“The issue most of us have is that the other 70% that donˋt get hired in their job of choice would not acknoweldge that they lack something…”
————————————–

Obvious to many of us but still needed stating.

#41 Danger Dan on 03.14.22 at 5:25 pm

Garth, cryptocurrencies are backed by fungibility and trustworthiness (I mean the network, not the sentient actors).

In contrast we have the CB, which engages in “moral hazards” (to quote the BoC) or the financial system that increasingly is used to “wage total financial war” (quoting the EU) and even abused to sanction private citizens.

Bitcoin doesn’t discriminate and solves a lot of the friction in the world of regulated finance. It may not have more benefits than other assets but it also doesn’t seem to have more drawbacks.

Hopefully the CBs will compete with cryptocurrencies for legitimacy rather than try to usurp them just so they can realize the dream of negative interest rates and MMT.

#42 Leichendiener on 03.14.22 at 5:27 pm

Happy Birthday to you!

#43 Dr V on 03.14.22 at 5:28 pm

I think that penguin has a job at a certain bank

Happy b-day garth

#44 conan on 03.14.22 at 5:38 pm

Thought someone had a penguin as a pet for a second.

#45 Slim Jim on 03.14.22 at 5:40 pm

The correlation between ‘work ethic’ and going to an office every day in a central business district is so spurious.
I’m nearly 50 and when I think about how ridiculous some of the work environments I worked in were, I cringe. In my time I have gone from wearing a suit and tie everyday to sweat pants from the comfort of my home office (and this happened before Covid). The top down, authoritarian power structure is on its way out. The office design with the executives having the offices with the windows while the rest toil under fluorescent lights, blocked from natural light for 10 hours is gone. Ditto for the open concept office, where you can hear your pod mate fart and gossip all day long.

Working from home puts the focus on results, and reduces the influence of cognitive bias and office politics. I am all for it. I’m currently building a case to build a new business, and absolutely it will be 100% remote.

#46 Dogman01 on 03.14.22 at 5:45 pm

Been saying that for years:

The standard of living in Canada is on a steady 40 year decline.

#11 Exodus 2020 on 03.14.22 at 3:38 pm
The young gen is one of the hardest working ever, if you measure the labour put into education class time at their own expense, then the labour put into jobs to pay student loans, then the extra commute distance and traffic congestion they put in over the prior generations, then the time they put into separation of garbage into recycling and composting that prior generations didn’t do, then the added additional hours needed to work for the added cost of either rent or mortgage that prior generations couldn’t comprehend, then the added time spent to try to manage a family in a tight shoebox space that most prior generations didn’t do, then the cost of less subsidized education, higher taxes, GST, etc etc. life isn’t easier than prior generations and Garth’s critics have valid arguments.

———————————————–

“1960 Dad worked, Mom stayed home, 5 Kids, no debt
1970 Dad worked, Mom worked part time, 4 Kids, no debt
1980 Dad worked, Mom worked full time , 3 Kids, a little debt
1990 Dad worked, Mom worked full time , 2 Kids, more debt
2000 Dad works 2 jobs, Mom worked full time , 1 Kid, tons of debt
2010 Dad works 2 jobs, Mom works 2 jobs, No Kids, absolutely broke and in debt.
Today why is it that with our great educational system, and with all the kids with degrees why can’t they see they have been shafted?”- Smoking Man

#47 WTF on 03.14.22 at 5:46 pm

If Dear Professor is really concerned about the little cherubs Perhaps she could also comment on Universities ethically suspect flogging of pointless degrees where debt is the main outcome for the hapless student. Helps pay Profs tho……….

Probably better off studying finance at the University of Garth. Real world VS the warm bosom of increasingly crazy woke academia.

#48 Bob Dog on 03.14.22 at 5:51 pm

Who’s “triggered”? Sounds like you are.

PS.
Where did you learn to parrot that word?

#49 morrey on 03.14.22 at 5:55 pm

Happy Pi Day

#50 Reality is stark on 03.14.22 at 6:01 pm

Interesting, but it’s not the real threat.
Their may be up to 10 million refugees from this war.
90% female, with 3-4 million between 18-35 coming to the USA and Canada within a year.
There is a reason why feminists said it was discriminatory that the Ukrainian government didn’t allow them to have the luxury of being shot at the front.
Those women will likely be the bane of North American feminists in the near future. Ukrainian women know how to take care of themselves and how to treat men.
You can bet that they want those immediate work visas and the opportunity to take the top 40% of the eligible bachelors over here, and they will get them rather easily.
War has some bizarre outcomes. Sometimes you need to be careful what you wish for.
No doubt that the Prozac drugs will once again be in outrageously high demand and no feminist pronouncements will contain the fallout.

#51 George S on 03.14.22 at 6:01 pm

Lately I have been enjoying my 1908 Sears Catalog reprint, (Sears was bigger than Amazon) especially since I discovered that the average salary in 1908 was 22 cents an hour which makes it about exactly 100 times less than today’s average salary of about $22 per hour. (I am making the number up, it is probably more but makes calculating easy and fun) So all you have to do to get an idea of relative prices is multiply the price in the catalog by 100.
Some things are about the same, hay forks were 39 cents and are about $39 now. 700 square foot house kits were about $2000, you could probably get a pile of materials to build a house for about $200,000 now.
Wall mounted crank phones were $10 then, the same as $1000 now which is about the cost of an iPhone so any one complaining about the cost of cell phones should smarten up.
Rubber tires for a 4 wheel horse drawn wagon were $17.85 then same as $1785.00 now, the cost of a super good set of tires for a high end SUV.
A single 24″ fancy ostrich feather for a women’s hat was $9.95 then same as $995.00 now.

The entire catalog is amazing and you really get to see how times have changed and the wonders that science and inventors have brought into the world.

Top quality rubber boots were $4.95, same as $495.00 now. There were rubber barons in those days…

#52 THE DANDADA on 03.14.22 at 6:02 pm

“And let’s not forget what a ‘value’ company is – one that actually makes money.”

AMAZON didn’t make money for 10 years either.

“Cash flow and earnings. How cute and retro. The antithesis of most cryptocurrencies, for example, which are backed by nothing and adored by the young.”

You mean like ALL dot.com companies were in the early 2000s…..Now we can’t live without them. You wouldn’t have this blog without them.

#53 NOSTRADAMUS on 03.14.22 at 6:07 pm

LOOK EAST YOUNG MAN, LOOK EAST.
Looking for a crystal clear glimpse of what the future holds for the stock and its first cousin, Real Estate, “Look East Young Man, Look East.” The Hong Kong’s Hang Seng Index has retested its March 2020 low in February and failed to hold there. Dropping a further 14%. Since then the index is back to where it was in 2006 and just 6% above its January 2000 cycle peak.
Regarding housing, Evergreen and numerous other giant Chinese Real Estate companies are in free fall. As I have cautioned on too many occasions, with the withdrawal of liquidity, the game is over.
As to the wee little people who believed in their hearts that Real Estate only goes up in value, Well, trapped. they watch as their phantom wealth has disappeared like an ice cube in Death Valley.
This is how secular bear markets move. From extreme over-valuation and speculative peaks. Its common for stock and stock indices (along with Real Estate) to give back all of their prior gains.
In the weeks and months ahead, other high beta sectors like commodities, corporate credit and financials are also due to retest their 2020 lows. A new generation of would -be investors (speculators) are about to learn the hard way, that everything moves in cycles.
When you look to the east young man, it becomes so crystal clear what the future holds . I am on my throne and I will not step down.

#54 Sail Away on 03.14.22 at 6:10 pm

Animals of a species will always act according to species instinct. That’s the way it works. Tap into deep-seated instinct and watch nature do the rest. It works for all animals, including humans. Always has, always will.

If you understand this, it can greatly simplify life.

Make recognition, position, and stability achievable as part of a supportive team allowing independent action and you’ll never have a problem with employee motivation. Money is used as a proxy for these things, so pay well and make it easy to earn more money for those who want. Welcome mistakes, crucify nobody. Ever.

Kids today are the same as kids 20,000 years ago. There is nothing new under the sun.

#55 Doug t on 03.14.22 at 6:24 pm

Hell I don’t blame the kids – I blame the parents – let’s pray these young people NEVER have to experience what actual warfare is – the images of young soldiers in Ukraine (both sides) is so sad

#56 Sail Away on 03.14.22 at 6:25 pm

Who’s Zed?

Zed’s dead, baby. Zed’s dead.

https://youtu.be/y7Yp2L6c2KM

#57 Ponzius Pilatus on 03.14.22 at 6:26 pm

# 88 Faron

Overall, the comments made this rock-bottom idiot a shade dumber. Congrats. Digging into the citations in Junger’s book should prove more fertile terrain.
Toodles!
—————————
Herr Professor Faron, knower of the “unknown knowns”
Talking about “Jung”er.
I think, I’ll dig out my notes on Carl Jung again.
Taking while studying Psychology at the University of Vienna.
They specialized on Freud, which makes sense, given that he was Austrian.

But Jung made more sense to me.(/
“collective unconscious, archetypes”
And one of my favourite [email protected] song.
Déjà Vu.
“We have all been here before”
Like history repeats itself.
Topical, too.
Proves that the Swiss are not only good at making at making watches, making cheese with holes in it, and keeping Russian Oligarchs money safe.

#58 Barb on 03.14.22 at 6:38 pm

“Perhaps they are the ones being realistic in their assessment of the situation, quite rational in their response, and quite reasonable in their expectations of what a job should provide for them to consider taking it.”
——————————————–
No, Carol, they’re not. Quite the dreamers.

But profs? $385K/year. Quite good.

“How much do UBC professors get paid?
First row of the table shows that average salary of all UBC full time tenure track faculty members is $114,457.5 where minimum salary is $44,898 and maximum – $385,294. For men average salary is $118,309.6, minimum is $49,298 and maximum is $385,294. (Google).

Garth, put your feet up and ignore 1,500 word emails from professors.
“Reality/rational” are two words not usually associated with profs.

HAVE A WONDERFUL BIRTHDAY …

#59 Loopy Hermes on 03.14.22 at 6:44 pm

Fiat currencies are backed by CBs and a nation’s power to tax its citizens. Cryptos are backed by faerie farts. – Garth

Happy Birthday!
Thanks Garth, this brought a huge grin on my face !
I repeat this to many people and they tell me I know not what I talk about !

#60 When Will They Raise Rates? on 03.14.22 at 6:44 pm

#36 Crystal ball futurist on 03.14.22 at 5:14 pm

Long term:
Panda and Bear will start a parallel financial clearing system. Swift will have competition. Currency will go digital. No bitcoin. Govt coins. The eagle will have to start working again
————

Ah yes, CBDCs… I won’t be participating. Nope. Anyone who complies with that system is responsible for their own enslavement.

Decentralized, free market cryptos and bullion for me. Starve the beast.

#61 Albertaguy in AB on 03.14.22 at 6:49 pm

Eagle cooperate with Panda to put Bear into hibernation.

#62 Albertaguy in AB on 03.14.22 at 6:50 pm

Oh and HAPPY B/PIE day Garth!!

#63 Love_The_Cottage on 03.14.22 at 6:53 pm

WFH was a trend that was only sped up by COVID. For the people making buggy whips or renting videos at Blockbuster it really was different this time.

#64 Shopify Investor on 03.14.22 at 6:53 pm

Mr. Turner,

Last summer and again in November, I took the advice of many of the commenters that you condone here, and increased my shares in Shopify.

They seemed credible and you clearly allowed and permitted their submissions.

My shares have now dropped from over $2000 to $657 today.

This means I no longer have the positive funds to make a down payment, so will miss out on our booming property market as well. Thanks to your blog.

I would like some compensation.

Did you not read all the posts telling you not to buy single stocks? Tough lesson, eh? – Garth

#65 IHCTD9 on 03.14.22 at 7:01 pm

Gen Z already has it better than any other Gen. I know a Zed who makes almost 200K/yr as an employee at 25 years old. He’s married and she makes 100k on top. This kind of potential so early in life is a first.

It really boils down to getting good marks in HS, a good choice of degree, a good choice of University, and finally a good career choice.

These two made very good choices and really hit the books to “deserve more”. They could have got PHD’s in basket weaving and reclined in the light of Carol’s righteous indignation, but that would not have increased their paycheques. Instead, they forsook “work/life balance” and put their noses to the grindstone.

Same rules apply to Gen Z as the rest of us, nothing worthwhile comes for free. The rewards for good decision making today are bigger than they’ve ever been.

#66 IHCTD9 on 03.14.22 at 7:11 pm

#56 Sail Away on 03.14.22 at 6:25 pm
Who’s Zed?

Zed’s dead, baby. Zed’s dead.
——- –

One of my favourite movies. Zed was likely in receipt of some “medieval” retribution around that time.

Hopefully Gen Z will produce for us another Tarantino.

#67 Sail Away on 03.14.22 at 7:15 pm

#88 Faron on 03.14.22 at 1:27 pm

Ustabe’s “women cover their drinks” zinger was one for the ages.

——-

I personally don’t consider euphemisms for rapist or mentally retarded (i.e. your ‘short bus’ comment) to be funny zingers, something to be applauded, or, for that matter, a part of one’s recorded legacy that would be judged favourably in hindsight.

But… it’s your shovel. Go wild.

#68 pPrasseur on 03.14.22 at 7:17 pm

Putin asking China for military and economic help, you got to be not just a little bit desperate to ask Xi for help!

#69 Quintilian on 03.14.22 at 7:20 pm

“But it’s not different this time. Don’t fool the kids.”

It is different this time.
Huge/titan personal and government debt, demand borrowed from the future, full employment, negative interest rates, stealth inflation, asset bubbles-it’s a cauldron of unpredictable and unstable admixture.

At the macro level, we need to take into account, historically, as the business cycle moved from expansion to contraction, it filtered out and tamed the excesses, so that a new cycle could begin.

But that cycle has been circumvented for so long it’s uncertain it still exists, so it’s doubtful that the past can be used as a predictor. Most of the western economies have been on a quasi-command system; through monetary and other politically short-sighted manipulation of the levers of government.

It is different this time.

#70 crowdedelevatorfartz on 03.14.22 at 7:47 pm

@#69 Quintillians in Debt
“It is different this time.”

+++
Nope.
Monkey hearts and Lizard brains

Outrageous govt debt.
Outrageous personal debt.
Outrageous expectations of new graduates/workers.
Greed is still a human trait.

Much wants more.
Wages will go up.
Taxes will go up.
Inflation will go up.
Until there’s no one spending money.
Right back to where we started.

#71 TurnerNation on 03.14.22 at 7:58 pm

Is everyone still sticking to there knitting?
(Too soon?)

BTW from another forum you want to know why the Feds still have the QR code in place (but the provinces pretended to drop it?)? Hint it’s permanent.

Right here in black and white.
Air Canada, Pearson Airport, and Govt of Kanada are all partners in Known Traveller Digital Identity.
THIS was the main goal of everything. Global.
This shell of a country is being held hostage.

https://ktdi.org/

—–

Ukraine. Ukraine where have we heard this before. Oh year the permanent global digital ID. They’ll put up no resistance now eh?

“Ministry of Digital Transformation: Ukraine is the first country in the world to fully legalize digital passports in smartphones
Ministry of Digital Transformation of Ukraine, posted 30 March 2021 ”

https://www.kmu.gov.ua/en/news/mihajlo-fedorov-ukrayina-persha-derzhava-svitu-v-yakij-cifrovi-pasporti-u-smartfoni-stali-povnimi-yuridichnimi-analogami-zvichajnih-dokumentiv

#72 IHCTD9 on 03.14.22 at 8:08 pm

#54 Sail Away on 03.14.22 at 6:10 pm

Make recognition, position, and stability achievable as part of a supportive team allowing independent action and you’ll never have a problem with employee motivation. Money is used as a proxy for these things, so pay well and make it easy to earn more money for those who want. Welcome mistakes, crucify nobody. Ever.
———-

This is actually pretty epic. I work for an “all results” type boss. He don’t care how I make it happen, as long as I do. No instruction or direction whatsoever. When I started, he gave me an office with a desk, and a company credit card to buy a comfy chair, and a computer. That’s it. From there it was up to me how things were going to go. I ended up feeling like I was running a company inside a company. I use the resources therein, and bring home the bacon. I am essentially a sole architect for new customers, and profits. He’s made some big bucks, and I’ve loved earning it – because I did it 100% my way.

I know now I could never work again in an environment where I’m micromanaged. Give me freedom, or give me a damn job pouring ☕️ . I’ve earned my annual salary in profits in a single month a couple times, and this never could have happened if I had to push through a wall of red tape. The Wild West is where I shine, where I think most folks would shine. No headaches, no BS, just me, LinkedIn, Outlook, the www, and a telephone. Who’s ever been motivated by making $ following the direction of others?

Boss pays fair, but money ain’t a big motivator for me at this stage in the game. When the fun ends, that’s when it may be time to move on. IMHO, the fun comes from individual freedom of action, and the results thereof.

#73 Ballingsford on 03.14.22 at 8:17 pm

Happy Birthday Garth!

#74 Catalyst on 03.14.22 at 8:22 pm

The boomer dream, to have mills work for slave wages and support 7% profit growth at the businesses they slave for.

#75 rknusa on 03.14.22 at 8:27 pm

I bet a lot of kids are eyeing their parent’s one, two or three million dollar home and figuring on a sizeable inheritance later so why work/worry now

#76 rknusa on 03.14.22 at 8:32 pm

all this rapid house appreciation and stories of rich TikTok and YouTube stars have kids wondering why slug it out 5 days a week when houses generate this much money from doing nothing or you just need an app, a YouTube channel or a TikTok video that goes viral

#77 Ronaldo on 03.14.22 at 8:35 pm

#29 PeterfromCalgary on 03.14.22 at 4:45 pm
To be fair many baby boomers did a lot of reckless stuff in the 1960s when they were young.
=====================================
Like getting married at 18 and 21?

#78 Blobby on 03.14.22 at 8:35 pm

“#64 Shopify Investor on 03.14.22 at 6:53 pm”

Spot the realtor…

#79 Juve101 on 03.14.22 at 8:38 pm

“Doubtless, we’re in a time of change.”

Indeed, first dogs, then cats, now a penguin!
Think I’ll be sending in a photo of a bug, we’ll see if it makes Garth’s blog :)

Only trained bugs. – Garth

#80 Faron on 03.14.22 at 8:41 pm

#67 Sail Away

I didn’t say it was funny. But, I’ll ELY5.

You are on record praising at least one rapist, and noting specific cases of harassment in favour of the male harrasser. The kind of talk that might make a woman furtively put a hand over their pint as the Cosby lover in question saunters up to say hi. just self defense really; a value you hold dear when the defense weapon is an AR-15, correct? Maybe less so when the weapon is a subtle hand gesture? Regardless, it was an apt and blistering zinger. Aimed appropriately rather than at a eamily member as is your wont.

I did LOL when I glanced at LIF today. That was impeccable timing. I really am conridering opening a margin account so I can short the SAGIs. Free alpha!

#81 crowdedelevatorfartz on 03.14.22 at 8:52 pm

@#80 Faron.

I miss your sabbatical from this blog.

#82 Flop… on 03.14.22 at 8:54 pm

Mrs Flop asked me if I wanted a piece of Nescafé Cake to celebrate Garth’s birthday.

I said no, he would want me to chow down on some Nasdaq Index instead.

O.k. give me the cake too, I’ll put it out of its misery…

M47BC

#83 Barcino on 03.14.22 at 9:04 pm

Happy birthday Garth!
Thank you for your invaluable advice!

#84 Ustabe on 03.14.22 at 9:08 pm

#67 Sail Away on 03.14.22 at 7:15 pm

I personally don’t consider euphemisms for rapist or mentally retarded (i.e. your ‘short bus’ comment) to be funny zingers, something to be applauded, or, for that matter, a part of one’s recorded legacy that would be judged favourably in hindsight.

But… it’s your shovel. Go wild.

But your “zinger” about my mother is different from all this how? At first you laughed it off, explaining that it was posted in a joking manner, next you denied ever going there, pulling someone else in who I apparently misread, next you denied it yet again and told me to find anywhere you posted as such…reductio ad absurdum.

I’m not required to do your defense for you. Now it is too late, way too late, for an apology.

It is you who went there first, in some lame attempt to be funny, now you find it inconvenient to own your words, your sycophants come posting in your favour and you have an enemy for life. You play the victim well.

All that is OK. There are folks here who post in Putin’s favour too. Folks here who don’t much care for me but at least up to now they don’t post rude and crude remarks about my mother, eh?

Enemy for life, Sail, live with it.

#85 Shawn on 03.14.22 at 9:09 pm

Shopify?

#64 Shopify Investor on 03.14.22 at 6:53 pm
Mr. Turner,

Last summer and again in November, I took the advice of many of the commenters that you condone here, and increased my shares in Shopify.

*****************************
Probably a joke post. I don’t recall Garth ever condoning anyone (maybe the odd actual dog) on this blog.

Garth condones his own advise and that of his associates at Turner Investments.

He has consistently advised against buying individual stocks.

Who on here ever suggested buying Shopify at it’s enormous valuation last Summer and fall?

This is probably a joke post as parody on those who blame others for their investment mistakes?

#86 Grunt on 03.14.22 at 9:09 pm

When it comes to foreign policy Biden isn’t 1/10th of Dick Nixon. Nor are any of the others since. Need a slippery bastard to deal with bastards.

And quite possibly a wages & prices freeze…

#87 Sail Away on 03.14.22 at 9:11 pm

#80 Faron on 03.14.22 at 8:41 pm

I did LOL when I glanced at LIF today.

———-

$8k qualified dividend and +0.15% from my August purchase? Yes, I consider that a win as well.

I’m glad it makes you happy.

#88 Shawn on 03.14.22 at 9:18 pm

Counting on an inheritance? lol

#75 rknusa on 03.14.22 at 8:27 pm
I bet a lot of kids are eyeing their parent’s one, two or three million dollar home and figuring on a sizeable inheritance later so why work/worry now

**********************************
People with a bit of wealth tend to live longer. For a married couple with kids you might expect thee last to die maybe around age 90.

So that inheritance might show up somewhere past age 60. Or it might be eaten up by home care and elder care expenses.

True story: 34 years ago, I met a guy aged about 30. His dad had a good job and a lot of investments. The guy said he virtually had money since he would inherit his dad’s money. I know the family and the dad died a couple years ago age 89. The mom is still living. She is still living in the family home too. The guy who thought he would inherit money is now about 64 years old. It’s been a long wait. And who knows what will be left?

#89 Yukon Elvis on 03.14.22 at 9:22 pm

#80 Faron on 03.14.22 at 8:41 pm
#67 Sail Away

I didn’t say it was funny. But, I’ll ELY5.

You are on record praising at least one rapist, and noting specific cases of harassment in favour of the male harrasser. The kind of talk that might make a woman furtively put a hand over their pint as the Cosby lover in question saunters up to say hi. just self defense really; a value you hold dear when the defense weapon is an AR-15, correct? Maybe less so when the weapon is a subtle hand gesture? Regardless, it was an apt and blistering zinger. Aimed appropriately rather than at a eamily member as is your wont.

I did LOL when I glanced at LIF today. That was impeccable timing. I really am conridering opening a margin account so I can short the SAGIs. Free alpha!
++++++++++++++

Do you still have those little planets and space ships flying around your head or did they go away again?

#90 Different this time! on 03.14.22 at 9:29 pm

I do tend to agree with SFU girl to a great extent. It’s not the same world that we grew up in. Perhaps not worse, but certainly different. I am sure most youngsters have a good work ethic. They’ve been raised in a different world so of course they have a different perspective on life. But they have lots of opportunities that we may not have had. Everything is at their fingertips…which is part of the problem. I for one would never have wanted to be a “gigster” … or a gangster for that matter.

But seriously… if your career plans don’t involve the digital world, your in for a rough life. I started my career 40 years ago and already had that attitude. I grew up with computers… and my working life revolved around computers.

So lighten up Garth … it’s not the same world WE grew up in!

#91 Ponzius Pilatus on 03.14.22 at 9:36 pm

#81 crowdedelevatorfartz on 03.14.22 at 8:52 pm
@#80 Faron.

I miss your sabbatical from this blog.
—————————-
Be specific.
What do you miss?
Herr Professor is way above your pay grade.

#92 Stone on 03.14.22 at 9:39 pm

#64 Shopify Investor on 03.14.22 at 6:53 pm
Mr. Turner,

Last summer and again in November, I took the advice of many of the commenters that you condone here, and increased my shares in Shopify.

They seemed credible and you clearly allowed and permitted their submissions.

My shares have now dropped from over $2000 to $657 today.

This means I no longer have the positive funds to make a down payment, so will miss out on our booming property market as well. Thanks to your blog.

I would like some compensation.

Did you not read all the posts telling you not to buy single stocks? Tough lesson, eh? – Garth

———

Nelson from The Simpsons: Ha! Ha!

#93 DON on 03.14.22 at 9:42 pm

Happy Birthday Garth!

That’s all that matters.

#94 Shawn on 03.14.22 at 9:45 pm

Employees value freedom

IHCDT at 72 said:

I know now I could never work again in an environment where I’m micromanaged. Give me freedom, or give me a damn job pouring ☕️ . I’ve earned my annual salary in profits in a single month a couple times,

************************
Great point.

Malcom Gladwell in one of his books talked about the 3 essentials for a satisfying “job” or earnings situations

1. The work is somewhat complex and interesting.

2. The harder or more efficient you work, the more money you make. (Self employed or commission or profit sharing would qualify)

3. And I believe he said this was the most important: You have autonomy in your work.

I read the above some years ago and am going from memory but those three points struck home with me.

Lack of autonomy was part of why I gave up quite a lucrative government job at 55 with just 26 years in the pension plan when I could have coasted / mailed it in for years longer for a much fatter pension. Not worth it.

#95 Ponzius Pilatus on 03.14.22 at 9:46 pm

Very few posts about the war in the Ukraine today.
Not surprising.
Most posters have the attention span of a CEF.
Back to talking about the “pain at the pump” again.

#96 crowdedelevatorfartz on 03.14.22 at 9:48 pm

@#88 Shawn.
“The guy who thought he would inherit money is now about 64 years old. It’s been a long wait. And who knows what will be left?”

+++

Yep.
A friends InLaw’s parents are in their 90’s.
Healthy as horses.
$5600 each k PER MONTH for their excellent assisted living.
Won’t be much left for the greedy bratz…..
:)

#97 crowdedelevatorfartz on 03.14.22 at 9:50 pm

@#91 Ponzie’s Professor Pal

“Herr Professor is way above your pay grade.”

+++

Well.
I always have you Ponzie.
My boring, barren, bereft life is complete.

#98 DON on 03.14.22 at 9:57 pm

#16 dave on 03.14.22 at 3:49 pm
If China does help Russia in any way then USA will sanction China. Many side effects from this BUT will this be a reason for the central banks not to raise Interest Rates.

It feels like the wind just has to blow the wrong way the the CB are ready to change course on rates!

************
If? No doubt things were happening behind the scenes for the past couple of months maybe even years. They recently signed a cooperation agreement most likely to agree to protect their economies from any Western sanctions. Dictators can play the long game. Leaders of democratic countries are seemingly on a 4 year schedule. Has any noticed India’s response to Russia? Basically the BRIC countries are not saying much.

#99 Ponzius Pilatus on 03.14.22 at 9:59 pm

#90 Different this time! on 03.14.22 at 9:29 pm
I do tend to agree with SFU girl to a great extent.
—————————
What girl are you talking about?
Is this blog taking over by women haters idiots like CEF?
Show some respect, for Christ’s or Allah’s sake.

#100 Nonsense on 03.14.22 at 10:10 pm

The world is different. Compare median salary to housing price ratio in 2022 v 1982 across the developed world and you will see how shafted the young are in our society and how extraordinarily lucky the boomers were. There’s really no comparison. In some places would have been better to be a janitor or factory worker in 1982 than a lawyer, doctor, engineer, etc in 2022.

Certainly almost anyone born today with the same skills and work ethic would have been better off born as a baby boomer outside of rare cases.

Obviously the young are unhappy. I personally think it’s just a matter of time before the political process starts to take care of them at the expense of boomers as boomers slowly die off.

#101 Sail Away on 03.14.22 at 10:17 pm

#84 Ustabe on 03.14.22 at 9:08 pm

Enemy for life, Sail, live with it.

———

But… you’re 74. That’s like a lifetime warranty on a cupcake.

Before going down that road, though, I’d suggest you verify it was said, because as mentioned, I wasn’t able to find it. Imagine stewing and steaming your limited remaining time here, then finding out all that angst was for naught.

That would be sad.

#102 Ronaldo on 03.14.22 at 10:19 pm

#93 DON on 03.14.22 at 9:42 pm
Happy Birthday Garth!

That’s all that matters.
====================================
That’s right Don. At our age when you wake up in the morning without a toe tag, you know its going to be a good day. How’s the stock picking going?

#103 Ronaldo on 03.14.22 at 10:23 pm

Regarding WFH. Considering that 40% of workers could possibly do this, can you imagine the effect that would have on filling up all those emtpy towers again? The number of cars taken off the highway and resulting decreased demand for fuel, etc. etc. Maybe not such a bad idea after all.

#104 Nonplused on 03.14.22 at 10:42 pm

Not sure why people are all of a sudden coming to realize that there are nuclear bombs. They’ve been a major part of geopolitics for 70 years! I guess there has been a major change in that Bush II abandoned the “no first use” policy and instead moved towards “pre-emptive use”, same as he moved towards “pre-emptive war”. But that was some time ago too. I guess there is also the B61 mod 12, which is supposedly a “tactical nuke”, which is disturbing. It might lead those who wield it (the US) to assume there is such a thing as a “limited” nuclear war, and thus use it. But anyway these developments have been occurring right under our noses for a long time now, so it’s kind of weird that we are all of a sudden panicking about it now. The time for that was 20 years ago when the wheels were set in motion.

As for the young, well, they don’t seem all that different to me. Gen X had its fair share of slackers too. I think a certain percentage of the population always will prefer the life of a surfer or ski bum to working. Those adultlets that won’t leave their parents basement probably didn’t get that way overnight. Mom and dad might have had something to do with it. It is considered a parental crime to hold your kids accountable these days, so many people don’t. But it’s not everybody.

#105 Overheardyou on 03.14.22 at 10:48 pm

Happy Birthday Hon. Garth Turner!

#106 Victoria on 03.14.22 at 10:50 pm

What is interesting is the people want to keep wearing masks especially when they are working. The reason my young adult children told me is that while wearing a mask you don’t have to smile or engage with people. Conversations are limited. It works because you can’t be on your phone to keep people away while working. Also I have heard the excuse if I keep wearing a mask all the time then maybe I won’t get a cold. People are dying in the Ukraine but Canadian kids are worried about getting a cold. One of the problems now and certainly in the future is the epidemic of loneliness and isolation. It seems many people are happy with that. Is this the new society?

#107 Ustabe on 03.14.22 at 10:57 pm

#101 Sail Away on 03.14.22 at 10:17 pm

#84 Ustabe on 03.14.22 at 9:08 pm

Enemy for life, Sail, live with it.
———
But… you’re 74. That’s like a lifetime warranty on a cupcake.

Before going down that road, though, I’d suggest you verify it was said, because as mentioned, I wasn’t able to find it

Imagine that…you are unable to find it. I’m shocked that you were unable to find it. Like OJ, you are out there looking and looking for the real perp, eh?

#108 Allison Breakberry on 03.14.22 at 11:11 pm

Green Goons and Liberals rush to help with EY energy crisis…with a techno-future fuel for which the technology nor the transportation application hasn’t been invented yet. In other words , yap yap yap.

https://financialpost.com/commodities/energy/oil-gas/wilkinson-expects-plan-for-supplying-some-oil-to-europe-ready-by-march-23

March 23 we send another contingent of gum flaps to Paris for photo-ops and shopping, literally because Canada is not capable of shipping any type of energy , will not reverse the looney ban on pipe, gas and oil, but has plenty of old Star Trek reruns to show us the way.

The EU will just have to gather wood and hope for the best because Liberal Canada hasn’t a clue how they’re cope. Send more blankets maybe?

#109 Brenda on 03.14.22 at 11:12 pm

Happy Birthday Garth! Thank you for your daily devotion to this blog! Your wisdom and knowledge is ever lasting!
I have been a devoted follower since 2009 and read your blog EVERY day! Your perspective is a guiding light for all!

#110 Balmuto on 03.14.22 at 11:24 pm

The office in 2022 is like the cell phone with a physical keyboard in 2012. Even though phones with virtual keyboards were available then, some people just didn’t want to make the switch. “Nothing will ever replace the tactile feel of typing on a physical keyboard” they said. Similarly people today are claiming that nothing will ever replace the face-to-face interaction you get in the office. Maybe there’s a compromise that can be reached (hybrid work, i.e. the slide-out phones of today).

Eventually we’ll all come to grips with the fact that new technologies have rendered the physical office obsolete and we’ll adapt. We always do.

#111 Yukon Elvis on 03.14.22 at 11:38 pm

#95 Ponzius Pilatus on 03.14.22 at 9:46 pm
Very few posts about the war in the Ukraine today.
Not surprising.
Most posters have the attention span of a CEF.
++++++++++++++++
Not much happened today. Russians not advancing and are surrounded and are low on food, fuel, and ammo. Russia asking China for help and only firing missiles from Russian territory. Slowly being picked off by Ukrainians. Russian army will surrender in a week if they don’t get resupplied fast.

#112 crowdedelevatorfartz on 03.15.22 at 12:14 am

@#99 Puzzled Ponzie’s Professorial Ponderances
“What girl are you talking about?”

+++
I do believe the Professor that was referenced at the beginning of the blog is tenured at SFU…..and I quote.

“Carol is a finance prof at SFU in BC. Last week I irritated her.”

Sloppy reading, incomprehension and a fading memory….. a trifecta of Ponzies curmudgeon-ism.

I hear antioxidants as well as laxatives slow down aging process.
Perhaps crushed Cranberries with your prune juice before your morning 10k?

Be that as it may.
Glad you weren’t my accountant.
:)
Glad I could help

#113 DON on 03.15.22 at 12:31 am

#102 Ronaldo on 03.14.22 at 10:19 pm
#93 DON on 03.14.22 at 9:42 pm
Happy Birthday Garth!

That’s all that matters.
====================================
That’s right Don. At our age when you wake up in the morning without a toe tag, you know its going to be a good day. How’s the stock picking going?

********

I got burned picking stocks in the dot com. Slow and steady for now…but I am looking for the next microsoft or such. For now just glad I am recovering from Omicron. Life is truly good again.

Why did that house recently explode in Nanaimo? Also guard your gas tank…I hear people are stealing gas…in the local Parksville Qualicum News.

Good health to you sir.

#114 Ponzius Pilatus on 03.15.22 at 12:36 am

Just wondering what all the anti max, anti vax “freedom truckers” are up to now.
Are some still behind bars?
Now that you are “free” from all COVID mandates, do you feel any better now?
Doubt it.
Still the same bitter, angry person you were before COVID.

#115 VicPaul on 03.15.22 at 12:45 am

Happy B-Day Garth!!

You have long been a fine Canadian – and a purveyor of solid financial advice.

Thank you for your service.

M58BC

#116 DON on 03.15.22 at 12:55 am

A maskless man went up to a bank and the teller screamed.

I used to hear stupid, now I see its nasty origin.

A maskless society…well at least stupid can brush their teeth again.

#117 DON on 03.15.22 at 12:58 am

Garth

Another google trend in the US was ‘military draft’ or just ‘draft’.

#118 Faron on 03.15.22 at 1:24 am

During my grad student years I spent a bit too much time at a place called Squirrels Tavern. the proprietor, Greg, is a generous sort. threw a great party each year, sponsored community sports, great music etc. A generous man who provided an anchor in an itinerant college town. but, like many bars, there were regulars. used-ta-coulds, hangers-on, and outright drunks. they were a sad undercurrent to a lively place whose gravity was palpable to me and some others i knew–cheap booze, pontificating, and reminiscence can be attractive. but all are dead ends. I moved on. swung through last summer for a beer and tater tots, then carried on down the road.

#119 So glad I sold on 03.15.22 at 1:38 am

Happy Birthday Hon. Garth Turner. Thanks for all your helpful advice.

#120 Faron on 03.15.22 at 1:52 am

#87 Sail Away

Well, not the point of the Sail Away Glee Index (SAGI) which calls for a near term short when SA chortles about a stock that is otherwise a solid long term holding. But, thanks for “inadvertantly” leaking how many shares you have.

Although the half-truth disclosures are titillating, how about you dispense with the kabuki theater and just give us your holdings and cost basis so we may see if your returns beat the indexes and why or why not. That would be basic (but useful and informative) shallowness rather than the far more nauseating (and utterly useless) combined shallowness and puffery you otherwise subject this group to.

back to the aether for real this time.

#121 Now THAT was a Zinger! on 03.15.22 at 5:31 am

#101 Sail Away on 03.14.22 at 10:17 pm
#84 Ustabe on 03.14.22 at 9:08 pm

Enemy for life, Sail, live with it.

———

But… you’re 74. That’s like a lifetime warranty on a cupcake.

Before going down that road, though, I’d suggest you verify it was said, because as mentioned, I wasn’t able to find it. Imagine stewing and steaming your limited remaining time here, then finding out all that angst was for naught.

That would be sad

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

lol

Holding a grudge for life is sad. Holding it over a perceived slight at the level of a common schoolyard taunt is sad. Not being willing/able to produce evidence of said slight is sad. But the capper is being 74 and still not have learned how to ignore the inconsequential.

Conclusion: Ustabe is one sad kitty.

Ponzi’s brother we presume?

#122 Jay (not that one) on 03.15.22 at 5:52 am

Anyone who actually works on the front lines knows that there’s a marked difference between the productivity of a wfh person and a wfw person. The former tends to make unnecessary work for you, and the latter tends not to.

We can talk until our faces are blue about what work ought to be, but work is a 2-way street and at some point someone needs to actually get something done.

#123 crowdedelevatorfartz on 03.15.22 at 7:17 am

@#114 Pondering Ponzie
“Still the same bitter, angry person you were before COVID”

+++

Like you?

#124 crowdedelevatorfartz on 03.15.22 at 8:07 am

A lost, bomb laden, drone wanders over 3 NATO countries before eventually crashing next to a school in Croatia?

https://www.cbc.ca/news/world/croatia-drone-crash-nato-russia-ukraine-1.6382823

While NATO monitored the entire thing and did nothing?

Is this how WWIII will start?

#125 TurnerNation on 03.15.22 at 8:41 am

Almost back to normal guys! Any day now…Year 3 of a global reset?? Normal is not in the plan.
Add to that the Karbon taxes and the middle class paycheck is almost worthless.


“Just as global supply chains were showing signs of recovery they face a new threat from Russia’s invasion of Ukraine, says Moody’s Investors Service.
In a new report, the rating agency said the escalating Russia-Ukraine conflict poses fresh risks to global supply chains, which will hamper economic activity and continue to fuel inflation.
The conflict is seen threatening supply chains “mainly because of soaring energy prices and suspended trade routes, but also because of related risks: input material and component shortages, higher priced transportation and key commodities and disrupted cargo flows,” the report noted.
Not only will higher energy prices boost the cost of manufacturing, but it’s also expected to increase freight costs, it said.” (investmentexecutive.com)

#126 Bitcoin Bro on 03.15.22 at 9:32 am

“Fiat currencies are backed by CBs and a nation’s power to tax its citizens. Cryptos are backed by faerie farts. – Garth”

You’re conflating hard money with the government’s monopoly of violence. Yes, it’s true that the government can enforce the use of currency this way but that’s not the same thing as a currency being “backed” by hard money.

Fiat currencies untethered from hard money and tethered to whims of bureaucrats who make the money printer go brrr to service debt never goes well in the long run. History has shown this time and time again.

I think it still remains to be seen if the technology behind Bitcoin and other serious defi projects can really stand the test of time as digital hard money. But after 13 ish years, it’s certainly looking promising.

Hard money = rocks = never happening again. – Garth

#127 Apocalypse NOW on 03.15.22 at 9:50 am

The Ides of March are upon us.

Here and now.

Welcome to the future. However short that may be.

PREPARE

#128 Jesse on 03.15.22 at 9:56 am

Conclusion: we expect optimism in the young. No wonder. They possess the greatest gift – time.
***************

Look up Millennial Nihilism or Gen Z ‘Black Pill’… optimism doesn’t exist in the young.

WFH is here to stay. People are no longer willing to commute 5 days a week (maybe 1 or 2). How are companies responding? Companies love it. Most corporations are reducing or dropping their large downtown office spaces. WFH means less real estate expenses… and in the end… WFH means ‘Work-from-India’.

#129 Cto on 03.15.22 at 10:05 am

Very good question!
Thank you Dave!
Will CBs have the almighty excuse to just let inflation blow like the wind?
It’s clearly not in governments interest to raise rates.
CBs are terrified to raise rates….
I’m sure both of these entities are desperatly looking for the opportunity to stop after 2 or 3 token moves and keep rates 1.5 or less.

(#16 dave on 03.14.22 at 3:49 pm
If China does help Russia in any way then USA will sanction China. Many side effects from this BUT will this be a reason for the central banks not to raise Interest Rates.

It feels like the wind just has to blow the wrong way the the CB are ready to change course on rates!)

#130 crowdedelevatorfartz on 03.15.22 at 10:13 am

Wheat shortages?
Flour prices skyrocket?
Prepare for higher bread, pasta, etc costs.

https://www.reuters.com/world/us/plains-drought-curb-us-wheat-harvest-adding-global-supply-worries-2022-03-14/

#131 THE DANDADA on 03.15.22 at 10:18 am

Well the FREEDOM was nice while it lasted.
Time to stock-up the caves and head back in.

https://amarketnews.com/2022/03/15/news-today-breaking-mainland-china-reports-5154-new-daily-covid-cases-the-highest-ever/

#132 Ponzius Pilatus on 03.15.22 at 10:27 am

There are some reports (properly fake) that Musk is challenging Putin for a Mano a Mano fight.
I wonder who would win?
One is 69 years old, has a high level belt in Judo and still plays recreational hockey.
The other is 50, and looks out of shape.

#133 Quintilian on 03.15.22 at 10:31 am

Canada’s Fakelation Delivers A Market Head Fake

https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.economic-indicators.scotia-flash.-december-15–2021-.html

“Before turning to the details, the bigger issue is that last month led to the biggest understatement of Canadian inflation to date. It’s worth a reminder of why official Canadian inflation continues to be plagued by uncertainties and is probably understated. By a lot.”

From December, but it applies even more now.

#134 HUNGRY BEAR on 03.15.22 at 10:33 am

#126 Bitcoin Bro on 03.15.22 at 9:32 am

Only me, you, and Charlie Munger know that the US dollar is going to ZERO.

It’s our secret though we won’t tell the dollar addicts this.
They will watch their generational wealth errode to nothing.

https://youtu.be/xFzOQvaqkbk

#135 G on 03.15.22 at 10:35 am

A lot of Jobs, many/most are good paying jobs, you need to get out of the house or you just don’t have a job and the pay check that goes with it.

Like truck drivers/delivery, construction, skilled trades, Electrical, pluming, work in factory making stuff, mining, auto mechanic, home repair/renovation, Police, fire, Nursing, … (And don’t for get the shift work involved, it sucks but someone has to do it, and it gets harder the older you get for the many that do.)

#136 SunShowers on 03.15.22 at 10:50 am

“Doubtless, we’re in a time of change.”

Indeed we are, and unfortunately it may be quashed by a handful of geezers with terminal myopia and the cadre of commercial property developer lobbyists hovering behind them.

Imagine all the other times of change, and what the world would look like today if all the rich and powerful people who fought tooth and nail to keep things exactly the same as before got their way.

We’d still be singing god save the queen every morning, and my niece would be celebrating her 8th birthday in a potash mine.

#137 Ponzius Pilatus on 03.15.22 at 10:53 am

Energiewende im großen Stil
China baut gigantische Solar- und Windparks in der Wüste
In unwirtlicher Umgebung will China Ökostromanlagen mit der Leistung von 450 kleineren Atomkraftwerken bauen. Das Land wird damit zur größten Hoffnung für die globale Energiewende – während es massiv CO₂ emittiert.
Von Stefan Schultz
15.03.2022, 12.26 Uhr
———————————
Der Spiegel:
“China builds gigantic Solar and Windparks in the desert”
They will produce the same power as 450 smaller Nuclear Reactors.

#138 Ponzius Pilatus on 03.15.22 at 11:01 am

#130 crowdedelevatorfartz on 03.15.22 at 10:13 am
Wheat shortages?
Flour prices skyrocket?
Prepare for higher bread, pasta, etc costs.

https://www.reuters.com/world/us/plains-drought-curb-us-wheat-harvest-adding-global-supply-worries-2022-03-14/
—————————-
No reason to panic, CEF.
Just ditch the Wonder Bread.
Not good for you, anyway.

#139 Shawn on 03.15.22 at 11:05 am

Fake Inflation numbers? Really?

#133 Quintilian on 03.15.22 at 10:31 am
Canada’s Fakelation Delivers A Market Head Fake

https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.economic-indicators.scotia-flash.-december-15–2021-.html

“Before turning to the details, the bigger issue is that last month led to the biggest understatement of Canadian inflation to date. It’s worth a reminder of why official Canadian inflation continues to be plagued by uncertainties and is probably understated. By a lot.”

From December, but it applies even more now.

************************************
Okay, good link. I am surprised to see a major Canadian Bank call the StatsCan inflation number fake.

But… let’s look at what they said

As noted this was December, meaning November inflation. Since then we got two far higher numbers from StatsCan

And the big complaints from Scotia are that:

1. StatsCan excludes used cars and trucks like it always has due to lack of data. (Is that so surprising? I sold a used car the other day, StatsCan will never see that transaction. Used cars are really a big deal?)

2. StatsCan revised baskets in July to reflect the pandemic and changed shopping patterns. Scotia complained that the previous data is still using the old data. (Really? This is a big complaint?)

3. When the baskets weights were changed StatsCan was criticized about it for not mentioning it earlier.

All of the above hardly justifies ScotiaBank’s outrageous headline of fake inflation. Sounds more like inflation is simply hard to measure. (My basket is different than yours)

Quintillian says, with absolutely no evidence, that it’s worse now. How’s that when StatsCan is actually reporting higher inflation?

#140 Sail Away on 03.15.22 at 11:38 am

#120 Faron on 03.15.22 at 1:52 am
#87 Sail Away

…how about you… just give us your holdings and cost basis so we may see if your returns beat the indexes and why or why not.

——-

Oh my, so abrupt. At least rub my back first.

Fruits from the Tree of Knowledge must be offered as reward for worthy behaviour, not demanded. The following passage illustrates earthly reward for obedience and adulatory worship:

‘In that night did God appear unto Solomon, and said unto him, Ask what I shall give thee.

And Solomon said unto God,

Give me now wisdom and knowledge, that I may go out and come in before this people: for who can judge this thy people, that is so great?

And God said to Solomon, Because this was in thine heart, and thou hast not asked riches, wealth, or honour, nor the life of thine enemies, neither yet hast asked long life; but hast asked wisdom and knowledge for thyself, that thou mayest judge my people, over whom I have made thee king:

Wisdom and knowledge is granted unto thee; and I will give thee riches, and wealth, and honour, such as none of the kings have had that have been before thee, neither shall there any after thee have the like.’

#141 Shawn on 03.15.22 at 11:38 am

Dollar Devaluation? A bad thing?

#134 HUNGRY BEAR on 03.15.22 at 10:33 am
#126 Bitcoin Bro on 03.15.22 at 9:32 am

Only me, you, and Charlie Munger know that the US dollar is going to ZERO.

**********************************
Well in data I have the U.S. dollar of today is worth just 6 cents of what a dollar was worth in 1926.

And meanwhile the use of the U.S. dollar has increased dramatically. It became the reserve currency. The standard of living is massively higher. Savings in a bank kept pace, savings stupidly left in actual paper cash devalued greatly. Savings invested in businesses and land and buildings increased massively even after inflation.

Be carful what you DON’T wish for.

#142 Dharma Bum on 03.15.22 at 11:39 am

“Carol is a finance prof at SFU in BC.” ~ Garth
————————————————————————————————-

Professor.

Academia.

BC.

‘Nuff said.

A pontification by an academic from the misguided stinking filthy cesspool of today’s cultural cancer known as wokeness and political correctness. Academia – the incubator of twisted ideas like “gender is a construct”, and the insistence on forced language and preferred pronouns.

Sure. Our kids in school today are really being prepared for reality.

If rainbows and unicorns and safe spaces were real.

Doomed.

#143 Dharma Bum on 03.15.22 at 11:43 am

#104 Nonplused

I think a certain percentage of the population always will prefer the life of a surfer or ski bum to working.
———————————————————————————————————–

Who? Me? ! I resemble that remark!

https://www.youtube.com/watch?v=6uM1MlQ0S64

#144 Joe Lalonde on 03.15.22 at 11:58 am

Noooo! Nooo! Noo! No! N!

https://www.zerohedge.com/markets/petrodollar-cracks-saudi-arabia-considers-accepting-yuan-chinese-oil-sales

Along with the new China refinery…
And Russia switching to the Yuan…

Death of the Dollar is probably why the US Federal Reserve said two Reserve Currencies is a possibility.
But reality says you jump to whatever can create more funding opportunities.

Believing the Zero guy is usually a costly mistake. – Garth

#145 Michael in-north-york on 03.15.22 at 12:15 pm

#111 Yukon Elvis on 03.14.22 at 11:38 pm

Russian army will surrender in a week if they don’t get resupplied fast.
===

Will be nice of them to surrender, but that statement is overly optimistic.

Russian “blitzkrieg” failed miserably, they sustained heavy losses in the first few days. But they still have the capacity to overrun the eastern half of Ukraine. That will be an ugly war, with heavy losses on both side and massive civilian casualties.

Inside Russia, hundreds of unarmed anti-war protesters got arrested. Most of those are educated people, who have zero influence in the kremlin’s empire and can’t stop the war. The general public remain complacent, not disturbed by the war crimes of their government, by their own declining living standards due to the war and sanctions, or even by the fact that their sons and husbands are arriving home in the coffins.

#146 Outrage on 03.15.22 at 12:42 pm

All those empty office will be turned into condo’s. Travel to anywhere except Mexico will be dead and to expensive anyway. The daily grind of commuting in Slavelandia is over. The young generation won’t get married and have kids because their jobs can’t support it. The government and CB did this. Inflation will keep going higher each year until the poor and middle class collapse. The great was planned years ago and Garth kindly told us last year in his blog. Good luck everyone and enjoy a little bit of life while yo still can because the end is near. I’ll end on that cheery note.

#147 meslippery on 03.15.22 at 12:46 pm

Something came up and this big TSX company needed
workers for Christmas Eve day and Christmas day no takers.
It pays $100.00 per hour said the boss..Then there were more people wanting to work then people needed.

The point being in a free market wage rates will rise till
the position is filled.

#148 Doug t on 03.15.22 at 12:54 pm

#142 dharma

SPOT ON

#149 Barb on 03.15.22 at 12:54 pm

#142 Dharma Bum

PERFECTLY said.

#150 THE DANDADA on 03.15.22 at 12:57 pm

#141 Shawn on 03.15.22 at 11:38 am

That’s what happened in the last 100 years….

The next 100 years you better be worried about.

#151 Damifino on 03.15.22 at 12:59 pm

#30 Apocalypse NOW

Ides of March
Only hours away
PREPARE

————————

Are you saying Putin is about to meet his Brutus?

#152 THE DANDADA on 03.15.22 at 1:00 pm

#142 Dharma Bum on 03.15.22 at 11:39 am

Don’t blame the kids.

They didn’t create this system……. your Government and those that elected them did.

#153 Ponzius Pilatus on 03.15.22 at 1:06 pm

#139 Shawn
1. StatsCan excludes used cars and trucks like it always has due to lack of data. (Is that so surprising? I sold a used car the other day, StatsCan will never see that transaction. Used cars are really a big deal?)
—————-
Lack of data?
Here in BC, you have to fill out a transfer form, before new license plates are issued.
And you gotta pay GST.

#154 Ponzius Pilatus on 03.15.22 at 1:14 pm

151 Damifino on 03.15.22 at 12:59 pm
#30 Apocalypse NOW

Ides of March
Only hours away
PREPARE
————————

Are you saying Putin is about to meet his Brutus?
————————
You mean “meet his Zelensky”.
I think the two should duke it out.
Like the Vikings did.

#155 WTF on 03.15.22 at 1:24 pm

#64 Shopify Investor on 03.14.22 at 6:53 pm
Mr. Turner,
Last summer and again in November, I took the advice of many of the commenters that you condone here, and increased my shares in Shopify. They seemed credible and you clearly allowed and permitted their submissions. My shares have now dropped from over $2000 to $657 today. This means I no longer have the positive funds to make a down payment, so will miss out on our booming property market as well. Thanks to your blog.

I would like some compensation.

————————————————————
Of course, its someone else’ fault, not yours.

Also Last Nov A friend was crowing about his gains on Shop, 400k, insisting I join the party. Quiet now. At the time I wished him luck and stuck with the GT endorsed B+D (which has Shop in the TSX portion). Minimal losses overall. The beauty of diversification.

Maybe try suing………………oh wait, no $.

Never Mind,

Carry on Troll

#156 Dr V on 03.15.22 at 1:25 pm

143 Dharma

“#104 Nonplused

I think a certain percentage of the population always will prefer the life of a surfer or ski bum to working.”
———————————————

I would like to add cycling to that list. Basically I see 3 categories of cyclists/mtn bikers.

1) Bike bums. While there is a bit of the bike bum in every cyclist I know, the purebred bum probably holds a menial job – maybe at a bike shop – lives on their own in someone’s basement, and hangs for hours at the coffee shop. Also know some independently wealthy ones.

2) Driven professionals. Cycling allows for competition in many forms, some digital (strava segments) and
remote (zwift). Professionals may like that structure and motivation. Lots of doctors, dentists, engineers etc.
Old fashioned wheel to wheel combat still works too.

3) Cycling Couples. Both partners do it, possibly very competitively, but can also enjoy it together as well as with the kids. Life revolves around it, and if you can add
the income and drive of (2), it can be impressive.

I’m sure you can find similar types in any number of
sporting activities or pastimes.

#157 NJ on 03.15.22 at 1:27 pm

This is boomer energy at it’s finest! It seems people over 50 don’t understand how anyone can work from home and be productive? Perhaps there is some jealousy as boomers had to commute for long hours. Get with the times. Accept it. Driving/training 2hrs+ a day sucks, no one likes it, it’s not necessary. I work for a Fortune 500 company that is nearly 100% remote and have had two extremely successful years. Employers will need to compete to get good talent, and for the youth in the job market, this will mean providing flexible work situations (IE working from home)

Get back to us when you distinguish employment from a career. – Garth

#158 I don't know on 03.15.22 at 1:31 pm

The young will be fine. Angst is a normal feeling for them. This has always been the case. There are hard working, adaptable young people, and there are also those that are struggling. The big difference today is social media has allowed the latter group to have their voice amplified. Like usual, the silent majority is doing well.

It’s important to remember that the most precious and valuable of any demographic for a country are the 20-40 year olds. This is where the ideas, productivity, and consumption comes from. As such, it’s important to listen to their demands, wants, desires and not to disregard them.

Relevant to the current geopolitical situation and that of the future, look at the population pyramids of Russia and China to see what happens when demographics start to work against you. Compare it to the demographics of the US.

IDK

#159 I don't know on 03.15.22 at 1:40 pm

#98 DON on 03.14.22 at 9:57 pm

A common misconception. Dictators are much more sensitive to social unrest than a democratically elected government with a term is. Social unrest is highly tied to economic conditions, and economic conditions are highly tied to population pyramids.

Look at the population pyramids of Russia and China and compare it to the US to see who really has the long game (this is also ignoring the far superior geography of the US).

IDK

#160 jess on 03.15.22 at 1:54 pm

Branding?

Does Your Generation Matter?
The Agenda with Steve Paikin

Bobby Duffy, author of “The Generation Myth: Why When You’re Born Matters Less Than You Think,” discusses the many myths about generational differences, and why values and behaviour change in response to political, economic, and cultural factors through the years. Duffy is also professor of public policy and director of the Policy Institute at King’s College London. tvo

===================================
the (soap talk): dead fox journalists ? when is fox news going to rid itself of these mouth pieces?

Leaked Kremlin Memo to Russian Media: It Is “Essential” to Feature Tucker Carlson
The Russian government has pressed outlets to highlight the Fox host’s Putin-helping broadcasts.

https://www.motherjones.com/politics/2022/03/exclusive-kremlin-putin-russia-ukraine-war-memo-tucker-carlson-fox/

#161 X on 03.15.22 at 2:07 pm

Read this today:

Goldman Sachs economist Sven Jari Stehn said his bank’s analysis indicates a terminal rate of 2.75%-3%. “When we think of the post-COVID world, with tight labour markets, elevated inflation and green investment, all that should support higher rates,” Stehn said.

I assume that would put 5yr mortgage rates here close to 6%. The article indicated hitting the terminal rate late 2023.

#162 DON on 03.15.22 at 2:07 pm

#142 Dharma Bum on 03.15.22 at 11:39 am
“Carol is a finance prof at SFU in BC.” ~ Garth
————————————————————————————————-

Professor.

Academia.

BC.

‘Nuff said.

A pontification by an academic from the misguided stinking filthy cesspool of today’s cultural cancer known as wokeness and political correctness. Academia – the incubator of twisted ideas like “gender is a construct”, and the insistence on forced language and preferred pronouns.

Sure. Our kids in school today are really being prepared for reality.

If rainbows and unicorns and safe spaces were real.

Doomed.

**************
Did that make you feel better?

“Sure. Our kids in school today are really being prepared for reality”

Have kids ever been prepared for reality. Look at your generation.

I’m not for the pronouns but I will listen to the younger generations and hear them…youth brings changes.

#163 Quintilian on 03.15.22 at 2:14 pm

#157 NJ on 03.15.22 at 1:27 pm

“Perhaps there is some jealousy as boomers had to commute for long hours. Get with the times. ”

Bingo!

#164 Philco on 03.15.22 at 2:14 pm

Told ya no $150 oil dude.
UN Amasses 50 ships 30,000 troops on Russia.
Not so Easy eh Pooty?? If he falls that will be it for him.
Chinas up shit creek without a paddle.
Markets cracked in half, their housing blow out, now Covid round 2. Looks good on them.

#165 dragonfly58 on 03.15.22 at 2:15 pm

My former employer was in the transportation sector. A very large yearly customer carried number. A huge amount of physical assets.
And is often the case, a somewhat bloated management team.
Thousands of us in operations , a few hundred in the offices.
No one in operations could possibly WFH , the customers simply wouldn’t move to their destinations.
Some of the office people could probably WFH, but you are talking about a tiny number compared to overall staff.

#166 Philco on 03.15.22 at 2:17 pm

PS Im feeling optimistic.
Also If ya sold your house the last couple years ya left a huge tax fee cheque on the table.
I never sell any of my RE. Its just a # ignore it crap inflates.

#167 Shawn on 03.15.22 at 2:30 pm

Used Car Price Data?

#153 Ponzius Pilatus on 03.15.22 at 1:06 pm
#139 Shawn
1. StatsCan excludes used cars and trucks like it always has due to lack of data. (Is that so surprising? I sold a used car the other day, StatsCan will never see that transaction. Used cars are really a big deal?)
—————-
Lack of data?
Here in BC, you have to fill out a transfer form, before new license plates are issued.
And you gotta pay GST.

***********************************
Point taken. So maybe StatsCan could get used car prices and I suspect they will. But doubt it is a huge impact. Maybe they can get it in in time for it to show a decrease in used car prices by next Fall?

I’m not sure if my buyer has to pay GST or not. I sold my old 2003 Honda CRV with just 233k on it for $500. Sold it cheap to a friend of the family because an extra $1000 is not much to me and a lot to the kid I sold it to. And as a bonus I guess he pays far less GST. I gotta make room for my Tesla coming soon.

#168 Daveyboy on 03.15.22 at 2:32 pm

@157. All my friends, working for Walmart in Arkansas are already back to work. The company my wife works for is all going back in may, in Portland. My wife has 40 people under her. Only 4 are allowed to wfh.

#169 DON on 03.15.22 at 2:35 pm

#159 I don’t know on 03.15.22 at 1:40 pm
#98 DON on 03.14.22 at 9:57 pm

A common misconception. Dictators are much more sensitive to social unrest than a democratically elected government with a term is. Social unrest is highly tied to economic conditions, and economic conditions are highly tied to population pyramids.

Look at the population pyramids of Russia and China and compare it to the US to see who really has the long game (this is also ignoring the far superior geography of the US).

IDK
**************

More like your opinion than a common misconception. Of course they have to worry about social unrest but they also have the tools to counter social unrest more so than a democracy.

You write well…that’s the most I can say.

#170 David Gerald Paquette on 03.15.22 at 2:38 pm

My mother was not a complainer. She was actually quite tough. She was the only let her say to me. She was quite woman but could bite like nails. She was tough on me.

But then I learned how smart she was. I took a test at school and finished poorly. I thought I would not do well in life. That turned out to be wrong so with heavy heart I took the test to her. She aced it but then that 45 years ago. Maybe things have changed. I have not done badly.

My former wife, what kind of say. She called the divorce as I understand is typical. I have no need to remarry although I miss her social skills. She liked gay men of which I am not. I have to admit they were fun. Perhaps that I was missing?

She became quite successful in her career. She enjoyed the young men who curried her favor. That is may I may have died. It crashed when I was gone. Then I am not exactly friendly except to those I like but I am polite. I have few friends. My daughters think otherwise. I do have heart.

#171 Dr V on 03.15.22 at 2:46 pm

157 NJ

“This is boomer energy at it’s finest! It seems people over 50 don’t understand how anyone can work from home and be productive?”
————————————————

What crap. I know many of the WFH are boomers or Xers themselves, and they are very productive.

What I did find is that our junior staff and client
requests and changing needs required constant
oversight and face-to-face explanations and reviews,
so the office carried on albeit in a more controlled manner during the pandemic.

#172 Faron on 03.15.22 at 3:12 pm

#160 Jess

No surprise about Tucker, still, wow.

Close your SAGI here. that would be a year’s worth of gains in two days. could just park the funds in preferreds for the rest of the year.

#140 Sail Away

paternalistic bible quote. Yuck.

It’s okay. you are afraid to own up to your underperformance of indexes and their cheap and worry-free ETFs. last year you told us your cowboy portfolio performed similarly to your partner’s B&D. given your love of NASDAQ with a TSLA overweight, seems safe to assume you are underperforming a global ETF this year.

this matters because you give investing advice contrary to the advice of our host, a professional. people need to know to what degree you suck lest they risk not ignoring you.

#173 Sail Away on 03.15.22 at 3:43 pm

#172 Faron on 03.15.22 at 3:12 pm

this matters because you give investing advice contrary to the advice of our host, a professional. people need to know to what degree you suck lest they risk not ignoring you.

——–

I do not give investing advice. I do sometimes mention my trading action. Two entirely different things.

Your wild exhilaration when a holding of mine performs poorly seems petty and mean-spirited. No different than cheering injury. Ghoulish. Callous. Revealing.

#174 janette boyce on 03.15.22 at 4:42 pm

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#175 jess on 03.15.22 at 5:01 pm

“This case demonstrates that young people are determined to be heard on this issue at the highest levels. ”

The three justices who heard the appeal gave different reasons for their decision. They included that court processes were unsuitable to determine matters of public policy and that the protection of the public from personal injury caused by the effects of climate change was not a responsibility of the minister under Australia’s environment laws.

Sussan Ley does not have duty of care to protect young from climate crisis, appeal court rules

Eight teenagers and a nun had previously won their case against the federal environment minister related to the expansion of a NSW coalmine

https://www.reuters.com/article/us-australia-coal-environment-idUSKCN2AT1JW

#176 NJ on 03.16.22 at 5:49 pm

“ Get back to us when you distinguish employment from a career. – Garth”

I’d say a degree’d software engineer for the largest auto manufacturer in the world is a pretty good “career”